Mumbai-based B2B healthtech platform Watch Your Health has marked the final close of its Series A round at $5 Mn after raising capital from Cornerstone Ventures from India and Conquest Global from Singapore.

The company will use the fresh funds to scale up its operations, expand user base, as well as to boost technological infrastructure and platform capabilities.

Founded in 2015, Watch Your Health helps insurance and pharma companies improve their customer apps. Its platform supports the consumer apps of major insurers and pharmaceutical companies by adding health tracking, guidance on diet and exercise management, and advanced analytics for personalised tips. 

The startup counts ICICI Lombard General Insurance, Kotak Life Insurance, Reliance General Insurance, Dr. Lal PathLabs, Madhavbaug Multidisciplinary Cardiac Care Clinics & Hospitals and Zydus Cadila among its portfolio clients.

Ratheesh Nair, co-founder at Watch Your Health, said, “This will enable us to improve our technological infrastructure, expand our user base, and introduce innovative health management solutions.”

Nanika Kakkar, partner, Cornerstone Ventures, said “What we like the best about the platform is the ease with which it is able to attribute the value it is creating for its clients and that impact is telling and consistent – leading to a value-share driven business model. We believe this simply takes the potential of the platform to a completely different level.”

Watch Your Health has partnered with several leading healthcare providers to integrate their services into the Watch Your Health platform. Notable partnerships include Watania Takaful and Shalina Healthcare in the UAE, marking a significant step in international market expansion.

The startup’s new investment comes a year after it raised $2.2 Mn from Conquest Global Ventures.

In 2024 the digital health market in India is worth about INR 73,873 Cr (USD 8.8 Bn) and is expected to grow by about 17.67% each year from 2024 to 2033 to reach around INR 4,01,578 Cr (USD 47.8 Bn) by 2033.

The company competes against the likes of MyKare, HealthifyMe, Practo, CureFit and 1mg.

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Coworking major WeWork India has roped in Janak Malkani as the head of managed office for the country and sales lead for the West region. 

The appointment comes just weeks after the Competition Commission of India (CCI) has cleared all decks for the exit of WeWork Inc from its Indian unit. 

With an experience of 24 years in the Indian real estate industry, having most recently served as executive director at CBRE Asia Pacific, Malkani’s appointment is aimed at strengthening WeWork India’s managed office offerings and driving growth in the sector, ET reported.

WeWork India CEO Karan Virwani said, “With Janak’s extensive experience and proven track record, we are poised to lead the industry in delivering efficient workspace solutions.”

It is pertinent to note that WeWork India operates independently from WeWork Inc, which filed for Chapter 11 bankruptcy in the US last November. WeWork India, operated by the Embassy Group, has managed to maintain robust growth, with its revenue surging 67.6% to INR 1,314 Cr in FY23.

WeWork India continues to expand its presence across the country. Recently, the company entered the Chennai market with the launch of ‘Olympia Cyberspace’ facility, marking its presence in eight major Indian cities. 

The company has a portfolio of over 6.5 million sq. ft across 44 locations in Delhi-NCR, Mumbai, Bengaluru, Pune, and Hyderabad. 

The Indian coworking space market is experiencing significant growth. The market is projected to reach  $1.94 Bn in 2024 and grow to  $2.72 Bn by 2029, with a CAGR of 7% during the forecast period.

The company competes with other major players in the Indian coworking market, including 91Springboard, Awfis, The Hive, and Mumbai Coworking.

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Ecommerce giant Flipkart said its users cumulatively spent more than 2 Mn hours engaging with its video commerce offerings between June 2023 and May 2024.

In a statement, the ecommerce major said that more than 75 Mn users watched videos while shopping on the app between January 2024 and June 2024 on its curated video sections ‘Liveshop+’ and ‘Vibes’. 

“… Flipkart’s video commerce offering is designed to meet an array of evolving needs, with the intention of not only creating an enhanced shopping experience but also addressing possible barriers that exist when it comes to online shopping,” said senior director of video commerce at Flipkart Neha Agrahari. 

The ecommerce major also said that video content is rapidly gaining ground across the country, particularly among millennials and GenZ, and women in Tier-II and III regions. 

As per Flipkart, Delhi NCR, Bengaluru, Mumbai, Hyderabad, and Kolkata led the charts in terms of engagement with its video commerce offerings. 

“The maximum viewership clocked (number of times the video was watched) on a single Live Commerce video was 1.4 Mn.” added Flipkart. 

The company also said that it is betting on its partnerships with influencers to drive its video commerce offering. In 2021, the company reported a 30% year-on-year growth in engagement with vernacular creators, making it a key component of their influencer marketing approach. 

The ecommerce major works with more than 500 influencers. Its video commerce offerings include influencer-led videos, product-focused informational videos, short-form content through Vibes, and real-time live streaming via LiveShop+.

While Flipkart has lately ramped up its focus on video commerce, the fate of the overall Indian live commerce brigade hangs in balance. The post-TikTok ban boom saw multiple local Indian players such as Moj and ShareChat emerge from the shadows and pick up hefty funding amounts. 

However, engagement numbers have dwindled in the presence of a resurgent Instagram. An Inc42 deep dive last year found that engagement levels of the Indian short-video platforms and live commerce companies is down by a big margin. 

On top of that, an absence of profitability and diminishing user base has raised questions over the viability of the space. Such has been the situation that ShareChat is seething under a funding crunch while Trell was under lens for financial irregularities. 

Meanwhile, MX TakaTak was acquired by ShareChart in 2022 as the latter now itself struggles with mounting losses and falling user engagement. 

On the other hand, there seems to be no clarity on how Flipkart’s competitor Amazon’s live commerce offering, which was launched in 2022, has been faring. 

While Redseer estimates the overall short-video user base to touch 600 Mn by 2025, questions remain over monetisation issues prevalent in the ecosystem. 

That said, Flipkart continues to strengthen its video commerce offerings at a time when it is on an expansion spree. Just a day earlier, it launched its fintech app super.money in beta mode, with an eye on launching other financial services soon.

Additionally, the company is also set to foray into the quick commerce space soon. However, this rapid expansion has come at a financial cost. Flipkart’s B2C arm reported a loss of INR 4,026.5 Cr in FY23, albeit down 9% YoY. 

The post Flipkart Says Video Commerce Offering A Big Success; 75 Mn Users Engaged In H1 2024 appeared first on Inc42 Media.

Infosys CEO Salil Parekh has settled charges of insider trading violations with the Securities and Exchange Board of India by agreeing to pay a fine of INR 25 Lakh (around $30,000).

The High Powered Advisory Committee (HPAC) recommended the settlement, which was accepted by SEBI’s Panel of Whole Time Members on May 21, 2024. The payment was made on June 7, and SEBI confirmed receipt of the amount, as per the markets regulator.

Reuters reported the development first.

The case stems from SEBI’s probe which found that Infosys violated provisions of the SEBI Act and Prohibition of Insider Trading (PIT) Regulations, 2015, between June 29, 2020, and September 27, 2021.

The investigation found that Infosys had not appropriately classified certain information as Unpublished Price Sensitive Information (UPSI).

As CEO and MD, Parekh was responsible for implementing effective systems of internal control to ensure compliance and prevent insider trading. The settlement does not imply an admission of guilt, as Parekh proposed to settle the proceedings without admitting or denying the charges.

The insider trading case is linked to Infosys’ partnership with Vanguard in 2020. SEBI’s investigation revealed that Infosys had recognised the strategic importance of this partnership for its business expansion and revenue growth. The information regarding the partnership was deemed UPSI under the PIT Regulations, 2015.

This comes at a time when SEBI is set to vote on new regulations for unregistered financial influencers (“finfluencers”) at its board meeting today. The proposed rules aim to curb unregistered finfluencers’ revenue models, prohibit SEBI-regulated entities from engaging with them, and require registered finfluencers to display credentials. 

Meanwhile, Infosys continues to make strides in artificial intelligence. At the company’s 43rd annual general meeting on June 26, Chairman Nandan Nilekani announced that Infosys is working on 225 generative AI programs for its clients and has trained over 2.5 lakh employees in GenAI technologies. 

The company has also filed more than 46 AI patents and 70 AI client advocacies in FY24, positioning itself at the forefront of the AI revolution in the enterprise space.

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Just within six months, state-owned telecommunications company Bharat Sanchar Nigam Limited has reportedly suffered another data breach which involves critical data, including international mobile subscriber identity (IMSI) numbers, SIM card information, home location register details, DP card data and even snapshots of BSNL’s SOLARIS servers. 

According to a Threat Intelligence Report by Athenian Tech, the cyberattack has been orchestrated by a threat actor known as “kiberphant0m”. The hacker compromised a substantial amount of sensitive data, putting millions of users at risk. In total over 278GB of sensitive information has been compromised. 

The report also reveals that the threat actor responsible for the BSNL data breach has priced the stolen data at $5,000 (roughly INR 4,17,000). This price was offered as a special deal, available only from May 30, 2024, to May 31, 2024.

Kanishk Gaur, CEO of Athenian Tech, told Inc42, “The attacker started selling the data on the dark web in the month of May. While they’re selling it for as low as $5,000, the potential impact could be in millions in terms of a cyber breach or stealing certain identifiable information.”

This incident follows a similar breach in December 2023, where another hacker claimed to have accessed personal information of BSNL users. Gaur said that this breach was not connected to the previous one because of the nature of the breach, and the data that has been compromised, is different.

He further said, “Critical components of BSNL’s network infrastructure were compromised. This could potentially undermine the security of BSNL’s current and future 4G and 5G services. As a result, both new and existing BSNL customers are at risk of having their personal and sensitive information exposed or misused.”

With increasing digitisation, there has also been a rise in cybercrimes in the country. The Centre is taking various measures to curb this surge in cybercrimes and financial frauds. 

The Ministry of Home Affairs’ cyber crime unit launched the ‘Pratibimb’ app last month, aiding law enforcement in real-time tracking of cyber criminals. 

Additionally, the Department of Telecommunications introduced the Digital Intelligence Platform for real-time information sharing among stakeholders, and the Chakshu portal for reporting fraud communications.

Besides, many new startups are emerging to tackle cybersecurity challenges, recognising the increasing importance of safeguarding digital assets in today’s interconnected world.

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Just a week after Sid’s Farm roped in Sunil Potturi as its new chief technology officer, the dairy brand has now secured $10 Mn (INR 83 Cr) in a Series A funding round co-led by Omnivore and Narotam Sekhsaria’s family office.

The Telangana-based startup plans to use the freshly raised money to strengthen its manufacturing capabilities, team building and expanding to cities like Hyderabad and Bengaluru.

Kishore Indukuri, founder of Sid’s Farm, said, “This investment will accelerate our growth in Hyderabad and Bengaluru. We strongly believe that there is an opportunity to serve over 1,00,000 families every day in these two markets alone.”

Founded in 2016 by Indukuri, Sid’s Farm currently serves around 20,000 customers daily on a subscription basis, offering a range of products, including milk, ghee, butter, curd, paneer, buttermilk and lassi.

The startup’s latest funding comes over a year after it reportedly raised $1 Mn in a bridge funding round  from investors, including Abhinav Gorukanti, Cogniphy and Hapgrow among others.

Meanwhile, Potturi, who has recently joined Sid’s Farm as CTO will leverage his expertise across consulting, product development, strategy and operations management to help in driving the startup’s growth.

Prior to that, Potturi held notable roles, including cofounder and chief executive at Cintelio, which was acquired by High Radius, where he served as associate vice president. 

Speaking to Inc42, newly appointed Potturi said, “I’ve been a customer and an investor of Sid’s Farm. Being from Hyderabad, it’s also a matter of pride that the local city brand is kind of ramping up to the rest of India.”

The company operates in the direct-to-consumer (D2C) space, ensuring superior quality, a sustainable ecosystem, and strong relationships with their farmers.

Sid’s Farm competes against the likes of companies like Country Delight, Akshayakalpa, Milky Mist and MilkLane, all of which emphasize quality and direct-to-consumer delivery models. 

The post Dairy Brand Sid’s Farm Raises $10 Mn, Week After Roping In New CTO appeared first on Inc42 Media.

Omnichannel jewellery brand Bluestone has raised INR 100 Cr ($12 Mn) in debt from Neo Markets. 

As per filing with the Registrar of Companies (ROC), accessed by Inc42, the company’s board approved issuing 10,000 debentures at INR 1,00,000 each.

Entrackr was the first to report the development.

This debt funding comes as Bluestone prepares for a larger pre-IPO round. As per ET’s report,  Bluestone is in negotiations to secure an investment of approximately INR 830 Cr ($100 Mn) from Peak XV Partners, Steadview Capital and Think Investments.

The company plans a combination of share sales by early investors and fresh capital infusion, which is anticipated to value the omnichannel retailer at around INR 7,500 Cr ($900 Mn) pre-money. Peak XV is set to invest around INR 415 Cr ($50 Mn) in Bluestone.

Bluestone has raised about $190 Mn to date. Accel holds a 21.2% stake, while Kalaari Capital owns 12.35%. Other investors include Ratan Tata, Deepinder Goyal, and Nikhil Kamath.

Founded in 2011, Bluestone sells jewellery online and through 190 stores across 75 cities. In FY23, the company’s revenue grew 65% to INR 787 Cr. Losses decreased by 87% to INR 167 Cr.

The company’s growth comes amid a broader expansion of India’s jewellery market. Bluestone competes with Melorra, Giva, and CaratLane in India’s jewellery market, which generated $77 billion in revenue in 2023.

The company plans to go public, aiming to raise INR 2,000 Cr through its IPO. Bluestone targets profitability by March 2025.

This secured debt funding and the upcoming pre-IPO round will help Bluestone expand its operations and prepare for its public listing. The investment interest suggests confidence in the company’s growth potential in the online jewellery market.

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Finnish telecom giant Nokia is reportedly considering shifting a large part of its global design capacity to India.

The move can be attributed to the presence of large designing talent in India, Economic Times reported, citing sources.

Nokia has a presence in five locations across India – Gurugram, Noida, Mumbai, Chennai, and Bengaluru – with two R&D centres in Chennai and Bangalore. 

The company is reportedly keen on localising more of its operations, recognising the need to move up the value chain in India. “Nokia could look to begin designing telecom network infrastructure equipment from its facility in Chennai,” one of the sources was quoted as saying.

 Currently, the majority of Nokia’s design work is carried out in Finland, the UK, and parts of the US. 

Nokia is prioritising design expansion in India while also considering increasing manufacturing. The company is building its local supply chain through its ongoing localisation efforts. 

Nokia already manufactures 5G/4G radios and GPON optical line terminals for both domestic and global markets in India, in partnership with Foxconn.

The company has manufactured over 7 Mn telecom network equipment units in India to date, with about 40% of these being exported.

India is a lucrative market for companies in the telecom space because of the country’s large telecom subscriber base. The country’s telecom subscriber base crossed the 1.2 Bn mark in April this year, as per the Telecom Regulatory Authority of India (TRAI). 

The latest development comes at a time when India is emerging as a global manufacturing hub. 

iPhone maker Apple has been gradually scaling up its manufacturing operations in the country, with India now accounting for about 7% of total iPhones produced globally. Apple manufactured iPhones worth INR 1 Lakh Cr in India last year and recorded a revenue of INR 49.3K Cr in FY23.

Besides, Google has also announced its decision to manufacture Pixel 8 in the country. Even Chinese manufacturers are setting up manufacturing plants in India. BBK Group, which owns Oppo, Vivo, and Realme, has partnered with Dixon Technologies and Karbonn Group for smartphone production. 

The electronics manufacturing sector in India is projected to reach $300 Bn by 2026. The smartphone industry alone is expected to create 1 Mn direct jobs by 2025.

India’s smartphone market, the world’s second-largest, shipped 146 Mn units in 2023. Despite a 2% year-on-year decline, the market is expected to recover in 2024 with an estimated 5-8% growth.

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Skincare startup Asaya has raised $1.5 Mn in a seed funding round co led by OTP Ventures and Huddle Ventures, with participation from Eternal Capital.

Founded by Neeraj Biyani, Mandeep Bhatia and Eeti Sharma in 2023, Asaya focuses on products for melanin-rich skin and will use the newly raised funds towards melanin-centric research, product development and expanding market reach. 

The startup also aims to increase awareness about the unique skincare needs of Indian skin tone.

“Our products have received an overwhelmingly positive response, indicating strong product-market fit for many items in our lineup. This funding will help us go from 20,000 to over 250,000 consumers in the next 12 months,” Biyani said. 

He also added that the company plans to improve their marketing and customer service to provide faster and more informed service to our rapidly growing customer base.

Asaya currently offers more than 11 products and 23 SKUs, retailing through its website and online platforms like Nykaa, Amazon, Flipkart and Myntra.

“There are not enough products developed with the specific skin care needs of the melanin-rich population in mind. Asaya is bridging the gap in the skincare space in India with products, and conversations that will move the needle,” said Sanil Sachar, founding partner of Huddle Ventures.

The brand has dedicated research centres focusing on developing scientifically tested and nature-derived skincare products, with their main office and research centre situated in Bangalore, India.

The Indian beauty and personal care market is expected to reach $30 Bn by 2027, driven by consumers’ willingness to pay more for products that address specific needs and their trade-up to masstige and prestige products. 

The growth of the masstige and premium segments is even more pronounced in India, where they are growing two times as fast as the mass market segment, according to a report by Redseer Strategy and Peak XV.

As disposable incomes rise and more women continue to join the workforce, beauty retailers are seeing an upward movement in the prestige and premium segments. 

Nykaa has seen its prestige beauty segment grow at a CAGR of mid-to-late 20% over the past three years, now accounting for a third of its gross merchandise value. Nykaa expects this trend to continue, with plans to double its store count to about 400 by 2027

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Supermoney, a digital platform offering working capital solutions, has raised INR 28.6 Cr ($3.4 Mn) in a Series A funding round from Capital 2B and Capria Ventures. 

The fresh funds will be used to expand Supermoney’s operations and increase loan disbursements. 

Currently, the company operates in over 40 locations with more than 30,000 retailers and dealers, 50 anchors and over 500 distributors across India.

The company, founded in 2018 by Nikhil Banerjee and Shiv Negi Nandan, partners with major brands in sectors like electronics, pharmaceuticals, steel, auto parts and automotive to offer customised payment and finance solutions for business supply chains.

“This investment marks a significant milestone for us. We are targeting an $800 Bn market opportunity underserved by traditional banks and NBFCs. Our goal is to reach 500,000 MSMEs within the next two years and drive invoicing volumes exceeding $5 Bn on our platform,” said Banerjee.

Supermoney competes with the likes of KredX, Lendingkart and Capital Float. 

While KredX has been expanding its services and recently entered into export financing, Lendingkart has reported significant increases in its financial performance and acquired a digital lending platform. 

The digital lending market size is set to grow from $270 Bn in 2022 at a CAGR of 22% between 2022 and 2030, as per Inc42’s report ‘State Of Indian Fintech Ecosystem Q3 2022. InFocus: Neobanks’.

In essence, the total digital lending market is set to increase by almost 5X, driven by many favourable socioeconomic factors throughout the decade.

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Mumbai-based healthtech startup Alyve Health has raised INR 45 Cr, (around $5.5 Mn) in a Series A funding round led by Axilor Ventures, along with participation from existing investor 1Crowd Fund and Inhealth Ventures.

The company also claims to have raised debt from Trifecta Capital as part of this round.

Alyve Health plans to use the fresh capital for growth and development in several key areas such as, platform enhancement, talent acquisition, expansion of operations, amplification of services and increasing member engagement.

Founded in 2020 by Shashank Avadhani, Sushant Roy and Vineet Mehta, Alyve Health provides comprehensive health plans which cover doctor consultations, diagnostics, medicine purchases, dental procedures, gym memberships and proactive well-being. 

The startup’s platform integrates with payers, intermediaries, and providers to offer tailored solutions. It currently serves over 1 Mn customers.

Vineeth Mehta, cofounder and CTO at Alyve said, “This funding will enable us to further fortify our platform and enhance our data, security, and AI capabilities.”

The startup had previously raised $900k in a seed round from Axilor Ventures and 1Crowd Fund in April 2022. With this Series A infusion, Alyve Health will scale its operations. 

Recently Aarogya Tech raised INR 15 Cr (around $1.8 Mn), Neodocs raised INR 16.6 Cr and Daffodil Health raised INR 3.7 Cr.

The health tech industry in the country is thriving roughly at the rate of 28.67% each year over the 9-year period from 2024 to 2033, according to a report. 

The post Alyve Health Bags INR 45 Cr From Axilor Ventures, Others To Expand Healthcare Offerings appeared first on Inc42 Media.

Telangana-based dairy brand Sid’s Farm has roped in Sunil Potturi as its new chief technology officer (CTO). 

With more than 20 years of experience across consulting, product development, strategy and operations management, Potturi will help in driving Sid’s Farm’s growth, the company said in a statement.

Prior to joining Sid’s Farm, Potturi held notable roles, including cofounder and chief executive at Cintelio, which was acquired by High Radius, where he served as associate vice president. 

Besides, he also worked with Mediamint as chief delivery officer, supporting global clients in digital marketing and technology services. 

Earlier in his career, Potturi was with Deloitte Consulting in the greater Los Angeles area, leading teams in technology and operations.

“His (Potturi’s) strategic vision and passion for technology perfectly align with our mission to deliver high-quality products and services,” said Sid’s Farm founder Kishore Indukuri.

Speaking to Inc42, newly appointed Potturi said, “I’ve been a customer and an investor of Sid’s Farm. Being from Hyderabad, it’s also a matter of pride that the local city brand is kind of ramping up to the rest of India.”

He holds a Bachelor of Engineering from CBIT, Hyderabad, and has completed the Senior Management Program from the Indian Institute of Management, Ahmedabad.

Sid’s Farm was founded by Indukuri in 2016. Currently, it serves around 20,000 customers daily on a subscription basis, offering a range of products, including milk, ghee, butter, curd, paneer, buttermilk and lassi.

It has raised a total funding of $1 Mn so far and counts Abhinav Gorukanti, Cogniphy, Feroze Mohammed, Goutham Reddy and Hapgrow among its backers.

The company operates in the direct-to-consumer (D2C) space, ensuring superior quality, a sustainable ecosystem, and strong relationships with their farmers.

Sid’s Farm competes against the likes of companies like Country Delight, Akshayakalpa, Milky Mist and MilkLane, all of which emphasize quality and direct-to-consumer delivery models.

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