Startups, Mergers, Acquisitions and Fundings Round-up this week

​India's startup ecosystem is experiencing a dynamic transformation, marked by significant investments, strategic partnerships, and innovative ventures across various sectors. This surge is propelled by a robust economy, supportive government policies, and a burgeoning community of entrepreneurs and investors. Recent developments underscore the nation's commitment to fostering innovation and positioning itself as a global technology hub.

PhonePe Appoints Former Britannia Executive as CMO

​PhonePe has undertaken a strategic leadership restructuring to bolster its expansion into financial services and quick commerce. The company appointed Hemant Gala as CEO of its lending division, Vishal Gupta as head of the insurance sector, and Vivek Lohcheb to lead Pincode, its hyperlocal e-commerce platform. Additionally, Ujjwal Jain, founder of WealthDesk (acquired by PhonePe), now oversees Share. Market, focusing on wealth management and brokerage services. In January 2024, PhonePe also appointed Ritesh Pai as CEO of its international payments unit.

Phot.AI Raises $2.7 Million to Automate Creative Processes

​Phot.AI, an AI-driven creative automation platform, has secured $2.7 million in seed funding led by Info Edge Ventures, with participation from Together Fund, AC Ventures, and over 50 angel investors. The funds will be used to expand the team, invest in R&D, and launch their copilot feature.

FirstCry Allocates Over 984,000 Shares Under ESOP Schemes

​FirstCry has allocated a total of 9.84 lakh equity shares to its employees under various Employee Stock Ownership Plan (ESOP) schemes. This allocation includes 5.28 lakh shares under the ESOP 2011 initiative and 4.56 lakh shares under the ESOP 2022 scheme, with the latter executed through both cash and cashless exercise methods. Consequently, the company's paid-up share capital has increased from Rs. 103.83 crore to Rs. 104.03 crore.​

Garuda Aerospace Invests in MapmyIndia-Backed Zuppa

Garuda Aerospace, a drone startup backed by M.S. Dhoni, has invested Rs. 1 crore in Chennai-based Zuppa, a deep-tech firm specializing in cyber-secure drones and advanced autopilot systems. This partnership aims to drive innovation and expand market reach, aligning with Garuda's vision to strengthen defense capabilities with homegrown solutions. ​

Gyaan AI Secures $7.8 Million and Rebrands to MaxIQ

​MaxIQ, a revenue AI platform founded by Sonny Aulakh in 2022, has secured $7.8 million in funding led by Dell Technologies. This investment will enable MaxIQ to scale operations, accelerate product innovation, and expand its leadership team as it redefines customer journey management for B2B SaaS enterprises. MaxIQ's platform addresses challenges such as fragmented revenue tools and siloed processes, leading to inaccurate forecasting and lost revenue opportunities.

Former SoftBank Executive's Son Raises $150 Million for India-Focused Fund

The son of a former SoftBank executive has successfully raised $150 million for a fund targeting investments in Indian startups. This development highlights the growing interest in India's burgeoning tech ecosystem among global investors. ​

Jabil Plans $125 Million Investment in Gujarat for Silicon Photonics Unit

​Jabil, a U.S. electronics manufacturing company, has announced plans to invest $125 million in establishing a silicon photonics manufacturing facility in Gujarat, India. This strategic move aims to leverage Jabil's extensive experience in silicon photonics products to support advanced industries such as autonomous vehicles, 5G networks, and artificial intelligence applications. The facility is expected to become operational within the current calendar year, marking a significant milestone in Gujarat's growing prominence as a hub for semiconductor manufacturing and innovation. ​

Krutrim Collaborates with Lenovo to Develop India's Largest Supercomputer

Ola's AI venture, Krutrim, has partnered with Lenovo to develop India's largest supercomputer, aiming to bolster the nation's AI infrastructure. This collaboration includes the creation of Krutrim 3, a 700-billion-parameter AI model, positioning India as a significant player in global AI advancements. The initiative addresses the current lack of sovereign cloud and hyperscale infrastructure in the country, marking a crucial step toward technological self-reliance.