0xPass is among the many startups trying to make crypto wallets secure and convenient for mass adoption. Specifically, it’s solving the login piece of user experience, which, at the moment, is cumbersome and requires users to have a decent level of technical know-how. Incubated at the Stanford Blockchain Club, 0xPass allows developers to build multiple […]
Bengaluru-based B2B SaaS fintech startup Perfios has raised $229 million in a Series D funding round led by Kedaara Capital. According to the company’s statement, the investment will be made through a primary fund raise and a secondary sale.
With this round of funding, Perfios said it will continue to focus on global expansion plans in North America and Europe.
The startup also plans to invest in new-age technologies to enhance its comprehensive stack of decision analytics SaaS products to solve the entire end-to-end customer journey across banking, insurance, and embedded commerce.
Founded in 2008, Perfios offers software solutions to the banking, financial services, and insurance sectors across 18 countries. The startup helps financial institutions handle various processes, including customer onboarding, decision-making, underwriting, and monitoring, making these processes quicker and more efficient.
The startup claims that it is serving over 1,000 financial institutions globally. It provides a massive amount of data, about 8.2 billion data points annually, to help banks and other financial entities make faster decisions.
Additionally, It handles a substantial number of transactions, around 1.7 billion, amounting to an Asset Under Management (AUM) of $36 billion annually.
V. R. Govindarajan, Co-Founder and Chairman of Perfios, said, “Every step of Perfios’ journey has been shaped by the collective passion of our team. This funding underscores not just our achievements and the tireless dedication of our employees but also our commitment to employee wealth creation through ESOPs. With gratitude and renewed passion, we’re poised to continue our transformative journey, championing innovation in the financial sector.”
Nishant Sharma, Founder and Managing Partner of Kedaara Capital, said, “Led by one of the strongest teams in the space, Perfios has created truly the best-in-class fintech SaaS business that plays on the strong secular growth and increasing digitization levels in the financial services sector in India and globally. Their pioneering approach has led to a strong positive flywheel effect that will help the company maintain its market-leading position, and we are excited to partner with them.”
Kartikeya Kaji, Managing Director of Kedaara Capital, further added, “We look forward to using our operational expertise and deep connectivity in the financial services and technology spaces to help support the company in this next phase of its growth journey.”
In February 2022, The Bengaluru-based startup raised nearly $70 million in Series C funding which made it a new unicorn startup in the Indian startup ecosystem. The round was led by Warburg Pincus and Bessemer Venture Partners.
Vishal Mahadevia, Managing Director & India Head, Warburg Pincus, said, “Having been a part of Perfios’ journey from its early stages, we continue to be impressed by the Company’s relentless drive, customercentricity and innovation. Their commitment to revolutionizing the financial services sector has been unwavering, and this new round of funding further solidifies our belief in their vision. As Perfios continues to redefine the industry, we’re proud to reaffirm our support and look forward to the company scaling even greater heights in the future.”
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Slack is introducing new AI features to enhance user experience. Slack AI will summarize work discussions and provide key highlights through channel recaps and thread summaries. Another feature, Slack Lists, will allow users to monitor projects, assign tasks, and track progress. Additionally, Slack is integrating the GPT model to curate information and modify drafts. Until these features are released, users can integrate their preferred AI language model into the app. Two options available are OpenAI’s ChatGPT and Anthropic’s Claude.
The G20 leaders, as part of the New Delhi Declaration, have acknowledged the significance of startups and micro, small, and medium-sized enterprises (MSMEs) as drivers of innovation and employment. These entities are considered natural engines of growth and instrumental in socio-economic transformation, as stated in the declaration. “They are key to socio-economic transformation by driving innovation and creating employment,” the declaration said among measures for global economic growth. In August, the G20 leaders introduced the ‘Jaipur Initiative’ to facilitate the seamless flow of information to MSMEs, aiming to address issues related to inadequate access to market and business-related information faced by these enterprises.
Additionally, the declaration underscores various measures for global economic growth, including those related to climate change, counterterrorism, gender equality, green development, financial inclusion, digital public infrastructure, and more. It emphasizes the role of startups and MSMEs in driving innovation and employment as part of the broader efforts to foster economic growth.
The G20 has also endorsed the Regulatory Toolkit for Enhanced Digital Financial Inclusion of MSMEs and promoted responsible, sustainable, and inclusive use of digital technology by farmers and agritech startups and MSMEs. Gender-responsive policies for creating an inclusive digital economy for women-led and –owned businesses, including MSMEs, have also been highlighted.
A G20 Policy Recommendation paper by the World Bank recently highlighted the role of digital public infrastructure (DPI) in advancing financial inclusion and productivity gains for MSMEs by providing them with access to financial services and information through digital channels.
“MSMEs are a critical component of most economies, accounting for a significant portion of employment and economic activity. However, MSMEs often face challenges in accessing finance, particularly in developing countries, where financial systems may be less developed,” the World Bank document prepared with inputs from the Ministry of Finance and the Reserve Bank of India (RBI) had said.
The Global Partnership for Financial Inclusion (GPFI) has also prioritized improving access to finance for MSMEs in its efforts to advance financial inclusion globally for the next three years (2024-2026).
“Credit access for MSMEs and digital financial inclusion in G20 and non-G20 countries to provide financially excluded and underserved populations with a range of formal financial services are the two existing prioritized topics for GPFI. The platform will continue to focus on the two areas “which have been greatly significant in the efforts to advance financial inclusion globally,” the action plan document said.
The Indian fintech startup will use some of the funds to continue expansion in North America and Europe.
Chennai-based SaaS unicorn Chargebee has recently laid off about 10% of its global workforce, affecting between 100 to 120 employees across multiple departments, according to sources who spoke to Inc42.
Chargebee CEO Krish Subramanian cited ‘market shifts’ as the primary reason behind the layoffs.
In a blogpost, Subramanian said, “To position Chargebee for its next phase of efficient growth, and with the technology and market shifts underway across the industry, it is critical that we set up the organization to focus on fewer priorities, with a greater emphasis on our customers’ experience and our core products.”
The company will provide severance packages in accordance with the relevant labor laws in each country, it claimed.
The latest layoffs come almost ten months following Chargebee’s initial workforce reduction amid economic challenges. In November of 2022, the startup let go of roughly 142 employees, or about 10% of its staff, due to unfavourable economic circumstances.
Founded in 2011 by Subramanian, Rajaraman Santhanam, Saravanan KP and Thiyagarajan T, Chargebee is a revenue management platform that allows SaaS businesses to automate revenue operations. The unicorn claims to have over 4,000 customers, including Okta, Freshworks and Calendly.
The startup had last raised $250 Mn in a funding round led by US-based hedge fund Tiger Global and Peak XV Partners (formerly known as Sequoia Capital India). The funding round, which valued the startup at $3.5 Bn, also saw participation from a slew of other investors like Insight Partners, Sapphire and Steadview Capital. To date, the startup has raised close to half a billion dollars in multiple rounds of funding.
Since the beginning of 2022, the funding landscape for Indian startups has been strained, in part due to the geopolitical tensions arising from the Russia-Ukraine conflict. This challenging macroeconomic environment has forced many Indian startups to transition from an aggressive growth model to a focus on profitability, resulting in the adoption of various cost-saving strategies, including staff layoffs.
According to the Inc42 layoff tracker, since the beginning of 2022, Indian startups have laid off over 28,000 employees.
The post Tiger Global Backed Chargebee Fires 10% Workforce In 2nd Round Of Layoffs appeared first on Inc42 Media.
Dhaka-based healthtech startup MedEasy has raised $750,000 or Rs 6.2 crore in a seed funding round led by Seedstars International Ventures, Doha Tech Angels, Startup Bangladesh Limited, Accelerating Asia, and nVentures, along with participation from several angel investors.
With this fundraise, The startup plans to strengthen customer acquisition, refine operations, and enhance the platform’s features, ensuring an enriched user experience and fueling MedEasy’s R&D endeavours.
MedEasy was founded in 2020 by Arefin Zaman, Golam Moktadir Prince, and Md Nazmul Hossain.
The startup offers a digital lifeline, making authentic medicines and consultations more accessible to those who need them most. It claims to have garnered over 150,000 users, cementing its role as a beacon of trust and reliability in the Bangladeshi healthcare sector.
“Our vision has always been to bridge the gap between quality healthcare and those who need it the most. This funding is a validation of our efforts and will enable us to scale our services and reach even more individuals in need. We are excited to have both international and local investors joining this round. Their investment and support will help us accelerate our growth and improve customer experience,” said Arefin Zaman, co-founder and CEO of MedEasy.
“MedEasy’s nuanced understanding of Bangladesh’s unique challenges caught our attention. They aren’t just digitizing processes; they’re reshaping healthcare experiences for a demographic often overlooked. The chronic patient segment in Bangladesh has specific needs, and MedEasy’s data-driven approach to addressing these complexities is what differentiates them from many in the space,” said Patricia Sosrodjojo, General Partner of Seedstars International Ventures.
($1 = 82.87)
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In a rather surprising move, beleaguered edtech decacorn BYJU’S has reportedly offered to pay back the entire $1.2 Bn term loan to its lenders in less than six months.
The edtech major made an offer to repay $300 Mn of the distressed debt within three months and the remaining amount in the next three months if its amendment proposal is accepted, Bloomberg reported quoting sources.
BYJU’S did not respond to Inc42’s inquiry for comment on the matter.
It must be noted that BYJU’S and its lenders of the $1.2 Bn term loan B (TLB) have been caught up in severe conflict for almost a year. Several negotiations to alter the loan repayment terms have failed over the last few months.
The lenders are currently reviewing the company’s proposal and seeking details as to how the repayment would be funded.
Sources told the publication that BYJU’S is trying to make a swift resolution to the matter and to execute the amendment.
Meanwhile, Manipal Group chairman Ranjan Pai reportedly finalised an $80 Mn investment in BYJU’S offline test prep arm Aakash, which would be utilised by the edtech firm to repay Davidson Kempner.
Davidson Kempner is one of the lenders to BYJU’S TLB.
The post BYJU’S Proposes To Repay The Entire $1.2 Bn To Lenders In Less Than 6 Months appeared first on Inc42 Media.
The Delhi High Court has ordered the Delhi Police’s Cyber Cell to investigate a scam involving fraudulent collection of money under the name of fashion brand AJIO. The scammers used scratch coupons and prize money schemes to deceive people, convincing them to deposit money for these schemes. The court has ordered the freezing of bank accounts, blocking of mobile numbers, and documentation of the individuals involved. Reliance Industries has filed a complaint to protect the AJIO brand against six individuals and entities accused of sending fraudulent communications.
Coinbase said Monday that it has disabled new user sign-ups on its exchange product in India but remains committed to the country, where its operations have been in limbo for over a year. The clarification comes days after Coinbase sent emails to many customers in India in which it said it would cease exchange operations […]
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