Startup news and updates: daily roundup (December 1, 2022)

Payments firm IppoPay acquires fintech player Roamsoft Technologies

IppoPay Technologies, a payments infrastructure company, said that it has acquired Roamsoft Technologies, a fintech IT products and services company located in Tamil Nadu, for an undisclosed amount.

Roamsoft, headquartered in Chennai, is primarily engaged in the business of developing products and providing technology services to startups in the fintech and ecommerce space.

Through this acquisition, IppoPay brings on board a team of over 40 developers with high cultural alignment. Bringing such developers on board will help IppoPay rationalise time-to-hire and develop fresh talent who are aligned with IppoPay’s values.

EaseMyTrip to acquire charter service company Nutana Aviation 

EaseMyTrip has announced it will invest in and acquire Gujarat’s GIFT city-based Nutana Aviation. The acquiree company is in the business of offering charter solutions to clients in India and abroad. Nutana Aviation leases charter aircraft enabling operators to run along with providing charter booking services to its clients, within and outside India. 

With this acquisition, EaseMyTrip will add a new segment that will 'fast-track' its growth. This will ensure the company caters to and expands its footprints to international markets. Under this transaction, EaseMyTrip will hold a majority stake in Nutana aviation, which will continue to run and operate as an independent entity. The acquisition is subject to closing conditions.

Credent Asset Management acquires 49% of Essel Finance Advisors

Credent Asset Management Services, an associate of Oracle Credit Limited, has completed the acquisition of a 49% stake in Essel Finance Advisors and Managers LLP (EFAM).

The acquisition is part of a 100% takeover plan post SEBI approval for change in control. EFAM, promoted by Essel Group in 2012, is engaged in the business of investment management of Alternative Investment Funds and currently manages two CAT II AIF with an AUM of over Rs 200 crore. Through this strategic acquisition, Credent Asset Management aims to further expand its presence in Alternative Investment spaces as one of the fastest-growing Financial Services entities in India.

Speaking on this development, Aditya Vikram Kanoria, Managing Director of Credent Group, said, “Our focus is to fast track our expansion plans and this acquisition is a part of the larger business vision and strategy. We are in the process of launching three new Alternative Investment Funds (AIF) to raise over Rs 500 crore. EFAM has built a robust investment management platform with a strong ecosystem and client base of UHNIs, corporates, and family offices, and we intend to leverage this platform to grow close our asset management business.”

Aditya Birla's TMRW invests Rs 200 Cr in D2C brand Bewakoof

Aditya Birla's house of brands TMRW has invested Rs 200 crore in the D2C brand bewakoof. Founded in 2012 by Prabhkiran Singh, Bewakoof aims to touch Rs 1500 in revenue over the next five years. Aditya Birla has bought a 73-80% stake in casual fashion brand Bewakoof for Rs 200 crore, including a primary equity and debt infusion, as well as a secondary stake acquisition in the brand.

Speaking about the partnership, Prashanth Aluru, CEO and Co-founder of TMRW, said, “We are excited to partner with the team at Bewakoof. It is an innovative brand in the casual wear space with a great team led by Prabhkiran. With Bewakoof’s loyal consumer base and our value-add in design, technology, brand building and supply chain, we aim to scale this brand to Rs 500 crore+ in the next five years. With Bewakoof and other D2C brands in our portfolio, we see the leading Digital First brands of tomorrow disrupting and fueling ecommerce growth in India. ”

SaaS startup Kovai.co opens new office in Coimbatore

Tamil Nadu-based SaaS startup Kovai.co has opened 4,500 sq. ft-office space in Coimbatore.

Founded in 2011 by Saravana Kumar, the company is an enterprise SaaS firm that has crossed a revenue of $10 million ARR and remains completely bootstrapped to date. With a 240+ member team, it is looking to grow its product portfolio and its revenue, with a target of $30 million by 2025.

Kovai.co expects the hiring to continue at a steady pace in 2023. The focus will be on building capabilities of employees, learning and development, and helping customers derive value from the products – Churn360, Document360, and Serverless360 on a day-to-day basis.

Fitness brand Flexnest forays into athleisure clothing

Flexnest, a D2C fitness brand, has forayed into athleisure clothing with the launch of its new range of workout clothes. The new offerings are aimed at enabling women in their bid to feel more comfortable and at ease during training and workout sessions.

Last year, the brand developed an innovative ‘SuperFlex’ fabric, which serves as both activewear as well as loungewear. The initial portfolio of active workout clothing brings its female customers a premium range of leggings, sports bras, capris, and vests. The clothing range is made available in all sizes ranging from XS, S, M, and L to XL in three colours—black, green, and blue—and the price will range from Rs 1,299 to Rs 1,999. Built for the body in motion, Flexnest, at the behest of its latest offerings, wants its customers to #FeelTheFlex.

“After the phenomenal response as a fitness brand since our inception two years ago, we now want to focus on growing further with the launch of our activewear. The size of the segment is over Rs 54,000 crore and growing rapidly, and we are all set to enter the category and provide the Indian consumers an unmatched product offering," said Rhea Singh Anand, Co-founder of Flexnest.

Upskilling platform Scaler's mobile app hits 50K downloads

Just five months into the launch, Scaler's mobile application for software professionals has reached the 50,000 downloads mark.

The app has seen more than 2X growth over the last two months in learners registering for free classes and courses. The app targets anyone interested in Software Engineering and Development, Data Science (DS), and Machine Learning (ML). It was launched to enable software professionals to upskill themselves and prepare for a progressive career in software development.

"Through the Scaler app, we wish to make learning more structured, impactful, and outcome-driven. We wish to achieve this through our wide range of premium and trusted content, free of cost. We have optimised and designed the application to enhance our users' learning and upskilling journey with uninterrupted access. Over 30% of the people who land on the events page on the app end up registering for the event. In comparison, similar event registrations on web platforms lie between 8-10%," said Abhimanyu Saxena, Co-founder of Scaler and InterviewBit.

Zen Mobility to launch light electric vehicles

Zen Mobility, an Electric Vehicle OEM, has announced its first range of mobility solutions, which include a multi-purpose 4-wheeler LEV called the ‘Zen Maxi Pod’, and a purpose-built cargo 3-wheeler LEV called the ‘Zen Micro Pod’. The company most recently received the ARAI Certificate of Conformity for the Zen Micro Pod. 

"The Zen Micro Pod and Maxi Pod have been conceptualised using the best-in-class design and technology, enabled with enhanced comfort, convenience, optimised range, and lower cost of ownership," a company statement said.

While the Micro Pod, aimed at addressing long-standing problems of riders and delivery partners in last-mile delivery, will be unveiled in early 2023, Zen Mobility has also announced its plans to launch a new-age multi-purpose ‘Maxi Pod’ in the following years. Designed in Germany and built indigenously, the Zen Micro Pod and Maxi Pod will be manufactured in India using locally sourced components, thereby promoting the ‘Make in India’ initiative.