Startup news and updates: daily roundup (October 28, 2023)

Edtech firm Techmaghi bags Rs 20 lakh startup seed fund

Education technology firm Techmaghi has received a funding of Rs 20 lakh from startup-supporting LJ Knowledge Foundation. 

Techmaghi said the partnership with the Ahmedabad-based LJ Knowledge Foundation would catalyse the company's expansion plan to reach out to more students and professionals. 

This would take forward the Kerala-based company's mission to bridge the gap between industries and educational institutions through upskilling courses that meet the demands of a modern workforce, according to a statement from the company.

“This funding will allow us to make a more significant impact on cutting-edge education and skill development," said Deepak Rajan, Founder and CEO, Techmaghi.

The funding from the Gujarat NGO comes as a compulsorily convertible debenture for Techmaghi, which functions at Maker Village, Kinfra Hightech Park in Kalamassery.

Launched in 2021 with a 30-member team, Techmaghi has trained more than 75,000 students, generating a revenue of over Rs 2 crore. The company's primary focus lies in the core engineering fields, equipping individuals with the skills and knowledge necessary to excel in the competitive job market. 

TVS Credit registers 40% jump in profit in Q2

Non-banking finance company TVS Credit Services reported a 40% jump in net profit to Rs 134 crore in the second quarter of the current fiscal (FY24), from Rs 96 crore last year.

The Premji Invest-backed company’s total income for the quarter was Rs 1,399 crore, a rise of 46% as compared to the corresponding quarter. 

In the first half of FY24, the credit demand continued to be strong, aided by higher consumption and infrastructure outlay by the government, the company said in a statement. 

During H1 FY24, TVS Credit’s business witnessed significant growth, led by the robust performance of consumer loans with a book growth of 59% compared to H1 FY23. The company also added 20 lakh customers during the first half of the fiscal, resulting in a total customer base exceeding 1.2 crore, it said. 

Recently, the NBFC raised equity capital of Rs 480 crore from Premji Invest, the investment arm of Wipro founder Azim Premji's endowment, to fuel its growth plan including advancing its digitisation journey. 

Airtel collaborates with Microsoft to enable integrated calling through Teams

Telecommunications service provider Bharti Airtel has partnered with Microsoft to offer calling services to organisations over Microsoft Teams through an integration with Airtel IQ.

With Airtel IQ for Microsoft Teams, enterprises will soon be able to enjoy greater flexibility in connecting with customers across the country over fixed line through the internet, the company said in a statement. 

The service will enable enterprises to make and take calls to external users through the Teams experience, streamlining communications and collaboration within the flow of work.

“Airtel’s traditional strength of connectivity combined with Microsoft’s technology will result in reliability, cost savings, ease of management and, most importantly, scalability for all customers, ensuring that going forward they can focus solely on productivity," said Abhishek Biswal, Business Head, Airtel IQ.

“In today’s constantly evolving hybrid world, users need the flexibility to work and connect. At Microsoft, it has been our endeavour to power the modern workplace by providing enterprises with the right tools and technologies that cater to their needs and make hybrid work seamless for everyone," said Shruti Bhatia, Country Head, Modern Work & Surface, India & South Asia, Microsoft.

(With inputs from PTI)