Perfios turns unicorn; How startups can become AI-resilient

Hello,

BYJU'S has got some much-needed respite.

On Wednesday, the Karnataka High Court extended an interim relief to the beleaguered edtech company and Founder Byju Raveendran by placing the decisions made by BYJU'S shareholders during the EGM on February 23 on hold until the next hearing on March 28.

In other news, Softbank-backed Meesho has initiated an ESOP buyback programme of Rs 200 crore ($25 million)—the company’s largest ESOP buyback pool to date, generating wealth creation for over 1,700 current and former employees.

Elsewhere, gaming platform Nazara Technologies plans to allocate $100 million (~Rs 830 crore) towards strategic mergers and acquisitions over the next 24 months to strengthen its global foothold and take its gaming platform on the world stage. 

Meanwhile, it looks like investors are ready to deploy fresh capital. Early-stage VC fund 8i Ventures launched a $10 million seed fund called Origami to provide capital in the range of $250,000 to $2 million. And Mumbai-based Prath Ventures raised Rs 120 crore in the second close of its maiden fund to invest in consumer-centric businesses and has already made three investments. 

ICYMI: Here’s why the US wants to ban TikTok.

Lastly, smartphone company Xiaomi is set to release its first electric car. Check out all the details.

In today’s newsletter, we will talk about 

• Perfios raises $80M; turns unicorn
• How startups can become AI-resilient
• Femtech: Destigmatising society first

Here’s your trivia for today: What was the name of the international language invented in 1887?

Startup

Perfios raises $80M; turns unicorn

B2B SaaS fintech company Perfios has raised $80 million in a Series D1 funding round from Teachers’ Venture Growth (TVG)—the venture and growth investment arm of Ontario Teachers' Pension Plan. 

The Bengaluru-headquartered company has crossed $1 billion in valuation with the current infusion.

Key takeaways:

• Perfios will use the capital for international expansion to Southeast Asia, the Middle East and Africa, utilising part of the capital for inorganic growth. 
• It will also invest in developing its tech stack to power end-to-end customer journeys in banking, insurance, and embedded finance. 
• Perfios has raised a total equity funding of $464 million across multiple rounds, according to Tracxn. It last raised a Series D funding of $229 million in September 2023 at a post-money valuation of $901 million.

Funding Alert

Startup: Perfios

Amount: $80M

Round: Series D1

Startup: Lohum

Amount: $54M

Round: Series B

Startup: CureSkin

Amount: $20M

Round: Series B

TechSparks

How startups can become AI-resilient

With AI emerging as a key disruptor for businesses, Roli Gupta, Co-founder and CEO of Babblebots, and Job Philip, Co-founder and CEO of Assert AI, discussed the key areas of disruption startups are experiencing because of AI and how they can implement no-code AI solutions to stay relevant at TechSparks Mumbai 2024.

Tips and tricks:

• Assert AI’s Philip said, "From now [on], all startups should have people who understand tech and who can find a way to streamline AI into the business."
• Roli Gupta added, "Based on our research, the acceptance of automated agents seems to be higher in India than in some other countries. Going forward, AI will become so commonplace that you will only notice it when it's missing."
• According to her, the hiring market is ripe for disruption, and Indian startups must start making the most of AI solutions to build efficiency in their recruitment processes.

SheSparks

Femtech: Destigmatising society first

FemTech India—which stands for female health technology—has witnessed rapid growth over the last few years, filling various gaps in the realm of women’s health, right from selling menstrual products to spreading awareness.

Speaking at SheSparks 2024, Gynoveda’s Rachana Gupta, Menoveda’s Tamanna Singh, NIRAMAI’s Geetha Manjunath, and Femtech India’s Navneet Kaur threw light on why the Indian society needs to break away from conservative ideologies to uplift women.

Awareness:

• Rachana Gupta reminisced about her childhood and how she is grateful to have grown up in a feminist household, which was open to conversations about menstruation. However, things were different at her workplace.
• Menopause is not relatable for many youngsters, which may lead to ignorance, Tamanna Singh noted, urging young women to learn more about the subject.
• Geetha Manjunath of NIRAMAI Health Analytix highlighted how the diagnosis of a close family member encouraged her to make breast cancer screening accessible.

News & updates

• Restrictions: The RBI has asked South Indian Bank and Federal Bank to stop adding new customers to their co-branded credit cards. The lenders did not disclose the reasons cited by the RBI but said the directive follows a recent change in rules for credit and debit cards.
• New Act: The EU parliament approved the world’s first major set of regulatory ground rules to govern the mediatised AI at the forefront of tech investment. Introduced in 2021, the EU AI Act divides the technology into categories of risk, ranging from “unacceptable”—which would see the technology banned—to high, medium, and low hazard.
• Features: Spotify is adding music videos to its mobile and desktop apps in some markets. They are tightly integrated with the company’s music library as the streaming giant lets users seamlessly switch between audio and music videos in its mobile and desktop apps.

What was the name of the international language invented in 1887?

Answer: Esperanto. 

This artificial language was constructed in 1887 by LL Zamenhof, a Polish oculist, and intended for use as an international second language.

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