Emergent turns unicorn; Groww's net profit soars 94% in Q1
Emergent was valued at $300 million during its Series B funding round in January this year. The latest fundraise takes its total capital raised to $230 million across three funding rounds.
Hello,
The government has approved a plan of Rs 1.27 lakh crore for the second phase of the India Semiconductor Mission, Union IT Minister Ashwini Vaishnaw said.
With the second phase, the government aims to build a more comprehensive supply chain. Semicon 2.0 also extends incentives to suppliers of critical raw materials for chip manufacturing, including minerals and industrial gases.
Elsewhere, electric mobility across segments is gaining traction. Earlier this week, electric B2B platform udaan said it has secured $160 million in a financing round through the issuance of fresh equity and debt while E3 Electric.Ai, a deeptech electric mobility startup developing AI-powered electric scooters, has secured Rs 100 crore.
Meanwhile, electric two-wheeler manufacturer Ather Energy has approved a preferential fund raise of up to Rs 1,200 crore, bringing in fresh capital from existing backers Hero MotoCorp, the India-Japan Fund and the company’s founders.
Lastly, teenagers in the UK will now face an overnight social media curfew. The government also wants "addictive" features such as auto-play and infinite scroll to be set to be disabled. Policymakers hope the measures will improve teenagers' focus and sleep quality, BBC reported.
While the exercise seems futile given that teenagers can opt out of the curfew by changing the account settings, it highlights the growing concern around the use of social media platforms as well as doomscrolling.
In today’s newsletter, we will talk about
- Emergent turns unicorn
- Groww's net profit soars 94% in Q1
Here’s your trivia for today: Which country was known as Rhodesia between 1964 and 1980?
Funding
Emergent turns unicorn
AI startup Emergent, founded by brothers Mukund and Madhav Jha, has raised $130 million in a Series C funding round at a valuation of $1.5 billion. The round was led by Creaegis, with MNI Ventures - Claypond Capital and Sentinel Global joining as co-lead investors.
The startup said it will use the funds to hire talent across the United States and India, accelerate product development, and expand its go-to-market efforts.
Key takeaways:
- Based in San Francisco and Bengaluru, Emergent was valued at $300 million during its Series B funding round in January this year. The latest fundraise takes its total capital raised to $230 million across three funding rounds.
- Emergent, which was founded in 2024, enables individuals and small businesses to build software using natural language prompts through its agentic AI platform.
- The company aims to enable users with no programming knowledge to build production-ready software.
<Funding Alert>
Startup: udaan
Amount: $160M
Round: Equity and debt
Startup: E3 Electric.Ai
Amount: Rs 100 Cr
Round: Series A
News
Groww's net profit soars 94% in Q1
Online stockbroking platform Groww reported a 94% rise in net profit for the first quarter of the current fiscal, while revenues rose 66% during this period. This strong performance aided the company's share price to rise by 5%.
Net profit for the first quarter of FY27 was Rs 735 crore, compared to Rs 378 crore in the similar period a year ago. Revenue was Rs 1,501 crore compared to Rs 904 crore a year ago.
Key takeaways:
- In the first quarter, Groww added 1,15,000 net active clients on the NSE, while the overall industry saw a net decline of around 2,57,000 active clients on the NSE.
- Groww said addition of new transacting users remained low this quarter due to lower capital markets activity, particularly among IPOs and exchange trade funds.
- The total customer assets of Groww at the end of first quarter stood at Rs 3.6 lakh crore, a 38% YoY growth.
News & updates
- Blockbuster: New York-based asset manager Blackrock beat Wall Street estimates for second-quarter profit as a stock market rally lifted the value of client assets and investors poured money into its exchange-traded funds.
- Slump: China's economic growth slowed drastically between the start of April and end of June as weak domestic demand and Middle East war’s impact on oil prices affected the country's strong exports.
Which country was known as Rhodesia between 1964 and 1980?
Answer: Zimbabwe
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