Groww Introduces New NFOs, Ola Electric Gears Up For IPO, Meta AI Adds Hindi Support and more

Groww Mutual Fund introduces new NFOs focused on the Nifty EV & New Age Automotive Index, while Ola Electric gears up for a $740 million IPO next month. Captain Fresh targets its third international acquisition with Poland’s Koral, and Acko expands its healthcare ecosystem by acquiring OneCare. Castler secures IFSCA approval for global financial services, Meta AI adds Hindi support, and the CCI greenlights Ranjan Pai’s Manipal Group's stake acquisition in Aakash Education.

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What Matters

“Naya Yug, Nayi Niti”: Groww Mutual Fund Launches NFOs Based On Nifty EV & New Age Automotive Index

Groww has introduced new mutual fund offerings centered on the burgeoning electric vehicle (EV) and new age automotive sectors. Investors can participate in the NFO of Groww Nifty EV & New Age Automotive ETF until August 2, 2024, and the corresponding FOF until August 7, 2024.

These launches come in the wake of the NSE’s introduction of the Nifty EV & New Age Automotive index in May.

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“Waqt Hai Kranti Ka”: Ola Electric Likely To Launch Its $740 Mn IPO Next Month

Ola Electric is gearing up for a $740 million IPO, expected to launch next month. With regulatory approval secured last month, the startup is anticipated to be valued around $4.5 billion.

After filing its draft red herring prospectus with SEBI in December, the buzz around Ola Electric's public issue continues to grow.

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“Kaafi Phaila Hua Dhandha Hai”: Captain Fresh Eyes Third Overseas Acquisition With Poland-Based F&B Manufacturing

Captain Fresh is eyeing its third overseas acquisition with Poland's Koral, aiming to strengthen its European footprint and enter the $33.5 billion salmon market. This move follows previous acquisitions of US-based CenSea and French Senecrus, adding Koral's SuperFish brand to its growing portfolio.

With major investors backing and a projected revenue of $650-700 million, Captain Fresh continues to raise funds, including a recent $7 million from British International Investment.

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“Ab Aayega Maza”: Acko Buys Chronic Care Management Platform OneCare To Expand Its Healthcare Play

Acko, the insurtech unicorn, has acquired OneCare, a digital chronic care management platform, in an all-cash deal to broaden its healthcare ecosystem. OneCare's cofounders will join Acko's leadership team, enhancing their omnichannel care models with wearables, data insights, and virtual care.

This acquisition aligns with Acko's strategy to build a comprehensive healthcare ecosystem, amidst the rapid growth of the Indian insurtech market, projected to reach $32.47 billion by 2029.

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“Humari Bhi Haan Hai”: Castler Gets IFSCA Nod For Global And Cross-Border Financial Service Offerings

Castler has secured in-principle approval from the IFSCA to offer global escrow and cross-border money transfer services. This development will bridge gaps in secure, efficient financial transactions vital for international trade.

Leveraging its partner bank ecosystem at GIFT City, Castler is poised to launch a global platform for seamless escrow and cross-border money transfer solutions.

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“Sarva Gunn Sampann”: Meta AI Expands Language Support With Hindi And Hindi-Romanised Script

Meta AI is expanding its language support, now including Hindi and Hindi-Romanised script among seven new languages. Available in 22 countries, with recent expansions to Argentina, Chile, Colombia, Ecuador, Mexico, Peru, and Cameroon, Meta AI continues to grow its global presence.

Additionally, Meta's advanced open-source model, Llama 405B, is now accessible on WhatsApp and meta.ai in Hindi, enhancing user experience for Hindi-speaking audiences.

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“Dubte Ko Tinke Ka Sahara”: CCI Gives Nod To Ranjan Pai’s Manipal Group To Acquire Stake In Aakash Education

The Competition Commission of India has approved Manipal Group's acquisition of a stake in Aakash Educational Services. Following this green light, a $300 million investment by Ranjan Pai in 2023 will be converted into equity.

Earlier this year, it was reported that this move would make Pai the largest shareholder in Aakash Institute with a 40% stake.

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1. PharmEasy-owned Thyrocare reported an impressive INR 23.5 Cr PAT in Q1 FY25, with stock rallying 20%. The company saw a 16.3% surge in revenue from operations and significant sequential growth, reflecting the impact of its 2021 acquisition by API Holdings.

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2. Urban Company's FY24 loss narrowed to INR 93 Cr, a 70% improvement from the previous year's INR 312 Cr. The company's revenue jumped 30% YoY, with a profit before tax of INR 12 Cr in Q1 FY25 and raising INR 400 Cr from Dharana Capital.

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3. IPO-bound Unimech Aerospace has secured $30 million in its maiden funding round from Steadview Capital, ValueQuest Scale Fund, and Evolvence India Fund IV Ltd. This marks the first significant investment for the Bengaluru-based company since its inception in 2016.

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4. Waycool reported a revenue of Rs 1,251 Cr and a loss of Rs 686 Cr in FY23, marking a 62% revenue increase from Rs 772 Cr in FY22. The revenue growth is attributed to the adoption of IND AS, which impacted FY22 figures.

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5. FAAD Capital has invested $121,000 in four agritech startups through its AgriManch accelerator program. The pre-seed round funding supports Godaam Innovations, VedaFit Foods, Aqin Biotech, and Mkelly Biotech.

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