MapmyIndia Eyes Expansion, WazirX Hack, BigBasket Unveils SaaS Platform and more

MapmyIndia aims for global expansion targeting SEA and MENA, while Collective Artists Network, backed by Nikhil Kamath, acquires galleri5 to enhance its AI creator tools. The Supreme Court delays rulings on retrospective GST notices to RMG firms until July 31, and WazirX temporarily halts withdrawals following a $234.9 million crypto heist. Awfis shares soar, reaching a new 52-week high, and BigBasket launches a SaaS platform to help new players enter the digital market. Capitalmind debuts its first AIF, and ideaForge partners with Inertial Labs to enhance their UAV technology.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Hukumat Ki Aur Badhte Hue”: MapmyIndia Eyes Expansion Of Products Beyond India, Targets SEA And MENA

MapmyIndia is gearing up for global expansion, aiming to take its innovative products to Southeast Asia and MENA regions. The company is in talks with potential partners and plans to ramp up involvement in the ONDC ecosystem.

With a 35% surge in consolidated PAT in the March quarter of FY24, reaching INR 38.2 Cr, their global ambitions seem well-timed and promising.

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“Swag Se Karenge Sabka Swagat”: Nikhil Kamath-Backed Collective Artists Network Buys galleri5 To Boost Its AI Creator Offerings

Nikhil Kamath-backed Collective Artists Network is making waves by acquiring galleri5 to supercharge its AI creator offerings.

This move will enhance their tech-based solutions, from talent management to influencer marketing. Hot on the heels of their recent acquisition of Terribly Tiny Tales, Collective Artists Network is on a roll, though the financials remain under wraps.

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“Babuji Zara Dheere Chalo”: SC Adjourns Pleas Challenging Retrospective GST Notices to RMG Firms Till July 31

The Supreme Court has adjourned pleas challenging retrospective GST notices to RMG firms until July 31, giving petitioners more time to respond. The session also saw the segregation of some mistakenly included anti-profiteering matters from gaming cases.

With the government recently submitting a comprehensive counter-affidavit, all eyes are now on the upcoming rejoinders.

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“Rahasmya Ghatna”: WazirX Stalls Withdrawals Temporarily After $234.9 Mn Crypto Heist

WazirX hit the pause button on withdrawals after a whopping $234.9 Mn crypto heist, as flagged by cybersecurity firm Cyvers.

The funds were funneled from the Safe Multisig wallet to a new address via Tornado Cash, then swapped from $PEPE, $GALA, and $USDT to $ETH. With such high stakes, the crypto world is watching closely as this drama unfolds.

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“Munafe Ka Haseen Tarike”: Awfis Shares Hit 20% Upper Circuit, Touch New 52-Week High At INR 757.20

Awfis shares soared, hitting the 20% upper circuit and reaching a new 52-week high of INR 757.20! With a last closing price of INR 703.95, the stock is up 62.8% from its listing price and 83.7% from its issue price.

Making its Dalal Street debut on May 30, Awfis turned profitable in Q4 FY24, reporting a net profit of INR 1.4 Cr on an operating revenue of INR 232.3 Cr.

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“Ab Aayega Maza”:BigBasket Unveils SaaS Platform To Help New Players Enter Digital Market

BigBasket is shaking up the ecommerce scene with its new SaaS platform, BB Matrix, designed to help new players enter the digital market. According to CPTO Rakshit Daga, the solution has slashed transportation costs by nearly 50% and cut lead time by around 60%.

Already a game-changer for BigBasket's quick commerce vertical during its pilot phase, BB Matrix promises to be a major boost for businesses venturing into ecommerce.

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“Aa Dekhe Zara”: Capitalmind just launched their first AIF

Capitalmind just launched their first AIF, aiming big with a target of Rs 500 crore in just one year! The Select India One Fund is all set with 20-40 stocks, majorly in industrials, consumer cyclicals, non-energy materials, and healthcare.

With systematic hedging and rule-based strategies, they're diving into lesser-known markets. CEO Deepak Shenoy's on fire with a 28, making moves in the financial world.

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“Hum Saath Saath Hai”: ideaForge Collaborates With Inertial Labs

ideaForge, the drone manufacturing ace, just teamed up with Inertial Labs. They’re integrating Inertial Labs' RESEPI LiDAR solution into their UAVs, promising to take aerial mapping and surveillance to new heights.

This partnership is set to make their drones even more precise and efficient.

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1. Lendingtech startup Moneyboxx, founded by Mayur Modi and Deepak Aggarwal, aims to raise INR 271 Cr to boost MSME lending in Tier III cities and beyond. This funding, a mix of preferential issues and warrants, will support small ticket business loans for micro and small enterprises.

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2. ixigo-backed Fresh Bus secured INR 43.6 Cr in Series A funding by issuing equity shares and Series A Compulsory Convertible Preference Shares. Competing with IntrCity SmartBus, ZingBus, and gogoBus, Fresh Bus is set to bolster its position in the online bus aggregator market.

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3. Lenskart raised INR 160 Cr from CEO Peyush Bansal and other cofounders by issuing 6,95,875 CCPS at INR 2,300 each. This funding follows their recent $200 Mn investment from Temasek and Fidelity, valuing the company at $5 Bn.

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4. Gen-Z focused fast fashion brand Newme secured $18 million in its Series A funding round led by Accel, with participation from existing investors Fireside Ventures and AUM Ventures. This round follows earlier investments, including $5.4 million raised in January this year.

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5. Honestly, the AI-powered beauty and personal care platform, just snagged a sweet Rs 3.2 Cr in their pre-seed round, with Better Capital leading the charge and support from Kunal Shah's QED Innovations, as well as top guns from Flipkart, Polygon, and Cred.

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6. MyPickup, an electric vehicle ride-hailing startup, has secured Rs 1.5 crore in a seed funding round led by Inflection Point Ventures. The investment will be used for developing scheduling algorithms, brand building, and optimizing operations management.

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