Nazara’s Making Moves, Ola’s Rethinking Quick Commerce, SoftBank’s $285 Million Gain and more

Nazara is set to acquire UK’s Fusebox for $27.2 million. Meanwhile, PhonePe is shaking up the insurance world by making coverage more accessible. The RBI is adding a layer of transparency with a new repository for digital lending apps, while Ola is rethinking quick commerce with plans for its own dark stores. SoftBank is celebrating a hefty $285 million gain from Delhivery, and Meesho’s impressive 14 crore transactions in 2023 highlight a surge in tier 2 orders.

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

What Matters

“Khelo Magar Dimag Se”: Nazara To Snap Up UK-Based IP Gaming Studio Fusebox For $27.2 Mn

Nazara Technologies is leveling up its global gaming portfolio with a $27.2 million all-cash deal to acquire UK-based Fusebox Games.

Known for its interactive story games, Fusebox's IP-driven content fits perfectly into Nazara's growing empire, following its recent investments in Nextwave Multimedia and Circle of Games.

Read more here

“Maza Aaya Ki Nahi Aaya”: PhonePe Rolls Out Initiative To Drive More Accessibility In Insurance Cover

PhonePe is making insurance more accessible with its new pre-approved term life insurance feature, now available without the hassle of income proof.

This move is set to bring over 30 million underserved customers into the insurance fold, making financial security just a tap away. It's another step forward in PhonePe's mission to democratize financial services.

Read more here

“Savdhaan Rahe, Satark Rahe”: RBI To Set Up Public Repository Of Digital Lending Apps

The RBI is stepping up to clean up the digital lending scene by setting up a public repository of lending apps, aiming to weed out unauthorized players.

With this move, users can safely navigate the growing landscape of digital lenders without falling prey to shady operators. It’s a much-needed safeguard in the fast-evolving fintech world.

Read more here

“Taiyyari Jeet Ki”: Ola Mulls Quick Commerce Foray Again, To Set Up Its Own Dark Stores

Ola is cautiously re-entering the quick commerce space, planning to set up its own dark stores with significant automation. This move comes after the abrupt shutdown of Ola Dash in 2022, signaling a more calculated approach this time.

Alongside this, Ola is also eyeing its own UPI offering, hinting at a broader strategy to strengthen its foothold in the consumer market.

Read more here

“Flying High As A Kite”: SoftBank Sitting On Gross Gains Worth $285 Mn From Delhivery Investment

SoftBank is riding high with a $285 million gain from its investment in logistics unicorn Delhivery through Vision Fund I.

With a 10.15% stake as of June 2024, the Japanese tech giant is seeing some serious returns from its bet on the Indian market. It’s another win for SoftBank as it continues to back emerging leaders in the tech space.

Read more here

“Take Me Higher, Set Me On Fire”: Meesho reports 14 cr customer transactions in 2023, 80% orders from tier 2

Meesho saw a massive 14 crore customer transactions in 2023, with 80% of orders coming from tier 2 and beyond. These mass consumers, with household incomes between Rs 2.5 lakh and Rs 10 lakh, are fueling the growth in categories like fashion, footwear, and baby care.

Uttar Pradesh and Bihar are leading the charge, showing significant demand in beauty, electronics, and home essentials.

Read more here

1. FlexiBees, the platform connecting vetted women professionals with businesses, has secured Pre-Series A funding to ramp up its tech and AI capabilities. With this boost, they aim to expand their market presence, empowering more women to re-enter the workforce.

   Read more here

2. Scimplify, a specialty chemical sourcing and manufacturing platform, has raised $9.5 million in a Series A round led by Omnivore and Bertelsmann. The funds will fuel their growth, backed by existing investors 3one4 Capital and Beenext.

   Read more here

3. Metadome.ai, an extended reality startup, has secured $6.5 million in Series A funding led by Siana Capital and Chiratae Ventures. The funds will help the company expand its global reach and enhance its XR technologies with AI advancements.

   Read more here

4. GenWorks Health has raised Rs 41 crore in a funding round led by Evolvence India Fund, with participation from Somerset Indus Healthcare Fund and other investors. The funds will support the healthtech platform’s growth, including the issuance of CCPS to raise the capital.

   Read more here

5. Oneiric11 Gaming, an esports and gaming platform backed by actor Rannvijay Singha, has raised $1 million in a pre-Series A round co-led by NG Family Trust and TAC Holdings. The funding will support the platform’s expansion and development.

   Read more here