TMRW Dives Into Fashion, 8X Ventures Funds Future Tech Stars, Government Eyes AI’s Impact and more

Aditya Birla's TMRW dives into fashion with Virat Kohli, while 8X Ventures and GVFL fund future tech stars. Government eyes AI's impact, CCI green-lights WeWork's exit, and Celesta Capital makes moves in high-stakes deals.

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What Matters

“Hum Saath Saath Hai”: Aditya Birla Group's TMRW Picks Up 16% Stake In Virat Kohli-Backed USPL

The Aditya Birla Group's TMRW has acquired a 16% stake in Virat Kohli-backed USPL, with an option for a future majority stake. This strategic move aims to bolster the presence of WROGN, USPL's popular fashion brand, across platforms like Myntra and expand its offline and D2C operations.

Since its inception in 2022, TMRW has secured majority stakes in seven D2C fashion brands, marking significant strides in the fashion industry.

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“8X Ventures Ka Jalwa”: Solinas Backer 8X Ventures Hits First Close Of INR 200 Cr

Solinas backer 8X Ventures has hit its first close with INR 200 Cr, securing commitments exceeding INR 60 Cr. The deeptech-focused VC firm plans to invest in 18-20 early-stage startups with initial cheques of INR 2-5 Cr, aiming for total investments up to INR 20 Cr in 8-10 startups.

Founded in 2021, 8X Ventures focuses on sustainable value creation in the deeptech sector.

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“Shubh Aarambh”: GVFL’s Seed Stage Fund Marks First Close At INR 100 Cr

GVFL Ltd’s Prarambh Fund has marked its first close at INR 100 Cr, halfway to its INR 200 Cr goal. This seed-stage fund plans to invest in 25-30 tech startups in B2B SaaS, healthtech, agritech, climate tech, and deeptech, with average investments of INR 1-3 Cr each.

Notable portfolio companies include biotech firm Amrita Therapeutics, laser machine maker SLTL Group, and household products retailer Varmora Homeware.

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“Ab Aayega Maza”: Govt Likely To Review Progress Of INR 10,372 Cr India AI Mission

The government is set to review the progress of the INR 10,372 Cr India AI Mission, focusing on viability gap funding for computing infrastructure, AI skill gap strategies, and the IndiaAI Datasets Platform.

Approved in March, this five-year mission aims to boost innovation in the domestic AI ecosystem through a public-private partnership model. The allocated funds will drive the implementation of the mission's vision, fostering significant advancements in AI technology across the country.

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“Babuji Zara Dheero Chalo”: CCI Clears All Decks For WeWork Inc's Exit From Indian Unit

The Competition Commission of India has given the green light for WeWork Inc's exit from its Indian unit, approving the sale of its stake to certain investors.

Back in April, WeWork Inc was considering selling its remaining 27% stake in WeWork India through a INR 1,200 Cr secondary transaction. Despite the sell-off, WeWork India has shown strong performance, with a 68% YoY revenue increase to INR 1,300 Cr in FY23 and an 80% reduction in losses to INR 146 Cr.

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“Shaatir Chaal”: Celesta Capital Offloads Stake In ideaForge In INR 27 Cr Bulk Deal

In a notable market move, Celesta Capital offloaded its stake in ideaForge through a bulk deal worth INR 27 Cr, selling 3,57,600 shares at INR 768.08 each. Eager buyers, including Graviton Research, QE Securities, and HRTI Private Limited, quickly snapped up the shares.

Reflecting strong investor confidence, ideaForge's shares closed Tuesday's trading session 6.7% higher at INR 830.85 on the BSE.

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1. Digital lending startup Supermoney secured INR 28.6 Cr in Series A funding from Capital 2B and Capria Ventures to expand operations and boost loan disbursements. Operating in over 40 locations, Supermoney partners with more than 30,000 retailers and dealers.

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2. Ecommerce enabler POP has raised $2.4 Mn (INR 20 Cr) in seed funding led by IndiaQuotient, aimed at launching new UPI offerings. The round also saw participation from several undisclosed angel investors.

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3. Ice cream brand Go Zero receives a new infusion of INR 12.3 Cr (approximately $1.5 Mn) from existing investors like DSG Consumer Partners, Saama, and V3 Ventures in its ongoing Pre-Series A funding round.

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4. Fashion brand The Pant Project, specializing in custom-made and ready-to-wear pants, secures $4.25 million in a Series A funding round led by Sorin Investments, helmed by former KKR India CEO Sanjay Nayar, to fuel its expansion plans.

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5. Warburg Pincus is set to lead a funding round of $100-150 million in SoftBank-backed B2B SaaS startup Whatfix, encompassing both primary and secondary transactions, marking a significant investment move in the tech sector.

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6. Aviotron Aerospace, a Noida-based edtech startup, secures INR 4.96 Cr ($600K) in Pre-Series A funding from Enrission India Capital. The investment aims to expand Aviotron's offerings in experiential learning for school students, establishing its valuation at INR 70 Cr post-funding.

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