Showing posts with label Funding. Show all posts
Showing posts with label Funding. Show all posts

Sunday, July 10, 2022

Top Benefits of Virtual Workspace You Must Know in 2022

Top Benefits of Virtual Workspace - Entrackr

We live in a world where trends are rapidly evolving, giving rise to new ideas for businesses to prosper and thrive. One such concept is the virtual workspace. A virtual workspace is a win-win for anyone looking for a cost-effective, flexible and comfortable business environment.

The virtual workspace is the actual answer to the start-up workspace problem. It's a consistent work environment that provides company presence and full access to the benefits of a real workplace, all without the need for a physical office. For this reason, we have seen a huge increase in virtual workspaces lately. The report shows that the number of digital nomads in the US has tripled in the past few years. There were only 4.8 million digital nomads in America in 2018, and that number has grown to 15.5 million in 2021.

Virtual desktops allow employees to interact with a variety of portable communication devices, including email, audio/video, voicemail, etc. The virtual company uses these tools to drastically reduce the work time of each employee. A robust virtual office plan replaces multiple workspaces, providing a single productivity hub that employees can use for business purposes.

Here are some of the top benefits of having a virtual workspace:

  1. Superior versatility and flexibility

A virtual workspace provides greater flexibility in work, as it allows employees to work from anywhere and at any time.

Giving employees the independence to work within their set deadlines has been proven to increase their productivity and commitment to work. Employees perceive the freedom to work at any time convenient for them as a privilege of their organization.

Therefore, a virtual office is beneficial in the sense that it improves the attitude of employees to work, which means it increases staff turnover.


  1. Economical way of working

The cost-effectiveness of the Virtual Workspace plan is what makes it so popular in the digital age. A virtual workplace offers significant savings because it is incompatible with the creation of a physical workplace.

Having a virtual desktop can save you a lot on additional costs such as rent, office bills, and other service fees. Thanks to this, the organisation can focus its resources on the most important aspect of its activity - investing in potential directions and achieving good profits.

In the same way, employees, being part of a virtual workspace, helps them save on travel costs and free up time for their families and themselves.


  1. Rich world experience at your disposal

If you want to take advantage of access to global talent, your organization must set up a virtual workspace.

Workspace virtualization makes your company more attractive to the world. Employees are attracted to jobs that allow them to function in their place. In this sense, the virtual office plan will put global talent at your disposal.

Also, if your business is growing and you need to hire more employees, but you can't squeeze them into your existing physical workplace, switching to a virtual office will pay off. This will avoid changing the workplace or moving to a more spacious workplace.

You can easily hire as many employees as you want according to your needs by turning into a virtual company. 


  1. It affects the company

Your brand will still display a respectable, expert and corporate legal reputation if you have a virtual workspace with a specific address.

Having the right place of work and workplace contact information ensures that your company's reputation is solid, genuine, and genuine.

What's more, having a virtual workplace in a visible place will fantastically enhance the impression of your company. This is why a virtual office benefits your business by having a major impact on your business.


  1. No long-term commitment

A traditional office space requires many formalities, including lease and lease agreements. On the contrary, switching to the mode of creating a virtual workspace will help you get rid of problems with contracts.

This is because Virtual Office does not require any contract and is offered on a monthly basis. This makes the opt-out option flexible.

Establishing a workplace on the basis of an employment contract turns out to be unprofitable since it is impossible to quit the workplace before the expiration of the contract. This makes the virtual office popular among entrepreneurs. 

The business assistance offered by virtual offices is sometimes overlooked but can still be of great help to your business. Your time and effort may be occupied with tasks that can be delegated elsewhere, such as answering calls, handling mail, and performing general administrative tasks.

Various virtual office software provides solutions included in your virtual office plans that make your work easier, allowing you to focus on the core processes of your business. By providing such assistance, a virtual office brings great benefits to your organization.

Final Words

A virtual workspace has many advantages as it actually brings all employees from all over the world together in one place. Although it is true that not all companies have succeeded. They still need to go through the traditional way of working or bring something new to their working model. Despite everything, a virtual office is beneficial for most companies whose employees are happy to work from different countries. 


For more latest startup news & information, stay tuned to Entrackr.

Entrackr is a media platform that covers the latest startup news on its website. They cover the latest updates, announcements, acquisitions, and funding news of the Indian startup scene.


Tuesday, June 7, 2022

Indian Startups Acquisitions & Fundings News [30 May- 04 Jun]

Startup Funding and Acquisition News


Startup Fundings News

This week the 33 Indian startups raised funds, and 28 of them received an estimated total of $525.81 million. MoEngage and Cuemath were among the top fundraisers who raked in the sums of $77 and $57 million, respectively. This week, 30 local startups raised funds worth around $250 million.

In the meantime, the amount of funding for five of the startups was not disclosed.

Growth/ late-stage deals

This week, nine late-stage and growth startups have taken on funds that include MoEngage's $77 million round as well as Cuemath's round of $57 million. In addition, fintech startup Slice and DC2's cosmetics company Sugar Cosmetics and cloud kitchen brand Curefoods have raked 50 million dollars each.


Funding in Indian Startup

Early-stage deals

In the early stages of deals, 19 companies have acquired money in five different rounds. The gaming startup Eloelo was the highest on the list, with a $13 million round. The list comprises Aerospace company Bellatrix Aerospace and agritech startup Nutrifresh.

Unknown deals

Unotag, Glovatrix, Kwicpic, Offee, and EzeRx have not disclosed their financials.

City and segment-wise fundings

In the week that just ended, Bengaluru was on top in terms of the number of startup deals as well as the amount of money they raised. According to Fintrackr's statistics, 15 Bengaluru-based companies have raised money this week, totaling $297.54 million, or 56.59 percent of the total funds. This week, Mumbai-based and Delhi-based startups have raised $165.84 million and $45 million in 3 and 6 deals, respectively. They were followed by Hyderabad as well as Pune with 2 and 3 deals, respectively.


Startups in Fintech were among the leading segments in terms of the quantity of deals. Startups in this field received $85 million through four deals. D2C, edtech, SaaS, health tech, crypto, and E-V startups are followed on the list.

Startup Acquisitions News

Apart from more than 30 funding rounds, the week also saw 3 acquisitions.



The list includes the acquisition of OneDirect by Gupshup, data science startup Prakshep by Arya.ag and Verb Studio by Kafqa Academy.

Subscribe to Entrackr’s newsletter to stay updated on the latest startup news.


Tuesday, May 17, 2022

Lenskart Subsidiary Styled Venture Neso Brands Raises $100 Mn

Lenskarts' Neso Brands Raises $100 Mn

Lenskart Subsidiary Neso Brands News

Neso Brands, a subsidiary of the omnichannel brand Lenskart has raised more than $100 million during one of the biggest seed rounds of any company. Neso Brands' investors include KKR, Softbank, Alpha Wave Global and Temasek. 


The company based in Singapore said it would invest in eyewear brands that appeal to consumers and expand them through synergies with Lenskart Group.


In addition to the funding, Neso Brands has also announced the appointment of Bjorn Bergstrom as the company's new CEO. Before becoming Neso's CEO, Bergstrom served as chief growth officer and interim chief technology and product officer at Sweden-based fashion brand NA-KD.


"By investing in the most promising new brands in the [eyewear] industry and leveraging centralized resources across technology, manufacturing and distribution, Neso Brands will be uniquely positioned to scale the eyewear brands of the future," Bergstrom added. 


Lenskart creator Peyush Bansal has said, "It is our firm conviction that the brands of eyewear that we have today won't be the ones that will be in the near future. Neso is our plan to work with global founders to create brand names for the future of eyewear.


Lenskart had already raised $125 million over two tranches of its series I round back in April. Based on Fintrackr's estimates, the Peyush Bansal-led firm is worth $4.32 billion, and it is hoping to close the round at $5 billion.


A few days ago, ET revealed that Lenskart had registered the D2C company with Neso Brands and that it was seeking funding from the outside to fund the new subsidiary.


You may also like: Delhivery IPO Open Up on 11th May Reduces Issue Size By 30%


Lenskart currently serves more than 10 million users and is present in 235 cities throughout India and Singapore. The company's revenue was the sum of 905.3 crores in FY21 as opposed to the figure of Rs 900 crore in FY20 as per the company's annual financial statements. In addition, the company achieved an increase in its annual profits by more than 4.6X to 28.92 crore from 6.32 million in FY20.


Neso Brands' $100 million round is the biggest seed round ever for an Indian-origin company. Established in 2022, Neso Brands is the latest addition to India's list of brands roll-up startups following the successes of two unicorns within the industry, Mensa Brands and GlobalBees. Neso Brands will only look for brands that sell eyewear and expand them to create a Thrasio-like venture.


To get all the latest startup news and upcoming IPO news subscribe to Entrackr’s newsletter.


Tuesday, March 15, 2022

Byju’s Raises $800 Mn at $22 Bn Valuation

Byju’s Raises $800 Mn at $22 Bn Valuation

Edtech giant Byju's company has raised over $800 million through an upcoming round, which saw Bengaluru-based CEO and founder Byju Raveendran make a $400 million investment.

The round included participation from Investors Sumeru Ventures, Vitruvian Partners and BlackRock with an estimated value of $22 billion. This makes it the highest-valued startup in India.

According to media reports Raveendran's stake within the company has increased to 25 percent. Prior to this round the stake in Byju's holdings for promoters of Byju's was estimated to be 22.55 percent as per Financial Tracker's estimations. Byju's is also in discussions to launch an initial round of $1 billion.

Also read: CityMall Raises $75 Mn in Series C Round Led by Norwest

Byju's was able to raise its most recent tranche for an estimated value at $1.8 billion.

According to Byju, there are more than 150 million users on its platform, with an average annual rate of renewal at 86 percent. Although the company didn't release its most recent financial figures, it did report an 82.31 percent growth in its operating revenues up to Rs 2,381 crore for FY20. In the same time, its losses increased 30 times to 262 crore.

The firm was in the process of reaching the profitability mark in FY19.

In addition to the increase in fundraising, Byju's has also spent approximately $2.5 billion to acquire half a dozen startups. Aakash Educational Services was the biggest acquisition for the company with a cost of about $1 billion. The company also paid about 600 million in exchange for Great Learning and $500 million for the US-based Epic which is a reading platform. The company recently purchased the recruitment platform Superset through Great Learning.

Also read: Wakefit Slips Into Losses After Crossing Rs 400 Cr in Revenue

Get all the latest startup news and upcoming IPO news on Entrackr.

Friday, December 17, 2021

AgroStar Secured $70 Million in its Series D Financing Round

 

Agrostar startup funding news

AgroStar Startup Funding News


The omnichannel agricultural market for advisory services and trade AgroStar has secured $70 million in its Series D financing round led by Evolvence, Schroders Capital, Hero Enterprise, and CDC.


The new round came after 33 months for AgroStar. Bertelsmann India had led a $27 million Series C round within the Pune-based company in March of 2019. The new money will be used to expand business and product offerings and hire and enhance multichannel strategies, stated the company in the press release.


It was launched in 2013 as a missed-call knowledge program for agriculturalists. AgroStar has evolved into an all-stack platform for farmers and offers farm advisory services and agri inputs using a combination of offline and online channels. AgroStar has more than 1,000 offline touchpoints in Madhya Pradesh, Uttar Pradesh and Maharashtra, as well as other regions.


You may also like to read: Zepto on Its Way to Raise $250 Million


AgroStar plans to install at least 5,000 touchpoints like this over the coming years. According to its website, its Android-only application has more than 5 million downloads, where farmers share their knowledge and can purchase authentic agricultural inputs. The company's offerings have been limited to content and commerce up to the present time, but it's expected to start lending shortly.


Although the company has yet to announce financial results for FY21, its operating earnings jumped by 80% to 153.69 million in FY20, which was just 85.56 crore for FY19. In terms of revenues, the losses increased by 78% to 93.81 million in FY20, up from the 52.82 million in its previous budget period (FY19).


Also read: CRED is Looking to Acquire Happay


It is among the largest rounds of funding for Agritech startups in India. The month of October was when Patna, along with Gurugram-based DeHaat, were able to secure 115 million in the Series D round, which was the largest amount ever raised by an Indian agricultural tech startup in one time.


Tiger Global, which Ninjacart backs, also received a sum of $90m during its series C round. However, Waycool has launched an additional round and is expected to raise more existing and new investors. Entrackr reported exclusive news of this on the 13th of October. AgroStar is competing with Unnati, Gramophone, DeHaat and other companies. Unnati also has raised the sum of $8.5 million from Incofin Investment Management, NabVentures and Orios.


Monday, December 6, 2021

CRED is Looking to Acquire Happay

CRED is looking to acquire Happay

Cred Startup Acquisition News

Kunal Shah's CRED appears to be aggressively buying businesses -- a tactic it has stayed away from during 2 years following the company's inception. CRED is currently at the point of purchasing Happay, the expense management firm.

Both companies were in discussions over the last couple of months and the conditions of the deal are now in place, according to two sources familiar with specifics of the transaction.

Happay is the second acquisition for CRED following HipBar which was an alcohol delivery business it acquired in October. CRED could also be in talks to buy Times Internet's Dineout as well as Rainmatter's debt investing platform WintWealth. But the talks are still in their early stages and the Bengaluru-based firm is still waiting to confirm the talks.

In the case of Happay it offers companies with expense management to manage tax and travel advantages for employees. Happay offers customized solutions for large corporations that have multiple branches as well as logistic companies with a surface.

You may also like: Pepperfry Receives $10 Million in Debt

The company, which has been in operation for a decade, also allows large companies to issue credit and prepaid cards as well as manage expenses for employees between 800 and 900k. They are employed by 6,000 businesses which includes 100 large companies.

At the time of writing, Happay has raised $22-25 million through various financing rounds. Based on TechCircle's estimates the company was valued at 60 million during its Series B funding round of the year 2019. If CRED buys Happay within the range above this will result in an attractive exit for Happay's shareholders.

Although Happay is still waiting to file its annual financial statements for FY21, its operating revenues grew by 49% to 37.55 crore in FY20 , up from the 25.12 crore during FY19. The company's losses in FY20 increased 95% to 49.20 crore.

Also read: Setu Records Rs 3 Cr Revenue in Fy21 Even as Losses Climb to Rs 19 Cr

This year has been an incredible one for CRED in terms of the amount of money that was raised. CRED raked in $466 million in 2021 , and will soon become a part of Razorpay and Meesho which are in talks to secure new rounds that have valuations exceeding $5 billion. Entrackr has exclusive news about CRED's upcoming round that would be worth the company's three-year-old status at more than $5.5 billion.

Tuesday, November 23, 2021

Pepperfry Receives $10 Million in Debt

Pepperfry picks up 10 Mn dollars in debt

Hybrid furniture market Pepperfry has acquired the second tranche of 10 mn dollars from investors in form of obligatory convertible debt. This is the second round of debt that they have acquired till now.

In February, Pepperfry received Rs 35 from the debt firm InnoVen Capital.

According to its regulations, Pepperfry has approved the issue of CCD 74348 (Series A-class) with a face value of 10,000 to raise about the 74 crore mark, which is around $10 million.


Norwest Venture Partners, Broad Street Investments, and Erste WV Guttersloh are the most prominent players in this tranche.They are worth 23.28 crore and 15 crores and 18 crores per. Panthera Growth Fund, General Electric Pension Trust as well as Madhumala Ventures have also joined this round.


Also read: Setu Records Rs 3 Cr Revenue in Fy21 Even as Losses Climb to Rs 19 Cr


It's important to know it is important to note that Madhumala can be a part of Pidilite Industries limited, which has invested in Pepperfry in the month of May last year. Pepperfry is valued about $462 million in the round, based on Fintrackr's estimates.


The company, which has been in existence for a decade, was created by Ambareesh Murty and Ashish Shah is based on a marketplace model with both online and offline formats. Pepperfry is a platform that offers more than 11,000 items and connects brands like Spacewood, Godrej and Springfit to buyers.


At the end of June, Pepperfry boasted having more than 70 studios offline across 40 cities.

According to a Mint article, Pepperfry plans to apply for an Initial Public Offering (IPO) during the 1st quarter of 2022. It is expected to fund a public pre-public offering that will range from $50-$100 million at the end of the year.


Also read: INDmoney is Expected to Raise $100 Mn in a Round Led by Tiger Global


Although the company hasn't released its annual financial report for FY21, it reported an increase of 26% in revenues to 260.61 crores for FY20. The company has also reduced its losses by 33%.


Subscribe to Entrackr to know all the latest happenings and Latest Startup News in the business world.


Friday, November 12, 2021

INDmoney is Expected to Raise $100 Mn in a Round Led by Tiger Global

INDmoney Startup Funding News

INDmoney to Raise $100 Mn Funding

Startups operating in the field of investment management appear to be becoming popular with investors. Fintech platform INDmoney provides its customers manage their money across taxes, investments expenditures, loans, and taxes on a single platform, and is currently in negotiations to secure $100 million through an existing investor Tiger Global Management, according to two sources who are familiar with the developments.

Sources also said that this round is likely to put the value of INDmoney at $500 million. The company's last funding round was in January of 2020.

"Tiger is leading the $100 million round, and the existing investors, including Steadview as well as Dragoneer are likely to be part of the deal," said one of the sources who requested anonymity. "The details for the transaction are nearly done and are likely to be announced in the near future," the person added.

Incredibly, Tiger Global has also invested in other companies operating in the same industry: Groww, which recently reached a valuation of a unicorn and Upstox is another platform that lets its customers manage their the management of their investments.

You may also like to read:


INDmoney has received $58 million since it was founded this year from investors like Tiger, Steadview Capital and Dragoneer. The company was created by Ashish Kashyap, who was the founder of the travel platform Goibibo. INDMoney also utilizes its robo-advisor platform to assist clients, mainly between the ages of 25 to 45.

INDMoney also allows Indian customers to invest into US stocks on its platform.

In August of 2020 the Bengaluru-based company had launched third-party loan options that range from personal, home as well as against property and investments. According to the website of the company the personal loan could vary from 12 to 36 percent, while the interest rate for business loans is typically between 12-22 percent.

"INDmoney has expanded its offerings in terms of products like loans and credit on demand for the last 12-15 months, and the proceeds are likely to be utilized as a key element of the company's expansion plan to grow.," said the second source.

According to reports in the media The company is likely to join the insurance market in the near future. The other major competitors for INDmoney are Zerodha along with Paytm Money, among others.

Tiger Global declined to comment on the report. Questions addressed to INDmoney were not answered as of publishing this story. We will bring the story up to date in the event that INDmoney responds.

Although the company has yet to submit its accounts for the fiscal year ending in FY21 the company has reported operating revenues of 1.07 crore. The company saw the opportunity to record a 2.3X increase in its total earnings to 7.26 crore, up from 3.17 millions in FY19. The total spending of the company increased to 19.12 crore, up from 3.06 millions in FY19.

If you want to stay updated with the latest ongoings in the start-up industry, then visit our official website “Entrackr”.