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Wealthtech startup Stable Money has successfully raised $20 million in a funding round led by cofounder of Fundamentum Partnership, Nandan Nilekani. Existing investors, including Z47, RTP Global, Lightspeed, and Aditya Birla Ventures, also contributed. The Bengaluru-based company plans to utilize the new capital to enhance its wealth product offerings and boost customer acquisition through improved distribution strategies.
Nandan Nilekani, cofounder of Infosys, highlighted the challenges of scaling enterprise AI, particularly in the public sector, due to structural issues and the need for error-free operations. He emphasized the importance of data integration across government entities and noted the rapid growth of India's startup ecosystem, projecting over 10 lakh startups by 2035, fueled by IPOs and venture capital. Generative AI in India is also set for significant growth, with a market value expected to exceed $17 billion by 2030.
In response to escalating tariffs imposed by the U.S., trade ministers from China, Japan, and South Korea are accelerating talks for a free trade agreement, setting aside historical tensions. Notably, three of the top five recent investment deals involve startups from these nations, highlighting a shift in collaboration amidst market volatility. In funding news, Indian used car platform Spinny raised $131 million, while Chinese robot developer Spirit AI secured $72.3 million, and South Korean AI writing tool Wrtn Technologies raised $73.5 million.
Spinny, a used-car marketplace backed by Tiger Global, has raised $131 million in funding, valuing the company at $1.7 billion to $1.8 billion. The investment round, led by Accel Leaders Fund and including Nandan Nilekani’s Fundamentum, aims to expand Spinny's non-banking financial services. The company reported a 28% reduction in net loss to $69.03 million for FY24, with a 14.2% revenue growth to $435.86 million.
Apna Mart, a quick commerce startup, has secured $25 million in a funding round led by Fundamentum Partnership, with participation from existing investors Peak XV Partners and Sparrow Capital, as well as new investor Accel India. Founded in 2022 by Abhishek Singh and Chetan Garg, the company focuses on delivering groceries and essentials within 15 minutes in Tier II and III cities, utilizing a franchise outlet model that differentiates it from competitors like Blinkit and Swiggy Instamart.
Billions are being invested in the development of frontier models, yet the returns on these investments are declining. Nandan Nilekani highlights this concerning trend, indicating a potential shift in the landscape of technology funding and innovation.
At the Global AI Conclave 2024, Hemant Taneja, CEO of General Catalyst, warned that India risks falling behind if it does not develop its own large language model (LLM) and infrastructure, including semiconductors. This perspective contrasts with Nandan Nilekani, chairman of Infosys, who believes India should focus on ensuring existing LLMs serve its population effectively.
Nandan Nilekani
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