Author: prime

•  Lockton Plans to Expand Operations in India
• Lockton Acquires Arihant Insurance Broking to Expand Market Reach

Mumbai; 29 Oct 2024 – Lockton, a globally renowned, privately held insurance brokerage firm, has been granted regulatory approval by the Insurance Regulatory and Development Authority of India (IRDAI) for acquisition of Arihant Insurance Broking Services Limited. This pivotal milestone marks Lockton’s strategic expansion into the Indian market, where it aims to address the growing demand for advanced risk consulting and management services.

Arihant Insurance Broking Services Limited is part of the Arihant Capital Group. As a matter of group strategy, Arihant Capital Markets decided to sell its insurance broking business to focus on its core equity broking arm and exploring other business opportunities. Lockton’s acquisition of the insurance broking business aligns with their interest in entering the Indian market.

With over 135 offices globally, Lockton is now poised to leverage its international expertise and deep industry knowledge to deliver bespoke insurance solutions tailored to the unique needs of the Indian market. This move is part of Lockton’s broader vision to enhance its footprint in key emerging markets, aligning with the company’s commitment to deliver high-quality, client-focused services across the globe.

This acquisition has been concluded with transfer of shares; further solidifies Lockton’s market presence and enhances its ability to serve a broader range of clients with comprehensive risk management and insurance solutions.

Dr. Sandeep Dadia, CEO & Country Head, Lockton India. “We are excited to receive the approval at a time when there is a significant demand for robust risk management solutions. Our team is dedicated to offering unparalleled technical expertise while building long-term, strategic partnerships with our clients. As we establish this new venture, backed by Lockton’s global resources, we are committed to making a positive impact in the Indian insurance sector.”

Lockton’s entry into the Indian market underscores its commitment to delivering innovative insurance solutions that support clients in navigating complex risks.

Becomes one of the first fintechs to receive RBI’s Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences

Bangalore, October 29: Cashfree Payments, India’s leading payments and API banking company, today announced that it has received the Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) licence. Cashfree Payments is one of the first fintechs to have received the Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Prepaid Payment Instrument (PPI) licences from the RBI.

Akash Sinha, CEO & Co-Founder, Cashfree Payments commented, “The PPI licence opens up a new field of opportunity for innovation in the payments landscape. Our focus has always been to provide secure, flexible and efficient payment experiences to Indian businesses as well as their customers. The PPI (Prepaid Payment Instrument) licence will help us build offerings that let internet businesses retain and grow their user base.”

In July this year, Cashfree Payments became the first payment service provider to receive RBI’s Payment Aggregator-Cross border licence for imports and exports. And, in December 2023, Cashfree Payments secured the RBI Payment Aggregator licence, becoming one of the first few entities to receive it.

Cashfree Payments is trusted by 6,00,000+ businesses and processes transactions worth USD 80+ billion annually. The company has been at the forefront of redefining how businesses approach digital payments, onboarding and payouts through its wide range of tech-first offerings. Over the last few months, it has introduced industry-first products like Secure ID for onboarding KYC, FlowWise for payment orchestration, Risk Shield for fraud monitoring and more. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.

New Delhi October 28, 2024 – Footprints Childcare, a renowned preschool and daycare chain, a leading provider of high-quality early education and childcare services, celebrates the ‘Joy of Giving Week’ (Daan Utsav) in the lead-up to Diwali. This special week is dedicated to nurturing kindness, compassion, and generosity in our little ones, and inspiring them to give back to the community. Through a series of meaningful activities, Footprints aims to instill values of sharing and caring, reflecting the true spirit of Diwali.

‘Daan Utsav,’ celebrated nationwide, encourages individuals and communities to engage in charitable acts, volunteer their time, and contribute to social causes. Footprints Childcare has embraced this initiative by organizing various events that nurture empathy and a sense of responsibility among children, parents, and staff.

Raj Singhal, Co-founder & CEO of Footprints, expressed the importance of this initiative, stating, “At Footprints, we believe in holistic development, which includes not only academic learning but also teaching children to be compassionate and to be responsible towards others. The ‘Joy of Giving Week’ is a perfect opportunity for our young learners to understand the value of sharing and giving back, especially as we approach the festival of lights.”

During the ‘Joy of Giving Week’ at Footprints, a range of activities were organized to encourage a spirit of kindness and sharing. Parents participated in a donation drive, contributing gently used toys and books, which will be given to local children in need, helping to build a sense of community and compassion. Children also gathered craft and decor supplies, which will be donated to those without access to creative resources, allowing them to express themselves through art. Allergy-conscious, child-friendly snacks were collected and shared, ensuring everyone could enjoy the week’s celebrations. Age-appropriate books on sharing and generosity were donated by parents and distributed among the children to reinforce the value of giving. Additionally, special donation boxes were placed at each Footprints center, making it easy for families to contribute during drop-off and pick-up times.

In addition to these drives, daily activities were held to immerse children in the spirit of giving. The children also visited a local NGO, where they experienced firsthand the joy of sharing and making a difference in the lives of others.

This initiative not only brings joy to those who receive it but also builds a foundation for the children to grow into empathetic and socially responsible individuals. As a trusted partner in early childhood development, Footprints continues to lead by example, combining education with values that will guide children throughout their lives.

• New Continental Mobility Study shows that more than half of younger people in Germany see cars as a prestige item
• Technological advances in cars such as automated driving, large displays and AI voice control are highly popular
•  Philipp von Hirschheydt, member of the Executive Board responsible for the Automotive group sector: “The response to new technologies in cars varies greatly between generations and also between countries. That’s why we aim to provide customized solutions – market-specific, tailor-made and modular”
• Still skepticism toward all-electric vehicles; much higher approval for hybrid solutions • Concerns remain regarding the affordability of personal mobility
• Strong interest in sustainable car tires

Hanover, Germany, October 30, 2024. The majority (54 percent) of younger drivers in Germany (up to the age of 34) see cars as a status symbol. This is a key finding of the representative mobility study conducted in August 2024 by market research institute infas on behalf of Continental in Germany, China, France, Japan and the USA. In Germany, 1,000 people aged 18 and over were surveyed about their mobility needs. According to a study commissioned by HORIZONT in 2017, for example, only 25 percent of younger respondents viewed cars as a status symbol.

Overall, 84 percent of car owners in Germany, regardless of age, believe that it is important to own a car. For almost 90 percent, having a car is essential for shopping and running other errands. The majority of young people in Germany are particularly enthusiastic about technological advances in cars. They look forward to the benefits self-driving cars will offer in terms of being able to read, play video games or work (51 percent of 25 to 34-year-olds). In addition to autonomous driving, artificial intelligence (AI) in the form of digital voice assistants is very popular with this group. There is a similar level of approval in the four other countries surveyed in the study. “The findings show that the response to new technologies such as automated driving, large displays and AI in cars varies greatly between generations and also between countries. That’s why we aim to provide customized solutions – market-specific, tailor-made and modular,” says Philipp von Hirschheydt, Continental Executive Board member responsible for the Automotive group sector, commenting on the survey findings.

The findings of the study also reveal the current status of the trend toward lower-emission mobility worldwide. Particularly striking is that acceptance of fully electric cars remains low. In Germany, only 3 percent of all car owners have an electric vehicle. However, just over a third of respondents who do not yet own an electric vehicle believe their next car will be fully electric (39 percent, compared with 34 percent in 2022). By contrast, hybrid drives are highly popular across all countries. In Germany (48 percent) and the USA (47 percent), nearly half of respondents who do not own an electric car can imagine their next vehicle being a hybrid with a combustion engine and an electric motor. In China, that figure rises to almost nine out of 10 respondents (86 percent). This means that hybrid cars could increasingly bridge the gap to e-mobility and give it a renewed boost. With a share of 68 percent, younger people in Germany aged between 25 and 34 are particularly interested in electric cars – also compared with their international peers.

Generations Y and Z admit that cars are a status symbol

On the one hand, younger people up to the age of 34 in Germany do not feel that attached to cars. For them, more than for older respondents, it is one of many means of transportation available. On the other hand, generation Y and Z drivers born in the 1990s and later have a clear emotional connection to their cars: for more than half of 18 to 34-year-olds (54 percent) in Germany, cars are regarded as a status symbol – twice the share among respondents aged 45 and over. People aged between 18 and 34, particularly those living in large cities, see cars as a prestige item (67 percent). In small towns and rural areas, the approval rate is around 49 percent. This view of the car is accompanied by growing expectations. Of the 25 to 34-year-olds surveyed, for example, 51 percent believe that cars of the future should not only be a safe means of transportation, but also a place to relax and work.

Technological advances in cars attract interest and bring benefits into focus

Younger people in Germany also have a positive attitude toward highly automated and autonomous driving, with around two-thirds (65 percent) of 18 to 34-year-olds seeing this as a useful development. Among older respondents aged 55 and over, 39 percent share this view. Around two-thirds of younger people up to the age of 34 also believe that state-of-the-art technologies should be mandatory in newly registered cars in order to make traffic even safer – a viewpoint that signals approval of the EU directive requiring certain advanced driver assistance systems in new cars, which has been in force since July 2024. Another future technology that is particularly popular with younger people is AI assistants in cars. Almost three-quarters of respondents (74 percent) between the ages of 18 and 34 would welcome an AI voice as a service that, like a virtual travel companion, provides useful information about sights and restaurants along the route, finds the nearest gas or charging station, searches for free parking spaces or even compiles personal messages. “Younger people in particular have changing expectations of cars.

These are closely linked to pioneering technologies such as automated driving, which deliver new user experiences,” explains Philipp von Hirschheydt, adding, “At Continental, we’re already equipping cars with AI. Together with our partner Google Cloud, we have developed a virtual companion for drivers. We are particularly proud to be one of the first automotive suppliers worldwide to integrate Google Cloud applications directly into our vehicle computers.”

Automated driving, AI and large displays compared internationally

The comparison between countries reveals a widespread openness to highly automated and autonomous driving in Asia across all age groups. In China, nine out of 10 respondents

(90 percent) view the relevant technologies as a useful development, while in Japan, almost three- quarters (72 percent) share this sentiment. In France (60 percent) and the USA (56 percent), more than half of those surveyed have a positive attitude. In Germany, around one in two respondents (49 percent) feel the same. An AI-powered virtual travel companion is particularly popular in China, where nine out of 10 respondents (91 percent) say they would like to have such a service. In the USA (66 percent) and Japan (63 percent), around two-thirds express this wish, while in France (58 percent) and Germany (57 percent) more than half would be happy to have the technology.

There is broad agreement across all countries on the ideal size of a car display for infotainment content. Most people prefer larger displays, with 90 percent of respondents in China favoring this option. In Germany (81 percent), France (79 percent) and the USA (80 percent), eight out of 10 respondents would like their navigation, vehicle data and music to be shown on large screens. In Japan, the figure is more than two-thirds (69 percent). However, preferences differ significantly when it comes to technological details. While the majority of respondents in Japan (79 percent) and more than half in Germany (57 percent) prefer a simpler display on car screens, a slight majority in the USA (58 percent) favor more colors. By contrast, many features are popular in China (69 percent). In Japan (70 percent), the majority prefer a more straightforward digital design, while in Germany, around half feel the same way (55 percent). There are also differences between countries when it comes to the question of whether a display should be controlled by voice or manually: voice control is particularly popular in Japan (67 percent), more than half are in favor of it in China (59 percent), while the number is significantly lower in Germany (43 percent). In the USA, just over half (55 percent) also prefer to operate a display manually.

a car with a combustion engine (China: 80 percent). There is potential for higher sales of electric cars in Germany, particularly among those aged 18 to 34. In this age group, around two-thirds (64 percent) of respondents believe it is certain or likely that their next car will be fully electric – a trend that gradually diminishes in older generations. A look at age-dependent attitudes toward electric mobility reveals that, like many other technological developments, e-mobility is more appealing to younger drivers than older ones. They are more willing to forgo subsidies: 50 percent of 25 to 34-year-olds would consider buying an electric car without government assistance. However, the willingness to fully finance an electric vehicle decreases significantly among those aged 45 and older.

Trade-off between sustainable and affordable mobility

The fact that two-thirds of respondents in Germany link the purchase of an electric car to a government subsidy is an expression of their concerns about being unable to finance an electric car on their own. In Germany, 71 percent of respondents worry that mobility will no longer be affordable due to rising energy prices. In the 2022 Mobility Study, 73 percent of people in Germany expressed their concerns about the affordability of mobility.

premium for tires made from a higher share of renewable and sustainable materials. Here again, this willingness is most pronounced among 25 to 34-year-olds (65 percent).

Study provides internationally comparable findings on many mobility topics

For the Mobility Study 2024, infas was commissioned by Continental in August 2024 to survey a total of around 5,000 people aged 18 and over in Germany, China, France, Japan and the USA about their mobility habits and attitudes to a variety of mobility issues. In each country, the respective sample is representative of the population; for China, it is representative of the urban population. The aim of the Continental Mobility Study, now in its eighth edition since 2011, is to provide an international comparison of people’s attitudes toward current and future developments in mobility and their personal usage habits. The range of topics covered in this year’s study included automated driving, user experience, AI in cars, sustainable mobility concepts, mobility in urban areas, the affordability of mobility and attitudes toward government regulation in the mobility sector.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2023, Continental generated sales of €41.4 billion and currently employs around 200,000 people in 56 countries and markets.

In its drive to embrace the dynamism of the open-source community, Elektrobit now provides first class support for the programming language Rust increasing development productivity, safety and security of automotive ECU projects. This opens the way forward for greater cybersecurity resilience while still maintaining ASIL-D functional safety.

India, November 5, 2024 – Elektrobit announced that its industry-leading implementation of AUTOSAR-compliant basic software EB tresos AutoCore is now open to support the programming language Rust improving development productivity and cybersecurity resilience. Interested and would-be customers can now request versions using Rust. This further underlines Elektrobit’s “cloud to cockpit” commitment to accelerating the evaluation of Rust for ECU projects, leveraging new product features and providing expert knowledge.

As Rust becomes increasingly popular, proven and preferred by developers, Elektrobit confirms that EB tresos is ready to integrate application software components in Rust. It provides seamless integration and developer-friendly language bindings for AUTOSAR Application SWC in both C and Rust. Also, the build system can build applications depending on the language used to enable developers to start working effectively immediately, including support for Rust’s static code analysis tool “Clippy”.

Elektrobit provides first class support for Rust as part of the product line: This includes generation of idiomatic code: Development is easier and faster. The resulting application is safer and more secure.

Cybersecurity has long since ceased to be just an IT world buzzword: UN Regulation 155 and the EU Cyber Resilience Act are indicative of the increasing awareness of the importance of cybersecurity. Government agencies are increasingly vocal in their requests for the industry to stop using “memory unsafe programming languages.” Studies have demonstrated that about 70% of vulnerabilities are caused by “memory safety issues.” This is clearly significant as we enter the age of software-defined mobility with cars implementing more software features and employing online services from the Internet becomes the norm.

Development of Rust commenced in 2006, and version 1.0 was released in 2015, addressing memory safety issues, correctness of code and programming productivity, while at the same keeping the hardware costs stable. Having the possibility of mixing existing C code with new Rust code makes it the perfect choice for extending existing code bases.

Florian Bartels, senior expert at Elektrobit says “We are seeing significant productivity gains in our teams using Rust while at the same time improving quality due to Rust’s correctness-by-design approach, Rust incorporates half a century of lessons-learned compared to the C programming language, which remains popular in functional safety contexts.”

“We’re excited to see Elektrobit enable memory-safe programming for Classic AUTOSAR on EB tresos using Ferrocene, our fully open source, ISO 26262-qualified Rust compiler toolchain,” said Florian Gilcher, managing director and founder of Ferrous Systems. “Ferrocene leverages Rust’s ability to eliminate entire classes of bugs, ensuring compliance with safety standards while freeing developers to focus on functionality. This solution marks a significant step toward delivering programming innovations that will lead to safer and more reliable vehicles.”

The solution includes automatic code generation, Rust code compilation and static analysis, simplifies error handling, and offers OS and middleware support for the automotive sector and beyond. EB tresos AutoCore adds support for native Rust code, allowing seamless integration and a more fault-resilient code creation. This enables the Rust compiler to find issues at compile time and limits the amount of code which cannot be checked automatically (when using Rust’s “unsafe” keyword), effectively reducing code construction costs time to market and reducing the probability of the introduction of vulnerabilities.

Elektrobit offers a “getting started” tour with more background information with a hands-on session. This paid workshop is designed to help customers evaluate Rust for future ECU development, combining knowledge transfer, practical examples, and explanations of our new product functionalities.

For more information on EB tresos and how Elektrobit employs Rust please visit our website: https://www.elektrobit.com/products/ecu/eb-tresos/bsw/

Mumbai; October 22^nd, 2024: SBI General Insurance, one of India’s leading General Insurance companies, has reported a 591% growth in profit after tax at INR 414 crore for the first half of the current financial year. It had reported a profit after tax of INR 60 crore in the same period of the previous financial year.

The Company’s impressive performance is reflected in key financial metrics. The overall business also showed strong growth with the company’s gross written premium (GWP) growing at 16.1% while the industry is growing at 7% i.e. 2.3 times faster than the industry growth.

The solvency ratio stood at 2.26 times well above the minimum regulatory requirement of 1.50 times, demonstrating strong financial stability.

In H1 FY 24-25, the Company’s growth was primarily driven by strong performance in the Motor, Health, Engineering and Marine Cargo segments.

Commenting on the Company’s performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We are pleased with our strong performance in H1 FY25, with growth accelerating across key segments such as Motor, Health, Engineering and Marine Cargo. This growth has been fueled by our strong distribution network, emphasis on technology and claims and the strength of the SBI brand. It highlights our commitment to delivering outstanding value to our customers while continuously driving innovation and leadership in the insurance sector. We look forward to sustaining this momentum and further strengthening our position in the industry.”

Mr. Jitendra Attra, CFO, SBI General Insurance, said “Our financial results reflect our commitment to building long term value for stakeholders. The Company’s Profit after tax (PAT) growth of 591%, reflects our financial health and also the work done in improving productivity, improving loss ratios and focus on delivering customer value.”

SBI General Insurance continues to build on its diverse product portfolio and extensive distribution network, positioning itself for sustained growth and increased market share in the coming quarters.

About SBI General Insurance

SBI General Insurance one of the fastest-growing private general insurance firms, backed by the robust support of SBI upholds a legacy of trust and security. SBI General Insurance has been recognized as a Great Place To Work® Certified™ in India for year 2024-2025 period. We position ourselves as India’s most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence of over 144 branches. In FY 2023-24, SBI General Insurance achieved significant growth, with a notable 17% increase in Gross Written Premium (GWP), reaching INR 12,731 crores.

The company has also received notable accolades including the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 in Singapore, recognition as one of the Best Brands 2023 at the ET Edge Best Brands events and being honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024. We have also received recognition as the runner-up for Highest Growth – General Insurance at the ASSOCHAM 15th Global Insurance Summit & Awards and were named the winner in the ‘Best Large General Insurer’ category at the Mint BFSI Summit & Awards 2023.

With a team of 8,000+ employees and our multi-distribution model covering Bancassurance, Agency, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network of over 22,518+ SBI branches, agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME, and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.

Bangalore, 22 October 2024: Kuku FM, India’s leading audio led storytelling platform, has elevated Jhoomer Sinha to the position of Vice President of India Hindi Business.

In her new capacity, Sinha will assume responsibility for expanding Kuku FM’s presence across Hindi speaking regions in India.

Her duties will encompass overseeing the entire Hindi content library and production, onboarding creators, developing new storytelling formats, establishing partnerships for new Hindi-related intellectual properties, hiring for strategic roles in her division and expanding Kuku’s reach to newer geographies aimed at higher customer and revenue growth.

She is an industry veteran in the consumer internet ecosystem with over a decade of experience in business strategy, growth, and venture capital. Sinha is recognized as a strategic leader with a particular passion for scaling consumer internet businesses. She has played an instrumental role in identifying and investing in leading consumer/internet brands in her previous roles at leading consulting and venture capital firms.

Her addition to the strategic leadership team comes at a crucial time as Kuku FM sharpens its focus on enhancing revenue and profitability with its industry leading proprietary Generative AI production capabilities, rolling out newer content formats and expanding across multiple territories.

Sinha remarked, “It has been an immensely rewarding experience working alongside inspiring founders and an exceptional team that is immensely passionate about reinventing storytelling across formats for consumers. The India growth story is unfolding rapidly & I am looking forward to leveraging my expertise in the consumer internet ecosystem to make Kuku FM to become a household name in the entertainment industry.”

Over the last 1 year Kuku FM has experienced significant growth in its Hindi user base, with Hindi being one of the primary languages for its audience. On an average 66% of Kuku FM’s active listeners are from the Hindi speaking belts and the consumption of Hindi content has increased by 30% in the last 1 year.

Lal Chand Bisu, Co-Founder and CEO of Kuku FM, commented on the appointment, stating, “We have ambitious growth plans for Bharat as we strive to future-proof our business and create a more extensive storytelling ecosystem irrespective of the format. Jhoomer brings a wealth of experience and has seen India’s digital journey for over a decade that will play a pivotal role in not only catering to the Hindi heartland but also expanding our business to Hindi speaking audiences irrespective of where they are in the world. We are building from India for the world.”

Jhoomer Sinha is an MBA graduate from IIM Ahmedabad and holds a B. Tech in Electronics from the National Institute of Technology, Surat.

• Generated 1.27x the entire corpus of Fund I on a pre-tax basis while utilizing just 10% of its capital
• Fund I proved successful as out of 15 companies invested, the fund saw 5 key winners, poised for IPOs

Mumbai, October 18, 2024: 8i Ventures, early-stage India-focused VC fund, today announced the full exit of its investment in M2P Fintech as part of the company’s recent $100 million capital raise, which included both primary and secondary investments. This successful exit underscores 8i Ventures’ commitment to identifying and nurturing high-potential ventures from their inception.

Since its initial investment of INR 9.7 crores in M2P Fintech, 8i Ventures has realized an extraordinary 12x return of INR 115.9 crores in just 4.5 years, with an internal rate of return (IRR) of 131%. The investment in M2P Fintech has generated 1.27x the entire corpus of Fund I on a pre-tax basis while utilizing just 10% of its capital. This highlights the strong performance of M2P Fintech and its position as a “power law winner” in 8i’s portfolio.

“Our early investment in M2P has proven to be transformative,” said Vikram Chachra, Founding Partner of 8i Ventures. “Identifying and supporting ventures that redefine categories before they become mainstream is central to our approach. M2P’s success has not only generated substantial returns but has also showcased our ability to leverage a small portion of our capital to create outsized impact.”

“8i was the first venture capital fund to believe in M2P Fintech’s vision of creating a world-class BaaS infrastructure platform from India for the global market. They have supported us in every funding round, from seed through Series B. For us, they feel more like cofounders than investors,” said Madhusudanan R, chief executive officer and cofounder, M2P Fintech Fintech.

8i Ventures’ Fund I, launched in May 2019 and closed in July 2021, managed $15.5 million, which included $13 million in assets under management (AUM) and $2.5 million in co-invest AUM. This exit reaffirms the firm’s strategy of investing in early-stage companies with the potential to become market leaders. 8i Ventures’ Fund I is currently up 2.5x with an IRR of 37% and a Multiple On Invested Capital (MOIC) of 3.3x.

The portfolio of 8i Ventures includes other promising companies such as Blue Tokai, Slice, Easebuzz, and Bbetter, all poised for solid IPOs in the next 3-4 years. The anticipated IPO lineup features companies with impressive growth trajectories, including Blue Tokai, Easebuzz, and Slice. The youngest contender, Bbetter, is already profitable and aims to achieve a $10 million run rate this year while doubling its revenues.

In 2022, 8i Ventures marked the first close of its second fund at $25 million, joining a growing list of private investors to have raised a meaningful India-dedicated fund despite global headwinds. Earlier this year, 8i Ventures launched ‘Origami’, a $10 Million seed funding program to fuel India’s start-ups.