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Metaverse platform GMetriXR raises $600K funding led by IvyCap Ventures

Buoyed by the acceleration towards the future of the 3D internet, metaverse company GMetriXR has raised $600K funding in its seed round led by IvyCap Ventures with global participation from the D.E.Holding and HNIs.

Founded by Utsav Mathur and Sahil Ahuja, the Bengaluru born company with headquarters in the US, offers a no-code platform that allows content creators and enterprises to build, host and deploy metaverse apps without writing a single line of code. Apps already built on the platform include virtual stores for the likes of Bigbasket, Manish Malhotra and enterprise metaverses for PayPal, Reliance, and several pharmaceutical companies – including Covid vaccine manufacturing.

GMetriXR is also looking forward to its subsequent round of funding owing to large interest by US VCs in this space, accelerated by Facebook’s rebranding to Meta. The company believes that this interest will help it to execute and scale up its plans to own all the virtual space it deserves to occupy.

“With a positive shift in the way the world is looking at the future of the internet – the metaverse – our platform becomes all the more relevant. GMetri is unique – there is no other toolkit as complete yet so ridiculously simple that you can have fully functional, monetisable metaverse apps in minutes, not months. This puts us in a very good place to surge forward and see through our vision to truly democratise building the metaverse. We are targeting nothing short of an explosion in adoption over the next few quarters,” said Utsav Mathur, Founder & CEO, GMetriXR.

Slice-backer 8i Ventures raises $50M in Fund II, will focus on fintech startups

Mumbai-based 8i Ventures has raised $50 million for its Fund II, and aims to invest in startups operating in the fintech space finance as the founder believes that “every consumer friction point in finance and consumer is a billion-dollar startup opportunity”.

“The money from this fund will be used to invest in fintech players, who are making money simpler. Getting a credit card was a challenge for everyone. But with Slice, you get it within a few minutes. That’s what we look at before backing firms,” Vikram Chachra, Founding Partner, 8i Ventures, told YourStory in an interaction.

Swiggy looking to invest $700 M in Instamart; set to reach an annualised GMV of $1 billion

Bengaluru-based foodtech unicorn Swiggyhas stated it will be investing $700 million in its instant grocery delivery service Instamart. Launched in August 2020 in Gurugram and Bengaluru, Instamart is present across 18 cities, and conducts over 1 million orders in a week.

“At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of $1 billion in the next three quarters. With our food delivery business trending at a USD 3 billion annualised GMV run rate, and Instamart’s super-charged growth, we’re very excited about our convenience mission coming to life in a very big way,” said Sriharsha Majety, CEO, Swiggy.

OYO onboards former SBI Chairman Rajnish Kumar as strategic group advisor

IPO-bound hospitality unicorn Oyohas announced the addition of Rajnish Kumar, former Chairman of State Bank of India (SBI), as Strategic Group Advisor at OYO.

Rajnish, who has spent over 40 years in the financial sector, will play a key role in advising OYO’s management on short-term and long-term strategy, regulatory and stakeholder engagement, and enhancing the brand of the company globally, OYO said in a statement.

OYO is in IPO mode, and Rajnish Kumar was at the helm of SBI when Yes Bank underwent restructuring. Kumar comes with interesting luggage of strategic experience.

Digital transformation is the foundation for enlarging deep tech ecosystem: Softbank India Head, Manoj Kohli

The deep tech industry in India is still in the nascent stages but the ongoing digital transformation can help this segment leapfrog into something more impactful for the country, according to leading investors from the startup ecosystem.

Manoj Kohli, Country Head, Softbank India, said, “India has a good run on digital transformation and this sets the foundation for the next phase of deep tech where the opportunity is fantastic.”

Speaking at a panel discussion during the ongoing NASSCOM Product Conclave on the topic, ‘Betting Big on India’s Deep Tech,’ the Softbank India Head felt the need for the creation of a large ecosystem around deep tech which can be leveraged to bring non-linear solutions to the various challenges the country is facing.