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Funding

Fintech startup TransBnk raises $1M from 8i Ventures

Mumbai-based fintech startup TransBnk has secured $1 million in a seed funding round led by early-stage venture capital fund 8i Ventures.

TransBnk will use the capital to grow its product and technical teams and expand its product line. The company aims to reshape the management of specialised accounts and B2B payments, which are the foundation of lending ecosystems, capital markets, supply chain finance, and treasury management.

Founded by veterans in transaction banking from IndusInd Bank and Aditya Birla Finance in April 2022, TransBnk offers a programmable transaction banking system that empowers financial ecosystem players, including banks, NBFCs, and emerging fintechs, to manage multi-party transactions in a compliant manner.

“TransBnk’s innovative tech stack is gaining traction as the gold standard for frictionless B2B transactions, strengthening our partnerships with key players in the private banking, NBFC, and fintech sectors. With the support of 8i Ventures and our robust team of angel investors, we are thrilled to accelerate our vision,” said Vaibhav Tambe, CEO and Co-founder of TransBnk.

Other news

Chingari lays off 20% of workforce amid organisational restructuring

Short video Chingari has let go of 20% of its employees as part of a larger cost-cutting and restructuring exercise. This comes just weeks after co-founder Aditya Kothari quit the company.

The company will provide affected employees with a severance package equal to two months’ salary and three months of health insurance coverage to assist them during this transition.

“We are devoted to supporting our impacted employees by providing all-encompassing support such as career counselling and job placement assistance. Our priorities continue to be streamlining processes, boosting productivity, and matching resources to our long-term growth goals,” a Chingari spokesperson said.

Inc42 was the first to report on the development.

Startup Summit TwentyOne by SeventyTwo facilitates funding worth Rs 15 Cr

Startup Summit TwentyOne by SeventyTwo, a mentorship event organised by IVY Growth Associates in Surat, has facilitated fundraising worth Rs 15 crore. The three-day summit, from June 16 to 18, attracted over 16,000 visitors. The final day alone saw 10,000 visitors.

Over 200 startup founders, 500 investors and industry leaders, and 10,000 people participated in the summit, according to a press statement.

The event provided a platform for networking, learning, and collaboration. With the presence of 50+ VCs, 15+ angel networks, and 300+ angel investors, it offered an opportunity for startups to showcase their proposals before investors.

Edtech startup PrepInsta launches AI-powered assessment tool

Placement preparation edtech startup PrepInsta has rolled out a new artificial intelligence (AI)-powered assessment tool called Optimus by PrepInsta Prime. It is aimed at enabling schools and universities in evaluating student performance and potential through a comprehensive range of assessments, including multiple-choice questions, hands-on programming, coding exercises, and hackathons.

The tool aims to transform the way educational institutions track student performance and curate personalised learning models to enhance overall academic outcomes.

“This SaaS assessment tool empowers colleges and universities to unlock the full potential of their students through personalised learning experiences. With Optimus as a complimentary addition to our PrepInsta Prime subscription, we are revolutionising the evaluation process and paving the way for enhanced academic outcomes,” said Manish Agarwal, Co-founder and CMO at PrepInsta.

Credit Wise Capital in co-lending partnership with Muthoot Capital

Mumbai-based NBCF Credit Wise Capital has launched a co-lending partnership with Muthoot Capital with an investment agreement of Rs 400 crore to disburse two-wheeler loans to customers.

The partnership aims to provide seamless financing solutions to customers purchasing two-wheelers across India digitally through Twin2—a proprietary product that ensures a hassle-free experience for customers. It will also enhance Credit Wise Capital’s product offerings and expand its market reach and augment its operational capabilities.

Logistics firm Gati expands to 1,000 pin codes in India

Gati Ltd, a Hyderabad-based logistics and supply chain firm owned by Allcargo Group, has added 1,000 pin codes to its delivery network, marking a 25% increase in its direct coverage.

Gati serves businesses and customers across 19,800 pin codes, covering 735 districts out of 739 districts in India.

“This (delivery network expansion) shall be a continuous endeavour at Gati to give fast and direct access to its customers. By building a robust network, we are not only driving efficiencies for large enterprises but also strengthening small and medium-sized businesses, thus contributing to economic growth,” said the company in a statement.

Pratt & Whitney, Awiros launch AI-based aircraft analysis tool

US-based aircraft engine maker Pratt & Whitney has partnered with aerospace startup Awiros to launch an AI-enabled aircraft engine analysis tool Percept at the Paris Airshow 2023.

Percept is a computer vision product that operates on top of the Awiros Video Intelligence Operating System. Its cloud-based interface allows users to capture images and videos of aircraft engines on their mobile devices and receive real-time responses on parts availability. This helps enable faster and cost-efficient turnaround of leased engine assets.

The solution will be deployed exclusively on Pratt & Whitney’s most advanced commercial engines, including the Pratt & Whitney GTFTM engine and the V2500.