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Funding news

Bike Bazaar bags $3M from MAS Financial in debt funding

Bike Bazaar, an online two-wheeler financing and ecommerce platform, raised $3 million in debt funding from MAS Financial Services.

As per the filings with the Registrar of Companies (RoC), Bike Bazaar’s board has approved a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each. This debt investment comes with a 30-month tenure and carries an interest rate of 10.70% per annum.

Founded by Srinivas Kantheti and Karunakaran Vadakkepat in 2017, the startup provides various financial services, including loans for purchasing two-wheelers, refinancing options, and ecommerce solutions for buying and selling motorcycles and scooters.

Last February, it secured $10 million in funding from DEG, a Germany-based development finance institution.

Other news

Zepto, Reverie partner to enhance delivery partner experience

Quick commerce startup Zepto has partnered with Reverie Language Technologies to localise its Zepto rider app and address the linguistic challenges faced by delivery partners.

The app has been contextually localised in six native languages, including Hindi, Telugu, Kannada, Tamil, Marathi, and Bengali.

“Our delivery partners who often speak local languages find it challenging to navigate an English-dominated digital landscape. By localising our rider app into native languages, we aim to make it more intuitive and user-friendly for them. This change is already seeing greater adoption among Zepto’s newly onboarded delivery partners,” said Shubham Agarwal, Senior Product Manager at Zepto.

Reverie is an AI-powered language technology platform that offers text, voice, and video localisation solutions. It leverages advanced technologies such as neural machine translation, natural language understanding, and automated speech recognition.

KoinX partners with Mudrex to streamline crypto tax filing for Indian investors

Crypto tax software KoinX joined forces with Mudrex, a YCombinator-backed global crypto investment platform, to streamline the tax filing process for crypto investors in India and provide a user-friendly compliance infrastructure.

This collaboration enables Mudrex users to generate crypto tax reports using the KoinX platform. Further, KoinX’s advanced algorithms ensure accurate and rapid crypto tax reporting catered to India’s complex crypto tax regulations.

“Our partnership with Mudrex marks a significant milestone in our mission to simplify crypto tax compliance for Indian investors. At KoinX, our mission is to simplify crypto tax compliance, and this collaboration represents a significant step towards achieving that goal,” said Punit Agarwal, Founder of KoinX.

Aerospike appoints Venkatesh Guntur as Country Head for Southeast Asia

Database solutions provider Aerospike has onboarded Venkatesh Guntur as the new Country Head for Southeast Asia (ASEAN). In this role, Guntur will lead Aerospike’s business operations in the region, aiming to enhance the company’s presence, drive growth, and fuel customer service.

“With his extensive experience and proven leadership, Venkatesh will be an invaluable addition to our team as we continue to expand our footprint in the enterprise and fast-growing AI-centric business applications segments in the ASEAN region. We are delighted to welcome him aboard,” said Aveekshith Bushan, Vice President and GM – Asia Pacific and Japan, Aerospike.

With over 25 years in enterprise IT sales leadership, Guntur has spearheaded strategic sales initiatives in the technology sector for numerous organisations. Before Aerospike, he held leadership roles at Couchbase, ADP, Blue Prism, and Ramco Systems.

(This article will be updated with the latest news throughout the day.)