Funding
EaseMyAI raises Rs 3 Cr in seed round led by Inflection Point Ventures
<figure class="image embed" contenteditable="false" data-id="526548" data-url="https://images.yourstory.com/cs/2/f9bdfa20c75811ed9569e5d19beae38b/L-RYamanBharadwajCOOGaganRandhawaCEODesignationEaseMyAI-1695278323468.jpg" data-alt="Gagan Randhawa and Yaman Bhardwaj, Founders, EasymyAI" data-caption="
Gagan Randhawa and Yaman Bhardwaj, Founders, EasymyAI
” align=”center”> Gagan Randhawa and Yaman Bhardwaj, Founders, EasymyAI
Artificial intelligence and automation-as-a-service platform EaseMyAI has raised Rs 3 crore in a seed round led by Inflection Point Ventures. The funds will be used for product development, recruiting a sales and marketing team, and expanding distributor network.
EaseMyAI helps businesses automate tasks that used to be done manually and eliminates the possibility of mistakes. It uses advanced technology like artificial intelligence to understand and use information from different sources like pictures and sensors.
“EasemyAI’s end-to-end solution allows businesses to deploy AI-based operating systems to automate their operations and processes. This creates a huge growth opportunity for large and small companies to focus on the core business and eliminate the manual work with the EasemyAI platform,” said Madhukar Bhardwaj, Senior Vice President, Inflection Point Ventures.
“Their business model is highly scalable and IPV will support them to expand their services geographically with a strategic approach,” he added.
Other news
RazorpayX expands payroll management platform
RazorpayX, the business banking platform of Razorpay, has expanded its payroll platform to enterprises and large-sized businesses, along with a newly built advanced system for integrations and customisations.
Having onboarded around 13,000 organisations, including startups and SMEs, in the last four years, RazorpayX Payroll will now cater to businesses of all sizes from 2 to 20,000+ employees.
A recent study by RazorpayX, titled ‘Payroll Maturity Index 2023’, analysed the payroll data of 163 enterprises across 12 key industries in August, and found that 42% of large organisations in India were struggling with payment and filing compliance issues in their payroll management. Other issues included salary delays faced by 44% and inaccuracies in payroll calculations and processing faced by 40% of the large organisations surveyed.
“Having successfully supercharged the payroll operations for startups and small and medium-sized businesses (SMEs), now expanding our services to enterprises is a significant milestone for us at RazorpayX Payroll,” said Ayush Bansal, VP & General Manager of RazorpayX.
Cashfree Payments partners with Shopify to launch onsite payments
Payments and API banking company Cashfree Payments has partnered with Shopify to launch onsite payments with cards for Indian merchants. With onsite payments, merchants can offer a seamless and swift checkout experience to customers by directly collecting payment information on their website, eliminating the need for redirection to a third-party page.
Previously, customers were required to leave the merchant’s website and undergo an additional step to complete their payment. Onsite Payments on Shopify were initially exclusive to Shopify Stores in the US. However, with this partnership with Cashfree Payments, Indian merchants on Shopify will now have access to this functionality.
“This integration enables Shopify merchants to offer a seamless checkout experience to their customers, resulting in higher conversion rates and increased customer satisfaction. The partnership between Cashfree Payments and Shopify demonstrates our mutual dedication to empowering India’s burgeoning D2C and e-commerce ecosystem,” said Reeju Datta, Co-Founder, Cashfree Payments.
D2C brands borrow Rs 243 Cr to meet early end-of-season sale frenzy
<figure class="image embed" contenteditable="false" data-id="526554" data-url="https://images.yourstory.com/cs/wordpress/2019/01/Instamojo_097.jpg" data-alt="The founders of Instamojo (L to R): Akash Gehani, Sampad Swain and Aditya Sengupta" data-caption="
The founders of Instamojo (L to R): Akash Gehani, Sampad Swain, and Aditya Sengupta
” align=”center”> The founders of Instamojo (L to R): Akash Gehani, Sampad Swain, and Aditya Sengupta
The trend of early end-of-season sale has given rise to the demand for sachet loans among D2C brands, according to Instamojo’s latest D2C ‘Decoded Report’.
Between August 2022 and July 2023, D2C brands borrowed more than Rs 243 crore worth of sachet loans, a 43% increase from the same period in 2019-2020.
Sachet loans, a service introduced by Instamojo in 2020, are small-ticket cash advance loans which a business takes to manage its liquidity during high demand periods. Sachet loans saw a massive spike of 48% between 2020 and 2021 due to rising liquidity crunch and demand during the pandemic. However, because of the advantages of sachet loans, the demand for them has remained since 2021 dropping only slightly by 3% between 2021 and 2023.
While the total value of sachet loans is on the rise, the volume seems to be decreasing with stringent rules on disbursements. Sachet loan disbursement volume decreased by about 19% since 2021.
Team Fego.ai joins B2B SaaS fintech Perfios
Fego.ai, a Chennai-based open-finance startup and a technology service provider (TSP), has become a part of B2B SaaS fintech firm Perfios.
Fego.ai’s co-founders and brothers S. Kumar Srivatsan and S. Kumar Srikanthan, who established two fintech ventures, OptaCredit and Fego.ai, seven years ago and served on Sahamati’s TSP steering committee and Digital Lenders Association of India’s management committee, are now taking additional responsibilities in product and strategy roles.
“Team Fego.ai is delighted to be a part of Perfios family, and with the depth of their product offerings across varied financial institutions throughout the globe, we are confident that our capabilities will complement Perfios’s expertise,” said Srivatsan.
“Both Kumar Srivatsan and Kumar Srikanthan have been pioneering some exciting work on open-finance in India, and we are elated to have the team at Perfios,” said Ramgopal Subramani, Chief Strategy Officer, Perfios.
(This article will be updated with the latest news throughout the day.)
Edited by Swetha Kannan
