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28 Indian startups raised over $800 mn in funding this week

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28 Indian startups raised over $800 mn in funding this week

New Delhi, June 22 (IANS) About 28 Indian startups have raised $800.5 million in funding across 29 deals this week.

This represents an increase of 296 per cent from the $201.8 million secured by the startups last week across 21 deals, reports Inc42.

Quick commerce unicorn Zepto announced the close of its mega funding round this week. It raised $665 million at a valuation of $3.6 billion, making it one of the largest funding bagged by a company in recent times.

Among the top sectors, consumer services alone raised $665 million, fintech raised $50.3 million, alcoholic beverages raised $25 million, cleantech raised $23.9 million, and enterprisetech raised $16.7 million.

Microlending platform Aye Finance raised Rs 250 crore ($30 million) this week in debt funding in a round led by FMO, the Dutch entrepreneurial development bank.

Craft beer maker Bira 91 has secured $25 million through ECB (External Commercial Borrowing) from its existing investor Kirin Holdings. Over the last three months, the firm has received $50 million in funding. In March, it raised $25 million from Tiger Pacific Capital.

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Meanwhile, a new report by leading market intelligence platform Tracxn showed that Indian tech startups raised $4.1 billion in the first half this year (January to June to date), a 4 per cent increase from $3.96 billion in the second half of 2023.

–IANS

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13-yr-old girl receives life-saving heart transplant after 5-hour long surgery in Kerala

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13-yr-old girl receives life-saving heart transplant after 5-hour
 long surgery in Kerala

13-yr-old girl receives life-saving heart transplant after 5-hour
 long surgery in Kerala

New Delhi, July 25 (IANS) A team of doctors in Kerala performed a five-hour heart transplant operation, giving a new lease of life to a 13-year-old girl suffering from severe cardiomyopathy — a disease of the heart muscle.

The procedure was carried out at the Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST), an autonomous institute under the Department of Science and Technology (DST). Paediatric heart transplants are rare due to the limited availability of donor hearts and high costs, making such treatment inaccessible to many.

The young patient had been on a ventilator for two months, confined to the ICU.

The breakthrough came when the Kerala State Organ and Tissue Transplant Organisation (K-SOTTO) allocated a donor heart to SCTIMST.

The organ came from a 47-year-old school teacher declared brain dead following a ruptured intracranial aneurysm at KIMSHEALTH hospital. The Kerala Police facilitated a green corridor to ensure the swift transport of the organ.

A multidisciplinary team led by Baiju S Dharan, from the Department of Cardiovascular and Thoracic Surgery performed the complex operation.

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The successful operation underscores the importance of collaboration and advanced medical capabilities, offering hope to patients with severe heart conditions.

–IANS

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Tech Mahindra posts 1.2 pc revenue drop in Q1, PAT up 23 pc at Rs 851 crore

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Tech Mahindra posts 1.2 pc revenue drop in Q1, PAT up 23 pc at Rs 851 crore

Tech Mahindra posts 1.2 pc revenue drop in Q1, PAT up 23 pc at Rs 851 crore

Mumbai, July 25 (IANS) Global IT services and consulting provider Tech Mahindra on Thursday reported a 1.2 per cent decrease in revenue for the April-June quarter (year-on-year) at Rs 13,005 crore.

On a quarterly basis, the revenue went up 1 per cent for the IT company.

The consolidated PAT was at Rs 851 crore, up 23 per cent (YoY), for Q1 FY25, while EBITDA reached Rs 1,564 crore, up 16.9 per cent YoY.

The company reported total headcount at 147,620, down 677 annually, for the June quarter.

Tech Mahindra’s stock closed marginally up at Rs 1,540 apiece on Thursday.

“It is encouraging to see positive momentum in most industry verticals which has led to revenue growth and margin expansion in an otherwise seasonally weak quarter. We continue to focus on execution and are on track to achieve our stated goals for FY27,” said Mohit Joshi, CEO and Managing Director, Tech Mahindra. According to Rohit Anand, CFO, Tech Mahindra, the Q1 results are a positive start, both for the current turnaround year as well as for their medium-term strategy.

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“Our focus continues to be on investing in the business for long-term sustainable performance,” he added.

–IANS

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Global Capability Centres to absorb 26 mn sqft of office space in India by 2027: Report

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Global Capability Centres to absorb 26 mn sqft of office space in India by 2027: Report

Global Capability Centres to absorb 26 mn sqft of office space in India by 2027: Report

Bengaluru, July 25 (IANS) Driven by India’s potential to enhance processes amid improved business sentiments, Global Capability Centres (GCCs) are estimated to reach 26 million square feet by 2027, up from 19.69 million square feet in 2023, a report showed on Thursday.

Transaction activities have increased by 16 per cent from 16.99 million square feet in 2018 with GCCs completing 6,667 office leasing deals across eight major cities between 2018 and 2023, according to the report by Knight Frank India.

IT/ITeS sector GCCs lead the chart, followed by the BFSI and Consulting GCCs.

For BFSI, Mumbai leads with the highest percentage of GCCs under the BFSI sector and Bengaluru leads with the highest percentage of GCCs in the IT/ITeS sector. Around 80 per cent of the GCCs in India are currently servicing international facing clients, said the report.

“India’s GDP growth continues to be the fastest among major economies in the world, attracting attention for its strong infrastructure, and a consistent influx of top-tier talent and corporate entities,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

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In the dynamic landscape of global business, India’s GCCs have evolved beyond traditional roles to become pivotal hubs of global strategy and local ingenuity.

“As India solidifies its position as a cornerstone of global GCC networks, these centres emerge as unparalleled hubs of creativity and collaboration,” said Baijal.

The growth of GCCs highlights India’s potential to enhance processes and drive business innovation.

Between 2018 and 2023, around 5,349 GCC-focused office deals were finalised under 50,000 sqft across the eight cities.

“The future of GCCs in India is promising, with projections showing over 1,900 centers by 2025, employing around 2 million people,” said Sameer Dhanrajani, CEO, 3Ai.

India remains a key hub for GCCs, alongside other destinations such as the US, Latin America, China, Europe, and the APAC region.

–IANS

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Agricultural pesticide may pose cancer risk as bad as smoking: Study

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Agricultural pesticide may pose cancer risk as bad as smoking: Study

Agricultural pesticide may pose cancer risk as bad as smoking: Study

New Delhi, July 25 (IANS) While pesticides are essential for ensuring high crop yields and food security, they also increase the risk of cancer akin to smoking, finds a study.

The research published in the journal Frontiers in Cancer Control and Society found that even non-farmers living in areas with heavy agricultural activity are exposed to many pesticides.

The study revealed that in such environments, the impact of pesticide use on cancer incidence rivalled that of smoking, particularly for non-Hodgkin lymphoma, leukaemia, and bladder cancer.

“In our study, we found that for some cancers, the effect of agricultural pesticide usage is comparable in magnitude to the effect of smoking,” Isain Zapata, associate professor at the Rocky Vista University College of Osteopathic Medicine in Colorado, US.

“We present a list of major pesticide contributors for some specific cancers, but we highlight strongly that it is the combination of all of them and not just a single one that matters,” Zapata emphasised.

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The study included data on 69 pesticides from the US Geological Survey, acknowledging that people are generally exposed to a “cocktail” of pesticides rather than just one.

This comprehensive evaluation marks the first large-scale study to assess cancer risk from a population-based perspective, comparing it with a well-established risk factor like smoking.

Zapata noted the importance of considering the broader impact of pesticide use, including geographic factors. For example, regions like the Midwest, known for corn production, showed more pronounced associations between pesticide exposure and cancer incidence.

The study aims to raise awareness of the risks posed by pesticide use, even for those not directly involved in agriculture.

–IANS

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Doctors perform complex, rare heart surgery on man with dwarfism

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Doctors perform complex, rare heart surgery on man with dwarfism

Doctors perform complex, rare heart surgery on man with dwarfism

New Delhi, July 25 (IANS) In a remarkable medical achievement, doctors have successfully performed a complex and rare aortic valve replacement surgery on a 39-year-old patient with achondroplasia – the most common type of dwarfism.

Kapil Gala, born with achondroplasia, had already undergone eight surgeries to correct leg deformities and was living independently while managing a career in finance.

However, a sudden onset of paraplegia — leg paralysis — last year threatened his mobility and independence.

When Gala was admitted to Jaslok Hospital, he was initially scheduled for spinal surgery but was diagnosed with severe aortic stenosis — a type of heart valve disease — during pre-operative assessments.

His bicuspid aortic valve — a type of abnormality in the aortic valve in the heart — required urgent intervention before any spinal procedure could be performed.

A team of doctors from Jaslok Hospital & Research Centre in Mumbai decided on an open-heart surgery.

They noted that implanting a mechanical valve was the safest option due to anatomical and procedural constraints.

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“Our main concern was ensuring the patient’s safety and long-term health. Given the challenges, open-heart surgery was the optimal choice,” said Nihar Mehta, Associate Director of the Structural Heart Department at Jaslok Hospital.

Kapil’s swift recovery was impressive; he was off life support within 12 hours and is doing well now, according to the doctors. Expressing his gratitude, stating, Kapil thanked the doctors for giving him a new lease of life.

–IANS

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