Startup Digest: FM’s meeting with fintech cos underway, Blume Ventures leads $10 mn round in Interview Kickstart, and more

Finance Minister Nirmala Sitharaman is meeting heads of several top fintech companies, including Amazon Pay, Zerodha, LendingKart, Pine Labs, Cred, Sequioa, GROWW, Razorpay, MobiKwik, PhonePe, Google Pay, and Bharat Matrimony, along with a deputy governor of the Reserve Bank of India (RBI), to discuss ongoing regulatory issues in the sector.

This development comes in the backdrop of ongoing issues with Paytm Payments Bank, which is unlikely to be part of the meeting. The meeting will also include senior officials from the State Bank of India and the National Payments Corporation of India (NPCI).

Edtech platform Interview Kickstart has raised $10 million in a funding round led by Blume Ventures. The fresh capital will enable the startup to strengthen its position in the US market and expand its platform globally. Interview Kickstart claims to have been profitable for several years and has trained 20,000 experienced working professionals in various domains, including AI, Machine Learning, Data Science, Engineering, and Product Management.

Homegrown burger chain Biggies Burger has raised an undisclosed amount in a Pre-Series A funding round at a valuation of ₹210 crore. The fresh funds will be used to fuel the firm’s ambitious expansion plans.

The funds will also be utilised to bolster Biggies Burger's team and scale its marketing efforts. The company, currently operating 130 stores, plans to open 160 more. In just 26 months, Biggies Burger has quadrupled its store count from 37 in October 2021 to 130 in December 2023, achieving an annualised revenue run rate of ₹103 crore.

Venture Catalysts has invested an undisclosed amount in the ongoing Pre-Series A round of Knocksense, a hyperlocal content-commerce platform. The startup has raised $1 million in the ongoing Pre-Series A funding round, with participation from various investors.

Knocksense aims to enhance the content-commerce experience in untapped markets, creating meaningful connections between users and local brands.

Venture capital firm Peak XV has launched the third cohort of Spark with 16 female founders across 14 startups. The Spark Fellowship is a four-month-long program for early-stage female entrepreneurs that includes a $100,000 equity-free grant, access to domain knowledge, mentorship, a curated community of female founders, and exclusive events.

The startups, mainly focused on artificial intelligence and healthcare solutions, will also receive over $1 million in perks from other companies.

Reliance Industries Limited (RIL) and Walt Disney Co have signed a binding agreement to merge their media operations in India, according to a Bloomberg report. The media unit of Reliance and its affiliates are expected to own at least 61% in the merged entity, with Disney holding the rest.

The deal, valued at $3.9 billion (₹33,000 crore), may see adjustments in the stake split based on Disney’s other local assets. The official announcement of the deal is expected early this week.

Indus Appstore, a new Android-based app store from PhonePe, has surpassed 100,000 downloads within three days of its launch. The Indus Appstore, aiming for an install base of 500,000 users, reflects the growing readiness in India for a homegrown app store prioritising diverse user needs and fostering a vibrant developer community.

BASIC Academy, a skill development venture of fintech start-up BASIC Home Loan, plans to train, upskill, and support employment for 5,000 graduates over the next three years. The specialised 8-week program will offer comprehensive training and guidance to young graduates aiming to establish a career in the BFSI industry.

The program includes a 360-degree approach, combining classroom and field training, as well as expert sessions from sectoral leaders, followed by four weeks of on-the-job training sessions.

Snapdeal, led by Kunal Bahl, has strengthened its value lifestyle portfolio to meet the increasing demand for branded merchandise at affordable prices. The platform has onboarded a diverse array of lifestyle brands, including Jockey, Rosaline by Zivame, Varanga, House of Ramraj Cotton, John Players, Clovia, Red Tape, Janasya, Aurelia, Nauti Natti, and more. Additionally, brands like Carlton London, SPARX, Campus, Baggit, Daniel Klein, and Action have also been added to the e-commerce platform's fashion lineup.