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RBI has cancelled Sahara India’s para banking license

The Reserve Bank of India has cancelled the license of the holding company, Sahara India Financial Corporation Limited, said an official on Tuesday.

The action was taken by RBI’s of non-banking supervision department, in Kanpur.

The notice of cancelling the license of conducting financial business has been sent to the Kapurthala head quarter of the Sahara India.

The Sahara India, under the new order, would be barred from any sort of financial transactions.

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Amazon Acquires Axio; Awaiting Approval from Regulator 

Ali Waghbakriwala

E-commerce behemoth Amazon acquires Bengaluru-based digital lending business Axio (formerly Capital Float). The purchase, which is pending regulatory permissions, was completed in December following due diligence.

The founders of Axio said, “In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of Axio. The transaction will now await the required regulatory approvals.” 

The founder added, “The proposed acquisition aims to build on a successful six-year business and equity partnership centered around delivering accessible and affordable credit to customers across the country.”

Amazon already has stock in NBFC CapFloat Financial Services’ Axio brand. It now owns about 8% of the lending platform and took part in its Rs 144 crore extended Series C round back in 2018.

A source familiar with the situation claims that the deal was worth less than $200 million.

CapFloat was founded in 2013 by Sashank Rishyasringa and Gaurav Hinduja. In a mix of debt and equity, the company has raised over $234 million (more than Rs 1900 crore) from major investors, including Lightrock (holding 21.8% as of September 30, 2024), Elevation Capital (1.1%), Sequoia Capital (9.0%), Ribbit Capital (7.6%), Amazon (17.3%), Creation Investments (6.8%), and SOROS Economic Development Fund (3.5%).

The company renamed its three product lines—CapFloat, Walnut, and Walnut 369—to Axio in July 2022. Despite initially focusing on the SME market, the NBFC fintech progressively branched out into consumer lending and partnered with shops to offer credit at online checkout (also known as Buy Now Pay gradually/BNPL).

It acquired 60% of the personal financing app Walnut (now Axio) in 2018.

On a consolidated basis, the company’s losses dropped to Rs 18 crore, or approximately 86%, from its total revenue of Rs 384 crore in FY24. As of September 2024, the firm was worth Rs 459 crore.

With a gross non-performing asset (GNPA) ratio of 3%, assets under management (AUM) of Rs 2,200 crore, and more than 10 million customers, the NBFC fintech provides both secured and unsecured digital personal loans. In the first half of FY25, the company’s asset quality somewhat deteriorated due to the widespread stress in the unsecured lending industry.

Over 63% of the entire AUM was made up of retail finance loans, with personal loans accounting for the remaining portion, according to the credit rating agency.

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Canada-Based Startup Launches North

Ali Waghbakriwala

Cohere, a Canadian AI startup, has unveiled North, a secure platform aimed at streamlining workflows for businesses.

Equipped with tools powered by large language models (LLMs), advanced search functionalities, and automation features, North helps organisations simplify data management and optimise routine operations across various industries.

A standout feature is Compass, an intelligent search system that retrieves information from diverse sources like documents, spreadsheets, and images. By addressing inefficiencies caused by fragmented data systems, Compass empowers teams to make faster, more informed decisions.

Aidan Gomez, CEO of Cohere, said, “North gets rid of the pain that enterprises experience during the AI adoption process, providing near-immediate productivity benefits while being privately deployable.”

The platform seamlessly integrates into existing workflows, enabling employees to create custom AI tools for HR, finance, IT, and customer support tasks. By automating repetitive processes, North allows teams to focus on high-priority initiatives.

Recently, Cohere introduced Command R7B, the smallest model in its R series of LLMs, designed for businesses prioritising speed, cost efficiency, and adaptability.

North also prioritises security, operating in private or air-gapped environments to meet the stringent regulatory requirements of industries like finance, healthcare, and manufacturing. The platform is customisable to align with an organisation’s specific terminology and internal workflows.

Josh Gartner, head of communications at Cohere AI, said, “Companies looking for an AI solution never ask us about AGI or ASI. But every company asks about data security and privacy.”

North has already been trialled in collaboration with the Royal Bank of Canada, tailoring the platform for secure banking applications. This partnership demonstrates North’s ability to meet the unique needs of regulated industries.

Currently available through an early access program, North integrates AI into existing systems without requiring expensive custom-built solutions. With its focus on security and flexibility, Cohere positions North as a productivity-enhancing tool to support businesses in adopting AI while maintaining operational efficiency.

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Anthropic Secures $2 Billion Funding

Ali Waghbakriwala

AI startup Anthropic is reportedly nearing a $2 billion funding round, which would push its valuation to an impressive $60 billion. This follows a $4 billion funding round from Amazon earlier this year, solidifying Anthropic’s position as a major rival to OpenAI in the foundation model space.

The latest funding round, led by Lightspeed Venture Partners, would bring Anthropic’s total funding to $6 billion, significantly boosting its valuation from $18 billion during a previous round led by Menlo Ventures.

Last year, Amazon increased its commitment to Anthropic with an $8 billion investment, including $4 billion in convertible notes that will convert to equity in the current funding round. Alphabet also invested $2 billion in 2023, underscoring the rising interest among tech giants in generative AI and foundation models.

Founded by siblings and former OpenAI executives Dario and Daniela Amodei, Anthropic specializes in developing large language models requiring advanced computational capabilities and highly skilled talent. The company has reported an annualized revenue of approximately $875 million, generated through direct model sales and partnerships with cloud service providers like Amazon Web Services.

Anthropic’s rapid growth reflects the broader AI industry boom ignited by OpenAI’s release of ChatGPT in November 2022. OpenAI, backed by Microsoft, has achieved a valuation of $157 billion following a $6.6 billion funding round in October 2024.

Venture capital investments in AI startups have surged, with Anthropic and xAI accounting for nearly half of all venture capital raised in the U.S. last year, according to PitchBook data.

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Consint.AI Secures Rs 5 Crore Funding in Seed Round 

Ali Waghbakriwala

Generative AI-powered healthcare insurance fraud and risk management company Consint.AI has secured Rs 5 crore in seed funding, led by Equanimity Ventures and Seafund.

The funds will be utilized to scale operations by expanding sales outreach, enhancing its Generative AI Feature Suite for the Health AI platform, and investing in team growth, infrastructure, and R&D to solidify its leadership in the health tech market.

Established in 2020 by Ashish Chaturvedi, with Swadeep Singh later joining as co-founder, Consint.AI focuses on optimizing healthcare claims transactions using AI-driven solutions. 

Its platforms include Risk.ai, designed to streamline insurance transactions and prevent fraud, and CIPHR.ai, which improves critical patient management and simplifies claims processing.

Over the past year, Consint.AI has expanded its presence across India, the Middle East, and Africa.

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DPIIT Joins Hand with Stride Ventures to Support Indian Startups 

Ali Waghbakriwala

The Department for Promotion of Industry and Internal Trade (DPIIT), part of the Ministry of Commerce and Industry, has partnered with Stride Ventures, a prominent venture debt firm, to accelerate the growth of Indian startups and support their global expansion.

This collaboration aims to combine financial support with strategic mentorship and market access, fostering new opportunities for entrepreneurs nationwide. Officials highlight that this initiative aligns with India’s broader economic goals of promoting innovation and entrepreneurship.

Speaking on the partnership, DPIIT Joint Secretary Sanjiv announced that Stride Ventures will develop specialized programs and collaborate on initiatives such as the Bharat Grand Challenge to drive entrepreneurship, innovation, and investment. These efforts will align with government initiatives like “Make in India” and “Make for the World,” with a focus on sectors such as manufacturing, consumer goods, B2B, and cleantech.

Stride Ventures Founder and Managing Partner Ishpreet Singh Gandhi described the partnership as a significant step in empowering businesses that manufacture in India for global markets. He emphasized Stride’s billion-dollar commitment to strengthening India’s startup ecosystem, unlocking its vast potential, and creating global impact.

Stride Ventures will concentrate on identifying high-potential startups and providing funding, policy support, and market access. Additionally, the partnership will extend support to international startups entering the Indian market, creating a mutually beneficial platform for local and global players.

The initiative will also focus on mentoring startups from tier-2 and tier-3 cities, connecting them to a global network of advisors who can provide insights on scaling and best practices. Furthermore, it will spotlight diverse fundraising options, including venture debt, to help emerging businesses chart sustainable growth paths.

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