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Entrepreneur
15-07-2025
- Business
- Entrepreneur
Former ShareChat Exec Shashank Shekhar Eyes USD 4 Mn for AI Learning Startup
The startup, still in stealth mode, is expected to go live later this year. While the name remains undisclosed, insiders suggest that the model bears resemblance to Seekho, a career-focused edtech platform. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Shashank Shekhar, former Head of Content Strategy and Operations at ShareChat, is set to launch a new AI-powered learning startup, with a USD 4 million funding round currently underway, according to two individuals familiar with the matter. "Peak XV Partners is leading the round with participation from a few early-stage institutional and angel investors," one source revealed, requesting anonymity. "Shekhar has been quietly building this for the last few months and has early prototypes in place." The startup, still in stealth mode, is expected to go live later this year. While the name remains undisclosed, insiders suggest that the model bears resemblance to Seekho, a career-focused edtech platform. Shekhar has a notable track record in the content and tech space. After leading ShareChat's content team from 2016 to 2018, he co-founded Circle Internet, a hyperlocal information startup. ShareChat acquired Circle in 2020, after which Shekhar rejoined the platform as a senior executive until his resignation in March 2025. "The round is expected to close in the coming weeks. The startup is likely to use the capital to expand its AI and product team, continue development and prepare for an initial rollout," added another source. Though Seekho is seen as a direct competitor, platforms like YouTube Shorts and Instagram may pose indirect challenges through creator-driven educational content targeting similar audiences.
Mint
10-07-2025
- Business
- Mint
Fi Money shuts down some features, trims workforce to stay afloat
MUMBAI : Neobanking startup Fi Money, backed by investors such as Temasek and Peak XV Partners, has laid off people and shut down some features to stay afloat, three people close to the development told Mint. The company is facing severe runway issues and struggling to secure capital from existing and new investors due to poor financial performance, said two of the three people, adding workforce reductions are among the many steps the startup has taken to cut costs. 'While the company has been in the market to raise capital for some time now, some existing investors have written off their investment in Fi Money," said the third person, on the condition of anonymity. To be sure, the company hasn't filed its 2023-24 financials, and it could still be a while before it does so, said the three people. Fi Money, on the other hand, said it had shared audited financials with relevant stakeholders, but hadn't made them public yet. In 2023, the Bengaluru-based fintech laid off around 10% of its staff in an effort to extend its cash runway to two years amid a worsening funding winter, according to a Moneycontrol report. It had around 300 people on its payroll at the time. Founded in 2019 by Sujith Narayanan and Sumit Gwalani, it has raised close to $150 million from investors, including Alpha Wave Global, Temasek, Quiet Capital, QCM, B Capital, Ribbit Capital, and Peak XV Partners, over the last six years. It was last valued at $524 million in July 2022 during its $71 million Series C round, showed data from market intelligence firm Tracxn Technologies. Epifi Technologies Pvt. Ltd, Fi's parent, reported ₹38 crore in revenue from operations in 2022-23, up from ₹17.5 crore a year ago. Its expenses zoomed to ₹365.7 crore from ₹272 crore in 2021-22. The loss stood at ₹301.8 crore as compared to ₹249.8 crore a year ago, Tracxn data showed. 'Strategic choices" A Fi Money spokesperson confirmed that the startup had been making 'strategic choices to strengthen its foundation and the future" for the past few quarters. "We've streamlined operations, prioritized key products, ensuring every initiative is aligned with long-term user value and business sustainability," the spokesperson said. 'We've phased out a few features that didn't meet our benchmarks for engagement or monetization. These decisions were rooted in data and user insights, reflecting our sharper focus on building a more sustainable and relevant product experience," the spokesperson added. Fi Money claimed that it was adequately capitalized and operationally agile to deliver innovation across banking, lending, and wealth management. 'Like any ambitious startup, we make multiple bets, some of which work better than others, but we've always operated with a learning mindset." Earlier this week, it launched a new feature that allows users to securely connect their financial data to AI assistants such as ChatGPT, Gemini, and Claude. The neobank offers its products to over 3.5 million users across 19,000 pin codes in India. Some of its offerings include a zero-forex international debit card, AI-powered money insights, goal-based saving tools, mutual funds, US stock investments, instant loans, credit cards, and more. It competes with other neobanks such as Jupiter and Niyo. Industry-wide churn Mint reported on 11 March that Jupiter (Amica Financial Technologies Pvt. Ltd), which is in early-stage discussions to raise $30-50 million from existing investors, has also seen several top-level exits during its cost-cutting and restructuring exercise to reduce customer acquisition costs. Niyo (Finnew Solutions Pvt. Ltd) has also witnessed a significant churn. Its chief strategy officer stepped down in April even as the digital-only bank navigates a slowdown in revenue, delays plan for an initial public offering, and a rise in pressure to deliver profitability, Mint reported on 9 April. Neobanks offer banking services in partnership with traditional banks.
The Hindu
30-06-2025
- Business
- The Hindu
Lab-grown diamond jewellery start-up Aukera raises $15 million, to expand network
Lab-grown diamond jewellery company Aukera on Monday said it has raised $15 million in growth capital led by Peak XV Partners with follow-on participation from existing investors, including Fireside Ventures, Sparrow Capital, Prath Ventures and Alteria Capital. The investment will accelerate its retail expansion plans and contribute to enhancing product offerings, Aukera said in a release. It has stores in Bengaluru, Delhi NCR and Hyderabad and expanding into new cities. The brand will scale into a Rs.1,000 crore brand in next 5-7 years', founder and CEO Lisa Mukhedkar said.
Entrepreneur
30-06-2025
- Business
- Entrepreneur
Aukera Raises USD 15 Mn Funding to Expand Lab-Grown Diamond Retail Footprint
The funding round was led by Peak XV Partners, with continued backing from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Lab-grown diamond jewellery brand Aukera has raised USD 15 million in a funding round led by Peak XV Partners, with continued backing from existing investors including Fireside Ventures, Sparrow Capital, Prath Ventures, and Alteria Capital. The Bengaluru-based startup said it will deploy the capital to expand its retail footprint, strengthen its product offerings, and invest heavily in design innovation and marketing capabilities. Founded in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera currently operates 13 company-owned stores in cities like Bengaluru, Hyderabad, and across the Delhi NCR. "Aukera is challenging the status quo," said Kumar Saurabh, Co-founder of Aukera. "This investment is meaningful as we pursue our next phase of growth." Aukera positions itself in the premium jewellery segment, offering exclusively lab-grown diamonds—a category gaining momentum globally due to consumer demand for sustainable, ethically sourced, and cost-transparent alternatives to mined diamonds. Its offerings include IGI-certified stones, customisation services, and a mix of contemporary and traditional designs, delivered through an omni-channel model combining online presence with high-footfall physical stores. The funding round arrives amid a surge of interest in India's lab-grown diamond (LGD) market, which is estimated at USD 2.6 billion and poised for continued growth. Lab-grown diamonds are created using advanced technology to replicate the physical and chemical properties of mined diamonds, with advocates touting their eco-friendliness and price efficiency. "Driven by structural tailwinds and a strong consumer shift, Aukera is well-positioned to lead India's fast-growing lab-grown diamonds category," said Abhishek Mohan, Principal at Peak XV Partners. Fireside Ventures, which first invested in Aukera in 2024, echoed this sentiment. "Aukera is not just another lab-grown diamond jewellery brand—it's aiming to redefine how fine jewellery is consumed in India," said Kanwaljit Singh, Managing Partner. Looking ahead, Aukera plans to scale to INR 1,000 crore in revenue over the next five to seven years, targeting new markets, store openings, and brand visibility initiatives to fuel its growth in a rapidly evolving segment.
Time of India
30-06-2025
- Business
- Time of India
Lab-grown diamond jewellery company Aukera raises $15 million in round led by Peak XV Partners
Academy Empower your mind, elevate your skills Lab-grown diamond jewellery company Aukera has raised $15 million in its latest funding round led by Peak XV Partners Existing investors Fireside Ventures , Sparrow Capital, Prath Ventures, and Alteria Capital also participated in the will use the funds to double down on its retail footprint and enhance its product offerings by investing in hiring design, merchandising, and marketing talent. Currently, the company has 13 offline stores across Bangalore, Delhi NCR, and Hyderabad. It will be adding two more in the next 10 in 2023 by Lisa Mukhedkar and Kumar Saurabh, Aukera is a Bengaluru-based lab-grown diamond jewellery brand. The latest funding brings the total funds raised by the firm to almost $20 million.'The demand for lab-grown diamonds in India is growing phenomenally,' Mukhedkar told ET. 'Our customers, who started buying from us out of vague curiosity, are now engaging with the brand with an intent to buy backed by trust. We are seeing very high repeat and referral rates. It is between 25 and 30% within a period of six to eight months.'According to Mukhedkar, Aukera is expected to be at a Rs 200 crore annual run rate by the end of this financial year. 'We see ourselves scaling to a Rs 1,000 crore brand in the next five to seven years.'Kanwaljit Singh, founder and managing partner at Fireside Ventures, who is an existing investor in the firm, said, 'With this investment, Aukera is now poised to scale rapidly and set the benchmark for the category.''We are excited to partner with them as they scale Aukera's footprint and deepen the brand's leadership in this emerging category,' Abhishek Mohan, principal, Peak XV Partners, said in a prepared expanding lab-grown diamond industry is emerging as a promising opportunity for both brands and investors. The market, which stood at $299.9 million in 2023, is estimated to reach $1,192.3 million by 2033 at a 14.8% CAGR, according to the Industrial Extension Bureau, which is an investment promotion agency of Gujarat.
