According to reports, Dutch investment firm Prosus is nearing $60 million (INR 503 Cr) in funding for Indian ride-hailing unicorn Rapido through a combination of main and secondary share sales. According to insiders, Rapido’s current $200 million funding round will include this additional funding.
The conditions of the agreement have reportedly already been decided, according to many media reports. “Prosus plans to invest $60 million in Rapido. Sources familiar with the development said, “The deal’s parameters have been finalised, and it will also allow early supporters to make partial departures.” Rapido’s Series E investment will come to an end with this $60 million round. The company’s present valuation is projected to remain unchanged despite the investment.
Rapido Joining the Unicorn Club
After last month’s revelation that Rapido had raised $200 million in Series E financing led by current investor WestBridge Capital, this new development is even more significant. With a $1.1 billion valuation, that round catapulted the Bengaluru-based business into the unicorn club.
Rapido was established in 2015 by Aravind Sanka, Pavan Guntupalli, and Rishikesh SR. It provides bike taxis, auto rides, and most recently, cab services in a few locations. Furthermore, the platform uses Rapido Local to enable peer-to-peer delivery. The firm has raised approximately $625.75 million to date thanks to the support of a number of well-known investors over the years, including Swiggy, TVS Motor Company, and Shell Ventures.
Rapido has encountered financial difficulties in spite of its expansion. The company saw a 50% year-over-year increase in net loss to INR 674.5 Cr in the fiscal year 2022-2023 (FY23). But compared to FY22, when it made INR 144.8 Cr, its operational revenue increased to INR 443 Cr.
Prosus Expansion Plans in India
As the Dutch investor has been increasing its presence in the Indian market, this new investment from Prosus arrives at a perfect time. It was recently revealed that Prosus is thinking about making a $30 million secondary investment in the hyperlocal services platform Urban Company, with Bessemer Venture Partners receiving a portion of the proceeds. Prosus demonstrated its continued dedication to India in August when it invested $350 Cr in Bluestone’s INR 900 Cr pre-IPO financing.
The investor is also eager to profit from the foodtech giant Swiggy’s impending initial public offering (IPO), in which it intends to sell 11.8 Cr of shares as part of the offer for sale (OFS) component.
About Prosus
Prosus is one of the biggest technological investors and operators in the world, as well as a global consumer internet organisation. In areas like Europe, India, and Brazil, the group is concentrated on developing significant businesses in the online ads, payments & fintech, food delivery, and education technology sectors.
It supports regional business owners that create worthwhile goods for over 2 billion consumers while fostering the development of their local communities. Prosus gives its employees the tools they need to advance their careers and learn new skills.
In Borivali, Mumbai, Nykaa has started a test programme for 10-minute delivery. According to a media source report, this move is a reflection of the rapid commerce sector’s growing influence across several product categories, which is pressuring speciality merchants to accelerate their delivery services.
A direct-to-consumer meat firm called Licious is experimenting with 15-minute deliveries for ready-to-eat meals in a few Gurgaon locations. However, they guarantee 30-minute deliveries normally. In a similar vein, Bengaluru and New Delhi are seeing the trial run of a four-hour delivery service by the fashion platform Myntra. Nykaa’s foray into the world of fast commerce coincides with the growing popularity of beauty products on sites such as Blinkit, Zepto, Swiggy Instamart, and BigBasket’s BB Now. Nykaa intends to extend its 10-minute delivery service to further parts of Mumbai and might launch a new brand name for this project.
According to a Quick Commerce executive cited in the study, quick delivery formats are popular for low-cost beauty items like kajal and skincare products. Similar trends are also being seen in the fashion and home décor categories.
Prompt Delivery Programmes
Bengaluru-based Licious has been delivering orders in major marketplaces in as little as 1 to 2 hours, frequently ahead of schedule. Based on order density, the company is already investigating even speedier deliveries in Gurgaon.
Large horizontal e-commerce companies are also growing their rapid commerce services in the interim. Amazon is developing its own Q-commerce service, while Flipkart has debuted its 10-minute delivery service, Minutes, in Bengaluru, Delhi-NCR, and Mumbai. Bolt, a 10-minute meal delivery service that Swiggy recently launched, is anticipated to be reintroduced by Zomato for a limited number of items in partnership with cafes and quick-service restaurants.
Similarly, even logistics firms like Xpressbees, Delhivery, Shadowfax, and Ecom Express are getting into the rapid commerce space.
Nykaa Stepping Up its Rapid E-Commerce Efforts
About 5% of Nykaa’s total SKUs will be eligible for quick commerce, with an emphasis on items that customers commonly request to be delivered quickly. According to industry experts, a number of businesses are moving towards same-day delivery in large metro areas, dependent upon their category, in response to consumers’ increasing demands for expedited service.
In four major cities, Nykaa already offers same-day delivery for orders placed before noon and next-day delivery for orders placed after that. In these metro areas, between 10% and 15% of orders are delivered the same day, with the other orders arriving the following day.
Nykaa is seeing the fastest increase in its luxury product portfolio, according to JP Morgan research. Because of its concentration on beauty products and its stronghold in Tier-II cities, Nykaa does not anticipate a major impact from the expansion of rapid commerce.
The CEO of Mamaearth, Varun Alagh, stated in August that the fastest-growing sector of the company’s online sales channel was rapid commerce, which accounted for over 10% of its online income, and the majority of orders came from the top 10 cities.
According to the company’s pre-listing prospectus, Swiggy, a food and grocery delivery service that is about to make its first public offering (IPO), gave its founders and senior management $271 million in employee stock options as part of its most recent stock-based compensation plan, which was implemented in April of this year.
Sriharsha Majety, founder and group chief executive officer of the Bengaluru-based company, has been allocated nearly $200 million worth of this stock. The remaining sum was given to food marketplace CEO Rohit Kapoor, cofounders Nandan Reddy and Phani Kishan Addepalli, chief financial officer Rahul Bothra, chief technology officer Madhusudhan Rao, and recently hired Swiggy Instamart CEO Amitesh Jha.
How This Esop Will Benefit Majety?
Majety, who, on a fully diluted basis, owns 6.23% of the company, may receive an extra 2.2-2.5% interest from the additional Esops awarded under the 2024 programme. Through the offer for sale (OFS) portion of the IPO, he will be selling a share valued at $7.5 million. Majety and Reddy traded Swiggy shares through secondary trades between July and September. Reddy sold shares for $12 million, while Majety offloaded a stake valued at almost $23 million.
While Kapoor, who has been with the firm since August 2022, was given stock options worth $9.8 million under the most recent Esop plan, Jha, who joined Swiggy in September from the online retailer Flipkart, was given options worth $13.3 million. In the most recent Esop scheme, Swiggy’s top human resources officer, Girish Menon, was also given $8.6 million worth of stock options.
Esop 2024 Scheme
As per the Esop 2024 scheme, the stock options granted to the senior management of the firm have a vesting term ranging from 1 to 8 years from the date of issue. Following the public listing, any fluctuations in the company’s stock price may also have an impact on how much the issued stock rewards are valued.
Founders and senior management are often given additional stock options by companies as a means of encouraging them to perform well prior to going public. In consumer internet companies, where founders witness a significant diluting of their interests over multiple fundraising rounds, this pattern is particularly common.
Swiggy filed regulatory documents with the Securities and Exchange Board of India (Sebi) in April for its $1.25 billion initial public offering (IPO) via the regulator’s confidential filing process. With Sebi’s permission, it filed an amended draft prospectus in September.
The offering’s initial $450 million fresh issue component, however, may be increased to $600 million. Top Swiggy investors to take part in the OFS portion of the deal, in addition to Majety and Reddy, are Prosus, Norwest Venture Partners, Elevation Capital, Accel, Coatue, and Alpha Wave Global, which is the company’s largest shareholder.
On September 9, 2024, the Reserve Bank of India amended the Unified Payment Interface (UPI) limitations, which were previously set at INR 2,000 and now stand at INR 5,000.
The Reserve Bank of India’s governor, Shaktikanta Das, announced that the Monetary Policy Committee (MPC) had decided not to alter the repo rate and that instead, the central bank would be raising specific restrictions for different types of transactions. “We have decided to increase the UPI lite wallet limit from INR 2,000 to INR 5,000 and the per transaction limit from INR 100 to INR 500.” “We have decided to increase the per transaction limit in UPI123Pay from INR 5,000 to INR 10,000,” Das added. According to Das, the action is intended to promote the broader use of UPI and improve its accessibility and convenience.
Appreciating this move, Kaushik Chatterjee, Founder & CEO of Unifinz Capital India Limited, stated, “The RBI’s decision to enhance UPI limits will encourage users to use it more frequently and make it more inclusive. Borrowers who were restricted by the transaction limit of UPI will now be able to pay higher loan instalments up to INR 10,000 through the UPI. At Lending Plate, where our customers are more comfortable making payments through UPI, this move will be a blessing for them. The increase in UPI limits shall boost the recovery efficiencies of every lending nonbank and, more significantly, the digital lenders whose loan size is smaller and so their loan instalments. Moreover, borrowers, by paying more promptly because the payment option now becomes more friendly with this move, will see their credit history improving, and that will have a positive bearing on the overall lending ecosystem.”
Similar thoughts were shared by Vikkas Goyal, Founder of Rupee 112; he said, “The RBI’s decision to increase the UPI Lite wallet limit and raise the transaction cap for UPI 123Pay represents a transformative step toward greater financial inclusion. For fintech platforms like us, this move enhances our ability to offer seamless and secure loan disbursement to salaried professionals across India. By leveraging UPI, we can streamline the loan disbursement process, making access to emergency loans faster and more efficient. The emphasis on strengthening cybersecurity is timely, and as we continue to expand, safeguarding customer data will remain a core priority for us.”
“The UPI transaction limit hike is a game-changer for digital lenders, especially those like Bharatloan that focus on bridging financial gaps for the underserved. This development enhances our ability to offer seamless, paperless loan disbursement and collection processes for our customers, allowing them to manage their financial needs with greater ease. While the RBI has rightly raised concerns around underwriting practices, we are committed to continually improving our risk management protocols to ensure responsible lending as we scale. We welcome these progressive changes that will support both growth and stability in the digital finance space,” opined Amit Bansal, Founder of Bharatloan.
For People Using Non-Smart Phone/Feature Phones
The revision of the UPI limit for UPI123 Pay is beneficial to those who use feature phones or non-smart phones. The RBI has raised the current payout threshold for this category to INR 10,000. People who want to use UPI for digital payments but don’t have internet access generally use this function. In order to use this service, customers must enter their 4- to 6-digit transaction pins.
With UPI123 Pay, users with feature phones (i.e., non-smartphones) can quickly and easily make payments utilising the Unified Payments Interface (UPI) payment service without needing to access the internet. The goal of this service is to reach the 400 million feature phone users in the nation while being more inclusive. In addition to using Dual Tone Multi-Frequency (DTMF) signalling technology and adhering to the UPI two-factor authentication protocol for transactions, the service also requires an account number and phone number.
Users will need to set up a UPI ID on their feature phone in order to utilise the UPI123PAY service.
Step 1: Enter *99# and select the name of your bank.
Step 2: Enter your debit card’s last six numbers as well as the number of expiration.
Step 3: Following this, you’ll be prompted to create a UPI pin.
Step 4: The UPI ID will be activated after your UPI pin has been set.
Enhancing the Usage of UPI Lite Wallet
With their UPI Lite wallets, users may now make payments up to INR 5,000. Previously, the limit stood at INR 2,000. Similar to a digital wallet on your smartphone, UPI Lite caters to small-scale transactions. This payment mechanism operates without the need for the primary banking infrastructure. Users can store a balance limit (INR2,000 earlier) with UPI Lite. Customers can use this updated balance of INR 5,000 for low-value transactions. The RBI increased the per-transaction limit for this mechanism from INR 100 to INR 500.
You can replenish the wallet’s balance when it runs out by using the associated bank account. Das stated that the MPC has chosen to maintain the repo rate at 6.50% for the 10th consecutive time during the announcement. People often accept that repo rates represent interest rates on loans to commercial banks.
“The move will enhance the customer experience by allowing larger value transactions with lower failure rates. In addition, this will reduce the strain on the payment gateways and servers as more transactions will be conducted using the UPI Lite – a system which does not require a two-factor authentication. From a technical standpoint, this offers tremendous benefits as it minimizes downtime risks because less frequent database hits for authentication and processing will lead to greater stability of the system. It also creates opportunities for FinTech businesses to optimize backend infrastructure to support a larger number of transactions at minimum additional cost. The business will also have to spend less on server and bandwidth-associated costs improving the green footprint of the company,” stated Dipal Dutta, CEO and founder- RedoQ.
According to a media report, PhysicsWallah, the leading ed-tech unicorn, has picked four investment banks as advisors as it prepares for its 2025 IPO plans, following a capital round last month that valued it at $2.8 billion. PhysicsWallah has selected Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan in response to the recent IPO proposals, the report added. It was unclear if additional banks would be added later on if necessary.
The proposed issue may aim to raise between $400 million and $500 million, while the exact amount has not yet been decided and the transaction size may change later. Additionally, based on the various investors’ lock-in periods and investment plans, the sale is probably going to be a combination of primary and secondary issues of shares, permitting growth funding and exit windows if necessary.
The Valuation Speculations
According to various reports, PhysicsWallah would aim for a substantial premium above the last round’s valuation of $2.8 billion. Industry rumours suggest a $4–5 billion target valuation; however, this has not been independently confirmed. Westbridge Capital, GSV Ventures, Lightspeed Venture Partners, and Hornbill Capital are among the investors in the company.
Physicswallah Could Become India’s First Ed Tech Firm to Debut on the Domestic Bourses
Given the uncertainties surrounding the previous listing aspirations of struggling peer Byju’s unit, Akash Education Services, PhysicsWallah may become India’s first educational technology company to make its debut on the domestic markets if these intentions eventually materialise into a listing. Indeed, competitors Vedantu and UpGrad have previously discussed their IPO intentions. Other companies in the market include Unacademy, Unext Learning, Allen Career Institute, K12 Techno, Brightchamps, and Simplilearn.
PhysicsWallah raised $210 million through main and secondary purchases on September 20. Along with current investors WestBridge Capital and GSV Ventures, Lightspeed Venture Partners participated in the capital raise, which was spearheaded by Hornbill Capital. Investor trust in the industry’s potential was demonstrated by the $2.8 billion valuation that PhysicsWallah was able to get, which was 2.5 times greater than the $1.1 billion it had previously received after its previous funding, despite difficulties in the Indian edtech sector. In its first fundraising round, the company raised $102 million from WestBridge and GSV Ventures.
Exploring the world of finance
In 2014, the Noida-based business began as a YouTube channel. It has more than 112 YouTube channels in five Indian languages, with almost 46 million subscribers. The company employs over 14,000 people, has 5.5 million paid students, and uses technology-enabled offline and hybrid centres to operate in 105 Indian cities.
The company’s highest absolute EBITDA year is anticipated to be FY25. The firm’s offline centres, which have required a large financial investment, will also begin to produce results over time, even though its online activities have been almost 50% profitable since day one. Its revenue increased 2.5 times in FY24. For FY24, the company had anticipated INR 2,400 crore in revenue.
New Delhi [India] October 11: Artificial Intelligence (AI) is transforming industries worldwide, and the legal sector is no exception. As legal professionals strive for efficiency amidst growing workloads, AI solutions like LAWFYI.IO are emerging as essential tools that revolutionize legal research and set new benchmarks for speed and accessibility.
Legal professionals are increasingly turning to AI to streamline their practices. According to reports, AI has proven instrumental in automating repetitive tasks, freeing lawyers to focus on more strategic and impactful work. By analyzing vast datasets in seconds, AI expedites legal research, offering unprecedented accuracy and speed in locating relevant case laws, statutes, and legal texts.
At the forefront of this shift is LAWFYI.IO, an innovative AI-powered platform designed to simplify legal research in India. The platform’s intuitive interface allows lawyers to access critical information with ease, enabling faster decision-making and higher-quality client service. This trend of integrating advanced technology into legal field highlights how AI is enhancing legal practices by boosting efficiency and effectiveness.
Here are the capabilities of LAWFYI.IO:
AI Legal Research: LAWFYI.IO leverages an intuitive AI chat interface that helps users find relevant legal cases, statutes, and commentary with accurate citations using natural language prompts. This feature is beneficial for legal professionals conducting case law research.
AI Legal Drafting Tools: It offers streamlined legal drafting capabilities, allowing users to generate legal documents efficiently within the platform.
Advanced Legal Insights: LAWFYI.IO includes an AI-driven PDF reader tailored for legal documents, offering features like text recognition and annotation to simplify document review.
Ecosystem for Professionals: LAWFYI.IO provides a comprehensive ecosystem for legal professionals, offering an all-in-one platform where every aspect of case preparation is seamlessly connected.
Visionary Behind LAWFYI.IO
Driving LAWFYI.IO’s success is Kshitij Chandravanshi, a visionary entrepreneur who recognized the urgent need for smarter legal research tools in India. His legal background, combined with a deep understanding of technology, enabled him to develop a platform that addresses the unique challenges faced by legal professionals in the country. Kshitij’s goal is to democratize legal knowledge, making it more accessible while helping legal professionals adapt to modern technological advancements.
As professionals face increasing pressure to innovate and meet rising client expectations, LAWFYI.IO is proving that AI can fundamentally enhance the legal profession. The platform not only improves operational efficiency but also strengthens client-lawyer relationships by empowering lawyers with faster, more accurate research tools.
The Future of AI in Legal Research
As AI technology continues to evolve, the future of legal research looks promising. Platforms like LAWFYI.IO will play a pivotal role in helping legal professionals navigate the complexities of the law while providing superior client services. By breaking down barriers to information access and streamlining research processes, LAWFYI.IO is emerging as a game-changer in India’s legal market.
In conclusion, AI’s integration into legal practice is not merely a trend but a transformative shift that promises greater efficiency and enhanced client outcomes. LAWFYI.IO is setting a new standard in legal research, empowering lawyers to deliver results faster and more accurately.
But the question remains: How will LAWFYI.IO continue to revolutionize the legal landscape in India?
The annual Entrepreneurship Fest of BITS Pilani KK Birla Goa Campus, Coalescence, has concluded its 2024 edition, leaving attendees buzzing with inspiration and fresh ideas. This year’s event brought together an impressive array of distinguished speakers, including Ankur Warikoo, visionary startup founders like Rajesh Dembla, and leading industry sponsors like Red Bull, creating a dynamic atmosphere for networking and collaboration. Participants engaged in thought-provoking discussions, shared innovative ideas, and gained invaluable insights into the entrepreneurial landscape. Let’s reflect on the highlights and key takeaways from this transformative event.
The fest opened with compelling talks from Ankur Warikoo and Aakash Anand, setting a high-energy tone. Warikoo shared his entrepreneurial mindset, emphasizing resilience and adaptability. His personal anecdotes about turning failures into lessons resonated deeply with the audience. Anand followed with his candid reflections on his journey in the beauty industry, offering motivational insights on authenticity in business.
As participants continue to apply the lessons learned from these sessions, the Coalescence Fest remains a pivotal platform for aspiring entrepreneurs, fostering connections and igniting innovative ideas in the community.
Day 2 began with a representative from the Unit Trust of India, who shed light on the world of mutual funds and shared effective strategies for improving personal finance. A standout moment from Day 2 was the panel discussion, where Prasanna Subramaniam, CTO of Fly91; Saurabh Bothra, founder of Habuild; and Mohit Bhandari, The founder and CEO of Stratzy shared their personal journeys of building startups. The audience’s questions fueled a lively discussion about emerging market trends and future opportunities.
Keynote speakers Rajesh Dembla and Vijender Chauhan rounded out the day with thought-provoking presentations. Dembla shared the philosophy behind his brand, Zoozle, emphasizing the importance of authenticity and purpose in business. Meanwhile, Chauhan delved into the implications of social media and AI on our decision-making processes, offering practical tips on how to navigate these digital influences.
The day concluded with a vibrant networking night, where attendees forged connections and explored potential partnerships, leaving a lasting impression.
On the final day, participants delved deeper into personal finance with a representative from the Unit Trust of India and engaged in competitive events, including a business case study competition, a stock pitching contest and a venture capitalist simulation. These activities fostered collaboration and strategic thinking.
As the day wrapped up, the campus came alive with a lively jamming session, where students showcased their musical talents in an atmosphere of camaraderie. This celebration of connections made throughout the fest blended learning and creativity, leaving everyone with lasting memories and new found inspiration.
As the Coalescence Entrepreneurship Fest concluded, it significantly impacted all attendees. Over three dynamic days, participants engaged with industry leaders, honed their skills through competitions, and forged valuable connections, fostering a vibrant community of aspiring entrepreneurs. The festival ignited innovative ideas and empowered attendees to confidently embrace their journeys, ensuring the spirit of collaboration and entrepreneurship thrives within the BITS Pilani community.
[New Delhi] – [10/10/2024]: Samunnati, a leading agri-value chain enabler company dedicated to empowering smallholder farmers, has successfully raised ₹1123 crore in debt funding in the first half (H1) of FY25. The highlight of this financial year is the successful onboarding of 14 new lenders, who have contributed around ₹480 crores, which is a significant milestone in Samunnati’s growth journey. The new lenders include prominent banks like Kotak Mahindra Bank, Indian Overseas Bank, ESAF Karur Vysya Bank, and Impact lenders Blue Earth and Enabling Qapital.
Samunnati’s robust business growth, meaningful impact, and reputation as a reliable partner in rural development have instilled confidence among investors. Samunnati has also explored Innovative funding routes, such as online bond platforms wherein over 5500 investors have subscribed to Samunnati’s bonds, demonstrating the growing confidence in the company’s mission and financial stability.
Mr. Anil Kumar SG, Founder and CEO at Samunnati said, At Samunnati, our relentless focus on deepening and strengthening the entire agricultural value chain has allowed us to achieve remarkable milestones in just six months of FY24-25. By integrating financial solutions with market access and capacity building, we are creating a robust ecosystem that empowers farmers and FPOs at every stage of the value chain. The funds will enable us to scale further, unlocking greater opportunities for India’s agri-community and bringing us closer to our vision of sustainable growth and rural prosperity.
He added that despite the rising interest rates and a tightening credit environment, Samunnati has managed to reduce the average cost of borrowings for sanctions by 20 basis points. This reflects the company’s efficient operations and strong creditworthiness.
Samunnati’s impressive financial growth story continues this year also, building on the strong momentum of last year (FY23-24) where it had secured funding totalling $155 million (Rs 1158 Crore) for the whole financial year. During the last FY, it attracted investments from investors like USDFC, Credit Saison, Tata Capital, Poonawalla, Hinduja Leyland Finance, Wint Wealth, Altifi, Alteria Capital, and Anicut Capital.
About Samunnati
India’s largest agri enterprise, Samunnati is an open agri network to unlock the trillion-dollar-plus potential of Indian agriculture with smallholder farmers at the center of it. Serving the entire value chain, Samunnati’s Agri Commerce and agri-finance solutions enable affiliated Farmer Collectives and the larger ecosystem to be more efficient and productive. Samunnati has a presence in more than 100 agri-value chains spread over 23 states in India. Samunnati currently has access to 6500+ Farmer Collectives with a member base of over 8 million farmers.
California [US] October 10: Karthik Jakranpally, a seasoned Salesforce expert with over 10 years of experience, has carved out a notable career in the Salesforce ecosystem. His journey, marked by certifications and hands-on expertise, reflects his deep understanding of development, administration, and implementation within Salesforce CRM. Karthik’s ability to lead diverse teams both onshore and offshore, while managing the complexities of agile environments, has made him a standout figure in the tech world, particularly in the areas of banking, finance, and healthcare.
Certified Expertise and Technological Acumen
Karthik’s impressive certification portfolio is a testament to his commitment to mastering Salesforce’s vast capabilities. He holds four pivotal certifications:
Salesforce Certified Administrator
Salesforce Certified Advanced Administrator
Salesforce Certified Service Cloud Consultant
Salesforce Certified Platform Developer I
These certifications lay the foundation for his expertise in Salesforce Clouds, including Sales Cloud, Service Cloud, Health Cloud, and Financial Services Cloud (FSC). His technical acumen spans various Salesforce tools and technologies, with core competencies in Apex, Lightning Web Components (LWC), and Flows, allowing him to drive performance optimization and superior user experiences. Notably, Karthik’s knowledge of Salesforce Lightning, Apex, Aura, and Visualforce has enabled him to deliver impactful and scalable solutions for his clients across industries.
A Leader in Salesforce Implementation
In his current role as a Senior Salesforce Developer with Valiant IT Services Inc., Karthik has been instrumental in supporting the financial sector. Leading the Salesforce development and customization for a 300-user Salesforce org, he has played a key role in enhancing business processes, automating workflows, and implementing solutions tailored to the client’s unique needs. His leadership in managing Salesforce Financial Services Cloud (FSC) has revolutionized how client management and regulatory compliance are handled, streamlining client onboarding and improving customer engagement. Additionally, Karthik’s integration expertise through Apex REST API has fostered seamless data flow between Salesforce and external systems.
At Valiant IT Services, Karthik has been tasked with complex projects that required building and deploying new custom objects, optimizing UI/UX through Lightning Web Components, and mentoring junior developers. His meticulous focus on business automation through Process Builder, Lightning Flows, and Approval Processes has significantly improved operational efficiency. He has also contributed to designing and executing test cases with the QA team, ensuring that projects meet the highest standards of quality and performance.
Driving Innovation in Healthcare with Salesforce Health Cloud
Karthik’s previous experience with Talent IT Services Inc allowed him to bring innovation to the healthcare industry. Working as a Senior Salesforce Developer, he was part of a pivotal project focused on integrating Salesforce Health Cloud with external systems. The project required pulling clinical data from external sources and mapping it to Salesforce objects, a task he accomplished with precision using REST API integrations. This integration enabled healthcare providers to manage patient data efficiently, driving payer sales and improving provider services. His work on creating patient scheduling systems via Salesforce Scheduler and managing cases through Service Cloud greatly enhanced operational workflows within healthcare facilities.
His responsibilities included optimizing Health Cloud implementations, automating business processes through Lightning Web Components (LWC) and Aura Components, and overseeing CI/CD pipelines using Salesforce DX and Jenkins, which reduced deployment times significantly. Karthik’s contributions to the healthcare domain have ensured that patients receive timely care while improving how healthcare organizations manage their processes.
Building a Strong Foundation in Financial Services and Technology
Karthik’s foray into the world of Salesforce began in the financial services sector. He worked on projects that involved creating Salesforce-based solutions to automate and manage financial products for banking institutions. His role as a Salesforce Developer involved customizing the Salesforce platform to streamline workflows, improve user functionality, and integrate with external systems. His early expertise in building Apex REST API web service classes, automating workflows, and customizing user interfaces laid the foundation for his continued success in more complex roles.
His attention to detail, whether working on complex SOQL and SOSL queries or integrating external systems, has been pivotal to the smooth operation of the financial systems he developed. These solutions allowed his clients to manage their financial products more effectively, streamline product offers, and enhance reporting capabilities. Throughout this period, Karthik showcased his ability to simplify complicated processes, establishing a standard of excellence that he has maintained throughout his career.
A Visionary Mentor and Agile Team Leader
Beyond his technical prowess, Karthik has proven himself as a capable and inspiring leader. Whether it’s mentoring junior developers or liaising with product teams, architects, and business analysts, Karthik’s collaborative approach ensures that projects run smoothly from inception to completion. His leadership has been pivotal in delivering high-quality results within agile environments, and his commitment to fostering growth in others highlights his passion for mentorship.
Karthik’s dedication to continuous learning, combined with his experience in deploying Salesforce DX packages and API development, has solidified his role as a thought leader in the Salesforce domain. His ability to bridge the gap between development, business needs, and technological advancements has positioned him as a crucial asset in any team he leads.
Karthik Jakranpally is a dynamic force in the Salesforce community, with a proven track record in developing innovative solutions that enhance business processes across various industries. His mastery of Salesforce technologies, combined with his leadership skills and passion for mentoring, has set him apart as a thought leader in the field. Whether working in finance, healthcare, or banking, Karthik continues to push the boundaries of what is possible within the Salesforce ecosystem, helping organizations achieve operational excellence and drive growth.
With a career that reflects adaptability, dedication, and technological expertise, Karthik’s contributions to the Salesforce landscape are poised to leave a lasting impact for years to come.
The growth-stage funding to the start-up ecosystem has slowed down dramatically over the previous two years, leading venture capital company Peak XV to reduce the size of its largest fund by sixteen percent. In May 2022, the company secured $2.85 billion for its ninth fund, and it will give its limited partners (LPs) a return of roughly $465 million.
The firm is cautiously investing in its growth fund while keeping an eye on seed and venture stage opportunities, given the highly valued public market in India. Consequently, it has decided to reduce the size of its 2022 vintage funds by sixteen percent, according to a statement released by Peak XV. While maintaining the same economics for its seed and venture funds, Peak XV Partners has chosen to link a portion of its carried interest to profit distributions in its growth and multi-stage funds. The difficulties in deploying capital during the last 24 months, particularly for growth and late-stage businesses, are reflected in the downsizing.
Why It Opted for This Move?
In light of the difficulties in deploying capital over the last 24 months, particularly for growth and late-stage enterprises, and the growing compliance and governance concerns that Indian startups are facing, the firm has decided to shrink the size of its fund.
A number of businesses in Peak XV’s portfolio, including GoMechanic, BYJU’S, and Mojocare, have faced serious challenges as a result of these problems. Additionally, in order to get better long-term valuations, companies have begun to look to public markets for expansion and late-stage finance.
The Move Has Been Receiving Positive Feedback
Feedback from a large non-profit LP indicates that the decision has been well accepted. There has never been more firm belief in the benefits of investing in India and Southeast Asia. Strong portfolio performance has put the company on track to have its second-best year ever for exits and dividends, according to the VC firm. According to reports, Peak XV would also reduce the management fee it charges to its investors, or LPs, from 2.5 per cent to 2 per cent for the fund.
Concurrently, the venture capitalist is withdrawing from Zomato and Mamaearth and divesting its holdings in start-ups like K12 Techno, Pocket Aces, and PingSafe through mergers and acquisitions (M&As) and secondary deals. Almost 700 companies have received backing from Peak XV Partners, an aggressive start-up investor in India that separated from US-based VC Sequoia Capital in June of last year. The enthusiasm that the Indian public markets are currently experiencing is similar to what the private markets went through in 2021 when the country created a record 45 unicorns—startups valued at one billion dollars or more—in just a single year.
Nitin Konde
