Atlan Raises $105 Million; Fintech Startup Simpl Cuts 100 Jobs

Atlan Raises $105 Million to Pioneer Data Governance Solutions

Data collaboration startup Atlan has secured $105 million in its Series C funding round, with GIC and Meritech Capital leading the investment. With a post-money valuation of $750 million, Atlan has witnessed significant growth, boasting a 7X revenue increase in two years and a 400% surge in enterprise sales in Q1 2024. Founded in 2018, Atlan focuses on data and AI governance, offering a platform for teams to collaborate and manage data assets effectively. Its clientele includes major enterprises like Cisco, Unilever, and Nasdaq. Atlan's innovative approach to data management addresses the challenges of the modern business landscape, earning praise from investors and industry experts alike

Simpl Undertakes Restructuring, Lays Off 100 Workers

Fintech startup Simpl has undergone a restructuring process, resulting in the layoff of approximately 100 employees across various teams and sectors. The move aims to enhance operational efficiencies and reduce fixed costs, with the company eyeing profitability by mid-2025. Ashish Kulshrestha, Simpl's head of corporate communication, highlighted the necessity of the decision for the firm's long-term sustainability. Affected employees will receive severance pay and support services, including medical insurance and outplacement assistance. This isn't the first time Simpl has faced such measures; last year, it laid off 120-150 employees. Since its establishment in 2016, Simpl has amassed a substantial merchant base, including Zomato, MakeMyTrip, and Big Basket.

Cornext Raises $2.2 Million to Revolutionize Cattle Nutrition in India

Hyderabad-based agritech startup Cornext has secured $2.2 million in seed funding from Omnivore, with plans to scale its silage production to 1 million metric tonnes annually by 2026. Founded in 2015, Cornext focuses on dairy operations and logistics, developing feeding solutions for dairy farmers and addressing fodder shortages through its patented silage baling technique. With clients like AMUL and MILMA, Cornext aims to revolutionize cattle nutrition in India. Jinesh Shah, managing partner at Omnivore, praised Cornext's efforts to tackle the country's milk productivity challenges. The funding reflects growing investor interest in agritech amidst prominent players like Ninjacart and Poshn attracting substantial investments.

Legacy Companies Dominate PE-VC Investments in 2023

In 2023, traditional companies outpaced new-age firms in attracting private equity and venture capital investments, with legacy companies securing 75% of the funds. PE funds, favouring established business models, drove this trend, although they also backed some tech startups like Dream11 and Sugar. Healthcare saw record-high investments, while PE investments in Reliance's retail unit boosted consumer deals. Although VC funding slowed, India's share of PE-VC investments in Asia-Pacific grew alongside Japan, while China's share declined. Analysts attribute this shift partly to India's favourable policies and global firms diversifying production away from China. Despite global challenges, 2024 is anticipated to see improved investment activity, with India emerging as a key player in the region.

BharatRohan Secures $2.3 Million, Plans Nationwide Expansion

Drone-based agritech startup BharatRohan has raised $2.3 million in a funding round led by investors such as Villgro Innovation Foundation and Caspian, along with participation from RevX, Venture Garage, and other ultra-high net-worth individuals. The investment, comprising both debt and equity, will fuel BharatRohan's mission to develop advanced drones equipped with hyperspectral sensors for precise crop monitoring and variable pesticide applications. The startup plans to expand its services nationwide, aiming to support 50,000 farmers across five states. Through franchise-based models, rural entrepreneurs will be empowered to offer BharatRohan's CropAssure service, thereby enhancing farming practices for scientific, sustainable, and profitable outcomes. Additionally, BharatRohan intends to innovate compact hyperspectral and multispectral sensors for drones, providing farmers with real-time, data-driven insights to optimize resource allocation and enhance crop resilience against unpredictable weather patterns. Founded in 2016, BharatRohan is committed to revolutionizing precision farming and agricultural sustainability.