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Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

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UAE-founded and Saudi Arabia-headquartered fintech Tabby has recently clinched a monumental $700 million debt financing round from J.P. Morgan, propelling its plans for an initial public offering (IPO) in the kingdom.

Empowering Fintech Growth in the MENA Region

Tabby, a burgeoning financial services app in the MENA region, has struck a significant deal with J.P. Morgan, setting a regional milestone as the largest asset-backed facility obtained by a fintech company in this territory.

Saudi’s Tabby Gets $700 Million Credit Line From JPMorgan

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This financing coup arrives hot on the heels of Tabby’s previous successful funding rounds, where it raised $200 million in Series D equity financing and subsequently upsized its debt facility to $350 million. With these strategic moves, Tabby is on an accelerated trajectory, positioning itself robustly in the competitive fintech landscape.

Founded in 2019 by Hosam Arab, Tabby has rapidly evolved, offering users a seamless buy now, pay later (BNPL) facility for both online and offline shopping experiences. Managing an impressive $6 billion in annualized transaction volume, Tabby’s influence in reshaping personal finance in the region is becoming increasingly evident.

The latest financial boost not only fortifies Tabby’s financial foundation but also amplifies its capability to expand its suite of financial services and shopping products. With a consumer base of 10 million and partnerships with over 30,000 retailers, Tabby aims to deepen its impact and redefine financial access and convenience across the MENA market.

Visionary Leadership and Strategic Collaboration

CEO and Co-Founder Hosam Arab expressed immense pride in achieving this milestone, emphasizing the significance of the collaboration with key investors like J.P. Morgan, Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital. This collective backing underscores Tabby’s pivotal role in revolutionizing personal finance and shopping experiences in the MENA region.

George Deves, Co-Head of Northern European ABS at J.P. Morgan, highlighted the importance of fostering a vibrant consumer lending sector, affirming their commitment to support retail credit in the Middle East through this strategic partnership with Tabby.

Ahmed Al Qahtani, Chief Investment Officer for Regional Markets at Hassana Investment Company, echoed the sentiment, emphasizing their belief in Tabby’s vision and its potential to reshape the future of financial services across Saudi Arabia and the broader MENA region.

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Tabby’s achievement further solidifies the MENA region’s growing prominence in the global fintech arena. With recent funding rounds and strategic partnerships becoming the norm, the landscape appears ripe for continued innovation and disruptive growth in the realm of financial technology.

As Tabby sets its sights on an IPO in the kingdom, its journey reflects not just its own success story but also the evolving narrative of fintech in the region, poised for transformational change.

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

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Udaan, the B2B trade platform, has set the stage for an aggressive leap forward in its growth trajectory with the announcement of a substantial $340 million Series E financing. This funding, led by M&G Plc and joined by stalwart investors like Lightspeed Venture Partners and DST Global, marks a pivotal moment in the company’s journey toward a planned IPO.

The infusion of capital not only fortifies udaan’s financial position but also symbolizes a robust endorsement of its vision to revolutionize the landscape for small businesses. This round of funding, a blend of fresh equity investment and the conversion of debt into equity, propels udaan closer to its profitability goal within the next 12-18 months. The strategic utilization of these funds aims to bolster customer experiences, reinforce market penetration, and cultivate robust vendor partnerships.

Empowering Bharat’s Small Businesses

Central to udaan’s mission is the empowerment of small businesses and kiranas across India. The infusion of funds is earmarked to enhance supply chain efficiency, fortify strategic alliances, and augment long-term capabilities, all underpinning a sustainable business model tailored to serve the diverse needs of local businesses.

E-Commerce Firm Udaan Raises $340 Million Ahead of Planned IPO

Image Source: tech.hindustantimes.com

Vaibhav Gupta, udaan’s Co-founder and CEO, emphasizes, “The regional-operated design will not only get us closer to our customers, but also make our operations more agile and efficient.” This underscores the company’s commitment to fostering localized engagement while ensuring operational agility—a key factor in udaan’s success story.

Since its inception in 2016, udaan has been on a relentless trajectory to transform the trade ecosystem by leveraging technology. Its operations span an extensive array of categories, including lifestyle, electronics, FMCG, and more. With a robust logistics network covering over 1200 cities and 12,500+ pin codes through udaanExpress, the platform has cemented its position as a critical enabler for B2B trade.

A Path to Empowerment

With its sights set on a burgeoning $100 billion eB2B market opportunity in India, udaan remains steadfast in its commitment to simplifying trade complexities. By empowering small businesses through technological prowess and inclusive financial practices, udaan paves the way for their success in an increasingly digital business landscape.

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As udaan continues its mission to democratize trade and empower Bharat’s small businesses, this latest funding round serves as a testament to the company’s unwavering dedication and the industry’s confidence in its transformative potential.

AI Startup Sarvam Raises $41 Million to Tap India Growth

AI Startup Sarvam Raises $41 Million to Tap India Growth

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Emerging from stealth mode, Sarvam AI has revealed that it has secured a total of $41 million, as the five-month-old Indian business works to develop a range of full-stack generative artificial intelligence technologies in the most populated country in the world.

The seed and Series A investment rounds together raised 41 million dollars in capital. Together with Peak XV Partners, Lightspeed managed the Series A round as well as co-led the seed. Khosla Ventures along with Peak XV also took part in the Series A investment.

AI Startup Sarvam Raises $41 Million to Tap India Growth

Image Source: bloomberg.com

According to Vivek Raghavan, founder of Sarvam AI, the Bengaluru-based business is developing extensive language models which incorporate Indian languages, as reported by TechCrunch. The firm is also developing a platform that would let companies use large language models in their development.

Currently employing roughly eighteen people, Sarvam AI is concentrating on developing LLMs using speech as the preferred UI in India. This approach, together with its focus on local language assistance, tries to uniquely address the needs of the Indian market.

“This requires us to change the architecture of existing open models and to train them in custom ways to teach the new language. The advantage is that the resultant models are more efficient (in terms of tokens consumed) for understanding and generating Indian language than any of the existing LLMs,” said Raghavan.

techcrunch.com

About five months ago, Raghavan along with Pratyush Kumar, both former employees of information technology veteran Nandan Nilekani-supported AI4Bharat of Indian Institute of Technology Madras, founded Sarvam. Raghavan also worked with UIDAI, the organisation in charge of the widely used Aadhaar identity system in India, for more than ten years.

“I have seen firsthand the enormous value in innovating at foundational layers and deploying at population scale,” he said. “India has demonstrated that it can harness technology differently, and with GenAI we have an opportunity to reimagine how this technology can add value to people’s lives.”

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Business will launch First Model in the Market in few Weeks

During the next several weeks, the business intends to release the initial model to the market.

The Sarvam investment arrives at a period in which investors across the world are scrambling to find and support AI breakthroughs, betting on the idea that innovations in the field would boost productivity across a wide range of sectors and that cutting-edge firms will generate profits that will last for generations.

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Despite having one of the biggest ecosystems for startups globally, India has not yet had a significant influence on the quickly developing field of artificial intelligence. There are currently no native Indian competitors standing a chance against the might of major language model behemoths like Google’s Bard, Amazon-supported Anthropic, and OpenAI’s ChatGPT.

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

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Microsoft has recently unveiled the Android version of its revolutionary app, Seeing AI, specifically designed to assist low-vision and blind individuals. The launch marks a significant milestone in assistive technology, providing new opportunities for independence and accessibility.

Background of Seeing AI

Originally developed for iOS, Seeing AI has been a transformative tool since its inception. The primary goal of the app is to provide a virtual ‘viewing’ experience while taking advantage of advanced technology to assist people with visual impairments.

Features of Seeing AI

Microsoft Launches Seeing AI Android App for Low-Vision And Blind People

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Seeing AI is packed with features like text recognition, object recognition, and scene description, all designed to enhance the daily experiences of its users.

User Interface and Accessibility

The app’s design focuses on intuitive navigation and ease of use, ensuring that its interface is accessible to everyone, regardless of their level of vision.

Technology Behind Seeing AI

At its core, Seeing AI uses cutting-edge AI and machine learning algorithms to interpret the world around its users, transforming visual data into audible information.

Benefits for Low-Vision and Blind Users

Seeing AI opens up a world of independence for visually impaired individuals, from reading printed text to recognizing faces and objects.

Challenges in Developing Seeing AI

Building an app like Seeing AI involves overcoming many technical and ethical challenges, ensuring that it is not only effective but also respectful and privacy-conscious.

Also Read: ChatGPT vs. Google Bard: Which Is Good for Data Analysis?

Future Updates and Roadmap

Microsoft is constantly innovating with plans for future updates that promise to bring even more features and improvements to Seeing AI.

Conclusion

In conclusion, Microsoft’s Seeing AI app for Android is a significant advancement in assistive technology, providing independence and a better experience for low-vision and blind individuals.

Google Alum’s AI Startup Raises $24 Million for Biotech Work

Google Alum’s AI Startup Raises $24 Million for Biotech Work

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European biotech startup Cradle has secured $24 million in funding, marking a significant leap in its quest to employ AI in revolutionizing protein design and engineering. Spearheading this Series A funding is Index Ventures, accompanied by Kindred Capital, Chris Gibson (co-founder of Recursion Pharmaceuticals Inc.), and Tom Glocer (former CEO of Thomson Reuters Corp. and Merck & Co. board member), as announced by Cradle on Tuesday. The company has now amassed a total of $33 million, including its previous seed round.

Google Alum’s AI Startup Raises $24 Million for Biotech Work

Image Source: tech.hindustantimes.com

Cradle distinguishes itself through its utilization of generative artificial intelligence to transcend natural protein boundaries. Its primary focus lies in expediting the creation of protein sequences and 3D structures for a spectrum of applications spanning enzymes, vaccines, lab-grown food, and various materials. Noteworthy clients in its portfolio encompass Johnson & Johnson, Novozymes A/S, and Twist Bioscience Corp. Operating from offices in Delft, Netherlands, and Zurich, the startup has made significant strides since its establishment in 2021.

Bridging AI and Biotech

The convergence of generative AI and biotech stands as a pivotal endeavor for Cradle. Its proprietary AI, trained on vast protein sequence data and internal laboratory insights, empowers biologists to optimize protein design and hasten research and development. Stef van Grieken, former head of product development at Google Brain and now Cradle’s CEO, underscores the technology’s efficiency, revealing that it streamlines experiments, accelerating progress.

Pioneering Solutions and Future Prospects

Highlighting the transformative potential of generative AI in drug development, Cradle aims to address complex protein engineering challenges. The company’s insights reveal that biopharma firms expend substantial resources—$22 million and 42 months of research—on a single potential product, with only a third advancing to clinical trials. Cradle’s innovative AI-driven approach intends to significantly enhance success rates in this domain.

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Emphasizing the nascent stage of this fusion of science and AI, Van Grieken likens their progress to “maybe GPT 0.5.” Cradle’s web-based software facilitates seamless integration of biotech data into AI and machine learning tools. With plans to bolster its team, expand engineering capacities, and establish additional lab facilities, the company envisions a transformative journey at the intersection of biology and AI.

Sofia Dolfe, a partner at Index Ventures, envisions the profound impact of AI in biology, signifying the transformative potential Cradle’s work holds for the biotech landscape. As Cradle continues to pioneer AI-powered solutions, the biotech industry anticipates groundbreaking advancements catalyzed by this innovative approach.

Oyo Talks to Apollo for $660 Million Refinance on IPO Delay

Oyo Talks to Apollo for $660 Million Refinance on IPO Delay

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Oyo Hotels, the hospitality startup backed by SoftBank Group Corp., is in discussions with Apollo Global Management Inc. to refinance a $660 million loan. This move comes as Oyo seeks additional time to reduce its debt, following a delay in its initial public offering (IPO), sources familiar with the matter revealed.

Oyo Talks to Apollo for $660 Million Refinance on IPO Delay
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Oravel Stays Pvt, Oyo’s parent company, is reportedly seeking to extend the loan’s maturity to five years, compared to the existing 2026 deadline. The negotiations are ongoing, with a decision potentially being reached as early as next month, according to insiders.

The talks with Apollo come on the heels of Oyo reporting its first-ever annual profit. Fitch Ratings anticipates further improvement in earnings as the travel industry continues to recover. Oyo, initially heralded as the first Indian unicorn to secure debt from foreign institutions, had offered generous terms and maintenance covenants, a practice common among firms considered risky by investors.

A spokesperson for Oyo addressed the refinancing discussions, stating, “Due to an increase in profits, we regularly get approached for cheaper financing options, but the company’s board hasn’t approved anything, including prepaying some portion.” Apollo declined to comment on the matter.

As of now, there’s no final decision on the refinancing terms, and Oyo’s loan was indicated at 86.5 cents on the dollar according to data compiled by Bloomberg.

Oyo’s prolonged wait for its IPO has proven to be more protracted than anticipated. The anticipated proceeds from the IPO could have assisted the company in reducing its debt, but instead, Oyo is exploring refinancing options. The startup’s founder, Ritesh Agarwal, has been striving for years to bring Oyo public. The company, 47% owned by SoftBank, also counts Airbnb Inc. among its backers.

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Oyo had initially filed for an IPO in 2021, aiming to raise 84.3 billion rupees ($1 billion). However, it faced challenges as technology valuations plummeted, impacting startups globally. Although Oyo filed fresh IPO documents on April 1, key details such as the amount sought, advisors, and financial specifics remain undisclosed.

The ongoing negotiations with Apollo underscore Oyo’s strategic financial moves as it navigates the complexities of the hospitality industry and seeks to strengthen its position in the market.