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Sugmya Finance is preparing for a series-A fundraising round in the near future, displaying their proactive stance in fortifying their financial position: Brijmohan Singh, Co-Founder of Sugmya Finance

Startup to Scaleup: Focus on Sugmya Finance which is transforming micro-lending with its digital focus

<h2>Sugmya Finance is preparing for a series-A fundraising round in the near future, displaying their proactive stance in fortifying their financial position: Brijmohan Singh, Co-Founder of Sugmya Finance</h2>

Starting a business is a common aspiration, but many aspiring entrepreneurs let go of their ideas due to financial limitations. This is where non-banking financial companies (NBFCs) step in, extending support to these small-scale businesses.
With focus on this impact of NBFCs and their lending push for small-scale entrepreneurs, we interviewed Brajmohan Singh, Co-Founder of Sugmya Finance for the 14th episode of our 'Startup to Scaleup'.Established in 2019, Sugmya Finance Private Limited (SFPL) is a Delhi-based NBFC aiming at inclusive growth and women's financial empowerment. Also read/watch - <a title="Startup To Scaleup | Focus on Amala Earth; a one-stop shop for eco-friendly, sustainable products" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-focus-on-amala-earth-a-one-stop-shop-for-eco-friendly-sustainable-products-1697631412243">Startup To Scaleup | Focus on Amala Earth; a one-stop shop for eco-friendly, sustainable products</a> &nbsp;
Sugmya Finance offers MSME loans, microloans, and consumer durable loans and has served thousands of households across 10 states through around 250 branches.In this conversation with Avni Raja, BM Singh talked about various aspects of the business. He said the primary challenge faced by Sugmya revolves around shifting mindsets towards digital adoption. Talking about the expansion plans, Singh outlined that Sugmya Finance targets a ₹750 crore Assets Under Management (AUM) for the current year, with an existing workforce of approximately 1,250 employees. 'Our ambitious goal involves aiming for a 2.5 times growth in AUM annually, reflecting their drive for substantial and consistent financial expansion' Singh added.
Also read/watch - <a title="Startup to Scaleup | Focus on Biofuels Junction, startup that converts agro waste to biofuel" href="https://www.editorji.com/business-news/startups/startup-to-scaleup-focus-on-biofuels-junction-startup-that-converts-agro-waste-to-biofuel-1698236451694">Startup to Scaleup | Focus on Biofuels Junction, startup that converts agro waste to biofuel</a> &nbsp; In terms of fundraising, Singh said Sugmya Finance has had a smooth journey in securing funds, never encountering hurdles in their fundraising efforts. ''We've successfully brought aboard more than 60 lenders, including significant entities like SBI''. Looking ahead, Singh further said that the company is gearing up for a series-A fundraising round in the near future, indicating their proactive approach to further strengthen their financial standing.&nbsp;

From what sparked the idea to overcoming obstacles, in this episode of Startup to scaleup, we interviewed Aniket Doegar, Co-founder and CEO of Haqdarshak and talks about his company's business model, road map and the defining moments for him 

Startup to scaleup | Spotlight on Haqdarshak - platform that connect eligible citizens to welfare schemes

From what sparked the idea to overcoming obstacles, in this episode of Startup to Scaleup, Aniket Doegar, Co-founder and CEO of Haqdarshak and talks about his company's business model, road map and the defining moments for him&nbsp;

In the first episdode of Startup to scaleup, we put our spotlight on a for profit, social impact startup- Haqdarshak, which connects eligible citizens to welfare schemes.&nbsp; Aniket Doegar, the Co-founder and the CEO of Haqdarshak talks about his journey from a teacher for 'Teach for India' to how he founded Haqdarshak. With a presence in 10,000 villages in 25 states, the startup has so far reach 3.5 million customers. The goal is to reach 100 million customers by 2030, says Doegar.&nbsp;&nbsp;
Haqdarshak, founded in 2015, is bridging the information and access gap between citizens and government welfare schemes by using tech and a last-mile field agent network, most of whom are women.&nbsp; &nbsp;
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Chinese mogul Jack Ma resurfaces after 3 years, investing in agrotech startup '1.8 Meters Marine Technology.' His expertise to advance farming practices ignites hopes for sustainability

Jack Ma invests in Agrotech startup, driving farming innovations

Chinese mogul Jack Ma resurfaces after 3 years, investing in agrotech startup '1.8 Meters Marine Technology.' His expertise to advance farming practices ignites hopes for sustainability

Chinese business magnate Jack Ma, known for co-founding Alibaba, has resurfaced after three years and made headlines with a surprising move into the agrotech sector. South China Morning Post reported &nbsp;that Ma's company, Hangzhou Dajingtou No. 22 Arts and Culture, invested a 10% stake in the agrotech startup '1.8 Meters Marine Technology' founded on 20 July in Hangzhou.
 In 2020, Ma faced regulatory scrutiny for criticizing China's financial regulatory system, prompting him to retreat from the public eye. During his absence, Ma focused on studying agrotech, traveling to Spain, the Netherlands, Japan, and Thailand to learn about agriculture and technology's intersection with environmental issues.
 In May this year, he took a teaching position at Tokyo College to research sustainable agriculture and food production. Although he stepped down from Alibaba in 2019, Ma remains involved with the Jack Ma Foundation, and his recent investment in the agrotech startup signals his commitment to the agricultural sector.
 Ma's entry into agrotech brings promise, leveraging his entrepreneurial vision and expertise to drive advancements in farming practices. With his financial backing and insights from the tech world, the industry anticipates positive developments and a focus on sustainability.
 As the agrotech startup gains a prominent ally in Jack Ma, the world eagerly awaits the potential impact on agriculture and environmental progress. Ma's involvement in this venture demonstrates his continuous pursuit of innovation and commitment to shaping a sustainable future beyond the realm of technology.

After investors found out financial irregularities by Mojocare the startup has laid off about 170 employees and is looking to scale down its operations

Investors find financial irregularities by Mojocare; Startup lays off employees: Reports

After investors found financial irregularities by Mojocare the startup has laid off about 170 employees and is looking to scale down its operations

Health tech startup Mojocare's investors have found financial irregularities at the company. As per a report by Moneycontrol, the company inflated its sales bills and overstated its revenues to meet its target.
Major investors that include Chiratae Ventures, B Capital, Better Capital among others, have appointed Deloitte for a forensic audit at Mojocare. The process has been going on for the past 1-2 months, said the Money Control report citing sources.&nbsp;
The report also says that the founders have confessed to investors that they overstated the sales due to revenue target. However, the investors are not considering any legal action against the startup as currently, there is no evidence of siphoning funds.
&ldquo;Major investors of Mojocare initiated a review of the company&rsquo;s financial statements. While the analysis remains ongoing, initial findings have uncovered financial irregularities, and it has become apparent that the business model is not sustainable due to a variety of operational and market factors. As a result, Mojocare will be scaling down operations, and the investor group is working with the company through its transition&rdquo;, investor's joint statement mentioned.
Meanwhile, The Economic Times has reported that Mojocare has laid off about 170 employees after reports of its financial irregularities surfaced. It is also looking to scale down its operations to improve capital efficiency and unit economics.
Mojocare now joins the likes of Go Mechanic, Broker Network, Trell, Zilingo and BharatPe who have accepted indulging in irregularities.&nbsp; &nbsp;&nbsp;

SoftBank is seeking to invest in companies that are in Business to Consumer B2C space, media and enterprise that have valuation between $400-$500 million

Startup Funding: SoftBank looks to invest $100 million each in 5 Indian startups

SoftBank is seeking to invest in companies that are in Business to Consumer B2C space, media and enterprise that have valuation between $400-$500 million

SoftBank is in talks with 4, 5 Indian Startups and is mulling to invest about $50-$100 million in each of the companies, reported Business Standard. As per the publication SoftBank would help these startups in becoming an unicorn.
The company is seeking to invest in companies that are in Business to Consumer B2C space, media and enterprise that have valuation between $400-$500 million. As per Business Standard, this investment is lower than its previous investments in Indian companies.
SoftBank is also open to investing in companies in which the existing investors want to exit via secondary sale because it has postponed its plans od initial public offerings. If the deals are made, SoftBank might also infuse more than $100 million each.&nbsp;
In 2022, SoftBank had invested $500 million mostly in software as a service (SAAS) companies. In 2021, the bank invested a whopping $3.2 billion in Indian companies.

Foundit report has claimed that hiring in startup increase 19% in April, while the white-collar e-recruitment declines 6% and overall hiring activity fall 4%

Hiring in startups surges in April, despite 6% annual drop in e-recruitment: Foundit report

Foundit report has claimed that hiring in startup increase 19% in April, while the white-collar e-recruitment declines 6% and overall hiring activity fall 4%

A new Foundit report has claimed that hiring in startups has surged in April, despite economic uncertainities. As per the data, hiring in startups increased 19% in April 2023 compared to the previous year. Hiring in white-collar e-recruitment has declined 6% compared to the same period in 2022.
As per a research by Foundit, a 4% monthly decline in the hiring activity that translates to cautious hiring attitudes among Indian recruiters. Sectors like BFSI, travel &amp; tourism and import &amp; export have witnessed a boost on month-on-month, sectors like Logistics, Home appliances, and Oil and gas saw decline. However on a year-to-year basis, the report showed that retail, travel &amp; tourism did good while BFSI &amp; BPO showed negative hiring intent.&nbsp;
"Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers. Remarkably, the Indian startup ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges", said Foundit's CEO Sekhar Garisa to news agency IANS.
As per the report, Ahmedabad reported a marginal rise in hiring activity this April compared to the previous year, while hiring in Bengaluru, Kolkata, Chandigarh and Hyderabad remained at negative in April.
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