Mokobara, the Bengaluru-based D2C luggage startup, has reported a remarkable performance in the fiscal year 2023-24 (FY24). The company’s revenue from operations jumped 120% to reach INR 117.44 Cr, up from the INR 53.27 Cr it reported in the previous fiscal year.

The startup’s losses nearly halved in FY24, coming down to INR 4.24 Cr from the INR 8.22 Cr loss incurred in FY23. This impressive financial turnaround was driven by Mokobara’s robust topline growth during the year.

Founded in 2019 by Sangeet Agrawal and Navin Parwal, Mokobara sells a range of luggage, travel bags, wallets, kits and sling bags through its own website as well as major e-commerce platforms like Amazon and Flipkart.

In line with the surge in revenue, Mokobara’s expenditure also increased, reaching INR 123.28 Cr in FY24 – a 99% jump from the INR 61.85 Cr spent in the previous year. The startup’s biggest expense was on the purchase of stock-in-trade, which grew by 143% to INR 71.18 Cr.

Mokobara also continued to invest heavily in marketing and advertising, spending INR 22.65 Cr, a 38% increase from FY23. The startup’s employee expenses jumped 167% to INR 13.02 Cr, indicating significant team expansion.

The strong financial performance comes on the back of Mokobara’s ability to raise fresh funds. In FY24, the startup secured $12 Mn in a funding round led by Peak XV Partners, valuing the company at $80 Mn. Earlier in October 2023, Mokobara had raised $3.6 Mn from investors including Saama Capital, Sauce VC and Alteria Capital.

With its robust revenue growth, improved profitability and successful fundraising, Mokobara has demonstrated its ability to navigate the competitive D2C luggage market and emerge as a rising star in the Indian startup ecosystem.

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Paris-based startup studio Hexa, known for launching trailblazing B2B software companies like Aircall and Swan, has lifted the curtain on its next wave of innovative ventures. This diverse lineup showcases Hexa’s ability to identify promising ideas and pair them with talented founding teams.

Hexa’s approach involves incubating new concepts within its studio, providing hands-on support across product development, go-to-market strategy, and fundraising. Once the startups secure their initial funding, they transition to become independent companies, with Hexa retaining a 30% stake.

This model has proven successful, with Hexa’s portfolio boasting several unicorns and high-growth firms generating substantial revenues. In the next two years, the studio expects at least five of its pre-2021 startups to reach annual revenues between €100 million and €300 million.

Among Hexa’s latest batch of startups are a weight loss platform leveraging GLP-1 medications, an AI-powered tool for prompt engineering, a skin cancer screening service, and several other B2B solutions targeting legal, compliance, and customer support challenges.

“Hexa continues to demonstrate its knack for identifying and nurturing transformative business ideas,” said Thibaud Elzière, Hexa’s co-founder and CEO. “This new wave of startups showcases our ability to expand into emerging sectors while maintaining our track record of success.”

While Hexa had previously explored a vertical-focused accelerator model, the studio has now centralized its efforts under the Hexa brand. This allows the team to maintain a nimble and adaptive approach, selectively adding new industry verticals as opportunities arise.

As Hexa’s portfolio continues to grow, the startup studio’s reputation as a reliable launchpad for disruptive B2B ventures solidifies. Entrepreneurs and investors alike will be closely watching this latest batch of Hexa-backed startups as they embark on their journeys to shake up their respective markets.

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Seattle, WA – Augmodo, the only real-time inventory and task tracker using wearable SmartBadges to create live 3D store maps, announced today they launched pilots in four Chemist Warehouse locations, Australia’s largest pharmacy retailer. The wearable tech recommends actions and tasks to increase efficiencies, including restocking shelves, placing orders and improving compliance, saving stores time and money and improving retailer, associate, brand and shopper experiences.

“Every day in each store, our hardworking associates spend hours auditing and working tirelessly to keep products on the shelf,” said Mark Finocchiaro, Managing Partner, CIO & Director at Chemist Warehouse. “With Augmodo, the AI assistant lets them know which products are out of stock and in the wrong place, and which tasks are needed next. They simply wear the lanyards around their neck and no longer need to spend hours auditing – everything is automatically scanned as they walk the floor, making their role even more valuable. Not only are they helping to provide real-time inventory data, but now have more time to help customers.”

SpatialView is Augmodo’s analytics platform for retail executives and brand partners, which provides real-time visibility into shelf conditions. Easy-to-deploy, it’s installed in 20 minutes and quick to charge and is 100 times cheaper than other options, while collecting ten times more data.

“Retailers lose $1.75 trillion in revenue worldwide due to out-of-stocks, preventable returns and overstocks,” said Ross Finman, Founder and CEO at Augmodo. “Our innovative tech helps cut down a good amount of this lost revenue. With better tools, data and insight, we’re working with Chemist Warehouse to decrease data disconnects and make the shopping experience even better for their customers.”

Chemist Warehouse and Augmodo initiated their pilot in summer of 2024 and have seen incredible results in a short amount of time – participating stores saw a 30% decline in inventory gaps in the first month of operations. As Augmodo rolls out to more stores, the rich data captured at the product and store levels throughout the day will be used to create greater efficiencies in inventory and reduce carrying costs.

“We can’t wait to make associates happier by reducing mundane tasks, and shoppers happier with increased product availability, which drives our top and bottom line,” said Finocchiaro. “We are also looking forward to collaborating with our supplier community, who can find out how their products look in store and identify and solve issues quickly from their laptops.”

Suppliers can now use real-time data – instead of weeks- or months-old– to view 3D planograms that optimize store visits from their sales team, sending associates to locations that need the most help. They also can improve demand planning, understanding when items are depleted and when promotions end, so they plan availability and make sure products arrive sooner, as well as identify changes to the overall category that optimize availability for all shoppers.

The Chemist Warehouse locations launching Augmodo are in Melbourne.

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As the field of artificial intelligence (AI) continues to revolutionize the medical landscape, a new tool has emerged as a promising resource for early-career radiologists and researchers: ChatGPT. According to a study published in Current Problems in Diagnostic Radiology, the large language model (LLM) could serve as a valuable academic reference for those looking to implement AI in their radiology research.

The study, led by Dr. Dania Daye from Massachusetts General Hospital, evaluated the performance of ChatGPT-4o in recommending appropriate AI algorithms for various radiology tasks, including segmentation, classification, and regression. The researchers found that the LLM was able to provide clear and relevant recommendations in the majority of cases, with graders rating 83% of the responses as clear and 79% as appropriate for the specified research tasks.

“Its ability to bridge the knowledge gap in AI implementation could democratize access to advanced technologies, fostering innovation and improving radiology research quality,” the authors wrote.

However, the study also highlighted some limitations of the AI assistant. While ChatGPT-4o performed well in recommending algorithms, it struggled to diversify its suggestions or select a gold standard approach. Graders rated only 59% and 54% of the responses as appropriate for model diversity and gold standard selection, respectively.

“By understanding these strengths and weaknesses, the medical research community can better leverage GPT-4o and similar tools to enhance AI-driven research in radiology,” the authors concluded.

As the field of AI continues to evolve, the potential for tools like ChatGPT to support novice researchers in navigating the complexities of machine learning and deep learning is becoming increasingly apparent. This study underscores the value of such AI assistants in democratizing access to advanced technologies and improving the quality of radiology research.

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In a move that could shake up the chemicals industry, startup Albert Invent has secured a $22.5 million Series A funding round to advance its AI-powered platform. The platform, dubbed Albert Breakthrough, aims to streamline the research and development process for chemical companies, allowing them to create new products more quickly and efficiently.

Albert Invent’s founders, Nick Talken and Ken Kisner, previously ran a successful 3D printing company, which gave them a deep understanding of materials science. They have now applied that expertise to the chemicals sector, training their proprietary AI models on a vast dataset of over 15 million chemical structures.

The platform combines this structured data with advanced machine learning algorithms, enabling chemists to interrogate molecular-level information when formulating new chemicals. According to the company, this can lead to faster development times and even “outperform” standard industry models when it comes to predicting toxicology.

“This is a SaaS product that’s being used by the largest chemical companies in the world to reinvent the physical world fundamentally,” said CEO Nick Talken. “The biggest problem we face as a society, from sustainability to personalized medical devices — all those are going to be solved through chemistry.”

The platform has already attracted a roster of high-profile clients, including Chemours, Solenis, Keystone Industries, Applied Molecules, Henkel, and Nouryon. Nouryon’s CTO, Johan Landfors, praised the platform as integral to their product development process.

With the new funding, Albert Invent plans to further expand its AI capabilities and reach within the chemicals sector. The investment was led by Coatue, with participation from existing investors Index Ventures, TCV, F-Prime, and Homebrew.

“It is exciting to support Albert as the company seeks to transform how chemistry research is performed by implementing the latest AI technology for greater efficiencies and overall business benefit,” said David Schneider, general partner at Coatue.

As the chemicals industry grapples with the challenge of developing innovative, sustainable products, Albert Invent’s AI platform could prove to be a game-changer, accelerating the pace of research and unlocking new avenues for breakthroughs.

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GitLab, the leading AI-powered DevSecOps platform, has announced the appointment of Bill Staples as its new Chief Executive Officer, effective immediately. Staples succeeds co-founder Sid Sijbrandij, who is transitioning to the role of Executive Chair of the Board to focus on his health.

Sid Sijbrandij, GitLab’s co-founder, expressed his confidence in Staples, stating, “I believe his passion for software, commitment to customers, and strong track record make him the right person to lead the company going forward.” Under Sijbrandij’s leadership, GitLab has grown to serve over 10,000 customers and generate more than $750 million in run-rate revenue.

Godfrey Sullivan, the lead independent director on GitLab’s board, praised Staples’ experience in scaling enterprise software organizations and his focus on innovation, making him the ideal choice to guide the company in its next phase of growth.

“For the past twelve years, Sid and the team have established GitLab as the most comprehensive AI-powered DevSecOps platform that developers love, and enterprises around the world rely on for software innovation,” said Staples. “I am honored and excited to lead the company into this next chapter and to help our customers and partners accelerate innovation and deliver business value.”

Staples brings nearly 30 years of experience in building developer platforms and serving developers as customers. As the former CEO of New Relic, he demonstrated his strategic leadership and deep product knowledge, driving significant enterprise value and increased profitability for the company.

With Staples at the helm, GitLab is poised to continue its trajectory as a market-leading DevSecOps platform, empowering organizations to boost developer productivity, improve operational efficiency, reduce security and compliance risks, and accelerate digital transformation.

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Venture capital firm Antler India has revealed plans to invest $25 million (approximately ₹211 crore) in 50 startups by the year 2025, the company announced on Wednesday.

Antler India, which launched its maiden $75 million fund in 2024, has already invested in 30 startups this year. The company’s 2024 investment portfolio includes a diverse range of businesses, such as a wholesale marketplace for fashion retail (Bizup), an aluminum-air fuel cell technology company (Meine Electric), an open mobility platform (Namma Yatri), a personal loan facilitator firm that uses paid leaves as digital assets for salaried employees (Keeper), and an AI-powered dashcam provider (Cautio).

“Our investment pace reflects both the quality of the founders we’re meeting and our conviction that the next wave of global technology companies will emerge from India,” said Antler India Partner Rajiv Srivatsa. “We have invested in 30 companies this year, many of which were born in our Residency program, where founders had the opportunity to validate their ideas, build strong teams, and get early customer traction before raising their first check.”

Antler’s next Residency cohort in India is scheduled to commence in February 2025, offering founders the chance to refine their business ideas and secure early funding before launching their startups.

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In a groundbreaking move, Hermplify, an innovative AI-powered platform, has officially launched to support women entrepreneurs and young girls across Africa. This game-changing initiative aims to unlock the vast potential of the continent’s $300 billion digital economy by providing women with the tools, resources, and skills they need to thrive in business.

Recognizing the barriers faced by over 100 million female entrepreneurs in Africa, such as limited access to technology and funding, Hermplify is poised to make a transformative impact. The platform offers user-friendly, AI-driven business management tools, educational resources, and financial services, all designed to empower women and girls to overcome these obstacles.

“Our mission at Hermplify is simple: to give women and girls the tools they need to succeed in business and life,” said Anthony Olanrewaju, CEO of Hermplify. “With the platform, our scope is to ‘amplify’ every ‘her’ in underserved communities across Africa, enabling them to easily manage their businesses, access loans, and gain valuable tech skills—all in one place.”

Hermplify’s comprehensive suite of features includes automated invoicing, payment processing, and online storefronts, helping women efficiently manage and grow their enterprises. Additionally, the platform provides courses on digital marketing, web design, and data analysis, equipping young girls and women with the in-demand skills needed to thrive in today’s job market.

With Africa’s digital economy projected to reach $300 billion by 2025, Hermplify is strategically positioned to support women entrepreneurs in tapping into this lucrative market. Since its soft launch, the platform has already attracted over 1,700 registered users within its first month, demonstrating the overwhelming demand for such a transformative initiative.

“We believe in amplifying the voices and talents of women in Africa. Hermplify is not just a business platform—it’s a movement to drive economic equality and opportunity for women across the continent,” said Olanrewaju.

As Hermplify continues to expand its reach across Africa, the platform’s unwavering commitment to empowering women entrepreneurs and girls is set to have a profound and lasting impact on the continent’s digital economy.

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In a significant move, the fraud prevention software company RaptorX has secured Rs 4 crore in a pre-seed round from a lineup of prominent investors. The funding round saw participation from PeakXV Spark, EagleWings Ventures, Point One Capital, and other distinguished backers, including Lenskart Founder & CEO Peyush Bansal, Boat Co-founder & CMO Aman Gupta, and senior executives from Google.

Founded by Pratyusha Vemuri, the fresh capital will be utilized to enhance RaptorX’s AI and machine learning capabilities, catering to the evolving needs of the banking and e-commerce sectors. The company plans to expand its team by onboarding top talent aligned with its mission and culture, while also investing in improving integrations with payment gateways, e-commerce platforms, and banking systems.

“This funding allows us to advance RaptorX’s team and capabilities to help businesses uncover unknown fraud patterns, minimize losses, and create trust with their customers. Our mission is to provide a proactive, AI-driven fraud prevention platform that transforms how industries manage risk,” said Pratyusha Vemuri, CEO of RaptorX.

Operating at the intersection of Fintech, Regtech, E-commerce, and Artificial Intelligence, RaptorX focuses on fraud prevention, anti-money laundering (AML), and customer risk intelligence. The global fraud detection and AML market is poised to surpass USD 129 billion by 2030, driven by the rapid adoption in the banking and e-commerce sectors.

RaptorX aims to address these challenges by providing predictive and real-time fraud detection, revealing hidden relationships, and enabling businesses to act proactively while ensuring compliance and operational efficiency.

Going forward, the company plans to deepen its presence in the e-commerce and banking markets across India and Southeast Asia, while also exploring new AI modules for return frauds, mule detection, and real-time payment screening.

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In a highly anticipated move, Chinese autonomous driving startup Pony.ai made its stock market debut in New York, raising up to $452 million through an initial public offering (IPO) and private placement. However, the company’s shares failed to maintain their initial surge, closing 7.8% lower on their first trading day.

Pony.ai, based in Guangzhou, issued 23 million American depositary shares at $13 each, making it the largest IPO in the U.S. autonomous driving sector this year. Despite an initial jump of over 19%, the shares ultimately settled at $12, giving the company a market capitalization of $4.2 billion.

The funds raised will be used to commercialize and expand Pony.ai’s self-driving services, continue technology development, and potentially pursue strategic investments and acquisitions to strengthen the company’s capabilities and ecosystem.

“Our debut on Nasdaq is just the beginning of the profound ways in which autonomous driving technology will change the world,” said Lou Tiancheng, Pony.ai’s director, co-founder, and chief technology officer. “The journey to revolutionize mobility is akin to climbing Mount Everest, a path that demands perseverance, patience, and a commitment to a long-term vision.”

Established in 2016, Pony.ai offers technological solutions and services related to robotaxis, robotrucks, and technology licensing. The company has already deployed 250 robotaxis and more than 190 self-driving trucks, with nearly 40 million kilometers of autonomous driving testing, including almost 4 million km of fully automated driving.

Pony.ai has forged partnerships with major automakers, ride-hailing, and logistics platforms, including Toyota, BAIC Motor, GAC Group, FAW Group, SAIC Motor, Sany Heavy Industry, QIC, Alipay, Didi Global, Jin Jiang Taxi, Singapore’s ComfortDelGro, and Sinotrans.

Prior to the IPO, Pony.ai had raised over $1.3 billion in seven fundraising rounds, attracting investors such as Toyota, FAW, HongShan Capital Group, Wuyuan Capital, IDG Capital, and China Merchants Capital. The Japanese auto giant holds a 13.4% stake, while HongShan owns 10.2%.

Despite the initial market jitters, Pony.ai remains optimistic about the long-term potential of its autonomous driving technology. The company’s net loss narrowed 26% to $51.3 million in the six months ended June 30, while its revenue more than doubled to $24.7 million.

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