Baanhem Ventures, the creators of the business reality TV show Startup Thamizha, has successfully raised ₹3.3 crore in funding from Kumar Vembu, founder of GoFrugal Technologies, through his newly launched investment firm, Mudhal Partners. This funding marks a significant milestone in Baanhem Ventures’ mission to empower first-generation entrepreneurs in Tamil Nadu.

Championing Tamil Nadu’s Entrepreneurial Ecosystem

Founded in 2024 by Hemachandran L and Balachandar R, Baanhem Ventures aims to create opportunities for Tamil Nadu’s budding entrepreneurs to become the next generation of innovators and job creators. With backing from Kumar Vembu, the venture seeks to drive social and economic growth through strategic financial and mentorship initiatives.

The company’s flagship show, Startup Thamizha, has already facilitated over ₹200 crore in investment commitments for startups across three seasons. The program showcases seed and growth-stage entrepreneurs from Tamil Nadu, aiming to inspire high-net-worth individuals (HNIs) to invest in local startups while nurturing an entrepreneurial culture in the state.

Building a Bridge for Aspiring Entrepreneurs

“Financial support is critical for first-generation entrepreneurs to start businesses and make an impact. Our mission at Baanhem is to be a dependable resource for these entrepreneurs, helping them transform their ideas into successful businesses,” said Hemachandran L and Balachandar R, Co-founders of Baanhem Ventures. Their commitment underscores the importance of accessible funding and mentorship in fostering a vibrant startup ecosystem.

Through Startup Thamizha, Baanhem Ventures offers entrepreneurs mentorship and funding opportunities, contributing significantly to Tamil Nadu’s economic growth. The show is set to air on a prominent general entertainment channel, highlighting innovative startups and encouraging aspiring entrepreneurs to pursue their dreams.

The Role of Mudhal Partners

Kumar Vembu, through Mudhal Partners, is dedicated to fostering first-generation entrepreneurs from Tamil Nadu. “I was impressed by Baanhem’s vision to develop native entrepreneurs using a scientific approach to produce successful startups. This is why I became the first to join this novel initiative,” Vembu stated.

The name “Mudhal Partners,” meaning “First Partners” in Tamil, reflects the firm’s vision to be the initial supporters of groundbreaking entrepreneurial ventures in Tamil Nadu.

Expanding the Vision

In addition to the funding, Baanhem Ventures is actively raising funds from venture capital firms to create a startup-investment bridge platform. This platform will connect emerging startups with top investors across India, providing access to crucial resources for scaling their businesses.

With this latest funding and the launch of Startup Thamizha, Baanhem Ventures is set to play a pivotal role in shaping Tamil Nadu’s entrepreneurial future, driving innovation, and fostering economic growth.

Conclusion

The successful funding round led by Kumar Vembu’s Mudhal Partners signifies a promising step for Baanhem Ventures as it embarks on its mission to empower first-generation entrepreneurs in Tamil Nadu. By leveraging strategic partnerships and innovative platforms like Startup Thamizha, Baanhem Ventures aims not only to enhance local entrepreneurship but also contribute significantly to the broader economic landscape of the region. As they continue to nurture talent and facilitate investment opportunities, Baanhem Ventures is poised to make a lasting impact on Tamil Nadu’s startup ecosystem.

PeLocal, a fintech startup specializing in payment solutions via messaging platforms like WhatsApp, has successfully raised $2 million in a funding round led by Unicorn India Ventures. This marks the company’s first institutional funding and represents a significant step in its growth trajectory.

Scaling Transactions and Expanding Offerings

Over the past year, PeLocal has experienced impressive growth, scaling its monthly transaction volume from 500,000 to three million. The Chennai-registered startup now aims to hit 10 million transactions per month within the next year. As part of its expansion strategy, PeLocal plans to develop a marketing catalog and a dedicated payments platform tailored for small businesses on WhatsApp.

“This is our maiden institutional funding, and the deep expertise and strategic insights of Unicorn’s leadership will be invaluable as we continue to build on our growth momentum,” said Vivekanand Tripathi, Founder of PeLocal.

Simplifying Digital Payments for Everyday Transactions

Since its inception in 2021, PeLocal has focused on leveraging WhatsApp to streamline payments, serving notable clients such as Delhi Metro, Indraprastha Gas, and Mahanagar Gas. The platform is also utilized by several insurance companies for premium collection, reinforcing its adaptability across various industries.

Unique Value Proposition

Anil Joshi, Managing Partner at Unicorn India Ventures, highlighted the startup’s unique value proposition:

“While digital payment solutions are growing, there remains a demand for simple and seamless solutions for micro payments. PeLocal is addressing this gap by enabling instant payments through WhatsApp.”

This focus on micro payments positions PeLocal to cater to a growing segment of users seeking convenient payment methods integrated into their daily communication tools.

Previous Funding and Vision for Growth

PeLocal had previously raised $1 million in a seed round in 2022, according to Tracxn data. With the latest funding, the company is poised to scale its operations and enhance its offerings, solidifying its position in India’s burgeoning digital payments ecosystem.

The latest investment not only validates PeLocal’s innovative approach but also underscores the growing importance of integrating payment solutions with popular messaging platforms to reach a broader audience.

Future Plans

PeLocal aims to become the leading provider of WhatsApp-based ticketing solutions across various Indian states and organizations while driving the adoption of utility payments through WhatsApp. The company envisions expanding its services beyond traditional payment solutions to include features that enhance customer engagement and streamline business operations.

Key Features of PeLocal’s Services

• Seamless Integration with WhatsApp: Users can send payment links, invoices, and transaction updates directly through WhatsApp.

• Automated Customer Support: The platform offers automated responses and intelligent self-service options, reducing manual efforts.

• Enhanced Payment Security: PeLocal ensures robust security measures for transactions carried out via WhatsApp.

• Convenient Payment Options: Customers can complete payments with just a few taps on their WhatsApp interface.

Conclusion

With this recent funding round, PeLocal is well-positioned to enhance its market presence and capitalize on the growing demand for digital payment solutions integrated with messaging platforms. By simplifying the payment process for both consumers and businesses, PeLocal aims to redefine how transactions are conducted in India’s rapidly evolving fintech landscape. The support from Unicorn India Ventures will be crucial as the company seeks to expand its offerings and reach new heights in the digital payments space.

Online travel giant MakeMyTrip has announced its acquisition of Happay, an expense management platform, from Fintech Company CRED. This strategic move aims to solidify MakeMyTrip’s position as a leader in corporate travel and expense management.

Details of the Acquisition

The acquisition encompasses Happay’s brand, its expense management business, and its dedicated team, which will transition to MakeMyTrip. However, Happay’s payments business and its team will remain with CRED, allowing CRED to concentrate on innovative business payment solutions. The deal is expected to close within 90 days and will enable MakeMyTrip to integrate Happay’s expertise into its corporate travel offerings.

Expanding Corporate Travel Offerings

Founded in 2012 by Anshul Rai and Varun Rathi, Happay specializes in streamlining corporate expense management, covering reimbursements and spending tracking for businesses. The platform supports over 900 corporate clients, making it a valuable addition to MakeMyTrip’s portfolio. Happay previously joined the CRED ecosystem in 2021 through a $180 million acquisition.

Rajesh Magow, Co-founder and Group CEO of MakeMyTrip, emphasized the synergy created by this acquisition:

“We have consistently outpaced industry growth in the corporate travel sector by focusing on innovation and seamless user experience. The acquisition of Happay is a natural next step in redefining corporate travel and expense management benchmarks in India.”

Benefits for CRED

CRED founder Kunal Shah highlighted the strategic benefits of the transaction, stating:

“Our focus at CRED is on developing products that enable financial progress. By enabling each vertical to scale within their domains, we’re positioning teams for transformative growth.”

Happay’s payments division under CRED will continue its mission to enhance the B2B payments experience, including recently launched solutions like the B2B payments platform on Bharat Connect, developed in partnership with NPCI.

MakeMyTrip’s Growing Footprint

MakeMyTrip operates multiple brands like Goibibo and RedBus, providing a comprehensive range of services including air ticketing, hotel bookings, and holiday packages. The company reported significant financial growth with a 24% year-on-year increase in revenue, reaching $211 million in Q2 of this fiscal year.

The acquisition complements MakeMyTrip’s existing corporate travel platforms—MyBiz, which caters to small and medium-sized businesses, and Quest2Travel, designed for larger enterprises—serving over 59,000 SMBs and more than 450 large corporates, respectively.

By integrating Happay’s capabilities into its operations, MakeMyTrip is poised to become a comprehensive solution for businesses seeking efficient corporate travel and expense management.

Conclusion

This acquisition not only strengthens MakeMyTrip’s offerings in the corporate travel sector but also reflects its commitment to innovation and customer-centric solutions. As the corporate travel landscape evolves towards self-service platforms that ensure compliance and transparency, MakeMyTrip’s strategic move positions it well to meet the growing demands of businesses looking for streamlined travel and expense management solutions. With Happay’s integration, MakeMyTrip is set to redefine industry standards while expanding its reach across various enterprise segments.