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Droom Raises $ 30 Million In The Latest Funding Round

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Droom Raises Funds,Latest Funding Round,Business News 2018,Best Startups in India 2018,Latest Startup News India,startup stories,Startup Funding Round,Latest E Series Funding Round,Online Automobile Startup Droom,Droom Founder Sandeep Agarwal

Droom, an online automobile oriented startup, raised funds to the tune of $ 30 million in the latest Series E series funding round. Led by Joe Hirao, the founder of ZIGExN, this new round of funding also saw investment from an anonymous Japan based family office fund.

Through the latest round of funding, Droom plans on expanding its financial offerings, inspections and marketplace formats beyond the B2C format it currently works with. This new round of funding comes shortly after the last round, where Droom secured an initial funding of $ 30 million. From the time of its inception (four years ago,) Droom has managed to secure an overall funding of close to $ 125 million, taking the valuation of the company to a whopping $ 750 million!

Talking about the incredibly successful Series E funding round, Sandeep Aggarwal, Founder and CEO of Droom, said, “Over the past 4 years, Droom has established itself as the unchallenged leader in the online automobile transactional platform and the continued faith of global investors underlines this success. The current series E funding gives an immense fillip to us as we aim to simultaneously strengthen and diversify our services such as inspection, Droom Credit, C2C and C2B marketplace formats, enable a smooth online transaction and provide more competitive terms and interest rates to customers through Droom Credit.”

Founded in the year 2014 by Sandeep Aggarwal (also known for founding the e commerce platform, ShopClues,) Droom has done wonders since the time it entered the startup world. From revolutionising the B2C consumer market to creating a new form of travelling, Droom has done a lot since it entered the industry four years ago!

To make matters exciting, Agarwal also said the company plans on going for an IPO by 2020! Expected to enter the Malaysian and Thai markets by end of this year, Droom reported an annual income of $ 11 million in the last financial year (as opposed to the $ 3.4 million it reported in the previous years.)

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Bengaluru’s Hypergro.ai Raises Rs 7 Crore to Enhance AI-Powered Advertising Solutions

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Hypergro.ai, a Bengaluru-based marketing technology startup, has raised Rs 7 crore in seed funding led by Silverneedle Ventures, with participation from Huddle, TDV Partners, HME Ventures, Dholakia Ventures, FiiRE, and angel investors. Founded in 2022 by Rituraj Biswas, Neha Soman, Abhijeet Kumar, and Arijit Mukhopadhyay, the company aims to revolutionize digital marketing by addressing challenges like high Customer Acquisition Costs (CAC) and low Return on Ad Spend (ROAS).

 

The startup leverages AI to create hyper-personalized video ads using user-generated content (UGC). The fresh capital will be used to enhance Hypergro.ai’s AI capabilities, expand operations, and build a specialized team focusing on data analysis, predictive algorithms, and automation.

 

Since its inception, Hypergro.ai has collaborated with over 70 brands, including several from Shark Tank India. The company’s innovative approach has led to its selection for Google’s Startups Accelerator: AI First (India) program in July 2024, providing access to critical training, mentorship, and state-of-the-art AI tools.

 

Hypergro.ai’s platform now supports a community of over 300,000 creators across India and has partnered with more than 100 brands, significantly enhancing its AI model’s accuracy and improving revenue generation for clients. As it continues to expand and refine its AI-powered marketing solutions, Hypergro.ai is set to transform the digital advertising landscape, offering businesses more effective and efficient customer acquisition and engagement strategies.

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Meta Faces Another Copyright Lawsuit Over AI Training Practices

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Meta Faces Another Copyright Lawsuit Over AI Training Practices

Meta, the parent company of Facebook and Instagram, is facing fresh legal challenges over allegations that it used copyrighted materials without permission to train its artificial intelligence models, including its LLaMA series. This lawsuit adds to the growing scrutiny of AI companies’ data sourcing methods.

The Allegations

Authors such as Sarah Silverman and Michael Chabon claim Meta trained its AI models on datasets containing their copyrighted works without authorization. Plaintiffs argue this constitutes copyright infringement, while Meta defends its actions under the “fair use” doctrine, asserting that the training process is transformative and legally permissible.

Internal Discussions Raise Concerns

Court documents reveal internal chats among Meta employees discussing the use of copyrighted materials. One researcher suggested acquiring books without permission, stating, “ask forgiveness, not for permission.” These discussions highlight potential awareness within Meta of the legal risks involved.

Fair Use Debate

Meta maintains that its use of copyrighted texts to train LLaMA models is transformative and falls under fair use. The company compares this practice to Google’s precedent in Authors Guild v. Google, where copying books for search tools was deemed fair use. However, critics argue that training AI for commercial purposes does not meet fair use criteria.

Broader Implications

This lawsuit reflects wider concerns about how AI developers source training data, often relying on publicly accessible yet potentially copyrighted materials. As litigation against companies like Meta, OpenAI, and Google increases, clearer regulations may be necessary to balance innovation with intellectual property rights.

The outcome of this case could significantly impact both AI development practices and copyright enforcement in the tech industry.

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Flipkart Partners with NCERT to Boost Textbook Accessibility

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Flipkart has joined hands with the National Council of Educational Research and Training (NCERT) to enhance the accessibility of NCERT textbooks for students across India, particularly those in Tier 2 and Tier 3 cities. This strategic partnership aims to bridge the gap in access to quality education by leveraging Flipkart’s extensive reach and logistics network.

Key Benefits of the Partnership

  • Enhanced Accessibility: With this collaboration, students in remote areas can now order NCERT textbooks online and have them delivered directly to their doorstep. This initiative is particularly beneficial for families in regions where physical bookstores may be limited or non-existent.
  • Affordability: Flipkart’s platform will offer competitive prices on NCERT textbooks, making them more affordable for students and parents. Discounts and promotions may also be available, further reducing the financial burden on families.
  • Convenience: The partnership provides a seamless online shopping experience for parents and students alike. With an easy-to-navigate platform, users can quickly find and purchase the textbooks they need without the hassle of traveling to physical stores.

Alignment with Government Initiatives

This initiative aligns with the Indian government’s vision of promoting digital learning and making education more inclusive. By providing easy access to essential textbooks, Flipkart and NCERT are working together to empower students and contribute to the nation’s educational growth. This partnership supports the government’s broader goals of enhancing educational resources through technology and ensuring that quality learning materials are available to all students, regardless of their location.

Additional Context

The partnership comes at a time when there is a growing emphasis on digital education in India, especially following the disruptions caused by the COVID-19 pandemic. The shift towards online learning has highlighted the need for accessible educational resources. By collaborating with NCERT, Flipkart is not only expanding its product offerings but also playing a vital role in supporting educational equity across the country.

Authorized Sellers

Flipkart will work with authorized sellers designated by NCERT to ensure that students can easily purchase authentic NCERT textbooks through its platform. This collaboration guarantees that all textbooks are genuine and meet the quality standards set by NCERT.

Conclusion

The partnership between Flipkart and NCERT represents a significant step towards improving textbook accessibility for students in India. By leveraging technology and e-commerce capabilities, this collaboration aims to make quality educational resources more widely available, particularly in underserved regions. As both organizations work together to enhance educational outcomes, they are contributing to a more equitable learning environment that empowers students across the nation.

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