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In response to escalating tariffs imposed by the U.S., trade ministers from China, Japan, and South Korea are accelerating talks for a free trade agreement, setting aside historical tensions. Notably, three of the top five recent investment deals involve startups from these nations, highlighting a shift in collaboration amidst market volatility. In funding news, Indian used car platform Spinny raised $131 million, while Chinese robot developer Spirit AI secured $72.3 million, and South Korean AI writing tool Wrtn Technologies raised $73.5 million.
Spinny, a used-car marketplace backed by Tiger Global, has raised $131 million in funding, valuing the company at $1.7 billion to $1.8 billion. The investment round, led by Accel Leaders Fund and including Nandan Nilekani’s Fundamentum, aims to expand Spinny's non-banking financial services. The company reported a 28% reduction in net loss to $69.03 million for FY24, with a 14.2% revenue growth to $435.86 million.
Apna Mart, a quick commerce startup, has secured $25 million in a funding round led by Fundamentum Partnership, with participation from existing investors Peak XV Partners and Sparrow Capital, as well as new investor Accel India. Founded in 2022 by Abhishek Singh and Chetan Garg, the company focuses on delivering groceries and essentials within 15 minutes in Tier II and III cities, utilizing a franchise outlet model that differentiates it from competitors like Blinkit and Swiggy Instamart.
Billions are being invested in the development of frontier models, yet the returns on these investments are declining. Nandan Nilekani highlights this concerning trend, indicating a potential shift in the landscape of technology funding and innovation.
At the Global AI Conclave 2024, Hemant Taneja, CEO of General Catalyst, warned that India risks falling behind if it does not develop its own large language model (LLM) and infrastructure, including semiconductors. This perspective contrasts with Nandan Nilekani, chairman of Infosys, who believes India should focus on ensuring existing LLMs serve its population effectively.
Nandan Nilekani
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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11:30 05.04.2025
Spinny secures 131 million dollars funding reaches 1.8 billion dollars valuation
03:00 02.04.2025
Apna Mart secures 25 million dollars in funding for rapid growth
04:45 26.03.2025
declining returns on billions invested in frontier model development
18:45 08.03.2025
India risks disadvantage without its own large language model infrastructure
11:16 22.11.2024
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