ICICI Bank raises an additional $750 million through foreign borrowings

CodeRabbit has successfully raised $143 million in a Series C funding round, valuing the company at $1.5 billion. Atomico and Smash Capital participated as co-leads in this round. New investors include BMW i Ventures, Datadog, Hirtle Callaghan, and SineWave Ventures. Existing investors, such as CRV, Scale Venture Partners, and Flex Capital, also supported the deal.

This funding was secured less than a year after CodeRabbit raised $60 million. The company reports that its revenue has increased more than fivefold compared to the previous year. Currently, CodeRabbit performs over two million code checks weekly for 17,000 clients, including companies like Adyen, BMW, Indeed, JFrog, NVIDIA, and Trivago.

The capital raised will be used to accelerate the company's international expansion and increase research and product development expenses. CodeRabbit plans to invest over $10 million to support open-source projects, which will allow it to maintain free access to AI review and agent features for accompanying projects.

AI coding tools enable engineering teams to create software at unprecedented speeds, as developers can generate code, create pull requests, and troubleshoot much faster. Nevertheless, every change introduced still requires testing, verification, and proper management before going into operation.

CodeRabbit asserts that this shift is transforming software development management practices in organizations. Traditional task trackers were designed to work with planned work and developer-driven execution. However, AI-based development allows code to appear before teams achieve full consensus.

This makes the pull request an increasingly critical control point. CodeRabbit CEO, Hardjot Gill, noted: 'Writing code has become dramatically easier. Verifying its quality remains complex.' He emphasized that changes created by AI still require independent verification before being released into the production environment.

CodeRabbit's goal is to provide this level of control for software created by both humans and agents. The platform analyzes changes using repository context, organizational standards, and testing evidence. The system also indicates the scope of impact and architectural dependencies that require further attention.

Along with the latest funding announcement, CodeRabbit introduced Agentic Change Management. This system expands AI review capabilities, including prioritization, explanation, and continuous code security monitoring.

Its purpose is to help engineering teams understand exactly which changes require attention. The CodeRabbit Triage tool ranks incoming pull requests based on value, urgency, and risk. It also considers reviewer dependencies, readiness, and suitability before routing the task. Lower-risk changes can pass through automated workflows, while complex changes are directed to human reviewers. CodeRabbit Change Stack provides deeper explanations of software changes and their potential impact by analyzing contracts, domain behavior, integrations, tests, and migrations between repositories.

CodeRabbit is also expanding its presence in security with an AI-powered product. This system continuously scans production code for vulnerabilities and emerging risks. It verifies detected issues against code evidence before recommending a fix via pull requests. This approach targets vulnerabilities that traditional rule-based tools might miss, including authorization bypasses, insecure object references, and business logic errors. The company believes that continuous monitoring will become increasingly significant as AI generates more software.

The latest funding will also support CodeRabbit's international expansion strategy. The company recently opened an office in London to serve corporate clients in Europe and plans further expansion in Europe, Japan, and other Asian markets. Luca Eisensteken, a partner at Atomico, will join the CodeRabbit board of directors. He stated that the infrastructure for independent governance will become increasingly important for AI-generated software. CodeRabbit believes that its model-agnostic approach will help organizations maintain software quality as AI adoption accelerates.

Shares of Oil India Limited showed significant growth at the start of trading on Tuesday, rising by 6.53% to 483.95 rupees. The increased interest in buying shares intensified after the publication of strong financial results for the June quarter.

According to company data, its net profit after tax increased by 253%, reaching approximately 2,900 crore rupees. This amount significantly exceeded the forecast of the brokerage firm Elara Capital, which estimated the profit at 2,300 crore rupees. The main reasons for such a sharp increase in profit were higher volumes of crude oil production and sales than expected, as well as a reduction in operating costs. Nevertheless, the profit growth was partially limited by an increase in statistical levies.

Oil India's consolidated profit after tax almost doubled, amounting to about 4,000 crore rupees. Nuamaligarh Refinery Limited (NRL), located in Assam, made a significant contribution to this result due to high margins on oil refining at NRL.

Elara Capital also noted the improvement in crude oil realization indicators and production volume during the quarter as one of the key positive aspects. According to the analyst, crude oil realization grew by 49% year-on-year, reaching approximately 99 dollars per barrel. Crude oil production increased by 11%, totaling 0.95 million metric tons, which is 2% above the broker's forecast. Company management hinted that crude oil production volume could reach between 3.9 and 4.0 million metric tons by the 2027 fiscal year.

Elara Capital maintained its 'Buy' recommendation for Oil India and set the 12-month target price for the stock at 672 rupees. This suggests a potential growth of approximately 38.9% from the current level of 483.95 rupees.

However, not all brokers are as optimistic about the shares. Motilal Oswal Financial Services (MOFSL) maintained a neutral rating on Oil India, setting a target price of 485 rupees, which corresponds to the current level and indicates limited growth. According to MOFSL, the company's revenue in the first quarter of the 2027 fiscal year was 7,960 crore rupees, exceeding their expectations by 9%. Oil sales were 8% above forecast, while gas sales decreased by 11%, amounting to 0.92 million metric tons / 0.62 billion cubic meters.

According to the broker, Oil India's oil production in the quarter increased by 11%, reaching 0.95 million metric tons. Conversely, gas production decreased by 8%, amounting to 0.76 billion cubic meters. Oil realization was about 98.7 dollars per barrel, which is approximately 4% higher than MOFSL's forecast of 95.2 dollars per barrel. The company's EBITDA was 4,340 crore rupees, which is 6% higher than MOFSL's forecast and 83% higher year-on-year. In the quarter, exploration write-off expenses amounted to about 250 crore rupees, and profit after tax adjustments was about 2,870 crore rupees.

The rise in Oil India's shares on Tuesday was driven by strong quarterly results and improved operational performance. However, there is a divergence of opinions among brokers. Elara Capital maintained a 'Buy' rating with a target price of 672 rupees, while MOFSL adopted a neutral stance with a target price of 485 rupees. The future behavior of the shares will depend on the current pace of crude oil production, crude oil realization, gas production, and refining margin at NRL.

Convex has raised $57 million in a Series B funding round. These funds are planned to be used to scale the development of its backend platform, which is specifically designed for artificial intelligence. The financing was led by Insight Partners, with participation from Etna Labs and all previous investors, including a16z and Spark Capital.

Thanks to this Series B round, Convex's total raised capital has reached $110.5 million. The company stated that it intends to use this money to improve its core platform, enhance tools for agentic development, and increase its staff in its San Francisco office.

Founded in 2021 by former Dropbox infrastructure engineers, Convex offers developers a fully integrated backend platform. This platform combines databases, functions, workflows, search, synchronization, authentication, and file storage into a single solution built for software development.

The fundraising comes amid the trend towards AI-powered coding and autonomous development tools. Convex believes that developers need infrastructure capable of handling the increasing complexity of applications while maintaining a high level of reliability.

The company posits that traditional backend infrastructure struggles to support the growing use of AI coding agents. According to the company, AI-generated applications based on standard databases can subtly introduce data errors that only manifest after deployment.

Internal testing revealed that 90% of AI-built applications running on traditional databases encountered data corruption in real-world operating conditions. In comparison, applications developed on the Convex platform passed the same tests without any failures.

Convex's backend includes built-in ACID transactions, end-to-end type checking, real-time subscriptions, and TypeScript support. These features reduce the need for manual integration of multiple services for developers and increase application reliability. Furthermore, Convex packages search capabilities, workflow automation, authentication, file storage, and retrieval-augmented generation functions, allowing AI applications to be enriched with organization-specific knowledge.

The platform has gained significant traction among developers building AI-based software. Convex currently supports nearly two million applications created by about 500,000 developers worldwide. The company also reported over 1.2 million weekly downloads from npm.

Convex's clients include OpenAI, Tripadvisor, Solana, Zapier, and Reducto. These organizations use Convex to simplify backend development while ensuring scalable, reliable performance for their applications.

Insight Partners noted that the growing adoption of AI coding assistants has exposed weaknesses in traditional software infrastructure. The investment firm believes that Convex provides developers with a more robust foundation where backend components function cohesively without the need for complex configuration.

Convex plans to use the new funding to accelerate product innovations amidst the transformation of software engineering influenced by AI. The company will direct funds toward creating new tools that simplify application development for both developers and AI agents that build software.

The company will continue to provide highly reliable backend products supporting increasingly complex AI-based applications globally. Convex is convinced that stable backend infrastructure is becoming critically important as artificial intelligence generates large volumes of application code.

Instead of combining disparate components, Convex offers a single unified platform, which effectively reduces complexity and prevents software bugs. The raised funds will strengthen Convex's engineering team and significantly expand its global developer ecosystem and platform capabilities. With fresh capital and a growing customer base, Convex aims to solidify its position in the evolving AI development infrastructure market, making the creation of reliable software faster and easier for both human developers and AI agents.