Daily Indian Startup News and Funding Alert – 25 July 2024
Funding News
WTF Secures Seed Funding Led by Dholakia Ventures
WTF, a technology-driven platform for modernizing neighborhood gyms, has closed its seed funding round led by Dravya Dholakia of Dholakia Ventures. The round also saw participation from investors such as Arjun Vaidya, Nitish Mittersain of Nazara Technologies, Shashvat Nakrani of BharatPe, and Rohit Kapoor of Swiggy. The funding will enable WTF to expand its reach, improve its technology, and continue providing exceptional service to its members. WTF is transforming traditional gyms into fitness hubs by offering a 360-degree experience, including gym access, personalized nutrition plans, workout classes, and advanced fitness tracking. This approach boosts gym revenues by 8-10X within a year. WTF manages 10 gyms and focuses on member retention, leading to significant growth and profitability. It has introduced 24 new features, including advanced workout scheduling and a comprehensive nutrition system, to optimize processes and enhance member experiences.
Karna D Shinde Invests in Navaux to Advance ACTIVH Blood Test for Early Cancer Detection
Karna D Shinde, an early-stage angel investor, has invested significantly in Arkansas-based Navaux to develop ACTIVH, an innovative blood test aimed at enhancing early cancer detection and treatment monitoring. The investment will help Navaux establish connections in the Indian healthcare industry as it prepares to introduce its solutions to the market. Navaux’s ACTIVH test is a non-invasive, quick, and easy method that detects elevated Hepsin levels in tumors, aiding in early detection, providing insights into tumor characteristics, and offering potential metastasis. It is more affordable than traditional methods.
Ravi Jaipuria and Akshay Kumar Invest in Fashion Entrepreneur Fund
Fashion Entrepreneur Fund (FEF) has announced investments from Indian billionaire Ravi Jaipuria and Bollywood star Akshay Kumar, both known for their contributions to the food and beverage industry and their diverse roles in films. As the Chairman of RJ Corp, Jaipuria’s expertise and philanthropic vision will greatly benefit FEF’s mission to empower fashion entrepreneurs in India. FEF is investing Rs 20 crore to empower individuals in the fashion sector, fostering a collaborative ecosystem. The initiative aims to cultivate innovation and entrepreneurship by providing resources and mentorship, bridging gaps, and supporting emerging businesses for transformative change and sustainable industry growth.
Devnagri Secures Pre-Series A Funding Led by Inflection Point Ventures for Expansion
Devnagri, a Gen-AI company that personalizes business communication for non-English speakers, raised an undisclosed amount in a Pre-Series A round led by Inflection Point Ventures for marketing, sales, technology scaling, R&D, infrastructure, and administrative expenses. Devnagri, founded in 2019 by Nakul Kundra and Himanshu Sharma, focuses on personalizing business communication to attract non-English speakers. It uses advanced Natural Language Processing (NLP) and Social Learning Models (SLM) to contextualize and personalize content, making it hyper-local and more accessible. Devnagri’s innovative solutions address the unique linguistic needs of diverse audiences, enhancing communication and engagement in both private and government infrastructures.
Mamo Secures $3.4M to Enhance Financial Services for SMEs
UAE-based fintech startup Mamo has completed a $3.4 million funding round, led by existing investor 4DX Ventures, Dubai Future District Fund, and Cyfr Capital. The capital will be used to expand its UAE product offerings, develop a financial services platform for SMEs, and test innovative product lines in Saudi Arabia, thereby extending its regional footprint. Mamo aims to simplify financial operations for SMEs in the MENA region. In 2022, it became the first fintech startup licensed by the DFSA, offering payment collection, corporate cards, and expense management.
Nasher Miles Secures $4M in Bridge Round, Valuing Company at $30M
Nasher Miles, a digital-first luggage brand, has completed a $4 million bridge round, valuing the company at $30 million, positioning it for accelerated growth and expansion following their recent Shark Tank India triumph. The bridge round attracted over 40 investors, including angels, private equity fund managers, and friends and family. Notable investors include Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (Ex-CVC Capital Partners). The funds will support Nasher Miles’ omnichannel expansion plans, including expanding its offline presence to 1,000 multi-brand outlets across India by the end of the year, opening 3-5 exclusive brand outlets, strengthening its quick commerce presence in select cities, and increasing domestic manufacturing capacity to 70-75% by December 2024. It plans to generate over $60 million in revenue by FY 2028.
Other News
TechEagle and ideaForge Partner to Boost UAV Innovation; ideaForge Invests in Bridge Round
TechEagle Innovations has partnered with UAV technology company ideaForge Technology Limited to revolutionize UAV technology and drive innovation in the drone industry. The strategic alliance aims to leverage the strengths of both entities, with ideaForge participating in TechEagle’s recent bridge financing round. TechEagle aims to establish the world’s largest on-demand drone logistics network, enabling swift package deliveries and reducing life-threatening incidents. The companies are working on small, tactical, and middle-mile logistics platforms, which will redefine new frontiers in drone logistics with their advanced capabilities.
Asteria Aerospace Introduces SkyDeck for Advanced Drone Data Analytics
Asteria Aerospace, a drone technology company, has launched SkyDeck, a self-service SaaS solution for drone data management, enabling businesses to streamline operations for both users and service providers. SkyDeck is a cloud-based platform offering advanced tools and analytics for industries like GIS, construction, oil and gas, and agriculture. It provides secure, centralized drone data management, intuitive visualization, collaboration, and reporting tools for efficient site inspections and monitoring. With pre-built AI models, SkyDeck facilitates proactive decision-making and streamlines workflows for drone service providers by integrating project management, flight planning, and execution.
Atsuya and Ghafa Partner to Develop IoT and AI-Powered Energy Solutions in UAE
Atsuya Technologies and Ghafa Sustainability Energy Solutions have signed a Memorandum of Understanding (MOU) to collaborate on innovative sustainability and energy projects in the UAE. The partnership aims to create IoT and AI-powered energy efficiency and sustainability solutions in the UAE. It combines Atsuya’s technological expertise with Ghafa’s energy sector experience, focusing on energy monitoring, sustainable technologies, research, knowledge sharing, and capacity-building initiatives. Ghafa will offer expertise and resources in sustainability, collaborate with UAE stakeholders, and ensure regulatory compliance, while Atsuya will provide technological innovations and support project implementation.
Kotak Mahindra Bank and NSRCEL Launch Fifth Women Startup Programme Cohort
Kotak Mahindra Bank and NSRCEL-IIM Bangalore have launched the fifth cohort of the Women Startup Programme, aiming to empower female entrepreneurs across India. The initiative, launched under KMBL’s Corporate Social Responsibility commitment towards education and livelihood, supports ambitious and innovative women in building scalable businesses. The Women Startup Programme in India has empowered over 23,053 women in various sectors, including technology, healthcare, and agriculture, supported over 590 ventures, and created 2,083 jobs. The program begins with a five-week Foundation of Entrepreneurship course and a virtual pre-incubation phase, followed by a five-month incubation at NSRCEL. It focuses on crafts, tech, and healthcare/life sciences, offering a new lateral entry option and INR 3 crore awards for top ventures.
Indian Venture and Alternate Capital Association Forms New Climate and Sustainability Council
The Indian Venture and Alternate Capital Association (IVCA) has introduced a Climate and Sustainability Council for 2024-26, co-chaired by Pratibha Jain and Akhilesh Tilotia. The council, established in July 2022, currently includes over 30 decision-makers from PE-VC funds and LPs. Established under the leadership of Shri Jayant Sinha, then Chairperson of the Standing Committee for Finance, IVCA’s Climate and Sustainability Council aims to unite stakeholders to address climate finance gaps in India. The Council will collaborate with regulatory bodies and think tanks like NITI Aayog and G20 for future projects. Research, white papers, and reports will be published to disseminate strategic recommendations and insights. The Council comprises 32 member funds, including NIIF, Econ Ventures, SBICAP Ventures, British International Investment, Avaana Capital, Neev Fund, CPP Investments, TPG, Blume Ventures, SIDBI, British High Commission, B Capital, DEG India, Global Infrastructure Partners, State Bank of India, and Foundation for Advancing Science and Technology – India, Accel India, among others.
Thryve Digital Expands Chennai Facility to 172,000 sq ft at Ramanujam Intellion IT Park
Thryve Digital, a provider of healthcare technology and operations services, has expanded its Chennai facility at Ramanujam Intellion IT Park. It has expanded its office space in Chennai to 172,000 sq ft, adding 73,000 sq ft to its existing facility. The new facility, designed to support business expansions, will accommodate over 500 associates and offer open work areas, breakout zones, and advanced meeting rooms. Thryve Digital Health leads the Global Capability Centers (GCC) in India, delivering innovative solutions that transform healthcare. With a strong partner ecosystem, advanced engineering processes, and a focus on technology, operations, and digital transformation, Thryve Digital Health excels in managing platforms, enhancing patient experiences, and supporting large payer and provider networks.
I-STEM Launches ‘V-LABS’ Platform to Connect Researchers and Industries with Advanced Labs
I-STEM, an initiative by the
Daily Indian Startup News and Funding Alert – 24 July 2024
Funding News
UK Department of Health and Social Care’s GAMRIF Commits up to £5.1M to C-CAMP
The Centre for Cellular and Molecular Platforms (C-CAMP) has received a funding commitment from the UK’s Global AMR Innovation Fund (GAMRIF) of up to £5.1 million over three years. This partnership aims to identify and develop world-class Antimicrobial Resistance (AMR)-focused innovative solutions, especially in low and middle-income countries (LMICs), with local contextual solutions. “The partnership with GAMRIF provides 360-degree support across the whole value chain of solutions from idea identification to productisation, deployment, and integration of innovation,” said Taslimarif Saiyed, Director-CEO of C-CAMP.
Pneucons Raises Pre-Series Funding from Ather Energy’s Tarun Mehta and Angel Investors
B2B industrial marketplace Pneucons has received an undisclosed pre-series funding round led by angel investors, including Tarun Mehta, Co-founder and CEO of Ather Energy. The company plans to use the funds to expand its team and focus on cross-border transactions across major engineering categories like fire safety, pneumatics and hydraulics, industrial automation, plastic and packaging, electric cables and products, and power tools. “This funding round underscores the critical need for a transactional marketplace tailored for SMEs and MSMEs, particularly those struggling with Udhaari (credit terms) and opaque sourcing and pricing structures,” said Co-founder and CEO Pritesh Lakhani.
FAAD Capital Invests in Agritech Startups Through AgriManch Accelerator
SEBI-registered Category 1 Angel Fund FAAD has announced pre-seed investments in Godaam Innovations, VedaFit Foods, Aqin Biotech, and Mkelly Biotech under its AgriManch Accelerator. These four agritech startups together received $121K and will also receive networking opportunities and expertise in building go-to-market strategies. Godaam Innovations provides smart storage solutions, Aqin Biotech offers patented formulations for aquaculture and livestock feed, Mkelly Biotech develops premix powders to enrich the nutritional profile of flour and associated products, and VedaFit Foods produces healthy and natural food products.
Other News
Castler Bags In-Principle Approval from IFSCA for Cross-Border Money Transfer Services
Escrow infrastructure service provider Castler has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to offer global escrow and cross-border money transfer services. Castler manages over Rs 10,000 crore in monthly transactions and has partnered with 12 banks to provide a comprehensive suite of services. The company has raised around $7 million from investors like Capital2B, IIFL, Rainmatter, and Flipkart.
Myntra Adds Gifting Category on the Platform
E-commerce platform Myntra has introduced a gifting category to its marketplace, onboarding players like Ferns and Petals, IGP, Floweraura, Interflora, and Marriott. The new category features a wide selection of products from 100+ brands across 50 categories, aiming to expand to one lakh products by the Rakhi season. Myntra experienced a 1.6X spike in demand in top gifting categories like watches, perfumes, and gift sets during Rakhi last year. The company will offer same-day and next-day delivery on a variety of gifts in 10 cities, with more locations to be added soon.
Gupshup Appoints Lorrie Norrington to Board
Cloud-based conversation platform Gupshup has appointed Lorrie Norrington to its Board. Norrington brings extensive experience in scaling internet businesses, currently serving on the Board of Colgate-Palmolive, Hubspot, and Asana. She is an Operating Partner at Lead Edge Capital and has previously worked at eBay, Shopping.com, Intuit, and General Electric Company, departing eBay as the company’s President of eBay Marketplaces.
Daily Indian Startup News and Funding Alert – 19 July 2024
Funding News
Pintel.ai raises $1M in seed round led by IvyCap Ventures
Pintel.ai, a platform designed for sales development, has secured $1 million in a seed round led by IvyCap Ventures. The funding round also saw participation from prominent investors, including founders and leaders from Whatfix, LambdaTest, Livspace, Moengage, Quizizz, GSF, Hevodata, HROne, and other notable angel investors. Pintel.ai aims to address the critical challenges faced by sales development professionals, including time-consuming research and the need for highly customizable tools to cater to unique company requirements. Founded by Aman Garg and Nirmal Vatsyayan, Pintel.ai’s AI-driven solution offers a flexible and intuitive platform, enabling users to seamlessly integrate multiple data sources and apply custom research logic. This approach significantly reduces research time by up to 90% and boosts sales representatives’ productivity by 50%.
Rabbitt AI raises $2.1M led by TechCurators and various angel investors
Rabbitt AI, a generative AI platform, has closed a $2.1 million seed round led by TechCurators, the flagship company of the TC Group of Companies. Rabbitt AI’s platform offers a robust suite of tools, including core generative AI capabilities, custom LLM development, RAG fine-tuning, data-centric AI, MLOps integration, and voice bot AI agents. By combining these features, Rabbitt AI enables businesses to create powerful AI solutions tailored to their specific needs.
Accel-backed AI-SaaS startup Fibr raises $1.8M in seed round
Fibr, an AI-powered personalization platform, has raised $1.8 million in a seed round led by Accel with participation from 2AM VC and prominent angel investors such as Kunal Shah (Founder, Cred), Sunil Kumar (ex-cofounder Zenoti), and others. Founded in January 2023 by Ankur Goyal and Pritam Roy, the funding will be used to enhance Fibr’s AI personalization platform, expand its customer base, and hire diverse talent to meet the evolving needs of marketers worldwide.
Healthtech startup Drucare raises $1.2M in pre-Series A round
Healthtech startup Drucare raised $1.2 million in a pre-Series A round in June from SATRA Services and Solutions Pvt Ltd, a multi-disciplinary consulting company headquartered in Hyderabad. Drucare plans to allocate the funds to marketing and business expansion, along with additional operational expenses. Dr Rajendra P Vennam, Founder, CEO & CTO of Drucare, stated, “In the upcoming months, Drucare hopes to grow and increase its footprint both domestically and globally in addition to adding new services to its present roster of over 40-plus services for healthcare practitioners across clinics, hospitals, pharmacies, diagnostics, medical colleges of all sizes and numbers.” Founded in 2016 by professionals from diverse backgrounds, Drucare offers a variety of solutions and services to various healthcare organizations. The company has built India’s most integrated healthcare SaaS platform. DrucareONE provides the IT infrastructure needed by clinics, hospitals, medical schools, laboratories, pharmacies, providers, and patients.
Other News
Roadzen CEO and Chairman agree to exchange $3.5M of short-term debt for equity in the company
Roadzen Inc, a global leader in AI, announced that the company’s Special Committee of Independent Directors has unanimously approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for ordinary shares of the company. The related parties that have executed binding term sheets and agreed to the exchange include Rohan Malhotra, CEO of Roadzen; and Pi Capital International Inc. and its affiliate Marco Polo Securities, Inc., which is principally owned by Roadzen’s Chairman of the Board. The number of shares into which the accrued liabilities will be exchanged for common stock will be based on the amount of debt released divided by a share price equal to the greater of $2.80 per share or the 30-trading day volume weighted average price beginning three days following the date on which the company files its Form 10-Q for the first quarter ended June 30, 2024, with the Securities and Exchange Commission.
TATA AIG enters into a strategic partnership with Mahindra Finance
General insurance provider TATA AIG has announced a strategic partnership with Mahindra Finance, a Non-Banking Finance Company (NBFC). This collaboration aims to enhance the distribution of TATA AIG’s non-life insurance products to Mahindra Finance’s extensive customer network. Under this partnership, TATA AIG will offer a comprehensive range of general insurance products, including motor, health, personal accident, and other non-life insurance solutions to over 10 million customers of Mahindra Finance. “This collaboration with Mahindra Finance is an important move towards making our insurance products more accessible. Based on a common foundation of strong corporate governance and a robust value system, we are committed to offering customized solutions that cater to the diverse needs of our partners, ensuring comprehensive protection and financial security,” said Neelesh Garg, Managing Director & CEO at TATA AIG General Insurance Co. Ltd.
BlackSoil NBFC raises over ₹200 Cr debt in H1CY24, with 60% from new lenders
BlackSoil NBFC, the flagship arm of BlackSoil Group, an alternative credit platform, has raised ₹208 crore debt in the first half of the calendar year 2024. Notably, 60% of this funding came from new debt investors. This achievement marks a robust 30% year-on-year growth in debt raise, bringing BlackSoil’s total debt raise to over ₹1,570 crore as of June 30, 2024. Ankur Bansal, Co-founder and Director at BlackSoil, stated, “This substantial debt raise, particularly the 60% from new investors, validates our business model and emphasizes the trust we have built in the alternative credit space. It is a testament to our robust credit profile and expanding market presence. This milestone empowers us to offer even more innovative and tailored financial solutions to India’s high-growth sectors, reinforcing our commitment to bridging the credit gap for new-age businesses and fostering entrepreneurship nationwide.”
Delhivery rolls out its 4th all-women-operated hub in Delhi’s Mayapuri
Delhivery, a fully integrated logistics service provider, has rolled out a 100% women-led hub in Mayapuri, New Delhi. This would be the fourth such hub launched in recent months as the logistics company doubles down on its initiatives to absorb more women colleagues across its operations. Previously, the company launched similar facilities at Moga (Punjab), Sikar (Rajasthan), and Satna (Madhya Pradesh) and has targeted expanding these to other parts of the country as well. Suraj Saharan, Chief People Officer and Co-founder at Delhivery, said, “We are thrilled to announce the launch of our new women-operated hub at Mayapuri. Our women recruits at various other facilities have consistently raised the bar for performance and productivity. We are confident that women colleagues at Mayapuri will only raise this further.”
BIRA 91 launches second taproom in Delhi at Pacific Mall, Tagore Garden
BIRA 91 has recently launched its second Taproom in Delhi, located at the Pacific Mall in Tagore Garden, West Delhi. This new venue promises a multi-sensory Taproom experience focused on guest comfort and holistic engagement, making it a haven for beer enthusiasts that truly resonates with the brand’s vibrant characteristics. The Tagore Garden neighborhood in West Delhi, known for its dynamic young audience, is the perfect setting for BIRA 91’s second Taproom in Delhi, following the success of the Taproom at the Commons in DLF Avenue Saket, South Delhi. Ankur Jain, Founder and CEO of BIRA 91, said, “This new location represents our continued commitment to providing unique craft beer experiences. Our new Taproom in Delhi offers a diverse range of our finest brews and a vibrant atmosphere, perfect for beer enthusiasts. We are grateful for the incredible support and look forward to welcoming everyone to join us in celebrating this exciting milestone.”
Daily Indian Startup News and Funding Alert – 18 July 2024
Funding News
Honestly Raises Rs 3.2 Cr in Pre-Seed Funding from Better Capital
Honestly, an AI-powered beauty and personal care platform, has secured Rs 3.2 crore in pre-seed funding led by Better Capital, with participation from Kunal Shah-led QED Innovations and senior leaders from Flipkart, Polygon, and Cred. Founded in April 2024, Honestly’s AI analyzes each user’s order history and matches them with similar users across 100+ attributes, such as skin tone, skin type, age, and gender, to provide product recommendations. Additionally, the AI evaluates product ingredients to help users understand how new products fit into their routines.
EV Ride-Hailing Startup MyPickup Raises Rs 1.5 Cr in Seed Round Led by Inflection Point Ventures
MyPickup, an urban transit services provider, has raised Rs 1.5 crore in a seed round led by Inflection Point Ventures. The funds will be used for developing scheduling algorithms, brand building, and optimizing operations management. This investment is part of IPV’s initiative to support early-stage ideas with high innovation and impact potential. At scale, MyPickup plans to expand to on-demand rides with fleet operators and other vehicle classes, maintaining control over drivers and vehicles through robust SOPs and training to ensure a high-quality customer experience.
Protonas Secures Seed Funding from Transition VC
Protonas, a startup specializing in low-cost PEM hydrogen fuel cell solutions, has raised a seed funding round of an undisclosed amount led by Transition VC. With this capital, Protonas will establish initial manufacturing operations in Chennai and build prototype systems. Headquartered in Tennessee, US, with a subsidiary in Chennai, India, Protonas was founded by David DeVries, a veteran of the fuel cell industry since 1996. The company aims to deploy cost-efficient backup power applications in North America and power fuel cell engines for three-wheeler and four-wheeler vehicles in India and other Asian markets. Protonas leverages advanced hydrogen fuel cell technology to deliver sustainable energy solutions and plans to collaborate with companies in India to develop carbon-neutral vehicles.
Other News
Inertial Labs and ideaForge Partner for UAV-Based LiDAR Solutions
ideaForge Technology Limited, a drone technology company, has partnered with Inertial Labs, a company specializing in inertial sensors and integrated GPS systems, to integrate Inertial Labs’ RESEPI LiDAR solution into ideaForge’s unmanned aerial vehicles (UAVs). As part of their partnership, Inertial Labs and ideaForge will provide surveying, mapping, and inspection solutions for applications in mining, forestry, GIS, land surveys, and water resources management. By integrating Inertial Labs’ RESEPI LiDAR payloads with ideaForge’s NETRA/Q6 UAVs, they will deliver highly accurate aerial data with extreme precision and speed. Key specifications include a portable MTOW of less than 6kg, multi-use platform capabilities (27X Zoom, Thermal, Mapping, Multispectral, LiDAR), fully autonomous flying with built-in fail-safes, and custom maps for accurate resolution in various terrains.
Resumod Launches AI-Driven Staffing Solution
Resumod, an HR solutions provider, has launched its AI-driven staffing solution. This AI system aims to reduce the time taken for initial resume screening by up to 50%. Moreover, through the use of chatbots, Resumod facilitates initial screening and labeling of resumes for future use. Resumod empowers jobseekers with actionable insights by offering detailed resume analysis against specific job descriptions, helping individuals tailor their resumes for maximum impact. Additionally, Resumod now provides an “expert help service,” allowing users to hire experienced resume writers for professional resume creation and learning, available for INR 449.
Daily Indian Startup News and Funding Alert – 17 July 2024
Funding News
Multipl Secures $1.5M in Additional Funds Led by Blume Ventures and MIXI Global
SEBI-registered fintech platform Multipl has raised an additional $1.5 million, led by Blume Ventures and MIXI Global Investments, Inc. The capital will be used to enhance the platform and introduce disruptive features. With its integration with mutual funds and partnerships with top brands, Multipl enables consumers to invest in mutual funds for their lifestyle spends, empowering individuals to invest small amounts regularly for future expenditures and rewarding customer loyalty. “The support from Blume and MIXI Japan will help us enhance the product experience and bring more awareness to the Spendvesting category that we are creating. This round of funding empowers us to drive forward our mission of helping Indians live an aspirational life in a financially prudent manner,” said Paddy Raghavan, Co-founder of Multipl.
Ninecamp Ventures Raises $2M in Seed Funding
Ninecamp Ventures, a food and beverage company focused on premium dining and consumer products, has raised $2 million (Rs 16 crore) in a seed-funding round from notable angels and non-institutional investors. The round saw participation from esteemed investors including Mohit Gupta, Gaurav Gupta (former Zomato co-founders), Varun and Ghazal Alagh (founders, MamaEarth, Honasa Consumer), Vikram Chopra, Ruchit Agarwal, Mehul Agrawal, Gajendra Jangid (founders, Cars 24), Vir Das (comedian, actor), and Divine (musician), among others. The funds will be used to expand the brand portfolio, acquire prime real estate, onboard top talent, and invest in research and development for innovative concepts and products.
Unicorn India Ventures Announces Partial Exit from Sascan with 6X Returns
Unicorn India Ventures (UIV), a deeptech-focused investment house currently raising its third fund of Rs 1,000 crore, has announced a partial exit from neo-diagnostics startup Sascan Meditech. UIV had invested Rs 2 crore across two rounds starting in 2020. The partial exit has generated 6X returns for the fund, with UIV continuing to hold a substantial stake in the company. Thiruvananthapuram-based Sascan Meditech, founded by Dr. Subhash Narayanan, develops affordable healthcare products and solutions for cancer care based on biophotonics and allied technologies. “Our focus on backing deep tech business models and finding innovative solutions with commercial acumen has built a strong track record for our fund. The solutions devised by Dr. Narayan help underprivileged populations in India and third-world countries in early detection of cancer,” said Anil Joshi, Managing Partner, UIV.
Cannarma Raises $3M to Drive Expansion and Innovation
Cannarma, an Ayurvedic hemp-based products company, is in the process of raising $3 million in funding to support key areas such as marketing, global expansion, intellectual property (IP) development, and team enhancement. The funding will enhance distribution channels, ensuring that Cannarma’s innovative products reach a broader audience. “Securing the funding will enable us to accelerate our growth and bring our high-quality hemp products to more markets. We are committed to driving innovation in the medicinal cannabis space and providing natural health solutions that are both effective and safe,” said Keshav Agarwal, Director of Cannarma.
Other News
Togopool Partners with MyOffiz to Encourage Eco-Friendly Commuting
Carpooling and bike-pooling app Togopool has collaborated with MyOffiz to promote eco-friendly commuting options for the working professionals at MyOffiz’s locations. MyOffiz provides flexible workspaces in multiple locations across key business hubs in urban centers. Employees at MyOffiz’s coworking spaces can share rides, significantly reducing the number of vehicles on the road and saving up to Rs 10,000 per month on transportation costs through reduced fuel and maintenance expenses. “By facilitating easy, safe, and eco-friendly transportation, we aim to inspire other business parks and coworking spaces to follow suit. This collaboration highlights the power of collective action in reducing traffic congestion and pollution, creating a positive environmental impact and fostering a community committed to sustainability,” said Saurabh C, Founder of Togopool.
Cropin Launches Sage, a Real-Time Gen AI-Powered Agri-Intelligence Platform
Cropin Technology, an AI platform for food and agriculture, has launched Sage, a real-time agri-intelligence solution powered by Google Gemini. Cropin Sage converts the world’s agricultural landscape into a proprietary grid-based map, delivering data and intelligence with scale, accuracy, and speed. This enables CPG players, seed manufacturers, food processors, multilateral organizations, financial institutions, and governments to make informed decisions based on historical, present, and future data on cultivation practices, crop, irrigation, climate, and soil. Sage enhances the Cropin Cloud platform to help agri-food businesses future-proof their production and supply chains. This innovation fuses state-of-the-art technologies such as generative AI, multi-layered global climate data, a global crop knowledge graph, earth observation data, and advanced crop models, unlocking the potential of crop production planning and marking a significant advancement in precision and sustainable agriculture.
AI Infrastructure Startups Dominate NetApp Excellerator Cohort 13
NetApp, an intelligent data infrastructure company, has launched Cohort 13 of its flagship startup accelerator programme, NetApp Excellerator. Capitalizing on the significance of AI as a key driver of business growth, Cohort 13 will see participation from eight startups developing innovative solutions across data management and artificial intelligence domains: LEGO AI, Calibr, Xylem AI, Clika, BetterData, Syntonym, Enkrypt AI, and Portkey. These companies have been selected for their innovative solutions in areas such as analytics, edtech, AI infrastructure, MLOps, synthetic data, large language models (LLM) safety benchmarking, and LLMOps. Over the last seven years, NetApp has mentored a total of 85 startups, of which 34 are global.
Daily Indian Startup News and Funding Alert – 16 July 2024
Funding News
Icanheal Secures Rs 15 Cr in Seed Funding Round from IvyCap Ventures
Icanheal, a healthcare financing and patient navigation platform, has secured an investment of Rs 15 crore in a seed funding round from IvyCap Ventures. The funds will be used to enhance the platform and its capabilities. Vikram Gupta, founder and managing partner at IvyCap Ventures, will join Icanheal’s board. “Icanheal’s unique approach to improving healthcare affordability through customized financing solutions resonates deeply with our mission. By democratizing access to advanced medical treatments and enhancing patient adherence, Icanheal is poised to make a significant impact in the healthcare sector,” said Gupta.
Other News
Hygiene Brand Pee Safe Hires Arijit Sen as Vice President
Gurugram-based hygiene startup Pee Safe announced the appointment of Arijit Sen as its new Vice President of Sales. Sen, previously the general manager at Healthkart, was instrumental in scaling its distribution to 40,000 outlets across India. “Pee Safe feels like a homecoming. I have always believed in the potential of innovative personal hygiene products,” said Sen. The company aims to capture a significant market share in India with its Ultra-Thin Sanitary Pads and Disposable Period Panties, projected to see increased consumer demand in the coming months.
AXISCADES Technologies Names Tanmoy Chakrabarty as Non-Executive Independent Director
Technology and engineering solutions provider AXISCADES Technologies has appointed Tanmoy Chakrabarty as an additional director in the non-executive independent director category. Chakrabarty has been involved in several projects for the Government of India, including the implementation of MCA 21 and the Passport Seva programs. He also led digital tax initiatives across East Africa and contributed to eGovernance programs in the UK and the US. “I look forward to contributing to the long-term mission and advancement of AXISCADES Technologies with my insights on the challenges and opportunities faced by modern organizations in the public and private sectors,” said Chakrabarty.
Ecobillz Appoints Santoshkumar Hiremath as CX Leader and Head of Operations
AI-driven B2B SaaS digitization platform Ecobillz has appointed Santoshkumar Hiremath as its CX Leader and Head of Operations. In his new role, Hiremath will oversee all operational functions and manage project execution. Previously, Hiremath held leadership positions at HP, Dell, Concentrix, and Lenovo. “We are thrilled to welcome Santoshkumar to the Ecobillz team,” said Ameet Patil, CEO of Ecobillz Private Limited. “Santosh brings a wealth of experience in operations and customer experience management. His proven track record of achievements will be crucial as we continue to expand and deliver exceptional service to our customers.”
Delhivery Appoints Prashant Gazipur as Senior Vice President of Operations
Logistics service provider Delhivery has appointed Prashant Gazipur as its Senior Vice President of Operations. Gazipur, who previously worked at Ecom Express and Amazon, will oversee Delhivery’s capacity building and operations across its last-mile pickup and delivery. “We are delighted to welcome Prashant to Delhivery,” said Sahil Barua, Managing Director and CEO. “With the solid operational base we have built since going public, Prashant’s operational experience and leadership will be instrumental to our immediate and long-term growth.”
Daily Indian Startup News and Funding Alert – 15 July 2024
Funding: SkinInspired Raises $1.5M in Seed Round
Skincare brand SkinInspired has secured Rs 12.25 crore (approximately $1.5 million) in seed funding led by Unilever Ventures and notable angel investors. Founded in 2022 by FMCG veteran Piyush Jain and dermatologist Dr. Prashant Agrawal, SkinInspired offers dermatologically approved skincare products in categories like face wash, serum, sunscreen, and moisturizer. The funding will be used for research and development, strategic marketing, and enhancing the brand’s market strategy. SkinInspired aims to set global standards in skincare with its effective ingredient blends and sustainable packaging.
Digital Lending to Reach 5% of Retail Loans by FY28
Digital lending is projected to constitute 5% of total retail loans by FY28, according to a recent report by Redseer Strategy Consultants. This growth is largely driven by Gen Z (18-25) and millennials (26-38), who are embracing digital lending for its convenience and speed. Digital lending rose from 1.8% in FY22 to 2.5% in FY24, with Gen Z borrowing Rs 3.5-4 lakh crore and millennials Rs 25-28 lakh crore. Affluent and well-off households use traditional banks, while middle and low-income groups increasingly turn to digital lenders. Gen Z prefers personal loans for experiential expenses, while millennials favor credit card spending. The report suggests substantial growth potential for digital lending in India, with Gen Z and millennials shaping the market and driving innovation and competition.
upGrad Enhances AI-Focused Bootcamps, Enrolments Up 8x in FY24
Integrated learning and workforce development startup upGrad has seen an 8x increase in enrolments for its AI-focused Bootcamps in FY24. These revamped Bootcamps, in disciplines such as Digital Marketing, Full Stack Development, Data Science, and UI/UX, now emphasize practical applications over theoretical study, with 80% of the curriculum dedicated to hands-on learning through Agile projects, coding practice on CloudLabs, daily doubt resolution, and graded projects. The shift aims to equip learners with real-time skill application capabilities, ensuring faster career returns. upGrad delivered over 200,000 hours of immersive learning in the past year, with the majority of participants being freshers and early professionals. The company plans to double enrolments in FY25 by continuing to enhance both tech and non-tech Bootcamps, including workshops, simulations, industry-aligned projects, and masterclasses, backed by triple certification from government, global tech giants, and university partners.
AMD and IIT-B Collaborate to Support Energy-Efficient Semiconductor Startups
AMD has partnered with the Society for Innovation and Entrepreneurship (SINE) at IIT-Bombay to support semiconductor startups in India. Through this collaboration, AMD will provide grants to startups developing energy-efficient Spiking Neural Network (SNN) chips. The initiative aims to reduce energy consumption in neural networks, aligning with AMD’s goal to achieve a 30x improvement in energy efficiency for its processors and accelerators by 2025. This partnership is part of AMD’s Corporate Social Responsibility (CSR) efforts, focusing on quality STEM education and scientific research. The first grant recipient, Numelo Technologies, is developing SNN chips using ultralow power quantum tunneling on silicon-on-insulator (SOI) technology, aiming for innovations in battery life, data privacy, and versatile architecture.
AWS and iTNT Hub Launch Generative AI Startup Program in Tamil Nadu
Amazon Web Services (AWS) India Private Limited is collaborating with Tamil Nadu Technology (iTNT) Hub to launch a generative AI startup program aimed at developing AI solutions for public sector initiatives in Tamil Nadu. This programme, announced during a mixer event in Chennai, will support startups at various stages, including those in the healthcare, education, and non-profit sectors. AWS will provide up to $10,000 in credits and access to its extensive cloud services. iTNT Hub, established by the Ministry of Electronics and Information Technology and the Tamil Nadu government, will offer technical expertise, mentorship, and business guidance. The programme includes webinars, workshops, and hackathons to foster innovation and growth among startups, ultimately enhancing the state’s tech ecosystem.
Daily Indian Startup News and Funding Alert – 12 July 2024
Zepto Elevates Devendra Meel to Chief Business Officer
Quick Commerce unicorn Zepto has promoted Devendra Meel to the position of Chief Business Officer, effective July 2024. In this role, Meel will lead category management and foster brand partnerships, ensuring optimal assortment, pricing, availability, and growth of all core categories on the platform. “Devendra has had an incredible run at Zepto. After joining us a year ago, he played a key role in scaling our advertising business to hundreds of crores in revenue and, more importantly, built out Zepto Pass end-to-end: from an idea to 5M+ subscribers today,” said Aadit Palicha, Co-founder and CEO of Zepto. Before joining Zepto, Meel, an IIM-Bangalore graduate, led special initiatives at Zomato and Jio.
AFK Gaming Beta Launches Dashboard for Esports Analytics
AFK Gaming has launched the beta version of its analytics dashboard, providing data and insights into the nation’s esports industry. This tool offers real-time data and analytics to users, brands, and other stakeholders. AFK Gaming Insights features three core analytics modules: Tournament Analytics, User Analytics, and Social Analytics. Tournament Analytics provides detailed information on prize pools, sponsors, players, and teams. User Analytics delivers insights into demographics, occupations, interests, income, and spending habits. Social Analytics tracks key metrics such as Instagram followers, YouTube subscribers, and the country’s top live streamers.
Zapp and Bounce Infinity Partner for Manufacturing Scooters
Bengaluru-based Bounce Infinity and Zapp Electric Vehicles Group, a British electric vehicle brand, have partnered to enhance the assembly and distribution of Zapp’s i300 electric urban motorcycle in India. The partnership leverages Bounce’s manufacturing capabilities and market presence to support Zapp’s mission of delivering premium, sustainable personal mobility solutions. Bounce will manufacture Zapp’s electric vehicles according to its specifications and support Zapp EV in obtaining necessary approvals for homologating its products in India, with completion expected within 120 days from the MoU’s effective date. They will also explore a distribution partnership to enhance Zapp’s product availability across India.
DeepHealth Expands Operations in India
DeepHealth, a wholly-owned subsidiary of RadNet, Inc., a leader in AI-powered radiology and health informatics, has opened an office in Bengaluru, marking its expansion into the Indian market. The technology hub will drive innovations to advance DeepHealth’s mission of empowering breakthroughs in care delivery. As part of its India expansion, DeepHealth will leverage local expertise and a network of strategic partners to enhance the development of AI-powered health informatics solutions. The company aims to broaden its collaborations and establish affiliations with prestigious institutions to undertake research projects.
Daily Indian Startup News and Funding Alert – 11 July 2024
Funding News
Jugyah Raises $1.5M from White Venture Capital and Others
Tech-based real estate broker Jugyah has raised $1.5 million in a funding round led by White Venture Capital, QED Investors, and Godrej Properties. Other participants included Whiteboard Capital, Singularity Ventures, and notable angels Kunal Shah (CRED), Harsh Jain (Dream 11), and Ramakant Sharma (Livspace). The Mumbai-based company plans to use the funds to expand in the Mumbai Metropolitan Region, capture market share, and work in high-demand localities before expanding to other cities. Founded in 2023 by Arshad Balwa and Ansuman Mohanty, Jugyah aims to provide high-quality, end-to-end digital experiences for rentals. “We realized that listing platforms are very surface level and barely solve the search and discovery problem. What happens after, that is the visit, negotiation, transaction, and post-move-in experience, is completely offline and unstandardized,” said Balwa.
Inflection Point Ventures Makes Seed Investments in Bloq Quantum, Medront Datalabs, Telkes Technologies
Bloq Quantum, Medront Datalabs, and Telkes Technologies each received Rs 80 lakh in seed investment after winning Inflection Point Ventures’ early-stage accelerator program, IPV Ideaschool Batch 1.0. The six-week nationwide program involved a rigorous multi-level selection process, starting with over 1,000 applications. The program included masterclasses, bootcamps, and mentorship sessions conducted by industry experts. The 15 finalists pitched to a jury that included Sukhmani Bedi (Partner at Orios Venture Partners), Jaideep Singh Kalra (Director and Head of Business Banking at HSBC), and Karan Kumar (Business Development Manager at AWS).
- Bloq Quantum, led by Sreekuttan LS, offers an AI-enabled collaborative solution for quantum data and algorithm pipelines.
- Medront Datalabs, led by Nitesh Singh, provides a secure data pods and consent platform, enabling users to control their personal data and secure data exchange with D2C brands.
- Telkes Technologies (My Pickup), led by Abhijeet Jagtap, offers subscription-based electric auto-rickshaw services for daily commutes.
IPV also announced the launch of IPV Ideaschool Batch 2.0, starting from August 1, with applications open from August 1 to August 20.
Other News
Grip Appoints Founder Nikhil Aggarwal as Group CEO
Investment platform Grip is expanding into fund management and portfolio management distribution services with the launch of Grip Invest. The company has appointed founder Nikhil Agarwal as Group CEO to lead this expansion and co-lead the full-lifecycle management platform for EVs, Electrifi Mobility. Additionally, Vaibhav Laddha has been appointed CEO of the investment arm. Grip will continue to offer its existing suite of investment products, including corporate bonds and securitized debt instruments, via a managed structure. In May 2024, Grip Invest facilitated 12% of pan-India retail investments in high-yield fixed-income products and 80% of all investments in SDIs.
Adrenalin eSystems Appoints Sanjay Kamath as VP of SASIA Region
HR technology firm Adrenalin eSystems has appointed Sanjay Kamath as Senior Vice President and Business Head for the SASIA region. Kamath previously served as the business head and senior director for growth in India and South Asia at ZingHR and was Vice President at Adrenalin eSystems from October 2003 to November 2012.
Myntra Partners with Twid to Integrate “Pay with Rewards” System
Myntra has partnered with Twid to enable customers to use their reward points for purchases on the platform with the “Pay with Rewards” system. Santosh Kevlani, Head of Monetisation, Payments, and Fintech at Myntra, noted that increasing the share of prepaid orders has improved order fulfillment rates. Twid is a rewards-based payment network that allows Myntra customers to leverage loyalty and reward points from various banks and brands directly at checkout, enhancing users’ purchasing power.
WinZO Partners with FGV Brazil, Plans to Invest $50M for LATAM Expansion
Interactive entertainment platform WinZO has partnered with Brazilian educational institution Fundação Getulio Vargas (FGV EAESP) for research projects and hiring local talent. The company plans to invest $50 million to expand its presence in LATAM. “Partnering with FGV Brazil marks a significant milestone in WinZO’s journey to deepen its footprint in the Brazilian market,” said Paavan Nanda, Co-founder of WinZO. The company launched its app in Brazil in October 2023, allowing its 100+ partner game developers to export games and gain free access to the Brazilian market.
Daily Indian Startup News and Funding Alert – 10 July 2024
Funding News
TimBuckDo Raises Rs 2 Cr in Seed Funding
On-demand talent platform TimBuckDo has secured Rs 2 crore in seed funding led by US-based angel investors Morton Meyerson and Nandkishore (Andy) Kalambi. Founded by Mythri Kumar and Apoorv Sharma Prasad, TimBuckDo leverages AI and technology to match students with suitable gig opportunities, bridging the gap between students seeking flexible employment and businesses needing part-time support.
“With over 50% of India’s population under the age of 25, it’s crucial to harness their potential and empower them with relevant opportunities. The part-time job market is experiencing significant growth, with a 30% increase in opportunities over the past year alone. At TimBuckDo, we are committed to providing flexible and meaningful employment to the younger generation and thereby driving economic growth,” said Mythri Kumar and Apoorv Sharma Prasad, Co-founders of TimBuckDo.
Other News
Digii and AWS Launch DigiiAI to Enhance Student Learning Outcomes
Digii, an Amazon Web Services (AWS) Technology Partner, and AWS India Private Limited have launched “DigiiAI,” a digital solution designed to provide personalized solutions for students, teaching faculty, and administration. This solution will utilize generative AI to streamline administrative tasks, improve classroom management, and provide personalized support for faculty members. Initially, DigiiAI will be provided to over 1,000 faculty members across 20 educational institutions in India, including the Manipal Academy of BFSI, Vellore Institute of Technology (VIT) Bangalore, Techno India University, Chanakya University, and The Apollo University.
Upstox Releases Advisory for Investors on Impersonation Scams
Upstox, a wealth management platform, has released an advisory concerning the rise in impersonation scams targeting investors. As AI adoption grows, the firm has noticed instances across sectors where individuals are attempting to mimic brands and deceive the public. The scams involve creating fake social media accounts, apps, WhatsApp groups, and websites pretending to be Upstox, offering educational courses, stock tips, and promising guaranteed returns. Fake channels such as ‘Upstox Facilities Group’ and ‘Upstox Investment Academy’ have been falsely asserting affiliation with the company.
“We are committed to providing a secure investment environment and request all investors to conduct transactions only through our official channels. Please help us spread awareness and stay vigilant. Our goal is to ensure that every investor can transact with confidence and peace of mind,” said Ravi Kumar, CEO and Co-founder of Upstox.
Korra Promotes Saket Vaidya to Chief Executive Officer
Digital marketing agency Korra has promoted Saket Vaidya to the position of Chief Executive Officer (CEO). Vaidya, who previously served as the Chief Operating Officer (COO), joined Korra’s leadership team in January 2017. In his new capacity, Saket will concentrate on leading business growth initiatives and expanding market presence. Before joining Korra, Saket held positions at various firms including Webchutney and Indigo Consulting (A Leo Burnett Company).
Eton Solutions Launches AtlasFive for Family Office Wealth Management in India
Enterprise management platform Eton Solutions is introducing AtlasFive, an ERP platform for family offices in India. The company has onboarded Catamaran, the family office of Infosys founder Narayana Murthy, as its launch customer. Based in North Carolina, USA, Eton Solutions has been operating in India for the last five years with a team of over 300 employees at their Global Technology Center in Bengaluru, providing support to AtlasFive clients worldwide. Catamaran will use Eton Solutions’ platform to streamline its investment portfolio management and refine operational planning, reporting, and compliance. The ERP platform currently oversees assets exceeding $781 billion for 665 families worldwide, processing over 11.5 million transactions annually across 92,000 entities.
Unstop Partners with Flipkart to Launch GRiD 6.0 Challenge
Unstop, a talent engagement and hiring platform, has teamed up with Flipkart to introduce the flagship Engineering Campus Challenge GRiD 6.0. Open for registrations until the end of July, this challenge invites students to tackle real-world problems and enhance their technical skills. Participants will also have the chance to secure internships and full-time positions at Flipkart through the contest. They will be evaluated on their technical, analytical, and ideation skills before being shortlisted for the Grand Finale. The challenge is open to students pursuing B.Tech, B.E., M.Tech, M.S., or other engineering programs across all engineering colleges in India.
“The collaboration between Unstop and Flipkart for GRiD 6.0 is a remarkable opportunity for engineering students to elevate their skills. Last year the number of registrations were 2X of the CAT applicants and this was huge. This year’s competition is more inclusive, welcoming individual participants and offering substantial rewards, including internships and job opportunities at Flipkart,” said Ankit Aggarwal, Founder and CEO of Unstop.
Skillsoft Partners with Microsoft to Develop Generative AI Skilling Program
American edtech company Skillsoft has launched a generative AI (GenAI) skilling program in collaboration with Microsoft. By leveraging Skillsoft’s AI Skill Accelerator, the program aims to upskill organizations and their workforce to use Microsoft AI, including Copilot and Azure OpenAI, to improve business productivity.
“Generative AI brings limitless opportunity to organizations. We’re seeing this firsthand through Skillsoft’s internal adoption of Copilot for Microsoft 365 and its potential to enhance our efficiency, creativity, and ability to achieve key business objectives. This collaboration with Microsoft is the first of many AI learning experiences we will deliver to help our customers and their talent – from everyday end-users to business leaders to AI developers – acquire the skills and tools they need to succeed in the age of AI,” said Ron Hovsepian, Executive Chair, Skillsoft.
Aerospike Onboards Venkatesh Guntur as Country Manager for Southeast Asia, ASEAN
Database solutions provider Aerospike has appointed Venkatesh Guntur as the new Country Manager for Southeast Asia (ASEAN). Venkatesh in his new role will spearhead Aerospike’s business operations, along with focusing on elevating the company’s presence.
“With his extensive experience and proven leadership, Venkatesh will be an invaluable addition to our team as we continue to expand our footprint in the enterprise and fast-growing AI-centric business applications segments in the ASEAN region. We are delighted to welcome him aboard,” said Aveekshith Bushan, Vice President and GM, Asia Pacific and Japan, Aerospike.
With over 25 years of experience in enterprise IT sales leadership, Venkatesh has driven strategic sales initiatives and held key leadership positions at firms such as Couchbase, Blue Prism, ADP, and Ramco Systems.
Daily Indian Startup News and Funding Alert – 9 July 2024
Funding News
e-Procurement Platform Centriti Raises Rs 6 Cr
Centriti, a B2B SaaS e-procurement platform for the HoReCa (Hotel, Restaurant, and Catering) industry, has raised Rs 6 crore in a pre-Series A funding round led by Emergent India Ventures (EV2). The round saw participation from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group. Founded in 2022, Centriti offers a tech-based, end-to-end procurement system that centralizes and simplifies the procurement process for HoReCa businesses.
Sustainability Startup Ricron Panels Raises Series A Funding
Gujarat-based plastic waste recycling company Ricron Panels raised an undisclosed Series A round led by Boon Sustainable Technologies. The round also saw participation from Harsh Mohunta (Managing Director, Classic Display Systems), Dinesh Babbar (ex-President at Infra.Market), Venkatesh Srinivasan (ex-Partner, EY GDS), Architect Renuka Sharma, Kaushik Rajan (Founder, Stoicus Legal), and Veromint Advisors. Founded by Rahul Chaudhary and Radhika Chaudhary, Ricron’s patented technology transforms non-recyclable plastic waste into versatile, waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant building materials, including roofing, framework shuttering, doors, panels, and storage pallets.
Felicity Games Raises $700K in Pre-seed Round
Felicity Games, a casual game developer and publisher, has secured $700,000 in a pre-seed funding round from DeVC, Visceral Capital, and marquee angel investors, including Kunal Shah of CRED; former Nazara CEO, Manish Agarwal; Sriharsha Majety and Nandan Reddy of Swiggy; and Sameer Pittalwala, Head of Gaming, Google Cloud (APAC), among others. Founded in 2023 by ex-Swiggy executive Anurag Choudhary, Felicity has launched over 10 game titles, which more than a million monthly users play across 14 geographies. The company will use the funds towards testing 10 more such games by March 2025. It aims to scale its revenue by 10X by the end of this year.
Qarmatek Raises $1M Funding Round
Qarmatek, a sustainability and circular economy-focused renewed electronics brand, raised $1 million in funding led by Umang Nahata and Rakesh Raman of Orange Orbit and Vishal Makwana of Texspin. The capital will help Qarmatek expand into multiple categories in renewed electronics, scale operations, and grow geographically. The investment aligns with Qarmatek’s mission to promote sustainability by extending the lifecycle of electronic products through renewal and refurbishment, thus reducing e-waste and contributing to a circular economy.
Helium Raises Pre-seed Round
AI platform Helium, which makes products for ecommerce websites to help them convert better, raised a pre-seed round of Rs 4.52 crore (about $550,000) led by Merak Ventures, a sector-agnostic early-stage venture capital (VC) firm, and angel investor Alok Mittal. It will use the funding to build a high-performing team and further develop Helium’s product offerings. The company aims to collaborate with top ecommerce brands globally, focusing on the North American market.
Other News
Sify Technologies Appoints Tom Bradicich to Its Board
Sify Technologies, a Digital ICT solutions provider with global service capabilities spanning data centre, cloud, networks, security, and digital services, appointed Tom Bradicich as a director on the Board of the company. Bradicich previously served on several boards, including Aspen Technology (AZPN), a publicly traded industrial software company, and the advisory boards of SparkCognition, an AI software company, and a social media and silicon chip startup.
Perfectly Average Welcomes Mira Kapoor as Brand Ambassador
Perfectly Average, a stackable jewellery and accessories brand, appointed Mira Kapoor as the face of the brand. Founded in 2021 by Tarushi Chhabra, Palak Chhabra, and Vidhi Jhalani, Perfectly Average offers an array of jewellery pieces, including rings, bracelets, earrings, and necklaces, each intricately designed with 18K gold plating, CZ stones, moonstones, amethyst, pearls, and aventurine. “Mira’s embodiment of elegance, grace, and modern sensibility perfectly mirrors the core values that define our brand. Mira is not just a style icon but also a role model who resonates deeply with our mission to redefine luxury as inclusive and empowering. Her influential presence in the fashion world and her genuine appreciation for fine craftsmanship make her an ideal ambassador for Perfectly Average,” said Founder Tarushi Chhabra.
SIDBI, BluSmart Flag-off 140+ Electric Cars for Ride-hailing Service
As part of the EV4ECO scheme for the electric mobility ecosystem, the Small Industries Development Bank of India (SIDBI) and EV ride-hailing company BluSmart flagged off 140+ electric cars in the national capital on Tuesday. SIDBI has also launched a tagline, ABCD (Aaओ Bनाए Cलीन Diल्ली), for increasing the EVs on Delhi roads. Anmol Jaggi, Co-founder of BluSmart, said, “At BluSmart, our mission is to ‘Decarbonize Mobility at scale’ and SIDBI with its unique ABCD initiative supporting EVs is fuelling our growth in Delhi-NCR and helping in accelerating the adoption of EVs contributing to the reduction of carbon emissions from the transportation sector.”
Daily Indian Startup News and Funding Alert – 5 July 2024
Funding
EleFant raises $750K in seed round from Malpani Ventures, Venture Catalysts
EleFant, a mobile app-based toy library, has raised Rs 6 crore (about $750K) in its seed round co-led by Malpani Ventures and Venture Catalysts, with participation from several notable investors and family offices. Founded in 2023 by Sourabh Jain, inspired by his daughter’s curiosity and love for learning, EleFant aims to address the challenge of toy clutter and child engagement. Investors in this round include Sudhakar Pai and Jyothi Pradhan from Kanara Consumer Products Limited (part of Manipal Group), Agre Global FZE, and Growth 91/Growth Sense. “This investment reflects our confidence in EleFant’s potential to revolutionize the $1.75 billion Indian toy market, projected to reach $3.3 billion by 2027,” said Apurva from Venture Catalysts.
Gocarin Industries secures seed funding from KIIT TBI
Gocarin Industries Pvt. Ltd., an agri-tech startup, has raised an undisclosed amount in seed funding from the KIIT Technology Business Incubator (TBI) as part of the BIRAC Leap programme. This initiative, under the Biotechnology Industry Research Assistance Council (BIRAC), supports innovative startups with high impact and scalability potential. “This funding will drive our mission to revolutionize the agricultural industry by empowering farmers with cutting-edge technology solutions,” said Ramanuj Panda, Founder and CEO of Gocarin Industries.
Other News
Umwelt.AI appoints Sunil Joshi as Chief Operating Officer and Co-Founder
Umwelt.AI, a provider of AI-powered employee experience management and people analytics solutions, has appointed Sunil Joshi as Chief Operating Officer & Co-Founder. Joshi, a certified Gallup Strengthsfinder Coach, brings over 27 years of experience in human resources, business transformation, and coaching. Previously, he was the Head of Business Transformation at Bestseller India. “I look forward to collaborating with the talented team here to develop robust solutions for better employee engagement and retention,” said Joshi.
Grameen Foundation partners with ONDC Network
Grameen Foundation for Social Impact and the Open Network for Digital Commerce (ONDC) have signed an MoU to drive socio-economic development and digital inclusion for diverse business entities. This joint initiative aims to support Farmer Producer Organizations (FPOs), nano, micro, small, and medium enterprises (NMSMEs), Self Help Groups (SHGs), women entrepreneurs, and startups with digital solutions. Grameen’s programs promote entrepreneurship, digital literacy, and financial inclusion. The partnership aims to streamline the onboarding of digitally excluded groups onto the ONDC Network through education, sensitisation, and facilitation.
Daily Indian Startup News and Funding Alert – 4 July 2024
Funding News
B2B Fabric Marketplace Fabrito Secures Funding from Green Trunk Fabrito, a B2B fabric marketplace and sourcing platform, has secured funding from Green Trunk Ventures, with OYO’s Maninder Gulati joining as an angel investor, among others. The company will use the funds to enhance its technology infrastructure, including a software-as-a-service (SaaS) platform for ready fabric suppliers and a fabric sourcing platform for fashion brands and garment manufacturers. Founded in 2023 by Naresh Dhaka, Pushpendra Singh, and Mayank Narain, Fabrito will also allocate a portion of its funds to hire sales and supply resources to deepen relationships within Indian textile hubs.
Other News
inDrive Partners with Evera Cabs to Launch EV Fleet with Women Drivers Mobility and urban services platform inDrive has partnered with electric cab service provider Evera Cabs to launch an EV fleet for women drivers. The partnership is part of inDrive’s DrivingNaari programme, which aims to empower women by providing them opportunities to build careers in driving.
Indian Startup Updates: Daily News and Funding Alerts – 3 July, 2024
Funding News
Bike Bazaar bags $3M from MAS Financial in debt funding
Bike Bazaar, an online two-wheeler financing and ecommerce platform, raised $3 million in debt funding from MAS Financial Services. According to filings with the Registrar of Companies (RoC), Bike Bazaar’s board has approved a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each. This debt investment has a 30-month tenure and an interest rate of 10.70% per annum. Founded by Srinivas Kantheti and Karunakaran Vadakkepat in 2017, the startup offers various financial services, including loans for purchasing two-wheelers, refinancing options, and ecommerce solutions for buying and selling motorcycles and scooters. Last February, it secured $10 million in funding from DEG, a Germany-based development finance institution.
Other News
Zepto and Reverie partner to enhance delivery partner experience
Quick commerce startup Zepto has partnered with Reverie Language Technologies to localise its Zepto rider app, addressing the linguistic challenges faced by delivery partners. The app is now contextually localised in six native languages: Hindi, Telugu, Kannada, Tamil, Marathi, and Bengali. “Our delivery partners, who often speak local languages, find it challenging to navigate an English-dominated digital landscape. By localising our rider app into native languages, we aim to make it more intuitive and user-friendly for them. This change is already seeing greater adoption among Zepto’s newly onboarded delivery partners,” said Shubham Agarwal, Senior Product Manager at Zepto. Reverie is an AI-powered language technology platform that offers text, voice, and video localisation solutions, leveraging advanced technologies such as neural machine translation, natural language understanding, and automated speech recognition.
KoinX partners with Mudrex to streamline crypto tax filing for Indian investors
Crypto tax software KoinX has teamed up with Mudrex, a YCombinator-backed global crypto investment platform, to streamline the tax filing process for crypto investors in India. This collaboration enables Mudrex users to generate crypto tax reports using the KoinX platform. KoinX’s advanced algorithms ensure accurate and rapid crypto tax reporting, catering to India’s complex crypto tax regulations. “Our partnership with Mudrex marks a significant milestone in our mission to simplify crypto tax compliance for Indian investors. At KoinX, our mission is to simplify crypto tax compliance, and this collaboration represents a significant step towards achieving that goal,” said Punit Agarwal, Founder of KoinX.
Aerospike appoints Venkatesh Guntur as Country Head for Southeast Asia
Database solutions provider Aerospike has appointed Venkatesh Guntur as the new Country Head for Southeast Asia (ASEAN). In this role, Guntur will lead Aerospike’s business operations in the region, aiming to enhance the company’s presence, drive growth, and fuel customer service. “With his extensive experience and proven leadership, Venkatesh will be an invaluable addition to our team as we continue to expand our footprint in the enterprise and fast-growing AI-centric business applications segments in the ASEAN region. We are delighted to welcome him aboard,” said Aveekshith Bushan, Vice President and GM – Asia Pacific and Japan, Aerospike. With over 25 years in enterprise IT sales leadership, Guntur has led strategic sales initiatives in the technology sector for numerous organisations. Before Aerospike, he held leadership roles at Couchbase, ADP, Blue Prism, and Ramco Systems.
Indian Startup Updates: Daily News and Funding Alerts – 2 July, 2024
upGrad Raises $34 Million in Debt Funding from EvolutionX
India’s leading EdTech unicorn, upGrad, has secured $34 million in debt funding from EvolutionX, a key investment firm for growth-stage businesses in Asia. This funding will bolster upGrad’s efforts to expand its offerings and solidify its position in the EdTech sector.
Founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015, upGrad specializes in higher education and upskilling programs for working professionals and students. The new funds will drive upGrad’s growth strategy, including scaling operations, developing new products, and exploring new markets.
Opting for debt funding over equity indicates upGrad’s intention to retain operational control and avoid ownership dilution. EvolutionX’s investment underscores their confidence in upGrad’s robust revenue model and the booming demand for quality education in India.
The EdTech market in India has surged, especially due to the pandemic, pushing educational institutions and learners to online platforms. upGrad has capitalized on this trend by partnering with global universities to offer diverse courses in data science, technology, management, and law.
Competing with giants like Byju’s, Unacademy, and Vedantu, upGrad has distinguished itself with quality content and strong industry partnerships. The new funding will enhance upGrad’s tech infrastructure, expand course offerings, and improve customer acquisition strategies.
Additionally, the funds may support upGrad’s potential expansion into international markets, aligning with its vision of becoming a global EdTech leader. This investment positions upGrad to thrive in the evolving education landscape and make a significant impact on the global EdTech industry.
Daily Indian Startup News and Funding Alert – 26 June 2024
Funding News
Novavente Bags $3M from Highbrow Securities
Novavente Private Limited, a technology sales company, has secured $3 million from Highbrow Securities. The funding will support Novavente’s expansion, enhancing its offerings and boosting its workforce. Founded in 2016, Novavente specializes in global sales enablement and demand generation, serving Fortune 500 companies and startups across various regions.
Morphing Machines Raises $2.76M Seed Funding
Fabless semiconductor startup Morphing Machines has raised $2.76 million in seed funding led by Speciale Invest, with participation from IvyCap Ventures, Golden Sparrow, Navam Capital, CIIE Initiatives, and DeVC. The funds will accelerate product development, expand the engineering team, and support go-to-market initiatives. Founded in 2006, Morphing Machines is pioneering runtime reconfigurable dataflow processors.
O hi Secures $1M Pre-Series A Funding
Social networking app O hi has secured $1 million in a pre-Series A round led by JIIF and several marquee angel investors. The funds will be used to strengthen the product and integrate an AI-based profiling system. Launched in 2021, O hi focuses on real-life human interaction by creating digital rooms in cafés, airports, and hotels.
Other News
Gupshup Launches Conversational Buyer App for ONDC
Conversational messaging platform Gupshup has launched a WhatsApp-based buyer app on the ONDC network. The app allows users to discover, browse, and buy products from sellers on the ONDC network without needing to download another app. Initially, the app will have limited availability, supporting food and beverage orders.
Unicommerce and Fabindia Partner for Ecommerce Operations
Fabindia has partnered with Unicommerce to streamline its ecommerce operations across online and offline channels. Using Unicommerce’s technology, Fabindia aims to process orders efficiently, enabling faster deliveries by allocating orders to the nearest store locations. Fabindia manages a catalogue of 175,000 items, processing orders from over 100 stores and four warehouses.
Daily Indian Startup News and Funding Updates – 5 June, 2024
Funding News:
iPiD Raises $5.3M from Leading Investors
iPiD, a fintech startup focusing on payee verification solutions, has successfully secured $5.3 million in an oversubscribed pre-Series A funding round. The round was led by Monk’s Hill Ventures and saw participation from Quona Capital, QED Investors, and existing partners. The investment will be utilized for product development aimed at combating payment-related fraud and expanding iPiD’s presence in key markets, particularly in Asia and Europe. Damien Dugauquier, CEO and Founder of iPiD, expressed confidence in the investment’s ability to address industry challenges and enhance global payment ecosystems’ trust and efficiency.
Aegeus Tech Secures Venture Debt from Caspian Debt
Aegeus Technologies, a provider of IoT-driven green robotics solutions, has raised an undisclosed amount of venture debt from Caspian Debt. The funding will support Aegeus Tech’s working capital requirements and expansion plans. The company, founded in 2017, specializes in leveraging robotics, AI, and ML to revolutionize the operation and maintenance of solar plants. Aegeus Tech’s flagship product, Intelligent Waterless Solar Panel Cleaning Robots, has been installed in over 8GW solar plants across India, aiming to enhance efficiency and return on investments by eliminating water usage and manual cleaning efforts.
Other Startup News:
Qlik Introduces Talend Cloud and Qlik Answers
At Qlik Connect 2024, Qlik announced the launch of Qlik Talend Cloud and Qlik Answers, aiming to accelerate enterprise AI adoption. Qlik Talend Cloud, a result of Qlik’s acquisition of Talend, offers AI-augmented data integration solutions from no-code to pro-code, ensuring data quality and governance. On the other hand, Qlik Answers, an AI-powered knowledge assistant, provides reliable insights from unstructured data. Both solutions are designed to facilitate data integration and leverage AI, positioning Qlik to meet the growing market demand for end-to-end AI solutions.
Zomato’s Commitment to Electric Vehicles
Foodtech company Zomato has announced its commitment to achieve a fully electric delivery fleet by 2030. To realize this goal, Zomato plans to partner with over 70 electric vehicle rental companies and OEMs, onboard EV-based logistics providers, and support EV bike ownership through financial collaborations. Anjali Ravi Kumar, Zomato’s Chief Sustainability Officer, highlighted the company’s dedication to sustainability, aiming to reduce emissions and achieve a Net Zero target by 2033.
E-Fill Electric and DevvStream Partner for Carbon Credits
E-Fill Electric and DevvStream have formed a partnership to generate carbon credits from E-Fill’s EV charging network in India. Through DevvStream’s Electric Vehicle Charging Carbon Offset Program (EVCCOP), E-Fill Electric aims to create a new revenue stream by selling carbon credits generated during EV charging. This initiative aligns with India’s focus on EV adoption and presents an opportunity for charge point operators and mobility service providers to benefit from carbon markets.
Varun Reddy Sevva Appointed as GD Goenka Group CHRO
GD Goenka Group has appointed Varun Reddy Sevva as the Chief Human Resources Officer (CHRO). With over 14 years of diverse industry experience, Sevva brings expertise in talent management, HR operations, and organizational development to his new role. Sevva expressed his enthusiasm for joining the renowned organization and emphasized his commitment to implementing growth-oriented and employee-centric HR practices to contribute to the group’s continued success.
Daily Indian Startup News and Funding Updates – 31 May, 2024
Funding News:
1. Scaler Invests Rs 50 Cr in Scaler School of Business
Scaler, an Indian education provider, has allocated Rs 50 crore to bolster its recently launched Scaler School of Business (SSB). This investment will fuel the development of offline infrastructure, curriculum enhancements, industry partnerships, and the recruitment of renowned leaders as coaches, mentors, and instructors. Additionally, Scaler Innovation Lab, an incubator housed within the campus, will offer SSB learners a platform to create and showcase prototypes, products, apps, MVPs, and more.
2. Volt Money Partners with PhonePe for Loans Against Mutual Funds
Volt Money, a platform facilitating instant secured loans against mutual funds, has forged a partnership with PhonePe. Through this collaboration, PhonePe’s expansive user base of over 535 million individuals can access digital, low-interest loans against their mutual fund investments. This integration will embed Volt Money’s seamless loan offerings into the PhonePe mobile app, granting users convenient access to funds secured against their mutual fund holdings.
Other Startup News:
1. Cashaa Founder Kumar Gaurav Steps Down as CEO
Kumar Gaurav, the Founder and CEO of Cashaa, a neo-bank catering to crypto businesses, has relinquished his position. Under Kumar’s stewardship, Cashaa evolved from a Bitcoin startup to a key player in the banking sector for crypto and high-risk ventures. This move coincides with Cashaa’s strategic pivot, discontinuing banking services for crypto and high-risk businesses to focus on introducing alternatives to traditional bank accounts, aimed at enhancing crypto adoption. Amjad Raza Khan, the former Chief Technology Officer (CTO), has assumed the role of CEO as part of the company’s corporate restructuring in preparation for the global launch of its Cashaa account.
2. Skechers Signs Footballer Sunil Chhetri as Brand Ambassador
Skechers, a renowned lifestyle and performance footwear brand, has enlisted Indian National Football Team captain Sunil Chhetri as its brand ambassador. Chhetri will endorse Skechers football boots and feature in marketing campaigns for the brand. Expressing his enthusiasm for the collaboration, Chhetri commended Skechers’ commitment to innovation and excellence. He looks forward to leveraging the partnership to promote sports and unlock individuals’ potential, both on and off the field.
3. The Man Company Achieves Rs 185 Cr Revenue in FY24
The Man Company, a leading men’s grooming brand, has reported a revenue of Rs 185 crore for the fiscal year ending March 2024. E-commerce channels, including major online marketplaces and the brand’s website, contributed approximately 70% of the total revenue. The company’s revenue has witnessed a compounded annual growth rate of 55% since its inception. With an EBITDA of 7.7% (Rs 14+ crore) for FY24 and cumulative revenue exceeding Rs 500 crore, The Man Company continues to demonstrate robust financial performance. Emami Ltd, a strategic investor, has contributed to the company’s success with close to Rs 75 crore in external funding.
4. Bata India Appoints Deepika Deepti as Head of Marketing
Bata India has appointed Deepika Deepti as its Head of Marketing. With over two decades of experience in marketing and business roles at prominent brands, Deepti brings extensive knowledge of the Indian and international retail industry to her new role. Recognized for her contributions to nurturing the sneaker culture in India during her tenure at Adidas and CAMP SMA, Deepti is poised to steer Bata India’s marketing initiatives. Her appointment signifies Bata India’s commitment to advancing its brand presence and style offerings in the fashion and lifestyle segment. Prior to joining Bata India, Deepti served as the Senior VP of Marketing at Metro Brands Ltd.
5. TheCafePrinter Launches Evebot Coffee and Food Printers at Palm Expo 2024
TheCafePrinter, a division of MJ Innovation Automations India Pvt Ltd, has unveiled its latest innovation, the Evebot coffee and food printers, at Palm Expo 2024. Priced starting from Rs 31,000, inclusive of GST, these printers cater to cafes, bars, bakeries, restaurants, and catering services, offering them a distinctive edge in a competitive market and avenues for revenue growth. With a one-year warranty, the Evebot Coffee Printer enables users to print intricate designs, logos, and personalized messages directly onto beverage foam, while the Evebot Food Printer facilitates printing on various edible surfaces, including cookies, cakes, bread, and savory dishes.
Daily Indian Startup News and Funding Updates – 30 May, 2024
Funding News:
1. TechEagle Completes Bridge Round Funding Led by Navam Capital, IPV, and Paytm Founder:
TechEagle, a drone-logistics startup specializing in on-demand delivery services, has successfully closed its bridge round funding. The funding was co-led by Navam Capital and Inflection Point Ventures (IPV), with participation from Paytm Founder Vijay Shekhar Sharma, through his wholly-owned company. Other contributors to the round include Venture Catalysts and a consortium of high-net-worth individuals. TechEagle’s flagship product, the Vertiplane X3, boasts impressive specifications, including a 100 km range per flight, a 5 kg payload capacity, and a speed of 120 km/h. The startup serves a diverse clientele, including AIIMS institutes, State Governments, and the World Bank.
2. Logistiex Secures $250,000 in Bridge Round Led by PACE Family Office and Angel Investors:
Logistiex, a new-age e-commerce startup, has raised $250,000 in a bridge round led by PACE Family Office, along with participation from angel investors such as Siddhant Khemka. Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex offers a unified solution for e-commerce in India, streamlining sellers’ management of their online presence through the Logistiex Universal Platform.
3. Jaipur Watch Company Raises Rs 2 Crore Led by Lemon Funds and Dev Diamonds:
Jaipur Watch Company has secured Rs 2 crore ($20 million) in funding from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds. The investment will be directed towards establishing a specialized gold watch manufacturing unit, expanding product lines, and enhancing marketing initiatives.
4. Gramiyaa Secures Rs 9.5 Crore Investment for Expansion in India and US:
Gramiyaa, a vertically integrated manufacturer of cold-pressed oils, has raised Rs 9.5 crore through a combination of equity and debt financing. The funding, led by UAE’s Homegrown Ventures, with additional investment from Mumbai Angels and Campus Fund, will support the company’s expansion in both Indian and US markets. Founded in 2017 by Sibi Manivannan, Gramiyaa has transitioned to an online-first model and currently distributes its products through various channels.
Other Startup News:
1. Delhivery Named Most Preferred 3PL Partner for Early-stage D2C Brands:
Logistics services provider Delhivery has been recognized as the most preferred partner for early-stage direct-to-consumer (D2C) brands in India, according to a report by Redseer Strategy Consultants. The report underscores the significant role of third-party logistics (3PL) providers in supporting the rapid growth of India’s D2C market.
2. Quantum Energy Partners with Green Drive Mobility to Accelerate EV Adoption:
EV OEM Quantum Energy has partnered with electric mobility solutions provider Green Drive Mobility to promote the adoption of electric vehicles (EVs) for last-mile delivery and connectivity services. Under the memorandum of understanding, Quantum Energy will supply 5,000 of its EV 2W, Bziness, designed for last-mile delivery fleets.
3. IDEMIA Collaborates with IIT Hyderabad on Post-Quantum Cryptography:
IDEMIA Secure Transactions has teamed up with the Indian Institute of Technology, Hyderabad (IIT Hyderabad), to advance post-quantum cryptography solutions. The partnership aims to enhance privacy frameworks against quantum threats by developing lattice-based post-quantum schemes.
4. LaunchPilot Commences Operations in India to Support Startup Ecosystem:
Startup school LaunchPilot has launched its operations in India, offering support to first-time entrepreneurs and working professionals. The Singapore-based firm facilitates idea execution, mentorship, and investor connections.
5. Corning Establishes Digital and IT Center in Pune to Drive Growth:
American multinational firm Corning has inaugurated its new digital and IT center in Pune, Maharashtra, aimed at attracting digital talent to fuel global growth. The center is expected to create approximately 100 new jobs over the next two years and strengthen the company’s operations in digital domains.
6. Classplus Introduces Polaris School of Technology to Bridge Industry Demands:
Edtech startup Classplus has launched Polaris School of Technology (PST), a four-year BTech program specializing in Computer Science, Artificial Intelligence, and Machine Learning. The program aims to bridge the gap between industry demands and graduate job readiness through a work-integrated degree model.
7. JioCinema Records Significant Reach During Tata IPL 2024:
JioCinema, the official streaming platform for TATA IPL, achieved a reach of over 62 crore during the 2024 season, marking a substantial growth from the previous year. The platform garnered over 35,000 crore minutes of watch time, reflecting a surge in user engagement.
8. Arahas Partners with UNIDO’s AIM Global Program to Promote Responsible AI:
Geospatial IT and AI firm Arahas has joined UNIDO’s AIM Global initiative, advocating for the responsible application of AI in industry and manufacturing. The partnership aims to promote sustainable and inclusive AI deployment through collaboration and knowledge sharing.
9. PhonePe Expands Loan Distribution Services with Marquee Partnerships:
Fintech platform PhonePe has diversified its loan distribution services by introducing secured lending products in collaboration with banks, NBFCs, and fintechs. The platform aims to offer a seamless user experience in secured loans and plans to expand its partner network to 25 by the next quarter.
10. AiDash Launches Maiden ESOP Buyback Plan for Employees:
Enterprise SaaS firm AiDash has introduced its inaugural Employee Stock Ownership Plan (ESOP) buyback initiative following its recent Series C funding round. The buyback scheme aims to empower existing employees by providing them with an opportunity to capitalize on the accrued value of their vested shares.
Daily Indian Startup news & Funding Roundup – 29 May, 2024
Funding News
- EcoRatings Secures $1M Pre-Seed Funding:
- Sustainability AI company, EcoRatings, has successfully secured $1 million in pre-seed funding from a consortium of investors including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google. This funding, comprising equity and grants, will bolster EcoRatings’ efforts to enhance its large language model tailored for sustainability. Co-founder Aditi Balbir expressed plans to utilize the investment to advance the company’s Gen AI-powered platform dedicated to establishing a Unified Knowledge Platform for ESG (Environmental, Social, and Governance) requirements. Founded in 2023, EcoRatings aims to assist organizations in meeting sector-focused ESG goals through its platform, which provides real-time chat replies by analyzing vast datasets for precise answers sourced from internal and external data.
- Nanosafe Raises Rs 3.13 Cr in Seed Funding Round:
- Material science technology startup, Nanosafe, has secured Rs 3.13 crore in a seed funding round led by the IAN Group, with participation from IIM Lucknow Enterprise Incubation Centre (IIML EIC). The round also saw contributions from notable investors including Uday Chatterjee, Sandhya Vasudevan, Tejinderpal Singh Miglani, and Romesh Sobti. Nanosafe plans to utilize the funds to expand its operations into new markets, drive growth, and fortify its market positioning. The startup’s formulations, leveraging active copper, offer broad-spectrum activity against various bacteria, viruses, algae, and fungi, addressing critical hygiene and safety needs in water contact and textile healthcare and apparel applications.
Other Startup News
- mPokket Appoints Sanjay Kar as SVP of Data and Analytics:
- Digital lending platform, mPokket, has appointed Sanjay Kar as its Senior Vice President of Data and Analytics. Kar, with over 16 years of experience in the banking domain, will lead the development and deployment of advanced analytics tools and data systems. His responsibilities include implementing analytics strategies to manage risk effectively and enhancing operational efficiency. Kar’s expertise encompasses roles at major financial institutions such as CitiGroup, JP Morgan Chase, HSBC, Paytm, and Equifax.
- Cashaa Promotes Amjad Raza Khan as CEO:
- Neobank for crypto businesses, Cashaa, has appointed its Chief Technology Officer, Amjad Raza Khan, as Chief Executive Officer. This strategic move aligns with Cashaa’s shift in business model, focusing on introducing an all-in-one wallet aimed at increasing the adoption of Cashaa’s native token, CAS. Khan’s immediate plans involve rolling out Cashaa’s wallet service with AI-driven earn and borrow programs across seven markets including Europe, UAE, India, Indonesia, Turkey, South Africa, and Kenya.
- Eloelo Names Sagar Gaonkar as Chief Technology Officer:
- Live social media platform, Eloelo, has appointed Sagar Gaonkar as its Chief Technology Officer. With over 16 years of video streaming and OTT technology expertise, Gaonkar will lead innovation, technological strategy, and compliance at Eloelo. The platform, serving over 75 million users in India with content available in six Indian languages, has raised over $37 million from global and national investors.
- Razorpay POS Introduces Payment Solution ‘Q-Zap’:
- Razorpay POS has launched ‘Q-Zap’, a payment solution designed to expedite checkouts for retailers. Q-Zap aims to reduce billing time by 40% and help retailers save up to 20% in annual operating costs. The solution enables customers to complete payments from anywhere within the store using self-checkout kiosks or hand-held POS devices integrated with Q-Zap. Ready plug-and-play integrations with over 120 billing partners are offered.
- GatewAI Launches AI-Powered Solutions for Corporate Innovation:
- GatewAI, a tech-enabled service solution startup, has introduced AI-powered solutions to establish talent, technology, and innovation hubs in India for large corporates, MNCs, and global startups. Targeting mid-to-small-size companies across industries, GatewAI aims to foster collaborative ecosystems that empower multinational corporations to thrive in India’s market.
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Daily Indian Startup news & Funding Roundup – 28 May, 2024
Funding News:
1. Solinas Raises Undisclosed Funding:
Solinas, a startup focusing on water and sanitation solutions through robotics, has recently secured undisclosed funding. The investment comes from Neev II Fund managed by SBICAP Ventures Ltd, along with private sector capital from Zerodha Founders’ investment arm, Rainmatter Capital. Established in 2018, Solinas aims to address challenges such as pipeline defect detection and manual scavenging elimination using AI and robotic technologies. The funding will be utilized to expand its product range, enhance market presence, and strengthen water and sanitation infrastructure resilience.
2. Inspeq AI Raises Rs 9.1 Cr:
Inspeq AI, a responsible AI development platform, has successfully raised Rs 9.1 crore ($1.1 million) in a pre-Series A investment round led by Sure Valley Ventures. The round also saw participation from Delta Partners, Plug and Play, as well as several notable angel investors. Founded in 2023 in Dublin, Ireland, Inspeq AI plans to utilize the funds to bolster its product development team and expand marketing and sales operations across India, Ireland, and the UK. The company aims to advance AI safety and performance on a global scale with this investment.
3. Gravity Raises $1M:
Personalized banking platform Gravity has announced raising $1 million in a pre-Series A funding round led by Kettleborough VC, along with participation from other investors within the banking industry. Founded in 2024 by former bankers Satish Krishnaswamy and Rohit Maroo, Gravity aims to simplify the banking ecosystem and enhance efficiency for banks while offering customized products and features to individual users. The startup plans to utilize the funding to further develop its technology.
4. Maxvolt Energy Raises $1.5M:
Lithium battery manufacturer Maxvolt Energy has secured $1.5 million in funding from multiple angel investors. The company intends to utilize the funds for the development of fast-charging batteries, aiming to reduce charging time to as low as 2 hours in the prototype phase. Maxvolt Energy, established in 2019, specializes in producing lithium battery packs for electric vehicles, energy storage systems, and medical devices.
5. AbleCredit Secures Seed Funding:
AbleCredit, an AI credit underwriting company, has closed a seed funding round of $1.25 million led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings. Founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, AbleCredit aims to revolutionize credit underwriting processes using AI, enabling faster decision-making for financiers. The funding will be utilized to scale AI operations and expand the business.
Other Startup News:
1. InCred Appoints Vikram Agarwal as COO:
Financial services company InCred has appointed Vikram Agarwal as its new Chief Operating Officer. Agarwal, with over 25 years of experience, will oversee critical functions including technology, operations, client servicing, compliance, and risk management at InCred Capital.
2. Paytm Insider Names Varun Khare as COO:
Paytm Insider, an entertainment platform, has appointed Varun Khare as its new Chief Operating Officer. Khare, who previously led the company’s business division, will now spearhead operational strategies for growth and innovation.
3. WinZO Partners with DPIIT to Sponsor Gaming Startups:
WinZO, in partnership with DPIIT, has selected and sponsored 18 gaming startups from India to represent the country at Gamescom, Latam. The initiative aims to provide a global platform for Indian gaming startups to showcase their creativity and technological prowess.
4. Ecom Express and Skye Partner for Drone Deliveries:
Logistics solutions provider Ecom Express Limited has partnered with drone tech company Skye Air to integrate drone delivery technology into their last-mile delivery ecosystem. The collaboration aims to enhance delivery speed, efficiency, and sustainability.
5. Gamerji Expands into Southeast Asia:
Esports tournament platform GamerJi has launched operations in Southeast Asia, starting with Indonesia and the Philippines. The company aims to add a million users from the region to its platform over the next 12 months.
6. SaralSCF Disburses Rs 940 Cr in FY24:
Supply chain financing vertical SaralSCF, part of BlackSoil Group, has disbursed over Rs 940 crore across 1.46 lakh invoices in FY24, marking a 30% increase from the previous year.
7. Yubi Appoints Anil Mehta as Independent Director:
Debt fintech startup Yubi has appointed industry veteran Anil Mehta as an independent director to its board. Mehta brings extensive experience in financial inclusion and scalable business development to the company.
8. Ace Turtle Names Karandeep Singh Jaiya as CBO:
Tech-retail startup Ace Turtle has appointed Karandeep Singh Jaiya as its new Chief Business Officer. Jaiya will lead business operations for a cluster of brands, driving innovation in the tech-driven omnichannel retail space.
9. Algorand Launches Developer Training Platform with NASSCOM:
Algorand, in collaboration with NASSCOM, has launched a developer course on NASSCOM’s FutureSkills Prime platform, aimed at teaching students how to develop applications using Algorand’s blockchain technology.
10. Tide Enables Bill Payments for SMEs:
Business finance platform Tide has introduced a bill payments feature in partnership with Setu, allowing SMEs to make seamless payments across platforms for various services.
11. Nykaa Parent Appoints Santosh Desai as Independent Director:
FSN E-Commerce Ventures, parent company of Nykaa, has appointed Santosh Desai as an independent director for a term of three years. Desai brings extensive experience in marketing and leadership roles to the board.
12. Oben Electric Expands into Delhi, Pune, and Kerala:
E-motorcycle startup Oben Electric has announced its expansion into Delhi, Pune, and Kerala, aiming to launch 50 new showrooms and service centres across 12 cities.
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Daily Indian Startup news & Funding Roundup – 27 May, 2024
| Name | Investor(s) | Amount Raised | Details |
|---|---|---|---|
| CoverSure | Enam Holdings | $4 million | InsurTech startup CoverSure recently raised $4 million in a pre-series A round led by Enam Holdings. The funds will be utilized to build a consumer-centric insurance engagement platform, enabling CoverSure’s Indian expansion and growth. CoverSure operates a platform handling all customer insurance needs, offering personalized advisory services, risk management, and family-centric insurance care. The company anticipates significant momentum in insurance adoption, driven by regulatory leniency. |
| CirclePe | OTP Ventures, 1947 Rise, iSeed, IIT Delhi, Venture Catalyst | Close to $1 million | Property tech platform CirclePe secured close to $1 million in a pre-seed round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, and Venture Catalyst. The round also saw involvement from founders and CXOs from OfBusiness, BharatPe, Uni Cards, and OYO. CirclePe’s “Smart Renting” solution enables credit-worthy tenants to opt for a Zero Security-Deposit move-in, simplifying the rental process for urban tenants, landlords, and co-living operators. |
| Bounce Infinity | – | – | EV mobility startup Bounce Infinity announced the launch of Bounce Infinity E1X, a new battery-swappable variant of its Infinity E1 scooter. The model, set for release nationwide from June 2024, is compatible with major battery swapping networks and customizable for new networks. Priced competitively, the E1X significantly reduces acquisition costs and offers a low running cost of Rs 1 to Rs 1.5 per kilometer. Battery swapping ensures uninterrupted travel for users, eliminating concerns about battery warranty, replacement, and lifecycle management. Bounce Infinity plans to introduce two-speed variant battery swapping models and develop a faster, 92 kmph variant to meet export market requirements. |
