Daily Indian Startup news & Funding Roundup

Daily Indian Startup news & Funding Roundup

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

  1. 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.
  1. 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

  1. 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.
  1. 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.
  1. 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.
  1. 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.
  1. 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.


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.


Daily Indian Startup news & Funding Roundup – 27 May, 2024

NameInvestor(s)Amount RaisedDetails
CoverSureEnam Holdings$4 millionInsurTech 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.
CirclePeOTP Ventures, 1947 Rise, iSeed, IIT Delhi, Venture CatalystClose to $1 millionProperty 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 InfinityEV 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.

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