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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 – 22 July 2024
Funding News
nhance bags $1.5M in seed funding
nhance.ai, a provider of smart building solutions, has raised $1.5 million in seed funding from high-net-worth individuals (HNIs). This investment will boost the company’s growth and enhance its platform which facilitates the development of smart buildings for its growing customer base. The funds will be allocated towards accelerating product development, recruiting talent, and exploring strategic partnerships. The firm’s nhanceTwin platform offers businesses visibility on building performance and insights leveraging machine learning and artificial intelligence. “We are thrilled to have the support of our esteemed investors who share our vision for transforming the smart building landscape. This funding will allow us to scale our operations, enhance our product offerings, and continue to deliver exceptional value to our customers,” said Deepak Nagraj, Founder and CEO of nhance.ai.
Umwelt.Ai raises $125K seed funding led by SaaS accelerator Upekkha
HR technology platform Umwelt.Ai has raised $125K in seed funding from Upekkha, an AI-focused SaaS fund and accelerator. “Our platform is designed to bridge the gap between employee expectations and organisational realities, enabling companies to unlock their workforce’s full potential,” said Vishal Chopra, CEO and founder of Umwelt.Ai. Umwelt.AI utilizes artificial intelligence and data science to improve employee experiences and drive business outcomes. The platform provides an AI-driven People Analytics and Employee Experience solution that outperforms traditional HR methods.
Empyreal Galaxy bags funding from AIC-RMP Seed Fund
Empyreal Galaxy has secured funding from the Atal Incubation Centre – Rambhau Mhalgi Prabodhini Seed Fund. This investment will fuel the company’s efforts to address global infrastructure challenges with its solutions. The startup comprises a team of experts, designers, and manufacturers specializing in Lighter-Than-Air (LTA) vehicles. Their goal is to create a cost-effective and sustainable transportation mode that connects remote and disaster-stricken areas often cut off from essential aid. “We envision airships as one of the world’s safest transportation methods. Modern materials, controls, and information technology can transform LTA into a solution for complex national and global challenges,” said Shailesh Dhuri, Founder and CEO of Empyreal Galaxy.
Other News
HCLTech and upGrad enterprise collaborate to offer job-aligned skilling programmes
Global tech company HCL Technologies has partnered with upGrad Enterprise, the corporate skilling and workforce development division of upGrad, to provide a variety of job-focused skilling programs in multiple formats to clients worldwide. Together, the two entities will curate content and learning experiences for working professionals and corporations worldwide. Additionally, the partnership will focus on developing and launching programs in Generative AI and related technologies. “By combining our edtech offerings with upGrad Enterprise’s proposition for global clients and university-led skilling courses/certifications in high-demand disciplines such as data and emerging technologies, we are set to jointly offer clients and learners a world-class learning experience, complete with high-quality study material and practical, real-world industry experiences, facilitating the quicker application of skills in their professional roles,” said Srimathi Shivashankar, Corporate Vice President and Global Head, Edtech Business, HCLTech.
Reliance Retail’s Yousta expands footprint in North India, launches new store in Lucknow
Reliance Retail’s Yousta, a youth-centric fashion brand, has announced the opening of its newest store in Lucknow on Kapoorthala, Aliganj Road. Since its launch last year, Yousta has rapidly expanded nationwide, with multiple stores in Maharashtra, Telangana, Andhra Pradesh, Chhattisgarh, Kerala, Tamil Nadu, Jharkhand, Karnataka, West Bengal, and Uttar Pradesh. The brand offers stylish and budget-friendly clothing, specifically catering to the fashion-forward youth of India. To celebrate the launch, Yousta is running a special contest called “Star of Lucknow.” Customers are invited to try on the latest Yousta collection and post their pictures on Instagram.
Paras Health appoints PwC’s former partner Usha Rajeev as Independent Director
Paras Health has named Usha Rajeev as an Independent Director on its board. Rajeev brings extensive expertise in governance, audit, and risk management, accumulated over her 29-year career at Price Waterhouse, India (a member firm of PriceWaterhouseCoopers International). “It is a pleasure to have Mrs. Usha Rajeev join the Paras Health Board as an Independent Director. I am sure that with her expertise in audit & risk management, she will be able to significantly contribute in achieving our objectives by strengthening the right checks & balances. Most importantly, I believe her strategic insights will help in bolstering our long-term growth strategy, ensuring we stay true to our vision of building a healthier Bharat,” said Dr. Dharminder Nagar, Managing Director of Paras Health. Paras Healthcare Private Limited launched its first hospital in Gurugram in 2006 and has since evolved into a corporate healthcare chain offering multi-specialty tertiary care services across six states and eight cities, such as Gurugram, Patna, Panchkula, Kanpur, Ranchi, Udaipur, Srinagar, and Darbhanga.
Raghav Iyengar appointed as CEO and Whole-time Director of 360 ONE Asset
Raghav Iyengar has been named the CEO and Whole-time Director of 360 ONE Asset Management, an asset management firm. Iyengar in his new role will be responsible for steering the company’s growth strategy, broadening its product portfolio, and bolstering its market presence. With over three decades of experience in the financial services industry, he has previously held leadership roles at Axis Asset Management, ICICI Prudential Asset Management, and Tata Asset Management.
Dreame India appoints Manu Sharma as Managing Director to lead its India operations
Dreame Technology, a global smart home appliance brand, has named Manu Sharma as Managing Director for its operations in India. Sharma will be responsible for developing and executing strategic plans to propel the company’s growth and establish its brand footprint in the Indian market. Additionally, he will manage Dreame’s regional product strategy and oversee marketing and sales efforts. With over 25 years of experience in the consumer electronics industry, Sharma previously held leadership positions at Nothing India as Vice President and General Manager, and at Samsung India as Vice President and Head of Product Strategy. Before these roles, he held a 12-year tenure at Hewlett-Packard. “I am excited to lead Dreame’s India business and I look forward to working with the team to build Dreame’s brand presence, operational capabilities, and deliver innovative products that resonate with our consumers,” said Manu Sharma.
Ecom Express on-boards Jitendar Kumar as the CBO; Abhinav Imandi as Senior Vice President – Operations
Logistics solutions provider Ecom Express Limited has expanded its leadership team with the appointment of two senior executives. Jitendar Kumar has been appointed as Chief Business Officer, and Abhinav Imandi will serve as Senior Vice President of Operations, Process Excellence, and Alternate Channels. “Jitendar’s extensive experience in driving business growth and his strategic thinking will be instrumental in achieving our growth objectives in India. We are confident that his leadership and diverse background will be a valuable asset to Ecom Express,” said Ajay Chitkara, CEO & MD, Ecom Express. Jitendar Kumar brings over 18 years of experience in sales leadership, having driven growth in both the Indian and global enterprise sectors. Before joining Ecom Express, Jitendar held key roles at Hewlett Packard and Bharti Airtel. With almost 15 years of professional experience, Abhinav has expertise across consulting, sales operations, customer experience, and operations. Before joining Ecom Express, Abhinav worked with Milkbasket as the Chief Operating Officer.
MediaMint appoints Rajeev Butani as Chief Executive Officer
MediaMint, a media operations services provider, has appointed Rajeev Butani as Chief Executive Officer. Butani takes over from current CEO and co-founder Aditya Vuchi, who will remain with MediaMint as a member of the Board of Directors. “As we continue to accelerate innovation and revenue realization for businesses worldwide, we are excited to have Rajeev serve as CEO to guide us through the next phase of MediaMint’s expansion,” said Mr. Vuchi, who served as MediaMint’s CEO for the previous 14 years. “Rajeev has served as Executive Chairman of the company and understands our business and culture. We look forward to his collaboration with MediaMint leadership, employees, and customers to build on our past successes.” Before joining MediaMint in 2023 as Executive Chairman, Butani served with Accenture for over 25 years. Most recently, he served as Senior Managing Director and Group Technology Officer for Accenture’s Communications, Media, and Technology Operating Group worldwide. He was also a member of Accenture’s Global Leadership Council.
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 – 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 – 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.
Indian Startup Updates: Daily News and Funding Alerts – 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 & Funding Highlights – 31 May, 2024
Funding News:
1. Scaler School of Business Receives Rs 50 Cr Investment from Scaler: Scaler, a prominent education provider in India, has allocated Rs 50 crore towards the development of its recently launched Scaler School of Business (SSB). This investment will be utilized for various purposes such as building offline infrastructure, curriculum development, industry partnerships, and hiring renowned leaders as coaches and mentors. Additionally, the Scaler Innovation Lab, an incubator established on campus, will be made accessible to SSB learners, allowing them to create and showcase prototypes, products, apps, MVPs, and more.
2. Volt Money Secures Partnership with PhonePe for Loans Against Mutual Funds: Volt Money, a platform offering instant secured loans against mutual funds, has entered into a partnership with PhonePe. Through this collaboration, PhonePe’s extensive user base of over 535 million individuals will gain access to digital, low-interest loans against their mutual fund investments. This integration will seamlessly incorporate Volt Money’s loan services into the PhonePe mobile app, providing users with convenient digital access to financing options.
Other Startup News:
1. Cashaa Founder Kumar Gaurav Steps Down as CEO: Kumar Gaurav, the Founder and CEO of Cashaa, a leading neo-bank in crypto businesses, has announced his resignation from the CEO position. Under his leadership, Cashaa transitioned from a Bitcoin startup to a key player in the banking sector for crypto and high-risk businesses. The company’s strategic shift involves discontinuing banking services for such businesses and focusing on introducing alternatives to traditional bank accounts to promote global crypto adoption. Amjad Raza Khan, formerly the Chief Technology Officer (CTO), has been promoted to CEO as part of the corporate restructuring aimed at the release of Cashaa’s global account.
2. Skechers Signs Footballer Sunil Chhetri as Brand Ambassador: Renowned footwear brand Skechers has appointed Sunil Chhetri, the captain of the Indian National Football Team, as its brand ambassador. Chhetri will represent Skechers as a forward wearing their football boots and will feature in marketing campaigns for the brand. Expressing his excitement about the collaboration, Chhetri emphasized Skechers’ commitment to innovation and excellence. He looks forward to promoting the brand’s products and empowering players and fans across the country.
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. The majority of the revenue, approximately 70%, was generated through ecommerce channels, including major online marketplaces and the brand’s website. The company’s revenue has maintained a compounded annual growth rate of 55% since its inception. With Emami Ltd as a strategic investor and cumulative external funding of nearly Rs 75 crore, The Man Company has surpassed Rs 500 crore in cumulative revenue. Additionally, the company recorded an EBITDA of 7.7% (Rs 14+ crore) for FY24.
4. Bata India Appoints Deepika Deepti as Head of Marketing: Bata India, a renowned footwear brand, has appointed Deepika Deepti as its Head of Marketing. With over two decades of experience in marketing and business roles at leading brands, Deepti brings extensive knowledge of the Indian and international retail industry to her new role.
Daily Indian Startup News & Funding Highlights – 30 May, 2024
Funding News:
- TechEagle Completes Bridge Round Led by Navam Capital, Inflection Point Ventures, and Paytm Founder:
Drone-logistics startup TechEagle has successfully concluded its bridge round funding. Co-led by Navam Capital and Inflection Point Ventures (IPV), the round saw participation from Paytm Founder Vijay Shekhar Sharma and other high-net-worth individuals. TechEagle’s Vertiplane X3, boasting impressive specs like a 100 km range per flight, 5 kg payload capacity, and a speed of 120 km/h, continues to attract attention. Notable clients such as AIIMS institutes, State Governments, and the World Bank highlight the company’s potential in the burgeoning drone delivery sector. - Logistiex Secures $250,000 in Bridge Round Led by PACE Family Office and Angel Investors:
New-age e-commerce startup Logistiex has raised $250,000 in a bridge round led by PACE Family Office, with participation from angel investors including Siddhant Khemka. Founded in 2023, Logistiex provides a unified e-commerce solution in India, simplifying sellers’ management of their online presence through the Logistiex Universal Platform. The infusion of funds will further enhance product development and expand the tech team, strengthening its position in the competitive e-commerce landscape. - Jaipur Watch Company Raises Rs 2 Cr from Investors Nirav Jogani and Jignesh Shah:
Jaipur Watch Company has secured Rs 2 crore ($20 million) from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery. The investment will support the establishment of a specialized gold watch manufacturing unit, diversification of product lines, enhanced marketing initiatives, and technological advancements. This funding underscores investor confidence in the company’s vision and potential for growth in the luxury watch market. - Gramiyaa Secures Rs 9.5 Cr Investment to Drive Expansion in India and US:
Vertically integrated manufacturer of cold-pressed oils, Gramiyaa, has raised Rs 9.5 crore through a combination of equity and debt financing. Led by UAE’s Homegrown Ventures, with additional investment from Mumbai Angels and Campus Fund, the funds will fuel the company’s expansion in both the Indian and US markets. Founded in 2017, Gramiyaa’s shift to an online-first model has enabled its distribution through various channels, contributing to its rapid growth trajectory.
Other Startup News:
- Delhivery Named Most Preferred 3PL Partner for Early-Stage D2C Brands:
Logistics services provider Delhivery has been recognized as the preferred partner for early-stage direct-to-consumer (D2C) brands in a report by Redseer Strategy Consultants. With a comprehensive logistics solution offering real-time tracking, streamlined returns management, and extensive delivery coverage, Delhivery plays a vital role in supporting the rapid growth of India’s D2C market. - Quantum Energy Partners with Green Drive Mobility for Last-Mile EV Solutions:
EV Original Equipment Manufacturer (OEM) Quantum Energy has partnered with Green Drive Mobility to accelerate the adoption of electric vehicles (EVs) for last-mile delivery and connectivity services. The collaboration aims to leverage Quantum Energy’s EV 2W, Bziness, to meet the evolving needs of last-mile delivery fleets, contributing to sustainable mobility solutions. - IDEMIA Secure Transactions Collaborates with IIT Hyderabad on Post-Quantum Cryptography:
IDEMIA Secure Transactions (IST) has teamed up with the Indian Institute of Technology, Hyderabad (IIT Hyderabad), to enhance privacy frameworks against quantum threats through post-quantum cryptography. This collaboration underscores the importance of advancing cryptographic solutions to ensure the long-term security of digital transactions and data privacy. - LaunchPilot Commences Operations in India to Support Entrepreneurship:
Startup school LaunchPilot has initiated its operations in India, aiming to support first-time entrepreneurs and working professionals in building and executing their ideas. Through partnerships with academic institutions and communities, LaunchPilot provides training and mentorship to foster entrepreneurship and innovation in India’s startup ecosystem.
Daily Indian Startup News & Funding Highlights – 29 May, 2024
Funding News:
1. EcoRatings Secures $1M Pre-Seed Funding:
- EcoRatings, a sustainability AI company, 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, in a combination of equity and grant.
- Co-founder Aditi Balbir expressed plans to utilize the investment to advance the company’s large language model tailored specifically to the sustainability sector.
- Founded in 2023 by Aditi Balbir, Aqeel Ahmed, and Shruti Anand, EcoRatings specializes in developing a Gen AI-powered platform dedicated to creating a Unified Knowledge Platform for ESG (Environmental, Social, and Governance) requirements. The platform assists organizations in meeting sector-focused ESG goals by analyzing extensive datasets for precise insights.
2. Nanosafe Raises Rs 3.13 Cr in Seed Funding Round:
- Nanosafe, a material science technology startup, 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) and several individual investors.
- The funding will support Nanosafe in expanding its operations into new markets, driving growth, and enhancing its market positioning.
- Nanosafe specializes in formulations utilizing active copper to address critical hygiene and safety needs in water contact and textile healthcare and apparel applications, providing broad-spectrum activity against various microbes.
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 will lead the development and deployment of advanced analytics tools and data systems to manage risk effectively and enhance operational efficiency.
- With over 16 years of experience in the banking domain, Kar brings expertise in risk management, credit policy, predictive modeling, and digital lending from his previous roles at major financial institutions.
2. Cashaa Promotes CTO Amjad Raza Khan as CEO:
- Cashaa, a neobank for crypto businesses, has appointed its Chief Technology Officer, Amjad Raza Khan, as Chief Executive Officer. The strategic shift in leadership coincides with Cashaa’s transition towards introducing an all-in-one wallet aimed at increasing the adoption of its native token, CAS.
- Khan’s immediate plans include rolling out Cashaa’s wallet service with AI-driven earn and borrow programs across multiple markets.
3. Eloelo Appoints Sagar Gaonkar as Chief Technology Officer:
- Live social media platform Eloelo has appointed Sagar Gaonkar as its Chief Technology Officer. With extensive experience in video streaming and OTT technology, Gaonkar will drive innovation and technological strategy at Eloelo.
4. Razorpay POS Announces ‘Q-Zap’ Payment Solution:
- Razorpay POS has launched ‘Q-Zap’, a payment solution designed to facilitate faster checkouts for retailers. By integrating Razorpay POS hardware and software, Q-Zap aims to reduce billing time and operating costs for retailers while providing customers with seamless payment experiences.
5. GatewAI Launches AI-Powered Solutions:
- 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. The offerings aim to foster collaborative ecosystems and enable multinational corporations to thrive in India’s market.
6. TMRW Partners with Google Cloud:
- TMRW, a brand under the Aditya Birla Group, has partnered with Google Cloud to enable users to create custom designs on t-shirts through Bewakoof.com using Generative AI. This collaboration leverages Google’s ‘text to image’ model Imagen to provide users with personalized design options.
7. Amazon India Launches 4th Edition of ML Summer School:
- Amazon India has announced the registration dates for the fourth edition of Machine Learning (ML) Summer School, offering engineering students the opportunity to gain key ML skills from Amazon scientists. The free educational course will cover eight modules over four weekends in July.
8. HostBooks Unveils MFG 360° Solution:
- HostBooks has introduced MFG 360°, a comprehensive solution aimed at transforming the manufacturing sector by automating and integrating every aspect of production. MFG 360° enhances financial management, optimizes operations, and streamlines various processes within the manufacturing industry.
9. Sleepwell, Kurlon Partner with Unicommerce:
- Mattress manufacturers Sleepwell and Kurlon have partnered with Unicommerce to drive their ecommerce operations. Utilizing Unicommerce’s multichannel order management system, both brands aim to automate order processing across multiple platforms and streamline warehouse operations.
10. iThink Logistics Launches Weight Discrepancy Management Dashboard:
- iThink Logistics has launched a weight discrepancy management dashboard to assist ecommerce sellers in resolving weight discrepancies during billing, enhancing operational efficiency. The tool integrates with existing ecommerce platforms and logistics systems to provide accurate weight measurements and instant notifications.
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Daily Indian Startup News & Funding Highlights – 28 May, 2024
Funding News:
- Solinas Secures Undisclosed Funding from Neev II Fund: Water and sanitation-focused robotics solutions startup, Solinas, has successfully secured investment from Neev II Fund, managed by SBICAP Ventures Ltd, alongside private sector capital from Zerodha Founders investment arm, Rainmatter Capital. The startup, established in 2018, specializes in developing robotic and AI solutions aimed at addressing challenges such as pipeline defect detection and manual scavenging elimination. Solinas plans to utilize the funds to expand its product range, enhance market presence, and strengthen water and sanitation infrastructure resilience to combat climate change.
- Inspeq AI Raises Rs 9.1 Cr in Pre-Series A Round: Responsible AI development platform, Inspeq AI, has raised $1.1 million in a pre-Series A investment round led by Sure Valley Ventures. Other participants in the round include Delta Partners, Plug and Play, as well as several angel investors such as Prateek Dixit, founder of Pocked FM, and Rick Kelly from Meta Ireland. Founded in 2023 in Dublin, Ireland, Inspeq AI aims to utilize the funding to bolster its product development team, and expand marketing and sales operations across India, Ireland, and the UK.
- Gravity Secures $1M in Pre-Series A Funding: Personalized banking platform, Gravity, has announced raising $1 million in a pre-Series A funding round led by Kettleborough VC, with participation from various players in the banking industry. The startup, founded in 2024 by former bankers Satish Krishnaswamy and Rohit Maroo, intends to utilize the funds to further develop its technology. Gravity’s platform focuses on providing interoperability among banking applications, simplifying the tech ecosystem, and offering customized products and features tailored to individual users.
- Maxvolt Energy Raises $1.5M for Fast-Charging Batteries: Lithium battery manufacturer and supplier, Maxvolt Energy, has secured $1.5 million in funding from multiple angel investors. The company plans to allocate the funds towards the development of fast-charging batteries. Maxvolt Energy, established in 2019, specializes in producing lithium battery packs for electric vehicles (EVs), energy storage systems, and medical device batteries. With a focus on prototype development, Maxvolt Energy aims to launch the final product of fast-charging batteries by the end of 2024 after thorough R&D.
- AbleCredit Raises Seed Funding of $1.25M: AI credit underwriting company, AbleCredit, has raised $1.25 million in a funding round 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 utilize the funding to scale its AI operations and business growth. The company’s GenAI model enables financiers to underwrite credit over 20X faster, significantly reducing operational costs.
Other Startup News:
- InCred Appoints Vikram Agarwal as COO: Financial services company, InCred, has appointed Vikram Agarwal as its new Chief Operating Officer. Agarwal brings over 25 years of experience to his new role, including his tenure as COO and CRO at Julius Baer India. In his new position, Agarwal will oversee critical functions at InCred Capital, including technology, operations, client servicing, compliance, and risk management.
- Paytm Insider Names Varun Khare as New COO: Entertainment platform, Paytm Insider, has named Varun Khare as its new Chief Operating Officer (COO). Khare, who previously led the company’s business division, played a crucial role in driving growth for the company over the past four years. In his new role, Khare will lead operational strategies to drive growth and innovation across the business.
- WinZO and DPIIT Partner to Sponsor Gaming Startups for Gamescom, LatAm: WinZO and DPIIT have collaborated to select and sponsor 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. The selected startups underwent a rigorous selection process and will represent India with diverse gaming ventures.
- 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. Initially focusing on deliveries in Gurugram, the partnership aims to enhance delivery speed, improve efficiency, and reduce carbon emissions. Skye Air’s state-of-the-art tech stack and infrastructure will enable faster, safer, and more efficient deliveries.
- GamerJi Launches Operations in Southeast Asia: Esports tournament platform, GamerJi, has expanded its operations into Southeast Asia, starting with Indonesia and the Philippines. The platform has gone live with eight games, including popular titles like PUBG Mobile, Free Fire, and FIFA. GamerJi aims to add a million users from the region to its platform over the next 12 months, capitalizing on the growing popularity of esports in the region.
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Daily Indian Startup News & Funding Highlights – 27 May, 2024
| Name | Founder(s) | Investor | Amount Raised | Details |
|---|---|---|---|---|
| Zypp Electric | Akash Gupta | ENEOS, 9unicorns, IAN fund, venture catalysts, WFC & others | $15 million | Raised in Series C1 funding, part of a $50-million round split into $40 million equity and $10 million debt. Plans to expand fleet to 200,000 scooters and services to 15 cities by 2026. |
| EQT’s MMG Fund | – | Various investors including current investors in EQT’s Asian large-cap buyout funds | $1.6 billion | Double its original target. Focuses on investing in high-growth mid-market companies across Asia, with a focus on sectors like technology and healthcare. |
| Sauce VC | – | Corporate houses and family offices specialized in consumer markets | Rs 250 crore | Sauce Ventures, a consumer-focused investor, has opened its third fund aiming to raise Rs 250 crore. It is also raising funds from its current investors. The launch coincides with an increase in risk capital investors’ interest in the D2C market. Founded in 2019, Sauce VC operates in critical support areas for brand expansion in India, with a network of service partners and a high engagement approach. |
| Turno | Hemanth Aluru, Sudhindra Reddy | British International Investment, Quona Accion, Stellaris Ventures, B Capital | Rs 46 crore ($5.5 million) | Raised Rs 46 crore from new and existing investors for expansion and working capital requirements. Valued at around Rs 587 crore or $71 million post-money. Specializes in commercial EV distribution and financing, providing options for three-wheel EVs and financing across multiple states in India. Founded in 2021, Turno has raised a total of $22.5 million to date, including a Series A round of $13.8 million in February last year. |
| CoverSure | – | Enam Holdings | $4 million | Raised in pre-series A round led by Enam Holdings. Plans to build a consumer-centric insurance engagement platform. Expected to enable Indian expansion and growth. Offers personalized insurance portfolio, democratised risk management, and family-centric insurance care. Founded in January 2023, CoverSure handles all customer insurance needs, providing personalized, spam-free advisory service to existing policy holders as well as new to insurance. |
| CirclePe | – | OTP Ventures, 1947 Rise, iSeed, IIT Delhi, Venture Catalyst | Close to $1 million | Raised in pre-seed round led by OTP Ventures. Unique “Smart Renting” solution allows credit-worthy tenants to opt for a Zero Security-Deposit move-in, and enjoy the luxury of paying only their monthly rent without any extra charges. Caters to urban tenants, landlords, and co-living operators. |
| Bounce Infinity | – | – | – | Announced the launch of a new battery-swappable variant of its popular Infinity E1 scooter called Bounce Infinity E1X. Priced at an introductory range of around Rs 55,000 to Rs 59,000 ex-showroom. Battery swapping feature allows users to swap depleted batteries for charged ones at network stations, reducing concerns related to battery warranty, replacement, and lifecycle management. Involves energy cost of just Rs 1 to Rs 1.5 per kilometer. Developing a faster, 92 kmph variant to meet the minimum speed requirements in certain export markets. |
