Daily Indian Startup News & Funding Highlights

Daily Indian Startup News & Funding Highlights

Stay informed with our daily roundup of Indian startup news and funding highlights. Dive into the latest funding rounds and startup success stories, providing insights into the thriving entrepreneurial landscape.

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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:

  1. 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.
  2. 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.
  3. 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.
  4. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.


Daily Indian Startup News & Funding Highlights – 28 May, 2024

Funding News:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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:

  1. 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.
  2. 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.
  3. 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.
  4. Ecom Express and Skye Partner for Drone Deliveries: Logistics solutions provider, Ecom Express Limited, has partnered with drone tech company Skye Air to integrate drone delivery technology into their last-mile delivery ecosystem. 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.
  5. 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.


Daily Indian Startup News & Funding Highlights – 27 May, 2024

NameFounder(s)InvestorAmount RaisedDetails
Zypp ElectricAkash GuptaENEOS, 9unicorns, IAN fund, venture catalysts, WFC & others$15 millionRaised 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 FundVarious investors including current investors in EQT’s Asian large-cap buyout funds$1.6 billionDouble its original target. Focuses on investing in high-growth mid-market companies across Asia, with a focus on sectors like technology and healthcare.
Sauce VCCorporate houses and family offices specialized in consumer marketsRs 250 croreSauce 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.
TurnoHemanth Aluru, Sudhindra ReddyBritish International Investment, Quona Accion, Stellaris Ventures, B CapitalRs 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.
CoverSureEnam Holdings$4 millionRaised 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.
CirclePeOTP Ventures, 1947 Rise, iSeed, IIT Delhi, Venture CatalystClose to $1 millionRaised 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 InfinityAnnounced 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.

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