Latest Startup and Funding News – Daily Updates – 31 May, 2024
Funding News:
1. Scaler Invests Rs 50 Cr in Scaler School of Business
Scaler, an Indian education provider, has allocated Rs 50 crore towards the expansion of its recently launched Scaler School of Business (SSB). This investment will be utilized for various purposes including the development of offline infrastructure, curriculum enhancement, industry partnerships, and the recruitment of top-tier leaders as coaches and mentors. Additionally, the Scaler Innovation Lab, situated on campus, will provide SSB learners with opportunities to innovate and present their ideas.
2. Volt Money Partners 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 can access digital, low-interest loans against their mutual fund investments. This integration will enable users to seamlessly access Volt Money’s loan services via the PhonePe mobile app, enhancing the convenience of borrowing against their assets.
Other Startup News:
1. Cashaa Founder Kumar Gaurav Steps Down as CEO
Kumar Gaurav, the Founder and CEO of Cashaa, a neo-bank catering to crypto businesses, has announced his resignation from the CEO position. Gaurav led Cashaa’s transition from a Bitcoin startup to a player in the banking sector for crypto and high-risk businesses. This decision aligns with Cashaa’s strategic shift towards focusing on introducing alternatives to traditional banking services for global adoption of cryptocurrencies. Amjad Raza Khan, the former Chief Technology Officer, has been appointed as the new CEO as part of the corporate restructuring for the launch of Cashaa’s global account.
2. Skechers Signs Footballer Sunil Chhetri as Brand Ambassador
Skechers, a renowned footwear brand, has enlisted Indian National Football Team captain Sunil Chhetri as its brand ambassador. Chhetri will endorse Skechers football boots and feature in the brand’s marketing campaigns. Expressing his excitement about the collaboration, Chhetri highlighted Skechers’ commitment to innovation and excellence in sports. With this partnership, Skechers aims to empower individuals to maximize their potential both on and off the field, leveraging Chhetri’s influence to reach players and fans across the country.
3. The Man Company Reports Rs 185 Cr Revenue in FY24
The Man Company, a leading men’s grooming brand, has disclosed a revenue of Rs 185 crore for the fiscal year ending March 2024. A significant portion of the revenue, approximately 70%, was generated through e-commerce channels, including major online marketplaces and the brand’s website. The company has achieved a compounded annual growth rate of 55% since its inception and recorded a 7.7% EBITDA of Rs 14+ crore for FY24. With cumulative revenue surpassing Rs 500 crore and external funding of nearly Rs 75 crore, The Man Company continues its growth trajectory with strategic investments and expansion plans.
4. Bata India Appoints Deepika Deepti as Head of Marketing
Bata India, a prominent 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. Prior to joining Bata India, she held senior positions in marketing at prominent brands like Adidas and Metro Brands Ltd. Deepti’s appointment signifies Bata India’s commitment to enhancing its marketing strategy and reinforcing its position in the fashion and lifestyle segment.
5. TheCafePrinter Launches Evebot Coffee and Food Printers at Palm Expo 2024
TheCafePrinter, a division of MJ Innovation Automations India Pvt Ltd, has unveiled its latest innovation, the Evebot coffee and food printers, at Palm Expo 2024. Priced starting from Rs 31,000 inclusive of GST, these printers aim to provide cafes, restaurants, bakeries, and catering services with a unique tool to enhance their offerings and stand out in a competitive market. The Evebot Coffee Printer enables users to print intricate designs and personalized messages directly onto beverages’ foam, while the Evebot Food Printer allows chefs to print designs on various edible surfaces. With a one-year warranty, these printers offer businesses a creative way to elevate their presentation and engage customers.
Latest Startup and Funding News – Daily Updates – 30 May, 2024
Funding News:
1. Drone-logistics Startup TechEagle Completes Bridge Round Led by Prominent Investors:
TechEagle, a pioneering on-demand drone delivery firm, has successfully concluded its bridge round of funding. The round was spearheaded by Navam Capital and Inflection Point Ventures(IPV), with significant participation from Paytm Founder Vijay Shekhar Sharma’s company, along with Venture Catalysts and a consortium of high-net-worth individuals. TechEagle’s flagship product, Vertiplane X3, boasts impressive specifications including a 100 km range per flight, a payload capacity of 5 kg, and a speed of 120 km/h. Noteworthy clients of TechEagle include prestigious institutions like AIIMS, various State Governments, and the World Bank.
2. Logistiex Secures $250,000 in Bridge Round, Fueling E-commerce Solutions:
Logistiex, a cutting-edge e-commerce startup, has raised $250,000 in a bridge round led by PACE Family Office, complemented by contributions from angel investors including Siddhant Khemka. Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex offers a unified platform for e-commerce in India, simplifying sellers’ management of their online presence through a single sign-on.
3. Jaipur Watch Company Attracts Rs 2 Crore Investment for Expansion and Product Diversification:
Jaipur Watch Company has secured a substantial investment of Rs 2 crore from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery. The infusion of funds will be directed towards establishing a specialized gold watch manufacturing unit, diversifying its product line, and bolstering marketing efforts. The company aims to leverage advanced technology and skilled artisans to enhance production efficiency.
4. Gramiyaa Raises Rs 9.5 Crore to Expand Presence in Indian and US Markets:
Gramiyaa, a vertically integrated manufacturer of cold-pressed oils, has successfully secured Rs 9.5 crore in a funding round comprising both equity and debt financing. The funding was led by UAE’s Homegrown Ventures, with additional support from Mumbai Angels and Campus Fund. Founded in 2017 by Sibi Manivannan, Gramiyaa plans to utilize the raised capital to drive its expansion initiatives in both the Indian and US markets.
Other Startup News:
1. Delhivery Emerges as Top Choice for Early-Stage D2C Brands in India:
A recent report by Redseer Strategy Consultants has identified logistics services provider Delhivery as the preferred partner for early-stage direct-to-consumer (D2C) brands in India. Delhivery’s comprehensive logistics solutions, encompassing real-time tracking, streamlined returns management, and extensive delivery coverage, have been instrumental in driving the rapid growth of India’s D2C market.
2. Quantum Energy Partners with Green Drive Mobility to Accelerate EV Adoption for Last-Mile Delivery:
EV Original Equipment Manufacturer (OEM) Quantum Energy has collaborated with electric mobility solutions provider Green Drive Mobility to facilitate the adoption of electric vehicles (EVs) for last-mile delivery and connectivity services. The partnership involves the delivery of 5,000 EV 2W, Bziness, vehicles to Green Drive Mobility, tailored to meet the requirements of last-mile delivery fleets.
3. IDEMIA Secure Transactions Collaborates with IIT Hyderabad on Post-Quantum Cryptography:
IDEMIA Secure Transactions (IST) has joined forces with the Indian Institute of Technology, Hyderabad (IIT Hyderabad) to advance research in post-quantum cryptography. The collaboration aims to develop lattice-based post-quantum schemes and cryptography solutions to fortify privacy frameworks against quantum threats.
4. LaunchPilot Commences Operations in India, Supporting First-Time Entrepreneurs:
Startup school LaunchPilot has initiated its operations in India, extending its support to first-time entrepreneurs and working professionals. The Singapore-based firm offers guidance, mentorship, and connects entrepreneurs with experienced mentors and investors, fostering innovation and entrepreneurship in the region.
5. Corning Inaugurates New Digital and IT Center in Pune to Drive Growth:
American multinational firm Corning has unveiled its new digital and IT center, a global capability center (GCC), in Pune, Maharashtra. The center aims to attract digital talent to fuel the company’s growth initiatives, particularly in areas such as supply chain, data, cyber, and other digital domains.
6. Classplus Launches Polaris School of Technology to Bridge Industry Demands and Job Readiness:
Edtech startup Classplus has introduced Polaris School of Technology (PST), a four-year BTech program specializing in Computer Science, Artificial Intelligence, and Machine Learning. The program, designed to address the gap between industry demands and graduate job readiness, emphasizes hands-on experience through 5000 hours of live coding and personalized mentorship from industry experts.
7. JioCinema Records Significant Reach During Tata IPL 2024:
JioCinema, the official streaming platform for TATA IPL, has witnessed remarkable growth during the 2024 season, accumulating over 2,600 crore views and surpassing 35,000 crore minutes of watch-time. The platform’s reach surged by over 38%, exceeding 62 crore viewers by the end of the season.
8. Arahas Partners with UNIDO’s AIM Global Program to Promote Responsible AI Deployment:
Geospatial IT and AI firm Arahas has joined UNIDO’s AIM Global program, dedicated to promoting the sustainable and inclusive application of Artificial Intelligence in industry and manufacturing. The partnership aims to advance responsible AI deployment, foster collaboration between public and private sectors, and contribute to the development of ethical guidelines for AI utilization across industries.
9. PhonePe Expands Loan Distribution Services, Introduces Secured Lending Products:
Fintech platform PhonePe has expanded its loan distribution services by introducing secured lending products on its platform. Collaborating with a network of banks, NBFCs, and fintechs, PhonePe aims to provide users with a seamless lending experience through its existing app infrastructure.
10. AiDash Initiates Employee Stock Ownership Plan (ESOP) Buyback Program:
Enterprise SaaS firm AiDash has launched its maiden Employee Stock Ownership Plan (ESOP) buyback initiative, enabling existing full-time employees with a tenure exceeding three years to capitalize on the accrued value of their vested shares. The initiative follows the company’s recent $58.5 million Series C funding round, signaling its commitment to employee welfare and engagement.
11. T-Hub’s T-Recruit 2024 Facilitates Startup Talent Acquisition:
Startup incubator T-Hub organized T-Recruit 2024, a recruitment initiative aimed at connecting startups with tech talent. Over 92 companies and 769 recruiters participated in the event, attracting over 6,000 job seekers across diverse sectors, highlighting the growing demand for skilled professionals in the startup ecosystem.
Latest Startup and Funding News – Daily Updates – 29 May, 2024
Funding News:
- EcoRatings Secures $1M Pre-Seed Funding:
Sustainability AI company, EcoRatings, has successfully secured $1 million in pre-seed funding. Investors such as We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google contributed to this funding round through a mix of equity and grants. Co-founder Aditi Balbir expressed plans to utilize this investment to further enhance the company’s large language model tailored specifically for the sustainability domain. Founded in 2023, EcoRatings aims to build a Unified Knowledge Platform for ESG (Environmental, Social, and Governance) requirements, facilitating organizations in meeting sector-focused ESG goals. - Nanosafe Raises Rs 3.13 Cr in Seed Funding Round:
Material science technology startup, Nanosafe, has raised Rs 3.13 crore in a seed funding round led by the IAN Group, with participation from IIM Lucknow Enterprise Incubation Centre (IIML EIC). This funding will be instrumental in expanding Nanosafe’s operations into new markets, driving growth, and strengthening its market positioning. Nanosafe specializes in formulations utilizing active copper, addressing critical hygiene and safety needs in water contact and textile healthcare and apparel applications.
Other Startup News:
- mPokket Appoints Sanjay Kar as SVP of Data and Analytics:
Digital lending platform mPokket has appointed Sanjay Kar as its Senior Vice President of Data and Analytics. Kar’s extensive experience in the banking domain, coupled with his expertise in risk management and digital lending, positions him to lead the development and deployment of advanced analytics tools and data systems at mPokket. - Cashaa Promotes Amjad Raza Khan as CEO:
Neobank for crypto businesses, Cashaa, has appointed its Chief Technology Officer, Amjad Raza Khan, as its new Chief Executive Officer. This strategic move aligns with Cashaa’s shift in business model towards introducing an all-in-one wallet service, aimed at increasing the adoption of its native token, CAS. - Eloelo Appoints Sagar Gaonkar as CTO:
Live social media platform, Eloelo, has named Sagar Gaonkar as its Chief Technology Officer. Gaonkar’s expertise in video streaming and OTT technology will drive innovation and technological strategy at Eloelo, which claims to serve over 75 million users in India. - Razorpay POS Introduces ‘Q-Zap’ Payment Solution:
Razorpay POS has launched ‘Q-Zap’, a payment solution designed to facilitate faster checkouts for retailers. This solution aims to reduce billing time and operating costs, offering customers the convenience of completing payments from anywhere within the store. - GatewAI Launches AI-Powered Solutions:
Tech-enabled service solution startup, GatewAI, has introduced AI-powered solutions to establish talent, technology, and innovation hubs in India for large corporates, MNCs, and global startups. - TMRW Partners with Google Cloud:
TMRW, a house of brands under the Aditya Birla Group, has collaborated with Google Cloud to enable users to create custom designs on t-shirts through Bewakoof.com using Generative AI. - Amazon India Announces ML Summer School:
Amazon India has opened registrations for the fourth edition of its Machine Learning (ML) Summer School, offering students the opportunity to gain key ML skills and technologies. - HostBooks Unveils MFG 360° Solution:
HostBooks has introduced MFG 360°, a comprehensive solution aimed at transforming the manufacturing sector by automating various aspects of production. - Sleepwell and Kurlon Partner with Unicommerce:
Mattress makers Sleepwell and Kurlon have partnered with Unicommerce to streamline their ecommerce operations, automating order processing and inventory management. - iThink Logistics Launches Weight Discrepancy Management Dashboard:
iThink Logistics has launched a weight discrepancy management dashboard to help ecommerce sellers enhance their operational efficiency by managing and resolving weight discrepancies effectively.
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Latest Startup and Funding News – Daily Updates – 28 May, 2024
Funding News:
- Solinas Secures Undisclosed Funding from Neev II Fund:
- Water and sanitation-focused robotic solutions startup, Solinas, has successfully secured an undisclosed amount of funding from Neev II Fund, managed by SBICAP Ventures Ltd. Additionally, private sector capital was invested by Zerodha Founders’ investment arm, Rainmatter Capital. Established in 2018, Solinas specializes in developing robotic and AI solutions to tackle challenges such as pipeline defect detection and manual scavenging elimination. The funding will be utilized to enhance product range, expand market presence, and strengthen water and sanitation infrastructure resilience.
- Inspeq AI Raises $1.1 Million 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 include Delta Partners, Plug and Play, and notable angel investors like Prateek Dixit from Pocked FM and Rick Kelly from Meta Ireland. Founded in 2023 in Dublin, Ireland, by Apoorva Kumar and Ramanujam Macharla Vijayakumar, Inspeq AI plans to utilize the funds to expand its product development team and extend marketing and sales operations across India, Ireland, and the UK.
- Gravity Raises $1 Million in Pre-Series A Round:
- Personalized banking platform, Gravity, has raised $1 million in a pre-Series A funding round led by Kettleborough VC, along with contributions from other players in the banking industry. Founded in 2024 by former bankers, Satish Krishnaswamy and Rohit Maroo, Gravity aims to simplify the tech ecosystem and increase efficiency for banks through interoperability among banking applications. The funding will be utilized for further tech development.
- Maxvolt Energy Secures $1.5 Million in Funding:
- Lithium battery manufacturer and supplier, Maxvolt Energy, has raised $1.5 million in funding from multiple angel investors. The company intends to utilize the funds for the development of fast-charging batteries, aiming to reduce charging time to 2 hours in the prototype phase and eventually to 1 hour. Maxvolt Energy, established in 2019, specializes in producing lithium battery packs for electric vehicles, energy storage systems, and medical devices.
- AbleCredit Raises Seed Funding of $1.25 Million:
- 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 scale its AI operations and grow its business, offering innovative tools for faster and more efficient credit underwriting.
Other Startup News:
- InCred Appoints Vikram Agarwal as COO: Financial services company, InCred, has appointed Vikram Agarwal as its Chief Operating Officer. Agarwal, with over 25 years of experience including tenure as COO and CRO at Julius Baer India, will oversee critical functions at InCred Capital.
- Paytm Insider Names Varun Khare as COO: Entertainment platform, Paytm Insider, has appointed Varun Khare as its new Chief Operating Officer. Khare, previously leading the company’s business division, will now spearhead operational strategies for growth and innovation.
- WinZO Partners with DPIIT to Select 18 Startups for Gamescom, LatAm: WinZO, in collaboration with DPIIT, has selected and sponsored 18 gaming startups from India to represent the country at Gamescom, LatAm. The partnership aims to provide a global platform for Indian gaming startups to showcase their creativity and technological prowess.
- Ecom Express Partners with Skye Air for Drone Deliveries: Logistics solutions provider, Ecom Express, has partnered with drone tech company, Skye Air, to integrate drone delivery technology into their last-mile delivery ecosystem, aiming to enhance delivery speed, efficiency, and sustainability.
- GamerJi Expands Operations in Southeast Asia: Esports tournament platform, GamerJi, has launched its operations in Southeast Asia, starting with Indonesia and the Philippines. The company aims to add a million users from the region to its platform over the next 12 months.
- Tide Enables Bill Payments for SMEs: Business finance platform, Tide, has launched a bill payments feature in partnership with Setu, allowing SMEs to make seamless payments for various services. Tide aims to onboard half a million SMEs in India onto its platform by the end of 2024.
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Latest Startup and Funding News – Daily Updates – 27 May, 2024
CoverSure:
- Raised $4 million in a pre-series A funding round led by Enam Holdings.
- Plans to use the funds to build a consumer-centric insurance engagement platform.
- Enam Holdings’ investment is expected to enable CoverSure’s Indian expansion and growth.
- Offers personalized insurance solutions and believes in the momentum of insurance adoption.
CirclePe:
- Closed close to $1 million in a pre-seed round led by OTP Ventures.
- Offers a unique “Smart Renting” solution for urban tenants.
- Participation from 1947 Rise, iSeed, IIT Delhi, founders, and CXOs from OfBusiness, BharatPe, Uni Cards, OYO.
| Startup | Funding Amount | Lead Investor | Key Highlights |
|---|---|---|---|
| CoverSure | $4 million | Enam Holdings | – Pre-series A funding round – Plans for consumer-centric insurance engagement platform – Expected Indian expansion and growth |
| CirclePe | Close to $1 million | OTP Ventures | – Pre-seed round – Unique “Smart Renting” solution – Participation from 1947 Rise, iSeed, IIT Delhi, founders, and CXOs from OfBusiness, BharatPe, Uni Cards, OYO |
