Welcome to our daily coverage of Indian Startup News and Funding Alert, where we bring you the latest updates from the vibrant startup ecosystem in India. We highlight significant funding rounds and noteworthy developments from innovative startups across various sectors (daily updated).
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Indian Startup News and Funding Alert: Daily Updates – 31 May, 2024
Indian Startup News and Funding Alert: Daily Updates – 5 June, 2024
PiD Secures $5.3 Million in Pre-Series A Funding
- Funding Round: PiD, a fintech startup specializing in payee verification and identification solutions, has raised $5.3 million in an oversubscribed pre-Series A round.
- Investors: The round was led by Monk’s Hill Ventures, with participation from Quona Capital, QED Investors, and existing partners.
- Use of Funds: The funds will be used to:
- Develop products aimed at preventing payment-related fraud.
- Expand PiD’s presence in strategic markets, especially in Asia and Europe.
- CEO Statement: Damien Dugauquier, CEO and Founder of PiD, emphasized the importance of enhancing security and compliance in the payment industry. He highlighted the role of their validation technologies in improving trust and efficiency in global payment ecosystems.
- Flagship Product: PiD’s product, Validate, verifies payee names and account details to combat fraud and improve customer experience.
- Global Reach: PiD serves customers across six continents, covering over 2.8 billion accounts and 6,000 banks.
Aegeus Tech Raises Debt Round from Caspian Debt
- Funding Details: Aegeus Technologies has secured an undisclosed amount of venture debt from Caspian Debt.
- Company Background: Founded in 2017 by Suraj Vernekar and Nishith Shah, Aegeus Tech focuses on IoT-driven green robotics solutions.
- Primary Product: The company’s flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is designed to enhance the efficiency and ROI of solar plants by eliminating the need for water and manual cleaning efforts.
- Current Installations: These robots are installed in over 8GW of solar plants across India.
- Use of Funds: The venture debt will be used for working capital and expansion purposes.
Funding News:
1. Scaler Invests Rs 50 Cr in Scaler School of Business:
Scaler, an education provider in India, has allocated Rs 50 crore towards the development of its recently launched Scaler School of Business (SSB). These funds will be utilized for various purposes including building offline infrastructure, curriculum development, industry partnerships, and engaging top-notch leaders as coaches and mentors. Additionally, the Scaler Innovation Lab, situated on campus, will be made available to SSB learners, enabling them to create and showcase prototypes, products, and more.
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. This collaboration aims to provide PhonePe’s vast user base of over 535 million users with digital, low-interest loans against their mutual fund investments. Through integration into the PhonePe mobile app, users will gain seamless access to loan offerings against their mutual funds, enhancing their financial flexibility.
Other Startup News:
1. Cashaa Founder Kumar Gaurav Steps Down as CEO:
Kumar Gaurav, Founder and CEO of Cashaa, has resigned from his position. Cashaa, originally a Bitcoin startup, under Kumar’s leadership transitioned into providing banking services for crypto and high-risk businesses. However, the company is now shifting its business model, discontinuing such services to focus on introducing alternatives to traditional bank accounts for global adoption of crypto. Amjad Raza Khan, the former Chief Technology Officer (CTO), has been appointed as the new CEO as part of this strategic shift.
2. Skechers Signs Footballer Sunil Chhetri as Brand Ambassador:
Skechers, a lifestyle and performance footwear brand, has enlisted Indian National Football Team captain Sunil Chhetri as its brand ambassador. Chhetri will endorse Skechers football boots and feature in marketing campaigns. Expressing his excitement, Chhetri highlighted Skechers’ commitment to innovation and excellence, expressing eagerness to promote the brand’s products across the country.
3. The Man Company Achieves Rs 185 Cr Revenue in FY24:
The Man Company, a men’s grooming brand, has reported a revenue of Rs 185 crore for the fiscal year ending March 2024. With ecommerce channels contributing around 70% of the revenue, the company has achieved significant growth since its inception, boasting a compounded annual growth rate of 55%. The company has also marked a substantial EBITDA of Rs 14+ crore for FY24, with Emami Ltd being a strategic investor.
4. Bata India Appoints Deepika Deepti as Head of Marketing:
Bata India has appointed Deepika Deepti as its new Head of Marketing. With extensive experience in marketing and a background in leading brands like Adidas, Deepti is expected to steer Bata India’s marketing strategies. Known for her contributions to the sneaker culture in India, Deepti aims to elevate Bata India’s brand presence in the fashion and lifestyle space.
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 at Rs 31,000 onwards, these printers offer cafes, bakeries, and restaurants the ability to print intricate designs and personalized messages directly onto beverages and edible items. With a one-year warranty, the Evebot printers aim to help businesses enhance their offerings and differentiate themselves in the market.
Indian Startup News and Funding Alert: Daily Updates – 30 March, 2024
Funding News:
TechEagle Completes Bridge Round Led by Navam Capital, Inflection Point Ventures, and Paytm Founder:
TechEagle, a drone-logistics startup specializing in on-demand delivery, has successfully concluded its bridge round funding. Navam Capital and Inflection Point Ventures co-led the round, with participation from Paytm Founder Vijay Shekhar Sharma’s wholly owned company, along with Venture Catalysts and high-net-worth individuals. The funds will further develop 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. Notable clients include AIIMS institutes, State Governments, and the World Bank.
Logistiex Secures $250,000 in Bridge Round Led by PACE Family Office and Angel Investors:
Logistiex, a new-age e-commerce startup, has raised $250,000 in a bridge round led by PACE Family Office and joined by angel investors like Siddhant Khemka. Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex offers a unified e-commerce solution in India, simplifying sellers’ management through its Universal Platform.
Jaipur Watch Company Raises Rs 2 Crore from Lemon Funds and Dev Diamonds:
Jaipur Watch Company has secured Rs 2 crore from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds. The funds will be utilized to establish a specialized gold watch manufacturing unit, diversify product lines, and bolster marketing efforts.
Gramiyaa Secures Rs 9.5 Crore Investment for Expansion in India and US:
Vertically integrated cold-pressed oils manufacturer Gramiyaa has secured Rs 9.5 crore in equity and debt financing. Homegrown Ventures led the round, with additional investment from Mumbai Angels and Campus Fund. The funds will fuel expansion plans in both Indian and US markets for the company founded by Sibi Manivannan, Mohamed Yaseen, and Naveen Rajamaran.
Other Startup News:
Delhivery Named Most Preferred 3PL Partner for D2C Brands:
Logistics provider Delhivery has been recognized as the top partner for early-stage direct-to-consumer (D2C) brands in a report by Redseer Strategy Consultants. The report highlights Delhivery’s comprehensive logistics solutions vital for the rapid growth of India’s D2C market.
Quantum Energy Partners with Green Drive Mobility for Last-Mile EV Delivery:
EV OEM Quantum Energy has partnered with Green Drive Mobility to deploy 5,000 EVs for last-mile delivery services, aiming to accelerate EV adoption. The partnership underscores the importance of sustainable mobility solutions for the future.
IDEMIA Collaborates with IIT Hyderabad on Post-Quantum Cryptography:
IDEMIA Secure Transactions partners with IIT Hyderabad to enhance privacy frameworks against quantum threats through post-quantum cryptography. The collaboration aims to develop long-term product security solutions against evolving threats.
LaunchPilot Commences Operations in India to Support Entrepreneurs:
Singapore-based startup school LaunchPilot begins operations in India, offering support and mentorship to first-time entrepreneurs and working professionals. The initiative aims to foster entrepreneurship and innovation in the Indian startup ecosystem.
Corning Establishes New Digital and IT Center in Pune:
American multinational Corning launches a new digital and IT center in Pune, Maharashtra, creating job opportunities in digital domains. The center aims to enhance the company’s global capabilities in digital technology and innovation.
Classplus Launches Polaris School of Technology for Industry-Ready Graduates:
Edtech startup Classplus introduces Polaris School of Technology, offering specializations in Computer Science, Artificial Intelligence, and Machine Learning. The program focuses on hands-on experience with industry mentors to bridge the gap between academic learning and industry demands.
JioCinema Records Impressive Reach During Tata IPL 2024:
JioCinema, the official streaming platform for TATA IPL, achieves significant viewership and watch-time during the 2024 season, reflecting the growing popularity of digital streaming platforms in India.
Arahas Partners with UNIDO’s AIM Global Program for Responsible AI Deployment:
Geospatial IT and AI firm Arahas joins UNIDO’s AIM Global program to promote responsible AI deployment in industry and manufacturing, contributing to sustainable and inclusive technological advancement.
PhonePe Expands Loan Distribution Services with Secured Lending Products:
Fintech platform PhonePe collaborates with banks, NBFCs, and fintechs to introduce secured lending products, enhancing user access to loans through its platform. The initiative aims to provide a seamless lending experience to users and expand partnerships with lending institutions.
AiDash Launches Maiden ESOP Buyback Plan for Employees:
Enterprise SaaS firm AiDash introduces its first Employee Stock Ownership Plan (ESOP) buyback initiative, offering existing employees the opportunity to capitalize on vested shares’ value.
T-Hub’s T-Recruit 2024 Facilitates Startup Talent Acquisition:
Startup incubator T-Hub organizes T-Recruit 2024, connecting startups with tech talent to foster recruitment and growth opportunities in the startup ecosystem.
Indian Startup News and Funding Alert: Daily Updates – 29 March, 2024
Funding News:
- EcoRatings Raises $1M in Pre-Seed Funding: EcoRatings, an AI company focusing on sustainability, has secured $1 million in pre-seed funding. Investors, including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google, participated in the funding round, which consisted of a mix of equity and grant. The company plans to utilize the investment to enhance its large language model tailored to the sustainability domain. Founded in 2023, EcoRatings aims to build a Unified Knowledge Platform for ESG requirements, assisting organizations in meeting sector-focused goals in environmental, social, and governance aspects.
- Nanosafe Raises Rs 3.13 Cr in Seed Funding: Nanosafe, a startup specializing in material science technology, has raised Rs 3.13 crore in a seed funding round led by the IAN Group. Other contributors to the funding round include the IIM Lucknow Enterprise Incubation Centre (IIML EIC) and individual investors from IAN. Nanosafe plans to utilize the funds to expand its operations into new markets, drive growth, and enhance its market positioning. The company’s formulations, which utilize active copper, offer broad-spectrum activity against various bacteria, viruses, algae, and fungi, addressing critical hygiene and safety needs in water contact and textile healthcare and apparel applications.
Other Startup News:
- mPokket Appoints Sanjay Kar as SVP of Data and Analytics: Digital lending platform mPokket has appointed Sanjay Kar as the Senior Vice President of Data and Analytics. Kar brings over 16 years of experience in the banking domain, focusing on risk management, credit policy, predictive modeling, and digital lending. In his new role, he will spearhead the development and deployment of advanced analytics tools and data systems, aiming to enhance operational efficiency and drive quality business growth at mPokket.
- Cashaa Promotes Amjad Raza Khan as CEO: Cashaa, a neobank for crypto businesses, has promoted its Chief Technology Officer, Amjad Raza Khan, to the position of Chief Executive Officer. This strategic move comes as Cashaa shifts its business model, discontinuing banking services for crypto and other high-risk businesses. Khan’s immediate plans include rolling out Cashaa’s wallet service with AI-driven earn and borrow programs across multiple markets, aiming to increase the adoption of Cashaa’s native token, CAS.
- Eloelo Appoints Sagar Gaonkar as CTO: Live social media platform Eloelo has appointed Sagar Gaonkar as its Chief Technology Officer. With over 16 years of expertise in video streaming and OTT technology, Gaonkar will lead innovation, technological strategy, and compliance at Eloelo. The platform, serving over 75 million users in India, has raised significant funding from global and national investors, including Courtside, Waterbridge Ventures, Griffin Gaming Partners, Lumikai Fund, and Kalaari Capital.
- Razorpay POS Launches Payment Solution ‘Q-Zap’: Razorpay POS has introduced ‘Q-Zap,’ a payment solution aimed at facilitating faster checkouts for retailers. By integrating self-checkout kiosks or hand-held POS devices with the Q-Zap solution, customers can complete payments from anywhere within the store, reducing billing time by 40% and saving up to 20% in annual operating costs for retailers. Q-Zap supports all payment methods, including UPI, credit cards, and debit cards, across major networks such as Visa and Mastercard.
- GatewAI Launches AI-Powered Solutions: GatewAI, a tech-enabled service solution startup, has launched AI-powered solutions to establish talent, technology, and innovation hubs in India for large corporates, MNCs, and global startups. Targeting mid-to-small-size companies across industries, GatewAI aims to foster collaborative ecosystems that empower multinational corporations to thrive in India’s market, providing tailor-made solutions to pursue growth ambitions and maintain a competitive edge in the global marketplace.
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Indian Startup News and Funding Alert: Daily Updates – 28 March, 2024
Funding News
- Solinas Secures Undisclosed Funding from Neev II Fund: Solinas, a startup focusing on water and sanitation robotic solutions, has successfully secured funding from Neev II Fund, managed by SBICAP Ventures Ltd. The investment also includes private sector capital from Zerodha Founders’ investment arm, Rainmatter Capital. Established in 2018, Solinas aims to enhance its product range and expand market presence with the funds.
- Inspeq AI Raises $1.1M in Pre-Series A Round: Inspeq AI, a responsible AI development platform, has raised $1.1 million in a pre-Series A investment round led by Sure Valley Ventures. The Dublin-based startup plans to utilize the funds to bolster its product development team and extend marketing and sales operations across India, Ireland, and the UK.
- Gravity Raises $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, along with participation from key players in the banking industry. The startup aims to utilize the funds for further technological development.
- Maxvolt Energy Secures $1.5M for Fast-Charging Batteries: Lithium battery manufacturer Maxvolt Energy has raised $1.5 million in funding from multiple angel investors. The company plans to channel the funds towards developing fast-charging batteries, targeting a reduction in charging time to enhance electric vehicle technology.
- AbleCredit Raises Seed Funding of $1.25M: AI credit underwriting company AbleCredit has secured $1.25 million in a funding round led by Merak Ventures. The startup intends to scale its AI operations and expand its business with the investment.
- Skippi IcePops Raises Rs 10 Crore in Pre-Series A Round: Skippi IcePops, an ice pop brand, has successfully raised Rs 10 crore in a pre-Series A funding round led by Hyderabad Angel Network and Venture Catalysts. The startup plans to utilize the funding for marketing, product development, and hiring leadership personnel.
Other Startup News
- InCred Appoints Vikram Agarwal as COO: Financial services company InCred has appointed Vikram Agarwal as its Chief Operating Officer. Agarwal brings over 25 years of experience to the role, including his tenure at Julius Baer India.
- Paytm Insider Names Varun Khare as New COO: Entertainment platform Paytm Insider has appointed Varun Khare as its new Chief Operating Officer. Khare, who previously led the company’s business division, will now spearhead operational strategies for further growth.
- WinZO and DPIIT Partner to Sponsor Gaming Startups: 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 ventures.
- Ecom Express and Skye Air 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, starting with deliveries in Gurugram.
- GamerJi Expands Operations in Southeast Asia: Esports tournament platform GamerJi has launched its operations in Southeast Asia, beginning with Indonesia and the Philippines. The company aims to capitalize on the region’s growing popularity in esports.
- SaralSCF Disburses Rs 940 Crore in FY24: Supply chain financing vertical SaralSCF, under BlackSoil Group, has disbursed over Rs 940 crore across 1.46 lakh invoices in FY24, marking a 30% increase from the previous year.
- Yubi Appoints Anil Mehta as Independent Board Director: Debt fintech startup Yubi has appointed Anil Mehta as an independent director to its board. Mehta brings extensive experience in financial inclusion to the role.
- Ace Turtle Names Karandeep Singh Jaiya as New CBO: Tech-retail startup Ace Turtle has appointed Karandeep Singh Jaiya as its new Chief Business Officer, aiming to leverage his experience to drive business growth.
- Algorand Collaborates with NASSCOM for Developer Training: Algorand, in collaboration with NASSCOM, has launched a developer course on NASSCOM’s FutureSkills Prime platform to educate students on developing applications using blockchain technology.
- Tide Enables Bill Payments for SMEs: Business finance platform Tide has partnered with Setu to launch a bill payments feature, allowing SMEs to make seamless payments for various services, enhancing their operational efficiency.
- Nykaa Parent Appoints Santosh Desai as Independent Director: FSN E-Commerce Ventures has appointed Santosh Desai as an independent director, bringing his extensive experience to the board.
- Oben Electric Expands into Delhi, Pune, and Kerala: E-motorcycle startup Oben Electric is expanding its presence to Delhi, Pune, and Kerala, aiming to launch 50 new showrooms and service centres across 12 cities.
- Modenik Appoints LV Vaidyanathan as Executive Chairman: Essential wear company Modenik has appointed LV Vaidyanathan as executive chairman, succeeding Sunil Sethi. Vaidyanathan brings years of experience to the role, focusing on strategic growth.
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Indian Startup News and Funding Alert: Daily Updates – 27 March, 2024
CoverSure Raises $4M in Pre-Series A Funding Led by Enam Holdings
InsurTech startup CoverSure announced on Monday that it has successfully raised $4 million in a pre-series A funding round, with Enam Holdings leading the investment. The funding round is expected to propel CoverSure’s expansion plans in India, particularly focusing on building a consumer-centric insurance engagement platform.
Founded in January 2023, CoverSure has quickly gained traction in the insurance industry by offering a comprehensive platform that caters to all customer insurance needs. Their services include personalized advisory support for both existing policyholders and newcomers to insurance. CoverSure emphasizes the importance of personalized insurance portfolios, democratized risk management, and family-centric insurance solutions.
According to industry experts, the insurance sector in India is poised for significant growth, driven by favorable regulatory changes. CoverSure aims to capitalize on this momentum and revolutionize the insurance landscape with its innovative approach.
CirclePe Secures $1M in Pre-Seed Round Led by OTP Ventures
CirclePe, a property tech platform catering to urban tenants, landlords, and co-living operators, announced a successful pre-seed funding round of close to $1 million. OTP Ventures led the investment, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and notable founders and CXOs from prominent companies like OfBusiness, BharatPe, Uni Cards, and OYO.
CirclePe’s unique “Smart Renting” solution has garnered attention for its innovative approach, allowing credit-worthy tenants to opt for zero-security deposit move-ins and pay only their monthly rent without additional charges. The platform aims to streamline the rental process and offer a hassle-free experience for both tenants and landlords.
Other News Highlights
- Yatra Online introduced a Generative AI-backed business expense management solution for SMEs and large enterprises. The platform leverages artificial intelligence to streamline travel expense management, offering enhanced accuracy and efficiency.
- Plum appointed Priya Sunil as its Chief Human Resource Officer, bringing onboard a seasoned professional with extensive experience in talent acquisition and organizational development.
- Recyclekaro, a lithium-ion battery recycling company, registered on the government’s Extended Producer Responsibility (EPR) portal for e-waste recycling, furthering its commitment to sustainable waste management practices.
- IIT Guwahati signed two Memoranda of Understanding (MoUs) to foster innovation and entrepreneurship in Northeast India. The institute aims to promote entrepreneurship through co-incubation programs and create frameworks to support entrepreneurial activities targeting agriculture, women development, and sustainability.
- Sebamed appointed Philip Kuncheria as its Senior Vice President and Country Head for India, entrusting him with overseeing the brand’s operations and driving innovation in its products.
- Zomato organized awareness camps among its delivery partners to comply with Delhi’s Motor Vehicle Aggregator and Delivery Service Provider Scheme, ensuring full disclosure of all vehicles associated with the platform.
- Glance and Star Sports reported a successful turnout in their ‘Star Nahi Far’ contest, with participation from 50 million people across India. The contest, launched in collaboration with Glance Smart Lock Screen, offered participants a chance to meet their favorite cricketers by answering questions related to the sport.
