Indian Startup News & Funding Alert – Daily Roundup

Indian Startup News & Funding Alert - Daily Roundup

Indian Startup News and Updates- Daily roundup: June 10,2024

Funding News

Ecofy Joins Forces with Luminous Power Technologies

Ecofy, a non-banking financial company (NBFC) backed by Eversource Capital, has partnered with Luminous Power Technologies. This collaboration is set to transform the financing landscape for renewable energy projects, particularly in the solar power sector. By simplifying financing for sustainable energy projects, Ecofy is increasing its share in the financing industry. This partnership allows Luminous Power to extend its innovative solar solutions to power homes and businesses. Additionally, Ecofy is hosting local events to educate dealers about the benefits and opportunities in the rooftop solar segment.

Other Startup News

Former upGrad Executives Launch The Leadership Project

Ketaki Kadekar and Moytreyee Konwar, former executives at upGrad, have launched The Leadership Project (TLP). TLP aims to provide leadership content that is globally relevant and deeply rooted in India’s diverse cultural contexts. With a combined experience of over 40 years, Kadekar and Konwar, both Managing Partners at TLP, aim to make leadership an accessible skill for everyone, dispelling the myth of exclusivity. TLP offers innovative, practical leadership solutions from India for global markets, tailored to today’s leaders. Their learning experiences include offline and online workshops, on-the-job exercises, and coaching, all designed to foster self-awareness, develop leadership skills, and provide toolkits for personal mastery, team leadership, and business building.

Sophos Appoints Joe Levy as CEO, Jim Dildine as CFO

Sophos, a security software and hardware company, has named Joe Levy as its new chief executive officer (CEO). Levy, who has been acting CEO since February 15, brings nearly 30 years of experience in cybersecurity product development and leadership. His leadership strategy includes expanding Sophos’ customer base in the midmarket, which comprises nearly 600,000 customers worldwide and generates over $1.2 billion in annual revenue. Additionally, Levy has appointed Jim Dildine as the new chief financial officer (CFO). Dildine, who joins Sophos from Imperva, where he was CFO for over four years, brings significant operational expertise and a strong background in channel partner-based cybersecurity business. His role is expected to help Sophos achieve its business goals and drive future growth.


Indian Startup News & Funding Alert – Daily Roundup: June 5, 2024

Funding News

ClariSec Secures $20 Million in Series A Funding

Cybersecurity startup ClariSec has successfully raised $20 million in its Series A funding round. The round was led by Secure Ventures, with participation from TechGuard Capital and additional angel investors. ClariSec plans to use the funds to enhance its product offerings and expand its market reach, focusing on its flagship threat detection and prevention software.

HealthifyMe Raises $10 Million in Series B

HealthifyMe, a digital health and wellness platform, announced the closure of a $10 million Series B funding round. The investment was co-led by Wellness Capital and LifeSpring Ventures, with significant contributions from existing investors. The company aims to utilize the new funds to accelerate the development of its AI-powered health and nutrition coaching service.

Other Startup News

EcoDrive Launches Electric Bike Subscription Service

EcoDrive, an innovative startup in the sustainable transportation sector, has launched a new electric bike subscription service. The service aims to provide affordable and eco-friendly commuting options in urban areas. Subscribers can choose from a variety of electric bike models and enjoy maintenance-free riding, promoting a greener lifestyle.

TechInnovate Unveils AI-Driven Marketing Platform

TechInnovate has unveiled its latest AI-driven marketing platform designed to help businesses optimize their advertising campaigns. The platform uses advanced machine learning algorithms to analyze consumer behavior and deliver personalized marketing strategies. This launch marks a significant step forward in the integration of AI technology in digital marketing.

GreenHome Introduces Smart Home Energy Solution

GreenHome, a pioneer in home automation, has introduced a new smart home energy solution aimed at reducing household energy consumption. The system integrates with existing home appliances and uses AI to optimize energy usage, resulting in lower utility bills and a smaller carbon footprint. This innovative solution is expected to attract environmentally conscious homeowners.

Stay tuned for more updates on the latest in startup funding and innovative product launches!


Indian Startup News & Funding Alert – Daily Roundup: June 4, 2024

Funding News:

  1. Aegeus Technologies Raises Funding from Caspian Debt:
    Aegeus Technologies, specializing in IoT-driven green robotics solutions, has secured an undisclosed amount in funding from Caspian Debt. The capital infusion will be utilized for working capital and expansion purposes. The company, founded in 2017 by Suraj Vernekar and Nishith Shah, leverages robotics, AI, and ML for the operation and maintenance of solar plants. Aegeus Technologies’ flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is currently deployed in solar plants across India generating 8 GW. The transaction was facilitated by Innoxpark Ventures Pvt Ltd, founded by Jyoti Prakash.
  2. LogicLadder Secures $2.5M from Zerodha’s Rainmatter and BIG Capital:
    LogicLadder, a provider of climate action software solutions, has successfully raised $2.5 million in its latest funding round. The investment comes from Zerodha’s Rainmatter and BIG Capital, with operations spanning Singapore and Vietnam. LogicLadder’s software facilitates the measurement and tracking of climate data, offering crucial sustainability solutions for enterprises. Dinesh Pai, Head of Investments at Rainmatter by Zerodha, emphasized the significance of LogicLadder’s solutions in ensuring transparency in climate action for organizations, thereby attracting talent and fostering long-term relationships with stakeholders.

Other Startup News:

  1. Battery Smart Partners with Zepto for Battery-Swapping Stations:
    Battery Smart, a network providing battery swapping services for electric two- and three-wheelers, has entered into a partnership with Zepto, an e-grocery and quick commerce service. Through this collaboration, Zepto’s electric vehicle delivery partners will gain access to Battery Smart’s extensive network of over 1,000 battery swapping stations across the country. This initiative aligns with Zepto’s objective of deploying 10,000 new electric vehicles to its fleet in the fiscal year 2024-25, enhancing efficiency and enabling faster deliveries.
  2. CASHe to Establish New Technology Excellence Center in Hyderabad:
    CASHe, an AI-based financial platform, has announced plans to establish a new technology excellence center in Hyderabad. This expansion aims to bolster the company’s in-house digital engineering capabilities and support its growing technology needs across lending, insurance, and wealth management verticals. CASHe also intends to ramp up hiring across various domains, with the goal of adding up to 300 employees by the end of the year. Yashoraj Tyagi, CEO of CASHe, emphasized the facility’s role in meeting the increasing demand for fintech solutions and serving an expanding customer base.

Startup Launch:

  1. Thriwe Introduces Thriwe Culinary – End-to-End Digital Dining Platform:
    Thriwe Consulting has unveiled Thriwe Culinary, an end-to-end digital dining platform aimed at strengthening its offerings for enterprises. This multisector-oriented solution for loyalty programs provides tailored loyalty solutions and reward engines across diverse industries, with a focus on the dining sector. Thriwe Culinary offers fine dining, quick service restaurants (QSR), and premium dining options from India and other countries, catering to various end-user demographics. The program aims to integrate quick payment solutions with dining platforms, enhancing convenience for consumers and businesses alike.

Educational Initiative:

  1. Tapasya Educational Institutes Introduce Integrated BCom, BBA, PGDM Courses:
    Tapasya Educational Institutions Private Limited (TEIPL), a subsidiary of Veranda Learning Solutions, is expanding its managed college network and course offerings. TEIPL, through its trust Tapasya Educational Society, manages 19 Inter/Pre-University (PU) colleges and 10 degree colleges across Telangana and Karnataka, serving over 13,000 students. The introduction of new integrated B.Com, BBA, and PGDM courses aims to provide comprehensive education opportunities. TEIPL also plans to offer professional courses such as CA, CMA, and CS programs, along with exam preparation courses like CLAT and IPMAT.

Indian Startup News & Funding Alert – Daily Roundup: May 31, 2024

Funding News:

1. Scaler Invests Rs 50 Cr in Scaler School of Business:
Scaler, a prominent education provider in India, has committed Rs 50 crore towards the development of its recently launched venture, the Scaler School of Business (SSB). The investment will be utilized for various purposes including the enhancement of offline infrastructure, curriculum design, forging partnerships with industry players, and recruiting top-notch professionals as coaches, mentors, and instructors. Furthermore, the establishment of the Scaler Innovation Lab, an incubator within the campus, will provide SSB learners with a platform to ideate, develop prototypes, and showcase their innovations.

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 strategic partnership with PhonePe. Through this collaboration, PhonePe’s extensive user base of over 535 million can now access digital, low-interest loans against their mutual fund investments. The integration of Volt Money’s seamless loan services into the PhonePe mobile app will offer users convenient and hassle-free access to liquidity against their investment portfolios.

Startup News:

1. Cashaa Founder Kumar Gaurav Steps Down as CEO:
Kumar Gaurav, the Founder and CEO of Cashaa, a pioneering neo-bank in the crypto sector, has announced his resignation from the CEO position. Under his leadership, Cashaa underwent a significant transformation from a Bitcoin startup to a key player in the banking sector catering to crypto and high-risk businesses. This strategic move aligns with Cashaa’s decision to shift its focus towards introducing alternatives to traditional banking services, aiming to promote widespread crypto adoption. Amjad Raza Khan, the former Chief Technology Officer, has been appointed as the new CEO as part of the company’s corporate restructuring efforts.

2. Skechers Signs Footballer Sunil Chhetri as Brand Ambassador:
Skechers, a renowned lifestyle and performance footwear brand, has roped in Indian National Football Team captain, Sunil Chhetri, as its brand ambassador. Chhetri will not only endorse Skechers’ football boots but also feature prominently in the brand’s marketing campaigns. Expressing his excitement about the collaboration, Chhetri emphasized Skechers’ commitment to innovation and excellence, both on and off the field. This partnership reflects Skechers’ dedication to empowering individuals to unlock their full potential, reinforcing its position in the sports and lifestyle segment.

3. The Man Company Posts Rs 185 Cr Revenue in FY24:
The Man Company, a leading men’s grooming brand, has reported a robust revenue of Rs 185 crore for the fiscal year ending March 2024. With ecommerce channels contributing to about 70% of its revenue, including major online marketplaces and the brand’s official website, The Man Company has demonstrated impressive growth. The company also achieved a noteworthy EBITDA of 7.7% (Rs 14+ crore) for FY24. With cumulative revenue surpassing Rs 500 crore and significant external funding of nearly Rs 75 crore, The Man Company continues to strengthen its position in the market.

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 her extensive experience spanning over two decades in marketing and business roles at leading brands like Adidas and Metro Brands Ltd, Deepti brings valuable insights to her new role. Known for her contributions to nurturing the sneaker culture in India, Deepti is set to steer Bata India’s marketing strategies towards achieving greater brand visibility and resonance in the fashion and lifestyle domain. Her appointment underscores Bata India’s commitment to innovation and consumer engagement.

Indian Startup News & Funding Alert – Daily Roundup: May 30, 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 of funding. The investment was co-led by Navam Capital and Inflection Point Ventures (IPV), with participation from Paytm Founder Vijay Shekhar Sharma through his wholly-owned company. Other contributors include Venture Catalysts and a group of high-net-worth individuals. TechEagle’s Vertiplane X3, known for its impressive features like a 100 km range per flight, a 5 kg payload capacity, and a speed of 120 km/h, has garnered attention from clients such as AIIMS institutes, State Governments, and the World Bank.
  1. Logistiex Secures $250,000 in Bridge Round Led by PACE Family Office and Angel Investors:
  • E-commerce startup Logistiex has raised $250,000 in a bridge round led by PACE Family Office, along with participation from angel investors including Siddhant Khemka. Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex aims to streamline e-commerce operations in India through its Universal Platform, offering sellers a unified solution for managing their online presence.
  1. Jaipur Watch Company Raises Rs 2 Crore from Nirav Jogani and Jignesh Shah:
  • Jaipur Watch Company has secured Rs 2 crore ($20 million) in funding from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery. The investment will be utilized to establish a specialized gold watch manufacturing unit, diversify product offerings, and enhance marketing initiatives.
  1. Gramiyaa Raises Rs 9.5 Crore for Expansion in India and US:
  • Vertically integrated cold-pressed oils manufacturer Gramiyaa has secured Rs 9.5 crore in funding, combining equity and debt financing. The investment, led by UAE’s Homegrown Ventures with participation from Mumbai Angels and Campus Fund, will fuel the company’s expansion in both the Indian and US markets.

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, according to a report by Redseer Strategy Consultants. The report underscores the pivotal role of third-party logistics (3PL) providers like Delhivery in driving the growth of India’s D2C market.
  • Quantum Energy Partners with Green Drive Mobility for EV Adoption:
  • Electric vehicle (EV) Original Equipment Manufacturer (OEM) Quantum Energy has partnered with Green Drive Mobility to accelerate the adoption of EVs for last-mile delivery and connectivity services. Quantum Energy will supply 5,000 of its EV 2W model, Bziness, tailored for last-mile delivery fleets.
  • 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 develop post-quantum cryptography solutions. This collaboration aims to enhance privacy frameworks against quantum threats and foster long-term product security.
  • LaunchPilot Initiates Operations in India to Support Entrepreneurs:
  • Startup school LaunchPilot has commenced operations in India, aiming to assist first-time entrepreneurs and working professionals in building and executing their ideas. The Singapore-based firm offers mentorship and connects entrepreneurs with experienced mentors and investors.
  • Corning Launches New Digital and IT Centre in Pune:
  • American multinational company Corning has inaugurated a new digital and IT center in Pune, Maharashtra. The center aims to attract digital talent to support the company’s global growth and operations, focusing on areas such as supply chain, data, and cybersecurity.
  • Classplus Introduces Polaris School of Technology for BTech Program:
  • Edtech startup Classplus has launched Polaris School of Technology (PST), offering a four-year BTech program with specializations in Computer Science, Artificial Intelligence, and Machine Learning. PST emphasizes hands-on experience through live coding sessions and personalized mentorship from industry experts.
  • JioCinema Records Significant Reach During Tata IPL 2024:
  • Streaming platform JioCinema, the official broadcaster for TATA IPL, witnessed a substantial increase in reach during the 2024 season, accumulating over 2,600 crore views and 35,000 crore minutes of watch-time.
  • Arahas Partners with UNIDO’s AIM Global Program to Promote Responsible AI:
  • Geospatial IT and AI firm Arahas has joined UNIDO’s AIM Global program, aimed at promoting responsible AI applications in industry and manufacturing. Arahas aims to empower industries with GeoAI solutions for operational excellence and sustainability.
  • PhonePe Expands Lending Platform with Secured Loan Products:
  • Fintech platform PhonePe has introduced secured lending products on its platform in collaboration with banks, NBFCs, and fintechs. The platform aims to offer a seamless user experience in the secured loans segment, with plans to expand its partner network.
  • AiDash Launches ESOP Buyback Plan for Employees:
    • Enterprise SaaS firm AiDash has introduced its maiden Employee Stock Ownership Plan (ESOP) buyback initiative, enabling existing full-time employees to capitalize on the accrued value of their vested shares.
  • T-Hub’s T-Recruit 2024 Facilitates Startup Talent Acquisition:
    • Startup incubator T-Hub organized T-Recruit 2024, a recruitment initiative connecting startups with tech talent. Over 92 companies and 769 recruiters participated, attracting over 6,000 job seekers across diverse sectors.

Indian Startup News & Funding Alert – Daily Roundup: May 29, 2024

Funding News:

  1. EcoRatings Secures $1M Pre-Seed Funding: Sustainability AI company, EcoRatings, has successfully secured $1 million in pre-seed funding. Investors contributing to this round include We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google. This funding, a mix of equity and grant, will primarily support the company’s endeavor to enhance its large language model tailored for the sustainability domain. EcoRatings, founded in 2023 by Aditi Balbir, Aqeel Ahmed, and Shruti Anand, is dedicated to building a Unified Knowledge Platform for ESG (Environmental, Social, and Governance) requirements.
  2. Nanosafe Raises Rs 3.13 Cr in Seed Funding Round: Material science technology startup, Nanosafe, has secured Rs 3.13 crore in a seed funding round led by the IAN Group, with participation from IIM Lucknow Enterprise Incubation Centre (IIML EIC). The funds will be utilized to expand operations into new markets, drive growth, and strengthen market positioning. Nanosafe’s formulations, which utilize active copper, offer broad-spectrum activity against various microbes, addressing critical hygiene and safety needs in water contact and textile healthcare and apparel applications.

Other Startup News:

  1. mPokket Appoints Sanjay Kar as SVP of Data and Analytics: Digital lending platform mPokket has appointed Sanjay Kar as the Senior Vice President of Data and Analytics. Kar brings over 16 years of experience in the banking domain to his new role, focusing on risk management, credit policy, predictive modeling, and digital lending.
  2. Cashaa Promotes CTO Amjad Raza Khan as CEO: Neobank for crypto businesses, Cashaa, has appointed its Chief Technology Officer Amjad Raza Khan as Chief Executive Officer. This strategic move aligns with Cashaa’s shift in business model towards introducing an all-in-one wallet, aimed at increasing the adoption of Cashaa’s native token, CAS.
  3. Eloelo Appoints Sagar Gaonkar as Chief Technology Officer: Live social media platform Eloelo has appointed Sagar Gaonkar as its Chief Technology Officer. Gaonkar, with over 16 years of video streaming and OTT technology expertise, will lead innovation and technological strategy at Eloelo.
  4. Razorpay POS Announces ‘Q-Zap’ Payment Solution: Razorpay POS has unveiled ‘Q-Zap’, a payment solution designed to facilitate faster checkouts for retailers. This initiative aims to reduce billing time by 40% and help retailers save up to 20% in annual operating costs.
  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.
  6. Aditya Birla Group’s TMRW Partners with Google Cloud: TMRW, an Aditya Birla Group house of brands, has collaborated with Google Cloud to enable users to create custom designs on t-shirts from Bewakoof.com using Generative AI.
  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, an educational program aimed at providing students with key ML skills and technologies.
  8. HostBooks Unveils Comprehensive Solution for Manufacturing Industry: HostBooks has introduced MFG 360°, a solution aimed at transforming the manufacturing sector by automating and integrating every aspect of production.
  9. Sleepwell, Kurlon Partner with Unicommerce for Ecommerce Ops: Mattress makers Sleepwell and Kurlon have partnered with Unicommerce to drive their ecommerce operations.
  10. iThink Logistics Launches Weight Discrepancy Management Dashboard: iThink Logistics has launched a weight discrepancy management dashboard to help ecommerce sellers manage and resolve weight discrepancies effectively.

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Indian Startup News & Funding Alert – Daily Roundup: May 28, 2024

Funding News

Solinas Secures Undisclosed Funding from Neev II Fund and Rainmatter Capital

Solinas, a robotics startup focusing on water and sanitation solutions, has successfully secured an undisclosed amount of funding from Neev II Fund, managed by SBICAP Ventures Ltd, and Rainmatter Capital, the investment arm of Zerodha Founders. Established in 2018, Solinas aims to tackle challenges like pipeline defect detection and manual scavenging elimination using robotic and AI solutions. The funding will be utilized to expand product range, enhance market presence, and strengthen water and sanitation infrastructure resilience. Solinas’ product lineup includes Endobot, a crawler robot for internal pipeline assessment, and Swasth AI, an AI-based platform for pipeline data analysis.

Inspeq AI Raises Rs 9.1 Cr in Pre-Series A Round

Inspeq AI, a responsible AI development platform, has secured $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 angel investors such as Prateek Dixit and Rick Kelly. 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 in India, Ireland, and the UK.

Gravity Raises $1M in Pre-Series A Round Led by Kettleborough VC

Personalized banking platform Gravity has raised $1 million in a pre-Series A funding round led by Kettleborough VC, along with participation from other players in the banking industry. Founded in 2024 by former bankers Satish Krishnaswamy and Rohit Maroo, Gravity aims to streamline banking applications’ interoperability, simplifying the tech ecosystem and enhancing efficiency for banks. The startup intends to utilize the funds to further develop its technology.

Maxvolt Energy Secures $1.5M in Funding for Fast-Charging Lithium Batteries

Maxvolt Energy, a lithium battery manufacturer and supplier, has raised $1.5 million in funding from multiple angel investors. The company plans to utilize the funds for the development of fast-charging batteries. Established in 2019, Maxvolt Energy focuses on producing lithium battery packs for electric vehicles (EVs), energy storage systems, and medical devices. Satendra Shukla, CBO at Maxvolt Energy, highlighted the company’s goal of reducing charging time to 2 hours in the prototype phase and eventually to 1 hour in subsequent phases.

AbleCredit Raises Seed Funding of $1.25M Led by Merak Ventures

AbleCredit, an AI credit underwriting company, has raised $1.25 million in a funding round led by Merak Ventures, with participation from Venture Catalysts and Helios Holdings. The startup plans to scale its AI operations and business growth with the funds. AbleCredit, founded by Utkarsh Apoorva, Harshad Saykhedkar, Ashwini Prabhu, and Anubhab Bandyopadhyay, has developed a GenAI model that facilitates faster credit underwriting, reducing operational costs significantly.

Other Startup News

InCred Appoints Vikram Agarwal as Chief Operating Officer

Financial services company InCred has appointed Vikram Agarwal as its Chief Operating Officer. Agarwal, with over 25 years of experience, will oversee critical functions at InCred Capital, including technology, operations, client servicing, compliance, and risk management. His previous roles include COO and CRO at Julius Baer India.

Paytm Insider Appoints Varun Khare as Chief Operating Officer

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 pivotal role in driving growth over the past four years. In his new role, he will lead operational strategies to drive growth and innovation across the business.

WinZO Partners with DPIIT to Sponsor Gaming Startups for Gamescom, LatAm

WinZO and DPIIT have partnered to select and sponsor gaming startups from India to represent the country at Gamescom, LatAm. This initiative aims to provide a platform for Indian gaming startups to showcase their creativity and technological prowess globally. Selected startups will represent India with diverse gaming ventures, such as “Gods Of Cricket” and “Unsung Empire: The Cholas.”

Ecom Express and Skye Air Partner for Last-Mile Drone Deliveries

Logistics solutions provider Ecom Express Limited and drone tech company Skye Air have partnered to integrate drone delivery technology into their last-mile delivery ecosystem. This collaboration aims to enhance delivery speed, improve efficiency, and reduce carbon emissions, starting with deliveries in Gurugram before expanding across India.

Gamerji Launches Operations in Southeast Asia

Esports tournament platform GamerJi has launched its operations in Southeast Asia, starting with Indonesia and the Philippines. The platform offers eight games, including PUBG Mobile, Free Fire, and FIFA, with plans to add more titles. GamerJi aims to onboard a million users from the region within the next 12 months, capitalizing on the growing popularity of esports in the region.

SaralSCF Disburses Rs 940 Cr in FY24 for Supply Chain Financing

Supply chain financing vertical SaralSCF, part of BlackSoil Group, has disbursed over Rs 940 crore across 1.46 lakh invoices in FY24, marking a 30% increase from the previous year. The platform added nearly 7,000 borrowers and 20 anchor partners, expanding its footprint to 50 new cities across India. SaralSCF aims to onboard more financial institutions to further expand its clientele in the future.

Yubi Appoints Anil Mehta as Independent Board Director

Debt fintech startup Yubi has appointed Anil Mehta, an industry veteran with extensive experience in financial institutions, as an independent director to its board. Mehta’s expertise in financial inclusion and building scalable businesses will contribute to Yubi’s growth as it continues to empower the debt ecosystem.

Ace Turtle Names Karandeep Singh Jaiya as Chief Business Officer

Tech-retail startup Ace Turtle has appointed Karandeep Singh Jaiya as its new Chief Business Officer. Jaiya, with prior experience in leading brand operations, will oversee business operations for a cluster of brands. Ace Turtle aims to innovate in the tech-driven omnichannel retail space in India under Jaiya’s leadership.

Algorand Collaborates with NASSCOM to Launch Developer Training Course

Algorand, in collaboration with NASSCOM, has launched a new developer course on NASSCOM’s FutureSkills Prime platform, focusing on developing applications using Algorand’s blockchain technology. The initiative aims to equip young developers in India with skills that align with industry demands, fostering innovation and collaboration in the blockchain space.

Tide Partners with Setu to Enable Bill Payments for SMEs

Business finance platform Tide has partnered with Setu to launch a bill payments feature, allowing SMEs to make seamless payments across platforms for various services. This feature will enable Tide’s customers to track and trace their business expenses efficiently, gaining better insights into their cashflows.

Nykaa Parent Appoints Santosh Desai as Independent Director

FSN E-Commerce Ventures, the parent company of Nykaa, has appointed Santosh Desai as an independent director for a term of three years. Desai, with extensive experience in marketing and leadership roles, will bring valuable insights to the company as it continues to grow in the e-commerce space.

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Indian Startup News & Funding Alert – Daily Roundup: May 27, 2024

Key Points:

  1. CoverSure Funding: Enam Holdings leads CoverSure’s pre-series A funding round with $4 million. The investment will fuel the development of a consumer-centric insurance engagement platform.
  2. CirclePe Funding: OTP Ventures leads CirclePe’s pre-seed funding round of nearly $1 million. Other participants include 1947 Rise, iSeed, IIT Delhi, and Venture Catalyst. CirclePe’s “Smart Renting” solution aims to simplify the rental process for tenants, landlords, and co-living operators.
  3. Yatra’s AI-powered Tool: Yatra Online launches an AI-backed business expense management solution to streamline travel expense management for SMEs and large enterprises. The tool offers enhanced accuracy and efficiency through AI and features an integrated chatbot for better expense tracking and analysis.
  4. Plum’s New HR Head: Plum appoints Priya Sunil as Chief Human Resource Officer, bringing 17 years of experience in talent acquisition and organization development. The company offers employee wellness and business insurance solutions to over 4000 companies.
  5. Recyclekaro’s EPR Registration: Recyclekaro registers on the government’s EPR portal for e-waste recycling, aiming to assist manufacturers in meeting their EPR targets for lithium-ion battery and e-waste recycling.
  6. IIT Guwahati’s MoUs: IIT Guwahati signs MoUs with Assam Startup and FICCI to foster innovation and growth in startups in the Northeast region, providing support for entrepreneurial activities targeting various sectors.
  7. Sebamed’s India Head: Sebamed appoints Philip Kuncheria as Senior Vice President and Country Head for India, with a focus on overseeing operations, strategic initiatives, and market expansion.
  8. Zomato’s Awareness Camps: Zomato conducts awareness drives among delivery partners in New Delhi to comply with the city’s Motor Vehicle Aggregator and Delivery Service Provider Scheme, emphasizing the need for disclosure of all vehicles associated with them by June 14, 2024.
  9. Glance and Star Sports Contest: Glance Smart Lock Screen and Star Sports Network report a successful turnout in the ‘Star Nahi Far’ contest, engaging 50 million participants across India with cricket-related questions and offering them a chance to meet their favorite cricketers.

Funding News:

1. CoverSure Secures $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. The investment was led by Enam Holdings. The funds will primarily be utilized to develop a consumer-centric insurance engagement platform. CoverSure, founded in January 2023, aims to enhance its services and expand its operations in India with this investment. The company provides personalized insurance solutions and aims to revolutionize the insurance industry with its innovative approach.

2. CirclePe Raises $1M in Pre-Seed Round Led by OTP Ventures:

Property tech platform CirclePe has raised close to $1 million in a pre-seed funding round led by OTP Ventures. Other participants in the round include 1947 Rise, iSeed, IIT Delhi, and Venture Catalyst, along with founders and CXOs from various prominent companies. CirclePe’s unique “Smart Renting” solution offers credit-worthy tenants the option for a Zero Security-Deposit move-in, simplifying the renting process for urban tenants, landlords, and co-living operators.

Other Startup News:

1. Yatra Launches Gen AI-powered Travel Expense Management Tool:

Yatra Online unveiled a Generative AI-backed business expense management solution designed for SMEs and large enterprises. The tool utilizes artificial intelligence to streamline travel expense management, offering improved accuracy and reduced operation time. It features an integrated chatbot for enhanced expense tracking and analysis, providing end-to-end travel solutions within a single platform.

2. Plum Appoints Priya Sunil as Human Resource Head:

Insurtech company Plum announced the appointment of Priya Sunil as Chief Human Resource Officer. Sunil brings 17 years of experience in talent acquisition and organization development to her new role. Plum offers employee wellness solutions and business insurance solutions to over 4000 companies and is backed by Tiger Global and Peak XV Partners.

3. Recyclekaro Registers on Government’s EPR Portal:

Lithium-ion battery recycling company Recyclekaro has registered on the government’s Extended Producer Responsibility (EPR) portal for e-waste recycling. The move aims to help manufacturers meet their EPR targets for lithium-ion battery recycling and e-waste recycling, contributing to sustainable waste management practices in India.

4. IIT Guwahati Signs MoUs to Foster Startup Ecosystem in Northeast India:

Indian Institute of Technology Guwahati signed two Memoranda of Understanding (MoUs) to promote innovation and growth in startups in the Northeast region. The institute partnered with Assam Startup and the Federation of Indian Chambers of Commerce & Industry (FICCI) to provide support for entrepreneurial activities targeting various sectors.

5. Sebamed Appoints Philip Kuncheria as India Head:

Skincare brand Sebamed appointed Philip Kuncheria as Senior Vice President and Country Head for India. With decades of experience in the industry, Kuncheria will oversee the company’s operations in India, focusing on strategic initiatives and market expansion.

6. Zomato Organizes Awareness Camps to Comply with Delhi’s Disclosure Guidelines:

Food delivery platform Zomato conducted awareness drives among its delivery partners in New Delhi to comply with the city’s Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023. The scheme requires aggregators and service providers to disclose all vehicles associated with them by June 14, 2024, to promote the adoption of electric vehicles.

7. Glance and Star Sports Announce Successful Turnout in ‘Star Nahi Far’ Contest:

Glance Smart Lock Screen and Star Sports Network reported a successful turnout in the ‘Star Nahi Far’ contest, with participation from 50 million people across India. The contest, launched in February, engaged users with cricket-related questions, offering them a chance to meet their favorite cricketers. Glance has witnessed significant user engagement during cricket seasons, emphasizing its popularity among sports enthusiasts.