Startup news and updates: daily roundup (May 28, 2021)

Spacetech startup Bellatrix Aerospace successfully tests India’s first privately built Hall Thruster

In a first in India, spacetech startup Bellatrix Aerospace has successfully tested the country's first privately built Hall Thruster, a highly efficient electric propulsion system that's ideal for micro-satellites weighing 50-500 kg and can be scaled up for heavier satellites.

Bellatrix is working towards flying this thruster on a satellite mission in the coming months, which it expects will open the space transportation company’s gateway to the commercial market by the end of this year, the startup said, adding that this thruster also forms a critical technology for the space taxi that it is developing.

Govt expects speedy India launch of single-dose Sputnik Light to boost COVID-19 vaccination drive

The government is hopeful of a speedy launch of single-dose COVID-19 vaccine Sputnik Light in India and all stakeholders, including the Russian manufacturer and its Indian partners, have been directed to fast-track the application and regulatory approval procedures for the jab to boost the country's vaccination drive, sources said on Thursday.

Electric tractor startup Cellestial raises $500K in pre-Series A round (Funding)

Hyderabad-based startup Cellestial E-mobility, the maker of the first electric tractor in India, has raised $500,000 in a pre-Series A funding round at a valuation of $35 million. This round of strategic financing came from Ashik Karim, Founder of UpCapital Investments, Canada's leading EV financial advisory group.

FanCode raises $50M from parent company Dream Sports (Funding)

Digital sports platform FanCode has raised $50 million from parent Dream Sports’ investment arm, Dream Sports Investments (DSI), as it looks to expand its reach and have a deeper connect with its customer base.

Founded in March 2019 by Yannick Colaco and Prasana Krishnan, FanCode, which has a user base of 20 million, will use this round of funding to accelerate the growth and scale of its digital sports services.

FISME asks RBI to defer installment payments under emergency credit line guarantee scheme

The Federation of Indian Micro and Small & Medium Enterprises (FISME) has suggested 10 measures to RBI, including deferring payment of installments under the Emergency Credit Line Guarantee Scheme (ECLGS), to help Micro, Small and Medium Enterprises (MSMEs) amid the coronavirus pandemic.

Fintech startups ZipLoan, InCred partner to roll out microloans for MSMEs

MSME lending platform ZipLoan has partnered with Mumbai-based fintech startup InCred to roll out microloans between Rs 1 lakh and Rs 10 lakh with a tenure that lasts up to 36 months to the Micro, Small, and Medium Enterprises (MSMEs) that are unable to access loans from traditional banking players.

Under the partnership — which will bring access to additional liquidity at competitive rates — ZipLoan will drive and process unsecured retail business loans as per jointly created credit parameters and eligibility.

OnePlus committed to Indian market; will strengthen R&D, manufacturing capacities: CEO Pete Lau

Premium smartphone maker OnePlus remains committed to the Indian market for the long term and will continue to strengthen its R&D and manufacturing capacities in the country, Founder and CEO Pete Lau said.

The company is also focusing on expanding its Internet of Things (IoT) ecosystem with products being "launched and experimented'' first in India.

Given necessary details on compliance to IT Ministry, says Koo

Twitter-rival Koo App has said it has provided the "necessary details" on compliance with the new social media rules as sought by the IT ministry.

The ministry had on Wednesday asked all large social media companies to immediately report on the status of compliance to the new digital rules and offer details of grievance redressal officer, chief compliance officer, and nodal officer to whom users can complain when they are subjected to offensive posts.

Proptech startup Square Yards forays into home furnishing, interior services

Gurugram-based integrated real estate startup Square Yards has launched a new platform offering home furnishing and interior services. 

The subsidiary, called Interior Company, has already set up offices in Bengaluru, Mumbai, and Delhi-NCR, and is looking to scale operations pan India and the Middle East. The startup said it plans to build an integrated technology platform for end-to-end interior design and execution.