Startup news and updates: daily roundup (June 9, 2021)
Consumer and business loans companysaid on Wednesday it has raised Rs 50 crore in debt funding from The Netherlands-based Triodos, for a period of three years. The Bengaluru-based startup said it expects to use the funds to scale its operations and meet the demand of its user base of over two million customers, which has doubled over the last eight months.
BuyerAssist.io raises $2M in seed round led by Stellaris Venture Partners, Emergent Ventures (Funding)
B2B buyer engagement platform BuyerAssist.io on Wednesday announced that it had raised $2 million in seed financing led by Stellaris Venture Partners and Emergent Ventures. The round also saw participation from Better Capital and angel investors who are senior business executives/startup founders in the US and India.
Invoice factoring startup Reevoy has raised an undisclosed amount in seed funding led by Stellaris Venture Partners along with Better Capital and Startup Angel Network (SAN).
The round also saw participation from Ashish Sharma (InnoVen Capital), Atul Mehta (ex-World Bank Group officer), Kunal Shah (CRED), Ramakant Sharma (Livspace), and Vinod Murali (Alteria Capital), among others. The startup said the fundraise will help it to scale its technology and sales capabilities.
Image source: unsplash
PadUp mentee company IntelleWings recently raised a seed funding of $100,000 for IntelleWings’ EYE, a product based on machine learning, to help regulatory firms with anti-money laundering compliance needs.
IntelleWings’ EYE is an AML (anti-money laundering) 360 software, which takes care of all AML needs – transaction monitoring, customer screening against global lists, integrated and comprehensive case management solution, and integrated PEP (politically exposed persons check/adverse media check).
The government has announced a new update that enables an applicant to correct any inadvertent errors in their name, year of birth, and gender printed on the CoWIN vaccination certificate. Users can make the correction through the CoWIN website.
Shyplite, a Delhi-based AI-powered logistics platform that enables businesses to automate their logistics and increase shipping efficiency by providing a single-window platform integrated with multiple carriers, has raised $1 million from revenue-based growth capital firm N+1 capital.
(L-R) Shyplite Co-founders: Parinay Itkan, Nisschal Jain, and Sugam Jain
Urban Company to hire over 100 engineers in FY'22
Urban Company has announced that it will onboard more than 100 engineers in FY2022, besides hiring various leaders across verticals. Through these new hires, the company plans to drive technological innovation in the home services industry, it said in a statement.
In tandem, Urban Company announced the appointment of Amit Das as Vice President, Design & Research, who will be responsible for product, research and design. The company has also hired former Ajio (B2B) and Flipkart executive Rishabhdhwaj Singh as Vice President, Engineering. Rishabhdwaj will be responsible for engineering solutions to ensure seamless quality control, training and onboarding of partners on the platform. The company has also announced that it has opened its second head office in Bengaluru city in March 2021.
Bengaluru-based earned wage access (EWA) solution for companies - Refyne, on Wednesday announced the closing of its $ 16 million Series A round from new investors including partners of DST Global and RTP Global. Existing investors, - including QED Investors and Jigsaw VC, which led December’s US$ 4.1M seed round, and XYZ Capital, also participated in this round.
The COVID-19 pandemic has exerted a tremendous impact on the tourism, hospitality and technology industry worldwide. To empower smaller operators in the ecosystem, travel and hospitality tech players including Airbnb, EaseMyTrip, OYO and Yatra, have come together to launch Confederation of Hospitality, Technology and Tourism Industry (CHATT). CHATT represents the hospitality and travel ecosystem, and will serve as a unified voice to strengthen advocacy to build the right framework for India's resilient tourism industry.
Greenjoules Pvt Ltd, a Pune-based green energy technology startup, has raised its Series A round of $4.5 million (Rs 33 crore) from Blue Ashva Capital through its Blue Ashva Sampada Fund.
The funds raised are a combination of equity and debt, and will be utilised to set up commercial-scale waste-to-energy plants and invest in new R&D initiatives.
El Salvador, a country in Central America, has become the first nation in the world to approve Bitcoin cryptocurrency as an official currency.
The decision was approved by the El Salvador Congress on June 9, with 62 votes in favour of the decision out of the 84 possible votes. The likely benefit of this decision does not stop just there as the government also announced that people who invest in bitcoin in El Salvador will get citizenship of the country.
Global petcare, food and confectionery major Mars Inc on Wednesday pledged critical medical equipment worth $2.3 million (over Rs 16 crore) for India, as part of its ongoing efforts towards COVID-19 relief in the country.
Mars is providing 404 oxygen concentrators for patients in hospitals as well as those under home quarantine, 200 oxygen masks and 200 oxygen central pipeline flow meters, transportation from villages to medical or quarantine centres, food rations, and other necessary, life-saving support, the company said in a statement.
Gurugram-based foodtech unicorn Zomato has elevated its Chief People Officer and former CFO Akriti Chopra as the co-founder ahead of its much-anticipated IPO. Akriti has been with the startup for almost a decade now.
Akriti joined the startup in its early years as a senior manager of finance and operations, and handed over her role as CFO to Akshant Goyal in October last year, “when the CFO role started becoming more external facing in the run up to the IPO.
Mobile PoS (Point of Sale) machines and mobile payments solution provider Mswipe today announced a hybrid credit score in partnership with Equifax — a score that it claims will help banks, financial institutions, and non-bank finance companies (NBFCs) better assess micro, small and medium enterprise (MSMEs) for credit solutions.
In a statement, Mswipe said its new credit score adds a layer of credible alternative data such as transaction variables, merchants customer profile, loyalty base, and other payment-related parameters, in addition to traditionally available demographic data and credit bureau rating.