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

[YS Exclusive] Anand Chandrasekaran, 9unicorns, Inventus lead $3.5M round in AR social networking app Flam

Flam, an AR-based social networking app, has announced it has raised $3.5 million in funding. The seed round was led by Inventus Capital SV (Manu Rekhi), Silicon Valley Quad (Raju Reddy); Kwaish Ventures (Anand Chandrasekaran, US); 9Unicorns (India); and prominent angel investors.

Bengaluru-based Flam is an AR-based social networking app that is looking to transform the way people engage and perceive memories with its flagship product, FlamCards.

AI startup Blaize raises $71M in Series D led by Franklin Templeton and Temasek (Funding)

Blaize, the AI computing innovator revolutionising edge and automotive computing solutions on Wednesday announced it has raised $71 million in Series D round led by Franklin Templeton, a new investor, and existing investor Temasek. DENSO and other new and existing investors also participated in this round.

To accelerate the product roadmap and scale the business with this funding, the company plans to rapidly expand its Hyderabad, India operations in the next 12 - 18 months.

Google, Apple and Microsoft report combined profits of more than $50B

Apple, Microsoft, and Google reported combined profits of more than $50 billion in the April-June quarter, underscoring their unparalleled influence and success at reshaping the way we live.

Although these companies make their money in different ways, the results served as another reminder of the clout they wield, and why government regulators are growing increasingly concerned about whether they have become too powerful.

SaaS startup Loopin raises $820K in seed round led by Venture Highway (Funding)

Bengaluru and Seattle based Saas startup Loopin on Wednesday announced that it has raised $820,000 in its seed round, led by Venture Highway. Other Investors including First Cheque and a few angel investors also participated in this round. 

The product is currently in beta with select organisations and will see a market launch later this year.

The Whole Truth raises $6M Series A round led by Sequoia Capital (Funding)

The Whole Truth(TWT), a 100 percent clean-label food brand, has raised a $6 million Series A funding round led by Sequoia Capital India. The round saw participation from existing investors Matrix Partners India and Sauce.Vc, along with a clutch of marquee angels like Kalyan Krishnamurthy (Flipkart), Sujeet Kumar (Udaan), and Ashneer Grover and Shashvat Nakrani (BharatPe).

Fitness tech startup Insane AI raises $873K seed round led by pi Ventures (Funding)

Insane AI, an artificial intelligence (AI) powered fitness training app, has closed $873,000 (Rs 6.5 Cr) in seed round led by pi Ventures along with a clutch of angel investors including Anupam Mittal (Founder and CEO, People Group), Sameer Pitalwalla (ex-Culture Machine, Epic Games), Saumil Majumdar (Founder, SportzVillage), Karan Tanna (CEO, GhostKitchens), Arjun Jain (Faculty at IISc), and LetsVenture.

Insane AI plans to utilise the funding to invest in product development and innovation, strengthen its tech team, and accelerate growth in the international market.

Edtech startup L4o.in raises undisclosed sum led by IAN (Funding)

L4o.in, an edtech platform in vernacular languages ensuring employability and enabling learners to become job-ready, has raised an undisclosed amount in seed funding. The round was led by IAN, with participation from other angel investors, including Pawan Kumar Garg, Umesh Prasad, Mrinal Didige, Mohiddin Shaik, Charan Babu, and Aman Manoj Tekriwal.

Streak raises seed round led by Inflection Point Ventures (Funding)

An educational neo-bank for children, Streak, has raised an undisclosed amount in a seed round led by angel investment platform Inflection Point Ventures.

The startup said the funds raised will be utilised for marketing, customer acquisition, strengthening the team, and making further investments in technology, enabling them to effectively launch Streak and initiate the growth journey as they plan to grow to two million users in the next three years.

Flipkart approaches SC in CCI probe matter: Sources

Flipkart has approached the Supreme Court, challenging the Karnataka High Court's recent decision to allow the Competition Commission of India (CCI) to continue its investigation against the Walmart-owned ecommerce firm and its rival Amazon India for alleged violation of competition laws, according to sources.

Women unemployment rate falls to 4.2pc in 2019-20

The unemployment rate for women fell to 4.2 percent in 2019-20 from 5.1 percent in 2018-19, according to the Periodic Labour Force Survey (PLFS) conducted by National Statistical Office (NSO). The NSO is a wing of the Ministry of Statistics and Programme Implementation.

Tourism economy fell by 42.8pc, estimated 14.5 million jobs were lost in Q1 of 2020-21: Government

The tourism economy fell by nearly 43 percent and an estimated 14.5 million jobs were lost in the first quarter of 2020-21 as the COVID-19 pandemic and resultant lockdown decimated the sector, which directly employed 34.8 million people in the country the year before, according to details provided by the government in Parliament.