Startup news and updates: Daily roundup (October 12, 2021)

YourStory presents this daily roundup of the latest startup news and updates from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, October 12, 2021.
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Interactive media platform Crater raises $700k (Funding)

Crater, an interactive media platform, on Tuesday, announced that it has raised $700,000 in seed funding from LC Nueva AIF, Director of TransContinental Venture Fund, as well as angel investors including Prakash Mody, CEO of Unichem, Naresh Wadhwa, President Asia Pacific and Japan- Arista Networks and others.

The funds will be used towards further product development and growth of the platform.

Aarav Unmanned Systems to deploy drones under SVAMITVA scheme

Aarav Unmanned Systems (AUS) — a Bengaluru-based drone solutions startup — has won a contract to deploy drones across four states under the Indian government’s SVAMITVA scheme.

As part of the contract, the startup will deploy 80 drones across Uttar Pradesh, Madhya Pradesh, Maharashtra, and Rajasthan through a competitive bidding process.

NFTically raises funds from Nitish Mittersain, Gaurav Munjal, others (Funding)

NFTically — a global NFT marketplace creator and B2B SaaS for launching white-label NFT stores and marketplaces — has raised under $1 million additional investment in its seed round led by marquee investors.

The round saw participation from Nitish Mittersain (Nazara Games), Gaurav Munjal (Unacademy), Sujeet Kumar (Udaan), Kunal Kapoor (Bollywood actor), Surojit Chatterjee (Coinbase), and other global investors. 

Trade body submits memorandum to uplift and revive Coimbatore MSMEs

The Coimbatore chapter of the Indian Chamber of Commerce and Industry Monday submitted a memorandum to Tamil Nadu Chief Minister MK Stalin in Chennai. The memorandum listed infrastructural needs and ease of doing business in Coimbatore.

It requested the Chief Minister to implement the proposals of the N Sunderadevan Committee for the revival of the Micro, Small and Medium Enterprises (MSMEs).

Jio Haptik launches WhatsApp-based business platform for SMBs

Jio Haptik Technologies, the AI customer experience platform, has announced the launch of Interakt, an app that enables SMBs to manage their entire business on WhatsApp.

This is the first product created by Haptik that focuses on the SMB and MSME economy in India. Through Interakt, businesses can get a dedicated WhatsApp business number which they can use to communicate with their customers for product inquiries, customer care, alerts and notifications, assisted sales, and more.

Silk-tech startup ReshaMandi raises $30M in Series A round (Funding)

Silk supply chain startup ReshaMandi on Tuesday said it raised $30 million (over Rs 225 crore) in a Series A funding round led by global alternative investment manager Creation Investments and others.

The startup will use the funds to expand into newer territories and operationalise R&D work, among others, it said in a statement.

Zetwerk closes Rs 500 Cr financing agreement with TradeCred (Funding)

Business-business (B2B) manufacturing solutions provider Zetwerk Manufacturing on Tuesday said it has closed a Rs 500 crore financing agreement with TradeCred.

As many as 13 family offices are part of the financing agreement.

Hubilo raises $125M in Series B led by Alkeon Capital (Funding)

Hubilo, the virtual events platform headquartered in San Francisco with a base office in Bengaluru, has raised $125 million in a Series B funding round led by Alkeon Capital, with participation from Lightspeed Venture Partners and Balderton Capital.

Hubilo plans to use this latest round of funding to expand its market reach in India and overseas through new business functions, product enhancement, go-to-market teams in the US, the UK, EMEA, and APAC.

M2P Fintech raises $35M led by Tiger Global (Funding)

M2P FINTECH, the Chennai-headquartered API infrastructure startup, has raised $35 million in a Series C round of funding led by Tiger Global Management.

The funding round also saw the participation of existing investors — BEENEXT, Flourish Ventures, Omidyar Network India, 8i Ventures, Better Capital, and the DMI Group via its investment vehicle Sparkle Fund participating in the round.

Madhusudanan R, Co-founder and CEO, M2P Fintech

Mumbai-based BlackSoil invests Rs 35 Cr across five startups (Funding)

Mumbai-based venture debt fund BlackSoil Capital has invested Rs 35 crore as growth capital to five startups, including two-wheeler vehicle financing startup Orange, marketing automation platform WebEngage, direct-to-consumer FMCG brand Habanero Foods, fintech startup CASHe, and another undisclosed generic pharma company.

This development comes in a week after BlackSoil announced its investment in global consulting firm Kaar Technologies.

BSE and BLL sign MoU to encourage SME listings

Bombay Stock Exchange (BSE) signed a Memorandum of Understanding (MoU) with Business Leadership League (BLL) today. This initiative is aimed at spreading awareness about the benefits of listing for Indian small and medium enterprises.

BLL will serve as a knowledge partner in this programme, according to a statement released by BSE.

Ritesh Agarwal announces Rs 1 Cr grant for grassroots entrepreneurs

In a tweetOyo’s  Founder and Chairman, Ritesh Agarwal pledged Rs 1 crore to support micro-entrepreneurs from small towns of India.

He also named the first four startups from Ladakh and the Himalayan region that will receive a part of this equity-free grant. These startups have been a part of the Naropa Fellowship programme.

Expert panel recommends emergency use approval for Covaxin in 2-18 age group

An expert panel of India's central drug authority has recommended granting emergency use authorisation to Bharat Biotech's Covaxin for children and adolescents in the two to 18 years age group with certain conditions, sources said on Tuesday.

If approved by the Drugs Controller General of India (DCGI), it will be the second COVID-19 vaccine after Zydus Cadila's needle-free ZyCoV-D to receive EUA for use in those below 18 years.

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