Startup news and updates: daily roundup (Dec 30, 2021)

Tango Eye raises $1M in pre-Series A round led by Lenskart

Tango Eye, an retail AI (artificial intelligence) firm, has raised $1 million in pre-Series A round led by Lenskart, the Temasek-backed eyewear retailer.

In June 2021, Lenskart launched its Vision Fund with plans to invest about $20 million across eye care, omnichannel retail, and eyewear, among other sectors.

Founded by Surender Gounder in 2018, Tango Eye converts CCTV videos into actionable insights. The Chennai-based firm will use the funding to improve their product, and hire people in tech and business development, which will enable growth.

EsportsXO raises $1.1M from Mumbai Angel Network, We Founder Circle, others 

EsportsXO, a tournament platform for gaming enthusiasts, has raised $1.1 million in seed round from Mumbai Angel Network and We Founder Circle. 

Hyderabad-based SucSEED Indovation Fund, and FAAD Network, which is based in Gurugram, among other investors, also participated in the round.

Founded in 2020 by Vikas Goel, a serial entrepreneur and angel investor, EsportsXO is a tournament discovery platform for gamers and gaming enthusiasts. Consumers can use the platform to publish and launch custom tournaments, among other things.

EsportsXO will also build an esport metaverse of players and fans. It will also offer other services including content, social networking, merchandising, NFTs and e-learning. 

News round up

Cars24 ties up with Bajaj Finance Ltd. to offer financial services for used car buyers

Recent unicorn CARS24 has tied up with Bajaj Finance Ltd., which provide small loans, to attract potential used car buyers.

Through this collaboration, Bajaj Finance Ltd. will facilitate used-car financing, which it claims would be frictionless. 

This move comes when demand for used cars has been skyrocketing. And to tap on this demand CARS24 raised $400 million from Alpha Wave Global (earlier known as Falcon Edge Capital), at a $3.3 billion valuation.

While the consumer demand for pre-owned vehicles is skyrocketing, the consumer financing penetration in the Indian used cars industry stands at only ~15 percent, CARS24 said in a release.

“This synergic partnership promotes the idea of finance for used cars to a larger audience. We believe, there is huge potential in the used car segment and the right financial solutions will only help customers make the right decision in exploring this option,” said Anup Saha, Dy. CEO, Bajaj Finance Ltd.

ITC collaborates with Invest India for single-use plastic substitutions, others

ITC Paperboards and Specialty Papers Division (PSPD), a manufacturer of paper, paperboards and specialty paper, has collaborated with Invest India to launch the ‘ITC Sustainability Innovation Challenge’. This collaboration would support startup ideas on sustainable packaging and smart waste management solutions.

ITC PSPD is inviting solutions for startups for smart technology-based solutions to substitute single use plastics and automate waste segregation process.

Startups selected for the ITC Sustainability Innovation Challenge will be offered incentives, including mentorship, paid pilot opportunities, and certifications, at different stages of the process.

Autobot India establishes academy for EV learning

Autobot India, which provides information about electric vehicles (EV), has established the Autobot Academy.

“We have brought in the best EV experts from all over the world to ensure delivery of an engaging learning experience integrated with top-end technologies. There are seamless learning modes with hands-on projects and well-structured courses that offer domain specialization to the learners,” Ashwini Tiwary, Co-Founder and chief executive officer (CEO), Autobot India, said in a statement.

Run by Autobot Engineers India Pvt. Ltd., Autobot India was founded by Ashwini Tiwary in 2017. The Pune-based firm offers services as a solution in training, battery management system, and product development and design, among other things.