Startup news and updates: Daily roundup (December 4, 2021)

Funding news

Agri-tech startup Agrix raises growth capital from Lead Angels Network

Agritech startup Agrix has raised growth capital from Lead Angels Network. The capital infusion will be used to support business growth and scale existing operations and further strengthen its team and technology platform. Agrix will also use the funds to further enhance the farmer engagement and build brand awareness.

Founded by Nilay Pandey and team, Agrix currently focuses on farming as a service (covering farm machinery and agri input services) and providing market linkages, especially for fragmented farm owners.

Insurtech startup HealthySure raises undisclosed amount in pre-Series A from We Founder Circle and others

Insurtech platform HealthySure has raised an undisclosed amount from We Founder Circle and other marquee investors. The fund will be used to invest in the team,  technology, and operations.

The brand plans to exhaust a part of the fund in scaling the team and operations. In addition to this, the startup also aims at utilising the fund infusion on tech enhancement, which will enable a seamless experience for the users.

Started by IIM Bangalore alumnus Anuj Parekh and ISB alumnus Sanil Basutkar, HealthySure is an employee welfare platform targeting SMEs to make insurance and healthcare affordable and accessible to the Indian workforce and their families.

General news

MeitY releases national strategy on blockchain for its adoption in government systems

The electronics and IT ministry on Friday released a national strategy on blockchain for adopting the technology in government systems, especially for e-governance services.

The ministry has adopted a multi-institutional approach for the national blockchain framework, which includes C-DAC for research and development of the framework, NIC and NICSI for hosting the national-level blockchain infrastructure, and offering blockchain as a service.

Blockchain technologies will redefine finance: Ambani

Decentralised technologies can enable transactions in real time, and are vital for finance to be available to everybody, said Mukesh Ambani, Chairman and Managing Director of Reliance Industries at a fintech conclave on Friday.

"The emerging technologies are an opportunity to make sure we adopt a decentralised model of finance," Ambani said. "Smart contracts will become real," he said, adding that blockchain technologies will redefine the financial sector in the next decade.

"The convergence of blockchain technologies, (and) the convergence of the physical and digital through IoT will enable and redefine the decentralised financial sector in a way we have never imagined," Ambani said.

"Smart tokens are making sure created transactions can never be changed. It is a very important framework for just and trust-based transaction and trust-based society, which is a prerequisite for all of us," he said.

EV firm Etrio expands footprint to Maharashtra; opens dealership in Mumbai

EV maker Etrio has expanded its footprint into Maharashtra by establishing a dealership presence in partnership with Mumbai-based Vijay Security Systems.

Under this dealership, Etrio will be showcasing and selling its wide range of electric vehicle models including Etrio’s electric three-wheelers for the cargo and passenger segments through a newly-opened showroom in Andheri East (Mumbai).

The company said the new dealership will cater to both business-to-business (B2B) and business-to-consumer (B2C) segments.

100X.VC announces Class 06; takes total investment tally to 70 startups

Venture capital firm 100X.VC on Friday said it has invested in 70 startups ever since 100X.VC Class 01 in December 2019.

For Class 06, 100X.VC received 2,285 pitches, shortlisted 356, and after a rigorous process, 10 startups received funding.

The VC firm announced the names of the startups at VC Pitch Day on Friday. More than 1,000+ investors, including VCs, corporate houses, angels, family houses from across the globe were in attendance.