Startup news and updates: daily roundup (Mar 04, 2022)

Chhotastock raises undisclosed amount in Pre-Seed round led by SC Innovations Funds

Small-ticket low-risk equity platform Chhotastock has raised an undisclosed amount in pre-seed round of funding from a clutch of angel investors across India and the UAE. The round was led by SC Innovations Funds and strategic investors from the UAE. Set up in January 2022, Chhotastock is targeting young, non-professional investors in Tier II and III cities across the country. It is also available in select vernacular languages.

Log9 signs MOU with IIT-Delhi to boost academic and industrial ecosystems of India’s EV and energy storage sectors

Bengaluru-headquartered deeptech and battery-tech startup Log 9 Materials has entered into a three-year agreement with The Centre for Automotive Research and Tribology (CART), Indian Institute of Technology - Delhi (IIT-D) to work towards serving multi-pronged objectives such as promoting superlative research and development (R&D) in the areas of developing advanced battery and energy storage solutions, including battery packs for electric vehicles; imparting industrial training to Engineering, Technology and Sciences’ students; and solving the need for the creation of a large reservoir of highly qualified manpower in all fields related to EVs and energy storage solutions in India.

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IIT Madras collaborates with Portescap on medical innovation using robotics

Indian Institute of Technology Madras is collaborating with the motion technology firm Portescap to develop medical innovation using robotics for rehabilitation. This CSR project also involves Christian Medical College (CMC) Vellore, a premier medical institution located in Vellore. This project, facilitated by the Office of Institutional Advancement, IIT Madras, will focus on creating an innovative rehabilitation robot – AREBO (Arm Rehabilitation Robot) – for people with arm impairments.

Insurtech platform Zopper achieves $100M annualised insurance premium milestone

Zopper announced it has achieved $100 million in annualised insurance premium. Its platform is backed by marquee global investors – Tiger Global and Blume Ventures. The company offers an end-to-end insurance solution to its distribution partners through its API platform. It has over 60 distribution partners, which include some of India’s largest brands – Amazon, Ola, Cars24, Xiaomi, Croma, Titan Eye Plus, StoreKing, IIFL, Chaitanya, and more.

Foreign capital flows into real estate jumped 3x to $24B post reforms

During 2017-21, the foreign capital flows in real estate jumped 3X times to $24 billion compared to the preceding five-year period, as per Colliers report “Foreign investments in Indian real estate turn a corner” released in association with FICCI. Over the last five years, global investors have shown an increased inclination towards investment in Indian real estate buoyed by regulatory reforms introduced in 2016.

The Lexicon Group acquires a chain of multinational gyms MULTIFIT

The Lexicon Group, a leading education institution, has acquired MultiFit Gym, a functional fitness, and strength training brand. Through this acquisition, Lexicon aims to strengthen the presence of the gym in a greater number of cities and increase its footprint globally. As a part of the expansion strategy, The Lexicon Group endeavours to provide holistic wellness and fitness services, which will supplement the gym and fitness services. At present, MultiFit is present in India, the UK, and the UAE with 23 fitness destinations spread across nine cities.

EMotorad extends 6 pc ESOP plan for all employees

E-bike startup EMotorad  is allocating 6 percent of its shares as ESOPs with a vision to build an ownership culture that makes its employees stand out from the rest. The stock option benefits are available to each of its 80-plus employees across the board, right from an office assistant to the CEO of the company. 

The ESOPs programme comes with a three-year vesting period offering long-term value to employees. This will ensure that as its business grows, every single employee also stands to gain.