Startup news and updates: daily roundup (May 10, 2022)

Gynoveda onboards Tapsee Pannu as brand ambassador 

Gynoveda, a femtech firm, has roped in Hindi film actor Tapsee Pannu for #AyurvedaForHealthyPeriods campaign. 

The Mumbai-based firm, which was founded by Vishal Gupta with his wife Rachana Gupta in 2018, creates ayurvedic medicines for female health issues – including Polycystic ovary syndrome (PCOS), infertility, pregnancy, and skin – and sells them online.  

Roping in a prominent Hindi film actor will help Gynoveda build a brand and reach out to a wider market, which does not necessarily shop online. The firm claims to get between 10,000 and 12,000 orders every month.

“Gynoveda combines Ayurveda, Technology, Content and Community that makes women healthcare easy, accessible & affordable from puberty to menopause. Taapsee is an icon for women empowerment and has always challenged the status quo. Her views echo the mission that we have set to achieve and through this association, we hope to accomplish major transformations in the area of women’s overall health and wellness,” says Vishal Gupta, Founder and CEO of Gynoveda.

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Average freight rates shot up by 4-5 pc between Jan-April 2022: Rivigo

Logistics player Rivigo said freight rates have increased 4-5 percent between January and April 2022, according to the firm’s National Freight Index (NFI). 

The Gurugram-based firm has brought back NFI, an index to provide freight prices, after discontinuing it two years ago. The rates have increased in line with the rising prices of diesel. 

“We are very optimistic about creating a platform for fleet owners and transporters, which will enable the growth of the logistics sector. Currently, we are at a stage where the growth of the economy is creating a balance between the supply and demand in the market, which will confidently lead to sustainable freight pricing and profitability for small fleet owners and road freight operations,” says Deepak Garg, CEO and Founder of Rivigo. 

Khatabook hires Sachin Bawari to strengthen MSME lending offering 

Fintech firm KhataBook has hired Sachin Bawari as head of risk to strengthen its small and medium enterprises (MSME) lending offering. Sachin, who has worked at ICICI Bank and HDFC Bank, has over a decade of banking experience across portfolio and risk management.

He will lead a team of 45 folks while handling risk management and underwriting, while also focusing on defining risk framework and strategies for a lendable set of customers. 

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“Setting up a robust team and leadership is our top strategic priority as we progress towards establishing Khatabook Digital Bank for MSMEs. With his experience, Sachin brings qualities like sharp risk assessment, deep understanding of the various segment behaviors, and proven track record with efficient operations, policies, and growth," said Ravish Naresh, CEO, and Co-founder, Khatabook, in a release shared by the company.

CASHe acquires Sqrrl and forays into wealth management

CASHe, a fintech player, forayed into wealth management by acquiring Sqrrl, a Gurugram-based firm, in an all cash deal. The firm did not disclose the deal value. 

The Mumbai-based firm, which was founded in 2016, is a non-banking player that targets millennials seeking personal loans. This development comes after CASHe raised Rs 140 crore from Singapore-based TSLC Pte Ltd in January 2022. 

“Sqrrl’s acquisition is an important milestone for CASHe’s next phase of growth through our foray into the WealthTech space. By integrating CASHe’s millennial-focused credit-led services with the digital-first wealth and investment management offerings of Sqrrl, we aim to fulfill the diverse credit and investment needs of the new-age Indian by offering multi-product access and next-gen financial wellness solutions,” said V Raman Kumar, Founder and Chairman, CASHe. 

Agritech player, CropIn sets up a new AI Lab

Bengaluru-based CropInhas set up a new artificial intelligence (AI) lab, which will focus on study cultivable land globally. The lab consists of 30 members including AI and machine learning (ML) researchers, data scientists and Earth observation scientists. 

The process, which is called agri asset computation, studies soil information, seed genetics, harvesting pattern and agro-climatic conditions, among other things. 

“Over the past few years, our Earth Observation & AI science research teams have built global intelligence models for agriculture that are already unmatched in terms of accuracy and scalability in the real world. CropIn's AI Labs will help us accelerate this effort to compute and bring the benefits of predictive intelligence to every acre of the world's farmlands," said Krishna Kumar, Co-founder and CEO, CropIn.

Started in 2010 by Krishna, CropIn provides software as a service (SaaS) solutions to agribusinesses across the world. The firm is backed by Bill and Melinda Gates Foundation, Chiratae Ventures, BEENEXT, and ABC World Asia, among others.

IIT-Delhi’s Price X ties up with Shriram Automall

ThePriceX, a pre-owned vehicle valuation platform, has tied up with Shriram Automall to provide expertise to enhance the platform. SAMIL will give access to pricing and valuation data of pre-owned vehicles and equipment through this partnership. 

Developed under Indian Institute of Technology (IIT) Delhi, ThePriceX claims to predict accurate value of pre-owned vehicles from any part of the world in real time. 

Prof. Mausam and Prof. Sayan Ranu from IIT Delhi will provide their statistical and machine learning expertise, which will help in making PriceX’s product more accurate.