Startup news and updates: daily roundup (May 30, 2022)

YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Monday, May 30, 2022.

UAE-based Cypher Capital invests in blockchain startup Iomob

Cypher Capital has invested an undisclosed amount in Iomob, a blockchain startup developing a decentralised protocol for the mobility ecosystem. The funding will be used by Iomob to further develop its blockchain architecture.

Founded in 2018 by three Barcelona, Spain-based co-founders, Estonia-based Iomob helps businesses and governments launch their mobility-as-a-service solutions quickly. It has partnered with a major tech company in India, and with the latest fundraise, it hopes to further deepen its network.


Bharat Petroleum, Bounce Infinity partner to set up battery swapping stations

Bharat Petroleum Corporation Limited and Bounce Infinity have partnered to set up Bounce Infinity’s extensive battery swapping infrastructure.

Under this partnership, Bounce Infinity will set up battery swapping stations across Bharat Petroleum fuel stations in a phased manner. The company aims to set up 3,000 stations across the top 10 cities. 

The smart framework will cater not only to the company's retail business but will also support the interoperable partners (two, three-wheelers and other OEMs) for ease of mobility across geographies and form factors. Battery swapping as a solution would also support those two and three-wheelers converted to EV from ICE.

Having already taken the lead by setting up fast-charging highway corridors, starting with the 900 kms Chennai-Trichy-Madurai-Chennai route, the alliance with Bounce Infinity will mark BPCL’s strong presence in urban markets with a network of battery swapping stations.

EnKash launches Banking Infra API to enable startups, SMEs to issue their cards, BNP product

Enkash has launched a plug-and-play card API suite called “CardX”, which will enable non-fintech/fintech companies and banks/NBFCs to launch their own card, BNPL, and reward programmes in a hassle-free manner. 

CardX is also designed to be developer-friendly and can enable multiple use cases of credit cards, prepaid cards, and wallets. Using EnKash’s Open API Stack, businesses can issue credit and prepaid cards to their customers, users, agents, employees, and others for their respective use cases.

CardX will help companies use a customisable API to develop their fintech product lines. Founded in 2017, EnKash is a spend management and cards platform.  

Since its launch, EnKash has helped over 70,000 businesses digitise and decentralise their corporate payments. Over four years, the brand has issued more than 500,000 corporate cards.

Hero Electric's Optima e-bike

Hero Electric partners with Chola for easy financing solutions

Hero Electric has partnered with Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of Murugappa Group, to offer easy and smart financing for electric two-wheelers.

The collaboration aims to make Hero Electric scooters more affordable for discerning and price-conscious buyers with attractive financing solutions. This partnership will enable Hero Electric to cater to newer markets with Chola's widespread presence across India.

Sohinder Gill, CEO, Hero Electric, said, “The association will allow penetration to newer untapped markets and easy accessibility at the best rates and minimum documentation. Moreover, with focus on priority lending for EVs and existing government subsidies will create convenience for our buyers across levels.”

“With our easy and innovative financing options, we look forward to make EV adoption easier for Hero Electric’s two-wheeler buyers. This partnership will also give us a strong foothold in the EV financing space with our 1,145 branches spread across urban, semi-urban, and rural markets,” adds Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited.

L-R: Archit Garg and Dr Preet Pal Thakur

Glamyo Health to double its employee strength, to hire over 300 professionals

Glamyo Health, a healthcare brand operating in the fields of elective and cosmetic surgeries, plans to increase its employee strength to 2X within the next six months. 

The healthcare brand has a total employee strength of 300, and with the fresh enrollment, the number is likely to cross the mark of 600.

Glamyo Health announced ambitious targets for FY22-23, including reaching a milestone figure of Annualised Run Rate (ARR) of $80 million. To accelerate the same, the company is streamlining and strengthening its workforce, which will bring new skill sets and energy to enable the strategies.

The recruitment drive will include maximising the strength of the Business Development Manager (BDM) and building dedicated teams across other departments, including central operations, HR, and support. Most of the hiring will be for the Delhi-NCR location, where it is headquartered.

Archit Garg, Co-founder of Glamyo Health, said, “We are growing 20 percent every month, and with the rigorous expansion on cards, we are on the lookout for a lot of talent. In the current times when many startups are laying off, we are aggressively hiring quality talent and looking to support deserving professionals.”

The House Of Things acquires Moavi Design to expand its luxury textile range

Moavi Design, a handmade-textile startup, got acquired by The House of Things (THOT) for an undisclosed sum. With a customer base spanning 150 countries, including India, THOT is a curated digital platform that offers luxury designer interior products and solutions.

This acquisition strengthens the offerings of THOT, enhancing its current lifestyle product portfolio while also providing a home to Moavi Design's product range made to revive, reinterpret, and promote the generations-old rare needlepoint and hook embroidery techniques. It will also look at global expansion.

Both the companies aim to enable an effective global growth in the artisan-made products that promote sustainability by providing more employment opportunities to the artisan communities of India and meet the growing demand from design connoisseurs all over the world.

Kavita Grewal Badsra, Founder and Creative Director, Moavi Design, said, “We are thrilled to be part of THOT’s umbrella. It is an opportunity for Moavi Design products to live beyond just home textiles. These unique design concepts can adorn furniture pieces, wall arts, metal arts, and decorative pieces for home/hotel art projects that THOT team is really good with. We are looking forward to seeing these designs live a life bigger and at scale.”

Trentar Group launches fixed-wing hybrid VTOL and Electric Propulsion System at Bharat Drone Mahotsav 2022

TM Aerospace has launched a UAV in hybrid gasoline-powered and fully electric variants under the flagship brand “THE ARO X2-MKII” at the festival.

Trentar acquired GarudaUAV, Trishula and TM Aerospace, further funding its aggressive growth, marked by the launch of the innovative UAV products at the Bharat Drone Mahotsav 2022.

Seshadri Viswanathan, Chief New Business Dev Officer, Trentar, said, “The launch of the propulsion system is just the beginning. We are working closely with the commercial and the defence users and have identified key next-gen technology products to overcome their current challenges faced and cause a breakthrough performance jointly. This will help make India a leading player in these speciality and new age segments.”


eBikeGo, Log9 Materials partner to launch 10-min superfast charging technology for Velocipedo

eBikeGo partnered with Log 9 Materials to launch its 10-minute Superfast Charging Technology (InstaCharge technology) for its upcoming electric trike, Velocipedo.

Under this partnership, Log9’s superfast InstaCharge technology will empower Velocipedo to be well-equipped, and hence widely adopted for multiple use cases such as ride-hailing, personal mobility, and as a cargo vehicle for businesses.

Kartik Hajela, Co-founder and COO, Log9 Materials, said, “We are thrilled to be working with eBikeGo to further our foray into overseas markets. We are optimistic that with our cutting-edge battery technologies that provide an unprecedented 10+ years of life and InstaCharging capabilities, together with eBikeGo's forward-thinking advanced vehicle platforms, we will be able to carve out a dominant position for ourselves in the future.”

Edited by Suman Singh