Startup news and updates: daily roundup (August 27, 2022)

CoinSwitch Kuber CEO clarifies ED raid news

CoinSwitch CEO Ashish Singhal took to Twitter to clarify the news around the Enforcement Directorate's (ED) recent raid at five cryptocurrency exchange offices. Singhal said that the ED visits were not related to any money laundering probe as reported, but rather a part of the ongoing collaboration with the government to regulate cryptocurrencies.

Singhal claims the ongoing engagement with the ED is a result of the Indian government's difficulty in classifying cryptocurrencies, and it is a struggle among governments globally. He cited the Australian government's "token mapping" project and the US' debates on cryptos as a commodity versus security as proof of this confusion.

Singhal reiterated that CoinSwitch Kuber plans to be around for the long-term and is dedicated to "building a responsible crypto ecosystem that contributes to the Indian economy and creates wealth and employment for millions of Indians."

IIT Mandi reveals 11 winners from latest incubator event

The sixth edition of the IIT Mandi-organised Himalayan Startup Trek has concluded, and the university has announced 11 winners from three thematic sectors, which will be granted a cash prize of Rs 6 lakh each and an offer of an incubation spot along with potential funding of up to Rs 50 lakh.

Winners were selected from 440 initial applications and 60 finalists. Professor Laxmidhar Behera, Director at IIT Mandi, said, "We aim to make IIT Mandi a Himalayan Startup Valley in Himachal Pradesh and would like to bring not just national but international startups into this valley.”

The winners included wearables firm Sunbots Innovation, brain-computer interface programme NEMA AI, IoT theft prevention project SerachGrand, drone startup Binary Loop, agritech startup WebAgro Tech, travel tech proposal Oddessemania, social marketplace Altusia Megastores, power grid-scale energy solution Kinowave, drug delivery platform Exsure, hybrid water purifier producers New Unnat India Techno Solution, and treatment plant SaaS provider Urbanblue Technologies.

5 startups receive funding at Jaipur Shark Tank-inspired event

An event organised by the JITO Incubation and Innovation Foundation and the Rajasthan Zone 'Shark Angels' saw five local startups raise around Rs 4.6 crore in funding. The investment was evenly split at Rs 2.3 crore each from six investors and Rs 2.3 crore from the attending audience members.

Startups, including MHE Guru, a marketplace for maintenance of heavy earthmoving equipment (Rs 1 crore), edutainment app Seekho (Rs 50 lakh), a social networking platform for coffee shops OHI (Rs 40 lakh), eldercare startup Saarthi (Rs 20 lakh), and Bodhi AI, a student problem-solving app (Rs 20 lakh), received funding.