Startup news and updates: daily roundup (November 18, 2022)
YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Friday, November, 18 2022.
Shiprocket partners with Klub for embedded financing solutions
Revenue-based financing platform partnered with ecommerce enablement platform , . Through this partnership, merchants on the Shiprocket platform will get access to a cohort of capital products that Klub offers, which can go up to Rs 30 crore for a tenure of up to 24 months for brands across every stage of growth.
Commenting on the partnership, Vishesh Khurana, Co-founder at Shiprocket, said,
“Our collaboration with Klub will further enhance our vision to help SMEs and MSMEs merchants and will support our new and existing seller base with flexible working capital which will not only help them with funds and customised financial options but will also increase their reliability and trust in the brand as a one-stop solution for all their operational needs.”
Sudharsan Venkatakrishnan, Vice President, Klub, said, “With Shiprocket and Klub working in tandem, our platform aims to disburse Rs 50 crore to Shiprocket merchants in the next three months. We are excited to add another marquee partnership cementing our position as the largest embedded platform for digital merchants.”
Flipkart expands its electric vehicles selection with new range of EVs from Okaya
Ecommerce marketplace expanded its electric vehicles selection with the launch of Okaya range of electric vehicles on its platform.
Rakesh Krishnan, Senior Director, Two-Wheelers, Automobile, and Electronics at Flipkart, said, “We are excited to have recently launched our two-wheeler category to democratise the rapidly evolving industry. Our aim is to offer a wide selection of multi brand two-wheelers across vehicle types with a 15-day delivery promise which is a first in the industry along with a paperless and affordable purchase experience. We are excited to make available Okaya’s range of EVs as we look to fulfill the evolving EV requirements of our customers across the country.”
Anshul Gupta, Director, Okaya EV, said, “With Flipkart’s deep understanding of customer needs and their industry-best affordability programmes, we are hopeful of significantly expanding our reach among customers and bringing customer delight with a 15-day guaranteed delivery.”
Biconomy launches SDK to simplify transactions
launched a software development kit (Biconomy SDK) to help developers build easy-to-use decentralised applications (dApps).
Biconomy SDK offers time-saving features such as reducing multi-step transactions into one-click interactions, smart contract wallets, and a gasless and chainless experience.
“Biconomy was built with the next billion Web3 users in mind and we are fulfilling this goal by meeting developer and user needs. From gasless to one-click transactions, we are making sure engaging with Web3 feels second nature and as easy as signing your name,” said Ahmed Al-Balaghi, Co-founder of Biconomy.
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GPS Renewables launches ‘ARYA’, a platform for climate-positive projects
(GPSR), a Bengaluru-based bioenergy technology firm, has launched ARYA, a climate infrastructure platform focused on sustainable biofuels and industrial decarbonisation projects. Arya will incubate, develop, and operate climate-positive projects, with GPS Renewables as the execution partner.
GPSR Arya will also prioritise projects that focus on managing stubble by using it as biofuel.
Commenting on the new launch, Mohit Gupta, COO of GPSR Arya, said, “Arya will invest in projects which have a clear GHG mitigation potential. For the first set of projects under execution, we are setting up two Paddy Straw to CBG(compressed biogas) plants in the state of Haryana. We plan to introduce many more similar initiatives that can help India transition towards net zero emissions”
Amber announces its first ESOP buy-back plan
Pune-based student rental platform, Amber launched its first ESOP buy-back in January 2023. With this ESOP buy back programme, the company aims to reward current and past employees for their support and contributions towards its exponential growth.
“Today, we are proud to be the partner of choice for over 1 million students worldwide. Our teammates have been integral to this success. It’s incredible how the team at amber stuck together and enabled the company's growth during unprecedented times,” Saurabh Goel, founder and CEO of amber, told us. “With the desire to honor their efforts, we are very excited to announce our first ESOP buy-back.”
The company was founded in 2016 with a team of 10 members. But over the years, they doubled up on talent and grew into a team of over 400 employees. The company plans to double its employee strength, continue its global expansion while eyeing $1 billion in gross booking value by 2023.
ChargeEZ partners with ITPL
ChargeEZ, a smart EV park and charge solution provider, has partnered with ITPL tech park in Bengaluru.
ITPL’s collaboration with ChargeEZ will offer ITPL's tenants and visitors access to an EV charging (both regular and fast) network.
Commenting on the partnership, Prashant Chandrasekaran, COO of ChargeEZ, said, “Our focus through this partnership will be to deliver an affordable, reliable and safe EV charging experience for all EV users at ITPL”.
Student-run startup Bookvala raises $180K
, a student-run startup, announced that it has raised $180,000 from a group of investors including Avidity Services Pvt Ltd, Hemant Wadhwa (Director of Unicom India Pvt Ltd), Prabhdeep (Partner of The Little Seekers), Rajeev Gupta (Director, Godavri Trading Co Pvt Ltd), and angel investor Rajesh Bansal.
With this ideation round, the startup, which enables senior secondary students to buy and resell their books in three minutes using a coin-based system and also to trade in cryptocurrency, is valued at $1.8 million.
Founded by undergraduate students from Chitkara University—Varun Bali, Raghav Bali, Lakshay Kalra, and Ujjwal Pratap Singh, Bookvala will use the funds to build technology and increase its presence in the Indian market.
Ather Energy partners with IDFC Bank EV two-wheeler financing
Electric scooter manufacturer partnered with IDFC bank to offer an EV financing option to its customers. This scheme is expected to make Ather scooters more accessible to customers by offering them a lucrative financing option.
The scheme also provides the flexibility to customers to purchase an Ather 450X or a 450 Plus, with a down payment as low as 5% of the on-road price applicable in the respective city. IDFC offers these benefits at a 48-month loan tenure.
Ravneet S Phokela, Chief Business Officer, Ather Energy, said, “The EV financing scheme introduced today in partnership with IDFC Bank is a significant step in many ways towards driving faster adoption of electric two-wheelers in the country. The scheme offers a first-ever 48-month tenureship on Ather’s electric scooters.”
(This copy will be updated throughout the day with the latest news)
Edited by Kanishk Singh
