Startup news and updates: daily roundup (January 18, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, January 18, 2023.
Wednesday January 18, 2023,
5 min Read
GetVantage partners with IPV to invest Rs 200 Cr in 500+ businesses
and Inflection Point Ventures (IPV) have formed a partnership that will have a combined portfolio of around 1,500 digital businesses. It aims to give startups access to equity and revenue-based financing growth capital to extend their runway.
Both firms will have access to each other’s portfolio and would invest in both new businesses and existing startups in form of equity as well as revenue-based growth capital, depending on the business requirements. Together, GetVantage and IPV have provided funding and equity, respectively, to over 500 businesses so far.
Through this partnership, IPV brands will have easy and quick access to revenue-based financing from GetVantage, and GetVantage portfolio brands can reach out to IPV for equity capital, making the entire funding process seamless and efficient.
BluePi appoints Monika Marwah as HR Director
BluePi Consulting (BluePi) today announced the appointment of Monika Marwah as the organisation’s new HR Director. She joins BluePi after working with Amazon India (where she served as Manager, MBA and Non-Tech Recruiting, APAC Students Programme).
In her new role at BluePi, Monika will be responsible for driving the human resource function and aligning it with the organisation’s overall business strategy. Her areas of responsibilities at BluePi include HR and recruitment strategy, talent management, employee relations, and performance management in addition to training and development.
Her career reflects over 15 years of diverse HR experience in leadership and management positions (with both global and Indian multinational companies across IT, retail, pharma, BFSI, and telecom).
ProV Foods launches ProV Minis
ProV foods, an integrated commodities company with a large-scale presence in the dry fruits, nuts, seeds and berries segment, announced the launch of a new line of products called ProV Minis.
Designed specifically for the Indian market, ProV Minis are perfectly proportioned mini snack packs of flavoured dry fruits, nuts, and seeds that are ideal for healthy on-the-go nutrition.
ProVMinis are currently available in exciting and unique flavours such as Cashew Roasted & Salted, Nut and Seed Mix, Cashew Creamy Cheese, Cashew Cracked Pepper, Almonds Roasted & Salted and Almonds Piri Piri. The company will launch additional flavours and variants over the coming months. ProV Minis can be purchased from the ProV Food website as well as leading e-commerce sites such as Amazon, Flipkart and retail stores like Dmart, More Retail, Metro Cash & Carry, and kirana shops.
Prodigi.ai acquires data analytics startup CubeBase
Prodigi.ai, an AI-powered digital diagnostic platform, acquired Coimbatore-based data analytics platform CubeBase at an undisclosed value.
The Series A funding is led by Celesta Capital and will help Prodigi.ai enhance its existing machine-learning technologies to provide deep insights and automation capabilities.
CubeBase was already working with Prodigi for its data management and application development needs.
Bargava Subramanian, Founder of CubeBase, has been designated as the Chief Product and Data Officer of Prodigi.ai.
Chennai gets its first US chicken Popeyes restaurant
Jubilant FoodWorks Limited (JFL), a food services player, has announced the launch of the first restaurant of the US fried chicken brand, Popeyes, in Chennai.
The brand is known for its Louisiana‐style fried chicken and its signature chicken sandwich, which became a phenomenon in the United States and the rest of the globe. The popular brand has launched in many countries, most recently in the UK, South Korea, Romania, China, Indonesia, and more.
The flagship entry of Popeyes was marked in India with the opening of its first restaurant in Bengaluru, followed by rapid expansion to 12 restaurants across the city in less than a year.
ReshaMandi records 3C revenue growth from FY22 to 9 months in FY 23
ReshaMandi, a farm-to-fashion digital ecosystem for natural fibres in India, has recorded a 3X increase in revenues so far in FY 2022-23 at Rs 1,248.3 crore. While it aims to close FY23 at 5X revenue growth from last year, the startup reached EBITDA profitability in Q3 of FY 2022-23 and plans to become net profit positive in the next two quarters.
It intends to grow internationally by entering the US and Europe. Besides its present offerings in silk, cotton, viscose and linen (both national and international), ReshaMandi aims at broadening its focus in natural fabrics to include materials such as wool, jute and blends while experimenting with categories such as sisal and banana.
The company’s revenue increased by 1,909% between FY 2021 and FY 2022 to Rs 413.8 crore, and by 302% so far in the three quarters of FY 2022-23 to Rs 1,248.3 crore. Going forward, ReshaMandi anticipates that 55% of future revenues (based on the revenue projections for the next 5 years) will come from weaves, while 25% will be from farms, and 20% from yarns.
ReshaMandi works with 100,000+ farmers, 10,000+ reelers, 17,500+ weavers, and 18,500+ retailers in the entire natural fibre supply chain to improve productivity and boost their bottom line.
(The copy will be updated throughout the day with the latest news.)
Edited by Kanishk Singh