Startup news and updates: daily roundup (January 3, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, January 3, 2023.
SUGAR Cosmetics onboards former Nykaa CHRO Nirav Jagad as new Chief People Officer
Premium beauty brandappoints Nirav Jagad as Chief People Officer (CPO) to oversee all aspects of SUGAR’s talent and culture initiatives.
In this role, Nirav will drive strategic and transformational results while working closely with the leadership of the company and its diverse cross-functional team across India.
This would include overall people operations, employee well-being and culture building with a tech-driven employee experience and talent value proposition.
Before joining SUGAR Cosmetics, Nirav was part of the leadership team that scaled Nykaa through back-to-back years of steep growth.
With experience spanning various sectors like ecommerce, consulting, manufacturing, and infrastructure, Nirav has worked with Randstad, Cerebrus Consultants, IL&FS, and Nykaa. He has also been an advisor to assist early-stage startups with scaling.
YES Bank, Falcon partners to tap into embedded finance market
has partnered with Banking-as-a-Service (BaaS) startup Falcon to tap into the rapidly growing embedded finance market.
The partnership will enable YES Bank to provide customers with tailor-made financial solutions by leveraging Falcon's wide suite of products, backed by technological infrastructure.
“YES Bank has always been at the forefront of adopting digital initiatives that help us provide customers with a rewarding banking experience," Anita Pai, Chief Operating Officer, YES Bank, said. "Our partnership with Falcon aligns with this approach as it empowers the bank to create innovative propositions within shorter time periods without compromising on quality and convenience."
India Accelerator joins hands with ICICI Bank, Infosys Finacle to promote the startup ecosystem in India
, a seed-stage accelerator programme, launched the I3 Launchpad, developed in collaboration with ICICI Bank and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys.
The I3 Launchpad aims to support a community of entrepreneurs on a mission to create brands that can have a global impact. It is designed to help startups accelerate their success by leveraging mentorship, resources, and opportunities from Infosys Finacle, ICICI Bank, and India Accelerator (IA).
The programme is open to startups across all industries and will onboard two cohorts a year, with a target of 12-18 startups in each cohort. Sectors in focus for the first cohort include fintech, enterprise tech and SaaS, proptech, wealthtech, sustainability and greentech, and insurtech.
Founders can join a mix of remote and in-person group learning sessions. Startups who wish to apply can learn more at the I3 Launchpad website.
IIFL Finance to raise up to Rs 1,000 Cr via secured NCDs
IIFL Finance, a non-banking financial company, will open a public issue of secured Non-Convertible Debentures (NCDs) on January 6, 2023, to raise up to Rs 1,000 crore for business growth. The NCDs offer up to 9% yield and a high degree of safety.
The Fairfax-backed company will issue secured redeemable NCDs aggregating to Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).
The IIFL NCDs offer the highest effective yield of 9% per annum for a tenor of 60 months. The NCDs are available in tenors of 24 months, 36 months, and 60 months. The frequency of interest payment is available on a monthly, annual, and at-maturity basis for 60 months tenor, while for other tenors, it is available on an annual and at-maturity basis.
Godrej Consumer opens warehouse in Punjab to strengthen north India supply chain
Godrej Consumer, Godrej Group's consumer arm, opened a 2.4 lakh sq. ft. warehouse in Tepla, Punjab. The establishment is one of the biggest warehouses for the company, consolidating warehouses across Ambala, Sonipat, and Chandigarh.
The facility has the capacity to unload and load over 90 trucks and handle over 80,000 cases every day. The Tepla warehouse will let GCPL connect with the company's factory in the northern part of India and help in expanding its customer base across Uttarakhand, Himachal Pradesh, Haryana, and Punjab.
Remigos raises $5.8 million from Indo Thai Securities, others
Remigos, a platform for Indian students studying abroad, raised $5.8 million in first funding round from Indo Thai Securities. A few angel investors also participated in the round.
Launched in June 2022 by Sarthak Doshi, an alumni of London Business School-- Remigos will use the funds to develop their product and partnership to increase customer base. The firm assists students in accessing essential services including bank account and permanent phone number in a new country.
(The copy will be updated with the latest news throughout the day.)
Edited by Suman Singh