Startup news and updates: daily roundup (February 16, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, February 16, 2023.
Zomato setting up 'Rest Points' for delivery partners
Online food delivery platform on Thursday said it is building public infrastructure called 'Rest Points' to support the gig economy and delivery partners of various companies. It has two Rest Points operational in Gurugram and plans to create more in dense clusters of its food delivery business, Deepinder Goyal, Founder and CEO of Zomato said in a blogpost today.
These Rest Points offer clean drinking water, phone-charging stations, access to washrooms, high-speed internet, a 24x7 helpdesk as well as first-aid support.
Eight Roads Ventures appoints Chintan Kothari as Partner in India
Eight Roads Ventures, an investment firm backed by Fidelity, added Chintan Kothari as a partner to its healthcare team in India. Chintan will enhance the firm's efforts in India to back entrepreneurs of early-growth stage companies and identify new investment opportunities across healthcare and life sciences.
Chintan joins Eight Roads from Avendus Capital where he led the healthcare vertical for its investment banking business. Prior to Avendus, he led the healthcare and consumer investment banking verticals for Citigroup, before which he was with Rothschild in India.
ISpA partners with Defence Innovation Organization to fuel growth in Defence-Space Industry
Indian Space Association partnered with the Defence Innovation Organization (DIO) to promote manufacturing, indigenisation, and innovation in India's defence-space sector through collaborative-participatory relationship between services, academia and industry.
Under this partnership, ISpA and DIO will encourage the Indian space industry including startups and medium-, small- and micro enterprises (MSMEs) to develop innovative solutions to meet the defence capability requirements and enhance the Indian defence-space ecosystem. ISpA will give DIO with a platform to connect with the Indian Defence Space Industry and academia to help them assess innovative capabilities and niche technologies being developed indigenously.
Wadhwani AI has signed an MoU with the Government of Karnataka to promote the welfare of farmers across the state
Wadhwani AI has entered into a formal partnership with the Karnataka State Department of Agriculture (KSDA).
Through this partnership, the KSDA and Wadhwani AI will explore opportunities for scaled deployment of the AI-powered early pest warning and advisory solution for cotton and other crops developed by Wadhwani AI.
Additionally, Wadhwani AI will work towards ensuring making KSDA AI-ready and conduct capacity building initiatives for ministry personnel on the responsible use of AI and its application to boost agriculture systems in the state.
Fyn Mobility rolls out 1500 Exponent's 15-minute full-charge electric 3W
Fyn Mobility, a vertically Integrated EV ecosystem platform has partnered with Exponent Energy, an energy startup simplifying energy for EVs.
Under the partnership, the new fleet of Altigreen’s neEV Tez along with exponent’s e^pump network will make Fyn - the world’s first logistics player to operate a fleet of 15-minute full charge EVs.
With this partnership, Fyn also plans to roll out these EVs to be cross-utilised making the overall cost of operations to businesses cheaper.
StockDaddy launches first-of-its-kind Digital Platform ‘AIT Talk’ to break stock market-related myths
Stock learning app StockDaddy has launched of its new platform ‘All India Traders Talk’ (AIT Talks)— an initiative with the objective of busting long-lasting myths related to the stock market. The company aims to create awareness among those who new to the stock market or are interested in taking up trading, Alok Kumar, Founder and CEO of Stockdaddy said.
Lighthouse Canton partners with Alta on venture debt strategy
Singapore-headquartered global investment firm Lighthouse Canton has partnered with Alta, Southeast Asia’s largest digital marketplace for alternative assets, on its new venture debt strategy. The partnership will provide Alta’s investors access to the rising venture debt asset class.
Both Lighthouse Canton and Alta see a huge opportunity for venture debt rising across Southeast Asia. Venture debt is relatively a new asset class in Southeast Asia and has a long way to go when compared with the US and Europe. More than $30 billion has been loaned to VC-funded startups in the US between 2019-2021. Meanwhile, according to estimates venture debt investments in Southeast Asia were less than $1 billion in 2021.
The strategic partnership between the two firms will offer Alta’s investors access to the investment strategy through Alta's platform.
Nykaa launches Nyveda, enters ayurveda category
Beauty retailer Nykaa has entered the ayurveda category with the launch of new private label Nyveda. The brand currently has two hair oils and a body oil in its range which is being positioned for frequent use.
"Nyveda has been created keeping in mind the extremely stressful times we are living in..." said Falguni Nayar, founder and CEO, Nykaa. "Nyveda is a natural extension of our portfolio, given the relevance of Ayurveda in the Indian notion," she added.
So far, Nykaa counts eight brands under its private label umbrella including Nykaa Naturals, Kay Beauty, Wanderlust, and Nykaa Skin Secrets.
Disclaimer: This story has been updated to correct the spelling of a brand.
Edited by Akanksha Sarma
