Startup news and updates: daily roundup (April 5, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, April 5, 2023.
Wednesday April 05, 2023,
4 min Read
IAN investors score 12x returns from Woodenstreet exit
Indian Angel Network (IAN), a platform for seed and early-stage investing, has exited from one of its portfolio companies, Woodenstreet. Some investors exited from the company with a return amounting to 12 times their investment in a period of a little more than two years.
The home furniture and decor platform raised funding from IAN Fund and IAN angel investors in 2020.
The last funding that Woodenstreet raised was $30 million in a Series B round from WestBridge Capital.
Exotel launches AI chatbot builder powered by GPT-4
Customer engagement platform Exotel has launched ExoMind, a user-friendly, no-code tool that enables enterprises to create their own advanced chatbots within minutes. The cloud-based enterprise tool incorporates proprietary AI models and advanced generative AI capabilities to provide personalised customer interactions to brands. The bots are said to have been deployed by large enterprise customers.
Unlike traditional rule-based chatbots, ExoMind bots will utilise the Large Language Model (LLM) of GPT-4, generating responses that are highly accurate, natural and well-adapted to the context of the enterprise. The custom bots can then be deployed across the entire customer lifecycle, from marketing and sales to support and troubleshooting, across channels such as WhatsApp and the web.
IOL Chemicals and Pharmaceuticals appoints Vikas Vij as CEO
IOL Chemicals and Pharmaceuticals Limited, manufacturer of active pharmaceutical ingredients and specialty chemicals, has appointed Vikas Vij as the new chief executive officer, with effect from April 3, 2023.
Vij, who takes over from Dr Sanjay Chaturvedi, will aid the company in bolstering growth across domestic and international markets by leading portfolio enhancement and efficiencies.
Vij has a techno-commercial background with a nuanced understanding of active pharmaceutical ingredients (APIs), finished dosage forms, custom pharmaceutical services, specialty chemicals, and operations from his previous leadership roles across the pharma value chain. He was earlier associated with Cipla as the senior vice president of APIs and access business units. In his career spanning over 30 years, he has donned various roles in Ranbaxy, GVK Biosciences, Alembic Pharmaceuticals, Sun Pharma, and Apollo Hospitals.
ROKiT announces KPK partnership; to make smart glasses, e-bikes and more
Global conglomerate ROKiT has announced a joint venture with KPK, a company based in Tamil Nadu, India. The partnership will involve a 100 crore investment and a focus on delivering consumer electronics, gaming, and mental health services.
All of these products will be manufactured in India, with the aim of exporting them globally. ROKiT's Co-founder Jonathan Kendrick said the partnership is an "important milestone" for the company and expressed confidence in their ability to create growth and innovation in the Indian market.
ROKiT Eye-Q Smart Glasses will be the first product launched, followed by the ROKiT WAGR, a real money gaming platform. The mental therapy app DISKUSS will launch shortly after. ROKiT also plans to launch mobile phones, e-bikes, and other innovative consumer electronics in India within the next six months.
All of these products will be manufactured in India, with the aim of exporting them globally.
Edited by Megha Reddy