Startup news and updates: daily roundup (May 2, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, May 2, 2023.

Startup news and updates: daily roundup (May 2, 2023)

Tuesday May 02, 2023,

11 min Read

Funding

HYPD raises $4M in Pre-Series A round led by Orios Venture Partners

Content-to-commerce platform HYPD Stores has secured $4 million (Rs 32 crore) in a Pre-Series A funding round led by Orios Venture Partners. Existing investors Sauce VC and Better Capital also invested in the round.

The Delhi-based firm will use the funds to get creators, introduce new categories, and grow its product and tech teams, it said in a statement on Tuesday.

Launched in 2022 by Ashwarya Garg and Akshay Bhatnagar, HYPD enables creators to build multi-brand digital storefronts inspired by their content through which they can curate products and services for their followers on social media. The firm said it has seen a 40-fold growth in gross merchandise value (GMV) in the last year.

"There has been a global explosion of creators harnessing the power of their self-built online communities. By leveraging their own distribution, creators will directly be responsible to drive 30% to 40% of all ecommerce in this decade. HYPD is here to enable an attribution system and a fair share of profit to the creators, for this change," said Ashwarya Garg, Co-founder of Hypd.

Ohm Mobility raises $366K in pre-seed round led by Antler India

EV financing firm Ohm Mobility has secured $366,000 (Rs 3 crore) in pre-seed funding led by Antler India. This marks Antler's first EV investment in India.

Blume Founders Fund and angel investors including Sagar Gubbi (Ecoforge), Anshuman Bapna (Terra.do), and Mathew Chako (Spice Route Legal) also participated in the round.

The Bengaluru-based firm will use the funds to build its proprietary risk management tool and technology-enabled platform for EV financing, which will help connect EV players with financial institutions, it said in a statement. This risk management tool gathers and assesses a host of data including the health of the fleet and various other inputs to improve credit and risk management for lenders.

Founded in 2020 by Nikhil Nair, Ohm enables EV players to gain access to institutional capital. "We aim to facilitate debt and leasing options to both new entrants as well existing businesses that are switching to clean mobility," said Nikhil Nair, Founder and CEO of Ohm.

School bus app Chakraview raises Rs 1 Cr from angel investors

Chakraview, an app to managing school bus communication for parents, has secured Rs 1 crore in funding from an undisclosed list of angel investors.

The Mumbai-based startup aims to expand to other states with these fresh funds, it said in a statement. It currently operates in Mumbai, Pune, and Ahmedabad, among other cities in Maharashtra and Gujarat.

It also aims to grow its product and technology team to provide services to low-cost private schools. Currently, it offers services to ICSE, CBSE and international schools with high affordability.

"We plan to touch the lives of 100,000 parents this year who are looking for an affordable but credible solution to track their school buses,” said Jaya Bhura, Co-founder and CEO of Chakraview.

QSR brand Zomoz raises $2M from Kyt Ventures, others

Quick-service brand Zomoz, known for its momos, has secured $2 million in a funding round led by Kyt Ventures. Cloud kitchen brand Rebel Foods also participated in the round along with other angels and family offices.

The Hyderabad-based firm will use the funds to increase production capacity, launch new brands and expand its presence in Tier II and Tier III cities, by running over 90 outlets across the country in the next 8-12 months, it said in a statement. It plans to open 13 outlets in UAE soon.

Founded in 2015, Zomoz was a bootstrapped venture for six years before Rebel Foods made a strategic investment in November 2021. Currently, it has a presence in 68 locations through 14 retail outlets and 54 cloud kitchens.

"We are aiming to clock Rs 3 crore in monthly sales by the end of this year while achieving company-level EBITDA profitability by July 2023,” said Shouvik Dhar, CEO of Zomoz.

Healthtech startup Janitri raises $1.1M in pre-Series A funding

Janitri, a health tech firm focused on pregnancy monitoring, has secured $1.1 million (Rs 9 crore) in pre-Series A funding led by iAngels-backed by India Accelerator. C-Camp, Namita Thapar (Emcure Pharmaceuticals), and O2 Angels also invested in the round.

The Bengaluru-based firm will use the funds to scale its current product offering in hospitals and homes and acquiring relevant international regulatory approvals by 2024, it said in a statement.

Founded in 2016 by Arun Agarwal, Janitri offers wearables for pregnancy and labour signs monitoring. It recently launched an AI-enabled fetal-maternal monitoring system boasting automated interpretation, remote monitoring and patient comfort.

"We are confident that Janitri’s product offerings are going to be a game-changer in the market as it strives to ensure healthy pregnancy and delivery, a suitable candidate for acquisition for big players of the industry like Philips/GE/Siemens," Mona Singh, co-founder of India Accelerator, said.

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Other news

Healthtech startup Bonatra acquires femtech firm MyAva

Bengaluru-based Bonatra, which focuses on treating and managing chronic diseases, has acquired women's health and wellness company MyAva for an undisclosed sum.

The deal will enable Bonatra to expand its healthcare programs and become a one-stop platform for the management of chronic health conditions, the company said in a statement.

Founded in 2019 by Evelyn Immanuel, MyAva is a femtech startup that helps women manage chronic health conditions such as polycystic ovary syndrome (PCOS), thyroid disorders, and insulin resistance.

"Acquiring MyAva enables us to expand our reach and deepen our expertise in women’s health, specifically for conditions like PCOS. We have been closely working with and interacting with the MyAva team and we believe that this will be a good strategic fit for Bonatra," Rahul Kishore Singh, CEO and Co-founder of Bonatra, said. "Our mission is to empower people to take proactive measures to prevent, manage, and reverse chronic health conditions."

Myntra launches new shopping feature FWD for Gen-Z customers

Flipkart-owned fashion firm Myntra has launched a new feature 'FWD' aimed at its Gen Z users. The feature promises a new shopping experience for younger users who prefer buying trendy clothing.

FWD will include a series of features within the main Myntra app and will host a collection of more than 500 global brands including H&M, Trendyol, bebe, Tokyo Talkies, and Sassafras, Myntra said in a statement.

The company expects to add 10 million Gen-Z users to its customer base over the next two years, adding to its existing 8.6 million Gen Z customer base from 2022. It will also look at scaling the offering to over one lakh styles on FWD by the end of the year, it said.

"With the launch of FWD, we are excited to cater to this fashion-first audience by creating a space where their fashion needs aren’t just understood but are proactively met," said Nandita Sinha, CEO of Myntra.

Flipkart opens new fulfillment centre in Telangana

Ecommerce firm Flipkart has opened a new fulfilment centre in Sangareddy, Telangana to strengthen its supply chain in the southern state.

The facility was virtually inaugurated by Kalvakuntla Taraka Rama Rao (Minister for Municipal Administration and Urban Development, Industries and Commerce, and Information Technology of Telangana), Jayesh Ranjan (Secretary, Information Technology, Government of Telangana), and Shri Kalyan Krishnamurthy (CEO, Flipkart Group).

Spanning 4 lakh sq ft, this facility will support the delivery and logistics of a range of product categories, including furniture and large appliances, offered by thousands of local sellers and MSMEs in Telangana, providing them access to a national market, Flipkart said in a statement.

The Walmart-owned company has nearly 14,000 sellers in Telangana and created close to 40,000 jobs in the state through its supply chain system.

"Over the years, we have made significant investments in Telangana to create growth opportunities for sellers, MSMEs, artisans, kiranas, and our ecosystem partners," said Kalyan Krishnamurthy, CEO of Flipkart Group. "We hope that the establishment of the Sangareddy facility will give a further boost to entrepreneurs in the state and strengthen their integration with the national market."

Flipkart
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Ex-Razorpay VP Kumar Amit joins digital escrow platform Castler as COO

Kumar Amit, former vice president of business development at Razorpay, has joined digital escrow platform Castler as its co-founder and COO. Amit will be responsible for growth, marketing, operations, and compliance at the firm, Castler said in a statement.

Amit joined fintech firm Razorpay in 2018 as its director and regional head of the sales team. Prior to that, he led the government business charter at Mobikwik for about a year.

Founded in 2021, Castler said it has built the world's first-ever escrow banking transaction management suite, solving for a $260 billion escrow banking market in domestic and cross-border trade. The company is developing a unique multi-bank architecture and is presently collaborating with nine banks, with plans to expand to around 25 banks within the next 18 months.

Aurum Proptech acquires MYRE Capital; launches digital distribution vertical

Aurum Proptech has bought MYRE Capital and launched Aurum WiseX, a digital distribution vertical for real estate investments. Aryaman Vir, former Founder and CEO, MYRE Capital has been appointed as the CEO of Aurum WiseX, the company said in a statement.

Under Aurum WiseX, YieldWiseX will offer commercial real estate and lease rental discounting structured debt, along with other innovative frameworks for its customers. As per the planned transition, the existing MYRE Capital team, tech stack, customers and partners will be migrated to the new vertical, Aurum WiseX, the company noted.

Rario inks three-year partnership with Kolkata Knight Riders for digital collectibles

Rario, a Delhi-based digital collectibles platform for cricket fans, has inked a three-year partnership with Kolkata Knight Riders (KKR) to launch digital collectibles. The firm will offer digital player cards for KKR supporters, along with additional benefits such as meet-and-greets with their KKR players and VIP seats at the IPL tournament, the company said in a statement.

Rario already has partnerships with two others teams in the IPL, Gujarat Titans and Punjab Kings.

Founded in 2021 by Ankit Wadhwa and Sunny Bhanot, Rario has a roster of over 150 international cricketers exclusively on their platform and sold over 1.3 million player cards to cricket fans across the globe.

"From once-in-a-lifetime experiences to meet-and-greet opportunities with their favourite players, our fan badges will enable fans to connect with their beloved team..." said Ankit Wadhwa, Co-founder and CEO of Rario, said.

Teachmint launches initiative to recognise and celebrate K-12 leaders

Lightspeed India-backed Teachmint has launched a new initiative Changemakers to recognise and celebrate K-12 leaders including educators, students, and parents.

Through the initiative, Teachmint aims to create the largest repository of stories showing how educators through visionary leadership, personalised learning methodologies, and integration of technology. School leaders, students, parents, teachers, and others can all share their experiences and nominate their Changemakers through a form on Teachmint's micro-site.

Fintech firm Dvara SmartGold and Jana Small Finance Bank form partnership for gold loans

Mumbai-based Dvara SmartGold and Jana Small Finance Bank (SFB) have formed a strategic partnership to offer gold loans to customers in online and offline formats.

Through the deal, Dvara SmartGold will provide gold loans to its customers with Jana Small Finance Bank as the lending provider, it said in a statement. Customers of Dvara SmartGold will now have the option to use the platform to apply for gold loans and receive funds directly in their bank accounts. Additionally, the loans will have competitive interest rates and flexible repayment terms to ensure that customers can access funds on their terms, the company said.

Edtech startup Oneistox rebrands as Novatr

Oneistox, an edtech startup focused on the architecture, engineering and construction (AEC) industry, has rebranded as Novatr.

This development comes a few weeks after the Gurugram-based company raised $1.2 million in seed funding from Y Combinator, Powerhouse Ventures, Soma Capital, and other investors.

“We are at the helm of witnessing a transformative phase of the AEC industry, and with our pivot to Novatr, we aim to change this landscape,” Harkunwar Singh, Co-founder of Novatr, said in a statement, adding that the rebranding is a stepping stone in its mission to fill the innovation gap in the AEC industry.

Founded in 2021 by Harkunwar Singh, Vipanchi Handa, Mehul Kumar, and Chaithanya Murali, Novatr offers a range of courses and upskilling programmes for AEC professionals to help them build industry-relevant new-age skills.

The Gurugram-based startup claims it has been able to achieve a 30% month-on-month growth over the past 12 months and has turned profitable starting FY2023. Novatr said that it is clocking an Annual Recurring Revenue, or ARR, of $6 million and is projecting a 12x revenue growth in FY2024.

(This article will be updated with the latest news throughout the day.)


Edited by Akanksha Sarma

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