Startup news and updates: daily roundup (May 11, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, May 11, 2023.
Enercomp raises $325K led by marquee angels from ah! Ventures
Drone technology companyclosed its latest funding round of $325,000 led by marquee angels from ah! Ventures Angel Platform, Bestvantage Investments, and Soonicorn.
The startup will use the funding to further develop its innovative drone technology and expand its manufacturing footprint.
"This funding will enable us to continue to innovate and develop cutting-edge solutions that meet the evolving needs of our customers," Jatin Patel, Co-founder, Enercomp.
Enercomp's advanced drone technology is transforming the energy, agriculture, and infrastructure sectors. By leveraging AI and machine learning, the startup's drones collect and analyse data, providing valuable insights to customers and optimising operations.
Pawan Kumar, Deal Lead—Enercomp and Venture Partner—ah! Ventures, said, "The drone sector in India is poised for significant growth in civilian and defence applications. Incumbents like Enercomp will have a significant opportunity to grow, thanks to the policy thrust of the Government of India in the drone sector."
Doppelio raises $1.2M in Pre-Series A funding
IoT Test Automation platform providerraised $1.2 million in Pre-Series A funding from Axilor Ventures and Mela Ventures.
Doppelio is a low-code and comprehensive IoT testing platform that caters to automotive, industrial engineering, manufacturing, and connected products, as it enables the testing of IoT applications without dependence on physical devices.
Its device virtualisation, simulation, and test automation capabilities enable clients to test comprehensively with speed and reduce their dependence on field trials.
It can test a wide range of functionalities, including FOTA, remote command and control, and test for performance with up to a million devices.
TagZ Foods raises $2M in Pre-Series A round
GenZ snack brandraised $2 million in a Pre-Series A funding round led by 9 Unicorns, Dexter Angels, Agility Ventures, Venture Catalysts, Klub, Indifi, and Rannvijay Singha.
The startup will use the funds to accelerate its growth, enter new markets, expand manufacturing capacity, strengthen operations, and launch new products.
It will also use the capital to enhance the company's technology platform, strengthen its logistics network, and increase its marketing and brand awareness efforts.
In 2020, TagZ raised $1.2 million in seed funding from a group of angel investors. The company was also a participant in Shark Tank India’s first season. It had raised undisclosed funding from Namita Thapar and Ashneer Grover.
Agritech startup EF Polymer closed Series A round
EF Polymer said it completed its Series A funding round worth Rs 33 crore. It will use the funds to accelerate business growth and promote sustainable agriculture through its eco-friendly polymer.
EF Polymer develops 100% organic superabsorbent polymer (SAP). Post the funding, it will focus on expanding the polymer production capacity in India and strengthening R&D to establish a structure to meet global demand, which it expects to grow in the next few years.
The company aims to establish a circular model where agricultural waste products are upcycled to produce useful organic polymers. By implementing this model, the company believes it will make significant contributions to global sustainable agriculture.
SaaS platform Shipturtle raises Rs 3.5 cr in seed round
A global SaaS platform, Shipturtle founded by IIM Calcutta alum Sharad Kabra, has raised INR 3.5 crore in a seed funding round led by Inflection Point Ventures. The company plans to employ the funds to enhance its technological capabilities and extend its customer base on a global scale.
Kabra, speaking on the successful fund raise says, "Our vision is to enable brands to Sell More Together. We want to democratise ecommerce and give thousands of brands access to more selling channels beyond Amazon and Flipkart. With Shipturtle, any brand can seamlessly offer other complimentary brands to their customers - increasing AOV, conversions and revenue, while lowering CAC - all with zero investment or risk.
Shipturtle aims to become the world’s largest brand directory, making it easy for brands to discover and cross-sell with other brands.
ASUS India strengthens its leadership team
Taiwanese technology giant ASUS appointed Eric Ou as the Country Head, President and Director of Systems Group for ASUS India.
With 23 years of rich experience in ASUS across different territories and functions, Ou has been pivotal in building the brand as a market dominator in respective regions.
Additionally, the company has elevated Arnold Su and Dinesh Sharma to the position of Vice President, who respectively served as Business Heads for Consumer and Gaming PCs and Commercial PC and Smartphones at Systems Group, ASUS India.
The appointments come in response to ASUS’ significant growth in the Indian consumer PC market in recent years.
Telangana recorded 40% rise in online orders: Unicommerce
Ecommerce enablement SaaS platform Unicommerce said the ecommerce order volumes in Telangana increased by over 40%.
The company conducted an in-depth analysis of over 28 million order items processed in the region over the past two financial years, shedding light on the evolving ecommerce trends.
While Hyderabad and Secunderabad have emerged as strongholds of the online shopping phenomenon in Telangana, consumers from other regions have also embraced the convenience of ecommerce.
The data indicate that shoppers are exploring various categories, with fashion and accessories taking the lead in order volumes at a 55% growth rate during FY23 compared to the previous fiscal year.
Interestingly, businesses in the state are also actively adopting this digital transformation, indicating a shift towards digitalisation and highlighting the opportunities ecommerce presents for consumers and entrepreneurs.
Kapil Makhija, CEO of Unicommerce, attributed this growth to factors, including robust digital infrastructure, a thriving startup ecosystem, and a tech-savvy population.
Lendingkart realigns its leadership team
Lendingkart has promoted Abhishek Singh to Chief Operating Officer (COO), while Dipanshu Rajpurohit will assume the role of Chief Business Officer (CBO) for Core Business. Ram Deshpande will take on the position of Chief Marketing Officer (CMO) at the company.
In his new role as COO, Abhishek Singh will oversee overall profit and loss management, business operations, and strategy implementation for profitable growth.
Dipanshu Rajpurohit, previously Senior Vice President and Head of Sales and Revenue Operations, will now drive growth and operational efficiency in the core business.
New CMO Ram Deshpande will lead marketing communication, product marketing, advertising, and brand marketing efforts.
The company aims to expand its product portfolio, increase assets under management, and drive profitable disbursements, relying on its talented individuals to take on new challenges.
Truecaller shows strong profitability in Q1FY23
Truecaller achieved an adjusted EBITDA of SEK 150 million ($14.6 million) and an EBITDA margin of 39%.
In this quarter, the company experienced a 13% increase in sales growth in the Middle East and Africa, along with a 1% growth in the rest of the world.
Truecaller witnessed a substantial rise in its average number of active users (MAU), with an increase of 34.3 million users, bringing the total to about 350 million monthly active users. Out of these, a staggering 249 million monthly active users were from India alone.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh