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Startup news and updates: daily roundup (May 8, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, May 8, 2023.

Startup news and updates: daily roundup (May 8, 2023)

Monday May 08, 2023 , 6 min Read

Funding

Fundly.ai raises $3M in seed round from Accel

Indian fintech startup Fundly.ai has secured $3 million in a seed funding round led by Accel India, with participation from Multiply Ventures and angel investors.

Fundly.ai specialises in providing customised solutions to retailers and distributors in the pharma supply chain, helping to minimise friction, better manage cash flow, and increase margins.

The company was founded by Amit Chawla and Shreeram Ramanathan, who have more than 40 years of collective experience in the financial sector, including previous roles at TATA Capital, Aditya Birla Finance, and InCred.

Meet7 raises $300k in seed round

Meet7, a dating app developed by Zipdate Private Limited, raised $300,000 in a seed round led by Z1N Capital, Narendra Murkumbi, and Suhas Chandak.

Meet7, which aims to prioritise better user interactions and quality matches over endless swiping, claims to use deep learning technology to match users based on what they say, rather than just what they do.

With the help of social referral features and live video interaction, Meet7 intends to provide a safe and genuine dating experience for its users. The app currently has around 60,000 users and aims to reach a million users in the next year.

Others

Alvarez & Marsal India appoints new MD

Santosh Kamath has been appointed as Managing Director of Alvarez & Marsal (A&M) India to strengthen the firm's energy practice in the areas of energy transition and clean energy.

With over 23 years of experience in advising clients across the energy value chain, Kamath is known for shaping policy for governments, advising investors on investment decisions, and providing strategies to corporates and new energy companies.

Kamath is expected to expand A&M's footprint in India, and further enhance the firm's ability to drive change and maximise value for its energy sector clients.

InCred makes three senior hires in the investment banking team

Incred Capital, the institutional arm of financial services firm InCred Group, has hired three new senior executives to strengthen its investment banking leadership team.

Akbar Khan has been appointed as Chairman, Advisory; Anjani Kumar as Chairman, Client Coverage; and Mahesh Prasad as Managing Director.

“We are excited to have Akbar, Anjani, and Mahesh join our team. Their wealth of experience and expertise in investment banking, corporate finance, and M&A will be invaluable as we continue to grow our business and provide top-notch advisory services to our clients," said Venky Vishwanathan, CEO, Investment Banking & Capital Markets, InCred Group.

MakeMyTrip partners with Microsoft to leverage generative AI

MakeMyTrip has partnered with Microsoft to introduce voice-assisted booking in Indian languages and make travel planning more inclusive and accessible. 

The collaboration will leverage Microsoft Azure OpenAI Service and Azure Cognitive Services to create a tech stack that converses with users, providing personalised travel recommendations based on their preferences, curating holiday packages based on variable inputs such as budget, activity preferences, time of travel, and more, and even helping to book these packages. 

The beta version of the integration has already been introduced in English and Hindi for flights and holidays customers, with plans to expand to other transport offerings in the future.

IRM partners with Jio to strengthen enterprise risk management

The Institute of Risk Management (IRM), India Affiliate has signed a Memorandum of Understanding (MoU) with Reliance Jio Infocomm Ltd to strengthen enterprise risk management (ERM) in the telecom sector. 

As part of the partnership, IRM India Affiliate and Reliance Jio will work towards building risk intelligence and resilience to drive best practices in the telecoms industry. 

The collaboration will involve organising webinars, roundtables, and industry meetings, and contributing thought leadership articles to enhance ERM and risk intelligence in the sector.

ProcMart appoints new VP of tech

ProcMart, a B2B sourcing partner in India, has appointed Aman Pruthi as its new Vice President of Technology.

With over 14 years of experience in the technology industry, Pruthi brings expertise in AI and ML solutions for business growth and enhancing customer satisfaction. 

In his new role, Pruthi will oversee AI and ML projects, identify innovative opportunities for development, and ensure that these projects are executed efficiently.

WhatsApp launches new safety campaign

WhatsApp has launched a marketing campaign called "Stay safe with WhatsApp" to educate users on how to stay safe from scams on the messaging app. 

The campaign highlights various safety features and best practices to help users take control of their safety and security online. 

These features include two-step verification, which requires a six-digit PIN when resetting and verifying an account, blocking and reporting suspicious accounts, and more.

Users can also adjust group privacy settings to prevent being added to groups they don't want to be a part of and control who sees their personal details such as profile photo, online status, and more.

Groyyo records Rs 1,600 Cr ARR

Groyyo, a B2B supply chain startup based in Asia, has achieved an annual revenue run rate of Rs 1,600 crore and profitability on an EBITDA basis. 

The company said it has experienced significant growth, expanding operations to London and the US through strategic partnerships and key personnel hires. 

It has also opened offices in key cities across Asia to strengthen its supply chain. Groyyo aims to double its growth this financial year, and it has acquired over 100 new buyers globally.

Daiwa partners with Ambit through a minority stake

Daiwa Securities Group Inc will acquire a minority stake in Ambit Private Limited. 

The investment will allow Ambit to gain access to Daiwa's global network, boosting its ability to bring Indian public equities to global clients. It will also enable Daiwa to enhance its presence in India and build a strong India franchise through the Ambit network. 

In the future, the two companies plan to collaborate to service global clients for institutional equities and equity capital markets business, leveraging the Indo-Japan corridor.

SuperGaming partners with YouTube for content creators programme

SuperGaming has partnered with YouTube for its Indus Insiders content creator programme aimed at supporting the career growth of India's content creators. 

Through this programme, selected creators will be able to unlock user-generated content opportunities, grow communities, and learn how to successfully grow their presence on YouTube through educational workshops. 

YouTube will reportedly offer invites to meet-and-greets with leading creators and provide operational support to manage their channels. 

Ather installs 100th EV fast charger in Bengaluru

Ather Energy has announced the installation of its 100th Ather Grid in Bengaluru. The company claims it now has the highest number of EV fast charging stations in the city.

The new charging station has been installed at Third Wave Coffee in Banashankari, and Ather Energy has partnered with Third Wave Coffee Roasters to establish fast charging stations at their outlets across India.

Since its inception, Ather Energy has installed over 1,300 charging stations across 85+ cities, making it India's largest fast-charging network for two-wheelers. The company's very first grid was installed in Bengaluru.

(The copy will be updated throughout the day with the latest news.)


Edited by Affirunisa Kankudti