Startup news and updates: daily roundup (May 19, 2023)

Ironhill founder buys nine Dunkin’ Donuts franchises 

India-based global restaurateur and entrepreneur, Teja Chekuri, has bought nine franchises of American coffee and doughnut company Dunkin’ through his company Golden Horn Group for $ 18 million. The transition of ownership will be done in the coming 6-8 months. 

“This is a historic move for our company because getting a Dunkin’ franchisee is really tough. They have set an impressive benchmark of growth in the industry which when achieved enhances progress,” said Chekuri. The official Dunkin’ approval for this acquisition took almost 2 years.

The nine stores are located in and around Boston and Massachusetts in the US. The company plans to acquire 150 more Dunkin’ outlets in the US in the next five years by strengthening its backend systems. “Our current expertise in establishing international concepts in the global restaurant industry will add to the vibrancy and growth of the brand as we restructure teams to chase this target,” he added.

Massachusetts-based Dunkin Donuts is famous for its product range which includes donuts, bagels, coffee, and ‘Munchkins’ donut holes. It currently has 13,000 franchises worldwide.

Teja Chekuri is the founder and managing director of Ironhill Brewery.

boAt partners with Shopalyst to join the ONDC Network

Audio and wearable brand, boAt Lifestyle, has partnered with Shopalyst to make its product discoverable on the Open Network For Digital Commerce (ONDC). With this integration, boAt's catalogue will be made available on ONDC across all buyer applications that a consumer can shop from, the company said in a statement.

boAt aims to create multiple consumer touchpoints through this. Consumers will be able to shop its products such as headphones, TWS, neckbands, smartwatches, and speakers, in the electronics category available on the network.

Wakefit aims to generate Rs 1100 crore in revenue by FY24

D2C (direct-to-consumer) startup Wakefit has said that it has clocked in a revenue of Rs 825 crore in FY23 registering a 30% YoY (year-on-year) growth compared to FY22. To do this, it has focused intensely on omnichannel expansion, scaling supply chain operations, and enhancing brand-building initiatives.

Going forward, Wakefit plans to expand geographically and add more products to its portfolio. It aims to achieve a revenue of Rs 1100 by FY24. The research-driven sleep and home solutions company is currently present in 22 physical stores across 15 cities in the country.

“We are continuously working towards bringing premium-quality products at affordable prices,” said Chaitanya Ramalingegowda, Director and Co-founder, Wakefit. The company plans to open around 100 stores in the next three years. The offline stores have played a key role in clocking Rs 825 crore in revenue in FY 2023, it said in a statement.

Intangles launches Ambient Cognitive AI Technology to tackle range anxiety

Digital Twin Solutions provider, Intangles Lab Pvt. Ltd., has launched its Ambient Cognitive AI Technology for Electric Vehicles (EVs). The algorithms are specifically designed to tackle range anxiety, one of the biggest barriers to EV adoption. 

According to a study published by SAE International, EVs have been found to deliver, on average, 12.5% below their advertised range. Intangles' platform provides a comprehensive solution by assimilating weather predictions, and forecasts around motor performance and vehicle dynamics while also compensating for battery degradation over time.

"Our models are able to reach accuracies of 94-96% across varying driving conditions, thus supplementing range projections on vehicle HMIs (Human Machine Interfaces)," said Co-founder and Head of Analytics, Aman Singh. It is designed to cater to a variety of EV platforms,  ranging from last-mile mobility three-wheelers to heavy commercial vehicles.

(Disclaimer: The news update on Tumbledry has been removed due to incorrect revenue numbers shared by the company)