Startup news and updates: daily roundup (May 30, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, May 30, 2023.
Funding news
C-CAMP receives CSR funding from Cytiva to support early-stage Indian startups
C-CAMP, the Centre for Cellular and Molecular Platforms, has secured CSR funding from global biotech giant Cytiva to bolster early-stage startups in India.
The fund aim to accelerate the commercialisation trajectory of promising ventures by offering crucial support, including incubation, technical guidance, mentorship, pilot-scale development, regulatory approval assistance, and networking opportunities with investors and industry stakeholders.
The designated areas of focus encompass agriculture, nutrition, animal husbandry, environmental sustainability, mental health, and wellness.
Dr Taslimarif Saiyed, Director-CEO of , emphasised the potential benefits for India's deep science sector and the broader innovation ecosystem, which stand to gain substantially from increased funding participation by prominent industry players.
Mitgo invests $500,000 in Manganum
Renowned global IT/martech company Mitgo has invested $500,000 in across two funding rounds. This capital infusion will help empower the company to explore novel marketing channels and deploy effective user acquisition strategies.
This move aligns with Mitgo's ambitious global investment plan, aiming to deploy a staggering $100 million by 2025. With a considerable portion of these funds earmarked for expansion, Mitgo has set its sights on India, seeking to acquire and support promising ventures in the region.
Manganum will spend a large part of the fund to test new marketing channels to grow the extension’s customer base from the current ~500 organic daily installations to the projected 2,500.
Uladzimir Yankovich, Founder of Manganum, said that the company aims to make desktop browsers more productive, turning them into organised and efficient workspaces. "And, being an extension, we don’t ask users to change their browser - we just make their Chrome better,” he added.
ShipEase raises $550,000 via Recur Clubraise
SaaS-enabled logistics platform secured $550,000 in non-dilutive funding through a collaboration with Recur Club. The company will use the investment to drive technological advancements and bolster the brand's presence within the direct-to-consumer (D2C) segment.
"The non-dilutive financing provided by Recur Club has granted us access to the capital we need while allowing us to retain full equity control. Additionally, the Recur Club community has proven to be an invaluable resource, connecting us with a network of industry experts and investors," Pawan Kumar, Co-founder and CEO of ShipEase, said.
To fortify its operations in cross-border trade, ShipEase recently expanded its cloud capabilities and forged key partnerships with Aramex and UPS, which will enable ShipEase to facilitate hassle-free international shipping. The company also plans to expand internationally and venture into the warehousing industry in the upcoming fiscal year.
Aeravti Ventures launches Rs 100 Cr fund focusing on early-stage startups
Aeravti Ventures, an early-stage venture capital firm, announced the first close of its inaugural Rs 100 crore fund targeting emerging tech startups from sectors, including deep-tech, deep-sciences, biosciences, agritech, climate, and enterprise tech, primarily at the pre-seed to pre-Series A stages.
The VC firm plans to deploy its capital over the next two to two-and-a-half years, with a commitment to back its portfolio with significant follow-on investments. The fund has already invested in two promising startups in deep-tech and supply chain sectors.
Other news
Leo Capital announces Harish Kumar as Partner
Venture capital firm Leo Capital, which focuses on early-stage tech-centric companies, has appointed Harish Kumar as the leader of its strategic corporate development efforts. In this role, Kumar will primarily provide guidance to the firm's portfolio startups, helping them enhance their financial reporting and analysis, investor positioning, and fundraising strategies.
Besides his advisory responsibilities, Kumar will play a vital role in Leo Capital's capital formation activities for Fund III and future funds. As a seasoned corporate finance practitioner, he will collaborate closely with the firm's leadership and fund management team to develop potential fund strategies.
"I have been a strong supporter of the Firm since its first fund. It is a privilege for me to take on a more active role in shaping a team that I consider highly competent in their field. I am deeply motivated to help founders navigate the complexities of the current fundraising landscape and assist them in building the foundation for world-class, industry-leading organisations of the future," Kumar said.
PlasmaGen Biosciences opens new manufacturing facility
PlasmaGen Biosciences, a biopharmaceutical firm specialising in blood plasma-derived pharmaceutical products, opened a manufacturing plant for blood plasma-derived protein therapeutics in Kolar, Bengaluru.
Spanning eight acres, PlasmaGen aims to significantly enhance the availability of affordable blood plasma-derived products, thus extending its reach to patients in India and emerging nations.
Leveraging proprietary in-house process technology, the manufacturing plant possesses an initial capacity to process 500,000 litres of plasma annually. It will also manufacture a diverse range of plasma products, including albumin, immunoglobulins, and coagulation factors. Moreover, the facility's design incorporates additional capacity, enabling PlasmaGen to expand its product portfolio in the future.
Yubi partners with Indian Bank to revolutionise supply chain financing for SMEs
, a global unified credit platform, has partnered with Indian Bank to extend digital supply chain financing solutions to India's small and medium businesses (SMEs).
The partnership aims to cater to the financing requirements of SMEs and facilitate their growth and expansion. Leveraging Yubi's technology and platform, Indian Bank seeks to digitise and expand its SCF portfolio through vendor and dealer financing. The target audience comprises significant corporations whose business associates are SMEs facing limited access to credit.
“We are thrilled to scale our partnerships and establish ties with public sector banks for supply chain financing (SCF). Our partnership with Indian Bank marks a significant milestone in our journey. Dealers and suppliers of large corporations, primarily from the MSME segment, are expected to benefit significantly from this development. We will provide them easy access to working capital finance at favourable terms and pricing, ultimately boosting their business growth," said Gaurav Kumar, Founder and CEO, Yubi.
(This article has been updated.)
Edited by Suman Singh