Startup news and updates: daily roundup (June 26, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, June 26, 2023.
Funding news
AvatarLife raises $1.5M in seed round
Metaverse company AvatarLife has raised $1.5 million in a seed round from Info Edge Ventures, the company said in a press release.
The startup added it plans to use the capital to bolster its product R&D, build a community, and expand its team.
Founded in 2022, AvatarLife offers single-player, multiplayer and play-to-earn skill games on its platform. It also allows creators to develop and operate their own games on the platform.
"We will continue to invest in building the technology and developing capabilities in-house," said Gaurav Gupta, Co-founder of AvatarLife.
The Mainstreet Marketplace raises $2M from angels
Sneaker resale platform The Mainstreet Marketplace has raised $2 million in seed funding from founders including Nithin Kamath and Abhijit Pai's fund Gruhas, Zomato's Deepinder Goyal, and Udaan's Sujeet Kumar.
The startup said it will use the fund to expand its brick-and-mortar stores into more cities, hire experienced senior managers, and bolster the quality of its customer experience.
Investors such as Silverneedle Ventures, Tanmay Bhat, Ashish Chanchlani, Spotify MD Amarjit Batra, Nikhil Chinappa etc also invested in the round.
Founded by 23-year-old Vedant Lamba, The Mainstreet Marketplace houses brands such as Yeezy, Jordan, Nike, Palm Angels, Off White etc. Its clientele includes Indian celebrities and influencers.
Digital health startup Karma Primary Healthcare raises undisclosed Series A
Karma Primary Healthcare has raised an undisclosed Series A round of funding from several investors, including Innospark Ventures, 1Crowd, Innovative Directions, Aanshi LLP, and various angels, it said.
A startup that runs consultation and diagnostic clinics in rural areas, Karma Primary Healthcare hopes to use the funding to open more clinics—from 25 currently to 80 in seven states—across the country.
"Access to healthcare should not be a privilege limited to urban areas. Digital innovations to bridge this healthcare divide presents a significant opportunity," said Jagdeep Gambhir, Founder and CEO of Karma Primary Healthcare.
Other news
Marico onboards Saffola Store on ONDC
has become the latest in a string of big conglomerates to join the ONDC network with the integration of its Saffola Store on Monday, as per the company's announcement.
The company said this will open new growth avenues and enhance digital experiences for its customers.
"With Saffola Store integration with at such a formative stage, we look forward to collaborating with stakeholders to explore the different ways in which we can use technology to unlock and maximise its value and impact," said Sanjay Mishra, COO India Business and CEO New Business at Marico.
Saffola Store, Marico's direct-to-consumer platform, was launched in 2020 in partnership with online food ordering apps such as Swiggy and Zomato, to provide customers FMCG products online.
EV maker Enigma to hire 50 employees
Madhya Pradesh-based EV maker said is planning to hire 50 employees, across roles, this year to aid its growth plans.
It is looking to hire professionals at the CXO level. Specifically, Enigma said it is looking for a CMO and CSO.
The hiring will take place in Bhopal, Bengaluru, and Delhi.
The startup, founded in 2015, currently has 24 employees.
Cleartrip names new chief product and tech officer
Flipkart-owned on Monday named Ganesh Ramaswamy as its new chief product and technology officer.
A veteran in the industry, Ramaswamy was earlier at , where he spent four years. He has worked with the likes of Yahoo, GwynnieBee/Caastle, and Qikwell, in the past.
MOI Technology launches Babylon Testnet to address blockchain pain points
MOI Technology, a P2P protocol network, said it has launched its incentivised public network platform, Babylon Testnet to address the pain points of the blockchain industry.
The Babylon Testnet addresses issues in blockchain such as efficiency, flexibility, scalability and security by focusing on the participant and delivering humanised interactions in a digital world.
MOI said it believes its focus on "humanised internet" creates an equitable and sustainable digitally interactive society.
Built under the US-based Web3 startup Sarva Labs, MOI claims to have onboarded over 30,000 users, as of April 2023, having built a network of over 700 validators.
It raised $4.5 million in a funding round led by Momentum 6, Brailey Group, and others.
Ayekart names Kunjal Thackar as CFO, Co-founder
Fintech startup has appointed Kunjal Thackar as its new Chief Financial Officer and Co-founder, a month after naming Vaibhav Joshi as CBO, Co-founder, and Global Head of its BFSI operations.
Thacker comes from the Hiranandani Group where he was CFO and head of HR. He has worked with Pipeline Infrastructure, Gujarat Gas Company, HPCL, and the BG Group in the past.
Thacker said he plans to focus on initiatives such as fundraising, IPO planning, and bolstering the startup's governance practices.
Ennoventure names Chad Kite as chief commercial officer
SaaS company Inc said it has named Chad Kite as its Chief Commercial Officer to drive its global go-to-market strategies.
Kite will closely look at sales, account management, customer success and partnerships as part of his role with Ennoventure.
In his 15 years of experience, Kite has worked in companies such as QOMPLX, Cvent, Basho, and Distil Networks.
Femcare startup Avni expands to Andhra Pradesh, Telangana
Feminine care and hygiene startup is looking to expand into Andhra Pradesh and Telangana, targeting 75,000 customers between FY23 and FY24.
The startup said its flagship products—reusable cloth pads and panty liners—are popular among the menstruating population in the two states, accounting for 60% of its sales in the region.
Avni offers a range of products from menstrual cups, antibacterial washes, and cotton pantyliners, to period wear wash and reusable cloth bags. It also has a 24-hour AvniBuddy helpline dedicated to helping menstruators.
The startup was founded in 2021 by a husband-wife duo Sujata Pawar and Apurv Agrawal.
(This article will be updated with the latest news throughout the day.)
