Startup news and updates: daily roundup (June 13, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, June 13, 2023.
Solarad.ai raises undisclosed seed funding
Solarad.ai, an energy forecasting company, raised an undisclosed seed funding round led by India Quotient.
It will use the allocated funds to enhance its technology infrastructure of deep-tech models and algorithms used for energy generation forecasting. The company will also focus on the expansion of its cloud infrastructure to accommodate increased demand and ensure scalability.
The startup will also use a significant portion towards research and development to improve the accuracy and reliability of the forecasts and grow the existing customer base and expand its solution offerings across Europe and the US markets.
"The funding from India Quotient will have a significant impact on our operations, projects, and growth. We're poised to achieve a high margin, ensuring long-term sustainability. This will help us accelerate our research and development initiatives, scale up our sales and marketing efforts, and develop automated energy scheduling and trading processes, bringing additional value to our customers," said Ravi Choudhary, Co-founder, Solarad.ai.
Berrylush raises Rs 8 Cr through financing platform Klub
Women's online shopping store Berryblush has raised Rs 8 crore through the revenue-based financing platform, Klub and is eyeing a revenue growth of 80% compared to last year during the 2023 festive season.
The startup will use the funds to drive strategic initiatives, strengthen product offerings, and enhance customer experiences across platforms. It will also utilise this investment to propel its presence across various market segments and broaden its reach across geographies.
"This investment comes at a crucial juncture as we gear up for the festive season when we anticipate a great surge in demand. The funds with zero equity dilution will enable us to enhance our infrastructure, expand our product range, and amplify our marketing efforts to provide our customers with an unmatched online shopping experience," said said Alok Paul, Co-founder and COO at Berrylush.
Nabventures backs Satyukt Analytics with an investment of Rs 10 Cr
Nabventures, a venture growth equity fund backed by National Bank for Agriculture and Rural Development (NABARD), has invested Rs 10 crore in Satyukt Analytics Private Limited, a Bengaluru-based agri analytics startup.
Founded in 2018 with a core team of scientists, Satyukt deploys satellite technology and machine learning to provide SaaS-based advisory services to farmers.
Nabventures’ investment, part of a pre-Series A funding round for Satyukt, will enable the company to accelerate the development of its Sat2farm app that empowers farmers with data-driven insights, Sat2credit app that helps BFSI players to evaluate a farm's creditworthiness and credit risk and introduce new products such as Sat4agri for agri input companies and Sat4risk for agri insurers.
"This investment strengthens our resolve to leverage cutting-edge technologies to enable our stakeholders from India’s agriculture sector to access and utilise accurate, real-time data that can drive their decision-making processes and positively impact their operations," said Sat Kumar, CEO of Satyukt.
Buyofuel Secures $550k Non-Dilutive Capital via Recur Club
Biofuel Marketplace Byofuel has raised $550K non-dilutive capital via Recur Club. The funds will be allocated for working capital needs, to optimise cash flows and to manage liquidity on the platform. The company plans to double down on its international expansion, and technological advancements with the infusion of growth capital.
In November last year, Buyofuel raised 11.5 Cr in pre-series A funding. To build an efficient capital stack and support its business growth, Buyofuel has leveraged working capital financing from Recur Club. The alternative minimises cost of capital and propels growth without the caveat of equity dilution.
“I am thrilled to witness the remarkable partnership we have cultivated with Recur Club. Our experience has been nothing short of exceptional, where great trust and collaboration has been fostered. Their unwavering dedication and willingness to go above and beyond have truly exceeded our expectations,” said Kishan Karunakaran, Founder and CEO of Byofuel.
Cashfree Payments expands senior leadership team
has expanded its senior leadership team to drive the company's next phase of growth. It has appointed Parveen Kumar as Vice President - Operations, and Vijay Ravisekar as Vice President - Product Management.
Recently, the company announced elevating Arun Tikoo to Chief Business Officer (CBO) and Ramkumar Venkatesan to Chief Technology Officer (CTO).
Praveen Kumar comes with 15 years of industry experience in enhancing customer experience, managing finances, and building operations across various sectors. In his new role, Parveen will oversee the operations and customer service vertical at Cashfree Payments.
Vijay has over 20 years of experience in product management, having managed products for the driver ecosystem and customer care. His responsibilities include fostering greater agility and driving improved business outcomes.
“Their proven ability to expand businesses, build exceptional teams, drive product innovation, and forge strong alliances will undoubtedly propel our company's growth and development with renewed enthusiasm,” said Akash Sinha, Co-founder and CEO, Cashfree Payments.
CIIE.CO partners with Assam govt to accelerate 100 agri startups in Northeast India
CIIE.CO, the startup continuum of IIM-A in collaboration with the Assam government, will support 100 agri startups, originating from Assam and the northeast region as part of the Assam Agri Growth Lab (AAGL) initiative. The initiative has received funding from the World Bank, and its first-year cohort has witnessed the successful acceleration of 25 startups.
As part of the initiative, Assam Agri-business and Rural Transformation Project (APART) and ICCSPL have launched the second cohort of their programme, Cohort 2.0, for continued efforts in supporting agribusiness entrepreneurs.
Building upon the success of the first cohort, the programme is now witnessing the participation of 29 enterprises in its ongoing second cohort. There has been a significant rise in women-led startups, increasing from 32% to 45%, and it has expanded its reach to encompass 12 districts.
"The startup ecosystem in Assam is brimming with untapped potential. The AAGL Program aims to unlock this potential by equipping entrepreneurs with the tools and resources to thrive. By offering mentorship, access to funding, and industry collaborations, we are empowering startups to overcome barriers and accelerate their growth trajectory," said Chintan Bakshi, Partner-Incubation, CIIE.CO.
OYO introduces Stay Now Pay Later for summer vacationers in India
Global hospitality technology companyhas announced a Stay Now Pay Later (SNPL) option to allow travellers to plan their summer trips without the immediate financial burden, making travel more accessible and flexible.
It has partnered with Simpl, a credit-based payments service, for this feature. SNPL provides customers with a credit limit of up to Rs 5,000, which can be settled after 15 days of the stay. The feature can be accessed on the home screen of the OYO app. Customers can opt for the SNPL plan that best suits their requirements.
The feature is currently available for Android users and will soon be rolled out for iOS users as well.
As per OYO’s Summer Vacation Index 2023, 82% of Indians have plans to travel this summer, with 92% travelling domestically.
WOW Skin Science appoints Vikas Lal as Chief Financial Officer
FMCG personal care brandhas appointed Vikas Lal as Chief Financial Officer. In his new role, Lal will head the business and corporate finance vertical for WOW Skin Science, WOW Life Science and Body Cupid. His portfolio will range from financial operations, financial planning and analysis to strategic finance and business partnering.
Lal is a finance professional with a career spanning over 20 years in FMCG and consumer durable/appliance industry across various Fortune 500 MNCs, and has served in a leadership role in finance for brands like Coca Cola, Pladis Global (McVities Biscuits), Groupe SEB India (Tefal and Maharaja Whiteline), and OLA among others.
kindlife expands offline presence with new LiteStore in Bengaluru
kind code approved; toxin-free products that are either plant-based, organic, eco-conscious, cruelty-free or 100% 'kind' products.has set up shop in Bengaluru’s Vega Mall with LiteStore, an outlet which will feature a wide array of brands that are
Launched in December 2021, Kindlife currently houses more than 700 brands on their platform.
At the kindlife Vega Mall store, a wide array of Korean Beauty brands including Haruharu Wonder, Put Simply, Flesette and Oattbe will find a spot. Within the beauty and personal care offering, homegrown brands like Harkoi, Wishcare and Lavenza will also be present.
Earlier this year, Kindlife curated two LiteStores at New Delhi’s Select Citywalk Mall.
(The copy will be updated throughout the day with the latest news.)
Edited by Suman Singh