Startup news and updates: daily roundup (June 22, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, June 22, 2023.
Sustainable fast fashion brand French Crown raises Rs 8.6 Cr from Velocity
Surat-based fast-fashion brandhas raised Rs 8.6 crore over multiple tranches from revenue-based financier Velocity.in.
With a presence in over 90 countries, French Crown claims to launch over 200 new designs every week.
Founded by Ilesh Ghevariya and Dhavdip Ghevariya, French Crown attempts to reduce the dead stock by introducing a wide variety of designs with a focus on comfort fit for consumers.
"With Velocity's strategic partnership, we have achieved a significant milestone by becoming a Rs 100 crore bootstrapped brand," the co-founders said.
"This partnership has enabled us to invest in strategic marketing initiatives, resulting in increased brand visibility across the globe. Our ability to launch over 200 designs every week allows us to stay ahead of the competition and maintain a loyal customer base.”
Tummoc raises $1M in pre-Series A round led by Inflection Point Ventures
, a multi-modal connectivity platform, has raised $1 million in a pre-Series A round led by Inflection Point Ventures. The funds raised will cover various aspects such as the recruitment and training of personnel, the development of technology and software, the expansion of the system, marketing initiatives, and administrative requirements.
Founded in 2020 by Hiranmay Mallick, Monalisha Thakur, and Narayan Mishra, Tummoc is a transit technology platform that offers multi-modal connectivity solutions to State Transport Authorities (STAs). It enables users to have a seamless journey experience through a single transaction, incorporating features like intracity journey planning, online bus and metro ticket bookings, and first-to-last mile connectivity—everything in one single app.
Tummoc was the winner at Elevate 2018 organised by the Karnataka government. It was also winners at STAMP 2018 in Hyderabad by WRI India and Toyota Mobility Foundation, and again at STAMP 2022 in Delhi.
Lifestyle brand Arjun Kilachand raises funding round led by Malabar Capital Advisors
Arjun Kilachand, a brand in the menswear industry, has announced today that it has completed its recent funding round, led by Malabar Capital Advisors. This round will help the brand to expand its operations, fortify its infrastructure, form strategic partnerships, and diversify its product categories.
The infusion of funds will fuel the brand's ambition to revolutionize the luxury retail sector and set new industry benchmarks, the company stated.
The previous funding round witnessed the participation of renowned ultra-high net worth individuals (HNIs) and influential industry figures. Notable personalities such as Bahram Vakil, Founding Partner of AZB Law Firm and Board member of TATA Trent, and Varunn Mody of Hind Composites, along with other respected industry heads, have demonstrated their confidence and support for Arjun Kilachand.
Teachmint, Google Cloud partner for intelligent integrated school platform
, an integrated school platform, has collaborated with Google Cloud to use its flexible, scalable cloud platform to develop, deploy and run the Teachmint Integrated School Platform. The collaboration aims to leverage cutting-edge technologies to provide a transformative educational experience for teachers, students, and educational institutions.
This collaboration aims to bring together the expertise and resources of Google Cloud and Teachmint to develop an innovative platform that will change how schools operate. By leveraging Google Cloud's infrastructure, Teachmint will leverage advanced technologies, including artificial intelligence, machine learning and data analytics, as it continues to scale its ISP.
AgriBazaar launches pilot project in crop advisory with 3,000 farmers
, an online agri-commodity trading platform, has launched its pilot project in the crop advisory segment. This innovative initiative will initially benefit 3,000 farmers across select districts of Maharashtra, Gujarat, and Uttar Pradesh.
Through the 'Agribhumi' feature within the Agribazaar app, farmers can access a crop calendar, which provides valuable insights such as crop-specific schedules, weather updates, soil health management, pest and disease control measures, and crop management practices.
The mobile app is available in English and local languages. The agribhumi app feature also tracks and notifies farmers of any changes in their scheduled activities, enabling them to stay informed and adapt accordingly.
Deshpande Startups appoints industry veteran Dr Karthik Sankaran as CEO
Deshpande Startups, a business incubator, has appointed Dr Karthik Sankaran as the new Chief Executive Officer (CEO). With a background in the semiconductor and software industry, Dr Sankaran brings extensive leadership experience and a track record of driving innovation.
In his new role, he will be leading all four programmes of Deshpande Startups and spearhead collaboration efforts between the programmes and industries, alongside taking care of the day-to-day responsibilities as the CEO.
He has joined Deshpande Startups at a time when the company is rapidly expanding its impact across the Indian startup ecosystem through its startup incubator at Hubbali in Karnataka. It is also undertaking a multitude of programmes aimed at various aspects of entrepreneurship, startup growth, knowledge-sharing, and ESG initiatives.
Micron announces new semiconductor assembly and test facility in India
Micron Technology, one of the world’s largest semiconductor companies, announced plans to build a new assembly and test facility in Gujarat. Micron’s new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets.
Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023.
Micron’s investment will be up to $825 million over the two phases of the project and aims to create up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years. Under the government's “Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme,” Micron will receive 50% fiscal support for the total project cost from the Indian central government and incentives representing 20% of the total project cost from the Gujarat government.
The combined investment by Micron and the two government entities over the course of both phases will be up to $2.75 billion. Government support will help fund the project and facilitate access to essential semiconductor infrastructure and resources to drive innovation and enhance local talent development.
Uttertale selected for AWS, Lightspeed’s AccelerateHer 2023
Gurugram-headquartered media-tech startuphas been selected recently as a cohort startup at AccelerateHer 2023, a six-week virtual accelerator programme, jointly presented by Amazon Web Services (AWS) and leading VC firm Lightspeed, to nurture and empower early-stage women-led startups.
With this, Uttertale has become India's first and only community-centric media startup to join the AccelerateHer programme. Significantly, this development comes at a time when Uttertale is all set to launch its revolutionary media-tech community platform.
Over 400 startups from across India applied for this accelerator. Out of them, only 26 Indian startups have been shortlisted and selected after thorough evaluation to be a part of this year’s AccelerateHer cohort.
Uttertale, a startup co-founded by Shalu Jha and Rishu Singh, has also previously been a part of another reputable accelerator programme, ‘Level Up’, organised by 91Springboard and Unlock Impact in partnership with Google for Startups.
Garuda Aerospace bags Odisha Mining Corporation mapping project
Gaurda Aerospace also introduced its specialised large-scale mapping drones—Bhumi and Vayu—that are integrated with AI and ML., a drone service provider, will extend mapping support to Odisha Mining Corporation for the next two years.
It is supporting the government s Survey of Villages and Mapping with Improvised Technology in Village Areas (SVAMITVA) scheme of mapping 70,000 villages across India. Garuda Aerospace has already successfully mapped 7,000 villages covering 400+ districts in the past year.
Zendesk acquires AI-based workforce management company Tymeshift
said its completed its acquisition of Tymeshift, an AI-powered workforce management (WFM) company. Built exclusively for Zendesk customers, Tymeshift simplifies the management of complex customer experience (CX) workloads.
Tymeshift is an AI-powered solution built on Zendesk to help organizations track agent activity, productivity, and efficiency in real time.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh