Startup news and updates: daily roundup (June 7, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, June 7, 2023.
Funding
Shilpa Shetty-backed Wickedgud bags $250K from GetVantage
WickedGud, a D2C brand specialising in healthy food and snack alternatives, secured an additional $250,000 in growth funding from GetVantage, an alternative financing platform for ecommerce entrepreneurs and SMEs.
said its net revenue has been growing 3X over the past 12 months. It plans to use the funding on marketing, product expansion, and retail distribution to achieve 5X growth in net revenue in FY24. It also plans to exponentially increase its retail footprint to over 2,000 stores across India through its distribution partner network.
The brand claims to make 100% maida-free, oil-free, and MSG-free pasta and noodles. It plans to launch three product categories over the next 18 months—malted drinks, sweet spreads, and popped chips.
Last month, WickedGud, which appeared on Shark Tank Season 2, raised Rs 2.25 crore from fitness evangelist, actor, entrepreneur, and serial investor Shilpa Shetty.
Attron Automotive raises Rs 4.75 Cr
, a provider of innovative motor and controller solutions for electric vehicles (EVs), raised a total of Rs 4.75 crore from Anicut Capital, Pontaq VC, Venture Catalyst, and Yashovardhan Shah.
The investment will be used to support the company's key growth initiatives which include the setup of an assembly line, establishment of a prototyping facility, team expansion, and research and development efforts to drive innovation in existing and new technologies.
Attron Automotive, based on its strategic plans, aims to establish an assembly line with an initial capacity of 10,000 units per month, expanding it to 70,000 units within five years. The company will focus on hiring in research and development and sales, while its R&D team will develop new technologies to maintain a competitive edge.
By establishing a prototyping facility, Attron Automotive aims to reduce lead times and accelerate the adoption of its solutions. It will target original equipment manufacturers (OEMs) transitioning from Chinese powertrain components and collaborate with other EV component OEMs to offer comprehensive EV solutions for retrofitting and new product development.
Other news
Unacademy exec Prateek Gupta appointed SVP of Engineering at Stashfin
, a neobanking fintech platform, has expanded its core team with the announcement of Prateek Gupta as SVP of Engineering. He will be responsible for spearheading engineering initiatives, driving innovation, and leading the development of cutting-edge financial products.
Prateek, the former Director of Engineering at Unacademy, played a crucial role in shaping the company's engineering strategy, hiring tech talent, and building scalable products. His contributions were instrumental in driving Unacademy's growth and establishing its leadership in the edtech industry. Prateek also held significant positions at organisations like Adobe, Akamai Technologies, and Samsung R&D Institute India, where he consistently demonstrated solution-oriented design, built high-performance cultures, and led project management teams.
Vijay Ayyar appointed as VP-International Markets by CoinDCX
, a crypto company, has appointed Vijay Ayyar as Vice President, International Markets.
As the VP, he will be leading the strategy and execution for CoinDCX to establish the platform's international presence in the coming months. The appointment coincides with the company’s goal of becoming a dominant global player in the crypto and Web3 space.
Vijay will assume the role of overseeing and managing CoinDCX's operations and growth in international markets. His responsibilities will include analysing trends, identifying new business opportunities, and enhancing services to cater to the diverse needs and preferences of customers in various regions.
Ayyar has a varied professional background that includes roles in corporate development and international operations. Notably, he has spent his entire 17-year career working in the crypto industry.
Bhopal-based EV startup Enigma launches its first showroom in Nepal
, a make-in-India EV manufacturer from Madhya Pradesh, has announced the launch of its first showroom in Nepal. This experience centre aims to provide customers with a unique opportunity to explore Enigma's state-of-the-art electric vehicle offerings in a captivating environment.
Enigma has partnered with M/s Rising Trading Company Limited, a Kathmandu-based company, for the distribution of its electric vehicles in Nepal. This collaboration allows Enigma to expand its market reach and establish itself as an exporter of electric vehicles.
Enigma Electric's complete lineup of high-speed electric bikes will be available at its showroom in Nepal. As an exporter, Enigma will ship the vehicles as Completely Built Units (CBU) from India to Nepal.
MedRabbits launches medical value travel service for patients
, a Pune-based healthtech company, has launched a medical value travel service.
The company will partner with premier hospitals and speciality clinics across India and overseas and assist international and domestic patients with counselling, hospitalisation, end-to-end travel, visas, second opinions, translation services, accommodation, patient admission, and rehabilitation services.
The service will also include assistance with documentation, including patient registration with the Foreigners Regional Registration Office, filling in the medical visa C form, and other on-field assistance.
The service is also available to domestic patients who are exploring surgery options in various cities. MedRabbits is also offering a 'care now, pay later' plan, enabling domestic customers to receive immediate care while deferring payment.
Meanwhile, to support its medical tourism services, the startup has established a representative office in Bangladesh, a significant source of medical tourism patients.
CredFlow acquires Y Combinator-backed startup TechBiz
CredFlow, the cash flow management platform focused on mid-market small and medium enterprises, has acquired TechBiz, a business management startup, for an undisclosed amount in an all-cash deal.
With the acquisition, plans to launch its offering for over 600,000 accounting software users all over India and globally. As part of the deal, TechBiz's co-founders—Pratyush Sharma and Vikramaditya Patil—will join CredFlow's team to assist with the transition of the product.
TechBiz, which is backed by Y Combinator, aids small and medium enterprises by managing outstanding debtors and sending timely payment reminders.
CredFlow's SaaS platform assists SMEs in cash flow management, improving receivables, and reducing working capital cycles.
(The story will be updated throughout the day with the latest news.)
Edited by Swetha Kannan