Startup news and updates: daily roundup (June 19, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, June 19, 2023.
Funding
The Yarn Bazaar secures Rs 15 Cr in pre-Series A funding
, a B2B yarn marketplace, has raised Rs 15 crore in a pre-Series A round from Rajiv Dadlani Group and Equanimity Ventures.
The round also saw participation from family offices and HNI investors, including Arihant Patni, Ekta Kapoor, Ritesh Malik, Aakrit Vaish, Sumeet Srivastava, Miten Sampat, Anil Mansingka, Dr Amit Lath, Sharda Group of Companies, Nikunj Bagdia, and Vineet Garg.
The company will use the funding to strengthen leadership, expand operations, improve technology infrastructure, enhance online presence, and improve users' experience for easier supplier-buyer connections, and access to resources and data.
Turbostart invests Rs 3 Cr in Invincible Ocean
Venture capital firm Turbostart has invested Rs 3 crore in , a startup specialising in digital onboarding solutions. Invincible Ocean, led by founder Ajay Setia, aims to disrupt the traditional onboarding process through its innovative no-code, drag-and-drop platform.
Turbostart's investment in the startup provides it with essential financial backing, valuable mentorship, and networking opportunities within the venture capital ecosystem.
Invincible Ocean has integration with over 150 AI-driven verification APIs that enhance the security and authenticity of user data. It also offers over 50 ready-to-use templates across various domains, allowing businesses to quickly customise solutions to their specific needs.
Starya Mobility raises $2M in funding
Electric mobility startup Mobility has raised $2 million in an undisclosed funding round from ah! Ventures High Tables Platform and Exedy Clutch India.
In addition to the funding, Starya Mobility has announced a strategic partnership with Exedy, which specialises in the manufacturing of clutch plates and assemblies for both two- and four-wheelers. Starya Mobility focuses on manufacturing electric power train systems and retrofitting gearless IC engine scooters.
Ravi Kumar, CEO, Starya Mobility, said that by leveraging each other's strengths in strategy and technology, they aim to accelerate the adoption of electric vehicles not only within the country but also on an international scale.
Other news
Pidge launches its services nationwide
Logistics technology provider has launched its services in all major Indian cities. The SaaS platform aims to bring digital parity in a largely unorganised logistics sector. With this expansion and a nationwide presence, it aims to enable 60 million MSMEs to unlock their growth potential, the company said.
The platform plans to use digital technologies to enable unorganised courier partners, empowering businesses to build hybrid networks. Using Pidge, brands can easily optimise their delivery options, eliminate the problem of unfulfilled demands, minimise delivery costs, and enhance customer experience, the company added.
ace turtle strengthens top management team
Technology-native retail company ace turtle has appointed two senior executives to its leadership team. It onboarded Ervin Lim as the Chief Strategy Officer and Christian Westphal as the Creative Director.
Lim has previously held leadership roles at CapitaLand, Lazada, and Reefknot Investments, where he led strategic initiatives and managed corporate venture funds in capital markets, venture capital, and logistics. At , he will be responsible for equity fundraising, investor relations, and driving strategic initiatives to help the company achieve its long-term vision.
Westphal will be responsible for conceptualising, developing, and implementing creative visions and deliverables for design, visual merchandising, and online content. He comes with around 20 years of global experience in fashion, retail, luxury, and online marketplaces.
Voyaah partners with cricket commentator, journalist Harsha Bhogle
, a tech-led luxury travel organisation, has partnered with cricket commentator Harsha Bhogle.
Voyaah is founded by Sharmistha Chakraborty, a former IIFL Wealth founding member team, Mayur Nayak, formerly with Cred, and Rajamani Saravanan, former Head of Architecture and AI at Mindtree Europe.
Bhogle will collaborate with Voyaah's leadership team to provide curated experiences for travellers seeking unique and immersive adventures. Leveraging his expertise as a journalist, advisor, author, publisher, and traveller, the founders aim to enhance Voyaah's brand story through this partnership.
Garuda Aerospace showcases VAYU drone at Viva Tech Event 2023
Drone startup showcased its specialised mapping and surveying drone, VAYU, at the Viva Technology Event 2023, a prominent tech and startup summit held in Paris.
The drone has a payload capacity of 1.5 kg and a maximum take-off weight of 13.5 kg. The startup said that the 20MP camera on the drone will offer clarity and precision for capturing detailed images and data during mapping and surveying missions.
Talking about the event, Agnishwar Jayaprakash, Founder and CEO, Garuda Aerospace, said that global partnerships will help advance capabilities and improve overall productivity for drone services.
Last call to submit proposals for Oppo Inspiration Challenge 2023
Oppo has announced the last call for proposals for the 2023 Oppo Inspiration Challenge during the VivaTech event in Paris.
The challenge, which focuses on Inspiration for People and Inspiration for Planet, invites tech startups to showcase their innovations. The submission period for it began in May, and numerous promising proposals covering new technologies and concepts have already been received, the company said. With the submission deadline set for June 30, 2023, more proposals are expected in the final phase.
Applicants will be assigned to regional challenges, and the top five teams from each region will advance to the final global event. The global winners of the 2023 Oppo Inspiration Challenge, a total of five teams, will be awarded a $50,000 grant (pre-tax) along with potential partnership and funding opportunities from Oppo and its partners.
NEC's Aalok Kumar joins ADB's advisory group
Aalok Kumar, President and CEO of NEC Corporation India, is appointed to the Asian Development Bank's (ADB) high-level advisory group on Digital Technology for Development. Kumar assumes this position from Katsumi Emura, a former NEC Corporation fellow and one of the group's founding members.
The group consists of eight members, including global industry leaders and academics, and they aim to enhance the use of information and communications technology in ADB activities for developing countries.
Kumar, who holds degrees from St. Stephens College and the IIM, has nearly 30 years of experience in senior leadership positions focusing on business transformation, performance improvement, and margin expansion. Prior to becoming President and CEO of NEC India in 2020, he served as Senior Vice President at McKinsey & Company.
LogiNext introduces fleet tracking system to track long-haul movement
SaaS startup launched a fleet tracking system, a product designed to provide real-time alerts and visibility on transport fleet performance.
By leveraging data mapping and analytics services, LogiNext aims to bridge the gap between technology and trucking, enabling end-to-end tracking of long-haul movements on a single platform. With features such as GPS location tracking, fuel consumption monitoring, and temperature sensing, enterprises can proactively manage their fleet operations and mitigate risks.
Dhaval Thanki, Vice President - APAC & MEA, LogiNext, said that its existing enterprise customers have expressed interest in adopting this functionality for various use cases, including temperature tracking for cold chain deliveries, improved security management for critical long-haul shipments, and more.
BharatPe nominates Partha Pratim Sengupta to the board of Unity Bank
Fintech startup BharatPe has appointed Partha Pratim Sengupta as its nominee on the board of Unity Small Finance Bank (Unity Bank) where and Centrum Financial Services hold shares.
Sengupta is a seasoned banker with 36 years of experience in the banking and financial services sector across renowned public sector banks, including the State Bank of India and Indian Overseas Bank (IOB). In his last stint, he was the Managing Director and CEO of IOB for close to 2.5 years.
The board of Unity Bank consists of notable figures from the banking industry, such as Amitabh Verma (former Joint Secretary–Banking and retired IAS officer), Sandip Ghose (RBI veteran), and Basant Seth (former CMD Syndicate Bank and Deputy MD-SIDBI).
Tsuyo collaborates with IIT Delhi to drive innovation in EV space
Tsuyo Manufacturing has partnered with IIT Delhi to foster innovation in the electric vehicle (EV) industry. The collaboration aims to facilitate the introduction of new technological advancements in the EV sector, while also focusing on delivering cost-effective solutions to enhance the overall EV ecosystem in India for end users.
Tsuyo and IIT Delhi will collaborate on technology transfer activities, research and development initiatives, and technical training for capacity development. By leveraging the expertise of both organisations, the collaboration aims to create sustainable and robust EV solutions for users and manufacturers.
Moglix launches Moglix Advanced Readiness Group
B2B ecommerce company Moglix has launched MARG— Advanced Readiness Group—an initiative to foster community development. The programme will provide pre-college students with valuable insights into their preferred fields of STEM and commerce, enabling them to comprehend industry trends and explore various career prospects.
MARG offers a six-day workshop-style training programme that allows students to immerse themselves in their chosen fields, gain practical project exposure, and acquire industry experience under the guidance of expert mentors. These mentors possess extensive expertise in AI, IoT, design, personal finance, corporate finance, and cybersecurity, the company said.
Additionally, the initiative aims to cultivate an entrepreneurial mindset among students, nurturing a new generation of innovators and leaders.
Ather Energy appoints Subrata Mitra as Head of Government Relations and Policy
EV startup Ather Energy has appointed Subrata Mitra as the Head of Government Relations and Policy. Mitra has over 25 years of experience in public affairs, advocacy, and government relations.
Mitra holds a post graduate diploma in management from the Management Development Institute (MDI) in Gurugram and a bachelor's degree from Osmania University. In his previous role, he served as the Head of Government and Industry Relations at Ericsson India. Before joining Ericsson, he held senior positions at Oracle, IBM, IFS AB, and Huawei.
At , Mitra will play a pivotal role in strengthening its engagement with the government and shaping favourable regulations for the electric mobility sector.
Zolve launches scholarship programme for US-bound students
Neobank startup launched its scholarship programme, where it aims to distribute a scholarship fund of $50,000 to 10 shortlisted students from around the world. The programme is open to all international students who are moving to or have moved to the US for a full-time undergraduate/postgraduate/doctorate programme of a minimum of 12 months in 2023.
The applications for the same will close on June 30, 2023, and the results will be announced by August 15. The selection process will be conducted by an esteemed panel of distinguished experts renowned for their exceptional achievements in their respective fields.
In the previous programme in 2022, Zolve offered scholarships worth $25,000 to 25 students that helped them pursue higher education at universities based in the US.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
