Startup news and updates: daily roundup (July 17, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, July 17, 2023.
Funding
ReDesyn raises Rs 3.5 Cr in a CCD round led by Real Time Angel Fund
Fan monetisation platform, ReDesyn, has raised Rs 3.5 crore in a successful Compulsory Convertable Debentures (CCD) funding round led by Real Time Angel Fund and Sukhbir Singh.
The platform empowers content creators to become "creator-preneurs" by selling brands, merchandise, and services on their own ecommerce store. 's marketplace connects creators with their dedicated fan bases, allowing them to monetise their creativity.
Creators in fashion, beauty, fitness, infotainment, and gaming can leverage the platform's tools and integrations to offer diverse products and services worldwide.
Nexus-backed Tooljet raises funds
Open-source low-code platform has secured an investment from M12, Microsoft's venture fund, and GitHub through the M12 GitHub Fund to fuel growth.
With around 20,000 GitHub stars and 350 contributors, ToolJet has gained popularity among developers, serving as the go-to solution for numerous teams in Fortune 500 companies, scale-ups, and startups worldwide.
Leveraging open-source technology, ToolJet allows customers to seamlessly enhance the platform's capabilities by integrating JavaScript-based plugins, opening doors to endless customisation and extensibility. ToolJet CEO Navaneeth Padanna Kalathil expressed excitement about Microsoft and GitHub's involvement, emphasising the shared vision to democratise software development.
Founded in April 2021, ToolJet earlier raised $6.1 million from Nexus Venture Partners, Ratio Ventures, Better Capital, January Capital, and other notable investors.
Other news
IRDAI appoints Cholamandalam MS Insurance as lead insurer for West Bengal
Cholamandalam MS Insurance, a general insurance company in India, has been designated as the lead insurer for the state of West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI) to increase insurance awareness and penetration across the state.
Chola MS Insurance will focus on key areas, including health protection, coverage against natural calamities, boosting local employment opportunities, and safeguarding MSMEs through comprehensive insurance offerings. The company has devised a range of initiatives, such as awareness programmes, outreach efforts, strengthening the distribution network, and ensuring efficient claim settlement processes to ensure the benefits of insurance reach the people effectively.
"The opening of this state headquarters is a momentous occasion for our company, underscoring our dedication and commitment towards achieving the vision of insurance for all and to become the most trusted and preferred insurance provider in this region," said V Suryanarayanan, Managing Director, Cholamandalam MS Insurance. "This initiative also serves as a vehicle to promote insurance literacy as an essential life skill.”
Chola MS Insurance achieved 30% growth in Q1 FY24, surpassing the industry's growth rate of 16.5%. Furthermore, the fiscal year 2023 concluded with a gross written premium (GWP) of Rs 6,200 crore, showcasing an upward growth of 27.6%. The company holds a market share of 5.3% in the motor line business and 4.9% in personal accident coverage, as well as achieved a growth of 33% in the fire line of business.
Hindustan Coca-Cola Beverages renews the MoU with Telangana govt
Hindustan Coca-Cola Beverages (HCCB) has renewed its Memorandum of Understanding (MoU) with the Department of Industries and Commerce, Government of Telangana. The agreement aims to upskill an additional 10,000 college students by 2023-24. Previously, HCCB and the Telangana government jointly trained 10,196 students in the state during the first year of their partnership in 2022.
The extension of this initiative was announced in the presence of Ch Malla Reddy, Minister for Labour and Employment, Factories, Skill Development, Govt of Telangana; Dr Jayesh Ranjan, IAS, Principal Secretary, Industries and& Commerce, IT, E&C; Shrikant Sinha, CEO, Telangana Academy for Skill and Knowledge (TASK); Himanshu Priyadarshi, Chief Public Affairs, Communications and Sustainability Officer, Hindustan Coca-Cola Beverages, and Chitra Gupta, Head of HR–Supply Chain, Hindustan Coca-Cola Beverages.
The "Campus to Corporate" programme aims to make college students industry-ready by upskilling them. TASK plays a pivotal role in creating student batches, identifying suitable locations for physical classroom sessions, and scheduling the training calendar. HCCB, on the other hand, takes charge of developing content, identifying trainers, conducting the Train the Trainers programme (TTT) to build a pool of expert trainers, and facilitating both virtual and physical classroom sessions.
Cement Manufacturers’ Association elects President and Vice President
The Cement Manufacturers’ Association (CMA), the apex body of India’s large cement manufacturers, unanimously elected Neeraj Akhoury, Managing Director of Shree Cement Limited, as the President of CMA and Parth Jindal, Managing Director of JSW Cement Limited, as the Vice President of CMA at its Extraordinary General Meeting (EGM) held on July 14.
Akhoury takes over from K C Jhanwar, Managing Director of UltraTech Cement Limited. Members unanimously endorsed the election of President and Vice President of CMA expressing full confidence in the newly elected leadership team.
CMA is the apex body of large cement plants in India, representing almost 80% of the total installed cement capacity in India.
Swiggy unveils ‘Network Expansion Insights’
has recently introduced a cutting-edge tool called "Network Expansion Insights." This data-driven dashboard is designed to empower partner restaurants with valuable information for making informed decisions regarding their network expansion.
The dashboard provides restaurants with valuable insights derived from Swiggy’s extensive platform data, empowering them to make informed decisions when selecting the ideal location for their next outlet.
Restaurant partners gain access to a user-friendly interface where they can specify their preferred cuisine, price range, and geography of interest. The dashboard generates a comprehensive list of potential expansion locations for partners to expand within a particular city or across multiple cities in the country. These locations are ranked based on their viability and potential for success.
Over 100 Swiggy partners have already used the Network Expansion Insights dashboard, the company said, and have seen a quicker uptick in demand in the first few weeks of launch vis-a-vis their other outlets.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
