Startup news and updates: daily roundup (July 20, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, July 20, 2023.
Funding
Peak XV Partners's Surge leads $3.3M seed round in cloud platform PingSafe
has raised $3.3 million in a seed funding round led by Peak XV Partners's Surge and angel investors, including Rahul Chari (Co-founder and CTO, ), Neeraj Arora (ex-CBO, WhatsApp), Saurya Prakash (Co-founder, ), Vivek Ramachandran (Founder, ), Gaurav Agarwal (Co-founder & CTO, Tata ), and Tanglin Ventures.
Founded in 2021 by Anand Prakash and Nishant Mittal, PingSafe is a cloud security platform that detects and prevents vulnerabilities in organisational technology.
In 2022, PingSafe grew over 10 times and quadrupled its customer base, which includes top brands like Flipkart, Ujjivan Bank, and Near Intelligence, the company said in a statement.
The funding will be used to accelerate business development across India, Southeast Asia and the United States.
VR learning platform Metabook XR raises undisclosed seed funding
Metabook XR, a virtual reality learning platform for the K12 segment, has raised an undisclosed amount of seed funding from We Founder Circle's EvolveX Accelerator. The funds will primarily be allocated for product development, sales expansion, and marketing initiatives.
Founded in 2019 by Ashish Singh and Sanjeev Singh, Metabook XR offers education services using augmented and virtual reality.
"EvolveX, along with the support of other angels, not only provided capital but also brought invaluable business wisdom and a much-needed network," said Ashish Singh, Co-founder of Metabook XR.
Hyperlocal startup Dusminute raises Rs 11.5 Cr from Inflection Point Ventures
Hyperlocal grocery delivery startup has secured Rs 11.5 crore in a bridge round from Inflection Point Ventures. The round also saw participation from existing investors and angel investors.
The funds will be used to fuel expansion plans in Bengaluru, the company said in a statement.
Dusminute aims to provide a convenient and timely solution for daily essentials and groceries, specifically tailored to the needs of the elite and affluent gated communities. It plans to expand its operations to the top 7-8 cities in India to meet the growing demand for convenient grocery solutions within apartment complexes.
"This investment will help us to scale up in Bangalore and turn operationally profitable within the coming months. We want to capture a key market like Bangalore, build a profitable business and then enter newer markets in India," said Apoorva Mishra, CEO, Dusminute.
Mom and baby care brand SuperBottoms raises funding from actor Alia Bhatt
Actor Alia Bhatt has invested an undisclosed amount of funding in mom and baby care brand . Bhatt will also be the brand ambassador.
Founded in 2018 by Pallavi Utagi, SuperBottoms is an online-first sustainable brand of reusable cloth diapers and baby products.
"We could not have imagined a better Brand Ambassador for SuperBottoms than Alia–who not only shares our vision and values but also personally trusts the brand for her baby," said Pallavi Utagi, Founder and CEO of SuperBottoms.
Gushwork.ai raises $2.1M pre-see funding from Lightspeed
Global AI platform Gushwork.ai has secured $2.1 million in pre-seed funding from Lightspeed with participation from B Capital, Sparrow Capital, Seaborne Capital, and Beenext.
In the next few months, Gushwork.ai plans to build features that will help businesses create and document complex processes within its platform. These documented workflows will be used as large training datasets to automate complex workflows end to end as the GPT models get better at handling tasks. In addition to the investment in building new features, Gushwork.ai also plans to invest this capital in content-led organic marketing and personal branding channels to accelerate its growth while building a global network of remote AI specialists.
"We believe that to truly embed AI in day-to-day business operations and solve the lack of trust in AI applications, we need to build a robust human-in-the-loop offering with a high trust factor," Adithya Venkatesh, Co-founder and CPO of Gushwork.ai said.
Other news
SaveIn expands to hearing aid market with two new partnerships
Healthcare-fintech platform has partnered with Aura Hearing and Centre for Hearing to enter into the hearing aid market.
By expanding into the hearing aid market, SaveIn aims to make private healthcare affordable, offering individuals a viable platform to manage and improve their personal health and wellness, it said in a statement. By partnering with SaveIN, these chains aim to reach a broader audience and make hearing aids more accessible to those in need.
As part of SaveIN's expansion plans, the platform aims to increase its network of healthcare practices to 15,000 partners by the end of the current financial year. SaveIn also intends to add more categories and launch need-based technology solutions at the intersection of healthcare and finance, further empowering its partners and consumers alike.
“The high cost of hearing aids, which can range from Rs. 25,000 to over Rs 3 lakhs depending on factors such as the extent of hearing loss, age, and device type, makes them inaccessible for many individuals and their families. Additionally, health insurance plans do not cover the cost of hearing aids, leaving people to fend for themselves.” said, Jitin Bhasin, Founder and CEO of SaveIn.
IT firm 3i Infotech appoints Ranjit Balakrishnan as Global Chief Sales Officer
Bengaluru-based IT company has appointed Ranjit Balakrishnan as Global Chief Sales Officer to lead the sales operations. He will be focusing on the implementation of 3i Infotech's innovative digital solutions encompassing Cloud, Digital IMS, Edge Computing, AAA to Future Tech, the company said.
Under Balakrishnan's leadership, 3i Infotech will focus on expanding operations globally to North America, Europe (including the UK), APAC, and MEA markets and strengthening its presence in India.
"We are witnessing significant growth this year and I look forward to continuing to build on this momentum by expanding to other geographies and focusing on manufacturing, retail, and other sectors apart from BFSI. We have invested in startups that look at new business models aiming to be future-ready and plan to monetise and build on strategic investments made by 3i Infotech in the business narrative of cloud-first, digital inside cognitive-powered, and edge-ready solutions," Balakrishnan said.
Godrej Capital launches unsecured business loans for MSMEs in 31 markets
Godrej Capital, the financial services arm of Godrej Group, has launched its unsecured business loans for MSMEs. It offers flexible repayment options, a digitised process, quick disbursal, up to 60 months of tenure, and a reward program for timely repayments.
Godrej Capital aims to provide accessible financing options that address their unique needs of cash flow management by offering innovative and flexible repayment options, it said in a statement.
Godrej Capital will be offering business loans in 31 markets including Mumbai, Bengaluru, Delhi-NCR, Pune, Ahmedabad, Surat, and Indore.
"We have expanded our geographic presence and now offer business loans in 31 key markets. We are committed to becoming a lender of choice for MSMEs by developing innovative, flexible products that complement the cashflows of a business owner," Manish Shah, Chief Executive Officer of Godrej Capital, said.
Shiprocket joins hands with Sayl.ai to enhance commerce on WhatsApp
Logistics firm has partnered with Sayl.ai to enhance WhatsApp commerce for ecommerce brands. The collaboration brings together Shiprocket's AI/ML-based product, Shiprocket and Sayl.ai's proprietary AI capabilities to empower brands with enhanced conversational commerce, enabling natural language-driven customer acquisition, sales, and support on WhatsApp.
"Through this collaboration, we aim to enhance the way ecommerce brands interact with customers," said Saahil Goel, Co-founder and CEO of Shiprocket.
Edited by Swetha Kannan
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