Startup news and updates: daily roundup (July 24, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, July 24, 2023.

Startup news and updates: daily roundup (July 24, 2023)

Monday July 24, 2023,

6 min Read


ReNew Energy Global appoints new non-executive independent directors

ReNew Energy Global Plc, India's leading renewable energy company, appointed Paula Gold-Williams, Nicoletta Giadrossi, and Philip Graham New as Non-Executive Independent Directors.

The appointments, effective from August 23, 2023, are subject to shareholder approval at the Annual General Meeting and will last until the Annual General Meeting in 2025.

Ram Charan and Michelle Robyn Grew, current Independent Directors, will retire on August 22, 2023, upon the expiration of their terms.

Mindler, HRX partner to offer learning programmes for new-age skills

Mindler said it has partnered with fitness brand HRX to offer students an experiential programme for new-age skills.

The programme covers metaverse marketing, blockchain, NFT and crypto, brand management, social media marketing, and other core skills, delivered through a hybrid learning approach with self-paced modules, live sessions with industry experts, and peer-to-peer group assignments.

During the programme, students work on a marketing plan and an ad campaign in the Metaverse for a product launch to be reviewed by the HRX jury.

According to LinkedIn, job postings mentioning Metaverse and Web 3.0-related skills have increased by over 1,000% in the past year.

CAIT, Meta collaborate to train 10 Million traders on WhatsApp Business App

In a bid to empower small businesses nationwide, the Confederation of All India Traders (CAIT) and Meta are extending their 'WhatsApp Se Vyapaar' initiative to offer digital training to 10 million local traders on the WhatsApp Business App.

With workshops conducted in 11 Indian languages across all 29 states, CAIT will equip businesses with knowledge to digitise their storefronts and build a 'digital dukaan' using app tools like Catalog and Quick Replies.

The partnership will also grant 25,000 traders access to the Meta Small Business Academy, enabling them to gain valuable digital marketing skills through certification.

Whatsapp for businesses
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Flipkart Marketplace rejigs seller-focused policies to bolster MSME growth

Flipkart Marketplace has enhanced its seller-friendly policies, aiming to encourage digital adoption among MSMEs (micro, small, and medium enterprises).

The policies are designed to improve business cost-efficiency, supporting the sustainable growth of MSMEs and demonstrating the platform's commitment to the seller ecosystem, the e-commerce platform said.

The extended capabilities include pricing recommendation, promotions, a rewards platform, fulfillment support, seller support experience guidance.

"The new features under ‘Flipkart EDGE’ aim to provide continuous support to the seller community and foster sustained growth while enhancing the overall ease of doing business," said Rakesh Krishnan, Vice President and Head of Marketplace, Flipkart.

Faad Network launches accelerator for agritech startups

Faad Network, a prominent early-stage fund in India, has launched AgriManch, an accelerator programme focused on nurturing agritech startups.

As part of the programme, startups in the accelerator's cohort will receive a minimum capital infusion of Rs 25 lakh to bolster their operations.

The 12-week cohort programme will support five promising startups in sectors such as agricultural automation, agfintech, agbiotech, aginfratech, precision agtech, and upstream-midstream agtech.

The selected startups will receive funding, mentorship, and help in setting up strategic partnerships.

"Our primary objective is to facilitate the successful launch, sustained growth, and scalable expansion of early-stage startups by providing them with essential resources and fostering valuable collaborations," said Aditya Arora, CEO at Faad Network.


Image Source: Shutterstock

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PhonePe launches income tax payment feature

PhonePe has launched an 'Income Tax Payment' feature on its app to enable individuals and businesses to conveniently pay self-assessment and advance tax directly from the app.

PhonePe has partnered with PayMate, a B2B payments service provider, to offer this feature.

Users can choose to pay their taxes using their credit card or UPI.

"Paying taxes can often be a complex and time-consuming task, and PhonePe is now offering its users a hassle-free and secure way to fulfil their tax obligations," said Niharika Saigal, the head of bill payments and recharge business at PhonePe, in a press release.

PayNearby to offer healthcare services in rural areas

PayNearby has launched a Health Correspondents Programme to provide affordable healthcare to India's vulnerable and last-mile population through its retail network, including kirana stores, mobile recharge stores, medical shops, customer service points, and travel agents.

The programme utilises healthcare correspondents as intermediaries to connect healthcare providers with rural communities. The healthcare correspondents will also promote healthcare-related products and services, including health cards for discounts on medicines, medical tests, telemedicine consultation, and tailored healthcare insurance schemes.

PayNearby plans to recruit healthcare correspondents across the country, leverage existing infrastructure such as gram panchayats. It also aims to convert at least one lakh of its active retailers into healthcare correspondents by FY23-24.

Vi to offer access to over 10,000 international jobs

Telecom operator Vi will offer exclusive access to over 10,000 international job opportunities for its customers on the Vi Jobs & Education platform in partnership with Apna, a job search platform.

Vi users will be able to apply for lucrative international job openings in the field of manufacturing, sales, business development, customer support, and logistics, across countries such as the United Arab Emirates, Japan, Malaysia, Russia, Germany, South Africa, Australia, Canada, and the United Kingdom.

Candidates applying for these opportunities will be required to have a graduate degree, ITI certification, or a specialised diploma, the company said in a press release.

The job postings will be available for all VI customers at no cost.

Social Media

Tring revenue grows to Rs 28 Cr

Celebrity platform Tring's revenue has grown from Rs 4 crore to Rs 28 crore in the past two years. Its losses have reduced from 63% to 27% as a percentage of gross revenue.

The company, which connects fans with their favourite celebrities, saw its orders grow 30X in the past two years, delivering around two lakh-plus orders in FY23. Its focus on positive unit economics improved its gross margins to 37% in FY23, said the company.

Tring said it aims to invest in growth opportunities in Tier II and III markets.


Mumbai Angels invests in Redbasil

Mumbai Angels, a prominent private investment platform, has made an investment in Redbasil, an asset-light B2B marketplace catering to restaurants.

Redbasil plans to use the capital to expand its B2B sales team and ground operations. The startup will also channel funds to advanced analytics and the development of a web-based platform, complementing its existing mobile apps.

The funding round was led by South Asia Tech Partners.

Redbasil's previous funding round took place in April last year. The company has grown 4X in the past 14 months, it said.

Redbasil offers a curated catalogue of more than 10,000 ingredients and high-quality food suppliers, thoroughly vetted by renowned chefs and kitchens. Its monthly GMV currently is over Rs 2.5 crore.

(The copy will be updated with the latest news throughout the day)

Edited by Swetha Kannan