Startup news and updates: daily roundup (July 25, 2023)

Funding news

EVINDIA raises undisclosed amount in a pre-seed round from EvolveX Accelerator

EVINDIA, a social commerce platform for EV two-wheeler buyers, has raised an undisclosed amount in a pre-seed round from EvolveX Accelerator, a startup accelerator by We Founder Circle (WFC),

EVINDIA emerged as a prominent startup from EvolveX’s Cohort 2 launched in September 2022.

The Ahmedabad-based company is currently collaborating with renowned brands and their dealers, including OLA Electric, Tork Motors, HOP Electric, and TVS. As the startup enters its next phase of development, it is actively seeking funding in its current bridge round with a target of raising Rs 1.25 crore.

It will allocate the funds towards product development, business expansion, supporting the community, and building a creator economy.

Kandle raises $1.7M in seed funding led by Saama

Kandle, a crypto fantasy GameFi project from Singapore, has raised a $1.7 million seed round led by Saama. The funding will be used to develop the platform further and expand its user base.

The seed funding round was led by Saama, with participation from PointOne Capital, Cloud Capital, Good Capital, Founder’s Room, Seeders Fund, and Sumit Gupta (CEO-CoinDCX), among other individual investors in the gaming and financial services industry.

Pixxel wins iDEX Prime (Space) grant to develop Miniaturized Multi-Payload Satellites

Pixxel, a hyperspectral earth-imaging technology company, has won a multi-crore grant from iDEX (Innovations for Defence Excellence under the Ministry of Defence) for the Mission DefSpace Challenge under iDEX Prime (Space), to manufacture miniaturised multi-payload satellites for the Indian Air Force.

Received as a part of the SPARK grants by iDEX, this grant will equip Pixxel to develop small satellites of up to 150 kgs for Electro-Optical, Infrared, Synthetic Aperture Radar and Hyper Spectral purposes.

Pixxel has solidified its position in the space tech sector, building and launching high resolution commercial hyperspectral imaging satellites.

"We are delighted to receive iDEX’s grant and utilise our expertise of building microsatellites in-house to manufacture satellites externally for the first time. We are excited to embark on this next phase of collaboration with the Indian government," said Awais Ahmed, CEO, Pixxel.

Other news

Cult.Sport partners with GoKwik to expand to more towns and cities

Cult.Sport, a sports-first D2C brand, has teamed up with ecommerce enabler GoKwik to expand cash-on-delivery (COD) serviceability across core Indian towns and cities.

Cult.Sport's product range includes sporting goods, activewear, sports shoes, fitness equipment, and more. To enhance the customer experience and accommodate the preferences of the Indian market, Cult.Sport is providing expansive COD serviceability.

About 44% of Cult.Sport’s orders come from Tier III, 25% from Tier II, and 31% from Tier I cities. The partnership with GoKwik aims to further strengthen its presence in remote towns and cities of India where COD continues to be a preferred mode of payment, while also addressing Return to Origin (non-deliverability of order) issues.

Vegh Automobiles appoints Vivek Tomar as Chief Operating Officer

Electric vehicle (EV) startup Vegh Automobiles has appointed Vivek Tomar as its new Chief Operating Officer (COO). With an experienced background in the EV industry, Vivek brings valuable expertise and strategic vision to Vegh.

Previously, Tomar held leadership positions at prominent organisations within the EV space. His most recent role was as Chief Business Officer at HOP Electric, a leading two-wheeler electric vehicle company.

In his new role at Vegh Automobiles, Tomar will be at the helm of steering the company's growth trajectory across India. He will play a critical role in designing and executing Vegh's go-to-market strategy, channel partner development, fostering robust customer relationships, and optimising business processes to cater to the evolving demands of the market.

"I am delighted to be part of Vegh Automobiles' incredible journey in the EV industry. The company's commitment to innovation, sustainability, and customer-centric solutions align perfectly with my own values, and I look forward to collaborating closely with its talented team to drive growth, elevate customer experiences, and catalyse positive change within the automotive industry," he said.

Godawari Electric Motors launches financing options with IDBI Bank

Godawari Electric Motors, manufacturer of the Eblu range of products, has announced that it has collaborated with IDBI Bank to avail exclusive financing options for customers PAN-India.

The partnership avails access to loans with a maximum tenure of three years, at an 11% rate of interest, and a processing fee of 1%. The maximum LTV offered under this financing option is 80%.

(This article will be updated with the latest news throughout the day.)