Startup news and updates: daily roundup (July 26, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, July 26, 2023.
Funding news
Mumbai Angels invests in Grano69 Beverages
Mumbai Angels has expanded its portfolio through its latest investment in Grano69 Beverages, a brewery startup that manufactures a mass premium, affordable beer under the flagship brand name, Proost.
Grano69 Beverages got Rs 8.5 crore in funding, where Hyderabad Angels, Finnvolve, Speed Fund, AngelList India, and Friends and Family, besides Grano69 Beverages’ existing investors Dauble PTE and Dev Punj, also participated.
It will leverage the freshly infused capital to expand its geographical footprint and increase its production capacity.
Climate-tech company Newtral.io raises Rs 6.4M led by PedalStart
Newtral.io, a climate-tech company that develops enterprise sustainability software announce the successful completion of a Rs 6.4 million funding round led by , a Gurugram-based startup accelerator focused on supporting early-stage startups.
The fund infusion will fuel Newtral.io's growth and accelerate the development of its cutting-edge product portfolio focused on carbon accounting and sustainability reporting needs.
Other news
Pop icon Zaeden enters D2C; launches bespoke fragrance brand SOL
Indian pop icon Zaeden launched his bespoke fragrance brand SOL–a unisex perfume line born from the Stories of Life. It is a collaboration between Zaeden, Aesir Perfumes LLP, and talent management firm REPRESENT.
The unisex fragrance brand launched two fragrances–Mystic Voice and Sweet Sea.
Supported by Aesir Perfume’s legacy experience to build top-quality products, the brand makes use of the best and safest chemicals.
Fidelity International opens new office in Bengaluru
, an investment and retirement savings business, said it is expanding its presence in India by opening an office in Bengaluru.
The Bengaluru office will complement its current Gurugram and Mumbai offices to bolster Fidelity International’s strategic presence in the country.
Situated in Manyata Embassy Business Park, the new Fidelity International office has started hiring for the office and will thoughtfully build its local presence over the next year and a half for skills and capabilities across business functions.
It has started welcoming new hires in Bengaluru this July and will also appoint a Bengaluru office head soon, likely to be an internal hire.
Prozo expands pan India coverage with three new warehouses in Bengaluru, Ludhiana
Supply chain company launched three new state-of-the-art warehouses located in Bidadi and Makali in Bengaluru and Ferozpur Road in Ludhiana. These strategically positioned facilities are designed to further optimise and enrich the user experience through their advanced operational capabilities.
The Bidadi warehouse, designed as a built-to-suite (BTS) structure, spans over 45,000 sqft. Makali's facility covers an area of 29,750 sqft., with a clear height of 25 ft and a running dock. The Ludhiana warehouse, designed specifically for storing electronics and FMED, is spread across a more compact area of 3,700 sqft.
The company currently oversees supply chains for over 100 enterprises, including some of India's leading ecommerce players. Prozo's fulfilment network extends to over 30 omnichannel fulfilment centres spread across 12 locations in India, covering a total area of 1.5 million sqft.
Razorpay launches India's first money-saver export account, saves exporters 50% in bank transfers
launched its MoneySaver Export Account to enable Indian exporters to now open a smart account in any country of their choice and receive payments locally via bank transfers on the Razorpay platform.
It claims the product is India’s first smart account to offer 50% savings on international bank transfers for exporters and helps save them from high transfer costs, chargebacks, and payment failures.
India’s annual exports account for $750 billion. Even if 10% of the overall payments happen via bank transfers, the SWIFT charges alone can accumulate to a staggering $5 billion, the company said.
SEBI grants online bond platform provider (OBPP) license to Wint Wealth
has received the online bonds platform provider (OBPP) license from the Securities and Exchange Board of India (SEBI). The license enables the Bengaluru-based company to continue facilitating investments in corporate bonds for retail investors.
In November 2022, SEBI stipulated that online bond platforms selling listed debt securities must acquire a certificate of registration as a stockbroker in the wholesale debt segment under the SEBI (Stockbrokers) Regulations to function as an OBPP. The regulation aims to deepen the secondary debt market by standardising the processes and strengthening the trust of retail investors.
Wint Wealth has empowered close to 50,000 investors, facilitating cumulative investments in corporate bonds worth over Rs 1,000 crore. The company is backed by prominent equity investors, including Eight Roads Ventures, 3one4 Capital, Arkam Ventures, and Blume Ventures, and industry leaders such as Nitin Kamath (Co-founder, Zerodha and Rainmatter Foundation), Kunal Shah (Founder, CRED), Lalit Keshre (Co-founder and CEO, Groww), among others.
Pantomath Financial Services Group acquires 75% stake in fundgini.com
Pantomath Financial Services Group announced a strategic acquisition of a global marketplace for deal-making, fundgini.com. This marketplace is frequented by investors, fund seekers, investment bankers, and influencers for funding and mergers and acquisitions.
Since its inception, fundgini.com has emerged as a marketplace for dealmakers around the world. Over 50,000 experts across the globe interact on this platform for various deals, including debt financing, equity funding, and mergers and acquisitions. Currently, more than 700 deals feature on this platform.
It has a presence in investment banking, fund management, and M&A, and the group recently expanded into wealth management, fintech, stock broking, and distribution by acquiring a significant stake in Asit C Mehta Financial Services Limited, a 40-year legacy created by Deena Mehta and Asit C Mehta.
Hitachi Payment Services to acquire Writer Corporation's cash management business
, a payment solutions provider, will acquire the cash management business of Writer Corporation, a multi-business enterprise.
The acquisition will transform Hitachi Payments’ market standing by integrating the cash management business into its overall service offerings, positioning it as a one-stop payments and commerce solutions provider.
In the cash management industry, Writer Safeguard, the cash management business of Writer Corporation, has been providing comprehensive cash services, including ATM cash replenishment and retail cash pick-up services to corporate clients in India since 2001.
Writer Safeguard has a network of close to 40,000 touchpoints, including ATMs and retail spanning 25 states across 1,500 locations serviced by a workforce of over 10,000 people.
Simplilearn witnesses a 123% rise in AI/ML programme enrollments
, an online boot camp offering digital skills training, has reported a substantial increase in demand for its AI/ML programmes across its most successful markets, including India, the US, the Middle East, and Europe. Learner data from the company's platform reveals a remarkable 123% surge in demand for AI/ML programmes.
The dynamic shift in the technology job market has contributed to this trend, with working professionals displaying immense interest in Simplilearn's AI/ML programmes. Notably, the US market has seen demand rise by about 87%, while India has experienced an astounding 200% increase. The Middle East and Europe have witnessed an outstanding 300% surge in demand for these programmes.
FarMart opens its technology to all food businesses: launches Saudabook
, a food supply network, launched its tech platform, Saudabook, and said it is opening its own ERP (FarMartOS) to all food processors and manufacturers in India.
Saudabook is India’s first and only technology solution that caters specifically to the food processing and manufacturing sector.
With over three million food processing businesses, many of which are multi-generational family-owned enterprises, this sector contributes significantly to a $500 billion market. Despite the industry's growth driven by rising domestic consumption and expanding export opportunities, there has been limited tech adoption and automation.
Simpl introduces pay after delivery
announced the introduction of its innovative checkout offering, Simpl Pay After Delivery (SPAD), to enhance trust and convenience among customers.
With this capability, consumers can choose Simpl Pay After Delivery at the time of checkout, which triggers payment only upon successful delivery of the shipment. It helps assuage consumers’ concerns of money getting blocked on account of an unsuccessful delivery, thereby helping them build trust in merchants and enhance user experience.
Simpl, over the last several years, has developed and strengthened its state-of-the-art AI-powered technology platform, which powers consumers’ checkout journey seamlessly and helps merchants improve their conversions while reducing returns and CoD.
LetsVenture and Impact Investors Council launch online course on impact investing
LetsVenture, a tech platform for startup investment, has partnered with Impact Investors Council to produce and launch the latest course on impact investing titled Unlock Social & Financial Returns: Impact Investing for Angel Investors.
Launching the course virtually, Neha Bhatnagar, Senior Advisor, Partnerships and Alliances at IIC, said, “India is undoubtedly considered the impact investing destination for international investors today. But now, the need of the hour is to bring in domestic investors and to enable angel investors, HNIs, and family offices to actively engage in the impact investing ecosystem of the country.”
As part of the partnership, Impact Investors Council and LetsVenture will continue to work together to boost awareness and investment in the impact sector.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
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