Startup news and updates: daily roundup (July 7, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, July 7, 2023.
Gruhas and Collective Artists Network partner to invest in India's young entrepreneurs in the consumer space
Nikhil Kamath and Abhijeet Pai, Founders of Gruhas, and the Collective Artists Network, led by Founder and Group CEO Vijay Subramaniam, have partnered to invest in supporting and empowering young entrepreneurs and startups in the consumer sector through a fund.
By leveraging their combined resources and networks, the partnership aims to provide aspiring young leaders with a unique springboard to launch their innovative ideas enabling the growth of India's consumer economy and fostering innovation and financial enablement.
GITAM receives Rs 3.65 cr from DST to set up sci-tech hubs in Andhra Pradesh
To uplift the socio-economic conditions of the local Scheduled Tribe (ST) population in select villages of Andhra Pradesh, GITAM (Deemed to be University) is establishing four Science Technology and Innovation Hubs (GITAM STI Hubs).
Funded by the Ministry of Science and Technology and executed under the purview of the Department of Science and Technology (DST), these STI hubs will be the first of a kind in Paderu and Araku Valley Mandals.
GITAM STI Hub, in collaboration with various organisations, is granted Rs 3.65 crore for the three-year project. The project will focus on skill development through the formation of two FPOs (farmer-producer organisations) and 20 SHGs (self-help groups) reaching out to 1,000 beneficiaries.
It will establish business units to initiate economic enterprises such as oil mills, honey processing, cold storage, and vegetable processing. Based in Paderu, the hub will operate in a hub and spoke model with 12 villages acting as spokes.
The project aims to create value chains and social enterprises, improving the physical and human capital and health and nutritional status of tribal populations through science and technology interventions.
Wardwizard Innovations, Mobility shipped 2,529 units of electric two-wheelers in June
Innovations and Mobility Ltd., a manufacturer of electric vehicles (EVs) under the brand name "Joy e-bike’, has clocked a growth of 19% in June 2023.
The company sold 2,529 units of low-speed and high-speed electric two-wheelers in June 2023 as compared to 2,125 units in June last year.
The company further observed a monthly growth of 475% as compared to May 2023, when the company had sold 532 units of electric two-wheelers.
Roche and ZS join hands to set up a dedicated centre in Chennai
Revenue exchangehas launched the "Regreen Fund" with an initial commitment of $10 million to offer support to environmentally conscious startups in India, driving positive change through innovative products and services.
The fund will provide startups with growth capital without equity dilution, enabling them to scale operations, accelerate product development, and expand market reach. By investing in startups that are working towards finding solutions for environmental challenges, Recur Club seeks to foster an ecosystem of green businesses that prioritise sustainability while driving economic progress.
Recur Club has backed companies like Battery Smart, Prespl, WeVois, Clairco, and more, operating in a wide range of sectors within sustainable development.
Rooter collaborates with Jio to bring live game streaming and esports action to your TV
JioStore ecosystem., a game streaming and esports content platform, has joined hands with the Jio Set-Top Box (JioSTB) to become the first app in its category to feature on the
This collaboration will also give Rooter the opportunity to engage with 8 million JioFiber subscribers across the country, who can also access millions of hours of curated, high-quality gaming and esports content for feee on their TV screens.
Rooter's latest integration with the Jio Set-Top Box expands its reach beyond Android, iOS, and web platforms. With JioSTB capturing 50% of India's home broadband market and offering diverse content categories, Rooter is eyeing an opportunity to become a leading app in its category.
Rooter, which has more than a million creators, can be accessed by Jio Set-Top Box subscribers directly from the JioStore.
Flipkart partners with Axis Bank to facilitate personal loans for customers
Ecommerce marketplacehas partnered with Axis Bank, one of the largest private sector banks, to offer personal loans to its customers.
Flipkart is offering competitive loan options of up to Rs 5 lakhs with flexible repayment cycles ranging from 6 to 36 months. The personal loan facility aims to empower customers, enhance purchasing power, and improve accessibility and affordability.
Customers need to provide basic details such as PAN (Permanent Account Number), date of birth, and work details to avail the loans. After Axis Bank approves the loan limit, customers can select their preferred loan amount and repayment method. They can expect the loan approval to take place in just 30 seconds.
Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.
Edited by Megha Reddy