Startup news and updates: daily roundup (July 10, 2023)

LegalPay launches ImageMatch for copyright protection

Fintech startup LegalPay has launched ImageMatch, an AI-powered tool, designed to safeguard the copyrights of professional photographers and artists by monitoring their visual content online. Using reverse image search technology, ImageMatch can locate stolen images across the internet.

Unlike platforms like Google, ImageMatch eliminates the need for manual searches. Professionals can import their images, and the system will automatically perform reverse image searches on all websites and platforms, identifying any morphed or manipulated images circulating online.

Kundan Shahi, Founder and CEO, LegalPay, said, ImageMatch diligently scans the internet for instances of the user's images and securely stores the results. As long as the account remains active, professionals can continuously access the stored information without interruption.

IoTechWorld to supply 500 agri-drones to IFFCO

Gurugram-based agri-drone manufacturer, IoTechWorld Avigation, has received a contract from IFFCO (Indian Farmers Fertilizer Cooperative Limited) to supply 500 drones. These drones will primarily be used for spraying nano-liquid urea and DAP (Diammonium Phosphate).

IFFCO aims to promote the use of nano fertilisers nationwide and plans to acquire 2,500 agri-drones while training 5,000 rural entrepreneurs for drone spraying. The order of 500 drones is scheduled for delivery by December 2023. Deepak Bhardwaj, Co-founder of IoTechWorld, said these krishi-drones save time and money while enhancing farm productivity.

IoTechWorld, supported by agritech company Dhanuka Agritech Ltd, aims to sell more than 3,000 drones in the current fiscal year. It also plans to export drones to South East Asia, Latin America, Europe, Australia, New Zealand, Brazil, Oman, Bangladesh, Vietnam, Philippines, Nepal, and Africa.

Shemaroo Entertainment appoints Saurabh Srivastava as COO - Digital Business

Shemaroo Entertainment Limited has appointed Saurabh Srivastava as the Chief Operating Officer-Digital Business. Srivastava, an MBA from XLRI Jamshedpur and a Chemical engineering degree holder from IIT Delhi, will be responsible for driving digital growth, revenue strategy, and operational excellence in the evolving digital ecosystem.

With previous key positions in Disney Star India, Marico, and Coca Cola India, he brings a wealth of experience. In his last role at Disney Star India, he served as the Head of Product and Revenue Strategy for the Hindi Entertainment Network. He had co-founded Studio Samsara in Malaysia, establishing an omnichannel model and implementing a strong digital marketing strategy.

Arghya Chakravarty, COO, Shemaroo, said, Srivastava's experience at Disney Star and Marico will play a crucial role in fuelling growth across Shemaroo's digital video, music, and OTT businesses within the rapidly changing digital landscape.

NimbusPost, Recur Club partner to offer financing options to ecommerce sellers

Nimbuspost, a logistics aggregator software platform, has partnered with fintech startup Recur Club to offer financing options to over 80,000 ecommerce sellers and D2C brands registered on its platform. 

According to a statement released by the company, eligible ecommerce sellers on the NimbusPost platform will have access to flexible and affordable growth capital of up to Rs 20 crore, which can be used to boost their revenues and foster their expansion. 

Yash Jain, Founder, NimbusPost, said that this collaboration will provide sellers with a reliable finance solution, enabling them to seize excellent growth opportunities without the need to dilute equity. Since its establishment in 2018, NimbusPost has provided logistics services to many brands, including Borges, Baidyanath, Beyond Snack, Shopclues, Suta, Ajanta Shoes, and Khadi Global.

Navi Finserv to raise Rs 500 Cr via public issue of NCD 

Navi Finserv, a lending business of Navi Technologies, plans to raise up to Rs 500 crore through a public issue of Non-Convertible Debentures (NCD). The issue opens on July 10, 2023, and closes on July 21, 2023. The issue is rated A Stable by CRISIL and India Ratings, with JM Financials as the lead manager. 

NCDs will be offered in five series with different tenures and yields. Coupon payments will be made monthly or annually depending on the series. Allocations for investors include 20% for Qualified Institutional Buyers, 20% for corporates, and 30% each for High Net-Worth Individuals and retail individuals. 

Navi Group, co-founded by Sachin Bansal and Ankit Agarwal, focuses on building customer-centric financial products and operates in lending, insurance, and asset management services.

MITRA launches Alwar Oil Plant, aims to raise $2M

Ahead of its Pre-Series A investment round in August, D2C brand MITRA has launched its Alwar Oil Plant. The plant, equipped with the latest automated machinery, complies with AGMARK Grade 1 standards, the company said.

The plant stands out from existing facilities due to its focus on technology, production methods, and quality control. Operating with imported German technology, the plant aims to ensure the highest levels of refinement through its eight-level filtered machinery, the company said.

MITRA also announced that it has achieved an exponential growth of 3200% in the last five months. Backed by investors such as Bestvantage, Soonicorn, and ah! Ventures, the company aims to raise $2 million in the upcoming investment round.

Startup Odisha completes first cohort of pre-incubation programme

Startup Odisha, an initiative of the MSME (micro, small, and medium enterprises) Department of the Government of Odisha, has successfully completed the first cohort of its pre-incubation programme. 

With 62 aspiring entrepreneurs, the programme witnessed a successful graduation of 23 participants who completed the curriculum. Among them, nine individuals showcased their innovative ideas and three startups are selected to receive comprehensive support from the initiative to advance further.

The pre-incubation programme, initiated by Startup Odisha, aimed to empower and equip emerging entrepreneurs with the necessary skills, knowledge, and resources to transform their ideas into successful ventures.

IIT Madras launches first overseas campus

IIT Madras has become the first IIT in India to establish a campus abroad located on Zanzibar Island, Tanzania, off the African mainland. It will initially have faculty deputed from IIT Madras or recruited from India.

It will offer two full-time academic programmes: a four-year Bachelor of Science in Data Science and Artificial Intelligence and a two-year Master of Technology in Data Science and Artificial Intelligence.

The campus aims to enroll a total of 70 students. Applications for the 2023 batch are currently open, and the first academic year (2023-24) is scheduled to commence in October 2023. Efforts are underway to establish scholarships in collaboration with various stakeholders to support deserving students in covering tuition costs.

Square Yards' PropVR partners with Unreal Engine

Square Yards' AI-based 3D visualization platform, PropVR, has partnered with Unreal Engine, the advanced real-time 3D tool developed by Epic Games, to create digital twin and interactive 3D solutions for the real estate sector. 

Leveraging Unreal Engine’s capabilities, PropVR is developing high-fidelity 3D environments that will redefine how consumers engage and transact in real estate, bringing disruption to the industry ecosystem, the company said in a statement.

In collaboration with Unreal Engine, PropVR is co-creating city digital twins, immersive architectural visualizations, and other technological products for interior décor. To showcase these cutting-edge advancements in 3D visualization and digital twins, they will be organising roadshows and events. The first event is scheduled to be held in Bengaluru on August 9, 2023.

Shopsy app hits 200 million downloads

Shopsy, Flipkart's ecommerce platform, announced that its app has surpassed 200 million downloads. 60% of its customers originate from Tier III cities. The company attributes this success to a diverse product selection, competitive pricing, trust in the Flipkart brand, and user-friendly features like voice and image search, vernacular interface, and AI-driven chatbots.

Shopsy was introduced in July 2021 and presently offers 160 million products across 800+ categories, catering to customers in India. It facilitates deliveries to 19,000 pin codes throughout the country while maintaining affordable pricing. Shopsy aims to bring access, value, and affordable selection to every corner of India.

Hyderabad's RICH announces 4th cohort for AID

Research and Innovation Circle of Hyderabad (RICH) unveiled the 4th cohort of its AID programme, which supports life sciences innovators in overcoming market entry challenges. 

It has chosen nine startups from a pool of over 120 applicants, including Miraqules, Velectron Labs, Diagopreutic Pvt. Ltd., Wissenkraft Labs, Nirvesh Enterprises, ReproSci, Robo Bionics, Hi Rapid Labs, and Femacare. 

These startups will receive personalised shadow mentors, domain-specific mentors tailored to their needs, and comprehensive workshops covering various aspects of product development.

Launched in 2021, AID tackles issues like limited access to equipment and prototyping facilities, difficulties in obtaining clinical samples for testing, lack of testing and validation facilities, inadequate clinical inputs during product development, and so on.

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