Startup news and updates: daily roundup (July 27, 2023)

Funding news

Dil Foods raises $2M in pre-Series A round 

Dil Foods, a Bengaluru-based virtual restaurant operator, has raised a pre-Series A funding round of $2 million led by V3 Ventures and Mount Judi Ventures.

Besides, Revant Bhate (former Rebel and Founder of Mosaic Wellness) and Arjun Vaidya (Founder of Dr. Vaidyas) also participated in the round and will help strengthen the brand’s position in the cloud kitchen sector. 

The cloud kitchen brand aims to partner with independent food businesses, using an asset-light model for delivery to drive efficiency and profitability. Dil Foods will use the funding for its geographical expansion into new cities and invest in data analytics and supply chain optimisation to drive efficiency and enhance operations.

Beyond Snack raises $3.5M from NABVENTURES Fund

Kerala Banana Chips brand Beyond Snack has raised an investment of $3.5 million in a pre-Series A funding round from raised NABVENTURES Fund. The investment aims at expanding the company's distribution network, supply chain capabilities, and R&D.

Beyond Snack has seen rapid growth in Maharashtra, with a strong online presence on platforms like Amazon and Flipkart. The brand plans to expand to 10 states and 25 cities. It has also made strides in global markets, including the US and UAE. Notable investors, including those from Shark Tank India, have recognised its potential, fueling its remarkable expansion.

Other news

CoinSwitch holds higher crypto assets and INR balances than its users

CoinSwitch, a crypto-investing platform has announced the second edition of its proof of reserves (POR). As of 2023, the POR findings confirm that CoinSwitch's total holdings, comprising crypto and fiat, exceed its users' assets. The value of CoinSwitch's total holdings is Rs 1944.8 crore, while the value of users' total holdings is Rs 1431.30 crore. CoinSwitch maintains a holdings ratio of 1:1 or higher, with even higher ratios for USDT, BTC, and ETH, due to its own crypto assets. Additionally, CoinSwitch's cash and cash equivalent balance is 6.79 times the INR balance of its users, largely due to its own INR balance.

Achieved through an independent review and on-chain validation, the review showcases the company's overall holdings of Crypto and INR balances (Indian Rupees) higher than those of customers’ holdings of Crypto and INR balances.

Pocket FM elevates Anurag Sharma to Chief Financial Officer  

Audio Series platform Pocket FM has appointed Anurag Sharma as the Chief Financial Officer (CFO). Sharma who was previously the Vice President - Finance at Pocket FM, has been a key driving force behind the company's financial health, fundraising, operational efficiency and driving strategic partnerships. 

As the new finance leader, he will oversee all financial operations at Pocket FM, guiding the company's financial strategy and execution. Working closely with the executive team, he'll identify growth opportunities, optimize resource allocation, foster strategic partnerships, and drive profitability for global expansion.

Anurag has held senior leadership positions in multinational corporations, start-ups and Big4s. Prior to joining Pocket FM, he was heading finance at Ninjacart. He is both Chartered Accountant and Company Secretary, apart from being a commerce graduate. 

Mihir Kanakia appointed as the head of investments and partnerships at hBits  

hBits, a real estate fractional ownership platform, has appointed Mihir Kanakia as Head of Investments and Partnerships. 

After a 14-year-long career in the banking sector and eight years in the real estate sector, his expertise covers various aspects, including retail banking products and residential real estate, both in India and global markets. 

Mihir brings versatile expertise in sales, marketing, and product distribution, excelling in banking wealth management, credit cards, loans, and real estate luxury homes and plotted developments. His drive to lead new initiatives is valuable for hBits, currently in an exciting phase of accelerated expansion with Rs 200 crore worth of assets under management.

Also Read

10K investors, 500 channel partners: How this proptech startup is disrupting India’s fractional real estate market

iMocha launches AI-powered skills intelligence cloud, enabling transition to skills-first talent management

iMocha, a skills tech platform, has launched its skills intelligence cloud, an AI-powered platform to revolutionise enterprise hiring, talent management, internal mobility, and workforce planning processes.

The platform will provide HR and business leaders with real-time access to skills data across their organisation, which will help them to forecast, predict, and effectively address skills gaps.

The launch of iMocha's skills intelligence cloud comes amid the rising global call for a skills-first approach to talent management. It aims to optimise talent management through data-driven decisions.

Understanding the skills landscape will empower HR to plan effective training and reskilling programmes, increasing employee engagement and retention. With a clear skills inventory, hiring efficiency will improve leading to quicker, high-quality hires.

One Plus’s Jyotirmoy Ghosal Joins NU as CBO  

Consumer durable brand NU has appointed Jyotirmoy Ghosal of OnePlus as its new Chief Business Officer. 

With rich experience at OnePlus and Samsung India, Ghosal's consumer-centric approach and leadership skills are expected to fuel NU products' growth.

Ghosal, as Chief Business Officer, will drive NU's growth, leveraging his expertise to expand distribution and enhance the brand’s accessibility. His focus on channel innovation and customer satisfaction might make him a valuable addition to the leadership team.

Yellow.ai appoints KT Prasad as Chief Revenue Officer - International Region

Yellow.ai, a conversational AI, has appointed KT Prasad as the Chief Revenue Officer - International Region. In this role, he will lead the go-to-market teams across the international region, including India, Asia-Pacific, Europe, the Middle East, and Africa.

KT brings more than 25 years of experience from renowned companies like Zendesk, Stripe, and Hewlett-Packard.

Based in Bengaluru, he will work closely with the executive leadership at Yellow.ai to devise and execute strategies for global expansion. As the Chief Revenue Officer, he will spearhead business growth across all customer segments and collaborate with the marketing department to enhance strategy and elevate the customer experience.

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