Startup news and updates: daily roundup (August 2, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, August 2, 2023.

Startup news and updates: daily roundup (August 2, 2023)

Wednesday August 02, 2023,

6 min Read


Sirona founders invest undisclosed amount in wellness startup Dr Mantra

Sirona Hygiene founders Deep and Mohit Bajaj have invested an undisclosed amount of bridge round funding in ayurvedic wellness startup Dr Mantra. The direct-to-consumer brand said it will use the funds for business growth, aiming to double its operations before pursuing a series A funding round, according to a company statement.

Founded in 2021 by Takki Zain and Shivansh Jain, Dr Mantra was established to tackle various health concerns, with emphasis on addressing kidney stones.

"The unwavering determination of the founders to build a profitable venture truly impressed us. Such companies, where founders are focused on growing the company on customer love and trust, have the potential for immense success. Any team working with the right values is destined for greatness," Deep Bajaj, Co-founder and CEO of femtech firm Sirona, said.

Plant milk brand Oatey raises undisclosed funding from cricketer Ajinkya Rahane

Mumbai-based plant milk brand Oatey has secured an undisclosed amount of funding from cricketer Ajinkya Rahane, who is also the brand ambassador.

The company said it recorded an impressive 30% surge in demand in the last two quarters, ending June 30th, 2023. This growth can be attributed to the rising awareness among consumers regarding the need to switch to sustainable, plant-based milk options for a better future, a company statement added.

Together, we aim to create widespread awareness about healthier living, advocate for the adoption of plant-based food options, and inspire individuals to lead sustainable lives. By promoting sustainable alternatives and encouraging consumers to make conscious, hormone free choices, we envision a greener, kinder, and healthier future that helps mitigate the catastrophic effects of global warming, being accelerated by animal agriculture," Ankush Jamadagni, Co-founder of Oatey, said.

Other news

PolicyBazaar for Business appoints former Oriental Insurance GM Ajit Kumar to advisory board

PolicyBazaar for Business has appointed former General Manager of Oriental Insurance Co. Ltd Ajit Kumar to the business vertical's advisory board.

Kumar has over 37 years of experience in the insurance sector. In his new role, Kumar will work with the existing team to enhance insurance services offered to startups, SMEs and corporates. He will focus on guiding them on critical processes and technical aspects to assess their risks while also providing specialised guidance on the products needed to safeguard against any financial loss, the company said in a statement.

Fintech startup Kiwi partners with Axis Bank for credit on UPI service on RuPay

Mumbai-based fintech startup Kiwi has joined hands with Axis Bank to offer 'credit on UPI' service on RuPay credit cards, claiming to be the first app in India to launch this service.

This partnership enables Kiwi users to seamlessly access the RuPay lifetime free virtual Axis Bank KWIK credit card through the app, it said in a statement.

Users can make merchant payments within the Kiwi app using their credit cards via UPI, eliminating the need for physical cards. With this partnership, customers can enjoy the benefits of credit card rewards, while experiencing the convenience of UPI's fast and secure payment, it added.

Other product features include UPI-enabled free virtual credit card, two edge rewards per Rs. 200 spent, 1% cash back on Scan & Pay Transactions (using CC on UPI) powered by “Kiwi” and 1% fuel surcharge waiver.

Credit debit card

Digital lending platform LoanTap opens new office in Delhi-NCR

Digital lending startup Loan Tap on Wednesday opened a new office in Delhi-NCR following the acquisition of financial services firm Unofin.

The new establishment will further facilitate streamlined operations, personalised services, and efficient support to customers across Delhi, Gurgaon, Noida, and the surrounding areas, it said in a statement.

"The expansion into the North Indian market represents a golden opportunity for us to engage with a diverse range of clients and cater to their unique financial needs," Satyam Kumar, CEO and Co-founder of LoanTap, said.

Space data application firm SatSure invests in Astrogate Labs

Earth Observation (EO) space data application firm SatSure has made an undisclosed strategic investment in Astrogate Labs, a space technology company developing laser communication solutions for small satellites.

The partnership marks a pivotal step in bolstering SatSure's subsidiary, KaleidEO, in the upstream sector, by harnessing the capabilities of Astrogate's laser communications system, Astro-Link, with an impressive satellite-to-ground communications speed of 1 Gbps, it said in a statement.

The collaboration with Astrogate Labs will KaleidEO's upcoming mission, featuring a fleet of four optical microsatellites with a swath of 65 km and near-meter ground resolution. Astrogate's solution in data transfer will enable seamless and high-speed communication between the satellite fleet and the ground station. Astrogate's terminal will be integrated with KaleidEO's optical payload in its upcoming mission to further enhance the efficiency of the mission, it added.

Justdial records 17 Cr users in Q1 FY24; clocks Rs 247 Cr operating revenue

Online local search platform Justdial said it surpassed the 17 crore users mark in the first quarter of FY24. It recorded operating revenue of Rs 247 crore in the same period, a 33% rise compared to last year.

Justdial has more than 5 lakh paid customers and aims to offer increased visibility to customers. With an average annual subscription price of Rs 18,000-20,000, it claims to have reduced its advertising expenses by spending only one-third of its pre-COVID budget, according to a statement.

"The remarkable milestone of over 17 crore users and highest ever revenue of INR 247 crore is a testament of the trust bestowed upon us by our valued users and vendors alike. With a legacy spanning nearly three decades, our journey of continuous evolution and innovation enables Justdial to retain its position as India’s no. 1 local search engine," Shwetank Dixit, Chief Growth Officer of Justdial, said.

Electronics seller Sangeetha Mobiles joins ONDC

Sangeetha Mobiles, a multi-brand retailer of mobile phones and electronics, has joined the Open Network for Digital Commerce (ONDC) as a seller through SellerApp.

With the help of SellerApp, Sangeetha Mobiles’ catalogue including mobiles, laptops, accessories etc. is now discoverable by buyers across India through buyer apps on the ONDC network.

"We are happy to see Sangeetha Mobiles's integration through SellerApp, adding a new range of options for buyers. On the back of the Network's capabilities, Sangeetha Mobiles can expand its customer reach, offer diverse choices, and contribute to creating a robust and inclusive e-commerce ecosystem," T Koshy, MD and CEO of ONDC, said.

This story will be updated with the latest news throughout the day.

Edited by Akanksha Sarma