Startup news and updates: daily roundup (Aug 22, 2023)

Funding news

Wootz.work raises $3.5M led by Matrix Partners India and Nexus Venture Partners

Wootz.work has secured about $3.5 million in a seed funding round led by prominent investors Matrix Partners India and Nexus Venture Partners. 

The round also saw participation from AdvantEdge and Mars Shot Ventures (Razorpay Founders' Fund) and 30 angel investors, including Ramakant Sharma (Livspace), Sanjiv Rangrass (former IT Director at ITC), Vikrampati Singhania (JK Group), and the founders of Zetwerk.

The company will use the funds to assemble its initial team, advance technological capabilities, and fortify its market presence in the US and the UK.

Established in March 2023 by Karan Anand and Himanshu Uniyal, Wootz.work emerged from a necessity for a swift, frictionless, and dependable global procurement avenue. 

Anand, Co-founder and CEO, said, "We are convinced that the conditions have never been better for India and Southeast Asia to emerge as a global manufacturing hub for light engineering products. However, tapping this opportunity for SMEs is not as straightforward given their scale, differing engineering standards, regulatory environments, market distances, and the imperative of robust after-sales service. Our goal at Wootz.work is to address this need and build at scale to become a trusted, enduring procurement channel for our global customers."

Other news

India's UAM infrastructure market to reach $6.2M by 2033: BIS Research Report

The India Urban Air Mobility (UAM) infrastructure market is anticipated to achieve a valuation of $6.2 million by 2033, growing at a compound annual growth rate (CAGR) of 22.38%, BIS Research said in a report.

UAM envisions the seamless integration of aerial transportation services into urban transit systems, offering efficient and rapid mobility solutions.

The report forecasts a consistent growth trajectory for the Indian UAM Infrastructure Market, especially in the passenger and cargo gate-to-gate operations, spanning from 2023 to 2033.

The report anticipates a CAGR of 26.83% ($3.1 million) for passenger gate-to-gate operations, 18.55% ($2.5 million) for cargo gate-to-gate operations, and 29.81% ($0.6 million) for hybrid passenger and cargo gate-to-gate operations by 2033.

Although the UAM market in India is in its early stages, it holds substantial potential for expansion. The report also delves deeply into the physical infrastructure sector of UAM. 

23% annual jump in staffing requirements ahead of festive season: Quess Corp

Quess Corp on Tuesday said there has been a 23% surge in staffing needs during the period of April to August 2023 compared to the same time last year in anticipation of the upcoming festive season. 

This rise in demand has led to the posting of about 32,000 job positions across various sectors, including BFSI, M&I, retail, and telecom, all of which have heightened their recruitment efforts to align with the heightened demand expected for the festive period in India.

Based on insights provided by Quess, job profiles such as production trainees, branch relationship executives, collection officers, business development executives, broadband sales executives, sales executives, warehouse associates, and customer relationship officers have all witnessed an upswing in demand during this season.

Dr Manmohan Singh joins Nirvasa Healthcare as Vice President, Medical Affairs

Nirvasa, a digital health clinic specialising in various medical fields, has appointed Dr Manmohan Singh as its Vice President of Medical Affairs. In his new capacity, he will take charge of shaping the company's strategic direction for medical affairs. 

Singh has a proven track record of building digital engagement and programmes catered towards chronic disorders, including diabetes, bone health, coronary artery disorder, and overall women’s health. His expertise in epidemiology, medical affairs, clinical research, project management, digital therapeutics, liaison, and communication, will help Nirvasa scale and expand its digital healthcare services further.

Amitoz Singh, Founder and CEO of Nirvasa, said "Being a seasoned healthcare professional with a deep understanding of the evolving digital healthcare space makes him an invaluable asset to our company. I am very confident that Dr Singh’s expertise and vision will help us achieve Nirvasa’s mission of making high-quality personalised treatments and comprehensive care accessible to everyone in the country."

Beacon Bio Life Sciences to invest Rs 30 Cr in new plant in Manesar

Beacon Bio Life Sciences, owner of natural product brands, Atulya and Khadi Natural, will establish a large-scale new facility in Manesar, Haryana.

With an investment amounting to about Rs 30 crore, the personal care brand aims to generate nearly 400 fresh job opportunities through this plant. The one lakh sq ft facility will be outfitted with cutting-edge manufacturing machinery and fully automated processes to double its present production capacity, the company said.

Deloitte launches AI incubator to harness the power of India’s tech innovation and talent capabilities

Deloitte has launched a global generative AI market incubator to foster innovation in the field of generative AI (GenAI) while catering to businesses in India and worldwide. In response to the surging global demand for GenAI, the initiative holds significant promise in nurturing technological innovation and cultivating talent within India, thereby assisting enterprises in realising their strategic objectives.

At the moment, Deloitte is actively engaged in global endeavours spanning diverse domains, including drug discovery, customer experience enhancement, content generation, and the creation of personalised avatars. These initiatives have involved collaboration with over 100 corporations within the past six months alone, underscoring the growing significance of GenAI.

Commemorating the launch, Nitin Mittal, Deloitte Global Consulting Emerging Markets Leader, said, "Our focus is to harness generative AI's disruptive potential in partnership with our key alliances by leveraging our targeted industry solutions that help clients realise sustainable business outcomes and achieve real transformations." 

“To catalyse the market, we are collaborating with premier academic institutions and industry bodies and rapidly scaling trained generative AI talent pools across skills. This will nurture local tech talent and provide them more opportunities to serve global clients from India on these fast-evolving technologies,” he added.

SanchiConnect selects six startups for its accelerator programme

Sanchiconnect, a community focused on deep-tech startups, investors, and corporations, said it has selected six startups in its PreSeed Accelerator programme. These companies will get a capital infusion of Rs 75 lakh coupled with 100 days of focused market access support through the accelerator programme.

This initiative is expected to boost the development of innovative solutions in green mobility. Of the 552 applications received, the six selected startups are EVhicle, Simactricals, Dockervision, Swappdesign, PerUse, and The Energy Company. 

The PreSeed Accelerator programme is backed by micro VC firms Ev2 Ventures, Sea Fund, and ThinKuvate. It was launched in partnership with Yamaha Motors Solutions India, Desai & Diwanji law firm, and IDFC First Bank. 

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