Startup news and updates: daily roundup (August 10, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, August 10, 2023.
Funding News
Angel network Rogue Opportunities to invest Rs 25 crore in Indian startups
Rogue Opportunities, an angel network based in Gujarat said it aims to invest Rs 25 crores in startups across India in the next 12 months.
The network has collaborated with over 200 angel investors and family offices in Gujarat. Its average investment ticket size ranges from Rs 50 lakhs to Rs 1.5 crores, enabling it to support startups at various stages of development.
Rogue has already invested over Rs 12 crores in startups such as Healthy Mills - the Savory, Knoksense, Ayushpay, Parkmate, and Crib.
EV fleet startup BluWheelz raises $500K
Faad Network, a prominent Indian early-stage fund, has cut a seed cheque of $500,000 for Bluwheelz, an emerging electric vehicle (EV) fleet-as-a-service company.
LetsVenture, along with High-Net-Worth Individuals (HNIs), a notable family office, and key angel investors from both India and the United States also participated in the round.
BluWheelz said it will use the funding to expand into other regions across the country over the next six months, and invest in advanced technology and innovations, enhance its service offerings.
Founded in 2022, Bluwheelz is a provider of EV Fleet as a Service in India. It caters to clients across various sectors including ecommerce, logistics, FMCG, food delivery, pharma, etc.
Klub invests Rs 40 crore in Indian brands
has invested Rs 40 crore in brands such as Naagin Sauce, Ustraa, Illuvia, Kraasa, Jaipur Watch Company, and more, said the company in a statement.
The majority of the Rs 40 crore investment went to the fashion and apparel sector, closely followed by personal care and beauty.
The funds raised by these brands will provide them crucial resources like working capital, inventory management, performance marketing, store financing, and opportunities to collaborate with celebrities and brand ambassadors, said Klub.
Arka Credit Fund invests in Everest Fleet
Arka Credit Fund I said it has invested in the non-convertible debentures (NCDs) issued by , a large fleet supplier in India that works with the likes of Uber and Ola. The investment value was not disclosed.
Everest will use the capital to expand its fleet portfolio to exceed 17,000 vehicles by March 2024.
Based in Mumbai, Everest Fleet was established in 2016 and has around 10,000 cars in its fleet across seven major metropolitan areas in India.
“The investment in Everest Fleet aligns with our investment philosophy of partnering with credible mid-market players, by providing them access to sustainable capital in their overall growth journey," said Sonit Singh, Director at Arka Investment Advisory Services Private Limited, which manages Arka Credit Fund.
Gaming startup MetaShot raises $400K
Gaming startup MetaShot said it has raised $400K in a pre-seed found from Inflection Point Ventures.
An early-stage fund focused on gaming, as well as notable angel investors, including Dineout's founders - Ankit Mehrotra, Sahil Jain, and Khalid Qazi, among others, also invested in the round.
MetaShot will use the funds for team expansion, growth-oriented marketing initiatives, and research and development endeavours, it said.
Headquartered in Bengaluru, cricket gaming platform MetaShot was founded by Prince Thomas, Ranjit Behera, and Ajith Sunny. It plans to expand its operations to other cities in the second quarter of the current FY.
Image credit: Shutterstock
Other news
T-Hub, Atal Incubation Center pick 23 startups for sustainability cohort
, an innovation ecosystem in India, has picked 23 startups to be part of the second cohort of its sustainability program, in partnership with the Atal Incubation Center.
The cohort will partake in a rigorous 100-day program designed to catalyse solutions for critical sustainability challenges.
The 23 startups selected for this cohort focus on domains such as agricultural sustainability, environmental conservation, solid waste management, climate technology, alternative fuels, green manufacturing, and renewable energy.
Out of a pool of 400 applicants, the 23 startups were selected based on their promising prototypes, well-defined plans for commercialisation, a minimum monthly revenue of Rs 1 lakh, and strong founding teams.
The cohort includes startups such as Bioreform, Bluedrop Enviro, Emusa, Greencarbon Hub, Greenifit, Hashtag Percapita, JuteEarth, , Kalki Energy Salvation, Lawtonlight House, Malhari Projects, MyCovation, Neevo Life, RAU ECOSTONE PRIVATE LIMITED, Readypods, PlantFarmula, Praana Power, Prasinos Tech, , , Swansea, TheKabadShop, and VChained.
EaseMyTrip, BluSmart partner for first and last-mile travel
says it has joined hands with EV cab company to offer its customers electric ride-hailing services.
Customers of EaseMyTrip will now easily be able to reserve airport transfers using BluSmart's electric vehicle fleet in Delhi-NCR and Bengaluru directly via the EaseMyTrip website.
Content agency Mixed Route Juice to collaborate with ThinkROI
Content and social agency Mixed Route Juice has signed a deal with digital media agency ThinkROI to offer services in international markets.
The companies, via the deal, hope to harness each other's to facilitate business growth, expand consumer outreach, and enable geographic expansion across India, the US, Singapore, and Malaysia.
Mixed Route Juice and ThinkROI will jointly handle sales and marketing endeavors, as part of the deal.
Spearheaded by Rupinder Singh, Sarada Prasad, and Suraj Talaulikar, ThinkRO operates across Gurugram, Mumbai, and Mysore. Its portfolio includes brands such as A23, Lotus Herbals, Ajmera Realty, Cricket.com, and DivIHN.
“It is a very important strategic partnership for us as this will further strengthen our goal of expanding and growing multifold in both domestic and international markets," said Amrita Sharma, Co-founder and creative head at Mixed Route Juice.
Logistics platform Shipyaari joins ONDC
Shipyaari, a provider of logistics and ecommerce solutions, said it has joined ONDC (Open Network for Digital Commerce), intending to equip sellers, regional courier partners, and consumers with its hyperlocal and inter-city logistics offerings.
The company is looking to extend its services to around 25,000 new sellers, it said.
As a member of the ONDC platform, Shipyaari will help fellow ecommerce sellers and brands get onboarded seamlessly.
"ONDC brings together sellers, buyers, and enablers under standardised SOPs, leading to lower prices, wider selection, and better customer service," said Vishal Totla, Co-founder and COO of .
"To help sellers win with ONDC, we have set up a dedicated 15 members cross functional team initially that would be working in an integrated fashion to ensure customer success," he added.
Naman Jhawar appointed Head of India, Partner at Picus Capital
Naman Jhawar has joined as Partner and Head of India and Southeast Asia, the early-state technology investment firm said in a press release on Thursday.
Jhawar will be tasked with identifying promising startups, aiding the growth of the current 20 portfolio firms in the area, and reinforcing Picus Capital's commitment to increased investment in the region.
Picus Capital said it is looking to invest up to 30% of its capital in the APAC region. Its portfolio companies include , , , , Inkle, and others.
Jhawar will be responsible for key regions including India, Indonesia, Vietnam, Thailand, Singapore, and the Philippines, Picus said.
(The copy will be updated with the latest news throughout the day)
