Startup news and updates: daily roundup (August 25, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, August 25, 2023.
Edtech startup Codevidhya raises undisclosed amount from HNI's and existing investors
Founded by Shiv Ram,in July 2023 raised an undisclosed sum of funding from HNI investors and existing investors to empower and upskill students across ages and geography through new-age learning techniques using a phygital model that complements the school curriculum.
Additionally, the educational organization has been honoured with a substantial grant of Rs 75 lakh for winning the esteemed Rajiv Gandhi Innovation Award conferred by Rajasthan government.
Shiv Ram, an edupreneur for the past 20 years and Founder of Codevidhya, expressed, "The infusion garnered through this round will play a pivotal role in propelling the institution's ambitious expansion plans and elevating the calibre of its offerings."
Shoppers Stop Limited promotes Kavindra Mishra as Executive Director & CEO
has promoted Kavindra Mishra, Chief Commercial Officer and CEO, Homestop, as its Executive Director and CEO, subsequent to the resignation of its Managing Director and CEO, Venu Nair.
Venu Nair has tendered his resignation from his position, effective from the close of business hours of August 31, 2023, due to personal reasons, to enable him to spend more time with his family and explore other options.
Ayekart Fintech achieves 5X growth, records Rs 657 Cr GTV in FY 22-23
, a fintech and integrated digital technology platform specialising in the food and agri value chain, announced significant milestones in the fiscal year 2022-2023 at its Annual General Meeting (AGM). The event highlighted the company's achievements in facilitating financial transactions, empowering Micro, Small, and Medium Enterprises (MSMEs), and building strong customer connections.
Ayekart reported a Gross Trade Value (GTV) of Rs 657 crore for the fiscal year 2022-2023, astounding growth of nearly 5X compared to the previous year. The momentum continues in the current fiscal year, with the company already surpassing its previous GTV record.
In July, the company moved to a new head office in Mumbai, aligning with the company's commitment to delivering unparalleled services and fostering a productive and collaborative work environment.
e-Sprinto to accelerate green revolution in Gujarat by opening 10 showrooms by the end of this fiscal year
accelerate the green revolution in Gujarat with the grand opening of 10 showrooms by the end of this fiscal year. Emphasizing accessibility and customer convenience, these showrooms will operate as dealership outlets, enriching the local entrepreneurial landscape and contributing to job creation., an electric two-wheeler brand, has announced its plan to
Starting from September, the company is scheduled to inaugurate two to three showrooms per month, allowing customers to experience its cutting-edge electric vehicles up close. At these showrooms, customers across Gujarat will have the opportunity to explore e-Sprinto’s impressive range of electric two-wheelers.
“In recent times, e-Sprinto has been heartened by the overwhelmingly positive response to our newly opened EV showrooms across multiple states. As we expand our footprint with 10 new showrooms in Gujarat, we emphasize the importance of these spaces as more than just retail outlets. Our EV two-wheeler showrooms serve as vibrant hubs of innovation, where customers can not only witness the future of mobility but also actively contribute to the EV revolution. At e-Sprinto, we are not just selling vehicles; we are driving a revolution that champions cleaner air, quieter streets, and a greener tomorrow. We also assure our dealership partners unwavering support to build, grow, and thrive in this dynamic landscape,” said Atul Gupta Co-Founder and Director, e-Sprinto.
Flipkart Foundation, Give Foundation, and Pinkishe Foundation collaborate to launch project Udaan to foster menstrual awareness
The Flipkart Foundation and Give Foundation have partnered with Pinkishe Foundation, a non-profit organisation working towards improving the lives of women and girls in India, towards spreading awareness about menstrual health and hygiene.
The initiative–‘Project Udaan’–aims to create period-positivity while addressing the challenges girls and women from marginalised communities face, especially in rural areas. By providing essential information and eco-friendly period products, the project endeavours to foster better reproductive health and behavioural practices.
The project will be executed across multiple locations in four states, including Gandhinagar and Mehsana in Gujarat, Gurugram in Haryana, Bengaluru in Karnataka and Varanasi in Uttar Pradesh.
The programme seeks to cater to girls aged 10 to 18 years, benefiting 1,600 girls directly and an additional 3,200 girls and women indirectly, covering 20-25 schools identified with the help of local teams.
Shaadi.com opens a new office in Pune
Matchmaking platform Shaadi.com announces the opening of its new office in Pune, from August 2023.
Maharashtra is one of the important markets for Shaadi.com. The new office spans across approximately 5,000 sq ft and is poised to accommodate a dedicated sales team of around 70+ professionals. As a special gesture, this facility also welcomes individuals to visit the premises and personally meet the company's highest-rated advisors to discuss their prospective marriage needs.
Talking about the expansion, Anupam Mittal, Founder and CEO of People Group expressed, “With the opening of our Pune office we aim to further strengthen our foothold in the Western region. It's a growing market with an incredibly young talent pool. Our office is designed keeping in mind an inclusive work atmosphere which will not only enhance efficiency but also help us match our vision of creating positive experience for our newly inducted team.”
Axis Bank introduces UPI interoperability on its Digital Rupee app
Axis Bank today announced the introduction of UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India's ongoing CBDC (Central Bank Digital Currency) initiative.
With the introduction of this feature, customers will be able to seamlessly use the Digital Rupee to pay for existing UPI QR codes of merchants. Additionally, this capability will help merchants to embrace the acceptance of Digital Rupee payments on their existing QR codes, eliminating the need for mandatory onboarding.
The UPI interoperability functionality on ‘Axis Mobile Digital Rupee’ app is being rolled out to users in a phased manner starting with Android, and will be available to all Digital Rupee users in the coming days. This will continue to be available to whitelisted users in 26 pilot cities.
Chiratae Ventures welcomes Puneet Pushkarna to its Regional Advisory Board
, a venture capital firm, announced the appointment of Puneet Pushkarna to its Regional Advisory Board, reinforcing its commitment to the Southeast Asia (SEA) market.
The announcement came soon after Chiratae’s significant milestone—its active portfolio companies surpassed $650 million in revenue. Companies focusing on SEA or headquartered now contribute about 45% of the total international revenue across the company's diverse portfolio.
Companies such as Active.ai, Kristala.ai, and Lenskart have driven growth in the SEA market, with Lenskart's strategic acquisition of Japan's Own Days last year as a recent highlight.
Physics Wallah expands PW Vidyapeeth in 26 more cities, announces 200 Cr scholarship
(PW), an edtech unicorn, is launching 26 new tech-enabled offline centres PW Vidyapeeth across India. Students can secure up to 100% scholarships through PWNSAT 2023 (Physics Wallah National Scholarship cum Admission Test), through which PW is offering scholarships worth Rs 200 crore to meritorious students.
The exam will be conducted in both offline and online modes and will be open to students from class 6-12, as well as droppers aspiring to study for JEE or NEET.
The PWNSAT exam will be held on October 1, 8, and 15, 2023, in offline mode, and students can take the exam from October 1-15, 2023, in online mode. Registration for the exam can be completed through the PW website, app, or at the nearest offline Vidyapeeth centre until October 15, 2023. The results of the exam will be announced on October 20, 2023.
(This article will be updated with the latest news throughout the day.)