Startup news and updates: daily roundup (September 15, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, September 15, 2023.
Funding
Dreamfly Innovations raises $300K
Saurabh Markandeya, Kajal Shah (Founders, Dreamfly Innovations)
Battery-tech startup has raised $300,000 in a round led by Rebalance Angel Community with participation from IIM Ahmedabad’s CIIE.CO (Center for Innovation Incubation and Entrepreneurship).
The startup will use the funds for product commercialisation and team expansion. It’s vision is to reshape the future of energy through Software-Defined-Battery (SDB) technology.
Dreamfly's flagship product, Graphene Battery, addresses challenges faced by drone companies in batteries such as battery fires. Its technology has been successfully piloted with drone-as-a-service companies across agriculture, geospatial mapping, and space tech.
Other news
Inflection Point Ventures exits from Koovers
Inflection Point Ventures (IPV) has announced its full exit from Delhi-headquartered Koovers, with 47% IRR (Internal Rate of Return). IPV has experienced 2.1X month-on-month (MoM) growth within 22 months of its initial investment in the company.
This exit follows the acquisition of by the German automotive company Schaeffler India for over Rs 142 crore. IPV worked closely with Koovers to refine its strategies, shape its business model, and craft a strong fundraising and exit plan, the company said in a statement.
is a B2B ecommerce platform supplying auto parts to independent workshops and the aftermarket sector. The company aims to enhance the efficiency of the automotive aftermarket supply chain, ensuring customers have access to quality parts with ease.
StockGro to hire 100 interns
Social investment startup StockGro has launched its Big Leap internship programme with the capacity to accommodate 100 interns. The programme is designed to offer interns an immersive corporate experience within the finance sector, the company said.
will offer interns stipends up to Rs 1 lakh, and after evaluation, it will provide successful interns with a pre-placement offer based on their performance, offering them direct entry into the corporate sector. During the internship, interns will be a part of different teams that would give them an experience of varied branches of a financial organisation.
StockGro is a Bengaluru-based fintech startup that gives financial education to new users and helps them understand stock market investment without involving any real money.
C-Camp partners with Karnataka government to strengthen healthcare
The Centre for Cellular and Molecular Platforms (C-CAMP) has partnered with the Department of Health and Family Welfare Services, Government of Karnataka, to strengthen the state’s public health settings.
The two parties signed an MoU in the presence of Karnataka Health Minister Dinesh Gundu Rao who said the partnership will enhance diagnostic and screening services in the remote regions of the state, addressing the last-mile healthcare needs.
With this agreement, C-CAMP will work in close coordination with the National Health Mission, Karnataka, and the Directorate of Health and Family Welfare Services, to identify the critical gaps in the state’s public healthcare settings. The initiatives will range from pilot programmes to deployment of indigenously developed innovative solutions.
Swiggy, Goa government to launch Chavath e-Bazaar
Foodtech company has signed an MoU with the Government of Goa to launch Chavath e-Bazaar on Swiggy Minis, a platform that helps small-scale entrepreneurs set up online stores.
Starting on September 16, Swiggy will create a special Chavath e-Bazaar section on Swiggy Minis, where consumers can buy festive-special homemade sweets such as modaks, nevris, laddus, and kapa, and snacks like chaklis, papads, farsan, namkeen nevris, masalas, and pickles prepared in the Goan style from the comfort of their homes.
Ahead of Ganesh Chaturthi, Goa Chief Minister Pramod Sawant unveiled the Goa Chavath e-Bazaar, listing products by local women entrepreneurs and self-help groups.
Flipkart invites applications for its Leap Innovation Network programme
Flipkart announced the third cohort of the Flipkart Leap Innovation Network (FLIN) under its startup accelerator programme, Flipkart Leap. The programme is open to startups worldwide with a focus on ecommerce technology areas such as user and seller experiences, inventory and supply chain, payments, and credit.
The programme aims to support and nurture emerging technology solutions that have the potential to reinvent ecommerce experiences. The selected startups will get an opportunity to deploy their solutions across Flipkart’s customer base, collaborate closely with product teams, and network with technology leaders within to run pilots with various business units.
Amagi launches live event playout system Amagi Dynamic
Media technology provider announced the launch of Amagi Dynamic, a live event playout system enabling content rights holders to leverage cloud-based technology for broadcasting live events.
Normally, setting up the equipment for live events can be expensive and requires hardware investments. Amagi Dynamic will enable users to use cloud infrastructure for broadcasting live events and will facilitate efficient resource management, run multiple live events in parallel, expand distribution, engage viewers, and increase ad revenues, the company said. It will also open new monetisation opportunities.
Amagi’s global clients include ABS-CBN, AccuWeather, A+E Networks UK, beIN Sports, Cinedigm, Cox Media Group, Crackle Plus, Fremantle, Gannett, Gusto TV, NBCUniversal, PAC-12, Tastemade, and The Roku Channel, among others.
Rang De, PhysicsWallah to provide affordable loans to students
Social investing platform Rang De has partnered with edtech startup to provide affordable loans to students from economically weaker sections. Under this partnership, students will have the opportunity to access affordable, collateral-free education loans specifically designed for PhysicsWallah's Institute of Innovation (PW IOI), a 4-year residential programme in Computer Science and AI.
"This partnership is a pivotal step towards realising our mission of democratising education at scale in India," said Prateek Maheshwari, Co-founder, PhysicsWalla.
The collaboration will enable each student to access an average of Rs 3-4 lakh worth of collateral-free loans through funds invested by social investors (lenders on Rang De’s platform), which can be repaid upon the completion of the course. Physics Wallah will start the first batch of the Computer Science and AI course on September 27.
9 out of 10 people use subscription video on-demand services: Survey
According to a survey by S&P Global Market Intelligence, 90% of the respondents use Subscription Video On Demand (SVOD) services with households subscribing to three SVOD services on average.
Among the surveyed group of internet-using adults, roughly 50% of them have subscribed to at least one of these streaming services, which includes Disney+ Hotstar, Amazon Prime Video, and Netflix. The distribution of subscribers across these services is fairly balanced.
The report said that the average daily hours spent by users on digital entertainment in 2023 has declined to 5.5 hours per day after peaking above six hours per day in 2021 and 2022.
Time spent playing games has returned to pre-pandemic levels at an average of 1.3 hours per day compared to 1.7 hours in 2021 and 2022. The participants anticipate spending more on subscription video and online music services over the next year, and less on video games and online video rentals.
FACE adopts a new Code of Conduct
The Fintech Association for Consumer Empowerment (FACE) has announced the adoption of an upgraded Code of Conduct at its third Annual General Meeting in Mumbai. This move aims to strengthen customer protection measures within the fintech digital lending industry. FACE members also voted in the new member directors, Naveen Kukreja, Founder and CEO, , and Ashish Goyal, Founder and CFO, Fibe.
“Our revised Code, within the regulatory framework, is an ambitious self-regulation standard committed to advancing consumers’ interests and safeguarding them against harm and risks in a fast-evolving market,” said Ram Rastogi, Chairman, FACE. “We are confident that our member companies' adoption of the new Code will contribute to driving a robust and responsible lending ecosystem,” he added.
The upgraded Code reflects the evolving expectations of consumers and stakeholders and has been developed with input from members and the wider stakeholder community. It outlines an Adherence Framework for member companies, with FACE taking responsibility for compliance. Members are required to adopt and adhere to the Code within three months.
Jupiter appoints former Swiggy executive as chief officer for product and marketing
Fintech startup has appointed Anuj Rathi as its first chief product and marketing officer to lead product, design, growth, and marketing. Rathi previously led product, revenue and growth at Swiggy. He is an IIT-Kanpur alumnus and has earlier worked with firms like Flipkart and Walmart. In his new role, he will work closely with the Founder and CEO Jitendra Gupta.
“I really resonated with Jitendra Gupta’s mission of enabling financial wellness for millions of Indians. I believe Jupiter is extremely well placed to make this happen with its very high talent density and large ambition,” Rathi wrote in a post on X.
Jupiter is a neobanking app that offers multiple financial services, including debit cards, SIPs, mutual funds, personalised savings options, expense management, UPI payments, and more.
Gati appoints Palani B as Head - Digital Marketing
Gati Express and Supply Chain Pvt Ltd (GESCPL), a supply chain management company, has appointed Palani Balasundaram as the Head of Digital Marketing for the strategic planning, development, implementation, and management of GESCPL's digital marketing and analytics efforts.
With a rich background as a Digital Marketing and Analytics Veteran, Palani brings over 25 years of experience across various sectors, including banking, real estate, Education, fashion, hospitality, and so on.
Having previously worked at Hewlett Packard Enterprise, he successfully delivered cost-saving insights and executed effective campaigns. Additionally, Palani is an active member of the startup community, providing support in areas such as Customer Experience (CX), Customer Data Platform (CDP), and Measurement Strategy.
Credgenics appoints MV Nair as Strategic Advisor to the company
Debt collections SaaS platform Credgenics announced the appointment of M V Nair as strategic advisor to the company. In his role, Nair will guide Credgenics’ strategic initiatives and decision-making process, supporting the company’s global expansion and growth plans.
Talking about this association, Nair said, " is indisputably at the forefront of fintech innovation, and I am genuinely excited to support their remarkable journey with my expertise.”
Nair, former Chairman of TransUnion CIBIL and former Chairman and MD of Union Bank of India, has over three decades of experience in the banking and finance sector. He also served as an advisor to General Atlantic, a global private equity firm.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
