Startup news and updates: daily roundup (October 20, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, October 20, 2023.

Startup news and updates: daily roundup (October 20, 2023)

Friday October 20, 2023,

7 min Read


EV finance platform Perpetuity Capital raises Rs 5 crore

Perpetuity Capital—a digital electric vehicle (EV) finance platform—has secured Rs 5 crore in debt from Clime Finance, a Delhi-based climate-focused financier. The firm will use the debt to finance two- and three-wheeler EVs in the new geographies it has expanded into over the last six months, it said in a statement.

Founded in 2017, Perpetuity Capital is an online platform that helps delivery drivers and autorickshaw drivers avail themselves of finance to purchase EVs for commercial use.

Clime Finance is an RBI-registered NBFC, focused on providing debt to founder-led small and medium enterprises engaged in climate action.

"We want to utilise this debt to finance electric vehicles that will be used to generate income for our borrowers. We believe that our company can have a lasting social impact in the form of providing finance to the autorickshaw and delivery drivers of India who have a minimal credit footprint. Moreover, with each three-wheeler EV that Perpetuity Capital finances we reduce 9-10 tons of carbon emissions over the lifetime of the vehicle," said Karamveer Dhillon, Founder and CEO of Perpetuity Capital.

Travel-banking fintech Niyo raises funding from Spring Marketing Capital

Bengaluru-based NIYO SOLUTIONS, a digital travel and banking-focused fintech, has secured an undisclosed amount of funding from Spring Marketing Capital.

The infusion is expected to help Niyo strengthen its position in the travel-banking category in India through innovative product and marketing strategies, the company said in a statement.

As part of this partnership, Spring Marketing Capital will contribute to Niyo's efforts in growing the travel-banking sector by aiding the overall brand strategy, partnerships and campaigns.

"Over the past few years, Niyo has made a significant difference in the lives of India's urban millennials and outbound travellers, through its compelling product offerings. We’ve been able to create an impactful brand and with Spring joining forces with us, we’re excited to create a formidable brand with their strategic marketing innovations," said Vinay Bagri, Co-founder and CEO of Niyo.


Other news

Amazon, Microsoft join hands with CBI to protect consumers from impersonation scams

Global technology companies Amazon and Microsoft have teamed up with the Central Bureau of Investigation (CBI) to take action against perpetrators of technology support fraud.

On Thursday, CBI said it conducted multiple criminal raids in various cities against illegal call centres in India that were set up to impersonate Microsoft and Amazon customer support. The 'call centres' affected more than 2,000 Amazon and Microsoft customers in the US, Australia, Canada, Germany, Spain, and the UK.

“We are pleased to join forces with Microsoft, and we believe actionable partnerships like these are critical in helping protect consumers from impersonation scams,” said Kathy Sheehan, Vice President and Associate General Counsel at Amazon, in a blog post.

“Amazon will remain vigilant and persistent in our efforts to stay one step ahead of fraudsters, but we cannot win this fight alone. We encourage others in the industry to join us as a united front against criminal activity," the blog added.

Rapido teams up with Bengaluru Traffic Police to enhance road safety

Bike-taxi service provider Rapido has joined hands with the Bengaluru Traffic Police to organise an awareness drive by distributing helmets and raincoats to 200 traffic policemen at Shalini Ground, Jayanagara.

The move aims to enhance road safety awareness by adhering to traffic rules, wearing protective gear, and practising responsible riding behaviour.

Rapido is also actively investing in enhancing the infrastructure available to traffic police officers by installing modern traffic police booths at 15 locations throughout the city, the company said in a statement.

"This collaboration highlights our commitment to ensure safer streets in Bengaluru. Together with our esteemed partners, we aim to make a positive impact on road safety for all residents and commuters in the city," said Pavan Guntupalli, Co-founder of Rapido.

Airtel's video-streaming service crosses 5 million paid subscribers milestone

Telecommunication company Bharti Airtel's video-streaming service Airtel Xstream has achieved the milestone of logging 5 million paid subscribers in October, claiming to be the fastest growing OTT aggregator in the country.

Airtel Xstream enables customers to access a collection of over 40,000 movie titles across 20 content partners such as Sony LIV, Lionsgate Play, Alt Balaji, and Eros Now, at a starting price of Rs 148.

"Although India has 40+ OTT apps and a wide selection of premium video content, discovering and paying for this content is challenging. Airtel Xstream Play helps to bring together the largest selection of premium OTT apps under one app and one price. We recently added Alt Balaji, Fancode and Playflix, bringing us still closer to our ambition of having the widest selection of premium content and 20 million subscribers," said Adarsh Nair, CEO of Airtel Digital.

Omega Seiki Mobility partners with Honda Power Pack Energy for swappable battery technology

Omega Seiki Mobility has entered into a partnership with Honda Power Pack Energy to expand India's swappable battery technology.

The deal will enable Honda Power Pack Energy to provide Omega Seiki Mobility with swappable batteries and establish a network of quick interchange stations in Tier I cities across India, the companies said in a statement.

In the next two years, Omga Seiki intends to implement Honda's e-swap technology in over 10,000 vehicles in the passenger and cargo segments, according to Uday Narang, Founder and Chairman of Omega Seiki Mobility.

"The swappable battery technology represents a paradigm shift, offering unparalleled efficiency and environmental advantages. It perfectly aligns with our vision of rapid, clean, and accessible electric transportation," Narang added.

Dailyhunt, Josh and OneIndia team up with Jammu & Kashmir Police

Local language content platform DailyHunt, short-video site Josh and digital vernaculat portal OneIndia have forged a strategic collaboration with Jammu & Kashmir Police to share their achievements with the rest of the country.

The two-year collaboration will allow integration of Jammu & Kashmir Police's content in different formats across Dailyhunt, Josh and OneIndia. Users will be able to access video content, web stories, listicles, and photo galleries on Dailyhunt, tailored to resonate with the younger audience.

"Utilising the vast user base of Dailyhunt, OneIndia, and Josh, we plan to reach a wider audience and share our remarkable success stories, with the nation. The Jammu and Kashmir Police stands as a symbol of sacrifice and dedication, and we believe that by sharing our stories with the world, we can boost the morale of our force," said Dilbag Singh, Director General, Jammu & Kashmir Police.

KRAFTON launches global esports championship India-Korea Invitational

Krafton, the maker of BGMI, has launched a global esports championship titled India-Korea Invitational to be held between October 26 and 28 at Pragati Maidan, New Delhi.

Esports teams from India will play against the top-rated esports teams from Korea, in BGMI, Road To Valor: Empires, and other key esports titles for a generous prize pool of Rs 1 crore, the company said in a statement.

"The India-Korea Invitational is yet another defining milestone in our ongoing journey of propelling Esports into the mainstream, steadily garnering the recognition it deserves. This event represents the fusion of cultural and competitive elements, and we're honored to have senior government officials from both India and Korea in attendance, highlighting the growing prominence of Esports," said Sean Hyunil Sohn, CEO, KRAFTON India.

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

Edited by Saheli Sen Gupta