Startup news and updates: Daily roundup (Oct 25, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, October 25, 2023.
Funding
MS Dhoni-backed Garuda Aerospace raises Rs 25 Cr
Drone startup , backed by former Indian cricket captain Mahendra Singh Dhoni, has raised Rs 25 crore in a fresh bridge round of funding led by early-stage investor Venture Catalysts and WeFounderCircle.
The funding round witnessed commitments from other notable investors, including Hems Angels, San Angels, Peaceful Progress Funds, and several prominent angel investors.
The funds secured will be primarily utilised to address the sudden demand for drone solutions. The company will also allocate the funds towards working capital requirements to execute IFFCO drone orders and fulfil the pre-booked orders from numerous dealers across the country.
Expressing his gratitude for the strong support from investors, Founder-CEO Agnishwar Jayaprakash said, “This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand.”
Garuda Aerospace recently formed a strategic alliance with IFFCO (Indian Farmers Fertiliser Cooperative Limited) for a substantial order of 400 drones. Additionally, the company has garnered an impressive pre-booking of 10,000 drones through 700 dealers nationwide.
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Proost Beer raises Rs 25 Cr in Series A funding
Proost Beer, an emerging startup in India's beer industry, has successfully concluded its pre-Series A funding round, securing Rs 25 crore through a combination of equity and debt.
This investment is supported by a diverse group of both existing and new investors, including Chimes Group, Dev Punj, The Chennai Angels, Finvolve, India Accelerator, Hyderabad Angels, Mumbai Angels, Angel List India, and Agiliti Venture, positioning the company for vigorous growth.
The fresh injection of capital will play a critical role in Beer's strategic expansion initiatives. Operating as part of Grano69 Beverages Pvt. Ltd in Delhi, the startup has expanded its presence in retail outlets in Delhi, Punjab, Uttar Pradesh, and Kerala.
"The successful conclusion of this funding round empowers us to enhance our production capabilities and venture into new markets. We are highly optimistic about the industry's growth potential, driven by the increasing consumer appetite for innovative, high-quality products. With this funding, we anticipate achieving a remarkable 300% growth," said Vijay P Sharma, Co-founder and Managing Director of Proost Beer.
TMRW House of Brands invests Rs 155 Cr in The Indian Garage Co
House of Brands, an Aditya Birla Group venture, has expanded its portfolio of brands with a partnership with The Indian Garage Co (TIGC) through an investment of Rs 155 crore in the digital-first fashion brand.
With the partnership with TMRW, TIGC is poised to exploit multiple growth avenues across channels (including D2C and offline/omnichannel) and deeper expansion into sub-brands and categories. With TMRW’s investment and capabilities, TIGC aims to become the leading brand in men's and women's casual wear with a strong focus on Tier II/III city-led growth.
“We are excited to announce our partnership with TIGC which expands our portfolio in the casual wear space. With the deep category and brand-building experience as well as the tech-led scaling path which TMRW brings, we are confident in establishing TIGC as the leading casual wear brand across men and women,” said Prashanth Aluru, CEO and Co-founder, TMRW.
Other news
Harappa Education appoints Avnish Datt as new Chief Business Officer
Harappa Education, part of upGrad, has appointed Avnish Datt as its new Chief Business Officer (CBO), commencing his role in September 2023.
In this pivotal position, Fatt will shoulder the overarching responsibilities for the organisation's business operations, working closely with Founder and CEO Shreyasi Singh. His primary focus will be on spearheading the growth and consolidation of Thrive Skills and leadership programmes, especially tailored for high-achieving companies in both India and the global market.
Datt has held key leadership positions at organisations including Info Edge India, Nucleus Software, Orange Business Services, Equant, Global One, and Sprint RPG India. Over his extensive 29-year career, Avnish has directed large teams across regions, spanning India, the Asia-Pacific, Australia, and Europe.
"Excited, proud and totally stoked to announce that Avnish Datt is joining Harappa as our CBO. I have learnt more from him in the last two months than almost anyone else I have worked with,” said Singh.
Tamannaah Bhatia appointed brand ambassador for 25th edition of Jewels of India
Jewels of India, one of the biggest retail jewellery exhibitions in India, is celebrating a golden legacy of 25 years and has announced Bollywood actress Tamannaah Bhatia as the brand ambassador of the current edition. The event is scheduled to take place at St.Joseph’s School Grounds, Bengaluru between October 27-30, 2023.
Jewels of India brings together more than 100 jewellers under one roof to showcase exquisitely crafted timeless collections and masterpieces from across the country. The event till now has witnessed a turnout of over 50,000 footfalls, over 20,000 consumers, and over Rs 100 crore annual revenue to date.
Bhatia leads promotional efforts, featuring in exclusive jewellery photoshoots. She will grace the inaugural event in Bengaluru on October 26, serving as the showstopper and official opener of Jewels Of India.
ONDC appoints Rachita Gupta as VP - Communications
, an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce, Government of India, has appointed Rachita Gupta as Vice President - Communications. In this role, Gupta will be responsible for spearheading the Communications department, with a distinct objective of establishing and enhancing ONDC's brand identity while also generating leads for network expansion.
A seasoned marketing professional, she holds an MBA from IMT, Ghaziabad, and an Executive Leadership Certificate from Cornell University. She brings over two decades of diverse industry experience in marketing, digital marketing, brand communication, sales strategy, and strategic partnerships across various sectors. Her extensive career includes notable roles at prominent companies like Tech Mahindra, HCL Technologies, Pearson Education, and Idea Cellular.
“We are delighted to have Rachita onboard. Her extensive experience combined with proven strategic acumen makes her an invaluable asset in driving our next growth phase,” said T Koshy, MD and CEO, ONDC.
“ONDC is a pioneering initiative with immense impact potential and I am excited to be a part of this Network, particularly at a juncture where it is set to transform the entire ecommerce ecosystem,” Gupta said.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh