Startup news and updates: Daily roundup (October 27, 2023)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, October 27, 2023.

Startup news and updates: Daily roundup (October 27, 2023)

Friday October 27, 2023,

3 min Read

Truecaller’s Q3 FY23 result demonstrates strong user growth and recurring revenues

Truecaller, the global platform for verifying contacts and blocking unwanted communication, has reported an adjusted EBITDA of SEK 145.8 million and an EBITDA margin of 36.6% in the third quarter.

While net sales declined by 12% in India and 18% in the Middle East and Africa, they remained stable in other parts of the world. India, in particular, continues to be a major market for Truecaller, accounting for 73.6% of its total net sales. 

The company's investment in advanced AI-based features has paid off, driving both revenue and subscription growth, with a 39% year-on-year increase in India. Revenue from Truecaller for Business also saw a significant 55% boost. Customer satisfaction in India reached an all-time high, with a Net Promoter Score (NPS) of 61. Truecaller's recent acquisition of Unoideo Technologies further enhanced its offerings, particularly in fraud detection services.

TASConnect launches working capital solutions to enhance international trade 

TASConnect, a Singapore-based working capital solutions software-as-a-service (SaaS) platform, has launched in India to enhance international trade in the country. 

TASConnect, a SaaS platform, enhances working capital management for businesses globally, offering scalability, visibility, and cross-border connectivity. Over the next year, it aims to expand its Global Technology Hub in Bengaluru, focusing on tailored solutions for multinational corporation subsidiaries and large domestic enterprises.

Additionally, the platform plans to collaborate with more foreign and domestic financial institutions and key technology hyper-scalers. TASConnect is targeting growth in key sectors of the Indian economy, including manufacturing, automotive, FMCG, retail, healthcare, logistics, and related sub-industries.

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Analytic Edge launches SaaS marketing analytics platform 

Analytic Edge, a provider of marketing and sales analytics solutions, has launched Analytic Edge Qube, a software-as-a-service (SaaS) platform that provides companies with an all-in-one toolkit for marketing analytics. 

The platform offers a comprehensive suite of solutions, including DemandDrivers for marketing mix modeling, SynTest for test and learn powered by AI, PriceSense for pricing and promotion analytics, and PowerViewTM for data visualisation.

The Qube platform provides user-friendly, automated, no-code tools for companies to handle their marketing analytics in-house. It offers a subscription-based model for cost efficiency, scalability, and real-time insights, addressing privacy concerns. Users can access and utilise various solutions through a cloud-based interface, allowing for analytical model creation, experiments, pricing and promotion strategy testing, and visual dashboard insights, all without the need for data scientists or statistics experts.

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Clean energy startup Solavesta records Rs 1.5 Cr turnover in pilot stage

Solavesta, a solar financing clean energy platform, has recorded Rs 1.5 crore in turnover before its formal incorporation as a startup. It is also eyeing to touch Rs 10 crore by the end of the ongoing fiscal.

Solavesta, established in late 2020, aims to transform India's clean energy sector through innovative solar financing. It looks to extend its services to rural areas, providing clean and affordable energy for all. After achieving a turnover of Rs 1.5 crore in the pilot phase, it is working on micro-financing solutions to make solar installations affordable for individuals and small businesses.

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