Startup news and updates: daily roundup (October 16, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, October 16, 2023.
Funding news
Artisanal product startup P-TAL raises Rs 4.33 Cr in seed funding
, a startup specialising in artisanal kitchenware, cookware, and home decor products, raised a seed funding round worth Rs 4.33 crore led by Titan Capital to expand its team and brand building.
Notable investors, including Anicut Capital, Ghazal Alagh (Mamaearth), Sandeep Aggarwal (Droom and Shopclues), and others, also participated in the round.
The startup's products are handcrafted by the Thatheras of Jandiala Guru, Punjab, whose craft is listed on UNESCO's Intangible Cultural Heritage list. P-TAL claimed to have seen significant growth, reviving the Thatheras' craft and increasing the monthly income of 55 artisan families by over 1200%. Its products have been selected for gifting by the Reserve Bank of India (RBI), Pernod Ricard, and the G20 Summit 2023.
BIVA Analytics secured $500K in seed funding led by Equanimity Ventures
Analytics, an ecommerce analytics platform, raised $500,000 in a seed round led by Equanimity Ventures with participation from T-Hub, SucSeed Ventures, WarmUp Ventures, and angel investors.
It will use the funds for product development, market expansion, and talent acquisition, with plans to integrate AI for marketing automation and competitor benchmarking.
"This investment perfectly aligns with the strategic vision of T-Hub's T-Fund, which was established to bolster the investment landscape in Telangana and bolster indigenous startups." Mahankali Srinivas Rao (MSR), CEO, T-Hub, said.
T-Hub had earlier supported BIVA through its Lab32 programme, nurturing its growth by providing guidance on product development, go-to-market strategy, and investor connect. BIVA helps ecommerce businesses by aggregating data from various sources, offering a unified dashboard and pre-built reports.
Education-focused NBFC Avanse Financial secures $145M social-linked loan
, an education-focused NBFC, secured a syndicated social-linked loan facility of $145 million categorised as External Commercial Borrowing (ECB). A total of 11 banks participated in this syndication, and the funds will be received in installments.
Standard Chartered Bank coordinated the social loan and served as the sole mandated lead arranger and sole book runner.
According to Avanse Financial, this social-linked ECB deal is one of the first in India's education financing sector. The company has helped nearly four lakh academic aspirants across 4,000+ institutes and 30,000+ courses in about 50 countries. It has also provided growth and working capital to over 2,000 educational institutes catering to over 10 lakh students.
Avantari secures $200K in pre-seed round
, a Hyderabad-based tech startup, secured $200,000 in a pre-seed funding round from Jignesh Kenia, President of Times Network, and Samit Khanna, VP and GM at Healthify.Me. The funds will support mass production, enhance the coaching service, and global expansion.
Avantari has 17 registered patents focusing on IoT, wearables, AR, and AI. In 2020, it introduced Dhyana, a wellness ring utilising HRV for mindfulness analysis. The latest version tracks fitness, sleep, and daily stress levels, earning it the Red Dot Design Award 2023.
"The newly acquired funds is an exciting milestone for Avantari and will be strategically allocated to support several key initiatives. We have received 700 units in pre-booking on our website so far, along with 15,000 units (worth $1.5 million) of orders from our partners," said Bhairav Shankar, CEO and Founder of Avantari.
Other news
Table Space launches TS Suites, plans expansion with Rs 500 Cr investment
Co-working space provider launched TS Suites—pre-built offices in key Indian locations on short and mid-term contracts with plans to expand suites to 25 centres within the next 18 months, investing approximately Rs 500 crore in the venture.
Table Space aims to provide companies with ready-to-use workspaces, ensuring a seamless experience from inquiry to setup in less than 24 hours.
"Our rich legacy of working with Fortune 500 companies and large MNCs in the country and a proven track record of delivering 7 million+ sq. ft. of workspace, gave us the insights needed to create a premium offering that caters to a relevant market need," Karan Chopra, Co-founder and Chief Investment Officer of Table Space, said.
Rajdipkumar Gupta, Nishant Patel launch Virar-Hub Incubator for local entrepreneurs
Rajdipkumar Gupta, Founder of Route Mobile Ltd, and Nishant Patel, Co-founder of , have established the Virar-Hub Incubator to support local entrepreneurs in Virar and nearby areas.
The incubator aims to mentor entrepreneurs, help them build profitable businesses, and offer investment opportunities.
“My mantra for success starts with 3S–Scale Sensibly to Sustain. Building successful businesses takes a lot of focus and commitment. With this incubator, we aim to provide the right kind of environment and tools that will create a strong foundation for these startups,” Gupta said.
Vedantu's Vivek Bhutyani joins Pocket FM as VP of Content Marketing
Audio series platform has appointed former Vedantu employee Vivek Bhutyani as Vice President of Content Marketing.
With 20 years of experience spanning media, telecom, retail, and edtech, Bhutyani will lead the company's content marketing strategy. Before joining Pocket FM, Bhutyani oversaw Vedantu's growth YouTube strategy. He has also found an edtech startup called Lattukids.
"I am truly exhilarated to join the Pocket FM team and especially excited for the 0 to 1 journey that we are undertaking on organic content marketing," Bhutyani said. "Pocket FM's commitment towards pioneering a new category with audio series, along with fostering a vibrant creator community and delivering outstanding content, aligns perfectly with my ambition to create a solid foundation for the organic growth funnels via our own content and IPs."
Indian Angels on Jio Cinema: Investors support startups; viewers can invest
is launching Indian Angels, a show on Jio Cinema, where angel investors back startups and viewers can also invest. The first episode is scheduled for late October, with two episodes released weekly on JioCinema.
The panel includes Ankit Agarwal (Founder and CEO of InsuranceDekho), Shreedha Singh (Co-founder of T.A.C – The Ayurveda Co.), Kunal Kishore (Founder and Director of Value 360), Ajinkya Firodia (Managing Director of Kinetic Engineering Ltd.), Rikant Pittie (COO and Co-founder of EaseMyTrip), and Aparna Thygarajan (Co-founder and Chief Product Officer of Shobitam).
CORE Diagnostics to use CanCertain Healthcare's drug resistance diagnostic tool for cancer
Diagnostics solutions provider will use CanCertain Healthcare's diagnostic tool that helps doctors know which medicines will work best for a patient's cancer.
The test called CanCertain provides insights into a patient's tumour's sensitivity or resistance to specific cancer drugs. The company said it will make cancer care more precise and effective while saving time and reducing the financial burden of ineffective treatments.
CORE Diagnostics, established in 2012, provides a wide range of diagnostic tests across various medical fields, including oncology, gynaecology, gastroenterology, transplantation, nephrology, genetics, and routine/preventive healthcare. The company has over 8,500 healthcare prescribers and more than 1,000 clients, including hospitals, clinics, and pharmaceutical companies.
OYO offers up to 60% off for Indian tourists visiting Dubai till December 31, 2023
has introduced a festive discount of up to 60% for Indian tourists planning to travel to Dubai. It will be available from October 11-31, 2023, and guests can book their stay until December 31, 2023.
The global hospitality technology company will allow guests to book their stays in more than 130 OYO properties across key areas in Dubai, including Marina, Business Bay, Jabel Ali, Sports City, and Discovery Garden.
Travellers can avail of the discount by using the coupon code 'OYOSPLDEAL' when booking through the OYO app.
Acer enters Indian e-scooter market with the Acer MUVI 125 4G, priced at Rs 99,999
Technology brand Acer has ventured into India's electric scooter market with the Acer MUVI 125 4G priced at Rs 99,999.
Designed and manufactured by Think , Acer MUVI 125 4G boasts a top speed of 75 km/h and a range of 80 km. The scooter includes swappable batteries, 16-inch wheels, and customisation options with three colour choices: white, black, and grey.
The vehicle qualifies for both central and state-level government EV subsidies. Acer intends to introduce more electric two and three-wheelers such as e-bicycles and e-trikes in the Indian market.
While the pre-bookings for the Acer MUVI 125 4G are forthcoming, the company is establishing a distribution and dealership network across major Indian cities.
Motion Education launches CPS machine for personalised exam preparation
Motion Education, a medical and engineering exam preparation platform, has introduced a customised practice sheet (CPS) machine. The institute invested Rs 50 crore in this personalised education initiative and plans to invest an additional Rs 100 crore in the future.
The CPS machine, exclusively designed for JEE and NEET aspirants, is installed in over 50 centres and has been used by more than 35,000 students. Using AI and ML, it divides test papers into phases based on subject, topic, sub-topic, and difficulty level.
BimaKavach secures direct insurance broking license from IRDAI
Business insurance provider, , has obtained a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI) to actively market a range of insurance products.
The company aims to collect Rs 100 crore in gross written premiums by FY25. BimaKavach provides 18 insurance products across categories, such as liability, asset, engineering, marine, and group health insurance.
In 2022, BimaKavach raised $2 million in a seed round to support business risk covers, proprietary risk management technology, and team scaling, with plans for a Series A round in 2024.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh