Startup news and updates: daily roundup (Nov 6, 2023)

Funding

IIM Kashipur incubated startup Himshakti raises $998,000 led by EvolveX

EvolveX, an early-stage programme founded by We Founder Circle, has invested in Himshakti, which helps remote Himalayan villagers with sustainable agri-produce.

The Uttarakhand-based startup has fostered connections with over 12,000 farmers, with a majority being women.

The funds from the pre-seed round will be used for team expansion, sales and marketing, and the launch of new products. Himshakti’s roadmap includes establishing a presence in over 1,000 stores across north India within the next three months.

Atpata secures Rs 30 lakh in the inaugural episode of Indian Angels

The inaugural episode of Indian Angels, an angel investment show on OTT which enables viewer investment in featured startups, recently premiered on Jio Cinema. The first episode saw three diverse brands—Havit Cycles, Biggdiscount.com and Atpata—presenting their unique business ideas to the six angels.

These included Ajinkya Firodia, Managing Director of Kinetic Group; Ankit Agrawal, Founder and CEO InsuranceDekho; Aparna Thyagarajan, Co-founder and Chief Product Officer Shobitam; Kunal Kishore, Founder and Director, Value 360; Rikant Pittie, Co-founder, EaseMyTrip; and Shreedha Singh, CEO and Co-founder of T.A.C—The Ayurveda Co.

Of the three brands that pitched, Atpata successfully secured a deal worth Rs 30 lakh for a 20% equity stake from prominent angels Ajinkya and Aparna.

Varco Leg Care raises Rs 2 Cr in a bridge round

Varco Leg Care, a consumer healthtech company, has raised a bridge funding round of Rs 2 crore to advance its mission of leg care across India and the world.

This round was led by Neeraj Garg, Former CEO of Hindustan Coca-Cola. Besides the participation of existing investors, the round also witnessed participation from multiple new investors, including senior executives from Coca-Cola, Emporia UAE, Highway Concessions One—a KKR company, and a few HNIs.

Varco Leg Care will use the newly acquired capital to propel the company’s growth across various crucial areas, such as the acquisition of top talent, expanding its retail presence, appointing key opinion leaders (KOLs), exploring new international markets, integrating cutting-edge technology to enhance treatment adherence, enhancing R&D efforts, and elevating customer retention efforts.

The company develops products to help users manage spider veins, varicose veins, diabetic foot, and restless leg syndrome, among other leg health issues.

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Other news

Styched relaunches Sneaker Brand Flatheads

Styched, a direct-to-customer (D2C) fashion and lifestyle brand, has relaunched its casual sneaker brand, Flatheads, following an acquisition deal.

Styched will reintroduce Flatheads with three distinct collections: Ellipsis–breathable sneakers; Luft–light sneaker; and Linen Sneakers.

Flatheads' Founder Ganesh Balakrishnan's appearance on ‘Shark Tank India Season 2' helped the brand get recognition. The brand also made inroads in the US and the UAE market before the acquisition.

Upskilling increases the appraisal of Indian Professionals by 2.5X, says upGrad report

upGrad has unveiled its India Career Upskilling Report Vol. 1, created under the aegis of upGrad Insights, an internal arm dedicated to identifying industry trends through independent surveys.

Drawing insights from over 3,500 white-collared professionals from urban India, the report shed light on the key trends in appraisals, promotions, and market opportunities, especially after a career break, while also marking a stark comparison between self and company-sponsored learning and skill-based training.

Key findings include:

• Professionals who invested in upskilling in the last 3-5 years saw a 2.5X increase in appraisals and 2.3X more frequent promotions.
• Benefits of upskilling extended beyond financial gains including 1.7X improved job security.
• Women who upskilled found it easier to return to work after a break and experienced 4.8X improved career stability.
• Two out of three upskilled professionals were found to be parents signifying a higher upskilling rate amongst working parents.
• 48% of Individuals self sponsor their upskilling journeys with their primary focus being on technical skills (61%), online courses (55%), and professional certifications (35%).
• Employer-sponsored training mainly centres on industry-specific training (64%) and soft skills development (55%)
• People who upskilled in the past 3-5 years stayed 6X times longer in their new careers

Web3 entrepreneur Arjun Reddy joins HaiVE as Co-founder

HaiVE has appointed Arjun Reddy as a co-founder. Reddy will be instrumental in advancing HaiVE's vision of delivering secure, on-premise AI solutions, the company said.

Reddy was the former co-founder and CTO of GuardianLink, Asia's largest Web 3 gaming marketplace.

Swiggy introduces AI-fuelled photoshoot feature to elevate restaurant menus

Swiggy, an on-demand convenience platform, has introduced an industry-first AI-powered 'Photoshoot' feature for its restaurant partners. This feature empowers restaurant owners to enhance their menu offerings and entice diners with mouthwatering visuals.

The AI Photoshoot feature simplifies the process of capturing and enhancing high-quality images for menu items. Restaurant owners can easily use their smartphones and the Swiggy Owner app to complete this task efficiently. The 'AI-Powered Image Validation' ensures that the images adhere to Swiggy's guidelines, making the process hassle-free and efficient.

Additionally, the 'AI Image Enhancement' feature takes food photography to the next level by improving image quality, enhancing aesthetics, and even offering the ability to change backgrounds.

(The copy will be updated with the latest news throughout the day.)