Startup news and updates: daily roundup (November 1, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, November 1, 2023.
Kaabil Finance raises $3M in pre-Series A funding
Jaipur-based MSME loan providersecured $3 million in pre-Series A funding led by 2point2 Capital and a host of high net-worth investors.
It will use the funds to strengthen its MSME loan book and beef up its credit, risk, collections, and tech teams, the company said in a statement.
Founded in 2018 by Ramavtar Meena, Kaabil provides nano and micro-loans of up to Rs 3 lakh to small and medium-sized businesses, intending to achieve assets under management of Rs 1,000 crore in 1,000 days.
“We are elated with the support of such a high-calibre group of investors. This investment will allow us to accelerate our growth and continue to create a positive impact for our target customer segment," Ramavtar Meena, Founder and CEO of Kaabil Finance, said.
Social impact startup Mikro Grafeio raises $1.2M pre-Series A funding
Bengaluru-based social impact startup has secured $1.2 million in pre-Series A funding from new and existing investors.
The company will use the fresh capital to fuel its expansion plans and penetrate Tier II and III markets to create over one lakh jobs in the regions. It aims to strengthen its technology capabilities to enhance operation efficiency.
Mikro Grafeio fosters economic growth and creates job opportunities beyond metro cities in India. It aims to generate one lakh job opportunities by offering integrated workspace and workforce solutions, as well as advisory and consulting services for businesses seeking to establish operations outside of Tier I cities.
“This funding will enable us to scale up our operations, enhance our technology, and reach out to more customers across India. We are confident that with our unique value proposition and focused efforts to increase social impact and employment in emerging cities, we will be able to create a positive impact on the lives and businesses of our customers,” Mohan Mathew, Co-founder of Mikro Grafeio, said.
Mar-tech startup MyEra raises undisclosed funding from EvolveX
New Delhi-based marketing tech startup programme, EvolveX.has secured undisclosed funding from We Founder Circle's early-stage
The company plans to utilise the new capital to expand its technical team, build technology infrastructure, conduct public outreach, and develop and maintain its platform, it said in a statement.
Founded in April 2023, MyEra focuses on simplifying marketing and sales through its proprietary API, which helps online shoppers personalise products and virtually try before purchasing.
"With this infusion of capital as well as the mentorship of EvolveX, MyEra is poised to accelerate its development and revolutionise the ecommerce landscape, delivering unparalleled value to both shoppers and retailers alike. The dedication and ingenuity of our team, coupled with this strategic backing, herald a promising future for MyEra and the transformative potential of our technology," Anirudh Sharma, Co-founder and CEO of MyEra, said.
Mahindra Finance enters into co-lending partnership with State Bank of India
Mahindra's Group's non-banking finance company (NBFC) has joined hands with the State Bank of India (SBI) to provide financial solutions to wider audiences in the country.
The co-lending model will enable the institutions to harness the distribution strength of Non-Banking Financial Companies (NBFCs) and the cost-efficient capital of banks, ensuring wider outreach and better interest rates for customers, the firms said in a statement.
The interest rates offered under this co-lending arrangement would be determined based on the customer's credit profile to ensure a personalised and competitive financing experience, according to the companies.
"This collaboration is a step forward in enhancing financial accessibility and inclusivity. As we move forward, our focus remains on fostering innovation, embracing strategic collaborations, and tailoring our services to meet the evolving needs of our customers. Through this partnership we will further our capability to be a responsible financial solution partner to Emerging India," Raul Rebello, MD and CEO- Designate, Mahindra Finance, said.
KFintech launches advanced trade reporting and compliance platform Guardian
Mumbai-based financial services provider compliance management platform Guardian.has rolled out an advanced trade reporting and
The framework is powered by advanced trade identification algorithms that identify and report the trade and alert the risk or compliance officers on unauthorised trades, which will help them maintain the highest degree of trade compliance, the company said in a statement.
Guardian uses multiple comprehensive data feeds which have been collected with the consent of the users to seamlessly collect trade data from various sources, offering a holistic overview of an individual's or entity's trading activities without any restriction of association with a specific depository participant, according to the firm.
"At the core of Guardian's efficiency lies its proprietary rule engine, empowering users to configure customisable rules for the automatic flagging of non-compliant trades, ensuring unwavering adherence to regulatory standards,” Sreekanth Nadella, MD and CEO of KFintech, said.
ONDC rolls out guide application to provide support to sellers, buyers and network participants
Thehas launched the ONDC Official Guide App to assist sellers, buyers, logistics providers and the network participants. The guide is available for download from Google Play Store with language support in English, Hindi and 10 other Indian languages, a statement said.
The guide is expected to help the ONDC ecosystem participants with accessing accurate information and insights, latest updates and make use of interactive features.
"We are thrilled to introduce the ONDC Official Guide App, designed to empower users for the ONDC ecosystem. It is an extension of our continued dedication to transparency and accessibility for all. We look forward to the app's pickup on the Google Play Store and remain dedicated to continuously enhancing its functionality to provide ongoing value to our ecosystem.” T Koshy, MD and CEO at ONDC, said.
(The story will be updated with the latest news throughout the day)
Edited by Suman Singh