Startup news and updates: Daily roundup (November 22, 2023)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, November 22, 2023.
Funding
Herby Angel raises $2.5M seed round from JCBL Group
, an Ayurvedic and organic personal care brand, has raised $2.5 million in seed funding from JCBL Group.
The investment will help to accelerate distribution expansion, tech advancement, product portfolio expansion, R&D, and marketing.
JCBL Group is a multi-business conglomerate covering industries such as mobility applications, defense, railway and bus components, agriculture, and international business.
Herby Angel focuses on promoting holistic healthcare for babies and kids through Ayurveda-based products with certified organic ingredients. The brand plans to enhance its distribution network, exploring franchisees, exclusive outlets, and partnerships with large retail chains.
Jodaro raises $750,000 in seed round led by Fundamental VC
Commerce enabler has raised $750K in a seed round led by Fundamental VC with participation from, Former Lightspeed investor, Maninder Gulati.
The capital will be used for technological advancements, team expansion, and global brand amplification. The goal is to establish trust and a discovery system, enabling global buyers to procure directly from manufacturers in emerging markets.
Other News
Amazon India to use inland waterways for package delivery with IWAI collaboration
will become the first ecommerce company in India to use Inland Water Transport.
Amazon India and the Inland Waterways Authority of India (IWAI) signed an MoU for the transportation of customer packages via inland waterways.
"Our focus is on increasing cargo movement through river systems, which is a more sustainable and economical mode of transport. I congratulate Amazon India in their endeavour to collaborate with IWAI to create a waterways transportation solution. This initiative is a reflection of the importance of sustainable logistics solutions in India’s rapidly expanding e-commerce sector.” Sarbananda Sonowal, Cabinet Minister, Ministry of Ports, Shipping and Waterways Government of India said.
The collaboration aims to enable containerised cargo movement through inland waterways, starting with a pilot run on the Patna to Kolkata route. Amazon India aims to leverage all modes of transport, including Rail, Air, Water, and Surface, for faster, cost-effective, and reliable delivery of customer packages.
Wint Wealth Group secures RBI nod for majority stake in Ambium Finserve, now Wint Capital
Wint Wealth Group has gained RBI approval for majority stake acquisition in Chandigarh-based .
Following the acquisition, the NBFC, now operating as Wint Capital, has initiated wholesale lending operations. Wint Capital's primary focus is to provide loans to growth-stage NBFCs for their business expansion and offer retail loans in collaboration with Wint Wealth Group’s NBFC partners.
The current loan book of Wint Capital stands at nearly Rs 50 crore, with projections to reach Rs 500 crore by the end of 2024.
Having raised Rs 8 crore in debt and Rs 63 crore in equity from institutional investors, Wint Capital aims to explore additional deals to further expand its loan portfolio. The NBFC is set to introduce its listed corporate bonds to retail investors in the early months of the upcoming year.
Wint Wealth Group is a wealth-tech conglomerate with a focus on fixed-income investments. The platform facilitates easy access to fixed deposits, corporate and sovereign gold bonds (SGBs), and a diverse basket of bonds for investors. Through its NBFC arm, Wint Capital, the Group actively supports growth-stage NBFCs in meeting their capital requirements.
Consumer app expectations surge as 70% demand better experiences: Cisco
Despite increased digital service usage during the pandemic, consumer demand for applications continues to rise.
About 70% of respondents expect better digital experiences than two years ago, and 75% anticipate brands to deliver exceptional digital experiences as standard. according to Cisco's App Attention Index report, based on a global study of over 15,000 consumers
Users now have zero tolerance for poor digital performance, with 63% feeling disrespected by brands with underperforming apps, 69% being less forgiving, and 88% abandoning or deleting apps due to performance problems.
Consumers are becoming more selective, aiming to declutter their apps (69%), control or limit app usage (76%), and have deleted more apps than installed in the past year (64%). The study identifies 'The Application Generation' (ages 18-34) as particularly discerning, using an average of 41 apps monthly and prioritizing quality. This group is more likely (70%) to share negative experiences about poorly performing apps compared to the previous year.
VenturEast, InvAsent exit CPO in secondary
VenturEast and InvAsent exit US-based Comprehensive Prosthetics and Orthotics (CPO) in a financial secondary. CPO, co-founded by Amit Bhanti, initially raised institutional funding from VenturEast and InvAsent.
The exit marks VenturEast's eight since 2021, following a partial exit in , which went IPO with a 60% increase. Other exits include iNurture, Seclore, Indus OS, and Richcore Lifesciences.
CPO acquired four orthotics and prosthetics practices, operating 35+ clinics. Identifying tech gaps in claims management, CPO developed in-house solutions and expanded into a Software as a Service (SaaS) offering for the industry. The company also scaled its Revenue Cycle Management practice with an Indian workforce.
Achal Goel joins Avanse as Chief People Officer from November 2023
Avanse Financial Services, an education-focused NBFC, appoints Achal Goel as Chief People Officer from November 2023.
Based in Mumbai, he will lead Avanse's HR team, developing and implementing people-centric strategies to enhance the work environment. Goel will also manage the company's CSR framework.
Formerly with Kotak Mahindra Bank for over a decade, Goel brings two decades of experience in talent acquisition, employee relations, and various finance institution verticals.
WebEngage elevates Ankur Gattani to Chief Growth Officer
appoints Ankur Gattani as Chief Growth Officer, overseeing marketing, customer growth, and success functions.
Gattani, who has led the marketing function, will now be focusing on customer experience, growth consulting, account management, onboarding, and customer support. An IIT Bombay and IIM Calcutta graduate, He joined WebEngage in 2021.
“Having known Ankur from his previous entrepreneurial pursuits, I was confident that it was just a matter of time that he would become a core member of the WebEngage juggernaut.” Anand Lunia, Founding Partner, India Quotient an early investor in WebEngage.
TMKOC PLAY partners with Jio Games to plans 50+ games
Neela Mediatech's gaming platform, TMKOC PLAY, based on 'Taarak Mehta Ka Ooltah Chashmah,' has partnered with Jio Games to release over 50 games on the Jio Games platform. Anticipates 5X growth in the next six months by tapping into Jio's user base of 500 million.
Jio platform users can enjoy games themed around 'TMKOC,' attracting an additional audience of 60 million TMKOC fans. Neela Films invested Rs 24 Cr in Neela Mediatech, expanding its gaming, animation, and e-commerce tied to TMKOC IP.
The company offers free-to-play and cloud-based single-player and multiplayer games, including Bhide Scooter Race, TMKOC Air Hockey, Bhide Pickle Delivery, Gokuldham Kite Flying, and Tapu Skating Adventure.
Edited by Affirunisa Kankudti
