Startup news and updates: daily roundup (November 23, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, November 23, 2023.
Funding news
Conscious Chemist raises undisclosed funding from Inflection Point Ventures
Beauty brand Conscious Chemist has raised an undisclosed amount from angel investing platform Inflection Point Ventures.
The capital acquired will help Conscious Chemist to amplify its brand voice, Co-founder and CEO Robin Gupta said, adding that the brand will double down on its digital footprint with deeper penetration into online marketplaces while optimising its offline channels.
“Legacy and new age brands entering this segment will only help grow this market faster and we believe that Conscious Chemist has carved out the right niche with its purpose-driven philosophy of building the brand,” Ivy Chin, Partner, Inflection Point Ventures, noted.
Founded in 2019 by Gupta and Prakher Mathur, Conscious Chemist is a science-backed beauty brand, with a portfolio of 29 products.
Conscious Chemist co-founders: Robin Gupta and Prakher Mathur. | Image credit: Conscious Chemist
Zappfresh raises Rs 30 Cr from Ah! Ventures, HT Media, others
Meat delivery platform raised Rs 30 crore (about $4.3 million) from a consortium of investors like Ah! Ventures, HT Media, Unity SFB, and Heifer Impact.
It will use the funds for acquisitions, expansions, and infrastructure upgrades in both the North and South markets, the company said, adding that it also plans to launch new product lines.
“We are extremely delighted to welcome our new partners on board. Their support will be instrumental in launching a variety of strategic initiatives. This collaboration will not only help us expand our reach but also build more traction in our diverse product portfolio, which includes poultry, goat meat, seafood, and ready-to-eat products,” Deepanshu Manchanda, Founder of Zappfresh, said.
Other news
airpay acquires personal finance management start-up Finmapp
Integrated financial services platform has acquired personal finance management start-up Finfinity Technologies.
The acquisition of the Delhi-based startup and the developer of the Finmapp app would strengthen airpay’s integration play across the payments to lending to investing ecosystem, it said.
Finfinity Technologies was founded by Kumar Binit and Manoj Kaushik. Finmapp aap offers a range of tools and services, including financial planning, tax planning, debt management, risk and age-based advisory and recommendations, and assessment.
“We believe there are synergies in vision, tech prowess, and value proposition among both the companies that led us to our first-ever acquisition in our 11+ years journey,” Kunal Jhunjhunwala, Founder and MD of Airpay, said.
Upon the finalisation of the deal, Finfinity’s team, comprising the founders and all the employees, will be absorbed within airpay. The acquisition is expected to be completed by March.
Amazon announces initiative to provide free AI skills training to 2M people by 2025
Amazon Web Services (AWS) India Private Limited has announced ‘AI Ready,’ a new initiative designed to provide free AI skills training to 2 million people by 2025.
“The goal of AI Ready is to help level the playing field of AI education, supported by the new initiatives we’re launching today. We will also scale our existing free AI training programs and courses as we continue to remove cost as a barrier to accessing these critical skills,” Swami Sivasubramanian, VP of Data and AI at AWS, said.
AWS has announced eight new, free AI and generative AI courses open to anyone and aligned to in-demand jobs. These courses augment the 80+ free and low-cost AI and generative AI courses and resources provided through AWS.
Additionally, has also launched AWS Generative AI Scholarship and collaboration with Code.org to help underrepresented and underserved students gain access to next-generation tech education. Through the AWS Generative AI Scholarship, AWS will provide Udacity scholarships, valued at more than $12 million, to more than 50,000 high school and university students.
AIC T-Hub selects startups for semiconductor cohort 2
T-Hub launched the semiconductor cohort 2 under the AIC T-Hub Foundation programme. In collaboration with Atal Innovation Mission (AIM) and NITI Aayog, this initiative aims to nurture and scale promising semiconductor startups.
The semiconductor cohort will support 10 startups over six months. Among the selected startups are FaceIntel Systems, Clupav Scientific, Deep Grid Semi, Sego Automobile Solution, Spidex Technologies, Geocon, Chipex Technologies, and Zealy Smart System.
The cohort will concentrate on key areas such as chip-level and systems development for telecom, IoT, AI, and automotive.
The cohort-based programme will feature group sessions, mentor meets, investor demo days, and market access mixers. Additionally, startups will receive support in the form of Multi-Project Wafer assistance, Electronic Design Automation tools, access to T-works prototyping labs, and opportunities to connect with potential investors and customers.
Snitch partners with EcoReturns to reduce its returns using Gen AI
Snitch, a Shark Tank-featured fashion brand, has teamed up with EcoReturns, an AI-powered returns management solution to reduce returns.
“We are bringing in a lot of technology, including AI, to improve and make the processes efficient. EcoReturns has been instrumental in our journey to elevate customer satisfaction while optimising our operations,” Siddharth Dungarwal, Founder of Snitch, said.
The company uses the advanced capabilities of generative artificial intelligence for customers initiating return and exchange requests. The solution automates the returns and exchange process, reducing return rates.
EcoReturns, developed by Saara, is supported by VC firms such as Binny Bansal-backed 021 Capital and 9Unicorns.
360 ONE Wealth appoints Satheesh Krishnamurthy as CEO of high-net-worth business
Wealth management firm 360 ONE Wealth has appointed Satheesh Krishnamurthy as the CEO of the high-net-worth business. He will drive strategic growth in this role, building the brand, distribution footprint, product stack, platform, and overall success in this client segment.
Prior to joining 360 ONE Wealth, Krishnamurthy played a pivotal role in launching the brands of Axis Bank catering to affluent and private banking clients. Before Axis Bank, he worked with Citibank, working across multiple geographies and headed Citigold.
It has also appointed Parinaz Vakil as Head of Digital Products for the high-net-worth business led by Krishnamurthy. The new team will include Jitendra Chandwani, Director-Practice Head, and CTO Bhushan Sonkusare.
Satheesh Krishnamurthy, CEO - high-net-worth business, 360 ONE Wealth.
IESA appoints Ashok Chandak as President
India Electronics and Semiconductor Association (IESA), the trade body representing the Indian electronic system design and manufacturing (ESDM) industry, has appointed Ashok Chandak as its new president.
Chandak will play a pivotal role in steering the organisation towards innovation and growth. He will be responsible for formulating strategic initiatives and advocating for policies that promote the interests of the semiconductor and ESDM industry for Make In India.
Chandak, with over three decades of experience in semiconductors and electronics across various global companies, has been instrumental in driving several initiatives to promote the growth and innovation of the ESDM sector in India and abroad.
“Under his leadership, IESA will continue to work towards creating a conducive ecosystem for the ESDM industry and fostering collaboration among industry stakeholders, policymakers, and technology leaders,” Sanjay Gupta, Chairman of IESA, said.
Riot Games to host its first international VALORANT esports tournament in India
Riot Games will host Convergence, its first international VALORANT esports tournament in India in partnership with The Esports Club. The tournament is scheduled to take place between December 14-17, 2023, at the Manpho Convention Center in Bangalore.
The tournament will bring together some of the top VALORANT teams from around the world, such as Global Esports, FUT, Furia, Vitality, and GenG, to compete on the same stage in India. These teams play in Riot's VALORANT Champions Tour in Asia, Europe, and the Americas, representing the pinnacle of professional VALORANT esports.
“With Convergence, Indian fans will finally get to see some of their favourite VALORANT athletes perform in person and also interact with them off-stage,” Sukamal Pegu, Esports Lead, India and South Asia, Riot Games, said.
IIT Guwahati incubated Quant Solar develops floating solar technology
IIT Guwahati incubated clean-tech startup Quant Solar has developed floating solar technology—a way to harness solar energy and conserve water bodies.
Floating solar plants are gaining prominence, complementing established domains of rooftop solar and ground-mounted solar. They are installed on water bodies such as dams and reservoirs where they can restrict evaporation loss by up to 70%.
Since its inception, Quant Solar has worked with multiple public sector enterprises, state government bodies and private companies. It has delivered India’s first megawatt-scale floating solar plant of 2 MW capacity and one of the world’s largest floating solar plants of 36 MW for NTPC.
