Startup news and updates: Daily roundup (November 3, 2023)

Funding

PedalStart leads pre-seed round in agritech startup Bull-Agritech

Agritech company Bull Agritech has raised $100,000 (Rs 80 lakh) in a pre-seed funding round led by startup accelerator PedalStart. Bull Agritech, which has been part of PedalStart's current cohort One-to-N, is backed by leading venture capital funds from the ecosystem.

Bull Agritech plans to use funds for the growth of the company and to accelerate the operations along with building the team.

Co-founded in 2021 by Hit Desai and Divyajeet Chauhan, Bull Agritech connects farmers directly to agri-commodity processors, providing end-to-end supply chain solutions, in the fragmented agri-supply chain market. The startup is based out of a Tier III region in North Gujarat.

Others

ONDC appoints Anupama Priyadarshini as senior VP of corporate governance

Open Network for Digital Commerce (ONDC), an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India, has announced the addition of Anupama Priyadarshini to its team.

Priyadarshini assumes the position of senior vice president - corporate governance, risk and compliance, and investor relations and will play a crucial role in elevating the governance, risk management, compliance, and investor relations within the ONDC network.

With a career spanning 25 years, Priyadarshini has demonstrated expertise in sectors such as retail, steel manufacturing, and beverages. She has spent 14 years with IKEA, serving as the CFO, business navigation manager, and director for IKEA supply, South Asia.

“I'm excited to be a part of ONDC, which aims to make digital commerce more inclusive and accessible on a large scale for the country. By assuming the responsibilities of my new role, I foresee a tremendous opportunity to be a part of the evolutionary journey of a democratic ecommerce ecosystem,” she said.

IFTA 2023 announces winners of the first Fintech Olympiad

India FinTech Forum, a platform for fintech startups in India, has announced the winners of its first Fintech Olympiad that was launched during IFTA 2023. The finalists won from a prize pool of Rs 5 lakh.

The winners of the National Finals of the Fintech Olympiad 2023 are Seth Randive of the Indian Institute of Information Technology (IIIT), Kottayam; Aashrith Reddy, IIT, Hyderabad; and Anuj Pahuja, University of Delhi; in the undergraduate category; and Lingeshwar Balamurugan, Indian Institute of Management (IIM), Indore; Sarthak Jain, Birla Institute of Technology and Science, Pilani; and Shashwat Shrivastava, Nirma University, Ahmedabad; in the postgraduate category.

Backed by industry leaders including Axis Asset Management Company as the investor education partner and content partners such as Zerodha, CashRich and Clear, Fintech Olympiad encourages financial literacy and digital fluency in college students.

Maharashtra State Innovation Society is supporting the initiative to increase its reach. The competition focuses on financial literacy and has received applications from over 2,000 colleges and universities from across the world.

New Relic appoints Prasad Rai as Vice President - Sales for India

New Relic, an all-in-one observability platform, has appointed Prasad Rai to the role of Vice President - Sales for India. Rai is responsible for leading New Relic India’s sales teams as they continue to grow the company’s footprint across key verticals including ecommerce, media and financial services while deepening engagements with new and existing customers.

Rai has over two decades of sales and leadership experience in the technology industry across India and Asia Pacific. Most recently, he was vice president of Global Strategic Clients Group at Oracle India.

“The combination of a growing cloud market and the outstanding reputation of the New Relic suite of all-in-one observability products represents a prime opportunity for the India market,” said Rai.

“I am thrilled to join the New Relic team and look forward to overseeing the continued implementation of cohesive observability strategies for our customers," he added.

SKG Assets & Holdings Launches SKG India Value Fund

Financial services firm SKG Assets & Holdings has announced the launch of the SKG India Value Fund. This milestone represents SKG's strategic pivot towards asset management with a particular focus on the Small and Medium-sized Enterprise (SME) segment.

A lack of promoter education and limited financial knowledge often hinders SMEs entry into the capital markets. But regulatory norms have become more favourable, making it easier for SMEs to list on stock exchanges.

"We are excited to introduce the SKG India Value Fund at a time when the Indian financial landscape is evolving rapidly. Our aim is to bridge the gap between investors who believe in India’s economic positioning and high-growth SMEs, unlocking the true potential of these businesses. This fund is our way of helping investors become a part of the SME success story," said Kush Gupta, Director of SKG Assets & Holdings Private Limited.

Sephora ties up with Reliance Retail Ventures

Beauty retailer Sephora has announced a partnership with Reliance Beauty & Personal Care Limited, a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL) to advance their shared ambition to develop prestige beauty retail in India. The partnership gives RRVL exclusive rights to build and enhance Sephora’s presence in India across channels.

“Rising affluence, increasing urbanisation and the proliferation of social media have driven greater awareness of self-care and beauty, unlocking major opportunities for prestige beauty. It is an opportune time for us to invest in expanding our presence, and bring new, exciting, and exclusive brands to delight our growing community of beauty enthusiasts,” Alia Gogi, Asia President, Sephora.

Advait Infratech Limited forges strategic MOU with Govt. of Uttarakhand and KPI Green Energy Limited

Advait Infratech Limited has announced that it has signed a Memorandum of Understanding (MOU) under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The MOU, signed on November 1, 2023, marks a significant step forward for Advait Infratech Limited, as it collaborates with the Government of Uttarakhand and KPI Green Energy Limited to develop a state-of-the-art solar power project under the Captive Power Producer (CPP) segment.

The MOU, with a duration of twelve months, represents a joint effort to establish a solar park in the state of Uttarakhand. The solar park project will make a substantial contribution to the generation of renewable energy and will play a crucial role in aligning with the state's commitment to sustainable energy practices.

Key highlights of the MOU include a commitment from the Government of Uttarakhand to provide all necessary assistance essential for the successful commencement and execution of the solar park project.

“Advait Infratech's MOU with the Government of Uttarakhand and KPI Green Energy shines a light on a promising future of solar power in Uttarakhand, illuminating our commitment to a greener tomorrow. With this pivotal partnership, we embark on a journey to harness the abundant solar energy potential in Uttarakhand, contributing significantly to the state's commitment to environmentally responsible energy practices," said Shalin Sheth, Managing Director, Advait Infratech.

(This article will be updated with the latest news throughout the day.)