Startup news and updates: Daily roundup (December 12, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, December 12, 2023.
Funding news
Aliste Technologies raises $1M
, a smart home automation startup, has raised $1 million. While 100X.VC was the first institutional investor to invest in Aliste Technologies other renowned investors, including YourNest, Artha Venture Fund, Dholakia Ventures, KRS Jamwal, and Anikarth Ventures, among others, also participated in the round.
The company will use the capital to drive geographical expansion and strengthen its brand-building initiatives.
Mental healthtech startup BetterSpace raises Rs 45 lakh in pre-seed funding
Raipur-based mental healthtech startup has raised Rs 45 lakh in a pre-seed funding round led by PedalStart.
The company will use the capital to improve its existing offline and online services, develop a new product range consisting of games and toolkits, better its marketing and brand visibility, optimise technology and the app to boost accessibility across multiple types of devices, attract and acquire talent, among other areas.
BetterSpace offers psychologist-led counselling and workshops in vernacular languages. It also plans to expand operational footprints to at least 10+ Indian states and internationally in the next year.
Other news
Embassy Services Private Limited promotes Saarang Ganapathi as Chief Operating Officer
Embassy Services Private Limited (ESPL), the property management arm of Embassy Group, has promoted Saarang Ganapathi as its Chief Operating Officer (COO).
As COO, Ganapathi will spearhead initiatives to enhance ESPL's operations in property and facility management. He will also play a key role in expanding ESPL's presence in the renewable energy sector and broadening its capabilities in project management consulting.
The former country head – property management at ESPL, Ganapathi has demonstrated strong leadership in managing a vast real estate portfolio of 130+ million square feet across 11 states with 18,000 professionals, serving clients from diverse real estate sectors.
Former National Cyber Security coordinator joins TAC security board ahead of IPO
TAC Security, a global provider of cybersecurity solutions, has onboarded Lt General (Dr) Rajesh Pant, a cybersecurity expert and former National Cyber Security coordinator at the Prime Minister's Office, Government of India, as a Board member. This comes at a time when TAC Security gets ready for its upcoming initial public offering (IPO).
Pant has played an important role in making and coordinating cybersecurity strategies elevating India from the 47th to a top-10 position in the UN Global Cybersecurity Index.
Holding a Ph.D. and degrees from IIT Kharagpur, Madras University, and Osmania University, his military expertise and leadership make him a valuable addition to TAC Security, enhancing its capabilities. Earlier, he had also served as the director of the Indian Army's cyber training establishment.
Walmart sourcing partners with Hero Ecotech Ltd.
said the first India-made bicycles, designed and manufactured by Hero Ecotech Ltd are all set to hit selected stores in the US ahead of the holiday season.
Hero Ecotech Ltd. has crafted a "cruiser-style" bike for Walmart under the Concord brand, available in men's and women's versions. These cruisers, sold in Walmart US stores, are made with over 90% of raw materials sourced from India.
Hero Ecotech is a prominent Indian mobility product manufacturer and the country's largest exporter of bicycles, supplying to over 80 countries. Hero Ecotech Ltd. is among many Indian manufacturers who are building supplier relationships with Walmart.
FedEx commits $10M to IIT Bombay and IIT Madras
FedEx Express () has committed a $10 million corporate social responsibility grant to IIT Bombay and Madras.
This grant will be used to establish a globally recognised "Centre of Excellence" (COE), located within both IIT campuses. These centres will lead in research and development, fostering a vibrant talent pool through fellowship programmes for Master's and PhD students.
Additionally, they aim to actively boost India's startup ecosystem, with a key focus on innovating cross-border logistics and integrating digital intelligence seamlessly.
Digital lending expands further with 40% increase in Q2FY24
According to the 8th edition of the FACETS report launched by the Fintech Association for Consumer Empowerment (FACE), digital loan disbursement volumes and value have recorded an annual growth rate of 39% and 43%, respectively. The report analysed the disbursement data of 37 FACE member companies.
Some of the key insights include: in the second quarter of FY24, FACE member companies disbursed 2.44 crore loans, up by 39% from the same period last year. The total loan value increased by 43% to Rs 31,692 crore.
The total assets under management (AUM) for fintech lending companies was Rs 36,169 crore, with 69% on their balance sheets. For NBFCs or companies who own NBFCs, 79% of the AUM is on their balance sheets. Data on customer issues shows that 97% of complaints were resolved within seven days, and 41% were resolved within a single day.
The Good Glamm Group joins ONDC Network
, a content-creator-commerce-community conglomerate, has joined the Open Network for Digital Commerce (ONDC) as a direct seller.
The Good Glamm Group's strategic move to join the ONDC Network signifies a major step in expanding its footprint in India's digital commerce scene.
Committed to innovation, the group aims to leverage the network to enhance its D2C brands' reach, including its portfolio brands—, , and others—providing diverse offerings and value to consumers.
Infibeam Avenues' CCAvenue set to integrate with Bandhan Bank's EMI facilities
Fintech company Infibeam Avenues Ltd's flagship payment gateway brand, , will introduce Bandhan Bank's EMI facilities to over 10 million merchants.
CCAvenue is partnering with Bandhan Bank to make it easier for its merchants to tap into a bigger customer base. This new payment option, combined with CCAvenue's existing features, will help ecommerce websites optimise earnings and expand their operations. Plus, it will allow Bandhan Bank customers to buy high-value items and pay in instalments over time, making shopping more convenient.
Flipkart launches first grocery fulfilment centre in Bhubaneswar
has launched its first grocery fulfilment centre in Bhubaneswar, Odisha, to ensure swift delivery of groceries to consumers within 24 hours of placing the order.
The facility aims to generate over 300 direct and indirect employment opportunities. Spanning 1.35 lakh square feet with a dispatch capacity of 2.09 lakh units per day, this centre will serve 16,000 daily orders across key locations in Odisha.
Offering popular local brands, it will cater to the growing demand for online grocery deliveries, featuring staples, FMCG, dairy, and more.
CareStack acquires Waybeo
, a US-based cloud dental software solutions leader, has acquired Mumbai startup , which offers advanced intelligence services in ad-generated phone calls.
Waybeo's cutting-edge technology will be integrated with CareStack's market dominance in dental care through this acquisition.
Waybeo's CS Conversations for CareStack, featuring AI-powered call analysis, transformed patient-practitioner communication pre-acquisition. Post-acquisition, Waybeo aims for rapid growth, expanding globally, and diversifying into the automobile, consumer durables, insurance, broking, and real estate sectors.
Superfood brand Nourish You acquires One Good
, a superfood brand, has fully acquired the vegan dairy brand, One Good.
One Good's team, including CEO Abhay Rangan, CFO Radhika Datt, and COO Dhivakar Sathyamurthy, are now part of Nourish You's leadership team, aligning for long-term growth with a shared vision.
Founded in 2016 under the brand name Goodmylk, Bengaluru-based One Good is best known for its award-winning range of vegan dairy products like milk, cheeses, chocolates, curd, ghee, butter, and more.
Edited by Suman Singh
