Startup news and updates: Daily roundup (January 10, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, January 10, 2024.
Team Pumpkin invests in intimate wellness brand Lemme Be
Marketing agency Team Pumpkin has invested in the Gen-Z inclusive intimate care and wellness brand. The agency will be responsible for a wide array of services, including creative strategy, social media, performance marketing, management of its marketplace, PR, and content production.
Having started as a period-care brand, Lemme Be has recently ventured into intimate wellness. It is funded by Sixth Sense Founder Nikhil Vora, AUM Ventures of Abu Dhabi, Multiply Ventures, Anicut AIF (Alternate Investment Fund), and the Sattva Family Office.
Currently, it gets a majority of its sales from the Karnataka region, but the brand aims to expand its reach across India.
CareerX secures seed funding from StartUp India
PeopleX SmartTech has launched CareerX, an HR technology platform, to tackle post-offer dropouts and empower candidates. It has raised undisclosed seed funding from the SJCE STEP incubator under the StartUp India initiative.
CareerX aims to transform hiring with a unique pre-boarding experience, connecting candidates to company culture and growth opportunities. With CareerX, employers can attract and retain talent.
Fintech startup Mylapay secures Rs 4.6 Cr in seed funding
Mylapay, a fintech startup in the payment industry, has raised Rs 4.6 crore ($550,000) in a seed round led by venture capital firm CDM Capital. The round also witnessed participation from Singapore-based Saison Capital (Credit Saison's Venture Capital arm) and 77 Capital (led by Fitech Veteran Amit Goel).
The funds will be used to enhance its cloud-based infrastructure by elevating it to an advanced security standard and strategically expanding the scope of its business operations.
Founded in 2019 by industry veterans Mohanraj Ravi (CEO), Santhanakumar Dhanabalakrishnan (CTO), and Sundar Balasubramanian (CFO), Mylapay is addressing the critical challenges such as high transaction failure rates and the intricacies of complex payment operations. Mylapay has shown a 70% growth in FY 2023.
Chronic pain management platform FlexifyMe secures Rs 10 Cr in seed funding
FlexifyMe, a chronic pain management platform, has raised Rs 10 crore in a seed funding round from investors including IvyCap Ventures and Flipkart Ventures. The round also saw active participation from GSF, Chandigarh Angels, Venture Catalyst, and Ah Ventures.
These funds will be used to incorporate cutting-edge technology and progressive exercises to deliver lasting relief and elevate workplace wellness to new heights. FlexifyMe’s patented AI-based software analyses joint movements, connecting users with expert Orthos, Physiotherapists, and Yoga therapists, providing a permanent solution to chronic pain.
AI-based admissions startup Ambitio raises pre-seed round
AI-based global admissions startup Ambitio, which helps students in pursuing higher education abroad, has raised its pre-seed round of Rs 1.55 crore. The funding comes from investors including First Cheque, a couple of unicorn founders, and angel investors from the US and India.
Ambitio AI Copilot helps applicants identify ideal courses and craft stellar essays and SOPs.
Leveraging a database of over two million admissions, they are developing a low-touch approach to construct a comprehensive global admissions platform.
B2B-focused SaaS startup Glamplus raises Rs 16.5 Cr in pre-Series A round
, a SaaS-enabled B2B beauty marketplace, has raised approximately Rs 16.5 crore in a pre-Series A round from Upsparks Capital, Eagle10 Ventures, ITI Growth Opportunities Fund, and Inflection Point Ventures. The round also saw participation from Kube VC and other marquee investors, including Gopal Krishna Varshney and IR capital partners.
The funds will be directed towards B2B expansion in Tier I and Tier II cities and to venture into international markets.
Glamplus is currently operational in Karnataka, Chhattisgarh, and Odisha, catering to clients from salons to small- and medium-sized beauty stores. It also launched a centralised warehouse for faster order processing and optimised logistics. Pivoting to a digital B2B beauty marketplace, it has listed 2,000 SKUs, achieving 12% annual growth, serving 9,500 B2B clients, and six lakh B2C customers. It aims to reach 1000 B2B beauty clients in six months.
Apollo Hospital Seshadripura partners with LifeSigns
Apollo Hospital Seshadripuram, a multi-speciality hospital in Bengaluru, has partnered with LifeSigns, an AI-powered health-monitoring technology company.
Through this collaboration, the hospital will leverage a 24x7 wireless and remote patient monitoring system. The hospital has implemented LifeSigns solutions, utilising biosensors for continuous monitoring of vital signs like ECG, blood pressure, and SPO2. This system enables real-time data transmission to a secure platform, facilitating early complication detection. The wireless monitoring extends beyond the hospital, transforming ambulances into SMART units.
PedalStart unveils India's first outcome-based innovation hub programme for startups
Gurugram startup community builder PedalStart launched PedalCircle—India's first outcome-driven, offline cohort programme in Bengaluru—to help early-stage startups in their journey from proof-of-concept to the first round of fundraising.
This cohort programme will commence in the second week of February 2024 and will pick 25 startups through a competitive 5-step screening funnel, including form screening, analyst call, offline war room evaluation, final analyst call, and the final selection.
In the three-month programme, selected startups can access PedalStart's expert support team and share resources in marketing, tech, legal, and recruiting, optimising early-stage cash usage. Founders can benefit from 1:1 mentor sessions with ex-founders and investors, tailored to their specific needs at different entrepreneurial phases, enhancing chances of success.
In the end, five startups can secure up to $250,000 in funding from PedalStart and access to PedalStart’s founder community platform.
Tanuj Gulati joins the Indusface Board
Indusface, a TCGF II (Tata Capital)-funded, application security SaaS company, has appointed cybersecurity expert Tanuj Gulati to its Board.
Gulati’s appointment comes as the company announced its US office headquarters in Dallas. Founder Venkatesh Sundar will now lead the US expansion.
Gulati with over two decades of expertise, has a proven track record in establishing and running successful cybersecurity ventures. Co-founding Securonix, a pioneer in User and Entity Behaviour Analytics (UEBA) and a prominent leader in Security Information and Event Management (SIEM), he served as the CTO, steering the company to a remarkable achievement of over $100 million in ARR and a valuation surpassing one billion dollars.
Shiprocket, Dependo form a strategic alliance for better inter-city logistics
Shiprocket, an ecommerce enablement unicorn, has joined hands with Dependo, a logistics service provider, to enable Indian merchants with intercity same/next-day delivery.
This partnership opens new avenues for Indian merchants, empowering them to offer efficient and swift intercity same/next-day delivery services. Through this collaboration, Delhi sellers gain next-day delivery to Agra, Ambala, Chandigarh, Jaipur, Kanpur, Lucknow, Meerut, Ludhiana, and Dehradun. Similarly, Bengaluru sellers will reach Hyderabad and Chennai swiftly, and Mumbai sellers will seamlessly connect with Pune, the company noted.
Gautam Naidu joins Decimal Point Analytics as Chief Revenue Officer
Decimal Point Analytics, a provider of data analytics, AI and market research solutions, has appointed Gautam Naidu as its new Chief Revenue Officer (CRO). Naidu will head revenue generation strategies, drive business development initiatives and help in the company's growth.
With over 25 years of diverse experience in the technology and business development sectors, Naidu has joined Decimal Point Analytics. Before this, he served as the Senior Vice President of Business Development at Talentica Software. He has contributed to companies like Talentica Software, IBM, CCR Technology, and Schlumberger.
He completed his post-graduate degree from the Indian Institute of Management Ahmedabad (IIM A) and his undergraduate degree from the Indian Institute of Technology Bombay (IIT B).
eFeed secures Rs 25 lakh grant from Indian Council of Agriculture Research (ICAR)
eFeed, a precision animal management and feed practice company, has acquired a grant amounting to Rs 25 lakh from ICAR.
The grant ceremony took place at the ICAR campus in Delhi and witnessed the participation of many leaders from ICAR, including joint directors.
These funds will be utilised to expand the startup's reach, enabling it to empower more farmers with its technology solutions like Nutrition Calculator. It also aims to make a substantial impact on the increase in milk output, thereby contributing to the overall productivity and sustainability of the livestock and dairy sector.
Arjun Mehta joins Leverage.biz as CFO
Arjun Mehta, former CFO of American Express India in the early 2010s, has joined Leverage.biz. Leverage.biz oversees the study abroad platform LeverageEdu, the student finance arm of Fly Finance, and the student accommodations wing of Fly Homes.
Mehta has overseen finance for Apple’s India business and was the CFO of UK fintech major Revolut in his last role.
Experian appoints Manish Jain as Country Managing Director of India
Experian, a global information services company specialising in decisioning, data analytics, and technology, has appointed Manish Jain as its new Country Managing Director for Experian India.
As the Country Managing Director, he will lead Experian's strategic initiatives, drive business growth, and cultivate strong partnerships with clients and stakeholders.
Manish Jain, an experienced leader in financial services and technology, brings over 25 years of expertise to steer Experian's operations in India. As the former Co-founder and CEO of Excelrate, he advised organisations on their growth strategies and implemented large-scale plans in the banking industry. Before Excelrate, he held leadership roles in the credit bureau industry for over 12 years.
(This copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh