Startup news and updates: daily roundup (January 15, 2024)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, January 15, 2024.

Startup news and updates: daily roundup (January 15, 2024)

Monday January 15, 2024,

7 min Read

upGrad appoints Govind Kumar to lead Working Professionals B2C segment

Edtech firm upGrad has appointed Govind Kumar as President of the Working Professionals (B2C) segment to scale its operations in India. 

In the new role, Kumar will lead sales, marketing and content for upGrad’s business of university-led long-format courses and expanding its operational footprint within the country, it said in a statement.

Kumar previously led kidswear brand Hopscotch’s India operations as the Vice President for nearly three years. Prior to that, Kumar spent over eight years at Walmart-backed Flipkart.

India SME Forum rolls out mass export development programme IndiaXports

India SME Forum—a not-for-profit organisation for small and medium businesses—has launched India’s first mass export development program ‘IndiaXports’ at the Regional MSME Exports Summit.

The program will help MSME exporters by providing training to make the most out of their product’s export potential. It will also guide them with basics of business like finding new export markets, understanding phytosanitary measures, obtaining international certifications, and meeting quality standards tailored for MSME products, according to a company statement.

“In our pursuit to elevate this contribution and empower MSMEs, the launch of IndiaXports marks a transformative milestone.” He further added, “MSMEs’ share of exports witnessed an upward trajectory, rising from 43.59% in FY22 to 45.03% in FY23. In tandem, the robust growth in the number of registered MSMEs, now totaling 3.16 crore, has contributed significantly to an impressive employment record of 15.5 crore as of December, 2023,” Vinod Kumar, President of India SME Forum, said.

SFLC.in partners with UNESCO to launch guide on online gender-based violence

Delhi-based legal not-for-profit organisation SFLC.in has joined hands with UNESCO to roll out a guide on how to deal with online gender-based violence.

Titled 'How To Defend Your Online Spaces Against Online Gender-Based Violence’, the guide will help identify various types of online abuse that take place and takes the user through possible recourse available to them to combat this form of violence. 

The guide is available in English, Hindi, Marathi, and Malayalam. It can be downloaded from the SFLC.in website.

“SFLC.in’s comprehensive guide, available in multiple languages, endeavors to empower users by shedding light on various forms of gender-based violence. Through accessible language and illustrations, the guide equips users with the knowledge to recognize and respond to these challenges. Our steadfast belief in a fair, open, and feminist internet is reflected in this resource,” Radhika Jhalani, Legal Counsel at SFLC.in, said.

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Blockchain company Finboot forges partnership with digital solutions firm MINDSPRINT

Technology firm Finboot—creator of the blockchain solution MARCOS—has tied up with global digital solutions services firm MINDSPRINT.

The collaboration will help Finboot strengthen MINDSPRINT’s digital portfolio by embedding its low code / no code blockchain ecosystem MARCO.

Finboot’s MARCO connects multiple ledgers simultaneously and will enable MINDSPRINT to incorporate blockchain across their various digital solutions.

Nish Kotecha, Executive Chair and Co-Founder, Finboot said, “We are thrilled to be partnering with MINDSPRINT. Finboot’s and MINDSPRINT’s values are very much aligned, and we believe in the power of technology to solve many of the key challenges humanity faces including accelerating the journey to net zero and the need for more secure and transparent supply chains to measure and ensure goods and services are net positive.”

LegalPay launches zero-interest credit line for business to settle legal disputes

LegalPay—Litigation funder and legal solutions provider—has rolled out a zero-interest credit line for enterprises, startups, business owners, and freelancers to settle legal disputes while preserving their working capital.

Named Quick Settle, the structured financing feature is designed to streamline the resolution of legal disputes with a flexible 6–12-month repayment plan, enabling parties to resolve conflicts without depleting their working capital, the Gurgaon-based firm said in a statement.

LegalPay aims to disburse Rs 200 crore in 2024 through its own NBFC Padmalaya Finserve along with other partner NBFCs.

CoinSwitch records over 200% rise in trade volumes in Q3 2023

Cryptocurrency trading platform CoinSwitch recorded a sequential growth of over 200% in trading volumes in Q3 2023. 

To encourage responsible trading, the platform now offers a guaranteed cashback of 2% for crypto deposits to CoinSwitch PRO, an advanced trading platform where users can trade across multiple exchanges with a single account, it said in a statement.

“Bitcoin ETFs and Halving are two much-anticipated milestones for 2024. The market has rallied over the quarter due these tailwinds, and all our internal tracking metrics are going upward. The momentum is expected to continue as 2024 promises to break free from any remaining bearish sentiments,” Balaji Srihari, Business Head at CoinSwitch, said.

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Actor Rannvijay Singh achieves 10X return on partial exit from Burger Singh

Television actor Rannvijay Singh has achieved a 10x return on his partial exit from his investment in burger chain Burger Singh.

Singh’s investment was part of Burger Singh’s larger funding round.

“Investing in Burger Singh was a decision driven by my belief in the brand’s potential and its unique approach to the Indian fast-food market. The impressive growth of the company and the successful partial exit is a testament to the hard work of the Burger Singh team and the solid business model they have established,” Singh noted.

UK’s Tide onboards 2 lakh SMEs in India within a year of launch

UK-based financial platform Tide has onboarded over 2 lakh small and medium businesses in India within a year of launch in the country.

The company now plans to launch a credit marketplace platform for its members to help connect small businesses with the right set of lenders, streamlining the process of accessing credit, and significantly reducing the time involved. This solution aims to empower small businesses, offering them efficient, and easy access to formal credit, according to the company.

Allcargo Gati appoints Uday Sharma as chief commercial officer

Mumbai-based logistics and supply chain company Allcargo Gati has appointed Uday Sharma as chief commerce officer of its subsidiary Gati Express and Supply Chain Pvt. Limited (GESCPL).

In the new role, Sharma will develop marketing and business strategies and implement plans to boost revenue growth, alongside formulating a strong branding strategy of Allcargo Gati, the firm said in a statement.

Sharma has several years of experience in the logistics industry and was previously the head of sales at Delhivery.

“Uday with his diverse experience in driving business growth in the logistics industry and his proven track record will help us strengthen the top line profitability in express distribution business. His expertise and strategic outlook will firm up the company's marketing and customer engagement plans,” Pirojshaw Sarkari, MD and CEO of GESCPL, said.

HCLTech collaborates with SAP to boost adoption of generative AI

Technology firms HCLTech and SAP have come together to develop transformative solutions and boost the adoption of generative artificial intelligence (AI).

HCLTech plans to create a repository of Gen AI use cases specific to SAP software WHICH will compliment cloud solutions from SAP and help customers explore the potential of enhancing SAP solutions with Gen AI. 

By bringing together HCLTech's engineering expertise across various industries with SAP’s business technology platform, HCLTech aims to deliver innovative solutions that boost employee productivity, streamline operations, accelerate application development and optimize business processes, it said in a statement.

“We are excited about our ever-expanding partnership with SAP. Now, we are extending our collaboration to help enterprises embrace Gen AI ethically and responsibly. Through SAP advancements in Business AI and machine learning, enterprises can acquire valuable insights into their operations, enhance decision-making processes and attain remarkable success,” Kalyan Kumar, Chief Technology Officer and Head – Ecosystems at HCLTech, said.

The Ayurveda Company appoints Sanjiv Gupta as Chief Advisor

Delhi-based Ayurvedic lifestyle brand The Ayurveda Co (TAC) has appointed Sanjiv Gupta as chief advisor and board member.

Gupta was previously the chief executive officer at Coca-Cola India and played a key role in bringing international brands like Kinley Water and Georgia Coffee to India.

“Mr Gupta’s role is pivotal in our journey towards Mission 2030 to become the most loved Ayurveda company. His guidance will empower our team to grow and innovate, and help avoid the common pitfalls of startups, and ensure TAC’s success in the competitive ayurvedic landscape,” Param Bhargava, Founder of TAC, said.

(The copy will be updated throughout the day with the latest news.)


Edited by Affirunisa Kankudti