Startup news and updates: Daily roundup (January 2, 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, January 2, 2024.
Funding
Settl. secures Rs 10 Cr pre-series A led by Gruhas, We Founder Circle, Inflection Point Ventures
Proptech startup has secured Rs. 10 crore in a pre-series A funding round from investors including Gruhas, We Founder Circle, Inflection Point Ventures, and others.
Founded in 2020, Settl. plans to utilize the funds for working capital, team expansion, and technology enhancement.
Settl. is a co-living operator present in Bengaluru, Hyderabad, Gurugram, and Chennai, with 60+ centers offering 4000 beds primarily for working professionals at rental prices ranging from Rs 12,500 to Rs 18,000 per bed.
The platform, allowing users to search and rent fully furnished shared living spaces, rooms, or apartments, has raised a total of Rs 15 crore to date.
Other
IIT Madras plans to incubate 100 startups in 2024
The IIT Madras Incubation Cell (IITMIC), the institute’s umbrella body for nurturing, supporting, and overseeing various innovation and entrepreneurship projects will 100 startups across various sectors in 2024.
"It is a matter of great pride at IIT Madras that we do a lot more of innovation. We are also looking at starting 100 start-ups in 2024. We are also seeing a lot of interesting technologies coming up through Hyperloop start-up, , and , all of which are IIT Madras-incubated start-ups. These start-ups will deliver products, which will be of great national importance." Prof. V. Kamakoti, Director, IIT Madras, said.
SOGI onboards former diplomat Yashvardhan Sinha and gamers' welfare advocate Shivani Jha as advisors
The Skilled Online Games Institute (SOGI) has appointed Yashvardhan Sinha, IFS, former Chief Information Commissioner of India, to its Advisory Board, effective January 1, 2024.
"Yashvardhan Sinha's diplomatic acumen and Shivani Jha's dedication to players' welfare will strengthen SOGI's mission to become a globally respected institution in the online gaming space," Amrit Kiran Singh, President of SOGI said in a statement.
Accompanying Sinha is Shivani Jha, a tech policy lawyer and leader of the E-Gamers & Players Welfare Association (EPWA).
SOGI is a lobbying body that aims to shape policies in the online gaming industry. It collaborates with institutions and engages in projects to promote responsible gaming, industry growth, and represent the interests of online gamers.
KFintech expands investment SaaS portfolio
has launched XAlt, a fund administration platform for Alternative Investment Funds (AIFs).
The platform integrates with KFintech's Fund Accounting platform, mPower, automating valuations, income recognition, and compliance management tools.
XAlt features persona-based portals for investors, distributors, and fund managers, digital onboarding processes, commission processing for AIF funds, and daily AML/KYC checks.
KFintech says that AIF commitments surged from Rs 1,437 crore in 2013 to Rs 8,33,774 crore in March 2023, with an expected 26% CAGR.
Porus Labs appoints Radhesh Welling as CEO
, an agricultural and specialty chemicals manufacturer, has appointed Radhesh Welling as the new CEO. With this, it has partnered with Bain Capital to strengthen its capabilities and drive international growth.
With almost thirty years of experience, Welling, former Managing Director and Group CEO of Navin Fluorine, will leverage Porus's R&D team and customer relationships to expand product offerings.
The partnership with Bain aims to help Porus invest in platform expansion and new chemistries for global customers. Bain Capital Private Equity, with a global team of over 280 investment professionals, collaborates closely with management teams to enhance strategic resources and value for portfolio companies.
Established in 1994 in Hyderabad, Porus Labs initially focused on Sulpha-based drugs, a class of drugs that consists mostly of antibiotics, and has since grown to support domestic API manufacturers and scale agro-chemical capabilities.
Snowman opens -25 degrees celsius cold warehouse in Guwahati
Cold chain logistics provider, Snowman Logistics Limited, has commenced operations at a newly leased multi-temperature-controlled warehouse in Guwahati, Assam.
The facility has a total capacity of 5,152 pallets, featuring eight chambers and four loading bays, capable of handling temperatures from ambient to -25 degrees Celsius.
The warehouse will focus on storing and transporting various products, including ice cream, poultry, ready-to-eat food, dairy items, confectionery, bakery goods, seafood, fruits, vegetables, pharmaceuticals, specialized chemicals, and commodities.
"This establishment marks our initial venture into a fully leased cold storage facility, aligning with our strategic move towards becoming asset-light. With this expansion, our overall pallet capacity has soared to an impressive 1,41,000+ pallets, strategically distributed across 20 cities, thereby expanding our foothold in Northeast India." Sunil Nair, CEO, Snowman Logistics said.
Qure.ai secures 22 medical imaging patents in 18 months
, a medical imaging AI solutions provider, has secured 22 patents in the last 18 months, totaling 26 patents in seven years.
The company, active in 80+ countries and 2100+ sites, focuses on making accessible, affordable, and timely healthcare through AI technology.
Qure's patent portfolio covers image analysis, pattern recognition, workflow optimization, decision support systems, and quality assurance in AI radiology.
"We are thrilled to reach this significant milestone in our journey. Qure’s relentless commitment to innovation and excellence has made this feat possible. We also take this opportunity to recognize the unmatched dedication and ingenuity of our product, engineering, research; development teams which has allowed us to secure a substantial number of patents within a short span of time." Anushree Saha, General Counsel; Company Secretary, Qure.ai said.
(The copy will be updated with the latest news throughout the day.)
Edited by Affirunisa Kankudti
