Startup news and updates: daily roundup (January 24, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, January 24, 2024.
Funding
Fintech firm Fixerra secures Rs 14 Cr from angel investors, family officers
Mumbai-based fintech startup Fixerra has raised Rs 14 crore in a seed round from a clutch of angel investors and family offices including Jaideep Hansraj (Managing Director of Kotak securities), Shailesh Haribhakti (Chairman of Shailesh Haribhakti and Associates), AND Oisharya Das (CEO of Kotak Private).
Fixerra also rebranded itself from Fixed Invest with the aim of becoming a banking-as-a-service provider, it said in a statement.
“We want to become a digital mall for banks. Over the next 3 years, we are going to focus on building infrastructure for marketplaces across multiple banking products,” Akshar Shah, Founder and CEO of Fixerra, said.
DocOsage raises undisclosed pre-seed funding from Angel Investor Mayur Agarwal
Healthtech firm DocOsage has secured an undisclosed amount of pre-seed funding from angel investor Mayur Agarwal.
The funds will be utilised to enhance product development, refine core-AI capabilities for health insights, and conduct early-stage testing for the telehealth and genetic studies platform, the firm said in a statement.
Founded in October 2023 by Varun Vashisthaa, Shivali Agarwal, and Lipi Verma, DocOsage is a health app which facilitates the creation of specialised healthcare communities, fostering collaboration among providers for improved treatment plans and national uplift.
“DocOsage is dedicated to transforming healthcare through state-of-the-art technology. The initial funding will serve as a catalyst for launching product development, paving the way for a revolutionary health platform. DocOsage is unwavering in its commitment to shaping the future of proactive healthcare,” Varun Vashisthaa, Co-founder and CEO of DocOSage, said.
Cellex Battery Systems secures undisclosed funding from new and existing investors
Energy storage technology firm Cellex Battery Systems has raised an undisclosed amount of funding from unnamed new and existing investors.
The funding will enable the firm to develop new-age battery technologies that not only deliver high performance but also adhere to stringent environmental sustainability standards, Cellex said in a statement.
The deal was facilitated by Mumbai-based Melwani Finance Limited.
D2C nutrition brand Earthful raises $400,000 funding from Green Ivy Ventures
Hyderabad-based nutraceutical brand Earthful has raised $400,000 pre-seed funding from Green Ivy Ventures. Abhishek Goyal of Tracxn, Jayant Paleti of Darwinbox, and Brij Bhushan of Magicpin participated in the round.
The startup claims it has witnessed a 15% month-on-month growth along with building a community of health enthusiasts. Earthful products are available to consumers through its own website and online marketplaces with more than 70-80% of the sales coming from their own website.
“I’m thrilled to partner with Earthful, founded by the incredible sisters Sudha and Veda. Their mission to fight undernutrition through 100% plant-based health supplements resonates deeply with me as a Doctor and Mother,” Sindhura, Director at Green Ivy Ventures, said.
(Representative image)
Other news
Bajaj Capital ties up with WebEngage to boost customer engagement
Wealth management company Bajaj Capital has partnered with full-stake retention platform to improve customer engagement in the banking and financial services (BFSI) industry.
The strategic collaboration will enable Bajaj Capital to use WebEngage’s marketing automation solutions to meet the changing needs of the BFSI industry, the firms said in a statement.
“Our collaboration marks the next logical step in this journey of further simplifying client experiences; it is not just a convergence of technologies, but a representation of thoughtful integration of insights and experiences aimed at delivering personalized and genuine value to our customers,” Aabhinna Suresh Khare, Chief Digital and Marketing Officer at BajajCapital, said.
Yellow.ai partners with cloud communications firm Infobip to enhance customer experience
AI-powered customer service automation and global cloud communication platform Infobip to improve customer experience.
The collaboration aims to establish a strong global synergy by leveraging combined capabilities in voice automation, CPaaS, and generative AI solutions, intending to expand market presence across North America, Europe, India, the Middle East, and Asia-Pacific markets, it said in a statement.
“Our collaboration with Infobip will strengthen our presence in existing markets and aid in devising robust go-to-market strategies for new regions such as Europe. Infobip's expertise in creating connected experiences, coupled with our generative AI-powered customer service automation solutions, will undoubtedly empower enterprises to offer more intuitive, and personalized experiences, creating memorable conversations with their customers," Rashid Khan, CPO and Co-founder of Yellow.ai, said.
Ferns N Petals launches global medical tourism vertical
Gifting solutions firm has rolled out a global medical tourism vertical called MediJourney.
The platform will offer healthcare services including expert consultations, medical visa support, tele-medicine, and post-treatment follow-up care, said a statement by the company.
“MediJourney is not just a platform; it's a heartfelt commitment to global well-being. The streamlined processes at MediJourney aim to eliminate stress, ensuring that every patient's journey is met with compassion and care. For us, the patient always comes first, marking a new era in global medical tourism,” Vikaas Gutgutia, Founder and MD at Ferns N Petals, said.
Farmland company Hosachiguru expands portfolio by launching Aamrut Farms
—a Bengaluru-based managed farmland firm—has launched Aamrut Farms nearly 40 kilometres away from Bengaluru. Spread across an area of over 18 acres, the project is aimed at attracting premium clientele including CXOs, startup founders among others.
Launched around mid January 2024, the project has already sold 70% of the plots as an increasing number of homebuyers look for managed farmlands to experience a healthy living.
Starting from 8,500–14,000 per square feet, the land parcels are available from Rs 1 crore onwards and the company is planning a couple of more projects this year near Bengaluru, it said in a statement.
Edtech firm Scaler appoints Tapan Jindal as CFO
Mumbai-based edtech firm has appointed Tapan Jindal as the Chief Financial Officer of InterviewBit and Scaler.
Jindal’s immediate focus will be to spearhead corporate strategy and financial operations. He will also closely collaborate with existing teams to strengthen the overall financial framework and restructure specific systems to prepare the company for its next phase of growth and achieve profitability, Scaler said in a statement.
With over two decades of experience, Jindal has worked across diverse sectors within the country's financial industry including investment banking and corporate finance. His previous stints include SugarBox Networks (Part of Zee Entertainment Group), Baazi Games, Den Networks, and CarDekho Group.
“Education is close to my heart, and having run an education venture early in my career, I feel Scaler is my new home. It is an exciting time to join the young brand as it continues to make solid progress. I look forward to building momentum and delivering on their growth strategy,” Tapan Jindal, CFO at InterviewBit and Scaler, said.
Software company Infogain appoints Dinesh Venugopal as CEO
Silicon Valley and Noida-based software and engineering services company has appointed Dinesh Venugopal as the Chief Executive Officer effective February 8.
Dinesh will take over from Ayan Mukerji, who joined Infogain in 2018 as Chief Operating Officer before becoming Chief Executive Officer in 2021, the firm said in a statement.
Venugopal was previously the CEO of PK—an experience engineering company—before its acquisition by Concentrix, where he became the President of Concentrix Catalyst. Dinesh also spent over a decade at Mphasis, serving in various roles, including President of Direct & Digital.
Amity University partners with HCLTech to offer technology-focused online courses
Amity University has collaborated with technology firm HCLTech to offer technology-focused online degree courses including MCA with specialisation in cybersecurity and software engineering, and BCA with specialisation in data engineering among others.
The courses will provide a comprehensive learning experience through videos, reading materials, quizzes, lab exercises and live sessions. Accessible through the HCLTech Career Shaper platform via single sign-on using Amity’s state of the art learning management system Amigo, learners will be able to avail learning resources including chat room sessions and email support, it said in a statement.
Graded internal assessments will contribute to 30% of the final marks.
Former Times Internet CEO launches new venture to ease contract management process
Gautam Sinha—the former CEO of Times Internet—has launched a new startup ‘SimpleO.ai’ to use artificial intelligence (AI) to simplify enterprise functions including management of contracts and risks, obligations, SLA’s, audits, compliance, and governance associated with them.
Prior to Times Internet Limited, Gautam was the Chief Operating Officer of CashEdge Inc, a company based out of New York and California working in payments and wealth management.
“With the maturing of GenAI, we saw an opportunity to radically simplify the entire lifecycle and manageability of contracts by building a legal-grade GenAI product suite. SimpleO strives to infuse simplicity into the core of corporate operations, offering an innovative solution for the efficient and effective management of contract lifecycles. We believe that tackling this challenge will contribute to the overall efficiency and success of organizations, allowing them to focus on what matters the most,” Gautam Sinha said.
Flipkart’s Shopsy records 41% growth in customer base in Grand Mela sale
—’s hyper value ecommerce vertical—showed a 41% growth in its user base during the Grand Shopsy Mela sale held in January.
Nearly 35% of them were first-time ecommerce shoppers, according to Shopsy. The highest number of orders came from UP, Maharashtra, and Bihar with over 60% of the customers from Tier 3+ cities across the country.
“Super Shopsy Mela had a great curation of harvest festival needs as well as winter essentials. The noticeable increase in demand, particularly from Tier 2+ cities, demonstrates our commitment to not just meeting our customers' diverse preferences but also empowering local sellers. We take pride in the positive response from our customers and sellers, and value the importance of understanding regional tastes, events and preferences,” Kapil Thirani, Head of Shopsy, said.
(The article will be updated with latest news throughout the day)