Startup news and updates: Daily Roundup (January 29, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, January 29, 2024.
ClearTrust Raises $1.9M in Pre-Series A Funding
, a new-age ad tracking and fraud detection platform, has raised $1.9 million in a Pre-Series A funding round led by Venture Capital firm Ideaspring Capital with participation from Piper Serica Angel Fund. Existing investor Alacrity India also participated in the round.
Founded in 2020 by Deepankar Biswas and Raja TN, ClearTrust helps advertising ops, media buying companies and teams worldwide with its state-of-the-art tracking and fraud detection platform.
It helps advertisers, agencies and networks to achieve higher ROI on their digital campaigns by removing fraudulent and fake activity from their campaigns, thereby protecting AdSpend and brands’ reputation.
NSRCEL IIM Bangalore and SIDBI launch pre-seed deep tech accelerator fund for startups
IIM Bangalore's NSRCEL and SIDBI have collaborated to establish a pre-seed fund, specifically for startups in the deep tech and emerging businesses area. The MoU signed between the two organisations laid the foundation for a multi-year relationship to nurture startups and lead them towards scaling up their business activities.
Over the past twenty years, NSRCEL has been supporting early-stage ventures in India, incubating more than 1600 startups and mentoring many more. It provides support to startups and entrepreneurs through various programs, including incubation, mentorship, and educational initiatives. The centre aims to create an ecosystem that nurtures and accelerates the growth of early-stage ventures.
IIM Kashipur’s agri startup expo disburses Rs 14.6 Cr
Agri startup expo—Uttishtha 2024—organised by the Foundation for Innovation and Entrepreneurship Development (FIED) and E-Cell of IIM Kashipur, saw disbursal of Rs 14.6 crore to startups. The capital was disbursed under the RKVY RAFTAAR RABI scheme by the Union Ministry of Agriculture and Farmers Welfare and Startup India Seed Fund Scheme.
Under the RKVY RAFTAAR RABI scheme, IIM Kashipur’s FIED has provided funding and business training to 200-plus startups since its founding in 2018, including 68 with a specific focus on the agriculture sector.
According to IIM Kashipur, its startup engagement over the years has witnessed these companies raising more than Rs 320 crore from various venture capitalists and investors.
VA Tech Wabag Limited and Peak Sustainability Ventures to install 100 Bio-CNG Plants
VA Tech Wabag Limited (WABAG), a pure-play Water Technology Indian Multinational Group, has entered into an MoU with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries. The parties aim to harness the unutilised potential of sewage treatment plants and generate Bio-CNG which can be used for mobility application in trucks and heavy duty vehicles, and for industrial applications, thereby reducing the need for fossil fuels.
This initiative aims to meet the growing energy demand in a responsible, eco-friendly manner, and contribute to India’s GHG emission and methane pollution reduction.
WABAG has implemented around 40 large biogas generation facilities in its various projects globally.
The business potential for the establishment of 100 Bio-CNG plants is expected to be over USD 200 Million and this collaboration aims to generate over 73 Million Kgs of Bio-CNG per annum.
Caret Capital to enable industries in Vidarbha to adopt emerging technologies
The Association of Industrial Development (AID) Nagpur, has announced the signing of a Memorandum of Understanding (MoU) with Caret Capital, a venture capital fund that backs category-building startups making India’s value chain efficient. Ashish Kale (President - AID) signed the MOU with Pankaj Bansal and Prajakt Raut (Managing Partners - Caret Capital) in the presence of Union Minister Nitin Gadkari and Devendra Phadnavis, Deputy CM of Maharashtra.
The goal is to equip SMEs in Vidarbha with futuristic technologies that will give them a defensible competitive advantage by helping them transform the Goods and Services Supply Chain, Human Capital Supply Chain and Assets and Infra Supply Chain.
Caret will also invest in and mentor startups from Vidarbha, and help them connect with potential customers. Startups will receive up to INR 2 cr via the Caret Accelerator Program or up to INR 8 cr from the Caret Capital Fund.
Walmart Foundation announces three strategic grants for agriculture in Maharashtra
The Walmart Foundation today announced new grants totaling over $3 million with BAIF Development Research Foundation, Watershed Organisation Trust (WOTR) and Collective Good Foundation (CGF). These grants aim to empower smallholder farmers through sustainable agriculture practices in the state of Maharashtra.
The initiatives focus on climate-resilient farming, bolstering livelihoods through enhanced value chains and promoting women's active participation in agriculture. The projects aim to improve prosperity and resilience among rural farmers in Maharashtra.
BAIF Development Research Foundation received a grant of $1.5 million for improving livelihoods and gender integration through value chain initiatives in tribal regions. Walmart Foundation’s grant of $1.2 million to WOTR for Project RISE strives to establish resilient incomes for smallholder farmers. Encompassing three districts — Jalna, Dharashiv and Solapur — and works with 11 FPOs. this initiative aims to reach 20,000 farmers.
Sanjay Agarwal’s family office acquires stake in Teamwork Arts
The Family Office of Sanjay Agarwal, Founder, AU Small Finance Bank, has joined hands with Teamwork Arts, producer of the renowned Jaipur Literature Festival.
Teamwork Arts produces 33 annual festivals across 72 cities in 21 countries, including Australia, Canada, Egypt, France, Germany, Hong Kong, Italy, Israel, Korea, Singapore, South Africa, Spain, the UK, and the US.
(The copy will be updated with the latest news throughout the day)
Edited by Affirunisa Kankudti