Startup news and updates: daily roundup (January 18, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, January 18, 2024.
BuyEazzy bags $4.25M in Series A funding round led by Info Edge Ventures
ecommerce platform has bagged $4.25 million in a Series A funding round led by Info Edge Ventures. Existing investors Incubate Fund Asia and M Venture Partners also participated., an
The funds will be utilised to support the company’s expansion, team building and product enhancement efforts.
BuyEazzy, founded in May 2021 by Rahul Aggarwal and Hariher B, and based in Mysore, aims to transform Bharat’s beauty and wellness ecommerce landscape. The platform caters to consumers’ unfulfilled beauty and wellness needs in Tier 2+ cities.
“Tier 2+ India presents a non-linear growth opportunity for many businesses. Seeing this opportunity and being able to execute against this is what separates Rahul and Hari from many other founders. They have already demonstrated strong execution, obsessive commitment, and the localised expertise essential for building BuyEazzy,” Hiran Embuldeniya, Partner at M Venture Partners said.
INDRA raises $4M in Series A funding from Mela Ventures, Emerald Technology Ventures
, a smart water treatment systems provider, has raised $4 million in a Series A round led by Emerald Technology Ventures, and Mela Ventures. Peak Sustainability Ventures and The Climate Angels also participated in the round.
INDRA, Co-founded by Amrit and Krunal in 2017, solves the problem of water treatment in the industrial and sewage segment with its patented electro-chemical oxidation and coagulation process.
“Our investment in INDRA aligns well with sustainability, which is one of our key investment focus themes. Wastewater treatment is a pressing problem demanding urgent global attention…INDRA solves this challenge comprehensively with minimal infrastructure and space requirements in a sustainable manner,” N. Krishnakumar, Managing Partner at MelaVentures, said.
Bharatsure bags $1M in funding led by Capital-A
Insurtech startup has raised $1 million in a funding round led by early-stage VC fund Capital-A. Grip Invest and existing backers Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle also participated in the round.
Bharatsure provides Infrastructure-as-a-Service (IaaS) solutions to insurance distributors like licensed brokers, agents, banks, and institutions enabling them to distribute group insurance and healthcare seamlessly.
“The fresh capital will further fuel our mission to democratise group insurance, making it accessible and affordable for organisations and groups across the country,” Anuj Parekh, Co-founder and CEO of Bharatsure, said.
“Bharatsure’s potential to establish a digital ecosystem catering to employers nationwide and facilitating the acquisition of diverse insurance products and healthcare services, positions it as a transformative force within the Indian Insurtech sector,” Ankit Kedia, Founder and Lead Investor of Capital A, remarked.
Since its launch in May 2021, Bharatsure has partnered with over 500 organisations, reaching more than 150,000 lives through its group benefits platform.
Healspan secures Rs 1.2 Cr in pre-seed funding round led by PedalStart
Insurance-tech startup PedalStart.has secured Rs 1.2 crore in a pre-seed funding round led by
The company will use the capital to bolster its technology, talent acquisition, and overall business operations and growth. It will also be utilised to grow and scale Healspan’s clientele, as well as boost its subscriptions and revenue.
“...We noticed that when it comes to cashless insurance claims processing for hospitals, the software that Healspan has built is a first-of-its-kind, disruptive solution for India, which provides the startup an early-mover advantage in this niche segment,” Manas Pal and Aditya Darolia, Co-founders of PedalStart, said in a statement.
The Bengaluru-based startup’s claims filing and tracking software helps in managing the documentation, queries, processing, and other key aspects relating to cashless health insurance claims.
Over the last four months, Healspan claims to have increased its revenue by 4x and has been focusing on adding new revenue streams and paid subscribers to the business. The startup has established its presence across multiple metros and tier-1 cities. It aims to serve at least 1000 hospitals by the end of 2025.
Sahaj Gaming raises undisclosed pre-seed funding led by Antler
Gaming studio has raised undisclosed pre-seed funding led by Antler in India.
Sahaj Gaming was founded by former VP and Head of Product at Games24x7, Deepak Saini, and his former colleague Rahul Bantiya, who led revenue growth and retention for RummyCircle. It aims to build a suite of games rooted in Indian culture such as Ludo, Snakes and Ladders, Tambola, and Checkers.
“Despite macro uncertainties given recent changes in taxation for the gaming industry, we continue to be bullish on the gaming opportunity in India. With Deepak and Rahul’s experience building and scaling some of India’s most beloved games, we are excited to partner with them,” Rajiv Srivatsa, Partner at Antler in India, said.
BonV Aero secures Rs 6 Cr in round led by Inflection Point Ventures
drone firm, has secured Rs 6 crore in a round led by Inflection Point Ventures., an aerial logistics
The funds will be primarily used for client demonstrations, team expansion and internal R&D focused on enhancing products for customers, researching propulsion systems and advancing power plants.
“Aerial logistics has been a boon during emergencies, however, it comes with its own challenges. Understanding the power of aerial space transportation, BonV Aero has developed a state-of-the-art technology and is one of India’s pioneering multi-utility electrical air vehicles having demonstrated the capability of carrying 50 kilos in hilly regions, providing much-needed relief during natural calamities and when surface movements are unfavourable,” Madhukar Bhardwaj, SVP at Inflection Point Ventures, said.
BonV Aero aims to revolutionise aerial mobility through electric vehicles for both goods and passenger transportation specialising in state-of-the-art aerial vehicles tailored for challenging terrains.
Jeh Aerospace raises $2.75M in seed round funding from General Catalyst
aerospace and defence manufacturing startup, has raised $2.75 million in seed funding through a strategic partnership with VC firm General Catalyst., an
Aerospace industry veterans including Pratyush Kumar, Former President of Boeing India, and Dwarakanath Srinivasan, Former CEO and MD of Airbus India, participated in the round as angel investors.
The funds will be deployed to build infrastructure, fuel growth, and prepare a team to transform the supply chain experience for global aerospace customers.
Jeh Aerospace aims to play a meaningful role in solving global supply chain constraints plaguing the industry. It was co-founded by Vishal R Sanghavi (ex-chief Operating Officer, Tata Boeing Aerospace Limited) and Venkatesh Mudragalla (ex-head of Program Management and Operations, Tata Sikorsky Aerospace Limited).
“Their strategic focus on addressing the critical challenges faced by Tier-II and III aerospace suppliers in the US through leveraging India's dynamic labour pool and manufacturing strengths in the India-US corridor we think is commendable,” Anand Chandrasekaran, Partner at General Catalyst, said.
PhonePe contributed over 65% growth for two-wheeler digital insurance in India
insurance in India over the last two years.said that it has contributed to over 65% growth for two-wheeler digital
The company also claimed that it facilitated over 75 million vehicle insurance quotes and 400 million quotes across insurance products.
PhonePe started offering insurance on its platform in September 2021, and since then it claims to have sold over 9 million overall policies, with over 4 million being sold in the last year alone.
PhonePe is one of India’s leading digital payments companies, with 51 crore registered users and 3.8 crore merchants covering over 99% of the postal codes across India.
JSA appoints Rahul Gossain as Chief Strategy and Brand Officer
JSA, a national law firm, has appointed Rahul Gossain as Chief Strategy and Brand Officer effective from January 18, 2024.
With over two decades of experience, Gossain has expertise in professional services marketing across the legal, consulting and healthcare domains. He has also worked extensively in the corporate responsibility space.
Before joining JSA, Gossain served as the Head of Marketing Communications and BD at Cyril Amarchand Mangaldas since August 2018. Prior to that, he played a key role in the branding, market development, communications and CSR functions at Shardul Amarchand Mangaldas, Max India Group, Essel Group, and leading communications agencies.
“Rahul’s extensive and varied experience will markedly enhance the firm’s capabilities in client relationship management and contribute significantly to integrated initiatives in practice development and industry sectors,” Amit Kapur and Vivek Chandy, Joint Managing Partners at JSA, noted.
(This article will be updated with the latest news throughout the day.)
Edited by Megha Reddy