Startup news and updates: daily roundup (February 14, 2024)

Funding news

Segwise raises $1.6M from Powerhouse Ventures, Antler, and others

AI-powered observability platform Segwise raised $1.6 million in pre-seed funding led by Powerhouse Ventures. Antler India, Blume Ventures, Everywhere Ventures, Saka Ventures, Untitled Ventures, Kunal Shah, and product leaders from Microsoft, Amazon, SAP, Gojek, Flipkart, PhonePe, and Groww, also participated in the round.

Segwise will use the capital to build AI agents for product and growth teams.

Founded by Brijesh Bharadwaj and Shobhit Gupta, Segwise is an AI-powered observability platform for product and growth teams. Its B2B SaaS platform runs a no-code script across datasets given by product and growth teams to determine opportunities and identify issues that require the team’s focus.

Recur Club Invests Rs 1 Cr  in Conscious Chemist

Conscious Chemist, a skincare brand, has secured Rs 1 crore in debt capital from Recur Club.

The capital will be spent on its marketing initiatives to strengthen its voice, diversify its product categories and establish offline retail outlets.

Conscious Chemist, a skincare brand with a 350,000 customer base, sells over 25,000 units monthly and is available nationwide through retail chains like Health & Glow and Shoppers Stop. With a strong online presence, the brand plans to expand its digital footprint and optimize retail outlets.

Other news

SolarSquare acquires PV Diagnostics to elevate residential solar standards

Solar solutions provider SolarSquare acquired PV Diagnostics, a utility-scale solar power company.

The acquisition will leverage PVD's expertise in module sourcing, diagnostics, and technology stack to ensure high-quality and long-lasting residential solar installations.

SolarSquare offers cyclone-proof systems and easy financing options, making solar energy accessible to a wider audience. It has installed solar power systems on more than 10,000 homes.

Indifi appoints Jasmeet Arora as Chief Growth Officer

Indifi Technologies has appointed Jasmeet Arora as its Chief Growth Officer. He will play a crucial role in expanding Indifi Technologies' market presence and promoting financial inclusion.

He will oversee the company's growth, including business expansion, collaborations, revenue, and employee engagement. He has held key positions at Paytm, PayU, Pine Labs, and American Express.

The Gurugram-based lending platform focuses on improving credit access and loan process speed for businesses, particularly MSME financing in India. Over the past eight years, Indifi has disbursed over one lakh loans across over 400 cities, with a total disbursement value of over Rs 5,600 crore.

The platform designs tailored credit products, enhances risk assessment standards, and leverages supply chain linkages to cater to all business needs.

CyberPeace Foundation Sign MoU with Resecurity

Resecurity and CyberPeace Foundation have signed a Memorandum of Understanding to enhance cybersecurity resilience, raise awareness about cyber threats, and promote digital peace.

The alliance will combat cyber threats and protect the global digital infrastructure, leveraging their expertise, resources, and networks to create a safer digital environment.

The companies will enhance efficiency in endpoint protection, risk management, and cyber threat intelligence, benefiting India and global cybersecurity efforts.

French apparel brand Kiabi inks pact with Myntra

French apparel brand Kiabi has partnered with Myntra to offer globally-loved apparel to fashion-forward Indian shoppers.

The partnership with Myntra will allow Kiabi to reach premium fashion audiences in India, offering a diverse range of more than 500 products across categories like co-ord-sets, dresses, T-shirts, and comfortable sets for kids.

Kiabi is set to expand its international presence to more than 25 countries in Europe, the Middle East, Africa, South America and Asia.

Classplus announces its second ESOP buyback for over 150 employees

B2B edtech startup, Classplus has announced its second Employee Stock Ownership Plan (ESOP) buyback in three years.

The move allows over 150 employees across various roles and business verticals to liquidate their vested shares, marking the second buyback announcement in six years since its inception in 2018.

Founded in 2018, Classplus enables creators to turn their skills into profitable online businesses through content monetisation. The platform has digitised creators across 3,000 cities, serving over 50 million students.

Classplus allows creators to launch recorded courses, webinars, consultations, books, and merchandise. Since its inception, Classplus has raised over $150 million from global investors.

CSC and ONDC join forces to take e-commerce to rural India

Common Services Centers (CSCs) under the Ministry of Electronics and Information Technology (MeitY) are partnering with the Open Network For Digital Commerce (ONDC) to provide e-commerce access to rural India citizens through the integration of CSC's e-Grameen app on the ONDC Network.

The ONDC Network will integrate CSC services into its buyer-side platform, allowing citizens to place essentials orders via the e-Grameen app. With over 4 lakh CSC points across India, this will enable millions of new users to access e-commerce.

In the second phase, sellers registered on the CSC platform will receive orders via ONDC Network, boosting entrepreneurship opportunities and incomes for village-level entrepreneurs, driving Gram Swaraj's vision.