Startup news and updates: Daily roundup (February 21, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, February 21, 2024.
Funding news
Settl raises Rs 10 Cr funding in pre-Series A round
Co-living startup has raised Rs 10 crore in its pre-Series A round from Gruhas and We Founder Circle to expand its business. Anthill Ventures, Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum also participated in the round.
The funds will be used for working capital, team expansion, and technology.
The firm has raised around Rs 14.9 crore to date, including the current round.
ReFit Global bags Rs 2 Cr funding on Shark Tank India Season 3
, a direct-to-consumer (D2C) refurbished marketplace, has raised Rs 2 crore in funding at a valuation of Rs 200 crore from investors Anupam Mittal, Vineeta Singh, and Amit Jain on Shark Tank India Season 3.
The funds will be utilised to scale operations, broaden market outreach, and strengthen the company's technological infrastructure. Additionally, it will also be used to enhance its web presence and overall customer experience.
The company achieved 100X YoY growth, securing Rs 200 crore in FY 2022-2023.
eFeed raises Rs 1 Cr from Klub, reports 10X growth in monthly revenue in 2023
, a precision animal management and nutrition company, has raised Rs 1 crore from revenue-based financing company, Klub.
The company said it has recorded a 10X financial growth in 2023 by selling lifecycle-based nutrition products. It is targeting Rs 100 crore in annual revenue in FY2025.
Other key milestones in 2023 include 30% repeat users and reduction of the environmental impact of methane by using AI, which predicts methane emissions per animal, said the company.
Namma Swadeshi raises undisclosed debt funding
, a Bengaluru-headquartered renewable energy startup, has raised an undisclosed amount by way of debt funding from Incred Capital.
The funds will be used for sales team hiring to increase revenue, store launches, and brand building. Previously, the company had raised debt funding from Jiraaf.
Founded in 2020 by Praveena K and Chinmayee Praveen, the startup specialises in hot water, drinking water, and energy solutions. It recently entered the electric vehicles segment. It hopes to close FY24 at Rs 15 crore and be EBITDA positive.
Other news
Myntra appoints Venu Nair as its Chief of Strategic Partnerships and Omni Channel
has appointed Venu Nair, as its Chief of Strategic Partnerships and Omni Channel.
At Myntra he will be responsible for strengthening its existing international brands portfolio, while building strategic partnerships with leading global brands and will also be managing omnichannel strategy for brands.
Nair, previously the Managing Director and CEO at Shoppers Stop, brings extensive experience in the retail and apparel industry across South Asia and Europe. He has worked in leadership roles at Westside, Zudio, and Landmark. He was the Managing Director of Marks and Spencer Reliance where he spearheaded the brand’s growth, doubling the number of stores, while also significantly strengthening the business.
He graduated with a Bachelor of Technology (Hon) from NIT, Calicut. He also holds an MBA in Marketing from SPJIMR, Mumbai.
BluSmart collaborates with Tata Power
, an electric ride-hailing service, has announced a multi-year Power Purchase Agreement (PPA) with Tata Power Trading Company Ltd (TPTCL), a wholly-owned subsidiary of Tata Power, to source green power.
This strategic collaboration aims to strengthen BluSmart's commitment to decarbonise mobility at scale and bolster India’s net-zero ambitions.
Under the PPA, 30 MW capacity will be sourced by TPTCL from Tata Power's expansive 200 MW Solar PV power plant in Bikaner district, Rajasthan.
Enabled by the recently enacted Green Energy Open Access Rules, this partnership with TPTCL allows BluSmart to coiminate Scope 2 emissions from its existing 1.4 million sq ft of EV charging infrastructure and future charging hubs. With this, BluSmart emerges as the first mobility player in India to transition from zero tailpipe emissions to a zero-emissions company.
CtrlS Datacenters appoints Dr Hari K Parameshwar as chief Projects Officer
CtrlS Datacenters Ltd, a data centre company, has appointed Dr Hari K Parameshwar as its Chief Projects Officer (CPO) - Colocation.
In this role, Dr Hari will be responsible for the construction of all new data centres at , including edge data centres.
Dr K Parameshwar is an experienced infrastructure management professional with a career spanning over three decades. He has held executive roles in prominent companies such as Shapoorji Pallonji & Co., AECOM, GMR, and BIAL. Dr Hari holds degrees in engineering, an MBA in Operations Management, an MPhil in Human Resources, and a PhD in Business Administration from the University of Mysore.
Signzy acquires 8i-funded Difenz
, a digital banking infrastructure provider, has acquired Difenz, a fraud risk management solutions provider at a valuation of $5 million.
The acquisition also gives an exit to 8i Ventures, the existing investor in Difenz. Early-stage venture capital fund, 8i Ventures, had invested around Rs 4.5 crore in a seed round in Difenz and a post-money valuation of Rs 19.5 crore.
Signzy now offers AI-powered KYC compliance solutions to financial institutions, streamlining processes and reducing redundancy. Additionally, Signzy provides advanced AML screening, transaction monitoring, chargeback management, and compliance systems to help organisations meet regulatory requirements, detect and prevent digital fraud, and safeguard their reputation.
Udemy plans to launch a gen AI-enabled platform for personalised, skills development
, an online skills marketplace and learning platform, recently announced a series of generative AI (gen AI)-)-enabled offerings designed to support personalised learning and enhanced skills development.
In 2024, Udemy will launch its Intelligent Skills Platform, featuring the Udemy AI Learning Assistant, Udemy AI Skills Mapping, and other enhancements for instructors. This platform aims to empower organisations with personalised learning solutions for professionals, facilitating skill discovery, development, and validation crucial for business success. Udemy's AI-driven tools will support employee training, enabling quicker application of new skills in real-world scenarios and seamless integration into existing workflows.
The Udemy AI Learning Assistant streamlines course discovery by providing personalised recommendations based on learner needs and objectives. The Udemy AI Skills Mapping tool simplifies the process of identifying necessary skills and creating personalised learning paths aligned with business objectives.
Additionally, the genAI-powered Q&A Assistant enables faster responses to learner questions while maintaining quality and alignment with course materials. Furthermore, the platform includes Gen AI-powered Thematic Analysis to facilitate collaboration and knowledge sharing in cohort learning experiences.
Scandron receives DGCA-type certification for logistics drone
Logistics drone startup has secured the Directorate General of Civil Aviation’s (DGCA) type certification for its logistics drone CargoMax 500HE.
The startup's parent Magellanic Cloud said in an exchange filing that it has become the first company in India to secure the certification.
The startup now plans to introduce drone-based logistics solutions in the market. The approval will help Scandron improve its mid- and last-mile delivery, streamline its ecommerce logistics, and facilitate critical medical deliveries to remote regions.
Scandron has partnered with logistics solution provider CriticaLog for B2B drone delivery in 160 cities, enhancing services in healthcare and ecommerce.
Ajay Shanker joins Ultraviolette as CFO
Ajay Shanker has joined , an electric vehicle platform and battery technology company, as its chief financial officer (CFO).
Shanker has experience in financial roles at companies such as Schneider Electric, Aricent (Flextronics), Yamaha Motors, and IIM Bangalore - NSRCEL.
As CFO at Schneider Electric, he managed international business, overseeing regions including India, the Middle East, Africa, South America, East Asia, Japan, and the Pacific.
(This article will be updated with the latest news throughout the day.)
Edited by Swetha Kannan