Startup news and updates: daily roundup (March 13, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, March 13, 2024.
Funding
build3 announces impact accelerator cohort, invests Rs 1.5 Cr in startups
, a community-driven startup studio based in Goa, has announced its first impact accelerator cohort. Five startups within this cohort have secured funding for their impactful initiatives.
During its inaugural cohort, build3 has invested Rs 1.5 crore across these five startups. These investments span the spectrum from idea conception to pre-product-market-fit stage. The recipients are Ziti, Citraverse, 18startup, Neokul, and GoodLives.
Simultaneously, in line with its mission to foster impact ideas into viable startups, build3 has commenced applications for the second iteration of the accelerator to double the number of founders and startups it aims to support.
Fundalogical Ventures invests in Indicold
Fundalogical Ventures, an early growth investment fund, has made an inaugural investment in , a technology-enabled cold supply chain company, in a pre-Series A funding round. The capital infusion aims to support Indicold's technological advancements, geographical expansion, and the formation of a robust team.
Fundalogical Ventures is backed by Krishna Kotak, JM Baxi Group's Chairman; Tushar Jani, Founder of Blue Dart; Mehernosh Currawalla from FAK Cargo Dynamics; Khalid Vohra representing SAI Shipping; and Suryakant Parekh from Polestar & Parekh Group.
Fundalogical Ventures fcouses on burgeoning sectors such as supply chain and logistics, along with peripheral domains, like consumption, which hinge on robust supply chain dynamics.
The fund invests in innovative early growth companies with an average investment size of Rs 20 crore to Rs 80 Crore, during the investment cycle as a lead or co-investor.
Other news
Apax Partners appoints Leo Puri as advisor to Apax and chairman of Apax India
Apax Partners LLP has appointed Leo Puri as an advisor to Apax and the chairman of Apax India.
In this newly created role, Puri will advise Apax on the long-term growth strategy of the firm in the region. He will partner with Anurag Sud, Head of Apax India, and the ten-strong India investment team, providing mentorship, strategic advice, operational input, and advice in assessing new investment opportunities.
Puri has extensive experience in private capital and the broader financial services industry, having held senior roles at UTI Asset Management, McKinsey & Company, and Warburg Pincus in India.
BIA Brands acquires Asa Beauty
BIA Brands has acquired , a player in the realm of sustainable and ethical beauty in India.
This takeover is part of BIA Brands' goal of extending its footprint in the beauty and personal care sector, building on the previous addition of TrueKind to its expanding portfolio.
Founded by mother and daughter-in-law duo, Asha Jindal Khaitan and Sukriti Khaitan in 2020, Asa Beauty strives to provide clean, natural, vegan, and cruelty-free makeup, catering to a discerning global clientele that values ethical practices and environmental responsibility.
Founded in June 2022 by Sudhakar Adapa, BIA Brands is known for its aggressive and innovative approach to brand rollouts in physical retail.
Hero Vired appoints Arjun Assi as the head of product
Edtech startup has appointed Arjun Assi as the head of product.
Assi will be responsible for driving innovation and excellence within the product and technology team at Hero Vired. His responsibilities will include leading initiatives aimed at improving the accessibility and scalability of Hero Vired's courses, aligning with the organisation's vision of equipping learners with future-ready skills and preparing them for the challenges of Industry 4.0.
Assi has more than a decade of experience, leading product teams and achieving business objectives. He joins Hero Vired from Scaler Academy where he served as the assistant vice president of product. He has also worked with Byju’s Exam Prep (formerly Gradeup), Mu Sigma Inc, Times Internet, and The Indian Express.
Mitgo Group acquires embedded finance platform Embedded
MarTech giant Mitgo Group has acquired UAE-based embedded finance platform Embedded, whose team has extensive experience in fintech. Embedded is expected to complement Mitgo's technology stack to enter a new market.
The newly established division will encompass a range of embedded finance solutions. This initiative is designed to empower millions of publishers worldwide, with an emphasis on the United States and Europe and targeting underserved audiences in the APAC, MENA, and LATAM regions.
Publishers will now have the capability to instantly withdraw their earnings, eliminating the conventional waiting period of 60-120 days. Additionally, they will gain access to loans, experience reduced transaction costs and exchange commissions, enjoy improved transaction speed, and unlock various other benefits.
Mitgo Group successfully tested similar financial solutions within its businesses last year.
Okaya EV secures order from HPCL
, EV charging solutions provider, has secured an order for 600 EV chargers from Hindustan Petroleum Corporation Limited (HPCL).
The order includes the deployment of 60KW CCS2 dual gun and 120KW CCS2 dual gun chargers at different locations throughout India, aiming to provide widespread accessibility and convenience for EV users across the country.
Furthermore, it integrates a comprehensive set of protective measures, including safeguards against overvoltage, undervoltage, overcurrent, short circuit, surge protection, over-temperature, ground fault protection, residual current, and an emergency shutdown system with an alert mechanism, said the company.
Confluent makes key hires to bolster India momentum
American technology company , Inc has made key appointments in India to bolster the company's customer expansion and momentum in the region.
Agastee Khante joins as the head of marketing for India & SAARC, Jeevan Duggal assumes the role of head of public sector for India, and Suman Karthik takes on the position of principal engineer for Confluent Platform.
Confluent is the creator of Apache Kafka, an open-source streaming platform. It provides a commercial platform for managing real-time data streams for event-driven architectures.
"Home to the biggest Kafka community outside of the US, India represents a strategic growth market for Confluent as more organisations adopt data streaming for their most critical systems," said Rubal Sahni, Area Vice President & Country Manager – India for Confluent.
"Our remote-first model allows us to reach more talent from all over the country and also better positions us to support our global customer base. We are excited to welcome Agastee, Jeevan and Suman to the team to meet the rapidly growing customer demand," he added.
India has become Confluent's biggest workforce outside the United States. To support the growing demand in India, Confluent plans to increase the local headcount by 25% in 2024.
NeoNiche Group appoints Rahul Mane as HR head
NeoNiche Group, a full-service experiential marketing agency, has appointed Rahul Mane as its head of human resources. Mane has more than 15 years of experience in building and leading high-performing HR teams within the travel and e-commerce industries.
He will take charge of NeoNiche's human resources strategy, encompassing talent acquisition, employee relations, learning and development, and performance management. His role will involve attracting, nurturing, and retaining top-tier talent crucial for driving the agency's sustained growth and success.
Mane joins NeoNiche from , where he served as senior manager of human resources.
Truecaller unveils innovative next-gen ad formats
has launched a slew of interactive ad format capabilities that seamlessly integrate into the user experience.
The new ad formats use video and animation to maximise brand recall and impact on audience. In the face of swift changes in the digital landscape, the company's latest advertising solutions are tailored to meet the dynamic needs of marketers aiming to engage and retain consumer attention in the fast-paced digital environment.
Sharing his experience with Truecaller’s new ad formats, Sivakumar Ramamoorthy, Head of Digital Marketing, Xiaomi India, said, “Truecaller's latest offering 'click to experience' has helped the brand stand out amidst the noise, presenting a visually captivating solution, proving to be a perfect fit for our creative strategy."
Allcargo Gati Limited appoints Sanjay Khiyani as deputy CIO
Allcargo Gati Limited, a provider of express distribution and supply chain solutions, has appointed Sanjay Khiyani as the deputy chief information officer.
Khiyani will play a pivotal role in budgeting, resource development and allocation, and policy formation. He will also be looking over software development, delivery, and deployment.
With a professional journey of over 25 years, Khiyani brings extensive expertise from various sectors, such as information technology and the steel industry.
Startup Mahakumbh launches official app for seamless networking and event experience
Startup Mahakumbh, a large celebration of Indian startups, scheduled to take place from March 18 to 20 at Bharat Mandapam & ITPO, has launched its official app on Google Play Store.
In a bid to improve networking opportunities and streamline the event experience for registered attendees, the app will serve as a comprehensive guide, consolidating all essential information and facilitating the coming together of innovative minds for meaningful partnerships.
The Startup Mahakumbh app strives to serve as the go-to platform for registered delegates, visitors, and exhibitors to seamlessly connect with key stakeholders, policymakers, investors, and fellow attendees. Designed to enhance collaboration, innovation, and growth across the startup landscape, the app offers a comprehensive suite of features tailored to the needs of the registered participants.
SNITCH onboards Maruthy Ramgandhi as its chief technology officer
, a direct-to-consumer (D2C) men’s fast fashion, has onboarded Maruthy Ramgandhi as the chief technology officer (CTO).
Ramgandhi has 18 years of experience with companies such as STUMBL, Amazon, Mckinsey & Co, Bewakoof.com, AJIO, and Commonfloor.com.
In his new role as CTO, Ramgandhi will focus on developing the company's product strategy towards innovation and bringing super-advanced and seamless customer experience.
India Accelerator joins forces with IIM Lucknow
Startup accelerator programme India Accelerator has entered into a partnership with the Indian Institute of Management Lucknow (IIM Lucknow) Enterprise Incubation Center to launch an early-stage venture capital and angel investing certification programme.
This collaboration aims to empower aspiring angel Investors with knowledge and skills on the art and science of investing in the startup asset class.
This tailormade two-day residential programme at IIM Lucknow EIC (Noida) campus on April 6 and 7 is aimed at HNIs, UHNIs, CAs, family offices, and startup mentors.
Crafted by startup specialists from India Accelerator and faculty members of IIM Lucknow, the programme is structured to offer an in-depth exploration of various subjects. These include startup evaluation, investment thesis, valuation models, network and syndicates, AIFs, portfolio management, taxation, legal frameworks, and exit strategies.
ProcMart appoints Sachin Jain as CFO and CSO
, a B2B online marketplace specialising in supply chain solutions, has appointed Sachin Jain as its chief financial officer (CFO) and chief strategy officer (CSO).
Jain is an experienced financial executive with a wealth of background in finance, strategic planning, and implementation. He has contributed nearly two decades of expertise to ProcMart. He is a chartered accountant, a company secretary, and a cost & management accountant.
This appointment signals ProcMart's commitment to fortifying its financial framework and fostering continued growth, said the marketplace.
(The copy will be updated with the latest news throughout the day.)
Edited by Affirunisa Kankudti