Startup news and updates: Daily roundup (April 1, 2024)

Funding news

ONDC-focused Plotch.ai raises seed funding

Plotch.ai has raised an undisclosed amount in seed funding from early-stage investment firm Venture Catalysts.

AC Ventures also participated in the round.

Plotch is an AI-driven company that offers tools for sellers and buyers on ONDC to make it easier to conduct business. It was founded in 2020 by Craftsvilla.com founders Manoj Gupta and Monica Gupta.

The startup had previously raised funding from Antler, Peak XV, Apoletto, and Global Founders Capital.

"With Venture Catalysts' invaluable support, we will accelerate product development, expand our customer base, and play a leading role in building a truly inclusive digital marketplace for India," said Manoj Gupta in a press statement.

Other news

Jamwant Venture Fund receives SEBI nod

Jamwant Venture Fund said it has received a green flag from SEBI to operate as a category I alternative investment fund.

An angel investment firm, Jamwant Venture Fund will focus on investing in defence technology startups and innovations in the sector.

Its founder, Navneet Kaushik, is a retired naval officer who serves as a senior scientist with the technology development board at the government of India.

Kaushik is an investor in several Indian startups such as QuNu Labs, Bharat Biotech, Botlab Dynamics, and Mylabs, among others.

DBS Foundations awards grants to six startups that appeared on Shark Tank India

The DBS Foundation awarded grants to six Shark Tank India-featured startups including The Honest Home Company, Dharaksha Ecosolutions, Without, FarmDidi, XMACHINES, and Trestle Labs.

The startups were selected based on their profit and purpose, the foundation said in a press release.

"The funding by the DBS Foundation of the six sustainability-focused businesses featured on the show is in line with the bank’s underlying belief that these enterprises can be agents of change, while contributing to economic growth," it said in a press release.

The grant size varied for each individual enterprise, ranging from Rs 5 lakh to Rs 15 lakh.

Winners hail from across sectors, including sustainability, D2C, foodtech, edtech, and agritech.

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Axis Capital names Atul Mehra as MD, CEO

Investment bank Axis Capital has appointed Atul Mehra as Managing Director and CEO to oversee the company's investment banking and institutional equities businesses.

Mehra replaces Salil Pitale, who served as the company's CEO and MD for five years.

Axis Capital also appointed ex-Morgan Stanley executive Parag Gude as COO of institutional equities, and Dhaval Desai as the head of its cash equities division.

Zypp Electric partners with Porter

EV two-wheeler company Zypp Electric has partnered with Porter to offer electric mobility solutions for last-mile deliveries.

Porter will utilise Zypp's vehicles across 20 Indian cities, helping Zypp expand its reach.

Zypp has partnered with several logistics and shared mobility players, including Zomato and Uber, to offer its electric fleet.

WOGOM acquires Ckart Online

B2B marketplace company Wogom has acquired Ckart Online, a unit of Creative Newtech Ltd, in a slump sale.

The deal will help WOGOM increase its geographical reach in the B2B ecommerce sector, helping it tap into more than 25 regions and represent more than 25 exclusive brands, the company said.

The deal is awaiting regulatory approvals.

9Unicorns appoints Vinod Keni as Partner

Early-stage investor and accelerator platform 9Unicorns has appointed Vinod Keni as a partner to develop its Fund I.

Keni will also focus on creating a fundraising and limited partner network at 9Unicorns, the company said.

Keni was earlier with Peachtree Capital Partners, where he was the Founder and Managing Partner, and oversaw angel investing, shareholder management, mergers and acquisitions, and investor relations. He has invested in companies including AgniKul Cosmos, ActivityHero, and SureWaves MediaTech.