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Startup news and updates: daily roundup (April 11, 2024)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, April 11, 2024.

Startup news and updates: daily roundup (April 11, 2024)

Thursday April 11, 2024 , 8 min Read

Funding

goFlux bags $6M in Series A round led by Capria Ventures

Brazilian logistics fintech startup goFlux has raised $6 million (around R$ 30 million) in a Series A funding round led by Capria Ventures, with follow-on investment from SP Ventures.

New investors such as The Yield Lab Latam (Argentina), Blue Impact Global, Reflect Ventures, and Arrebol Capital also participated in the round.

goFlux will use the proceeds of the round to boost salesforce and fintech capabilities, improve platform functionalities, security and compliance, and also invest in AI for freight prediction.

“We see a huge opportunity for goFlux to not only promote access to underbanked SME carriers through its factoring product but also to apply generative AI to enhance productivity and help their customers with easier decision-making and strategic planning in a complex data-rich domain,” said Will Poole, Managing Partner, Capria Ventures.

goFlux, which is currently present in Brazil, plans to expand to Argentina, Paraguay, Uruguay, Mexico and the United States.

Headquartered in the city of São Paulo, goFlux emerged in 2018 as a fully digital platform for quoting, negotiating, contracting, and managing road freight.

Butterfly Learnings secures Rs 32 Cr in Series A funding

Butterfly Learnings, a platform in paediatric behavioural and developmental health, secured Rs 32 crore in a Series A funding round led by Insitor Impact Asia Fund II and Enzia Ventures, with participation from CIIE (IIMA Ventures), Foundation Botnar, 9 Unicorns, and Venture Catalysts.

The funds will fuel Butterfly Learnings' expansion efforts as it aims to scale its technology-enabled therapy programmes to equip neuro-diverse children to integrate with society and manage their lives better. 

Serving about 2,000 families across 30 centres in Maharashtra, the company plans to extend its reach across multiple states and cities in India through a 200-centre network.

“With this network, Butterfly will provide therapy to children across socio-economic strata but more importantly, provide access to outcomes-linked, personalised therapy to each child,” Karuna Jain, Partner at Enzia Ventures, said.

Arrivae raises Rs 21 Cr from CaratLane CEO

Arrivae, a manufacturer of made-to-order furniture and a home improvement platform, raised Rs 21 crore from Mithun Sacheti, CEO of Caratlane.

Arrivae aims to expand its distribution further. Its vision is to democratise design by making it accessible, affordable, and seamlessly integrated into customers’ ideas and dreams.

“The home improvement industry is rapidly becoming one of India’s most lucrative markets involving deep engagement and emotions from the consumers. With one of the largest design libraries in the sector, Arrivae’s #HoJayega sentiment, enabled by its integrated supply chain model and distribution for home improvement play, taking it closer to the consumer makes them well positioned to solve this problem for the consumers,” Sacheti, who also joins the Board of the Company, noted.

Mithun Sacheti, CEO, CaratLane

Mithun Sacheti, CEO, CaratLane [Image Credit: GQ Magazine]

Garden of Joy secures Rs 84 lakh in seed funding

Landscaping startup, Garden of Joy has secured Rs 84 lakh in a seed funding round led by Inflection Point Ventures.

The company plans to use the funds to expand operations in Bengaluru, expand to five new cities, develop a design tool with a pricing calculator, and vertically integrate through owning workshops for fabrication and civil work.

“Relaxation is a luxury for the populace in urban cities, where work-life balance is often neglected. Garden of Joy, by offering customisable landscaping solutions, brings affordable beauty to everyday spaces like terraces and balconies with a focus on rejuvenation amid busy lifestyles,” said Vinay Bansal, Founder and CEO of Inflection Point Ventures.

The startup claims to have completed over 100 landscaping projects within the first 18 months of inception.

IIT Kanpur startup Simactricals raises Rs 75 lakh in funding

Simactricals, incubated at Startup Incubation and Innovation Centre, IIT Kanpur, has raised Rs 75 lakh through the SanchiConnect pre-seed cohort programme. In addition, it raised a total of 44 lakh in government grants.

The startup has developed a wireless charging system, designed to cater to a wide array of electric vehicles, including two-wheelers, three-wheelers, four-wheelers, warehouse bots, rovers, and drones.

“Simactricals’ wireless EV charging system aligns perfectly with our mission to foster environmental responsibility and drive positive change,” said Sunil Shekhawat, CEO of SanchiConnect.

Simactricals is actively engaged with leading two-wheeler and three-wheeler manufacturers, collaborating on five proof of concepts to demonstrate the efficacy of its wireless charging infrastructure.

Founded in October 2020 by Mihir Mishra and Balaji Sriram, Simactricals is a provider of wireless charging solutions for electric vehicles. It is headquartered in Kanpur.

Other news

Tribe Co-Living to enter new markets; plans to add 5K beds by 2026

Tribe Student Accommodation and CoLiving announced expansion by introducing a hybrid hospitality segment to build on more co-living spaces across Pune and Indore. 

From its current presence of close to 500 beds across Mumbai and Pune, Tribe will not only expand its geographical presence across Pune and enter the Indore market but also will add 5,000 beds by 2026. 

Tribe aims to deploy new funds for property expansion, tech, and business operations.

Tribe

Fabien Charuau - Tribe Pune

Terraeagle Technologies forays into the ANZ market

TerraeagleTechnologies, a cybersecurity services organisation, is expanding into the Australian and New Zealand regions, marking a significant milestone in its global growth strategy.  

The organisation already has operations across India, Bahrain, and the US.

A NASSCOM member, Terraeagle is the only cybersecurity firm part of the delegation to set up an office at the Sydney Startup Hub.  

This strategic alliance between India and Australia in cybersecurity aims to strengthen the defence mechanism of both countries fostering a secure digital environment and contributing to regional and global stability in the domain.

Saarthi Greentech opens factory in Pune to produce hydrogen fuel systems

Saarthi GreenTech, an Indo-Australian clean-tech company, opened a factory in Chakan, Pune, to produce hydrogen fuel systems.

In the first phase of its operation, the 10,000 sq. ft production unit will manufacture about 1,00,000 units annually. The K series Hydrogen Fuel Systems will be available in different variants like K20, K30, K40, and K50 corresponding to the engine capacity they support.

Saarthi GreenTech has invested about 1 million Australian dollars to drive sustainable solutions and pioneering advancements in clean energy technologies.

Reliance Retail’s Tira launches premium, curated beauty accessories

Reliance Retail's Tira Beauty launched its proprietary brand Tira Tools, a distinctive line of beauty accessories catering to the modern consumer's needs. 

This marks Tira's foray into the realm of accessories, presenting a curated selection of products designed to elevate beauty routines.

Tira Tools encompasses a range of crafted accessories from pro makeup brushes to facial rollers and beauty sponges. Tira Tools will be available for purchase both online and in-store. 

Tira Tools

Tira Tools

Flipkart opens its grocery fulfilment centre in Hubli

Ecommerce giant Flipkart has launched its new grocery fulfilment centre in Hubli, Karnataka. It will offer a curated selection of over 6,000 products, including Nandini, Naga, and Vijay, alongside several branded grocery items to cater to the diverse palate of regional consumers.

Spread over 60,000 sq ft, this new fulfilment centre has the dispatch capacity of over 9,000 orders per day across Hubli and its neighbouring regions, such as Ballari, Davanagere, Dharwad, Shivamogga, as well as those in the south and north Goa.

The online grocery market in Hubli is seeing rapid growth with demand surging by 15% month-on-month. 

Additionally, given the unavailability of quick commerce in the region, there has been a steep increase in consumers’ preferring value-based selection of groceries delivered to their doorstep the next day.

PVR INOX unveils Bengaluru’s largest cinema

PVR INOX launched Bengaluru’s largest cinema at Phoenix Mall of Asia, and its largest cinema in the south. The 14-screen megaplex features three premium formats: MX4D, ScreenX, and Insignia. 

PVR INOX also introduced the first MX4D, the immersive 4D movie experience and ScreenX, 270-degree cinema viewing in south India.

The new cinema will augment PVR INOX's foothold in Bengaluru with 172 screens in 26 cinemas and in the state of Karnataka with 219 screens in 37 cinemas. The company consolidated its presence in south India to a total of 572 screens in 100 properties.

Swiggy introduces Paw-ternity Policy for all full-time employees

Foodtech company Swiggy has introduced a pet care policy, designed to provide comprehensive support to employees who are pet parents.

Swiggy said that it is expanding the “definition of parenthood” to include pet parents with its Paw-ternity Policy for all full-time employees.

Employees will receive an additional paid day off, in addition to their annual leave entitlement, to welcome their new companions home, Swiggy said, adding that pet parents may opt for work-from-home during the settling-in period to provide comfort and support to their new family member.

Moreover, employees can use their casual or sick leave to attend to the needs of their pets. And Swiggy’s bereavement leave will now cover pets.

(This article will be updated with the latest news throughout the day.)


Edited by Swetha Kannan