Startup news and updates: Daily roundup (April 23, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, April 23, 2024.
Funding
Dhruva Space raises Rs 78 Cr from IAN Alpha Fund in Series A2 round
, a full-stack spacetech company based in Hyderabad, has closed its Series A2 round with Rs 78 crore. The round saw participation from IAN Alpha Fund.
Dhruva's total funding in Series A round has now reached Rs 123 crore (~ $14 million) including Rs 45.51 crore from Series A1 round.
Dhruva Space is setting up the first phase of its 2.8 lakh-square-foot spacecraft manufacturing facility in Hyderabad to invest in continued innovation upon the existing product line to go to the global market. Dhruva Space has successfully completed four space missions over the last two years, making the company a prime choice for customers across civilian and government verticals.
In the last two years, Dhruva Space has completed four space missions, including the Thybolt satellites mission in November 2022 and the LEAP-TD mission in January 2024, which observed the validation of the company's P-30 nanosatellite platform.
Other news
Unstop, Code for GovTech offer internship opportunity with Rs 1 lakh stipend
, a talent engagement and hiring platform for students and graduates, has joined hands with Code for GovTech for the third edition of the Dedicated Mentoring Program (DMP), an internship opportunity for select contributors to work with mentors from leading open-source tech organisations working towards social impact.
Code for GovTech (C4GT) is an ecosystem initiative with a mission to build a community of developers around open-source tech building blocks with social impact use cases for the attainment of Sustainable Development Goals.
DMP provides a stipend of Rs 1 lakh over a period of three months, dedicated 1:1 mentorship by industry experts, hands-on experience to hone skills, access to boot camps and expert sessions, potential job/extended internship opportunities, and an opportunity to network with global open-source tech leaders for selected applicants.
SkyeAir launches drone delivery in Gurugram
, a drone delivery company, has launched its new SkyPod initiative in Gurugram. SkyeAir's SkyPods are built on the rooftops of key societies, serving as hubs for the seamless delivery of packages via drones.
"We envision a future where deliveries are not just efficient but also environmentally sustainable," said Ankit Kumar, CEO of SkyeAir. "SkyPods represent the culmination of years of innovation and dedication to revolutionise the logistics landscape in India."
By reducing the need for multiple delivery vehicles crisscrossing the city, SkyeAir aims to minimise carbon emissions and alleviate traffic congestion.
Abad Hotels and Resorts in India sees 14% spike in revenue with AxisRooms
, a hotel distribution technology provider, has said that Abad Hotels and Resorts in India registered about a 14% revenue growth in 2023 compared with 2022. This revenue growth resulted from 10% more OTA sales in 2023 compared with 2022, powered by AxisRooms Channel Manager solution's real-time distribution capabilities, as per a statement.
Abad Hotels and Resorts operates 14 resorts in Kerala including Munnar, Wayanad, Thekkady, Kovalam, and Kumarakom.
Speaking about their decision to adopt AxisRooms Channel Manager, Manzoor A R, Corporate Manager – Sales and Marketing at Abad Hotels and Resorts, said, "As a contemporary and growing hotel group, selling more on leading OTAs has always been our number one priority. That's why we wanted the best channel manager to ensure efficient and real-time distribution. This led us to adopt AxisRooms in 2012."
BharatPe launches BharatPe One, an all-in-one payment device
has launched BharatPe One, an all-in-one payment product that integrates POS, QR, and speaker into one device.
The product is designed to streamline transactions for merchants, offering versatile payment acceptance options including dynamic and static QR codes, tap-and-pay and traditional card payment options, across a wide range of debit and credit cards.
The company plans to launch the product in 100+ cities in the first phase. It will further scale it to 450+ cities over the course of the next six months.
BharatPe One comes with real-time transaction updates and instant voice payment confirmation. It comes equipped with a high-definition touchscreen display, 4G and Wi-Fi connectivity, and is powered by the latest Android operating system.
Commenting on the launch, Nalin Negi, CEO, BharatPe, said, "With BharatPe One, we bring another disruptive product that will transform the digital payments landscape, enhancing efficiency and convenience for millions of offline merchants across the country. By combining multiple functionalities into one cost-effective device, we're providing a comprehensive solution tailored to the varied needs of small and medium businesses across diverse sectors.”
Yubi partners with MODIFI
a technology company powering the end-to-end debt lifecycle, has partnered with MODIFI, a B2B fintech company. This collaboration marks Yubi Group's entry into cross-border trade financing.
By leveraging technology and innovation, Yubi Group and MODIFI aim to reshape the landscape of cross-border trade finance, empowering Indian SMEs and mid-sized corporates to compete and thrive globally.
“This partnership with Modifi addresses several key challenges faced by Indian companies venturing into international trade. Many lack awareness of financing solutions, struggle to navigate complex regulations and grapple with data in unstructured formats. By combining Yubi's extensive network and industry knowledge with MODIFI's innovative solutions, we can empower Indian businesses, offering them much-needed liquidity and risk mitigation," said Gaurav Kumar, Founder and CEO, Yubi Group.
IIT Madras hosts global Hyperloop conference
Indian Institute of Technology Madras organised a global Hyperloop conference on April 20 and 21 at its Research Park. Titled ‘Parivahan’, the conference aimed to introduce the futuristic concept of Hyperloop to India, providing a global platform for innovative teams. It showcased Hyperloop concepts worldwide, fostering a transformative spirit among young minds in the field of transportation.
Parivahan brought together leading companies, speakers, and Hyperloop teams who shared their vision of Hyperloop as a sustainable future transportation system.
Often referred to as the ‘fifth mode of transport’, Hyperloop is a high-speed transportation system for long-distance travel. It involves an electromagnetically levitating pod within a vacuum tube thus eliminating friction and air drag and potentially allowing the pod to reach speeds up to Mach 1.0.
This mode of transport will be marked by its immunity to weather, collision-free commute which can move at twice the speed of a plane, with low power consumption and energy storage for 24-hour operations.
KRAFTON and ZeptoLab launch Bullet Echo game in India
KRAFTON India, in collaboration with , has launched its latest top-down shooter mobile game, Bullet Echo India. The game offers an immersive experience with special features just for the Indian community.
Bullet Echo India is a multiplayer PvP tactical top-down shooter game where players team up, strategise, and fight in action-packed battles to be the last team standing, similar to a battle royale. It was released on April 4.
Founded in 2007, South Korea-based , Inc is home to several globally renowned developers such as PUBG STUDIOS and Flyway Games.
WeWork makes strategic expansion in Pune and Gurugram
India is expanding its operations in the country by signing lease agreements for two new buildings—HQ27 in Gurugram and Amanora Crest in Pune. Scheduled to open in the next couple of months, both buildings are strategically located in key business hubs.
Located in the heart of Gurugram’s MG Road market, HQ27 offers over 96,000+ sq ft workspace spread across three floors. It features 1,480+ desks and amenities, including a wellness room, Chai Point, game lounge, and conferencing facilities. It is located between IFFCO Chowk and HUDA City Centre Metro Stations.
It is also conveniently situated near DLF Golf and Country Club, Taj City Centre, and The Westin Gurgaon, offering easy access to premier hospitality and recreational facilities.
In Pune, it is situated within one of Pune’s largest mall complexes, Amanora Mall, Amanora Crest, which offers 87,000+ sq ft of workspace. It has 1,700+ desks and a host of amenities including a community bar, conference rooms, and phone booths.
9Unicorns appoints Lumani Shah as Principal
Global accelerator programme and venture fund has appointed Lumani Shah as Principal. In this role, Shah will drive strategic growth initiatives and foster the success of the accelerator's portfolio companies.
With close to a decade of professional services experience across multiple domains, Shah most recently worked as a Senior Associate at McKinsey & Company where she advised clients across sectors including logistics, SaaS, and infrastructure services. Her expertise spanned building strategies for corporates, delivering commercial diligences for private equity investments, and driving excellence through transformations for startups as well as large conglomerates.
“The opportunity to work alongside a talented team and leverage my experience to support the growth of dynamic startups is truly exciting. I look forward to collaborating with the portfolio companies and leveraging my diverse background to create a lasting impact within the startup ecosystem,” she said.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh