Startup news and updates: Daily roundup (May 20, 2024)

Funding News:

Varthana secures Rs 27 Cr from Triodos Investment Management

Varthana has secured Rs 27 crores in funding from Triodos Investment Management through Non-Convertible Debentures.

The funding will enable Varthana to expand its reach and assist more schools and students in upgrading their infrastructure, facilities, and educational foundation.

Bengaluru-based Varthana, founded in 2013, offers financial assistance and academic support to private schools in 16 states and union territories. It also provides loans to domestic students attending college, technical training, and postgraduate studies.

KonProz raises $700,000 in angel funding

KonProz, a generative artificial intelligence (GenAI) startup that builds SaaS solutions for the legal, tax and regulatory space, has raised $700,000 in funding, led by Dr Ruchi Parekh, RDB Group and Angel Investors. 

The startup, headquartered in Delhi-NCR, will primarily use this capital to build IP around GenAI for the legal domain, team expansion and scaling operations. KonProz said since the release of its first product in November 2023, it has onboarded over 2,000 users. Now, it aims to build a comprehensive suite of products to further strengthen its position in the legal AI innovation space.

"Our focus at KonProz is to make generative AI a responsible and indispensable tool for professionals, empowering them to navigate the intricacies of legal, tax, and regulatory frameworks with ease and efficiency,” said Shiladitya Dash and Piyush Chopra, Co-founders of KonProz, in a joint statement.

Other News:

Zeeve RaaS Partners with Memento for the Launch of their zkSync Layer2 Hyperchain

Zeeve RaaS has partnered with Memento as their preferred Rollups-as-a-Service provider for the new L2 Hyperchain, aiming to enhance institutional finance and welcome the Memento community to the Zeeve RaaS ecosystem.

Memento is launching a new Hyperchain to provide a secure, customised, and controlled blockchain environment for institutional players. Hyperchain uses zkSync's advanced ZK technology and recursive proofs to address scalability issues, enabling trustless Layer2 chains for low-cost, scalable payments, bridging the gap between traditional finance and blockchain-based future.

Zeeve RaaS will assist Memento in deploying and managing their Layer2 Hyperchain, powered by zkSync ZK Stack, from a testnet to the mainnet, providing a comprehensive suite of tools and integrations for streamlined deployment, management, and user onboarding, as an infrastructure partner.

Om Logistics Launches RapidShyp

Om Logistics, a B2B logistics company, is launching RapidShyp, a Direct-to-Consumer (D2C) shipping venture, leveraging its three-decade-long expertise to redefine shipping industry standards.

RapidShyp, a shipping aggregator with extensive experience across the supply chain, aims to revolutionise D2C shipping by offering efficiency, reliability, and customer satisfaction, leveraging Om Logistics' expertise.

It offers advanced, cost-effective shipping solutions for eCommerce sellers, catering to businesses of all sizes and stages of growth. It integrates advanced technology, logistics capabilities, and industry-leading expertise to optimise shipping operations and improve customer satisfaction.

ION Exchange introduces QubeHealth-Pay to revolutionise employee healthcare benefits

ION Exchange Ltd, a water and environment management solution company with 3,000 employees, has introduced a unique healthcare benefit for its employees.

The partnership will offer exclusive access to QubeHealth-Pay, a healthcare payments app that provides instant cashback on medical bill payments, reducing the financial burden of healthcare expenses for employees and their dependents.

It will also offers employees a healthcare credit facility equivalent to their group health insurance coverage amount, providing a financial buffer to pay non-cashless bills at hospitals that don't offer cashless payment facilities. This credit facility is extended to employees and their family members at zero interest or fees, and the employee can repay the non-cashless bills at no cost once their health insurance claim reimbursement is processed.

CarDekho Group Appoints Neelesh Talathi as Group CFO

CarDekho Group, an auto and finance tech solution provider, has appointed Neelesh Talathi as its Chief Financial Officer, bringing over 20 years of experience in business transformation, financial planning, equity financing, corporate governance, and mergers and acquisitions.

Talathi's appointment will enhance the group's IPO success by optimising capital allocation, enhancing M&A activities, driving financial planning, and unlocking new growth opportunities at the Group level.

He has previously held leadership positions at Trendsutra Group, Vedanta Ltd, and Unilever, including Pepperfry.com's parent company, and various global and regional companies.

Jupiter introduces Magic Spends to enable auto-investing in mutual funds

Jupiter Money has introduced Magic Spends, for users to automatically invest in mutual funds or digital gold every time they spend, a solution to the issue of saving money separately for investment, exclusively available on the Jupiter app.

Users can start Magic Spends by setting a custom investment amount (minimum Rs. 10) and a maximum limit for monthly goals. They can pause, cancel, or redeem investments at any time.

Magic Spends works with UPI and Debit Cards linked to a Federal Bank account on the Jupiter app.

Upstox forays into insurance distribution

Upstox, a wealth management platform, has announced its entry into the insurance distribution business.

With this launch, Upstox aims to revolutionise insurance industry by offering a simplified, transparent, and customised insurance purchasing experience, with HDFC Life being one of the first insurers to partner with the platform.

The company streamlines customer journeys by partnering with top insurance providers and analysing plans to provide the most suitable options, ensuring a seamless and intuitive experience for its customers.

iThink Logistics aims for Rs 200 Cr revenue in 2024-25 amid expansion plans

Mumbai-based iThink Logistics, an integrated logistics and supply chain solutions company, reported a revenue of Rs 104 crore in the 2023-24 financial year, with 94.7% of the revenue coming from the domestic market, highlighting its strong presence in India, especially in the western region.

The company plans to increase its international cross-border revenue by 8X, from Rs 4 crore to Rs 30 crore, as part of a strategy to enhance its cross-border logistics capabilities.

It is aiming to expand its international operations and excel in all logistics services segments. The company is forecasting a revenue increase of Rs 200 crore for the 2024-25 financial year, indicating confidence in its strategic expansion plans and operational excellence.

eFeed named top startup in AgFunder's GROW Impact Accelerator

eFeed, a startup focused on methane reduction from cattle through precision animal management and nutrition, has been named one of the top eight startups in AgFunder's GROW Impact Accelerator.

The AgFunder GROW Impact Accelerator cohort aims to bridge the gap between finite resources and 2030 Sustainable Development Goals through innovative agrifood technologies. eFeed, a notable initiative, uses farmer smartphones for data collection, reducing the need for expensive hardware.

eFeed is set to receive a $100,000 investment, mentorship, and global network connections for a six-month program aimed at improving milk production yields and mitigating methane emissions across developed and emerging economies. The accelerator program will conclude with a demo day during Singapore International Agri-Food Week.

Amazon, BigBasket go-to for planned grocery buys among urban Indians despite quick delivery demand: Survey

Quick delivery platforms are catering to the impromptu grocery needs of urban Indian online shoppers, yet platforms such as Amazon and Bigbasket are preferred by users for their substantial and pre-planned grocery purchases, according to a survey.

For essential purchases such as groceries, 41% of respondents prefer Amazon, followed by Big Basket at 28%, revealed a survey conducted by Empower India and LocalCircles, spanning 305 districts, and 69,000 ecommerce users.

The preference for ecommerce platforms is fueled by the convenience of home delivery (82%), along with the ease of finding desired products (67%) and hassle-free return/refund processes (61%), the survey highlighted.

According to the survey, 36% of online shoppers are now using ecommerce as their primary channel for essentials and discretionary spending. It revealed that among the most trusted platforms for discretionary items, Amazon led followed by Flipkart, Jio Mart/Ajio, and Tata Neu/Cliq.

(The article was updated for accuracy.)