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Startup news and updates: Daily roundup (May 29, 2024)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, May 29, 2024.

Startup news and updates: Daily roundup (May 29, 2024)

Wednesday May 29, 2024 , 7 min Read


EcoRatings secures $1M pre-seed funding

EcoRatings, a sustainability AI company, has secured $1 million in pre-seed funding from investors including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google in a mix of equity and grant.

With the new investment, the company plans to further work on its large language model specific to the sustainability domain, Co-founder Aditi Balbir said.

Founded in 2023 by Balbir, Aqeel Ahmed and Shruti Anand, EcoRatings’s Gen AI-powered platform is dedicated to building a Unified Knowledge Platform for ESG (Environmental, Social, and Governance) requirements. 

The platform enables organisations to meet sector-focused goals in ESG. It analyses vast datasets for precise answers by processing only contextually relevant data from internal and external sources, turning insights into concise, real-time chat replies.

EcoRatings Co-founder Aditi Balbir

EcoRatings Co-founder Aditi Balbir.

Nanosafe raises Rs 3.13 Cr in seed funding round led by the IAN Group

Nanosafe, a material science technology startup, has raised Rs 3.13 crore in a seed funding round led by the IAN Group along with IIM Lucknow Enterprise Incubation Centre (IIML EIC).

The round saw contributions from IAN investors, including Uday Chatterjee, Sandhya Vasudevan, Tejinderpal Singh Miglani, and Romesh Sobti.

The funds will be used to expand the firm’s operations in new markets, drive growth and strengthen its market positioning.

Nanosafe’s formulations utilise active copper. These formulations offer broad-spectrum activity against multiple strains of bacteria, viruses, algae, and fungi, addressing critical hygiene and safety needs in water contact and textile healthcare and apparel applications.

“Nanosafe technology is helping solve water quality and water-borne microbes, which is a huge

problem in India, said Tejinderpal Miglani, a lead investor in Nanosafe.

Other news

mPokket appoints Sanjay Kar as SVP of Data and Analytics

Digital lending platform mPokket has appointed Sanjay Kar as the Senior Vice President of Data and Analytics. 

In his new role, Kar will spearhead the development and deployment of advanced analytics tools and data systems. His primary responsibilities include implementing analytics strategies to manage risk effectively, enhancing operational efficiency and propelling quality business growth. 

Additionally, he will provide strategic guidance and leadership to mPokket’s Data and Analytics team.

He brings over 16 years of experience in the banking domain, with a strong focus on risk management, credit policy, predictive modelling, and digital lending. His tenure includes impactful roles at major financial institutions such as CitiGroup, JP Morgan Chase, HSBC, Paytm, and Equifax.

Cashaa promotes its CTO Amjad Raza Khan as CEO

Cashaa, a neobank for crypto businesses, has promoted its Chief Technology Officer Amjad Raza Khan as Chief Executive Officer.

This appointment comes as Cashaa strategically shifts its business model, discontinuing banking services for crypto and other high-risk businesses. The company is now focused on introducing an all-in-one wallet that will allow users to buy, spend, earn yields, and take loans on crypto, all aimed at increasing the adoption of Cashaa’s native token, CAS.

Khan’s immediate plans include rolling out Cashaa’s wallet service with AI-driven earn and borrow programmes across seven markets including Europe, UAE, India, Indonesia, Turkey, South Africa, and Kenya.

Eloelo appoints Sagar Gaonkar as Chief Technology Officer

Eloelo, a live social media platform, has appointed Sagar Gaonkar as its Chief Technology Officer.

With over 16 years of video streaming and OTT technology expertise, Gaonkar will spearhead innovation, technological strategy, and compliance at Eloelo. He brings a wealth of experience from his previous roles at ShareChat and Disney+ Hotstar. 

Eloelo claims to serve over 75 million users in India with content available in six Indian languages. The platform has raised over $37 million from global and national investors, including Courtside, Waterbridge Ventures, Griffin Gaming Partners, Lumikai Fund, and Kalaari Capital.

Razorpay POS announces payment solution to facilitate faster checkouts

Razorpay POS has announced ‘Q-Zap’, a payment solution for retailers, designed to facilitate faster checkouts.

With the help of Q-Zap, Razorpay POS aims to reduce billing time by 40% and help retailers save up to 20% in annual operating costs.

Using self-checkout kiosks or hand-held POS devices integrated with the Q-Zap solution, customers can complete their payments from anywhere within the store, eliminating the need to wait in long lines. 

It integrates Razorpay POS hardware and software, supporting all payment methods, including UPI, credit cards, and debit cards, across all major networks such as Visa and Mastercard for faster checkout.

Q-Zap offers ready plug-and-play integrations with over 120 billing partners.


Image credit: Razorpay

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GatewAI launches AI-powered solutions

GatewAI, a tech-enabled service solution startup, has launched AI-powered solutions to set up talent, technology and innovation hubs in India for large corporates, MNCs and global startups. 

Its offerings are aimed at catalysing innovation by fostering collaborative ecosystems that empower multinational corporations to thrive in India's market.

GatewAI will initially focus on serving mid-to-small-size companies across industries based in North America, Europe, and the rest of the world looking to leverage India for talent and infrastructure.

GatewAI provides tailor-made solutions that enable clients to pursue their growth ambitions and maintain a competitive edge in the global marketplace.

Aditya Birla Group’s TMRW partners with Google Cloud

TMRW, an Aditya Birla Group house of brands, has collaborated with Google Cloud to let users create their own designs on t-shirts from website and app using Generative AI.

“We are excited to partner with Google to bring the power of GenAI to the hands of our consumers - enabling expression and personal connection,” said Prashanth Aluru, CEO of TMRW.

This partnership allows Bewakoof to access Google’s ‘text to image’ first-party model Imagen via a simple API call. Users will be able to input simple text descriptions and the AI will generate corresponding images tailored to their specifications.

“Our generative AI solutions, especially the use of the latest Imagen model, provide the ideal foundation for Bewakoof to bring its creative image generation tool to life. We’re excited to see the unique ways their customers will embrace this technology,” said Bikram Bedi, VP and Country MD at Google Cloud India.

Also Read
Building cloud solutions with global potential from India, says Google Cloud India Head

Amazon India launches 4th edition of ML Summer School

Amazon India has announced the registration dates for the fourth edition of Machine Learning (ML) Summer School, an immersive programme that aims to provide students with the opportunity to gain key ML skills and technologies from scientists at Amazon.

The registration period will run from May 31 to June 21, 2024. 

The free educational course will be conducted over four weekends in July, covering eight modules that will provide students with an opportunity to gain skills on key ML topics.

It is open to all engineering students enrolled in Bachelor’s, Master’s, or PhD degrees from any recognised institute in India and are expected to graduate in 2025 or 2026. 

Eligible students will be required to take an assessment, and the top 3,000 students will then be enrolled.

HostBooks unveils comprehensive solution for manufacturing industry

HostBooks, an integrated business solutions provider, has introduced MFG 360°, a solution to transform the manufacturing sector by automating and seamlessly integrating every aspect of production. 

It claims that this all-encompassing solution enhances financial management, optimises operations, and streamlines inventory, supply chain, procurement, sales, and asset management.

MFG 360° includes financial management, activity-based costing, and routing optimisation. It provides business analytics, ensures compliance, and supports accurate budgeting.

Sleepwell, Kurlon partner with Unicommerce for ecommerce ops

Mattress makers Sleepwell and Kurlon have partnered with Unicommerce, an ecommerce enablement SaaS platform, to drive their ecommerce operations.

Sheela Foam, the parent company of Sleepwell, recently acquired Kurlon. Both brands have deployed Unicommerce’s multichannel order management system to automate order processing across their brand website and multiple marketplaces. 

Additionally, Kurlon is using Unicommerce’s warehouse and inventory management system for all its warehouse operational workflows.

iThink Logistics launches weight discrepancy management dashboard

iThink Logistics has launched a weight discrepancy management dashboard to help ecommerce sellers manage and resolve weight discrepancies with an aim to enhance the operational efficiency of ecommerce sellers.

The tool claims to tackle a major pain point in the industry by offering instant notifications of weight mismatches for immediate resolution during billing. It integrates with existing ecommerce platforms and logistics systems. Data synchronisation between sellers and logistics partners offers accurate weight measurements.

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

Edited by Kanishk Singh