Startup news and updates: Daily roundup (May 30, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, May 30, 2024.
Funding news
Drone-logistics startup TechEagle raises bridge round led by Navam Capital, Inflection Point Ventures, and Paytm Founder
TechEagle, an on-demand drone delivery firm, has announced the completion of its bridge round funding. The round was co-led by Navam Capital and (IPV), with participation from Founder Vijay Shekhar Sharma (through his wholly owned company), , along with a group of high-net-worth individuals.
TechEagle's Vertiplane X3 boasts a 100 km range per flight, a 5 kg payload capacity, and a speed of 120 km/h. Some of its clients include AIIMS institutes, State Governments, and the World Bank.
Logistiex bags $250,000 in Bridge Round led by PACE Family Office and Angel Investors
New-age e-commerce startup Logistiex has secured $250,000 in a bridge round led by PACE Family Office, along with participation from other angel investors, including Siddhant Khemka.
The raised funds will be utilised to further enhance product development and expand the tech team.
Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex is a unified solution for e-commerce in India which is designed to help sellers manage their e-commerce presence through a single sign-on using the Logistiex Universal Platform.
Jaipur Watch Company bags Rs 2 Cr
has secured $20 Million (Rs 2 crore) from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery.
The funds will be allocated towards establishing a specialised gold watch manufacturing unit and diversifying its product line. Additionally, they will support enhanced marketing initiatives, along with investments in advanced technology and skilled artisans to enhance production efficiency.
Gramiyaa bags Rs 9.5 Cr investment to drive expansion in India and US
Gramiyaa, a vertically integrated manufacturer of cold-pressed oils, has secured Rs 9.5 crore through a combination of equity and debt financing, led by UAE's Homegrown Ventures, with additional investment from Mumbai Angels and Campus Fund. The raised funds will be utlised to expand its footprint in the Indian and US markets.
Founded in 2017 by third-generation oil maker Sibi Manivannan, Gramiyaa initially operated offline through outlets in Trichy, Tamil Nadu. Following the addition of co-founders Mohamed Yaseen and Naveen Rajamaran in 2020, the company shifted to an online-first model. It currently distributes its products through its website and various marketplaces, using micro warehouses in Bangalore, Chennai, Hyderabad, Mumbai, Delhi, and Pune.
Other news
Delhivery most preferred 3PL partner for early-stage D2C brands: Redseer Report
Logistics services provider has been named the most preferred partner for early-stage direct-to-consumer (D2C) brands, according to a report by Redseer Strategy Consultants.
It mainly emphasises the crucial role of third-party logistics (3PL) providers in the rapid growth of India's D2C market. Delhivery stands out as a crucial ally for early-stage D2C brands, which provides a complete logistics solution which includes real-time tracking, streamlined returns management, extensive delivery coverage, and easy integration with online platforms.
The report also highlights the growth of D2C brands in India, outpacing traditional retail markets. From just 0.1 billion annual shipments in 2019, D2C shipments soared to 0.6 billion in 2023. Projections suggest the market could surge to $2.2-2.7 billion by 2028, maintaining a year-on-year growth rate of 35-40% from 2023 to 2028.
Quantum Energy Limited Partners with Green Drive Mobility
EV Original Equipment Manufacturer (OEM) Quantum Energy Limited has partnered with electric mobility solutions provider Green Drive Mobility to accelerate the adoption of electric vehicles (EVs) for last-mile delivery and connectivity services.
As per the MoU (memorandum of understanding), Quantum Energy will deliver 5,000 of its EV 2W, Bziness, to Green Drive Mobility, which is designed to meet the needs of last-mile delivery fleets. These vehicles will be available in three variants, which includes NMC, Fast Charging, and Swapping.
IDEMIA Secure Transactions Collaborates with IIT Hyderabad on Post-Quantum Cryptography
IDEMIA Secure Transactions (IST), a division of IDEMIA Group, has partnered with the Indian Institute of Technology, Hyderabad (IIT Hyderabad) on Post-Quantum Cryptography. This partnership aims to enhance privacy frameworks against quantum threats by developing lattice-based post-quantum schemes and cryptography solutions to ensure long-term product security.
As part of this collaboration, IST will fund PhD scholars for a four-year duration.
IST is actively engaging in advancing post-quantum cryptography initiatives in India through partnerships with key government and industry entities. It also contributes to standardisation bodies such as TSDSI, TEC, and CDOT.
Singapore-based LaunchPilot announces India Operations for its Startup School
LaunchPilot, a startup school catering to first-time entrepreneurs and working professionals, has commenced its operations in India.
The Singapore-based firm supports entrepreneurs in building and executing their ideas, and connecting them with experienced mentors and investors.
LaunchPilot initially began partnerships with several academic institutions and communities, such as NUS Singapore, NTU Singapore, IIM Bodhgaya, Eden Academy, RemoteYear, and others, to provide training for the gig economy and offer support to student entrepreneurs.
Corning introduces new digital and IT centre in Pune
American multinational firm Corning has announced the launch of its new digital and IT centre, a global capability center (GCC), in Pune, Maharashtra. The centre will attract fresh digital talent to fuel the company's growth locally and globally.
The new center is expected to create nearly 100 new jobs over the next two years and enhance the company’s operations in information technology, which require expertise in supply chain, data, cyber, and other digital areas. It is located near the company’s existing research, development, and engineering facility, Corning Research Center India.
The new center is expected to generate around 100 new jobs within the next two years, further enhancing the company's operations in information technology. These roles will include expertise in supply chain, data, cyber, and other digital domains.
Classplus Launches Polaris School of Technology
Edtech startup Classplus has introduced Polaris School of Technology (PST), a four-year BTech programme.
By offering specialisations in Computer Science, Artificial Intelligence, and Machine Learning, the new program is designed by co-founders Mukul Rustagi and Bhaswat Agarwal to bridge the gap between industry demands and the job readiness of graduates from traditional BTech programs.
Following a work-integrated degree model, the program focuses 5000 hours of live coding for students to gain hands-on experience. The faculty at PST include IIT alumni, tech leaders, CTOs, and founders, offering personalised mentorship and guidance to students on a 1:1 basis.
JioCinema garners reach of over 62 Cr reach during Tata IPL 2024
JioCinema, the official streaming platform for TATA IPL, recorded a reach of 2,600 crore views during the 2024 season, marking a 53% growth from the previous year. As the second season concluded, the platform accumulated over 35,000 Crore minutes of watch-time.
The platform's reach surged by over 38%, exceeding 62 crores by the end of the season.
Arahas partners with UNIDO's AIM Global Program to advance responsible AI in industry and manufacturing
Geospatial IT and AI firm has secured a spot in AIM Global, the Global Alliance on Artificial Intelligence for Industry and Manufacturing, a program managed by the United Nations Industrial Development Organization (UNIDO). It’s objective is to promote the sustainable and inclusive application of Artificial Intelligence in industry and manufacturing.
AIM Global advocates for the responsible advancement and deployment of AI and cutting-edge technologies. It facilitates collaboration between private and public sectors, knowledge sharing, developing research practices, and contributes to building ethical guidelines for AI deployment across industries.
“Arahas is excited to join UNIDO’s AIM Global initiative, a community of forward-thinking partners working together to harness the responsible potential of Artificial Intelligence (AI). Our GeoAI solutions empower industries to achieve operational excellence, reduce costs, and operate sustainably. We look forward to collaborative opportunities, developing innovative solutions, and sharing a vision for the ethical and effective application of AI on this exciting journey” said Saurabh Rai, CEO of Arahas.
PhonePe introduces lending platform with marquee partners
Fintech platform PhonePe has broadened its loan distribution services by introducing secured lending products on its platform. By collaborating with a network of banks, non-banking financial companies (NBFCs), and fintechs, it aims to deliver a seamless user experience in the secured loans segment.
Some of the lenders include , L&T Finance, , , DMI Housing Finance, Home First Finance, rupyy, Volt Money, and Gradright.
Currently, the platform has 15 active partners and targets expansion to 25 by the next quarter.
Users can access the loan facility through the existing 'Loan' section on their PhonePe app, where they can choose their preferred loan category and choose from a range of lenders.
AiDash rolls out its first ESOP buyback plan for employees
Enterprise SaaS firm has introduced its maiden Employee Stock Ownership Plan (ESOP) buyback initiative.
The launch of this novel buyback program after the company’s $58.5 million Series C funding round, bringing its total fundraising to $91.5 million. Targeting existing full-time employees with a tenure exceeding three years, the new buyback scheme enables them to capitalise on the accrued value of their vested shares.
T-Hub's T-Recruit 2024 establishes new benchmarks in acquiring startup talent
Startup incubator T-Hub organised T-Recruit 2024, a recruitment initiative which united startups with tech talent to help both job seekers to discover opportunities and for recruiters to access talent pools.
Around 92 registered companies and 769 recruiters participated in the initiative, such as Tao Digital USA, Monitra Healthcare Private Limited, Ariqt International, and DataBeat Consulting Pvt Ltd. Notably, over 6,000 job seekers vied for opportunities presented by startups across diverse sectors.
(The copy will be updated with the latest news throughout the day)
Edited by Affirunisa Kankudti
