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Startup news and updates: Daily roundup (May 31, 2024)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, May 31, 2024.

Startup news and updates: Daily roundup (May 31, 2024)

Friday May 31, 2024 , 5 min Read

Cashaa Founder Kumar Gaurav steps down as CEO

Kumar Gaurav, Founder and CEO of Cashaa—a neo-bank in crypto businesses, has stepped down from his position.

Under Kumar’s leadership, Cashaa transitioned from a Bitcoin startup and ventured into the banking sector for crypto and high-risk businesses.

This development comes as Cashaa strategically shifts its business model, discontinuing banking services for crypto and other high-risk businesses to focus on introducing an alternative to bank accounts for the masses worldwide to increase crypto adoption.

Kumar Gaurav, Founder, Cashaa

Kumar Gaurav, Founder, Cashaa

Amjad Raza Khan, formerly the chief technology officer (CTO), has been promoted to CEO. The company has begun the corporate restructuring for the release of its global Cashaa account.

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Scaler invests Rs 50 Cr in Scaler School of Business

Scaler, an education provider in India, has earmarked Rs 50 crore towards developing its recently launched Scaler School of Business (SSB). 

These funds will be used to build offline infrastructure, design and update curriculum, establish partnerships with industry, and onboard world-class leaders as coaches, mentors and instructors.

Additionally, the Scaler Innovation Lab, an incubator set up on campus, will be accessible to SSB learners. This platform will allow them to build and present prototypes, products, apps, MVPs, and more.

Volt Money partners with PhonePe for loans against mutual funds

Volt Money, a platform for instant secured loans against mutual funds, has partnered with PhonePe. With this partnership, PhonePe's 535 million+ user base can avail themselves of digital, low-interest loans against their mutual funds. 

This partnership will integrate Volt Money's seamless loan offerings into the PhonePe mobile app, providing users with 100% digital access to loans against their mutual fund investments.

Skechers signs footballer Sunil Chhetri as brand ambassador

Skechers has signed Indian National Football Team captain Sunil Chhetri as its ambassador to play as a forward in Skechers football boots and appear in marketing campaigns for the brand.  

Skechers designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children.

“I am delighted to join forces with Skechers, a brand that is always innovating to achieve excellence. As someone who understands the importance of building and promoting sports in this country, I am excited to collaborate with a brand that empowers individuals to unlock their full potential, both on and off the field. I love the Skechers Football boots, and I look forward to helping players and fans across the country discover how amazing this brand will be for our sport," Chhetri said. 

The Man Company posts Rs 185 Cr revenue in FY24

Men’s grooming brand The Man Company has posted a revenue of Rs 185 crore for the fiscal year ending March 2024.

About 70% of the its revenue has come from ecommerce channels, including major online marketplaces and the brand’s own website. Overall, the company's revenue has grown at a compounded annual growth rate of 55% since inception, said the company in a release.

The company also marked a 7.7% (Rs 14+ crore) EBITDA for FY24.

With a lifetime external funding of close to Rs 75 crore, with Emami Ltd being a strategic investor, the company has registered cumulative revenue exceeding Rs 500 crore.

Bata India appoints Deepika Deepti as head of marketing

Bata India has appointed Deepika Deepti as the head of marketing. With over two decades of experience in marketing and business roles at leading brands and an in-depth knowledge of Indian and international retail industry, Deepti is set to steer Bata India's marketing mandate.

Deepti is known for bringing in and nurturing the sneaker culture in India through her roles at Adidas and CAMP SMA. In her new role at Bata India, she is set to uphold and elevate a new stylish trajectory for the brand in the fashion and lifestyle space, said the company.

Prior to joining Bata India, Deepika held the position of senior VP of marketing at Metro Brands Ltd.

bata-deepika deepti

TheCafePrinter launches Evebot coffee and food printers at Palm Expo 2024

TheCafePrinter, a division of MJ Innovation Automations India Pvt Ltd, has launched its latest innovation, the Evebot coffee and food printers, at Palm Expo 2024. Starting at Rs 31,000 inclusive of GST, the Evebot printers strive to provide cafes, bars, bakeries, restaurants, and catering services with a unique opportunity to enhance their offerings, stand out in a competitive market, and increase revenue streams. The product comes with one year of warranty.

The Evebot Coffee Printer allows users to print intricate designs, logos, and personalised messages directly onto the foam of lattes, cappuccinos, and other beverages. The Evebot Food Printer enables chefs and food businesses to print designs on a variety of edible surfaces, including cookies, cakes, bread, and savoury dishes.

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

Edited by Kanishk Singh