Startup news and updates: Daily roundup (May 8, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, May 8, 2024.
Funding news
Eternz raises $1.15M in pre-seed round
, a curated vertical marketplace for jewellery, raised a pre-seed round worth $1.15 million led by Kae Capital, with participation from Gemba Capital, IIMA Ventures, TDV Partners and Venture Lab.
The startup curates designs from high-quality national and international brands and provides a dedicated and unique jewellery buying experience online through innovative technology.
Eternz is the brainchild of Arthi Ramalingam, an IIM Ahmedabad graduate with prior experience at Udaan. She started Eternz to solve the customer’s problem of discovering high-quality jewellery online.
IIT Madras has raised Rs 513 Cr
IIT Madras has received Rs 513 crore from alumni, industry, and individual donors in funding, a substantial 135% increase from Rs 218 crore in 2022-23. Additionally, the institute secured new pledges totalling Rs 717 crore from alumni and corporate partners.
These funds are earmarked for technology research and development, deploying existing technologies nationwide to address societal needs, providing scholarships to deserving students, and enhancing the institute's infrastructure.
Notably, 48 donors, comprising 16 alumni and 32 corporate partners, contributed over Rs 1 crore each.
Atomgrid secures seed funding led by Merak Ventures
raised Rs 10 crore in a seed round led by Merak Ventures, a sector-agnostic, early-stage, B2B venture capital firm. Dexter Ventures, Upsparks, Point One Capital, and the founders of UniCards (Nitin Gupta and Prateek Jindal) also participated in the round.
This also marks Merak’s third significant investment of the year.
Atomgrid, co-founded by IIT-BHU alumni Lakshit Bansal, Siddharth Gupta, and Pratik Chowdhury, is an R&D-first platform for contract development, manufacturing, and sourcing of speciality chemicals.
Other news
Khyaal partners with CaratLane to launch Khyaal Digi-Gold
Senior citizens-focused startup has partnered with CaratLane to introduce Khyaal Digi-Gold—a secure, hassle-free digital gold investment solution tailored for seniors.
Launched during Akshaya Tritiya, this collaboration aims to transform how senior citizens engage in gold investment. It presents a secure, convenient digital solution that addresses long-standing issues linked to physical gold, including making charges, purity uncertainties, storage expenses, and theft risks.
Khyaal's app has a dedicated section for users to seamlessly trade gold by weight or value. It offers real-time gold prices and performance history for informed decisions.
Seniors can also convert digital investments into physical jewellery from CaratLane's collection, ensuring both flexibility and security. The partnership assures investment purity and security, making Khyaal Digi-Gold an attractive option for seniors prioritising convenience and trust, the company said.
Gupshup appoints Salim Ali as Chief Marketing Officer
Conversation Cloud provider appointed Salim Ali as its Chief Marketing Officer (CMO) and will be based in Silicon Valley.
With nearly 30 years of experience, Ali will oversee comprehensive marketing strategies across all aspects of the value chain and market channels to support Gupshup's global growth.
Ali has previously served as the CMO at WordPress VIP. Prior to this, he held senior positions at renowned companies, including SAP, Avalara, and Veritas Technologies, managing teams across multiple regions.
Klub, NimbusPost partner to facilitate instant settlements
Shipping aggregator has partnered with Klub, a growth enablement platform, to offer flexible, non-dilutive growth capital and flexible debt financing solutions of up to Rs 30 crore to its 1 lakh+ merchants.
As part of this collaboration, will leverage its advanced risk and analytics models to support online sellers in their growth trajectory and expedite Cash-on-Delivery (COD) remittances to just one day. This rapid transaction process enables ecommerce merchants to swiftly access their earnings, enhancing financial liquidity and operational flexibility, the company said.
India's M&A activity soars in Q1 2024
In the first quarter of 2024, India's M&A sector experienced a surge in M&A activity, with 197 deals totalling $9.4 billion, the highest volume since Q2 of 2022, a report said.
The latest M&A Deal Tracker Report by Mazars in India also highlighted that the surge reflects a notable 168% increase in deal value from Q1 2023, with domestic deals leading at 72%.
CarDekho group expands its portfolio with the introduction of TractorsDekho
Group has expanded its digital services through TractorsDekho, a platform specifically designed to cater to the informational requirements of the farming community, aiming to promote agricultural growth in India.
Tailored for tractor buyers, the platform has diverse sections meeting various user needs, delivering refined information in an engaging format. Its digital environment ensures an evolved user experience, serving them with a comprehensive database and intelligent suggestions to satisfy their curiosity.
The platform customises search results based on brand, body, etc. Its extensive network seamlessly connects buyers, sellers, dealers, and service centres.
Jagran New Media partners with ONDC
Jagran New Media, the digital wing of Jagran Prakashan Ltd, has partnered with the Network to launch Khojle.com, which aims to create an all-in-one marketplace focused on India Tier II and III markets.
It aims to enhance online shopping by integrating ecommerce opportunities into the browsing experience across Jagran New Media's websites. Users can access Khojle.com's retail marketplace while reading and browsing content, exploring a wide range of consumer goods like fashion, home and kitchen, groceries, electronics, personal care, and more with tailored recommendations based on preferences.
CEF Group to establish two-acre City Forest in Ghaziabad
Clean energy provider CEF Group launched the City Forest in Ghaziabad, under its Urban Farmer initiative. In partnership with the Ghaziabad Development Authority and backed by IOCL, the project marks a significant stride toward urban environmental sustainability, which aims to create a 2-acre green area within a two-year timeframe, leveraging the innovative Miyawaki technology.
According to the company, this pioneering approach will slash the conventional forest development timeline from five to two years.
Nawgati launches Innovative ‘Nawgati Billing App’
, an indigenous fuel aggregator startup, launched the Nawgati Billing App, which would help make fuelling payments, promising enhanced transparency and efficiency at fuel stations nationwide.
By seamlessly integrating with existing Android POS machines, Nawgati will enable real-time access to vital information during each CNG station transaction across India.
Once connected with the POS machine, the Nawgati Billing App will synergise with the existing Aaveg infrastructure. Through this, users can access comprehensive insights such as vehicle number, compliance status, loyalty programme details, workforce deployed at the station, billing details, etc.
This integration will not only simplify the payment process but also enhance the overall experience for all the fuel companies that have been onboarded on Aaveg. Currently, the solution is live at selected CNG stations in Delhi and Mumbai.
Waaree Energies, Ecofy partner to boost solar adoption with Rs 100 Cr investment
Solar PV modules manufacturer has partnered with , an NBFC backed by Eversource Capital that provides financing for climate-positive initiatives, to boost solar adoption. Ecofy is committing Rs 100 crore to the partnership.
By merging Waaree Energies' solar expertise with Ecofy's digital financing solutions, the partnership seeks to expedite the solarisation of over 10,000 rooftops across households and MSMEs. The partnership aims to enhance accessibility and affordability of clean energy for homeowners, facilitating the nationwide agenda of solarising households and MSMEs.
Kadet Defence Systems pioneers India's first Loitering Aerial Munitions
Aerospace company has successfully developed Loitering Aerial Munitions (LAM) under a unique Development cum Production Partner (DCPP) model with the Defence Research Development Organisation (DRDO)
Kadet's LAM Systems boasts cutting-edge technologies such as CALM, Combat UAVs, Tactical VTOL UAVs, and versatile systems capable of swarming and manned-unmanned teaming. The company has also secured a contract to deliver over 50 systems by year-end, meeting the operational needs of the Indian Armed Forces.
These systems stand out for their adaptability across diverse terrains, including deserts, plains, and high-altitude environments, with a launch altitude capability exceeding 5,000 meters.
Zaggle reappoints Avinash Ramesh Godkhindi as MD, CEO
SaaS fintech firm has re-appointed Avinash Ramesh Godkhindi as the Managing Director and CEO of the company.
Godkhindi has been at the helm of Zaggle since February 2012, demonstrating exceptional leadership as the Co-promoter, MD and CEO. Under his guidance, Zaggle has achieved a successful IPO in September 2023. Before joining Zaggle, Godkhindi held a key role in the launch and management of the Citibank PremierMiles credit card in India, serving as the Product Head for PremierMiles.
AIC T-Hub selects startups to drive innovation in the mobility sector
T-Hub, one of India's leading startup incubators, in collaboration with Atal Incubation Centre (AIC) has announced the launch of the mobility cohort of the AIC T-Hub Program. This initiative is poised to revolutionise the automotive industry's future, with visionary startups selected to participate.
The chosen startups, including VPush Technologies Pvt Ltd, Sock8, Zeromatter Tech Pvt Ltd, Electriq, Savy Electrics, Blumotiv, Sunmit Electronics, and Bambam Kart, will concentrate on critical sectors such as battery technology, battery management systems (BMS), electric vehicle (EV) development, shared mobility solutions, and distribution networks.
Through a comprehensive 3-month program, these startups will receive personalised 1:1 mentoring, collaborative group sessions, essential investor connections, and opportunities for market pilots. This support aims to assist startups in acquiring initial customers, engaging with investors, accessing government incentives and grants, and refining their business models. Selection criteria included founder credentials, business viability, and product innovation.
TIH launches Centre for Human-Computer Interaction at IIT Mandi
Technology Innovation Hub (TIH) launched the Centre for Human-Computer Interaction at IIT Mandi, a top-tier centre dedicated to advancing the science and technology of human-computer interaction in response to the fast-paced evolution of this field.
Through the creation of CHCI, an ecosystem will be cultivated to foster excellence in translational research, leading to the development of products and platforms that can make substantial breakthroughs in addressing the nation's priorities.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh