Startup news and updates: Daily roundup (May 27, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, May 27, 2024.
Funding
CoverSure raises $4M in Pre-series A funding round led by Enam Holdings
InsurTech Startup on Monday said it raised $4 million in a pre-series A round, led by Enam Holdings. CoverSure plans to use the funds to build a consumer-centric insurance engagement platform.
Enam Holdings' investment is expected to enable CoverSure’s Indian expansion and growth.
CoverSure, founded in January 2023, operates a platform that handles all customer insurance needs. It offers a personalised, spam-free advisory service to existing policy holders as well as new to insurance. It offers personalised insurance portfolio, democratised risk management and family-centric insurance care to its users.
The company believes that the insurance industry is bound to see significant momentum in insurance adoption fueled by leniency in regulations.
CirclePe closes $1M in pre-seed round led by OTP Ventures
Property tech platform on Monday raised close to $1 million in a pre-seed round led by OTP Ventures, along with participation from 1947 Rise, iSeed, IIT Delhi and Venture Catalyst.
The round also saw participation from founders and CXOs from OfBusiness, BharatPe, Uni Cards and OYO.
CirclePe is a fintech platform that caters to urban tenants, landlords and even co-living operators. Its unique "Smart Renting" solution allows credit-worthy tenants to opt for a Zero Security-Deposit move-in, and enjoy the luxury of paying only their monthly rent without any extra charges.
Other news
Yatra launches Gen AI-powered travel expense management tool
Online on Monday announced the launch of Generative AI-backed business expense management solution for SMEs and large enterprises.
The tool is backed by artificial intelligence and would aid in streamline travel expense management for more than 800 crores using Large Language Models (LLMs) for receipt analysis.
The platform offers more accuracy and significantly reduces errors and operation time. It also features an integrated chatbot for easier expense tracking and analysis. The platform testing involved load and stress testing to accommodate up to 150 simultaneous connections (users) submitting expense data concurrently, thus rendering it perform in an uninterrupted manner during peak usage.
It is specifically designed as an end-to-end travel solution as it manages everything from booking flights, hotels, and cars to recording incurred expenses during travel all inside a single platform.
Plum appoints Priya Sunil as Human Resource Head
Insurtech company on Monday announced the appointment of Priya Sunil as Chief Human Resource Officer.
Sunil has a Master’s degree in Applied Social Psychology and 17 years of experience in talent acquisition and organisation development, which she gathered while working at renowned non-profits such as The Akanksha Foundation, Teach For India, and The/Nudge Institute.
Plum offers employee wellness solutions and business insurance solutions to over 4000 companies. It is backed by Tiger Global and Peak XV Partners.
Recyclekaro registers on government's Extended Producer Responsibility (EPR) portal
Lithium-ion battery recycling company announced its registration on the government's Extended Producer Responsibility (EPR) portal for e-waste recycling.
Based on its current recycling capacity, Recyclekaro will help lithium-ion battery and electronics product manufacturers complete their EPR targets, which includes 4,200 MT for lithium-ion battery recycling and 15,000 MT for e-waste recycling.
EPR Portal, an initiative of the Central Pollution Control Board (CPCB) is a transparent and accountable framework for electronic waste management in India. The platform centralises the tracking of e-waste and streamlines the process from production to disposal, and connects manufacturers with registered recyclers.
The system also provides financial incentives in the form of EPR credits prompting companies to step into the sustainable space.
IIT Guwahati signs two MOUs to foster startup ecosystem in Northeast India
Indian Institute of Technology Guwahati has formalised two Memoranda of Understanding (MoUs) to foster innovation and growth in startups in the region.
The premier technology institute signed an MoU with Assam Startup through Assam Industrial Infrastructure Development Corporation (AIIDC) to promote entrepreneurship by co-incubating startups selected under various programs. IIT Guwahati will felicitate the mentoring and technological support, while Assam Startup will provide Business support.
The institute also signed an MoU with the Federation of Indian Chambers of Commerce & Industry (FICCI) to strengthen its commitment in fostering entrepreneurship in the Northeast by creating a framework to support entrepreneurial activities targeting Agriculture, Women Development, and Sustainability in the Northeast region.
The MoUs were signed between Devendra Jalihala, Director, IIT Guwahati, and Chinmoy Prakash Phookan, ACS, Managing Director, AIIDC, and Sumeet Gupta, Assistant Secretary-General, FICCI.
IIT Guwahati also launched a 6-Week Residential Bootcamp featuring extensive expert sessions, mentoring support, and financial aid opportunities, the program saw participation from 51 startups from the Northeast region.
Sebamed appoints Philip Kuncheria as India Head
Skincare brand Sebamed on Monday announced the appointment of Philip Kuncheria as Senior Vice President and Country head for India.
Before aiding in Sebamed’s journey in India for the past five years, Kuncheria has decades of experience working with big industry names like 3M, Kraft Heinz, and Fractal Analytics.
Under his new role, Kuncheria would be responsible for overseeing complete operations in India, including strategic initiatives, expanding market presence and driving innovation for its products.
Zomato organises awareness camps to comply with Delhi’s disclosure guidelines for Motor Vehicle Aggregators and Delivery Service Providers
Food delivery platform on Monday undertook awareness drives across New Delhi amongst its delivery partners to comply with Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme, 2023.
As per the scheme, cab aggregators, delivery service providers and ecommerce entities need to file disclosure of all vehicles associated with them for adding EV targets on the fleet. All aggregators and service providers are required to declare all on-boarded vehicles in use by June 14, 2024, post which any vehicle that is not declared will not be permitted to ply in Delhi.
Zomato has so far organised camps at 15 different locations in the last few days across various spots in New Delhi and has also resorted to calls and notifications to ensure full disclosure compliance with the scheme.
Glance and Star Sports announce successful turnout in 'Star Nahi Far' contest
Star Sports Network on Monday announced participation from 50 million people across India in its ‘Star Nahi Far’ contest on Glance Smart Lock Screen.
The contest was launched in February as part of Star Sports’ flagship campaign, and it involved participants answering questions related to popular cricketers both on the Glance Smart Lock Screen and during match broadcasts on Star Sports and getting a chance to meet their favourite cricketers.
Since the launch of various cricket tournaments this year, Glance has seen significant consumption of editorial content related to the cricket season, with around 179 million users from across 1,450 cities spending over a million hours on the platform.
In the past , it has successfully collaborated for partnerships such as the ‘We for Virat’ Contest during the World Cup 2023 and the Pro Kabaddi League.
AET Displays puts Su Piow Ko in charge of Indian operations
AET Displays on Monday entrusted additional charge to Su Piow Ko, Vice President of AET Global as the CEO for India as it drives down on expansion and sustainable growth in India.
AET entered India nearly six months ago, since then it operates one assembly plant, three offices and three customer experience centres, and five service centres across the country.
The company operates in the fine-pitch LED displays segment, and offers more than 50 products and 2000 installations in India. With Su’s appointment, AET plans to push for technological advancement, market expansion, optimising after-sales support and managing strategic partnerships for growth in Indian markets.
BluSmart opens its EV charging service to the public with the launch of “BluSmart Charge”
EV-based ride-hailing service on Monday announced the launch of its “BluSmart Charge” App to make charging available across Delhi-NCR and Bengaluru for all EV users.
The app would allow users to find chargers, tailored to their vehicle type with real-time updates on availability and status of charging stations. The app , which can be used by both BluSmart fleet operators and public users, has a streamlined payments process and also provides a digitised entry and exit process.
The company has an expansive EV Charging Infrastructure network it has just set up its 50th EV charging hub.
Bounce Infinity launches battery-swappable variant for Infinity E1 scooter
EV Mobility startup on Monday announced the launch of a new battery-swappable variant of its popular Infinity E1 scooter called Bounce Infinity E1X.
The model, which will be made available across the country from June 2024, can be used with major battery swapping networks in India and can also be customised to suit any new battery-swapping network.
Infinity E1X will be priced at an introductory range of around Rs 55,000 to Rs 59,000 ex-showroom. It will significantly reduce the cost of acquisition and involves a very low running cost. It involves energy cost of just Rs 1 to Rs 1.5 per kilometre depending on utilisation and the swapping operator.
Battery swapping feature allows users who travel to long distances daily to continue their journeys uninterrupted. Riders can now swap depleted batteries for charged ones at network stations, using the mobile app to locate nearest ones. It does away with concerns related to battery warranty, replacement, and lifecycle management.
Bounce launched Infinity E1X in two-speed variant battery swapping models which cater to different user needs: up to 55 kmph and 65 kmph. The Bangalore-based company also said it is developing a faster, 92 kmph variant to meet the minimum speed requirements in certain export markets.
(The copy will be updated with the latest news throughout the day)
Edited by Affirunisa Kankudti
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