Startup news and updates: Daily roundup (June 11, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, June 11, 2024.
Funding news
Healthtech startup C3 Med-Tech secures its first equity investment
Healthtech firm has secured an undisclosed amount from Industrial Metal Powders to launch new telemedicine and AI-driven portable devices designed for detection of eye diseases. This fusion of telemedicine and AI technology will enable precise diagnoses and prompt interventions, enhancing the chances of preventing visual impairment and blindness.
The capital raised will be utilised to expand C3 Med-Tech's presence across India and globally through marketing initiatives, team expansion, and research and development of future products.
BlackSoil invests Rs 40 Cr in JCB Salons
has invested over Rs 40 Crore in JCB (Jean Claude Biguine) Salons India to support strategic acquisitions and business expansion. JCB Salons will use the funds to acquire the homegrown salon chain Spalon, enhancing its presence in South India. Additionally, the capital will be allocated to working capital needs and improving operational efficiencies within the group.
JCB Salons is a global premium salon chain with operations in Mumbai, Pune, and Bangalore. Spalon is a well-established premium spa and salon brand with more than 27 branches across Southern India.
On-demand English tutoring platform Clapingo raises undisclosed amount
, an on-demand English tutoring platform, has raised an undisclosed amount of funding from prominent investors, such as comedian and writer Biswa Kalyan Rath, Droom and Shopclues Founder Sandeep Aggarwal, comedian and satirist Appurv Gupta, and Foundership HQ.
Founded in 2021 by Sameer Agrawal and Abhishek KG, the platform aims to enhance India's international standing through English tutoring services. Utilising both peer-led and tutor-led approaches, Clapingo helps learners to engage and practice with one another with the help of AI teaching assistant. For a monthly subscription fee of Rs 999, learners gain access to unlimited one-on-one practice sessions.
The raised funds will be directed towards improving the product, particularly focusing on the development of the fluency report system within the platform. Moreover, a portion of the funds will be allocated to marketing initiatives to attract a broader user base to drive the company’s growth.
Sova Health Raises $1 Million in Seed Round
Full-stack gut health company Sova Health has secured $1 million in a seed round led by Antler, Singapore-based Accelerating Asia, Practical VC from the US, and VC Grid & Venture Catalysts from India. The round also attracted investments from Quadrant Consumer Products, Midas Capital (Baheti Family Office), and prominent angel investors.
The raised funds will be allocated to fuel the company’s growth initiatives across product development, with a roadmap of over 25 products over the next one year. Moreover, the funds will also be utilised to support team expansion and market penetration efforts.
Other news
Blockchain For Impact (BFI) and UNICEF collaborate to strengthen Public Health
Blockchain for Impact (BFI) and UNICEF have partnered to support the Government of India’s initiatives toward achieving Universal Health Coverage (UHC) by enhancing health systems and prioritising community-based primary health care.
As part of this collaboration, $2.1 million will be redirected to support two projects aimed at ensuring the rights to life and health for all children, particularly the most disadvantaged. The partnership MoU was signed in Delhi by Sandeep Nailwal, Founder of BFI, and Cynthia McCaffrey, UNICEF Representative to India.
Additionally, the two-year partnership will focus on supporting pregnant women, newborns, children, including adolescents, especially the most vulnerable, to have access to and utilise gender-responsive quality health services while adopting healthy behaviours.
L&T Technology Services partners with IIT Hyderabad
L&T Technology Services Limited and the Indian Institute of Technology Hyderabad (IIT Hyderabad) have formed a partnership to advance industry and academic advancement in Advanced Driver Assistance Systems (ADAS) and Cellular Vehicle-to-Everything (CV2X) communication.
The partnership mainly aims to facilitate research and application of ADAS and CV2X technologies, focusing on enhancing road safety, efficiency, and the overall driving experience. By leveraging the combined expertise of both entities, it seeks to fuel developments in connected vehicle ecosystems.
Magenta Mobility Deepens Collaboration with Tata Motors
Electric mobility solutions provider Magenta Mobility has strengthened its partnership with commercial vehicle manufacturer Tata Motors by deploying over 100 Tata Ace EV units. This includes more than 60 Ace EV units and over 40 units of the newly launched Ace EV 1000.
Notably, this deployment is part of the MoU signed between the two companies in October 2023, which aimed to roll out 500 units of the Tata Ace EV.
Magenta Mobility is backed by HPCL, Morgan Stanley, JITO Angel Network, bp, and Indian American philanthropist Dr. Kiran Patel.
SCOPE Obtains Asset Management License in USA
SCOPE, an invite-only platform for startups, has announced the acquisition of an Asset Management License in the United States, which will allow the firm to manage assets directly and increase its influence in the U.S. market.
In addition, the firm has secured over $90 million to bolster its asset management arm to drive the firm’s investment strategies and support startups.
Acquiring the Asset Management License will boost SCOPE’s business model and operations, with allowing to diversify its revenue streams, offer customised investment solutions, and strengthen its relationships with portfolio companies
Daimler India Commercial Vehicles onboards new Chief of Operations & Logistics
Daimler India Commercial Vehicles (DICV), the wholly owned subsidiary of Daimler Truck AG has appointed Muthumaruthachalam C as President and Chief of Operations & Logistics, effective on August 15, 2024. He replaces the former Chief Operating Officer Mr. Anshum Jain who moved on from the organisation in April 2024.
In 2009, Muthumaruthachalam started his journey with DICV during the early project phase as a specialist in heavy-duty truck project management, contributing to the market launch of BharatBenz products in 2012.
He then transitioned into a leadership role in quality management, overseeing warranty analysis and product reliability for BharatBenz trucks.
In 2015, he joined Mitsubishi Fuso Truck and Bus Corporation (MFTBC), where he managed product reliability and warranty for FUSO Trucks and Buses worldwide. He returned to DICV in March 2020 as Head of Supply Chain Management & Logistics.
The StepUp Ventures (TSUV) presents Demo Day for its Cohort FOUR
The StepUp Ventures (TSUV) has announced the Demo Day for Cohort FOUR on June 20th and 21st, 2024, at 5:00 PM (IST). Around 10 startups from Tier II and Tier III cities across India will showcase their solutions and visions to venture capitalists, angel networks, and partners.
Cohort FOUR has startups across various sectors such as health and nutrition, jewellery, electric vehicle (EV) solutions, and more. The incubator has a portfolio of over 40 startups, sourced from a pool of over 2000 applicants spanning 150+ cities across India.
Armed Forces veteran Vijay Arisetty joins Aurm as CEO
Aurm, a company specialising in asset protection, has appointed Vijay Arisetty as its Founder and Chief Executive Officer (CEO).
With his background in the armed forces and expertise in residential security, he has played a crucial role in establishing Aurm, which collaborates with banks and real estate developers to offer secure-deposit lockers to customers.
MyGate has secured over four million residents across 25000+ gated communities till date.
An alumna of the National Defence Academy (NDA), he spent a decade as a pilot in the Indian Air Force. He has been honoured with the Shaurya Chakra for his efforts in rescuing more than 300 tsunami victims in the Andaman & Nicobar Islands.
Hisense India appoints Pankaj Rana as Chief Executive Officer
Consumer electronics and home appliances firm Hisense India has appointed Pankaj Rana as its new Chief Executive Officer (CEO).
With over two decades of experience in sales & marketing, general management, and business development, Rana will spearhead the firm’s strategic initiatives, expanding customer base, enhancing brand visibility, and fueling overall business growth.
Before joining Hisense India, Rana has served at LG, Panasonic, Benq, and Reliance Retail.
Domino’s Pizza crosses the 2,000-store mark in India
Quick-service restaurant (QSR) chain has announced the opening of its 2000th store in the country.
The brand celebrated this occasion launching seven new stores across its operating regions nationwide. Domino's Pizza India commenced its journey with the opening of its inaugural store in New Delhi back in 1996. Currently, it serves over 200 million pizzas annually through its network of 2,000 stores, spanning across 421 cities.
In March 2024, the corporation announced free shipping on all purchases over Rs 150 to cater to customers via its distribution network and proprietary last-mile infrastructure.
Ansys and SINE, IIT Bombay collaborate to support tech startups
The Society For Innovation & Entrepreneurship (SINE), a technology business incubator established at the Indian Institute of Technology, Bombay, has collaborated with engineering simulation software firm Ansys Software Private Limited, to provide support to technology startups.
Under the Ansys Startup Program, Ansys and SINE have inked an MoU to strengthen their partnership. According to the agreement, Ansys will host events with SINE to aid the advancement of engineering hardware startups and offer a three-month evaluation/trial license to associated startups.
Kadet Defence Systems develops Jet-Powered aerial targets for defence training
Aerospace firm Kadet Defence Systems (KDS) has launched its indigenous Jet-Powered Aerial Targets. As the first Indian aerospace company to achieve this milestone, KDS has not only designed and developed these targets, but has also exported them to allied nations.
Advanced Jet-Powered aerial targets play a crucial role in military training and evaluation. They are designed to soar at speeds surpassing 500 kilometres per hour, with a flight radius of 300 kilometres from the launch site and capable of scaling altitudes exceeding 6,000 metres.
Aerial Targets serve a multitude of functions, ranging from target practice, weapon testing, and tactical training exercises.
Mastercard Center for Inclusive Growth and data.org launch AI2AI Challenge
The Mastercard Center for Inclusive Growth and data.org has unveiled the Artificial Intelligence to Accelerate Inclusion Challenge (AI2AI Challenge), to enable AI solutions for accelerated inclusion and economic empowerment.
The AI2AI Challenge aims to promote inclusive growth by ensuring that the advantages of advancing data technology reaches all segments of society. Organisations with innovative AI solutions, proven success, and readiness to scale can qualify for additional funding and technical support.
Quess Corp launches blue-collar recruitment satellite hubs ‘Jobspot’
Business solutions provider has introduced its primary blue-collar recruitment hubs named Jobspot by Quess. These centres aim to meet the rising talent needs in industries like manufacturing, ensuring job seekers secure employment within 30 minutes.
The first two Jobspot centres, which were inaugurated at Narasapura, Karnataka and Hosur, Tamil Nadu, will help job seekers to connect within the industrial clusters.
Quess aims to set up 15 Jobspot centers by 2024, providing jobs to over 100,000 entry-level and experienced blue-collar workers by the end of FY25.
Snapdeal signs MOU with Bhashini to fuel digital inclusion in India
E-commerce platform has signed a Memorandum of Understanding (MOU) with Digital India Bhashini, an independent business segment initiated by MeitY within DIC. Their collaboration aims to enhance services and products aimed at fueling language translation initiatives to foster digital inclusion across India.
Bharat Venishetti from Snapdeal and Amitabh Nag, CEO of Bhashini, inked the MOU. This partnership will leverage artificial intelligence (AI) to craft solutions catering to more than nine vernacular languages.
"We look forward to combining Bhashini's deep expertise in language solutions with Snapdeal's robust e-commerce platform to empower individuals across diverse linguistic backgrounds. This initiative aligns seamlessly with our mission to enhance accessibility and affordability in online shopping, particularly in Tier 3 cities and beyond," said Himanshu Chakrawarti, CEO of Snapdeal.
Nodwin Gaming acquires Ninja Global FZCO
Nazara-owned has acquired esports and gaming firm Ninja Global FZCO for $3.57 million in a cash and stock deal to expand its footprint across UAE and Turkey.
According to the company’s BSE filings, Nodwin Singapore has acquired 100% of the share capital (sale shares) of Ninja through secondary purchase from the seller on June 7, 2024.
In January, Nazara Technologies raised Rs 210 crore from existing investors ICICI Prudential and Co-founder Nikhil Kamath.
BLive launches EV rental program for last-mile delivery partners
E-mobility platform BLive has announced the launch of its BLive EZY EV Rental Program to assist last-mile mobility operators. The program aims to fill the the financial gaps of delivery riders while transitioning to electric vehicles (EVs),
The rentals start at Rs 1500 per week, enabling delivery partners to integrate EVs into their operations affordably.
A recent survey by Robas Research revealed that approximately 77% of last-mile delivery riders surveyed already own electric vehicles, highlighting a strong preference for sustainable transportation.
Despite financial obstacles like complex loan processing and high interest rates, BLive's "Rent to Own" option allows riders to own their EVs after a 36-month rental period, promoting sustainability and encouraging the adoption of green transportation.
Orios Venture Partners gains 29X return with partial exit from Battery Smart
Early-stage investor has announced a strategic partial exit from Battery Smart, resulting in a 29x return as part of the current funding round.
Orios' portfolio strategy aims to deliver a 1x return or return the principal to LPs by the fourth or fifth year of a fund, while retaining significant value for future growth. This approach ensures that value compounds over the fund's life, benefiting both investors and startups.
(The copy will be updated throughout the day with the latest news)
Edited by Affirunisa Kankudti
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