Startup news and updates: Daily roundup (June 24, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, June 24, 2024.
GoKwik’s KwikChat to power over 5,000 ecommerce brands globally
's KwikChat, a commerce solution, plans to triple its revenue in the next six months, aiming to become a multi-channel engagement platform with over 5,000 brands and three billion conversations.
GoKwik, after acquiring Tellephant, launched KwikChat in June. The solution allows brands to engage with shoppers, increase ROI on marketing campaigns, improve checkout recoveries, encourage repeat purchases, and provide customer support.
KwikChat has expanded to Instagram, Facebook, SMS, and email, resulting in a 3X increase in orders for brands. Within a year, the company said it has increased WhatsApp campaign ROI by 20X, increased engagement across acquisition, retention, and support communications by 3X, and enabled brand growth.
Its merchant base has grown 20X and monthly messaging to 100 million, a 33X increase from last year, with brands like Portronics, Pilgrim, Dot N Key, Mosaic Wellness, and Foxtale using the solution, it added.
Ampverse DMI unveils FY24 roadmap in Indian gaming market
DMI, a joint venture between Ampverse Group, a gaming and entertainment ecosystem, and DMI Group, a financial services platform, announced its FY24 plans and expansion roadmap for India.
It plans to launch a comprehensive suite of solutions in 2024, including marketing solutions for brands and game publishers, and commerce products for gaming communities in India, as part of its 360-degree bouquet services.
Ampverse DMI, combining global gaming expertise with local insights, is set to launch data-driven marketing solutions, physical merchandise, and digital items for gamers in India. The company aims to lead the Indian gaming market, leveraging partnerships with top global brands and the successful launch of its gaming and entertainment assets division, including IP College Rivals.
Photo: YS Design
Infibeam Avenues, EDII to launch AI developer platform and facility manager
Infibeam Avenues Ltd, a fintech company, has signed a Memorandum of Understanding (MoU) with the Entrepreneurship Development Institute of India (EDII) to promote AI adoption among enterprises, startups, and MSMEs in India. This marks the company's second major initiative in the AI space.
Under a new MoU, Infibeam Avenues Ltd has deployed its advanced video AI Developer Platform, THEIA, at EDII in Gandhinagar. This initiative equips EDII’s students and entrepreneurs with state-of-the-art tools to create AI products, enhancing their business efficiency and capabilities.
The company has launched its new 'AI Facility Manager' at the EDII campus, initially using CCTV data to monitor campus entries and exits. The platform will progressively expand to cover security, resource management, space monitoring, energy management, concierge services, cost control, and risk management.
and EDII will jointly identify use cases to develop AI software and technology solutions, with Infibeam serving as the exclusive technology partner. Infibeam will provide support for AI model development, software integration, and infrastructure, and will also aid in commercial and business development for startups, MSMEs, and EDII beneficiaries utilising these AI solutions.
AET Displays aims to hire 100-200 employees in India
AET Displays, an LED display company, plans to double its workforce by the end of 2025 by hiring 100-200 new employees across various departments, including sales, marketing, technical support, production, warehouse and supply chain, R&D, and a newly established Customer Success department, to augment its current workforce of over 100 in India.
The hiring initiative will target major urban centres—Mumbai, Delhi, Chennai, and Bengaluru. These roles will enhance customer engagement, brand management, technical assistance, product innovation, and post-sales experiences.
AET aims to boost employment in India with its extensive portfolio of 50+ products, 80+ partners, distributors, an assembly plant, three offices, three customer experience centres, and five service centres nationwide.
IAN Group partners with iAccel Gulf to foster India-UAE startup investments
IAN Group has partnered with iAccel Gulf Business Incubator, a Dubai SME accelerator, to provide opportunities for Middle Eastern investors to explore and invest in the Indian startup ecosystem, while also enabling Indian startups to expand their operations in the UAE.
The partnership between IAN and IAN aims to attract investment opportunities and mentorship in India's entrepreneurial landscape by offering access to IAN's diverse portfolio of startups.
This aligns with IAN's expansion of its Angel platform and the IAN Alpha Fund to the Middle East.
MapmyIndia founders launch ClarityX for AI-driven enterprise data analytics and consulting
founders Rakesh Verma and Rashmi Verma have launched ClarityX, a company that provides AI-driven data analytics and consulting to enterprise clients, with an aim to expand MapmyIndia's offerings and market reach.
ClarityX provides enterprises with AI-driven insights from static and real-time data, enabling strategic decision-making.
It is supported by MapmyIndia, a digital mapping, geospatial software, and location-based IoT products, platforms, solutions, and APIs company.
MapmyIndia and ClarityX will identify new markets, optimise costs and resources, and reduce risks and frauds.
Razorpay to offer international payments with expanded MoneySaver export account for freelancers
Razorpay, an Indian payment aggregator, has expanded its MoneySaver Export Account for Freelancer Professionals.
It now allows Indian freelancers to open smart accounts globally, accept local payments via bank transfers, and enjoy zero withdrawal fees, aiming to save up to 50% on international bank transfers.
Razorpay now allows users to open a MoneySaver Export Account in any country. This account follows RBI guidelines and includes video KYC for a secure experience. It allows international bank transfers from over 160 countries.
The account also offers a figital FIRC and no withdrawal fees from online marketplaces. It can be created across the US, the UK, Canada, Europe, and other priority export markets using preferred banking networks like ACH, SEPA, SWIFT, and FPS.
Adrenalin eSystems appoints Balamalai Ranganathan as the Senior VP of Strategic Product Management
Adrenalin eSystems, an HRtech and HCM company, has appointed Balamalai Ranganathan as the Senior Vice President of Strategic Product Management. Ranganathan, with over 26 years of experience, will lead the company in HR-payroll product business lifecycle and Payroll Managed Services Transformations.
He will oversee AI-driven features, blockchain integration, and financial wellness solutions for the company.
Adrenalin eSystems Limited, founded in 2002, aims to digitise essential functions.
Balamalai Ranganathan, Senior VP of Strategic Product Management, Adrenalin eSystems
BlinkX unveils Gen AI Lab for AI-driven stockbroking solutions
BlinkX, JM Financial's digital stockbroking arm, has launched BlinkX Gen AI Lab, aiming to enhance customer experiences and operational efficiencies through the use of AI-driven technologies.
Mumbai-based BlinkX Gen AI Lab employs a team of in-house researchers and developers to develop personalised trading strategies, risk management, portfolio optimisation, and faster decision-making capabilities for customers.
Focusing on customer behaviour models, real-time analytics, advanced data infrastructure, automated customer engagement and marketing, the lab has initiated several AI-driven projects.
Ganesha Ecosphere acquires stake in Race Eco Chain
PET bottle recycler, Ganesha Ecosphere Limited, has made an equity investment in Race Eco Chain Limited.
Race Eco Chain, a plastic waste management company, has set ambitious 2030 goals and plans for expansion to meet growing demand, promoting circular economy principles.
It aims for revenue growth of 40% to 50% aligned with Vision 2030, aiming to secure a market share of over 25% in the PET waste market.
The company plans to procure 50% of its materials from ESG-compliant players and ensure end-to-end traceability, aligning with governmental mandates like extended producer responsibility, business responsibility, and sustainability reporting.
ixigo expands PhonePe partnership to include flight, bus bookings
Online travel aggregator platform has expanded its exclusive partnership with to offer flight and bus bookings on the PhonePe app, alongside its existing train partnership.
ixigo will exclusively power travel booking options on PhonePe, integrating services from ixigo Flights, AbhiBus, and ConfirmTkt for flight, bus, and train bookings.
The ixigo-PhonePe partnership will offer over 54 crore PhonePe users comprehensive travel booking and utility services for flights, trains, and buses, a statement read.
Users can enjoy discounts and offers, as well as advanced features from the ixigo Group like ixigo Assured (free cancellation), ixigo Assured Flex, and Abhi Assured. These services allow for flexible bookings and instant refunds upon cancellation.
(This copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
