Startup news and updates: Daily roundup (June 27, 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, June 27, 2024.
Funding news
Machaxi bags Rs 4.8 Cr in Pre Series A Round
Tech-enabled sports startup Machaxi has raised Rs 4.8 crore in a Pre-Series A Round led by . The funds will be utilised to enhance technology for user analytics and sports shopping, expand the sports shop segment, and strengthen the brand.
Founded by Pratish Raj, Ashish Anand, and Tushar Raj, the startup offers technology-enabled sports coaching for kids, provides facilities for adults to play sports in their neighbourhoods, and offers an app where users can shop for sports equipment.
“It has become increasingly challenging for adults and parents to access affordable, quality sports coaching within urban residential areas. Recognizing this need, Machaxi steps in to bridge the gap by offering top-notch coaching and progress tracking for children, along with state-of-the-art facilities for adults. Additionally, their user-friendly app makes purchasing sports equipment convenient and accessible,” said Ivy Chin, Partner, Inflection Point Ventures.
Clean-tech startup Neo San raises $1.5M from Ashish Kacholia
Clean technology startup Neo San has secured $1.5 million in a seed funding round, achieving a post-money valuation of $7.2 million. The investors in this round include Ashish Kacholia, pro-golfer Anirban Lahiri, Aaradhana Jhunjhunwala, Aman Poddar, Adithya Mathews, pro-golfer S. Chikkarangappa, Apurva Damani, Mammen Kurien, Sandeep Telang, Vanshay Goenka, and Siddhi M.
The company addresses hazardous waste management with products utilising proprietary technology, such as Neo-X, which is a decentralised waste incinerator that utilises clean energy to treat waste directly at its source.
“We will use this round of funding to scale our technologies across India, and to enable larger systems to support the country’s waste-handling needs. Currently, we’re building decentralised networks of people and machines that will allow our growing cities to better manage waste locally and efficiently, reducing the overall emissions from this process by over 90% compared with the current scenario,” said Dhwaj Bagrecha, Co-Founder, Neo San.
Other news
Walmart Vriddhi enables 58,000 Indian MSMEs with free digital training and mentorship
's supplier development initiative, Walmart Vriddhi, has digitally enabled more than 58,000 micro, small, and medium enterprises (MSMEs) throughout India, which offers complimentary digital training, business consulting, and personalised mentorship.
"Through the Walmart Vriddhi programme, we have seen incredible resilience in MSME graduates as they showcase their exceptional innovation and commitment towards making a positive contribution in their communities. We are thrilled to be part of their journey helping them grow, fostering inclusivity, and creating lasting impact," said Jason Fremstad, Senior Vice President, Supplier Development, Walmart.
Launched in 2019 in partnership with Swasti, the programme aims to equip MSMEs with the knowledge and tools essential for thriving in supply chains. By merging Walmart's expertise in supplier development with Flipkart's platform, over 14,500 MSMEs have been integrated into the marketplace.
Minister M.B. Patil facilitates discussions with Toyota and Aoyama Seisakusho
In a major effort to enhance Karnataka's industrial and infrastructural sectors, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, MB Patil conducted strategic meetings with Motor and Aoyama Seisakusho on the third day of his visit to Japan.
The meetings were mainly focused on fostering industrial growth and strengthening international partnerships and were also attended by Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries, and Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries.
The discussions with Toyota Motor and Aoyama Seisakusho mainly highlighted the state's commitment to creating a business-friendly environment and its potential as a prime destination for future investments and technological advancements.
Mela Ventures onboards R Kalyan Sundar as the Head of Finance and Legal
Bengaluru-based early-stage VC firm has appointed R Kalyan Sundar as the Head of Finance and Legal.
Kalyan, renowned for his expertise in M&A, financial due diligence, and deal negotiation, will spearhead financial and investment strategies at Mela Ventures.
Before joining Mela Ventures, Kalyan served as Assistant Vice President of Finance at Stakeboat Capital LLP, overseeing financial evaluations across diverse sectors such as SaaS, automation solutions, healthcare. Before that, at Ernst and Young LLP, Kalyan led more than 40 financial due diligence engagements, providing strategic advice on transactions and fundraising activities for both global and domestic clients.
Bühler India announces Startup Sprint 2024 Challenge for food and feed value chain startups
Swiss technology firm Bühler has launched its first edition of Startup Sprint 2024, a startup challenge aimed at discovering innovative ideas from startups in the food and feed sectors. It also aims to fuel collaborations between startups, Bühler, and the broader industry ecosystem.
Startup Sprint 2024 opens for applications from June 25 to August 11, 2024. Shortlisted startups can present their solutions to experts and business heads at Bühler India on October 4, 2024.
Selected startups will have the opportunity to validate their technologies at an industrial scale, co-develop Proof of Concepts (POCs) at Bühler's Application and Training Centers, gain access to business expertise, and build into Bühler’s global network of customers and partners. Bühler’s support to Indian startups through this initiative totals Rs 20 Lakhs.
Delta Exchange launches operations in India
Delta Exchange, a digital asset derivatives platform, has introduced its services in India.
Founded by Pankaj Balani, Jitender Tokas, and Saurabh Goyal, the company provides a compliant crypto derivatives platform registered with the Financial Intelligence Unit—India, meeting regulatory standards for crypto exchanges.
"Our launch in India marks a significant milestone in our mission to bring a secure, compliant and trader-centric platform for Futures & Options (F&O) traders in the country. Delta Exchange’s unique platform focuses on select crypto derivatives, thus eliminating the need to park crypto assets for trading, allowing users to trade with confidence,” said Pankaj Balani, Co-founder & CEO, Delta Exchange.
With this launch, Delta Exchange has become India’s first and only platform to offer Options trading on Bitcoin (BTC), Ethereum (ETH) and more crypto assets, the company said.
Some of its key features include INR deposits and withdrawals, enabling traders to engage in derivatives trading without the necessity of holding stablecoins or other cryptocurrencies.
Almost 60% of MSMEs plan to digitise their business processes by 2025: Vi Business Report
Vi Business, the enterprise division of Vi, has unveiled a nationwide study titled 'Vi Business ReadyForNext MSME Growth Insights Study', revealing that nearly 60% of MSMEs intend to digitise their business processes by 2025.
The study further highlighted sectors with the highest digital maturity: IT-ITES, financial services, and transportation. Additionally, 43% of MSMEs plan to increase their digitalisation budgets by 2025, while 40% of MSMEs in IT & ITeS, retail, and construction have integrated IoT solutions into their business operations.
“At Vi Business, we recognize the crucial role that MSMEs play in India’s growth agenda and their significant contribution to the economy. Our extensive MSME study highlights the encouraging progress being made by small businesses in India as well as the challenges that remain in their digital transformation. Moreover, the findings of the study, arguably India’s largest MSME based digital assessment study, provide effective and useful insights on the way forward for such organisations,” said Arvind Nevatia, Chief Enterprise Business Officer at Vodafone Idea.
During the pandemic, MSMEs focused on digitalising their operations. However, in 2024, there has been a pivot towards actively engaging customers digitally. The study recommends MSMEs to prioritise digital security and improve interactions with current customers and prospective clients (customer engagement).
BizDateUp Allocates Rs 40 Cr to support women-led entrepreneurs in India
BizDateUp has allocated Rs 40 crore to support women entrepreneurs across India to foster diversity and drive economic growth through inclusive entrepreneurship.
Beginning July 1, women entrepreneurs can submit their applications through the company's official website. Applicants are required to provide detailed business plans, financial projections, and outline the utilisation plans for the funding. Each application will undergo review by a panel of experts, focusing on criteria such as business potential, innovation, scalability, and societal impact.
“Women entrepreneurs in India often face unique challenges, including limited access to capital, mentorship, and networks. BizDateUp aims to support a diverse portfolio of ventures. In addition to funding, we will provide beneficiaries with access to a network of mentors, industry experts, and seasoned entrepreneurs,” said Meet Jain, Co-Founder at BizDateUp.
Livspace launches Vinciago, a premium home interiors & design brand
Livspace, a home renovation and interior platform, has launched Vinciago, a premium interior design brand to meet the growing demand for uniqueness and personalisation.
Currently being showcased at Livspace Experience Centres, Vinciago will be available in major metropolitan areas, including Delhi/NCR, Mumbai, Bangalore, Pune, Kolkata, Chennai, Hyderabad, and Ahmedabad. The newly launched brand will also be accessible in important non-metro locations such as Surat, Vadodara, Jaipur, Lucknow, Goa, Kochi, Nashik, Coimbatore, Nagpur, Bhopal, and Indore.
(The copy will be updated with the latest news throughout the day)
Edited by Affirunisa Kankudti
