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Startup news and updates: daily roundup (June 5, 2024)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, June 5, 2024.

Startup news and updates: daily roundup (June 5, 2024)

Wednesday June 05, 2024 , 4 min Read

Funding news

iPiD secures $5.3M from MonkHill, QED, Quona Cap

iPiD, a fintech startup specialising in payee verification and identification solutions, has secured $5.3 million in an oversubscribed pre-Series A funding round led by Monk’s Hill Ventures and joined by Quona Capital, QED Investors, and existing partners.

The funds will support product development to prevent payment-related fraud and expand iPiD's presence in strategic markets, particularly Asia and Europe.

"This investment empowers us to tackle the pressing challenges in the payment industry—enhancing security and simplifying compliance. By advancing our validation technologies, we're not just responding to regulatory demands; we're actively enhancing trust and efficiency in global payment ecosystems that are increasingly targeted by fraudsters," Damien Dugauquier, CEO and Founder of iPiD, said.

iPiD’s flagship product, Validate, verifies payee names and account details to combat fraud and enhance customer experience. iPiD serves customers across six continents, covering over 2.8 billion accounts and 6,000 banks.

Aegeus Tech raises debt round from Caspian Debt

Aegeus Technologies, a provider of IoT-driven green robotics solutions, has raised an undisclosed amount of venture debt from Caspian Debt to use for working capital and expansion.

Founded in 2017 by Suraj Vernekar and Nishith Shah, the company focuses on leveraging robotics, AI, and ML to revolutionise the operation and maintenance (O&M) of solar plants.

Its flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is installed in over 8GW solar plants across India. The technology aims to enhance efficiency and return on investments by eliminating the need for water and manual cleaning efforts.

Other news

Qlik launches Talend Cloud and Answers to accelerate AI adoption

Qlik announced Qlik Talend Cloud and Qlik Answers at Qlik Connect 2024, aiming to eliminate barriers to enterprise AI adoption.

"Qlik is accelerating AI’s business value with the launch of Qlik Talend Cloud and Qlik Answers," said Mike Capone, CEO of Qlik. "These innovations position us to meet market opportunity for end-to-end, technology-agnostic AI solutions. Thanks to our well-placed investments, extensive R&D, and deep partnerships, we provide a seamless, scalable path for enterprises to adopt AI, backed by Qlik's incredible customer success track record," he added.

Qlik Talend Cloud, a result of Qlik's acquisition of Talend, offers no-code to pro-code AI-augmented data integration, ensuring data quality and governance. Qlik Answers, an AI-powered knowledge assistant, provides reliable, explainable insights from unstructured data. Both solutions are designed to enhance data integration and leverage AI, promoting competitive advantage.

Zomato to partner with EV companies to go fully electric by 2030

Foodtech company Zomato aims for a fully electric delivery fleet by 2030, leveraging partnerships with over 70 electric vehicle (EV) rental companies and OEMs, onboarding EV-based logistics providers, and supporting EV bike ownership through financial collaborations.

“Sustainability is at the core of Zomato’s business, underscored by its commitment to achieve 100% EV-based deliveries by 2030. Given that over 90% of our emissions arise from last-mile deliveries (within Scope 3 value-chain emissions), the transition to EV-based deliveries is critical, making it one of our most significant steps toward achieving our Net Zero target by 2033," said Anjali Ravi Kumar, Zomato's Chief Sustainability Officer, Zomato.

Zomato joined the Climate Group’s EV100 initiative in 2021 to demonstrate its confidence in the benefits of EVs despite the nascent stage of India's two-wheeler EV ecosystem.

E-Fill Electric, DevvStream partner to generate carbon credits from charging network

E-Fill Electric and DevvStream have partnered to generate carbon credits from E-Fill's EV charging network in India through the latter's Electric Vehicle Charging Carbon Offset Program (EVCCOP).

“With India prioritising the adoption and growth of domestic manufacturing of EVs, there is a significant need for expanded EV charging infrastructure to support this shift, and carbon markets present a massive untapped source of funding for technology providers like E-Fill Electric,” said Sunny Trinh, CEO of DevvStream.

“DevvStream’s EVCCOP will allow E-Fill Electric to create a lucrative new revenue stream from its existing EV charging network through the generation of high-value carbon credits, which can finance further network expansion," he added.

The program generates and sells carbon credits when EVs are charged, benefiting charge point operators and mobility service providers.

Varun Reddy Sevva appointed GD Goenka Group CHRO

GD Goenka Group has appointed IIM Lucknow alumni Varun Reddy Sevva as the Chief Human Resources Officer (CHRO).

With over 14 years of diverse industry experience, Sevva specialises in talent management, HR operations, and organisational development. His track record includes successful stints at Samsung Electronics and Apollo Tyres.

"I am honoured to be part of this prominent organisation that has redefined education in the country. I am confident that my experience and skills will contribute to the continued success of the group with the implementation of growth-oriented and employee-centric HR practices," Sevva said in a statement.

(This article will be updated with the latest news throughout the day.)


Edited by Suman Singh