Startup news and updates: Daily roundup (June 6, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, June 6, 2024.
Funding
BIGGUYS raises $2M in funding
Chicken QSR chain BIGGUYS has raised $2 million in equity and other instruments from a group of non-resident Indians.
The company said it will use the funds to expand across South India, especially cities such as Bangalore, Chennai, Odisha, and Andhra Pradesh.
"This investment will be instrumental in fueling our ambitious expansion plans and solidifying our position as a leader in the Indian QSR space," said Biraja Rout, Founder of BIGGUYS.
Maino.ai raises $1.8M in funding
Digital marketing startup Maino.ai has raised $1.8 million in a funding round led by India Quotient Advisers.
Other marquee investors also participated in the round, funds from which the company hopes to use to hire more people in its tech, product development, design, and strategy verticals.
"Additionally, we are focusing on expanding our footprint into new geographies, a strategic decision aligning with our vision to serve a broader audience and tap into new markets, thus creating additional avenues for success," said Vikas Keshri, Rishabh Kumar, and Abhijeet Kunwar, co-founders of Maino.ai.
Maino.ai is a marketing technology startup that has used AI and ML to develop an automated marketing platform.
Skincare startup CHOSEN raises $1.2M in funding
Chennai-based skincare startup has raised $1.2 million in a seed round from friends and family, following an equity-free grant of $100,000 from Peak XV Partners.
The startup said it will use the funds to hire more people and better its supply chain.
"Our next step is to explore partnerships with B2B sectors such as hospitality, health, travel, and leisure to expand our distribution channels. Our goal is to secure pre-series funding of $10-20 million later this year," said Dr Renita Rajan, Founder of CHOSEN, who added that the startup expects a 2X jump in scale this financial year.
Docplix raises Rs 1.2 Cr in funding
Healthtech startup has raised Rs 1.2 crore in a bridge round led by Inflection Point Ventures.
The startup stated it will utilise the funds to advance its electronic health record (EHR) system, integrate AI functionalities, and broaden its market outreach.
"Our goal is to become the leading EHR provider in India, leveraging advanced technologies like AI and data analytics to transform healthcare delivery," said Dr Varun Garg, Co-founder and CEO of Docplix, in a statement.
Founded in 2021 by Dr Varun Garg, Aayush Garg, and Dr Ajay Shukla, DocPlix has digitised health records for 1.4 billion Indians. It offers an ABDM-compliant EHR system with integrated decision support and visualisation tools, aiming to enhance patient care and clinic operations.
Clodura.AI raises $2M in funding
AI sales prospecting solutions Clodura.AI has raised $2 million in funding led by Bharat Innovation Funding and Malpani Ventures.
The startup said it will use the funds to enhance its platform, continue training its LLMs, and expand its user base.
"We are thrilled to receive this investment, which will allow us to push the boundaries of what AI can do in sales prospecting. Clodura.AI is not just a tool, it is a crucial sales companion along the entire sales journey, enhancing every step with advanced AI to ensure salespersons close more deals," said Kapil Khangaonkar, Founder and CEO of Clodura.AI.
Other news
Cloudflare acquires BastionZero
Cloudflare, Inc is acquiring BastionZero, a high-security access control platform, to enhance remote access to core IT systems for Cloudflare One customers.
The deal aims to make Cloudflare's security platform stronger by adding BastionZero's technology for better infrastructure protection.
"Incorporating BastionZero into Cloudflare One gives IT teams access to an organisation's most critical inner workings securely, wherever they are," said Matthew Prince, Co-founder and CEO, Cloudflare.
"Millions of organisations around the world trust Cloudflare to protect their systems and data so they can focus on their business and their customers. The addition of BastionZero is just one more way we can protect them like no one else can," he added.
Astroyogi to expand into Tier II and III markets
Astroyogi, an online astrology consulting platform, is planning to expand its presence in Tier II and III domestic markets while also exploring untapped global territories beyond North America.
Additionally, the company intends to venture into the retail segment by introducing new and innovative products.
It also aims to double its revenue and achieve double-digit EBITDA margins in the coming year.
The startup said discussions are also ongoing with growth and strategic investors, and the company is especially focused on aligning partners who prioritise shared visions for growth and innovation over mere capital infusion.
"Our ongoing discussions with investors reflect their confidence in our platform's potential for growth and innovation. The strategic growth plans outlined reflect our dedication to expanding our reach and making Astroyogi a global brand name," said Aditya Kapoor, Chief Operating Officer at Astroyogi.
Remote signs deal with Nium to enhance payroll capabilities
Remote, a global HR platform for distributed companies, has signed a deal with Nium, a real-time cross-border payments player, to enhance its international payroll capabilities.
The partnership aims to deliver scalable, secure, and compliant international payroll solutions worldwide, tackling the challenges associated with managing payroll across multiple countries.
With Nium’s global real-time payments infrastructure, Remote will able to provide its clients with multi-currency wallets, bypassing the need for local bank accounts.
"If businesses want to stay competitive, it’s crucial that mission-critical payments like payroll don’t just work, but work well," said Prajit Nanu, CEO and Founder at Nium.
"We’re helping Remote deliver this differentiation to its customers and look forward to enabling people and businesses all over the world to realise the full potential of real-time cross-border payments together," Nanu added.
Amagi inks deal with Brazil's Globo
Amagi, a leading provider of cloud-based SaaS technology for broadcast and connected TV (CTV), has partnered with Globo, one of the world’s largest media groups in Brazil.
As part of this partnership, six of Globo’s free ad-supported streaming television (FAST) channels will be integrated into Amagi's cloud-based playout platform.
The partnership between Amagi and Globo will also help achieve increased agility and scalability in implementing FAST channels, exploring new distribution windows, and further expanding reach in the Brazilian market.
"Working with Amagi and AD Digital, we’ve been able to implement FAST channels with more agility and at scale and move forward in exploring new distribution windows that allow us to further expand our reach," said Mauricio Felix, Executive Director of Technology at Globo.
StrideOne names two new CXOs
MSME fintech platform StrideOne has appointed Arvind Nachaya as head of commercial banking and Hardeep Singh as chief financial officer (CFO).
Nachaya brings extensive expertise from leadership roles at ICICI Bank, Citi Bank, and HSBC, while Singh has a rich background in finance, including roles at Pepper Money India and GE Capital.
As the Head of Commercial Banking, Nachaya will his expertise to enhance StrideOne's offerings to startups and MSMEs.
Singh, as Chief Financial Officer, will lead the financial strategy and operations, supporting the company's growth and the scaling of startups, StrideOne said.
EKA Mobility names new executives
E-mobility firm has named Zoeb Karampurwala as Chief Product Officer, Murali Raju as Chief Commercial Officer, and Vijaykumar Yelne as President of the company.
Karampurwala has previously worked with companies such as Mahindra and Mahindra, Ola Electric Mobility, and Tata Motors, while Raju has held leadership positions at Bharat Forge America and Gerdau.
Yelne comes from MAN Automotive South Africa. He started his career at Cummins Engine Company.
"Their extensive experience and proven leadership in their respective fields will be pivotal as we continue to innovate and expand our footprint in the electric vehicle market," said Dr Sudhir Mehta, Founder and Chairman of EKA.
Tenable, Deloitte ink deal to bolster cyber risk management
Tenable and Deloitte have signed a deal to strengthen their collaborative efforts in providing advanced cyber risk management solutions for IoT and operational technology (OT) environments.
As part of the deal, Deloitte said it will integrate Tenable's Exposure Management Platform, Tenable Cloud Security, and Tenable OT Security into its portfolio of cybersecurity solutions, expanding its offerings for managing cyber risks in IoT and OT domains.
“By collaborating with Deloitte, organisations will be able to use preventive security measures to better understand their cyber risks and help resolve issues before they can be exploited by threat actors," said Jeff Brooks, Senior VP of global channels and business development at Tenable. The company specialises in providing exposure management solutions to help organisations assess, manage, and reduce their cybersecurity risks.
Edited by Megha Reddy
