Startup news and updates: daily roundup (June 17, 2024)

Funding

Qiro Finance raises $1.2M funding

Qiro Finance has raised $1.2 million in a funding round led by Alliance, with support from Druid Ventures, Escape Velocity, Trident Digital, and CMT Digital.

Founded by Akshay Poshatwar and Nishikant Bahalkar, the Singapore-based company aims to bridge the credit gap in emerging markets through a decentralised credit protocol.

"Real world assets are gaining traction, signalling a noteworthy shift as traditional firms pursue alternative financing avenues embedded in crypto. This trend not only broadens global financing options but also fosters enhanced accessibility," said Imran Khan, Founder of Alliance.

Qiro's acceptance into Alliance’s programme is geared toward extending global access to private credit through real world assets, according to a statement.

Other news

Amazon Fresh expands service to over 130 cities

Amazon Fresh has expanded its grocery delivery service to over 130 cities in India, doubling its reach within a year.

Customers from Ambala, Aurangabad, and Dharwad can now order groceries, chilled products, and daily essentials, sourced from over 11,000 farmers. Additionally, on the 1st to the 7th of every month, Amazon Fresh promises to offer extra discounts.

Srikant Sree Ram, Director, Amazon Fresh IN, said, "Amazon Fresh is reshaping grocery shopping in India. We bring fresh produce and daily essentials right at the doorsteps of our customers across 130 cities in India.

"Our expansion and focus on quality products demonstrate our commitment to serve customers and offer them the best online shopping experience for fresh produce and daily essentials. Further, customers can avail benefits from cashback, offers, and bank discounts, adding value to their every purchase."

Pincode integrates popular stores in Hyderabad on its app

Pincode, PhonePe’s store-first commerce app, has integrated popular neighbourhood stores in Hyderabad, including Vijetha Supermarkets, Balaji Grand Bazar, Akshayakalpa, Pravarsha Dairy, Provilac Milk, and Godavari Cuts, on its app.

This partnership allows users to access grocery, fresh produce, dairy products, premium meats, and other essentials through the app.

Vivek Lohcheb, CEO of Pincode, said, "We are thrilled to welcome Hyderabad's esteemed local marquee stores to the Pincode app, enhancing the shopping experience for our customers. While customers can easily access their favourite brands from the comfort of their homes, these brands are also expanding their digital presence with a trusted partner like Pincode. This collaboration allows them to extend their services across the entire city."

IN-SPACe launches pre-incubation programme for aspiring space startups

The Indian National Space Promotion and Authorisation Centre (IN-SPACe) has launched a pre-incubation entrepreneurship development programme to support early-stage space startups.

This 21-month programme will guide aspiring space entrepreneurs through ideation, innovation, and prototype development. It targets technical students graduating in 2024, master's and doctorate candidates, and early-stage startups focusing on space technologies.

Applicants must be Indian citizens with original ideas, and startups must be registered after July 1, 2022.

"India's space sector is poised for exponential growth, and young entrepreneurs are crucial to driving this expansion. The programme will provide them with a launchpad, equipping them not only with technical expertise but also with the business acumen needed to navigate the complexities of the space industry. The early-stage support will help to unlock the potential of innovative minds and contribute to India's leadership in the global space industry," said Pawan Goenka, Chairman of IN-SPACe.

Physics Wallah launches 36-week full stack web development course

PW Skills, the skilling division of Physics Wallah, has launched a full stack web development programme in an offline-hybrid format.

Starting on June 30, 2024, this 36-week course will be available in Jaipur, Lucknow, Patna and Pune. The programme covers front-end and back-end technologies, with students working on over 50 real-world projects, from e-commerce platforms to social media applications.

Combining live-streamed lectures by industry experts with in-classroom support, the course seeks to ensure practical learning and job readiness.

Priced at Rs 35,000 with flexible EMI options, the programme includes extensive career services such as interview preparation and placement assistance. Candidates can enroll themselves via the PW Skills website; the application deadline is June 30, 2024.

Toy maker Jammbo set to reach Rs 50 Cr revenue in first year

Bootstrapped toy startup Jammbo is set to reach Rs 50 crore in revenue in its first year of operations.

The maker of affordable toys has posted Rs 35 crore in revenue within its first nine months.

Founded by Manasvi Singh, Vipin Nijhawan, Anirban Chatterjee, and Archit Bhargava, Jammbo is known for ride-on battery toys, such as electric cars and bikes. The company currently offers nearly 50 products and plans to expand to 200 by the end of the fiscal year.

Jammbo plans to enter the markets of US and UK. It has already established an international unit in the UAE.

The toy maker operates two manufacturing units and three assembly and warehouse facilities in India and is supported by an in-house R&D team.

“Jammbo's go-to-market strategy has been omnichannel from its inception, with a keen focus on establishing a robust offline retail network across India," said Anirban Chatterjee, Co-Founder & CMO, Jammbo.

The company's products are available on online platforms such as Amazon and Flipkart, as well as its own website, Jammbo.com. To enhance and streamline its supply chain, Jammbo has also enlisted over 200 retailers across 23 states and 91 cities (Tier II, III, and IV) on Jammbomart.com.

Harish Narayanan to head marketing and digital operations at HDFC AMC

Harish Narayanan has joined HDFC AMC as the chief marketing officer and chief digital officer, where he will spearhead marketing and digital strategies.

With over 17 years of experience, Narayanan has held several senior roles, including chief growth officer at Upstox and chief marketing officer and head of monetisation & partnerships at Myntra. He has also spent nearly 12 years at Google’s YouTube marketing team and at Procter & Gamble in Singapore.

Narayanan has an MBA from IIM Lucknow and a bachelor's degree in computer engineering from Mumbai University.