Startup news and updates: Daily roundup (June 21, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, June 21, 2024.
Funding
VOC Automotive raises Rs 1.5 Cr from Corporate Warranty India Pvt Ltd
VOC Automotive, which caters to the the two-wheeler service industry, has secured Rs 1.5 crore funding from Corporate Warranty India Pvt Ltd (CWI).
The company plans to utilise this investment for its expansion efforts and aims to bring affordable, quality services closer to two-wheeler users across India.
Founded in October 2019 by Venkatesh B M and Lokesh S, VOC Automotive offers services including general and major servicing, painting, denting, and specialized coatings, at 30% lower charges than typical service centres, the company said in a statement.
"We're excited about our collaboration with CWI. This funding will accelerate our expansion and help us serve more customers while maintaining the high standards we've set for quality and affordability," said Venkatesh.
Some of its digital initiatives include the VOC Smart Rider app, which enables customers to book services for doorstep delivery or at the nearest VOC service centres, and the VOC Smart Dealer app, which aggregates hyperlocal service centres to enhance accessibility.
FAAD Network exits Battery Smart with 61X Return on investment
SEBI-registered Category 1 Angel Fund FAAD Network announced its exit from Battery Smart 45 months after the initial investment.
Gurugram-based FAAD Network invests across various sectors and geographies, with cheques ranging from Rs 1 to 4 crore from Pre-Seed to Series A.
The exit from enabled the founders of FAAD Network and other investors to gain approximately 370% Internal rate of return (IRR) in the investment tenure.
Battery Smart is a network of EV-battery swapping stations, founded by IIT Kanpur alumni Pulkit Khurana and Siddharth Sikka. The Delhi-based startup facilitates li-ion battery swaps that are efficient, cost-effective, and accessible for the two-wheeler and e-rickshaw market, the company said in a statement.
Eume raises Rs 15 Cr in pre-series A round
Eume, a premium functional luggage brand secured Rs 15 crore funding in its pre-series A round led by Ashish Kacholia Of .
The company plans to utilise the funds to expand brand awareness via targeted marketing campaigns, leveraging digital channels and strategic partnerships.
The investment is also set to strengthen working capital to ensure streamlined operations and support team expansion to attract top talent and drive innovation, the company said.
Eume also plans to use part of the funding to enhance its offline retail presence and invest in cutting-edge technology. It aims to establish its first flagship store in 2024.
The company, founded by Naina and Pranay Parekh in 2018, sells products including luggage, backpacks, vegan handbags, and the world's first Massager Backpack.
Fanisko secures investment from Karna D. Shinde
Digital product and solutions firm Fanisko secures investment from prominent technology leader Karna D. Shinde.
The company plans to utilise this partnership to fuel its next phase of growth by expanding its offerings in augmented reality (AR), virtual reality (VR), generative AI, cloud migration and data engineering among others.
"Karna's investment validates our vision of transforming how businesses engage with customers through immersive digital experiences," said Aravind Sampath, Cofounder & COO, Fanisko.
The global tech company, co-founded in 2014, has two offices in Chicago and Chennai. It offers innovative and immersive solutions to engage sports fans, consumers and enterprise users.
Metis secured Rs 1.3 Cr led by Inflection Point Ventures
Artificial Intelligence and Machine Learning Platform Metis Intellisystems Pvt Ltd, which focuses on Banking, Financial Services and Insurance (BFSI) has raised Rs 1.3 crore in a round led by Inflection Point Ventures.
The company plans to allocate the same for further developing pioneering solutions, optimising strategic use, and expanding local and global outreach avenues to expand their market presence and drive growth, the company said.
"Leveraging our expertise in advanced technologies, experience in Fintech, and passion for problem-solving, Metis seeks to harness and interweave abundant, diverse data sources via cross-referencing and triangulation to champion a paradigm shift to automated intelligence," said Khushru F. Doctor, CEO of Metis Intellisystems.
The company, founded in 2021, develops fintech solutions using AI and ML, and has an advanced decision-making platform, QANAT, which analyzes bank statements and GST data and can also triangulate GST, bank data, SMS, and Bank Data.
Other news
Stride Ventures on the Importance of Global Expansion for Indian Startups at FII summit 2024.
Venture debt firm Stride Ventures announced the participation of its Founder and Managing Partner, Ishpreet Singh Gandhi, in the Future Investment Initiative (FII) summit held in Rio de Janeiro, Brazil.
Led by CEO Richard Attias, the institute is a premier global platform that brings together key stakeholders to discuss and shape the future of investment and innovation. This year's event featured a panel discussion on "Localization in the Age of Global Networks".
During the panel, Ishpreet Singh Gandhi shared his perspectives on the dynamic landscape of regional and global trade and its impact on startups. He highlighted how leveraging regional trade agreements, optimising supply chains, and integrating advanced technologies can significantly enhance the resilience and efficiency of startups, positioning them for sustainable global growth.
"Startups possess the agility and innovation necessary to capitalise on new opportunities arising from the recalibration of global supply chains," said Gandhi.
"By investing in local supply chains, we can create a more resilient and inclusive global network that supports sustainable and equitable economic development," he added.
As a sector-agnostic firm, supports high-growth startups across diverse industries including Consumer Internet, FinTech, SaaS, and B2B platforms and has a portfolio of 150+ startups.
Otipy released new index: analyses and predicts Fruit and Vegetable Price Trends
Agri-tech startup released a comprehensive analysis of per-kilogram prices for various fruits and vegetables.
It predicted the market conditions from June to August based on the examination of trends from March to May.
The pricing dynamics within the fruits and vegetables sectors have revealed a noticeable correlation in recent months, the research notes.
Demand and supply changes are crucial to the fruits and vegetables market which is characterized by constantly changing prices in accordance with the market and seasonal changes.
The analysis also found that while the price of certain fruits such as mango, and watermelons has often seen the normal trend of having lower prices during times of high supply of the produce, other commodities like onions, tomatoes and ginger have seen their prices change sharply due to unpredictable fluctuations in supply and demand.
It was also found that some items such as bananas, tender coconuts and potatoes show the least fluctuation in demand and have some reasonable price variations. It also accentuates the need to have a broader perspective of various price fluctuations in the sector while noting the tricky issue of consumers’ demand and seasonal supply.
Gurgaon headquartered Otipy, which was founded in 2020, uses predictive algorithms and employs AI-enabled demand planning to forecast customer needs.
Target to Roll Out GenAI Tech to its Store Team Members Chainwide
Target Corporation announced plans to roll out a new generative artificial intelligence (GenAI) tool to team members at all of its nearly 2,000 stores by August.
The tool, called Store Companion, is a GenAI-powered chatbot designed by Target that can answer on-the-job process questions, coach new team members, support store operations management and more, the company said in a statement.
"We know technology will continue to play an outsized role in the future of retail — for our team members, our guests and our business. With that in mind, we're continually experimenting with new tools to make it even easier for our team to do their jobs and to bring more of what guests love about shopping at Target to life," said Brett Craig, executive vice president and chief information officer, Target.
The Store Companion chatbot which is set to be available as an app on team members' specially equipped handheld devices and will provide immediate answers to their questions about processes and procedures. The tool also helps new and seasonal team members learn on the job by doubling as a store process expert and coach, the Minneapolis-based company added.
AET Displays announces doubling of company size in India
AET Displays announced that it plans to double its workforce by the end of 2025 and looks to bolster its growth trajectory.
The company which was founded in 2015, currently operates with a team of over 100 members and plans to hire approximately 100-200 new employees.
It plans to incorporate the new members into departments such as sales, marketing, technical support, production, warehouse & supply chain, R&D, and a newly established customer success department.
“India is a pivotal market for us at AET Displays, given its immense potential to accommodate our diverse product portfolio," said Su Piow Ko, CEO at AET India.
The expanded team will also focus on implementing advanced technologies and tools including CRM systems, sophisticated analytics tools, enhanced remote support capabilities, and the development of state-of-the-art display technologies, such as AET’s patented QCOB technology, the company said.
(The copy will be updated with the latest news throughout the day)
Edited by Jyoti Narayan
