Startup news and updates: Daily roundup (July 10, 2024)

Funding news

TimBuckDo raises Rs 2 Cr in seed funding 

On-demand talent platform TimBuckDo has secured Rs 2 crore in seed funding led by two US-based angel investors Morton Meyerson and Nandkishore (Andy) Kalambi. 

Founded by Mythri Kumar and Apoorv Sharma Prasad, TimBuckDo leverages AI & technology to match students with suitable gigs opportunities, by bridging the gap between students seeking flexible employment and businesses needing part-time support. 

“With over 50% of India's population under the age of 25, it's crucial to harness their potential and empower them with relevant opportunities. The part-time job market is experiencing significant growth, with a 30% increase in opportunities over the past year alone. At TimBuckDo, we are committed to provide flexible and meaningful employment to the younger generation and thereby drive economic growth,” said Mythri Kumar & Apoorv Sharma Prasad, Co-founders of TimBuckDo.

Satin Creditcare Secures EUR 15 Million Debt Funding from OeEB 

Microfinance lender Satin Creditcare Network Limited (SCNL) has raised 15 Mn Euros in External Commercial Borrowing (ECB). The funding was obtained from OeEB – Oesterreichische Entwicklungsbank AG – the Development Bank of Austria. 

The ECB has a tenure of five years, during which the raised funds will be utilised to expand the company’s business operations and enhance micro-credit access for its customers. This funding will particularly support SCNL's Income Generating Loan (IGL) and WASH Loan programs, designed to empower rural women entrepreneurs.

“We would like to share the latest development regarding our external commercial borrowing: the successful raising of 15 million Euros. Given our strong focus on deep penetration across Indian villages, these additional funds will significantly enhance our expansion efforts and broaden micro-credit access to underserved communities,” said HP Singh, CMD of Satin Creditcare Network Limited.

Other news

Digii and AWS launch DigiiAI to enhance student learning outcomes 

Digii, an Amazon Web Services(AWS) Technology Partner, and AWS India Private Limited have launched  “DigiiAI”, a digital solution to provide personalised solutions for students, teaching faculty, and administration. 

The new solution will utilise GenAI (generative artificial intelligence) to streamline administrative tasks, improve classroom management, and provide personalised support for faculty members.

As part of the initial cohort, Digii will provide DigiiAI to over 1,000 faculty members across 20 educational institutions in India, such as the Manipal Academy of BFSI, Vellore Institute of Technology (VIT) Bangalore,Techno India University, Chanakya University, and The Apollo University, among others.

Upstox releases advisory for investors of impersonation scams

Upstox, a wealth management platform, has released an advisory about the rise in impersonation scams targeting investors. As AI adoption grows, the firm has noticed instances across sectors where individuals are attempting to mimic brands and deceive the general public.

While investigating these attempts, their cybersecurity team identified common patterns, including the creation and use of fake social media accounts, apps, WhatsApp groups, and websites pretending to be Upstox. These fraudulent entities offered educational courses, stock tips, and promise guaranteed returns.

It has further identified fake channels, such as ‘Upstox Facilities Group’ and ‘Upstox Investment Academy,’ which have been falsely asserting affiliation with the company. 

"We are committed to providing a secure investment environment and request all investors to conduct transactions only through our official channels. Please help us spread awareness and stay vigilant. Our goal is to ensure that every investor can transact with confidence and peace of mind," said Ravi Kumar, CEO and Co-founder of Upstox. 

Korra Promotes Saket Vaidya to Chief Executive Officer

Digital marketing agency Korra has promoted Saket Vaidya to the position of Chief Executive Officer (CEO). Vaidya, who previously served as the Chief Operating Officer (COO), joined Korra’s leadership team in January 2017.

In his new capacity, Saket will concentrate on leading business growth initiatives and expanding market presence.

Before joining Korra, Saket held positions at various firms including Webchutney and Indigo Consulting (A Leo Burnett Company).

Eton Solutions launches AtlasFive for family office wealth management in India 

Enterprise management platform Eton Solutions is introducing AtlasFive, an ERP platform for family offices in India. The company has boarded Catamaran, the family office of Infosys founder Narayana Murthy, as its launch customer.

Based in North Carolina, USA, Eton Solutions has been operating in India for the last five years. They have a team of over 300 employees at their Global Technology Center in Bengaluru, providing support to AtlasFive clients worldwide.

Catamaran will use Eton Solutions' platform to streamline its investment portfolio management and refine operational planning, reporting, and compliance. Currently, the ERP platform claims to oversee assets exceeding $781 billion for 665 families worldwide, processing over 11.5 million transactions annually across 92,000 entities.

Unstop partners with Flipkart to launch GRiD 6.0 challenge

Unstop, a talent engagement and hiring platform, has teamed up with Flipkartto introduce the flagship Engineering Campus Challenge GRiD 6.0. Open for registrations until the end of July, this challenge invites students to tackle real-world problems and enhance their technical skills. 

Participants will also have the chance to secure internships and full-time positions at Flipkart through the contest, who will be evaluated on their technical, analytical, and ideation skills before being shortlisted for the Grand Finale. The challenge is open to students pursuing B.Tech, B.E., M.Tech, M.S., or other engineering programs across all engineering colleges in India.

"The collaboration between Unstop and Flipkart for GRiD 6.0 is a remarkable opportunity for engineering students to elevate their skills. Last year the number of registrations were 2X of the CAT applicants and this was huge. This year's competition is more inclusive, welcoming individual participants and offering substantial rewards, including internships and job opportunities at Flipkart," said Ankit Aggarwal, Founder and CEO of Unstop. 

Skillsoft partners with Microsoft to develop Generative AI skilling programme

American edtech company Skillsoft has launched a generative AI (GenAI) skilling programme in collaboration with Microsoft. 

By leveraging Skillsoft's AI Skill Accelerator, the program aims to upskill organisations and their workforce to use Microsoft AI, including Copilot and Azure OpenAI, to improve business productivity. 

“Generative AI brings limitless opportunity to organisations. We're seeing this firsthand through Skillsoft's internal adoption of Copilot for Microsoft 365 and its potential to enhance our efficiency, creativity, and ability to achieve key business objectives. This collaboration with Microsoft is the first of many AI learning experiences we will deliver to help our customers and their talent – from everyday end-users to business leaders to AI developers – acquire the skills and tools they need to succeed in the age of AI," said Ron Hovsepian, Executive Chair, Skillsoft. 

Aerospike onboards Venkatesh Guntur as Country Manager for Southeast Asia, ASEAN

Database solutions provider Aerospike has appointed Venkatesh Guntur as the new Country Manager for Southeast Asia (ASEAN). Venkatesh in his new role will spearhead Aerospike's business operations, along with focusing on elevating the company's presence. 

"With his extensive experience and proven leadership, Guntur will be an invaluable addition to our team as we continue to expand our footprint in the enterprise and fast-growing AI-centric business applications segments in the ASEAN region. We are delighted to welcome him aboard,” said Aveekshith Bushan, Vice President and GM, Asia Pacific and Japan, Aerospike. 

With over 25 years of experience in enterprise IT sales leadership, has driven strategic sales initiatives and has held key leadership positions at firms such as Couchbase, Blue Prism, ADP, and Ramco Systems.

Maruti Suzuki launches 9th Cohort of accelerator programme, invites global startups

Maruti Suzuki India Limited, an Indian subsidiary of Japanese automaker Suzuki Motor Corporation, has invited applications for the 9th Cohort of its Maruti Suzuki Accelerator, an initiative specialised for startups. The company is now inviting applications from global startups in the automobile manufacturing and mobility space. 

Startups, through the programme, will have access to conduct a paid proof of concept with the company, gain guidance from mentors associated with domestic and international startup ecosystems, participate in educational visits to Japan to develop global market connect, along with secure funding through Maruti Suzuki Innovation Fund. 

“The startup ecosystem is full of ideas and solutions relevant to the automobile manufacturing and mobility space. In 2019, we initiated a program with an aim to create an enabling ecosystem for startups with technology-driven innovations. Now, by opening the program to global startups, we are determined to further accelerate the development of innovative technologies relevant to the Indian market,” said Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India Limited. 

CASHe forays into insurance broking, acquires Centcart Insurance

AI-based financial wellness platform CASHe has ventured into the insurance broking sector. This move comes after its parent company, Aeries Financial Technologies (AFT), acquired 100% of the shares of Hyderabad-based Centcart Insurance Broking Services Private Limited. 

As a direct insurance broker, the company can now offer insurance products across various categories from all insurance providers operating in India, including life and general insurance, such as health and vehicle insurance. 

It will provide essential services such as policy recommendations, claims assistance, and customised risk management solutions, along with instant quotes and online purchasing options. 

SAWiT.AI initiative to equip 500,000 Indian women with AI skills

SAWiT.AI, a collaborative effort between South Asia Women in Tech (SAWiT) and GUVI, aims to equip 500,000 Indian women with foundational skills in Generative AI through hands-on experience with leading AI tools.

The initiative, which is set to launch in September, aims to bridge the gender gap in the workforce. SAWiT.AI is backed by an advisory council featuring Roshni Nadar Malhotra, Chairperson of HCL Tech; Samantha Ruth Prabhu and Farzana Haque, Senior Leader at Tata Consultancy Services.

Research from the McKinsey Global Institute suggests that boosting female participation by a mere 10% could contribute $550 billion to India's GDP.

“I'm fascinated by the possibilities of Gen AI and incredibly excited about the important work that SAWiT is doing. Their unprecedented event, SAWiT.AI, offers women the opportunity to elevate their careers and capabilities by learning a transformative technology. I believe this initiative will showcase the unparalleled potential of Indian women and I wish them the greatest success,” said Samantha Ruth Prabhu.

(The copy will be updated with the latest news throughout the day)