Startup news and updates: Daily roundup (July 15, 2024)

Funding

Skinspired raised $1.5M in seed round

Skincare brand, SkinInspired has secured Rs 12.25 crore (approximately $1.5 million) in seed funding led by Unilever Ventures and notable angel investors.

Founded in 2022 by FMCG veteran Piyush Jain and dermatologist Dr Prashant Agrawal, SkinInspired offers dermatologically approved skincare products in categories like face wash, serum, sunscreen, and moisturizer.

The funding will be used for research and development, strategic marketing, and enhancing the brand's market strategy. SkinInspired aims to set global standards in skincare with its effective ingredient blends and sustainable packaging.

Other

Digital lending to reach 5% of retail loans by FY28

Digital lending is projected to constitute 5% of total retail loans by FY28, a recent report by Redseer Strategy Consultants highlighted.

This growth is largely driven by Gen Z (18-25) and millennials (26-38), who are embracing digital lending for its convenience and speed. Digital lending rose from 1.8% in FY22 to 2.5% in FY24, with Gen Z borrowing Rs 3.5-4 lakh crore and millennials Rs 25-28 lakh crore.

Affluent and well-off households use traditional banks, while middle and low-income groups increasingly turn to digital lenders. Gen Z prefers personal loans for experiential expenses, while millennials favor credit card spending.

The report suggests substantial growth potential for digital lending in India, with Gen Z and millennials shaping the market and driving innovation and competition.

upGrad enhances AI-focused Bootcamps, enrolments up 8x in FY24

Integrated learning and workforce development startup, upGrad's Bootcamps which focus on applied learning and AI have seen an an 8x increase in enrolments for FY24.

These revamped Bootcamps in disciplines such as Digital Marketing, Full Stack Development, Data Science, and UI/UX now emphasise practical applications over theoretical study, with 80% of the curriculum dedicated to hands-on learning through Agile projects, coding practice on CloudLabs, daily doubt resolution, and graded projects.

The shift aims to equip learners with real-time skill application capabilities, ensuring faster career returns. upGrad delivered over 200,000 hours of immersive learning in the past year, with the majority of participants being freshers and early professionals.

The company plans to double enrolments in FY25 by continuing to enhance both tech and non-tech Bootcamps. upGrad’s approach includes workshops, simulations, industry-aligned projects, and masterclasses, backed by triple certification from government, global tech giants, and university partners.

AMD and IIT-B collaborate to support energy-efficient semiconductor startups

AMD has partnered with the Society for Innovation and Entrepreneurship (SINE) at IIT-Bombay to support semiconductor startups in India.

Through this collaboration, AMD will provide grants to startups developing energy-efficient Spiking Neural Network (SNN) chips.

The initiative aims to reduce energy consumption in neural networks, aligning with AMD's goal to achieve a 30x improvement in energy efficiency for its processors and accelerators by 2025.

This partnership is part of AMD's Corporate Social Responsibility (CSR) efforts, focusing on quality STEM education and scientific research.

The first grant recipient, Numelo Technologies, is developing SNN chips using ultralow power quantum tunneling on silicon-on-insulator (SOI) technology, aiming for innovations in battery life, data privacy, and versatile architecture.

AWS and iTNT Hub launch generative AI startup program in Tamil Nadu

Amazon Web Services (AWS) India Private Limited is collaborating with Tamil Nadu Technology (iTNT) Hub to launch a generative AI startup program aimed at developing AI solutions for public sector initiatives in Tamil Nadu.

This programme, announced during a mixer event in Chennai, will support startups at various stages, including those in the healthcare, education, and non-profit sectors.

AWS will provide up to $10,000 in credits and access to its extensive cloud services. iTNT Hub, established by the Ministry of Electronics and Information Technology and the Tamil Nadu government, will offer technical expertise, mentorship, and business guidance.

The programme includes webinars, workshops, and hackathons to foster innovation and growth among startups, ultimately enhancing the state’s tech ecosystem.

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