Startup news and updates: daily roundup (July 2, 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, July 2, 2024.
Funding news
Fabriclore raises $1.6M from PeerCapital, Regal group
Fabric sourcing platform has raised $1.6 million in funding led by PeerCapital and Regal Group.
Founded in 2016, Fabriclore streamlines fabric sourcing and customisation for fashion brands. With 200+ private labels onboarded and a 10,000-square-foot warehouse, the company offers a comprehensive fabric-sourcing solution.
"Our key differentiator is streamlining complex multi-stage fabric processing. By implementing tech-enabled processes, the company has substantially reduced delays by 20% and customer rejections by 33%, setting a new benchmark in the industry," said Vijay Sharma, CEO of Fabriclore.
"On the other hand, 50 to 60% of the product development cost of a fashion brand is attributed to fabric sourcing alone across multiple different vendors for each garment collection that they develop. Therefore, we are building add-on software tools for fashion brands to make fabric discovery, sourcing, production and design management much easier,” Sharma added.
Other news
Peak XV-backed Cloudphysician appoints Mandar Vaidya as CEO-India
AI health startup appointed Mandar Vaidya as CEO-India. With over 20 years of experience, Vaidya has worked at McKinsey & Co. for 15 years and OYO for four years and serves as an independent director at Cipla Ltd.
The company said his appointment will strengthen Cloudphysician's mission to deliver high-quality clinical care using AI. Cloudphysician partners with hospitals to manage ICU and emergency departments, significantly reducing ICU mortality rates by up to 40%.
Recently, it raised $10.5 million in a Series A round led by Peak XV Partners.
Paytm HR Chief Swati Rustagi joins Adobe as VP
Adobe appointed Swati Rustagi as Vice President of Employee Experience India and will lead the India EX team and report to Gloria Chen, Adobe's Chief People Officer.
With over two decades of experience in diverse leadership roles across sectors like consumer goods, healthcare, and ecommerce, Rustagi was formerly the Chief Human Resources Officer at .
IIT Madras to organise Sports Tech StartUp Conclave in New Delhi
IIT Madras' Center of Excellence in Sports Science and Analytics (CESSA) will host the Sports Tech StartUp Conclave in New Delhi on July 12-13, 2024.
The inaugural event will highlight IIT Madras' dedication to promoting sports startups and supporting the government's efforts to host the 2036 Olympics. The conclave will feature panels discussing initiatives to enhance India's sports ecosystem, support sports tech startups, and propose actionable measures for sports education.
It will also focus on indigenising sports goods manufacturing and providing quality sports education through digital platforms.
CESSA aims to foster a technology ecosystem in sports, offering Rs 5 crore in investments and incubation support for ten new sports tech startups. Over the next five years, IIT Madras plans to incubate 200 sports tech startups.
Sunniel Buttan to lead HR at Alike
Social travel marketplace Alike appointed Sunniel Buttan as Vice President, Group HR. Buttan will lead Alike's human resources strategy, focusing on global HR operations, employee learning, development, and optimising people operations.
He brings over two decades of HR leadership experience from TCG Digital, K-Corp Group, KPMG Global Shared Services, and PwC. His strategic expertise in HR management, talent acquisition, and employee development aligns with Alike's high-performance culture and growth goals.
Alike connects global travellers and travel content creators, offering a platform for discovering, planning, and booking travel experiences.
BITS Pilani to collaborate with Mercedes for Gen AI, EV research
Mercedes-Benz Research and Development India partnered with BITS Pilani to foster advanced technology research over a five-year Master Research Agreement.
This collaboration focuses on generative AI, electric mobility, and software development to drive innovation and build intellectual property. The partnership includes joint R&D projects, academic events, and researcher exchanges, enhancing industry-academia collaboration.
Pickrr's Kunal Bariwal to lead product at CaptainBiz
Fintech-SaaS platform for MSMEs CaptainBiz has appointed Kunal Bariwal as its lead product. At CaptainBiz, he will focus on transforming invoicing, inventory, and tax filing products into a comprehensive platform for MSMEs.
Bariwal, an alumnus of IIT Guwahati and ISB Hyderabad, previously led initiatives at (acquired by ) to improve delivery success and buyer communication, boosting merchants' visibility and GMV.
"We are delighted to welcome Kunal to our leadership team. His extensive experience and proven track record in product management will be pivotal in driving CaptainBiz's mission to empower MSMEs with cutting-edge solutions," Yashraj Vakil, CEO of CaptainBiz, said.
Aprecomm partners with OpenGlobe to expand to Latin America
Aprecomm, a telecom SaaS company, partnered with OpenGlobe to expand into the Latin American market, targeting over 111 million fixed broadband households. The alliance will leverage OpenGlobe's relationships with service providers and government bodies and Aprecomm's expertise in self-healing and self-optimising networks.
The collaboration aims to enhance consumer telecom and enterprise solutions, increasing subscriber satisfaction and reducing operational costs.
“We are excited to partner with Aprecomm to bring their state-of-the-art network analytics and automation solutions to our customers... We believe Aprecomm's AI-powered solution will significantly enhance value for ISPs by optimising large-scale network management, cutting costs, reducing churn and improving user experience,” said Victor Fernando Proscurchin, CEO of OpenGlobe.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
