Startup news and updates: Daily roundup (July 22, 2024)

Funding news

nhance bags $1.5M in seed funding 

nhance.ai, a provider of smart building solutions, has raised $1.5 million in seed funding from high-net-worth individuals (HNIs). This investment will boost the company's growth and enhance its platform which facilitates the development of smart buildings for its growing customer base.

The funds will be allocated towards accelerating product development, recruiting talent, and exploring strategic partnerships.

The firm’s nhanceTwin platform offers businesses with visibility on building performance and insights leveraging machine learning and artificial intelligence.

"We are thrilled to have the support of our esteemed investors who share our vision for transforming the smart building landscape. This funding will allow us to scale our operations, enhance our product offerings, and continue to deliver exceptional value to our customers," said Deepak Nagraj, Founder and CEO of nhance.ai.

Umwelt.Ai raises $125K seed funding led by SaaS accelerator Upekkha 

HR technology platform Umwelt.Ai has raised $125K in seed funding from Upekkha, an AI-focused SaaS fund and accelerator.

"Our platform is designed to bridge the gap between employee expectations and organisational realities, enabling companies to unlock their workforce's full potential," said Vishal Chopra, CEO and founder of Umwelt.Ai. 

Umwelt.AI utilises artificial intelligence and data science to improve employee experiences and drive business outcomes. The platform provides an AI-driven People Analytics and Employee Experience solution that outperforms traditional HR methods.

Other news

HCLTech and upGrad enterprise collaborate to offer job-aligned skilling programmes

Global tech company HCL Technologieshas partnered with upGrad Enterprise, the corporate skilling and workforce development division of upGrad, to provide a variety of job-focused skilling programmes in multiple formats to clients worldwide.

Together, the two entities will curate content and learning experiences for working professionals and corporations worldwide. Additionally, the partnership will focus on developing and launching programmes in Generative AI and related technologies. 

“By combining our edtech offerings with upGrad Enterprise’s proposition for global clients and university-led skilling courses /certifications in high-demand disciplines such as data and emerging technologies, we are set to jointly offer clients and learners a world-class learning experience, complete with high-quality study material and practical, real-world industry experiences, facilitating the quicker application of skills in their professional roles,” said Srimathi Shivashankar, Corporate Vice President and Global Head, Edtech Business, HCLTech.

Reliance Retail's Yousta expands footprint in North India, launches new store in Lucknow

Reliance Retail's Yousta, a youth-centric fashion brand, has announced the opening of its newest store in Lucknow on Kapoorthala, Aliganj Road. Since its launch last year, Yousta has rapidly expanded nationwide, with multiple stores in Maharashtra, Telangana, Andhra Pradesh, Chhattisgarh, Kerala, Tamil Nadu, Jharkhand, Karnataka, West Bengal, and Uttar Pradesh.

The brand offers stylish and budget-friendly clothing, specifically catering to the fashion-forward youth of India. To celebrate the launch, Yousta is running a special contest called "Star of Lucknow." Customers are invited to try on the latest Yousta collection and post their pictures on Instagram.

Empyreal Galaxy bags funding from AIC-RMP Seed Fund

Empyreal Galaxy has secured funding from the Atal Incubation Centre - Rambhau Mhalgi Prabodhini Seed Fund. This investment will fuel the company's efforts to address global infrastructure challenges with its solutions.

The startup comprises a team of experts, designers, and manufacturers specialising in Lighter-Than-Air (LTA) vehicles. Their goal is to create a cost-effective and sustainable transportation mode that connects remote and disaster-stricken areas often cut off from essential aid.

“We envision airships as one of the world's safest transportation methods. Modern materials, controls, and information technology can transform LTA into a solution for complex national and global challenges,” said Shailesh Dhuri, Founder and CEO of Empyreal Galaxy. 

Paras Health appoints PwC's former partner Usha Rajeev as Independent Director

Paras Health has named Usha Rajeev as an Independent Director on its board. Rajeev brings extensive expertise in governance, audit, and risk management, accumulated over her 29-year career at Price Waterhouse, India (a member firm of PriceWaterhouseCoopers International). 

“It is a pleasure to have Mrs Usha Rajeev join the Paras Health Board as an Independent Director. I am sure that with her expertise in audit & risk management, she will be able to significantly contribute in achieving our objectives by strengthening the right checks & balances. Most importantly, I believe her strategic insights will help in bolstering our long-term growth strategy, ensuring we stay true to our vision of building a healthier Bharat,” said  Dr Dharminder Nagar, Managing Director of Paras Health. 

Paras Healthcare Private Limited launched its first hospital in Gurugram in 2006 and has since evolved into a corporate healthcare chain offering multi-specialty tertiary care services across six states and eight cities, such as Gurugram, Patna, Panchkula, Kanpur, Ranchi, Udaipur, Srinagar, and Darbhanga. 

Raghav Iyengar appointed as CEO and Whole-time Director of 360 ONE Asset

Raghav Iyengar has been named the CEO and Whole-time Director of 360 ONE Asset Management, an asset management firm. Iyengar in his new role will be responsible for steering the company’s growth strategy, broadening its product portfolio, and bolstering its market presence. 

With over three decades of experience in the financial services industry, he has previously held leadership roles at Axis Asset Management, ICICI Prudential Asset Management, and Tata Asset Management.

Dreame India appoints Manu Sharma as Managing Director to lead its India operations 

Dreame Technology, a global smart home appliance brand, has named Manu Sharma as Managing Director for its operations in India. Sharma will be responsible for developing and executing strategic plans to propel the company’s growth and establish its brand footprint in the Indian market. Additionally, he will manage Dreame’s regional product strategy, oversee marketing and sales efforts. 

With over 25 years of experience in the consumer electronics industry, Sharma previously held leadership positions at Nothing India as Vice President and General Manager, and at Samsung India as Vice President and Head of Product Strategy. Before these roles, he held a 12-year tenure at Hewlett-Packard. 

"I am excited to lead Dreame’s India business and I look forward to working with the team to build Dreame's brand presence, operational capabilities and deliver innovative products that resonate with our consumers," said Manu Sharma. 

Ecom Express on-boards Jitendar Kumar as the CBO; Abhinav Imandi is Senior Vice President–Operations

Logistics solutions provider Ecom Express Limited has expanded its leadership team with the appointment of two senior executives. Jitendar Kumar has been appointed as Chief Business Officer, and Abhinav Imandi will serve as Senior Vice President of Operations, Process Excellence, and Alternate Channels.

"Jitendar's extensive experience in driving business growth and his strategic thinking will be instrumental in achieving our growth objectives in India. We are confident that his leadership and diverse background will be a valuable asset to Ecom Express," said Ajay Chitkara, CEO & MD, Ecom Express. 

Jitendar Kumar brings over 18 years of experience in sales leadership, having driven growth in both the Indian and global enterprise sectors. Before joining Ecom Express, Jitendar held key roles at Hewlett Packard and Bharti Airtel.

With almost 15 years of professional experience, Abhinav has expertise across consulting, sales operations, customer experience and operations. Before joining Ecom Express, Abhinav worked with Milkbasket as the Chief Operating Officer.

MediaMint appoints Rajeev Butani as Chief Executive Officer

MediaMint, a media operations services provider, has appointed Rajeev Butani as Chief Executive Officer. Butani takes over from current CEO and co-founder Aditya Vuchi, who will remain with MediaMint as a member of the Board of Directors.

“As we continue to accelerate innovation and revenue realization for businesses worldwide, we are excited to have Rajeev serve as CEO to guide us through the next phase of MediaMint’s expansion,” said Mr. Vuchi, who served as MediaMint’s CEO for the previous 14 years. “Rajeev has served as Executive Chairman of the company and understands our business and culture and we look forward to his collaboration with MediaMint leadership, employees, and customers to build on our past successes.”

Before joining MediaMint in 2023 as Executive Chairman, Butani served with Accenturefor over 25 years. Most recently, he served as Senior Managing Director and Group Technology Officer for Accenture’s Communications, Media, and Technology Operating Group worldwide. He was also a member of Accenture’s Global Leadership Counsel.

(This article will be updated with the latest news throughout the day.)