Startup news and updates: Daily roundup (July 25, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, July 25, 2024.
Funding news
WTF secures seed funding led by Dholakia Ventures
WTF, a technology-driven platform for modernising neighborhood gyms, has closed its seed funding round, led by Dravya Dholakia of . The round also saw participations from investors such as Arjun Vaidya, Nitish Mittersain of Nazara Technologies, Shashvat Nakrani of BharatPe, and Rohit Kapoor of Swiggy.
The funding will enable the startup to expand its reach, improve its technology, and continue to provide exceptional service to its members.
WTF is transforming traditional gyms into fitness hubs by offering a 360-degree experience, including gym access, personalised nutrition plans, workout classes, and advanced fitness tracking. This approach boosts gym revenues by 8-10X within a year.
WTF manages 10 gyms and focuses on member retention, leading to significant growth and profitability. It has introduced 24 new features, including advanced workout scheduling and a comprehensive nutrition system, to optimise processes and enhance member experiences.
Karna D Shinde invests in Navaux to advance ACTIVH blood test for early cancer detection
Karna D Shinde, an early-stage angel investor, has invested significantly in Arkansas-based Navaux to develop ACTIVH, an innovative blood test, aimed at enhancing early cancer detection and treatment monitoring.
The investment will help Navaux to establish connections in the Indian healthcare industry as it prepares to introduce its solutions to the market.
Navaux's ACTIVH test is a noninvasive, quick, and easy method that detects elevated Hepsin levels in tumors. It aids in early detection, provides insights into tumor characteristics, and offers potential metastasis. It's more affordable than traditional methods.
Ravi Jaipuria and Akshay Kumar Invest in Fashion Entrepreneur Fund
Fashion Entrepreneur Fund (FEF) has announced investments from Indian billionaire Ravi Jaipuria and Bollywood star Akshay Kumar, both known for their contributions to the food and beverage industry and their diverse roles in action films and comedy films.
As the Chairman of RJ Corp, Jaipuria's expertise and philanthropic vision will greatly benefit FEF's mission to empower fashion entrepreneurs in India. His interest in the booming fashion industry has led to a strategic partnership with the Fashion Entrepreneur Fund.
FEF is investing Rs 20 crore to empower individuals in the fashion sector, fostering a collaborative ecosystem. The initiative aims to cultivate innovation and entrepreneurship by providing resources and mentorship, bridging gaps, and supporting emerging businesses for transformative change and sustainable industry growth.
Devnagri secures pre-Series A funding led by Inflection Point Ventures for expansion
Devnagri, a Gen-AI company that personalises business communication for non-English speakers, raised an undisclosed amount in a Pre-Series A round led by Inflection Point Ventures for marketing, sales, technology scaling, R&D, infrastructure, and administrative expenses.
Devnagri is a Gen-AI company founded in 2019 by Nakul Kundra and Himanshu Sharma, focusing on personalising business communication to attract non-English speakers. It uses advanced Natural Language Processing (NLP) and Social Learning Models (SLM) to contextualise and personalise content, making it hyper-local and more accessible.
Devnagri's innovative solutions address the unique linguistic needs of diverse audiences, enhancing communication and engagement in both private and government infrastructures.
Mamo secures $3.4M to enhance financial services for SMEs
UAE-based fintech startup Mamo has completed a $3.4 million funding round, led by existing investor 4DX Ventures, Dubai Future District Fund, and Cyfr Capital, with the round completed successfully.
The capital will be used to expand its UAE product offerings, develop a SMEs financial services platform, and test innovative product lines in Saudi Arabia, thereby extending its regional footprint.
Mamo, a UAE-based fintech company, aims to simplify financial operations for SMEs in the MENA region. In 2022, it became the first fintech startup licensed by the DFSA, offering payment collection, corporate cards, and expense management.
Nasher Miles secures $4M in bridge round, valuing company at $30M
, a digital-first luggage brand, has completed a $4 million bridge round, valuing the company at $30 million, positioning it for accelerated growth and expansion following their recent Shark Tank India triumph.
The bridge round attracted over 40 investors, including angels, private equity fund managers, and friends and family. Notable investors include Singularity Early Opportunities Fund, Narendra Rathi (SoftBank Vision Fund), Sulabh Arya (Goldman Sachs Growth Equity), and Mohit Goyal (Ex-CVC Capital Partners).
The funds will be used to support Nasher Miles' omnichannel expansion plans, including expanding its offline presence to 1000 multi-brand outlets across India by the end of the year, opening 3-5 exclusive brand outlets, strengthening its quick commerce presence in select cities, and increasing domestic manufacturing capacity to 70-75% by December 2024.
It plans to generate over $60 million in revenue by FY 2028.
Lokesh Daga, Co-founder, NashereMiles
Other news
TechEagle and ideaForge partner to Boost UAV innovation; ideaForge invests in bridge round
has partnered with UAV technology Limited to revolutionise UAV technology and drive innovation in the drone industry. The strategic alliance aims to leverage the strengths of both entities, with ideaForge participating in TechEagle's recent Bridge Financing Round.
TechEagle aims to establish the world's largest on-demand drone logistics network, enabling swift package deliveries and reducing life-threatening incidents. It utilise advanced drones and software for aerial logistics services in ecommerce, hyperlocal delivery, logistics, and healthcare.
IdeaForge and TechEagle are working on small, tactical, and middle-mile logistics platforms, which will redefine new frontiers in drone logistics with their advanced capabilities.
TechEagle X ideaForge
Asteria Aerospace introduces SkyDeck for advanced drone data analytics
Asteria Aerospace, a drone technology company, has launched SkyDeck, which offers a self-service SaaS solution for drone data management, enabling businesses to streamline operations for both users and service providers.
SkyDeck is a cloud-based platform offering advanced tools and analytics for industries like GIS, construction, oil and gas, and agriculture. It provides secure, centralised drone data management, intuitive visualisation, collaboration, and reporting tools for efficient site inspections and monitoring.
With pre-built AI models, SkyDeck facilitates proactive decision-making. It also streamlines workflows for drone service providers by integrating project management, flight planning, and execution, and offers a unified drone data repository for collaboration and analysis.
Asteria Aerospace Ltd is a full-stack drone technology company that provides actionable intelligence from aerial data. It develops customised drone solutions for government and enterprise customers using in-house hardware design, software development, and manufacturing capabilities.
Asteria is a trusted partner in various sectors, including defence, homeland security, agriculture, oil & gas, energy, utilities, telecommunications, mining, and construction.
Atsuya and Ghafa partner to develop IoT and AI-powered energy solutions in UAE
Atsuya Technologies and Ghafa Sustainability Energy Solutions have signed a Memorandum of Understanding (MOU) to collaborate on innovative sustainability and energy projects in the UAE, a provider of sustainability and energy solutions.
The partnership aims to create IoT and AI-powered energy efficiency and sustainability solutions in the UAE. The partnership combines Atsuya's technological expertise with Ghafa's energy sector experience, focusing on energy monitoring, sustainable technologies, research, knowledge sharing, and capacity-building initiatives.
Under this agreement, Ghafa will offer expertise and resources in sustainability, collaborate with UAE stakeholders, and ensure regulatory compliance. Atsuya will provide technological innovations, support project implementation, and engage with Indian stakeholders for project development.
Kotak Mahindra Bank and NSRCEL launch fifth women startup programme cohort
Kotak Mahindra Bank and NSRCEL-IIM Bangalore have launched the fifth Cohort of the Women Startup Programme, aiming to empower female entrepreneurs across India. The initiative, launched under KMBL's Corporate Social Responsibility commitment towards Education & Livelihood, supports ambitious and innovative women by enabling them to build scalable businesses.
The Women Startup Program in India has empowered over 23,053 women in various sectors, including technology, healthcare, and agriculture, and supported over 590 ventures and created 2,083 jobs. The program will begin with a five-week Foundation of Entrepreneurship course and a virtual pre-incubation phase, followed by a five-month incubation at NSRCEL. The program focuses on crafts, tech, and healthcare/life sciences, offering a new lateral entry option and INR 3 crore awards for top ventures.
The programme provides structured learning in business planning, marketing, finance, and operations, with mentorship from industry experts. It emphasises networking and community building, connecting women entrepreneurs and industry leaders. Participants gain access to IIMB faculty, infrastructure, startup kits, and legal advice.
Indian Venture and Alternate Capital Association forms new climate and sustainability council
The Indian Venture and Alternate Capital Association (IVCA) has introduced a Climate and Sustainability Council for 2024-26, co-chaired by Pratibha Jain and Akhilesh Tilotia. The council, established in July 2022, currently includes over 30 decision-makers from PE-VC funds and LPs. The council was established under the leadership of Shri Jayant Sinha, then Chairperson of the Standing Committee for Finance.
IVCA's Climate and Sustainability Council aims to unite stakeholders to address climate finance gaps in India. The Council will collaborate with regulatory bodies and think tanks like NITI Ayog and G20 for future projects. Research, white papers, and reports will be published to disseminate strategic recommendations and insights.
IVCA's Climate and Sustainability Council comprises 32 member funds, including NIIF, Econ Ventures, SBICAP Ventures, British International Investment, Avaana Capital, Neev Fund, CPP Investments, TPG, Blume Ventures, SIDBI, British High Commission, B Capital, DEG India, Global Infrastructure Partners, State Bank of India, and Foundation for Advancing Science and Technology - India, Accel India, among others.
Thryve digital expands Chennai facility to 172,000 sq ft at Ramanujam Intellion IT Park
Thryve Digital, a provider of healthcare technology and operations services, has expanded its Chennai facility at Ramanujam Intellion IT Park.
It has expanded its office space in Chennai to 172,000 sq ft, adding 73,000 sq ft to its existing 172,000 sq ft facility. The new facility, designed to support business expansions, will accommodate over 500 associates and offer open work areas, breakout zones, and advanced meeting rooms.
Thryve Digital Health leads the Global Capability Centers (GCC) in India, delivering innovative solutions that transform healthcare. With a strong partner ecosystem, advanced engineering processes, and a focus on technology, operations, and digital transformation, Thryve Digital Health excels in managing platforms, enhancing patient experiences, and supporting large payer and provider networks.
Thryve Team
I-STEM launches ‘V-LABS’ platform to connect researchers and industries with advanced lab
I-STEM, an initiative by the Government of India's Office of Principal Scientific Adviser, has launched 'V-LABS' to connect researchers, startups, and industries with a network of labs and advanced equipment, reducing capital expenditure and resource duplication.
The platform will aggregate high-end equipment through 'OORJA' events, using data analytics to optimise resource allocation. Essential equipment has been installed in EMC's Light and Luminaries Testing Unit and Energy Meter Calibration Lab, providing accessible testing and certification services to startups, MSMEs, and established industries.
V-LABS aims to centralise access to scientific facilities and collaborate with private and state-funded labs.
I-STEM Team
IOC launches ‘Olympic Khel’ WhatsApp channel for real-time summer games updates in India
The International Olympic Committee (IOC) has launched a channel in India, 'Olympic Khel', to provide real-time updates and information about the start of the summer games.
The channel features exclusive content, including Olympics trivia and behind-the-scenes content with Indian sports stars and athletes. It is the only official country-specific channel by the IOC, and users can follow the channel by searching Olympics in the directory on their WhatsApp.
The Olympic Games are launching a new sticker pack on WhatsApp to celebrate the kickoff, allowing fans worldwide to express their excitement. Stickers are a beloved WhatsApp feature, enhancing conversation with friends and family. To use them, switch to the WhatsApp sticker tray and tap the '+' icon to access the official sticker library.
Covrzy Secures IRDAI licence to operate as Direct Insurance Broker in India
Bizcovr Insurance Broking Private Limited, known as , has received a direct broking licence from the IRDAI, enabling it to operate as a direct insurance broker in India. Covrzy, an insurtech startup, provides a streamlined insurance buying experience for startups and SMEs, managing the entire insurance cycle from product discovery to claims, and addressing the underserved business insurance market.
It has on-boarded over 500 clients in India, including MSMEs and startups. It has collaborated with renowned insurer partners like ICICI Lombard, Bajaj Allainz, and IFFCO Tokio to offer a range of insurance products, including commercial general liability, fire & theft insurance, product liability, cyber insurance, stock insurance, and asset insurance.
The startup aims to onboard over 10,000 customers within 12-18 months and secure over one million businesses through its in the coming years.
C-CAMP partners with UK's GAMRIF to develop solutions for environmental antimicrobial resistance
C-CAMP is partnering with the UK Department of Health and Social Care's Global AMR Innovation Fund to promote and support environmental antimicrobial resistance innovations.
The partnership will support the develop innovative solutions for environmental AMR, particularly in low- and middle-income countries where drug resistance is the most prevalent issue.
The partnership with GAMRIF offers comprehensive support throughout the solution value chain, from idea identification to productis5ation, deployment, and innovation integration. This will significantly contribute to nurturing a global solutions pipeline and fostering entrepreneurial progress.
The partnership will work with national and international stakeholders under the guidance of the Principal Scientific Adviser to the Govt. of India.
(This article will be updated with the latest news throughout the day.)
Edited by Megha Reddy
