Startup news and updates: daily roundup (July 29, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, July 29, 2024.
Funding news
D2C haircare brand Moxie Beauty raises Rs 17.3 Cr
Moxie Beauty, a D2C haircare brand based in Gurugram, has raised Rs 17.3 crore ($2.1 million) in funding, led by Fireside Ventures.
The round also saw participation from a group of angel investors, including Samir Singh, Ex Unilever CMO Personal Care, Chair Unilever Asia, Arjun Purkayastha, Regional CEO at a top MNC, Suhasini Sampath, Founder, Yoga Bar, Navin Parwal and Sangeet Agrawal, Founders, Mokobara.
The funds from this round will be used for product innovation and research, hiring talent, and expanding distribution channels.
Launched in November 2023 by founders Nikita Khanna and Anmol Ahlawat, Moxie Beauty makes hair care products that are tailored for Indian hair textures.
KheloMore raises $2 M to democratise sports access for Indians
KheloMore, a technology platform that enables easy access to playing a sport or learning a sport successfully raised $2 million in its latest funding round.
This round was led by prominent figures in the Indian business ecosystem, including Rajdip Gupta, Clear Bridge Ventures LLP and Ashwin Damera, Founder Eruditus.
The funding will be utilised by KheloMore to expand its geographical footprint through their online booking platform.
KheloMore plans to establish a nationwide network of cricket academies in partnership with schools and other stakeholders. These academies will offer a comprehensive curriculum, certified coaches, personalised AI-driven coaching, and organised matches.
Game Theory raises an undisclosed amount from three sports legends
Game Theory, a sports gamification tech platform, has raised an undisclosed amount from Padma Bhushan awardee and former India No. 1, Pullela Gopichand, Former World Squash No. 10, Saurav Ghosal and Khel Ratna Awardee and current India No. 1, Sharath Kamal.
This was raised as part of its ‘Masters’ round which now brings in some of the best in the world ‘Player Coaches’ who will provide some deep insights across sports like Badminton, Squash, Table Tennis, and Tennis.
In October 2023, Game Theory raised $2 million from Nithin Kamath’s Rainmatter, Rohan Bopanna, WEH Ventures, Prequate Advisory, and notable angels, including Balakrishna Adiga, as part of their Pre-Series A funding round.
Toystack.ai raises $325,000 in pre-seed round
ToyStack.ai, a deployment platform has raised $325,000 in pre-seed funding from angel investors including D. Devaraj, founder of SDU LLP Chartered Accountants and Asit Shetty, Founder of Aveda Ventures.
The raised funds will be used for product development, talent acquisition, sales, and marketing.
Founded in 2023 by Mukund Gandlur, Sravan Aditya, Arun Gandlur, and Torun Mathias, ToyStack.ai is an automated deployment tool that allows developers and software teams to deploy to the Toystack cloud in minutes with a couple of clicks.
Toystack has experienced rapid adoption in the Software Development community. It has users from over 100 countries and over 14,000 successful deployments to its cloud.
Other news
IESA and SSIA form a strategic partnership to strengthen semiconductor ecosystem
The India Electronics and Semiconductor Association (IESA), the foremost industry body representing stakeholders in India's electronics and semiconductor sectors, has entered into a Memorandum of Understanding (MoU) with the Singapore Semiconductor Industries Association (SSIA), a representative body of the semiconductor industry in Singapore. This initiative aims at enhancing the ESDM ecosystems of India and Singapore.
The MoU was signed by Mr. Ang Wee Seng, Executive Director of SSIA and Ashok Chandak, President of IESA at the "Semiconductor Business Connect 2024" conference in Singapore, which focuses on SME collaboration and innovation in the semiconductor industry.
IESA, SSIA, and Enterprise Singapore will lead a business delegation to India in August 2024 to enhance semiconductor sector collaboration and innovation. IESA will also promote SSIA, host events, and conduct a joint landscape study to identify SME opportunities in Singapore and India.
DTDC launches drone delivery service in partnership with Skye Air Mobility
DTDC Express Ltd, an express logistics service provider, has launched drone-based delivery services in partnership with Skye Air Mobility.
This move comes as the company enters its 35th foundation year. The first drone delivery happened from Bilaspur to Gurgaon sector 92 covering a distance of 7.5 km in just 3-4 mins instead of a usual road route of ~15 minutes.
DTDC aims to further optimise the management of approximately 155 million parcels annually. The next phase of this initiative will focus on identifying strategic regions where drone deliveries can offer the most significant impact.
Hero Vired appoints Prakhar Kasar as CEO
Hero Vired – a learn tech platform from the Hero Group has appointed Prakhar Kasar as its Chief Executive Officer.
His appointment comes at a time when Hero Vired seeks to expand its reach and impact in the online education field.
Kasar comes with more than 16 years of experience in sales, marketing, and revenue streams. He has an extensive experience in the FMCG and E-commerce sectors. Kasar has worked for Pepsico and MakeMyTrip.
InsuranceDekho ventures into reinsurance broking sector with Composite License
InsuranceDekho, an insurtech brand, has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking sector with a composite insurance broking license.
InsuranceDekho intends to add value in this segment by placing a portion of the insurance risk of an Insurance company on a reinsurance company and securing competitive pricing for insurers.
With direct integration with 48 Indian insurance companies and over 630 insurance products, InsuranceDekho aims to use its technology and strong industry relationships to offer competitive reinsurance prices. This move will aid in the expansion of contribution margins and directly increase EBITDA margins for InsuranceDekho.
Bharosa launches a patient experience platform
Bharosa, a healthtech company based in Gurugram, has launched a patient experience platform. The company claims that it is India's first such platform.
This initiative aims to tackle big tech neglect by giving patients a safe space to share their experiences and reviews of medical professionals. In its first phase, Bharosa is going hyper-local by launching in Gurugram.
Patients can now submit detailed feedback and reviews about doctors while protecting their identities. Each review is verified via proof of visit, i.e. a prescription copy or invoice. This verification method and local focus aim to ensure high accuracy and trust in the reviews provided.
Bharosa has dedicated Rs 5 lakh to support the patient community. It reimburses prescriptions up to Rs 500 for patients who share their experiences on the platform.
Readywire introduces ‘AI Co-Pilot’ for automobile dealerships
Readywire, a cloud-based ERP solution provider for automotive dealerships, is launching an AI co-pilot application.
This AI assistant provides instant insights, automates routine tasks with simple commands, and improves efficiency and scalability while reducing costs and time.
The Readywire co-pilot handles repetitive tasks, freeing teams to focus on creativity.. Like a personal assistant, it learns from user interactions and data to deliver tailored results.
PwC India collaborates with Microsoft India to strengthen cybersecurity with Copilot
PwC India has collaborated with Microsoft India to expand their incident response and recovery capabilities against cyber threats.
Using Microsoft Copilot for Security, a generative AI-powered solution, enterprises can tap into Microsoft's extensive data and threat intelligence, combined with PwC's expertise in secure system rebuilding and incident management.
PwC India helps clients manage the entire incident lifecycle, from crisis management to recovery. It enhances in-house threat intelligence by building data feeds, analysing potential attacks, and providing global threat visibility. With Microsoft Copilot for Security, PwC India can help clients better understand their risk profile, make informed decisions and mitigate new threats.
(This article will be updated with the latest news throughout the day.)
Edited by Affirunisa Kankudti
