Startup news and updates: daily roundup (July 3, 2024)

Funding news

Bike Bazaar bags $3M from MAS Financial in debt funding

Bike Bazaar, an online two-wheeler financing and ecommerce platform, raised $3 million in debt funding from MAS Financial Services.

As per the filings with the Registrar of Companies (RoC), Bike Bazaar's board has approved a special resolution to issue 2,500 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each. This debt investment comes with a 30-month tenure and carries an interest rate of 10.70% per annum.

Founded by Srinivas Kantheti and Karunakaran Vadakkepat in 2017, the startup provides various financial services, including loans for purchasing two-wheelers, refinancing options, and ecommerce solutions for buying and selling motorcycles and scooters.

Last February, it secured $10 million in funding from DEG, a Germany-based development finance institution.

Amocare raises Rs 3 Cr in pre-seed round

Natural wellness firm Amocare secured Rs 3 crore in pre-seed funding from domestic and international investors, including FAAD Network and AngelBay Holdings.

It will use the capital to grow its business operations by creating wellness products in the intimate care sector and increasing customer awareness.

“This capital infusion will be aimed at progressing Amocare’s meticulously curated line of wellness products, formulated with the highest-quality natural ingredients while expanding our market reach. We look forward to strengthening our footprint in the highly promising Indian market,” said Prabhat Maheshwari, Director, Amocare.

Other news

Zepto, Reverie partner to enhance delivery partner experience

Quick commerce startup Zepto has partnered with Reverie Language Technologies to localise its Zepto rider app and address the linguistic challenges faced by delivery partners.

The app has been contextually localised in six native languages, including Hindi, Telugu, Kannada, Tamil, Marathi, and Bengali.

“Our delivery partners who often speak local languages find it challenging to navigate an English-dominated digital landscape. By localising our rider app into native languages, we aim to make it more intuitive and user-friendly for them. This change is already seeing greater adoption among Zepto’s newly onboarded delivery partners,” said Shubham Agarwal, Senior Product Manager at Zepto.

Reverie is an AI-powered language technology platform that offers text, voice, and video localisation solutions. It leverages advanced technologies such as neural machine translation, natural language understanding, and automated speech recognition.

KoinX partners with Mudrex to streamline crypto tax filing for Indian investors

Crypto tax software KoinX joined forces with Mudrex, a YCombinator-backed global crypto investment platform, to streamline the tax filing process for crypto investors in India and provide a user-friendly compliance infrastructure.

This collaboration enables Mudrex users to generate crypto tax reports using the KoinX platform. Further, KoinX's advanced algorithms ensure accurate and rapid crypto tax reporting catered to India's complex crypto tax regulations.

“Our partnership with Mudrex marks a significant milestone in our mission to simplify crypto tax compliance for Indian investors. At KoinX, our mission is to simplify crypto tax compliance, and this collaboration represents a significant step towards achieving that goal,” said Punit Agarwal, Founder of KoinX.

Aerospike appoints Venkatesh Guntur as Country Head for Southeast Asia

Database solutions provider Aerospike has onboarded Venkatesh Guntur as the new Country Head for Southeast Asia (ASEAN). In this role, Guntur will lead Aerospike's business operations in the region, aiming to enhance the company's presence, drive growth, and fuel customer service.

"With his extensive experience and proven leadership, Venkatesh will be an invaluable addition to our team as we continue to expand our footprint in the enterprise and fast-growing AI-centric business applications segments in the ASEAN region. We are delighted to welcome him aboard,” said Aveekshith Bushan, Vice President and GM - Asia Pacific and Japan, Aerospike.

With over 25 years in enterprise IT sales leadership, Guntur has spearheaded strategic sales initiatives in the technology sector for numerous organisations. Before Aerospike, he held leadership roles at Couchbase, ADP, Blue Prism, and Ramco Systems.

Electric mobility firm EKA appoints Rohit Srivastava as Chief Growth Officer

Electric mobility startup EKA (Pinnacle Mobility Solutions) onboarded Rohit Srivastava as the company's Chief Growth Officer. In his new role, Srivastava will lead the organisational expansion, along with business development, sales and marketing efforts, and product management.

“Delighted to welcome Rohit Srivastava to the EKA Mobility family. His vast experience and proven track record in the commercial vehicles and EV sectors make him an invaluable addition to our team. We are confident that his leadership will drive our mission of transforming the electric mobility landscape,” said Sudhir Mehta, Founder and Chairman of EKA Mobility.  

High demand for upskilling courses among female students: PhysicsWallah report

Edtech platform PhysicsWallah (PW) witnessed female participation for its upskilling courses via PW Skills surging from 20% in 2023 to 35% in 2024, it said in a report.  

On average, PW Skills enrolls 2,800 students per course, of which 980 are women. The five most popular courses among female students are Data Analytics, UI/UX Design, DevOps and Cloud Computing, BFSI, and Programming Languages (C++, Java, Python).

Data Analytics is the most preferred course, with 48% of women selecting it, followed by DevOps and Cloud Computing (41%), and BFSI (36%). Increasing numbers of women aged 23-28 are enrolling in skill development courses, significantly enhancing their employability, particularly in Tier II and III cities.

“There are significant gaps in the skilling market regarding employability, from Hard Skill and Soft Skill Gaps to New-age Tech Disconnects and a traditional focus on degrees over practical skills. The increase in female students choosing advanced, skills-based courses highlights our commitment to the democratisation of education,” said Ashish Sharma, Chief Business Officer of PW Skills. 

Ajay Mittal joins as General Partner and Investment Manager at ValuAble

Venture debt fund ValuAble appointed Ajay Mittal as General Partner and Investment Manager, who will spearhead the expansion efforts of the fund by leveraging his extensive network, connections with institutional investors, and expertise in equity investments.

Mittal joined the asset management firm Unit Trust of India (UTI) in 1993 and managed the country's first offshore tracker fund. From 2000 to 2009, he raised and managed two venture capital/private equity funds at UTI Venture Fund.

In 2009, he co-founded Ascent Capital, establishing it as a major private equity firm. In 2023, he became a shareholder and director at Laqshya Media, an Indian media company.

Shaadi.com launches new ad campaign for personalised matchmaking service 

Matchmaking platform Shaadi.com launched VIP Shaadi.com, a premium service to showcase its personalised and high-end matchmaking services. 

The advertising campaign features actor Ronit Roy, highlighting the advantages of utilising the new matchmaking service.

The membership service curates profiles considering individuals' lifestyles, core values, and family backgrounds, organising assured meetings. VIP consultants on the platform streamline the process, along with a verification step to refine curation, thereby achieving higher compatibility rates for clients.

“The vision of VIP Shaadi.com complements very well with the needs of the new generation, which is very careful while treading through the marital aspect of their lives. The privacy features and premium consulting are a great way to establish trust. I’m pleased to associate with a pioneering brand like Shaadi.com which is India’s most trusted matchmaking platform,” said Ronit Roy. 

Herbalife India forays into luxury skincare segment 

Health and wellness company Herbalife India has introduced the Vritilife Outer Nutrition Range, debuting into the Indian luxury skincare market. The company’s new lineup of products includes facial cleanser, facial toner, facial serum, and moisturiser.

Developed at Herbalife’s Centre of Excellence in Bengaluru, the Vritilife Outer Nutrition Range has undergone rigorous clinical research, which combines botanicals and Ayurvedic-based formulations with natural oils containing active ingredients. 

“This strategic expansion not only diversifies our product portfolio but also demonstrates our commitment to delivering high-quality skincare solutions. As a responsible health and wellness company, we are confident that our skin care range effectively addresses the outer nutrition needs of the Indian population. These products embody our philosophy of integrating ancient Indian beauty practices with advanced, science-backed formulations,” said Ajay Khanna, Managing Director, Herbalife India. 

Indiabulls Housing Finance rebrands itself as Sammaan Capital 

Indiabulls Housing Finance has officially rebranded to Sammaan Capital, receiving a new Certificate of Incorporation from the Registrar of Companies. 

The company, which announced its rebranding plans last May, celebrates its 25th year in operation this year. 

Originally known as Indiabulls Financial Services Ltd since its inception in 2000, the firm was initially led and driven by promoters as a lender for two decades. However, over the last five years, it has repositioned itself into a professionally managed financial institution under a board-run structure.

Additionally, Sammaan Capital has secured registration as a NBFC specialising in investment and credit from the Reserve Bank of India. 

In 2020, the company's former promoter stepped down as Chairman, succeeded by S.S. Mundra, ex-deputy Governor of the RBI, who now serves as the independent non-executive Chairman. The board also welcomed new independent directors with experience crucial to the company's business domains.

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