Startup news and updates: Daily roundup (July 30, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, July 30, 2024.
Funding news
Gnani.ai raises Series A funding from Info Edge Ventures
, a voice-first GenAI company, raised Rs 30 crore (about $4 million) in a Series A round from Info Edge Ventures.
It will use the capital for sales growth and expansion of its business across geographies. The company counts Samsung Ventures as an investor.
"Our proprietary AI platform has helped us grow exponentially in the last few years and secure 100+ enterprise customers in India and the US. This investment will significantly bolster our efforts to expand our sales footprint," Ganesh Gopalan and Ananth Nagaraj, Co-founders of Gnani.ai, said.
WhizHack raises pre-Series A funding
, a vertically integrated ecosystem security provider, raised $3 million in a pre-Series A funding round from existing investor SAAA Capital, Singapore, at a valuation of over $100 million.
The startup builds security product IPs, provides global managed security services, and a mix of scalable security training for empowering enterprises and governments.
"With the rising incidence of state actors in advanced cyber terrorism, we are particularly focused on advancing our OT security products for CPS, which has only a few global companies for protecting critical infra-national assets,” said Co-founder and CEO Kallol Sil.
He added, "We will use the new capital to bolster our R&D efforts in collaboration with top universities in the US and India. We are poised to conduct our Series A fundraiser in early 2025.”
Abans Investment Managers secures Rs 9.88 Cr
Abans Investment Managers, an alternative investment management subsidiary of Abans Holdings Ltd, raised Rs 9.88 crore ($1.15 million) in a Series A funding round at a valuation of Rs 150 crore ($17.5 million).
Abans Holdings is a publicly listed company that operates across various financial services sectors, including institutional broking, lending, and asset management through its subsidiaries.
Rays Power Experts raise Rs 20 Cr via equity funding
Rays Power Experts, a full-service solar park developer in India, raised Rs 20 crore from the Sunil Singhania family office, Vyom Wealth Advisors, Lalit Dua of Rajasthan Global Securities, Vineet Arora of NAV Capital, and Moheet Agarwal.
The funding will enable Rays Power to expand its footprint and undertake new domestic and international solar projects. Currently, the company has executed six solar parks with over 300 ground-mounted projects in it. It has executed numerous solar EPC projects for the C&I segment and has a presence across Rajasthan, Madhya Pradesh, Haryana, and Delhi, along with an international presence in the UK and Sweden.
The company also plans to expand into other European countries and UAE.
DecoverAI raises $2M
DecoverAI, a legal tech company, raised $2 million in seed funding led by Leo Capital and other prominent investors.
The startup is developing a comprehensive 'Legal Brain'—an intelligent AI system that integrates capabilities for real-world legal workflows, including evidence discovery, legal research, and strategy generation.
The company will use the funds to accelerate the development and deployment of its innovative technologies. It will also enhance the Legal Brain capabilities for more accurate and actionable insights, expand its Generative Defense feature to cover a broader range of legal scenarios, grow the engineering and customer success teams to ensure seamless integration.
Other news
Francis deSouza joins 4baseCare’s advisory board
Francis deSouza, a Silicon Valley tech veteran, has joined Illumina Accelerator company 4baseCare’s Advisory Board
, a healthtech startup specialising in precision oncology solutions, appointed Francis deSouza to its advisory board. A Silicon Valley tech veteran, deSouza played a key role in making genomics more accessible globally.
“I am excited to join 4baseCare. The company's mission to make genomics accessible and affordable for under-represented populations deeply resonates with me,” he said, adding, “4baseCare has shown remarkable growth over the last 6 years, and I am confident that this is just the beginning of our journey to make a difference in the lives of cancer patients in India and the region.”
Daimler India Commercial Vehicles partners with Bajaj Finance
Daimler India Commercial Vehicles (DICV), a wholly-owned subsidiary of Daimler Truck AG, partnered with Bajaj Finance to enhance the accessibility and convenience of financing options across DICV's entire commercial vehicle portfolio.
Under the deal, the companies will make financial products specifically designed to meet the diverse needs of DICV’s growing customer base, enhancing flexibility for businesses looking to acquire commercial vehicles.
“We are delighted to partner with Bajaj Finance, as this enables us to offer enhanced and accessible financing solutions to our customers. This collaboration strengthens DICV's ability to provide superior Total Cost of Ownership (TCO)," said Sreeram Venkateswaran, President and CBO, Daimler India Commercial Vehicles.
The partnership will offer customer-focused finance solutions with faster turnaround times for loan approvals, streamlined credit appraisal processes, and customized financing options to suit various customer needs.
Bartronics India signs MoU with Bestvantage Investments
Bartronics India signed a Memorandum of Understanding (MoU) with Bestvantage Investments, which offers secure and transparent access to alternative investments in startups.
The partnership aims to drive Bartronics' growth and innovation, focusing on potential acquisitions in the fintech and insurance sectors to enhance their offerings and expansion strategies. Through this MoU, Bartonics aims to increase its turnover to Rs 66 crore.
Bestvantage will identify scalable businesses from Bartronics' portfolio using its startup verification process and industry insights, focusing on credible founders, sustainable business models, and indicators of potential unicorns. The criteria include third-party verification, industry descriptions, founder pitches, and long-term growth potential.
Bartronics and Bestvantage plan to target market opportunities in the urban and rural sectors under the Bartronics network, focusing on acquiring scalable startups that offer technological solutions to enhance connectivity and infrastructure.
Veefin Solutions appoints Parag Ekbote as CEO of GlobeTF, CBO of Veefin Group
Solutions, a supply chain finance company, appointed Parag Ekbote as the Chief Executive Officer of GlobeTF, a Veefin subsidiary that provides solutions in the transaction banking industry.
With nearly 30 years of experience in the banking technology sector, he will also serve as the Chief Business Officer of the Veefin Group of Companies.
Parag Ekbote, CEO of GlobeTF & CBO of Veefin Group
Ekbote brings years of strategic expertise in enterprise software and financial technology. He has cultivated high-performance teams, overseeing complex business operations, and implementing successful market expansion strategies.
"Parag’s vision and leadership will significantly strengthen GlobeTF's market position and contribute to our group's overarching objectives, particularly in developing our comprehensive Transaction Banking platform," said Raja Debnath, Managing Director of Veefin Solutions.
Nazara Technologies emerges as 8th largest global gaming acquirer
, a global gaming and esports company, was ranked 8th (disclosed deal value of $42.6 million) on the global list of gaming acquirers in the latest report by Drake Star Partners’ Global Gaming Report for Q2 2024. Nazara was ranked above companies, including MTG and Atari, which finished at 9th and 10th positions, respectively.
The Drake Star Partners’ Global Gaming report is published by Drake Star, a global tech investment bank with a focus on acquisitions and mergers and corporate finance across various industries and tech industrial sectors.
Onsurity launches InternShield for wellbeing of the next-gen workforce
, an SME-focused insurtech startup, launched InternShield—a comprehensive well-being programme for interns.
InternShield offers a robust support system that encompasses physical, mental, and digital well-being. By providing these essential benefits, Onsurity is ensuring that interns can focus on their professional growth.
Some of InternShield's key features include free doctor teleconsultations, mental and dental wellness programmes, and comprehensive support for mental and dental health, among other things.
Honasa Consumer appoints Nilesh Kotalwar as Senior Vice President, Online Revenue and Growth
Honasa Consumer, the holding company of brands like , , and Dr Sheth's, appointed Nilesh Kotalwar as Senior Vice President – Online Revenue and Growth.
In his new role, Kotalwar will spearhead the online revenue strategy, driving growth and profitability for Honasa Consumer's diverse portfolio of brands. He will focus on building a robust online network strategy, optimising digital marketing efforts, and enhancing the overall online consumer experience.
He brings 13+ years of leadership experience in the FMCG domain. He has managed cross-functional teams in various roles across revenue channels, with expertise in ecommerce, digital marketing, customer and shopper marketing, and brand management.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh