Startup news and updates: Daily roundup (July 31, 2024)

Funding

Nected secures $1.5M seed funding to enhance low-code, no-code platform

Nected, a low-code, no-code SaaS startup, has secured $1.5 million in seed funding led by Binny Bansal’s Three State Ventures.

Investors include Endurance Capital, Relentless VC, and several prominent founders and CXOs. Co-founders Prabhat Gupta and Mukul Bhati aim to transform software development by enabling seamless collaboration between technical and non-technical teams.

Their platform offers pre-built tech components, fostering rapid application development and iteration, reducing costs, and accelerating innovation.

The funding will enhance product usability, integration, and international operations, with plans to incorporate AI-powered features. Nected's platform is designed to automate repetitive tasks, freeing tech resources and enabling faster innovation.

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Other news

Google launches accelerator for 20 Indian Android app startups

Google has launched the Google for Startups Accelerator: Apps programme, a three-month mentorship initiative for 20 Indian Android app startups, supported by MeitY Startup Hub.

This evolved version of Appscale Academy offers enhanced support to help startups scale. The programme provides tailored mentorship to improve product experience, tech approach, security, and user base growth.

Startups will gain access to Google's latest AI models and technologies.

Highlights include 1:1 mentoring, design reviews, collaboration with Android and Google Play teams, Google Cloud credits, and AI expertise.

Eligible startups must be Android-based, based in India, and in seed to Series A stages. Applications are open until August 15, 2024, with the programme starting in September.

Swiggy launches Green Dot Awards, celebrating top vegetarian restaurants and dishes

Swiggy has launched the Green Dot Awards to honour top restaurants serving vegetarian dishes across India.

Nine of the top 10 most ordered dishes on Swiggy are vegetarian, with Masala Dosa, Paneer Butter Masala, and Margherita Pizza among the favourites.

Bengaluru leads in vegetarian orders, with one in three coming from the city, followed by Mumbai and Hyderabad. Breakfast sees the highest vegetarian orders, dominated by dishes like Masala Dosa and Idli. Margherita Pizza is the top snack.

Swiggy said vegan orders have surged by 146% in the last year. The awards cover 80+ cities, featuring 9000+ brands and 60+ categories, celebrating the popularity of vegetarian food.

Sokudo Electric to open 100 flagship stores across India by 2024

Sokudo Electric India plans to open 100 flagship stores across India by December 2024, focusing on Delhi, Uttar Pradesh, and Maharashtra.

The stores, managed by distributor Anubhuti Electric, will range from 1,500 sq ft to over 2,000 sq ft and are expected to contribute 60% of sales. The expansion aims to capture 5% of India's electric two-wheeler market.

“Our new Sokudo flagship stores are a part of our long-term expansion plan through which we intend to boost our market presence. I am hopeful our strategic move will help us strengthen our market footing and allow us to help more consumers access high-quality electric scooters at an affordable price," Prashant Vashishtha, CMD of Sokudo Electric India, said.

CarTrade Tech reports 46% growth in revenue, 69% in PAT for Q1 FY25

CarTrade Tech Limited reported robust financial performance for Q1 FY25 with total income reaching Rs. 156.36 crore, marking a 46% year-on-year growth.

The company's adjusted EBITDA rose by 38% to Rs 42.81 crore, while profit after tax surged by 69% to Rs 22.90 crore.

“I'm pleased to report a very good start to the year, with total income registering YoY growth of 46% and Profit After Tax growing by 69%. CarTrade Tech has a strong history of successful M&A integrations, including the recent integration of OLX India, which is already yielding positive results. Our brands CarWale, BikeWale, Shriram Automall, and OLX India remain leaders in their respective markets," Vinay Sanghi, Chairman and Founder, CarTrade Tech, said.

With a monthly unique visitor base of 70 million, operates multiple platforms, supporting vehicle transactions for customers and businesses.

IndiaMART’s Q1 FY25 revenue up 17% to Rs 331 Cr, profit up 30%

IndiaMART InterMESH Limited reported a 17% increase in consolidated revenue in Q1 FY25, reaching Rs 331 crore.

Standalone revenue grew by 18% to Rs 315 crore, driven by higher supplier realisations and increased subscribers, the company said in a press release.

Net profit surged 30% to Rs 124 crore, with a net profit margin of 34% and an EBITDA margin of 37%. Collections from customers rose by 15% to Rs 341 crore.

The company also saw a 23% increase in deferred revenue, totalling Rs 1,474 crore. IndiaMART continues to expand its business with the recent agreement to acquire a 10% stake in Baldor Technologies.

"We are happy to start the financial year on a positive note with a steady growth in revenue and deferred revenue, along with expansion in the operating margins. On the back of a strong balance sheet and sustained cash flows, we will continue to make investments to further strengthen our value proposition, improving customer experience and leveraging growth opportunities," Dinesh Agarwal, Chief Executive Officer, IndiaMart.

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