Startup news and updates: Daily roundup (July 31, 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, July 31, 2024.
Funding
Angel One Wealth receives Rs 250 Cr for developing wealth-tech platform
Angel One Wealth Limited (AOW), backed by Angel One, aims to transform wealth management for India's HNI and UHNI clients with a Rs 250 crore capital infusion from the parent company.
AOW's strategy focuses on three pillars: diverse investment products, tech-driven client accessibility, and support from expert wealth managers. This approach addresses industry challenges like innovation barriers, high costs, and fees.
With a Rs 250 crore capital infusion, AOW is enhancing its technological infrastructure, leveraging AI and analytics, expanding its market presence, and developing tailored investment strategies.
Led by seasoned professionals, including Srikanth Subramanian, AOW has established key structures like an advisory council, think tank, and investment committee to guide its growth.
AOW offers personalised investment advisory, portfolio management, and access to various investment products, catering specifically to HNI and UHNI needs.
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.
Other news
Physics Wallah offers Rs 250 Cr scholarship fund for NSAT 2024
(PW) has launched a substantial scholarship fund of Rs 250 crore through its third edition of the NSAT (National Scholarship Common Admission Test) 2024.
This initiative is designed to support students preparing for NEET-UG and IIT-JEE exams by offering top-quality education and expert guidance, regardless of financial constraints. The NSAT exam will be held both online (October 1-15, 2024) and offline (October 6 and 13, 2024) at selected centres.
Registration is open to students from Class VI to XII, and there is no registration fee, ensuring accessibility for all. Results will be announced in November 2024. The top 1,000 performers will receive full scholarships, including accommodation, with special consideration for the top 500 underprivileged students.
IIT Mdras and IDBI Bank launch lab for advanced cybersecurity solutions
The Indian Institute of Technology Madras (IIT Madras) has partnered with IDBI Bank to launch the ‘IDBI - IITM Secure Systems Lab’ (I2SSL), focusing on cybersecurity solutions for sectors like healthcare, fintech, and aerospace.
The lab will create market-ready intellectual properties, commercialise research, and enhance mobile technology security. Inaugurated by IDBI Bank’s CEO Rakesh Sharma and IIT Madras Director Prof V Kamakoti, I2SSL aims to combat cyber threats through secure systems engineering, addressing security from theoretical to practical applications.
The lab will foster cybersecurity education through online programs and hackathons and develop tools for automated security evaluation and AI-based malware analysis. The initiative also includes creating hardware accelerators for cryptographic security in multiple sectors.
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
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
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
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.
The company has a monthly unique visitor base of 70 million.
IndiaMART’s Q1 FY25 revenue up 17% to Rs 331 Cr, profit up 30%
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./
Sansera Engineering to invest Rs 2,100 Cr in Karnataka, creating 3,500 jobs
Sansera Engineering Limited has signed a Memorandum of Understanding (MoU) with the Karnataka government to invest Rs 2,100 crore over the next 3-5 years.
This investment aims to expand Sansera’s manufacturing capacity in Harohalli, Ramanagara, enhancing both the automotive and non-automotive sectors.
The project will cover a 55-acre plot and is expected to generate approximately 3,500 direct and indirect jobs. The MoU signing was attended by key officials, including the Minister for Large and Medium Industries and Infrastructure Development, MB Patil.
This investment will boost exports, support skill development through a new training centre, and introduce advanced technologies, benefiting the local industrial ecosystem.
Additionally, Bosch Automotive Electronics India Pvt Ltd announced a Rs 150 crore investment to launch a Flexi Dome Camera manufacturing line in Karnataka.
Encora expands strategic partnership with Cloud Software Group for engineering services
Digital engineering services Encora has revealed plans to enhance and expand its strategic partnership with Cloud Software Group (CSG).
This collaboration encompasses product development and engineering services through a managed services model, catering to the evolving needs of CSG's global operations.Encora, as part of this partnership, has established and manages a TIBCO Center of Excellence (CoE) and Academy in India.
The TIBCO CoE includes over 350 engineers working across various technologies, contributing to development, quality assurance, and support for the TIBCO platform and other essential products. The expanded partnership will now cover extended product engineering and support.
Andy Nallappan, Chief Operating Officer of Cloud Software Group, commented, "Cloud Software Group and Encora are ideal partners, poised to deliver significant enterprise solutions. Encora’s blend of experience with digital natives and enterprises, along with their agility and technological expertise, brings new innovation to our product development and support efforts. We anticipate continued fruitful collaboration across diverse technology domains."
Guidewire India launches engineering scholarship for underprivileged girl students
Guidewire India, the subsidiary of the US-headquartered software company, has launched an engineering scholarship programme exclusive for female students coming from underprivileged backgrounds.
The “ElevatEd by Guidewire" programme, which comes under Guidewire Give Back programme, aims to provide the opportunity for female students, empowering them through higher education. It is about supporting talented, disadvantaged female students to achieve their professional aspirations of becoming qualified engineers.
The entry criteria for the ElevatED scholarship programme are purely based on the student's academic performance and family income. The selected students will receive a scholarship of Rs 50,000 annually until graduation along with mentorship and networking opportunities.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh