Startup news and updates: Daily roundup (July 19, 2024)

Funding

Pintel.ai raises $1M in seed round led by IvyCap Ventures

Pintel.ai, a platform designed for sales development, has secured $1 million in seed round led by IvyCap Ventures. The funding round also saw participation from prominent investors, including founders and leaders from Whatfix, LambdaTest, Livspace, Moengage, Quizizz, GSF, Hevodata, HROne, and other notable angel investors.

Pintel.ai aims to address the critical challenges faced by sales development professionals, including time-consuming research and the need for highly customisable tools to cater to unique company requirements.

Founded by Aman Garg and Nirmal Vatsyayan, Pintel.ai's AI-driven solution offers a flexible and intuitive platform, enabling users to seamlessly integrate multiple data sources and apply custom research logic. This approach significantly reduces research time by up to 90% and boosts sales representatives' productivity by 50%.

Rabbitt AI raises $2.1 M led by TechCurators and various angel investors

Rabbitt AI, a generative AI platform, has closed $2.1 million in seed round led by TechCurators, the flagship company of the TC Group of Companies.

Rabbitt AI’s platform offers a robust suite of tools, including core generative AI capabilities, custom LLM development, RAG fine-tuning, data-centric AI, MLOps integration, and voice bot AI agents. By combining these features, Rabbitt AI enables businesses to create powerful AI solutions tailored to their specific needs.

Accel Backed AI-SaaS startup Fibr raises $1.8M in seed round

Fibr, an AI-powered personalisation platform, has raised $1.8 million in seed round led by Accel with participation from 2AM VC and prominent angel investors such as Kunal Shah (Founder, Cred), Sunil Kumar (ex-cofounder Zenoti) and others.

Founded in January 2023 by Ankur Goyal and Pritam Roy, the funding will be used to enhance Fibr's AI personalisation platform, expand its customer base, and hire diverse talent to meet the evolving needs of marketers worldwide.

Other news

Roadzen CEO and Chairman agree to exchange $3.5M of short-term debt for equity in the company

Roadzen Inc, a global leader in AI, said that the company’s Special Committee of Independent Directors have unanimously approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for ordinary shares of the company. The related parties that have executed binding term sheets and agreed to the exchange, which includes Rohan Malhotra, CEO, Roadzen; and Pi Capital International Inc. and its affiliate Marco Polo Securities, Inc., which is principally owned by Roadzen’s Chairman of the Board.

The number of shares into which the accrued liabilities will be exchanged for common stock will be based on the amount of debt released divided by a share price equal to the greater of $2.80 per share or the 30-trading day volume weighted average price beginning 3 days following the date on which the company files with the Securities and Exchange Commission, its Form 10-Q for the first quarter ended June 30, 2024.

TATA AIG enters into a strategic partnership with Mahindra Finance

General insurance provider TATA AIG has announced a strategic partnership with Mahindra Finance, a Non-Banking Finance Company (NBFC). This collaboration aims to enhance the distribution of TATA AIG's non-life insurance products to Mahindra Finance's extensive customer network.

Under this partnership, TATA AIG will offer a comprehensive range of general insurance products, including motor, health, personal accident, and other non-life insurance solutions to over 10 million customers of Mahindra Finance.

“This collaboration with Mahindra Finance is an important move towards making our insurance products more accessible. Based on a common foundation of strong corporate governance and a robust value system, we are committed to offering customised solutions that cater to the diverse needs of our partners, ensuring comprehensive protection and financial security," said Neelesh Garg, Managing Director & CEO at TATA AIG General Insurance Co. Ltd.

BlackSoil NBFC raises over Rs 200 Cr debt in H1CY24, with 60% from new lenders 

BlackSoil NBFC, the flagship arm of BlackSoil Group, an alternative credit platform, has raised ₹208 crore debt in the first half of the calendar year 2024. Notably, 60% of this funding came from new debt investors. This achievement marks a robust 30% year-on-year growth in debt raise, bringing BlackSoil's total debt raise to over ₹1,570 crore as of June 30, 2024.

Ankur Bansal, Co-founder and Director at BlackSoil, stated, "This substantial debt raise, particularly the 60% from new investors, validates our business model and emphasises the trust we have built in the alternative credit space. It is a testament to our robust credit profile and expanding market presence. This milestone empowers us to offer even more innovative and tailored financial solutions to India's high-growth sectors, reinforcing our commitment to bridging the credit gap for new-age businesses and fostering entrepreneurship nationwide".

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