Startup news and updates: Daily roundup (July 1, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, July 1, 2024.
Matrix Partners India renamed DZ47
US-based Venture capital firm Matrix Partners has rebranded its Indian entity as Z47. It also renamed its arm in China as MPC, and US operations are set to continue as Matrix, an early-stage venture capital fund with headquarters in Boston and San Francisco.
“The new name is inspired by India’s journey towards a developed country by 2047, with India’s founder and digital ecosystem at the heart of its growth story,” the company posted on X
In May 2023, the company announced an expansion in the size of its then fund from $450 million to $525 million.
“This change also reflects our responsiveness to regional market dynamics and a continued focus on competing locally,” it added on X.
ONDC Network records 3.7 lakh orders per day during T20 World Cup Final 2024
The recorded a high influx of orders during the T20 World Cup Final.
According to a press release by the platform, this showcases the Open Network's ability to handle high-volume transactions during significant events,
It hit a new milestone of 374,000 orders in a day, with the F&B category recording 61,000 orders.
These figures demonstrate the increasing adoption of the ONDC Network approach and its role in transforming India's ecommerce landscape, the release added.
ONDC provides a level playing field for businesses of all sizes, and it caters to online shoppers across the country.
Murugappa Water Technology & Solutions Signs MoU with Jiva Water
Murugappa Water Technology and Solutions (MWTS), a player in innovative water management signed an exclusive Memorandum of Understanding (MoU) with Jiva Water, a global social impact venture.
MWTS looks to integrate Jiva Water Devices into its solutions portfolio, and aims to introduce Jiva Water Devices to key market segments, including industrial, agricultural and home consumption sectors among others with this collaboration, the company said in a statement.
Jayateerth Nadgir, Chief Executive, MWTS (2nd from left), Srinivasan Vitoba and Dr. Krishna Madappa (Extreme Right), Founders of Jiva Water
“By incorporating Jiva Water Devices into our range of solutions, we will significantly enhance water quality at our customer/end use applications and expand our offerings to ensure real water circularity which is the crux of global climate change through our extensive country-wide and global network,” said Jayateerth Nadgir, Chief Executive of MWTS.
Jiva Water Devices are already being used in domestic drinking and bathing water, agricultural and industrial processes, effluent and sewage treatment plants etc.
“Jiva Water Devices harness principles from quantum physics and nature to influence water at the molecular level. Using specific beneficial frequencies into the water, we enhance its properties and interactions with living organisms,” said Dr. Krishna Madappa, Founder of Jiva Water.
Funding news
AI startup Pivot Robots raises funding from NuVentures
US-based AI startup Pivot Robots secured an undisclosed amount of funding from early-stage investor NuVentures.
“Pivot Robots is making software to help manufacturers automate some of their most labour-intensive and dangerous tasks, starting with the castings industry. We are excited to partner with because they provide us with support in finding customers and talent across both the US and India, which are both manufacturing hubs,” said Siddharth Girdhar, Co-founder, Pivot Robots.
Pivot Robots founders Vignesh Rajmohan (L), Siddharth Girdhar (R)
Founded in 2023 by Carnegie Mellon University alum Siddharth Girdhar and Vignesh Rajmohan, the company uses AI vision control software to automate industrial robots. The startup has an immediate purpose of addressing the labour shortage in manufacturing in the US.
“Most of the innovations in AI will come out of the top institutions in the US and India where a lot of research work is done,” said Venk Krishnan, founder, NuVentures.
Pivot Robots also raised funding from YCombinator (as part of its 2024 cohort) and a US-based fund.
AI testing and compliance platform RagaAI was also backed by NuVentures last year.
Wify raises Rs 25 Cr funding led by Mount Judi Ventures, Capria Ventures
Indian home furnishings installation player secured Rs 25 crore in its latest funding round.
Led by Mount Judi Ventures and existing investor Capria Ventures, the round also saw participation from Blume Founders Fund and other existing investors.
The company plans to use the funds to penetrate deeper into existing categories with more value-added services, expand into new categories, and accelerate capacity building, software, and technology enhancements, it said in a statement.
Wify Founders - Deepanshu Goel and Vikram Sharma (L to R)
The company also looks to focus on hiring leaders to strengthen its management team and enhance corporate governance, it added.
“The round was significantly oversubscribed, highlighting the strong appeal of Wify's business model and the high level of interest in the company's potential. This funding will help accelerate our growth through technology deployment and inorganic growth opportunities.,” said Vikram Sharma, CEO, Wify.
The company also has plans to leverage generative AI for training and onboarding, on-job assistance, and elevating customer service.
“Wify’s full-stack B2B2C solution has gained significant traction in the home improvement and maintenance space because it effectively addresses a critical market need. We are thrilled to partner with Wify, which is tackling a substantial challenge at scale and generating stable employment opportunities to contribute to India’s growth story,” said Ebaad Momin, Partner at Mount Judi Ventures.
(This copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
