Startup news and updates: Daily roundup (August 1, 2024)

Funding news

Square Insurance secures Rs 25 Cr in seed funding

Insurtech startup Square Insurance secured $3 million in seed funding led by Negen Capital. The round also included Yogesh Chaudhary (Founder of Warmup Ventures and Owner of Jaipur Rugs), and Prashant Kothari (Owner of Jaipur Color Stone).

The Jaipur startup will use the funds to advance its technology infrastructure, streamline operations, and advance cattle insurance technology. It will also invest in developing customised micro-insurance products in collaboration with insurers and forming strategic partnerships with fintech and ecommerce companies. 

“This funding marks a significant milestone in our journey to transform the insurance landscape with cutting-edge technology and enhanced accessibility. It empowers us to not only refine and expand our insurance offerings but also to reach underserved markets, especially in rural areas where insurance plays a vital role in securing futures” said Rakesh Kumar, Founder and Managing Director of Square Insurance

Hippo Innovations bags Rs 3.3 Cr from Finvolve and India Accelerator

Ecommerce solutions provider Hippo Innovations raised Rs 3.3 crore from Finvolve and India Accelerator as part of its ongoing pre-Series A round.

The company will use the newly raised funds to automate workflows using AI, strengthen its enterprise offerings, and invest in marketing efforts. 

“Participating in the ongoing Pre-Series A round of Hippo Innovations showcases our optimism about the transformative potential of its solutions. We are confident about the impact the company will have on India’s soaring ecommerce ecosystem”, said Ashish Bhatia, Co-founder of Finvolve

Bloq Quantum raises Rs 1.3cr in pre-seed round led by Inflection Point Ventures

Bloq Quantum, a Kerala-based AI quantum software startup, raised Rs 1.3 crore in pre-seed funding led by Inflection Point Ventures. It will use the capital to develop its product line and expand its team, drive innovation in its quantum algorithms, improve platform functionalities, and expedite growth. 

“Understanding quantum technology and its intricate algorithms is daunting and applying it effectively in business is even more challenging. By bringing a platform where beginners and experts alike can work on quantum algorithms with a user-friendly low-code interface, Bloq Quantum’s USP brings satisfaction and business to its customers,” said Mitesh Shah, Co-Founder of Inflection Point Ventures. 

Other news

Metadome.ai co-founder and CRO Prashant Sinha exits the company

Metadome.ai said its co-founder and Chief Revenue Officer, Prashant Sinha, will exit the company after an almost six-year stint at the startup. 

During his tenure, Sinha was crucial in securing partnerships with brands such as TATA Motors, Hero MotoCorp, and Royal Enfield. 

“As I embark on my next venture, I am excited to continue exploring how cutting-edge technologies can solve complex enterprise challenges globally. The automotive sector is ripe for disruption, and I believe there’s immense potential in leveraging AI, XR, and other emerging technologies to enhance intelligence and create unparalleled customer experiences," Sinha said. 

The startup uses virtual and augmented reality, AI, and GenAI to help brands with their online buying experiences and more.

Amara Raja, Ather Energy partner to supply Li-ion cells for two-wheelers

Amara Raja Advanced Cell Technologies, a unit of Amara Raja Energy and Mobility, signed a memorandum of understanding (MoU) with EV maker Ather Energy to develop and supply Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) Lithium-Ion and other advanced chemistry cells at Ather’s upcoming Gigafactory. 

“We immensely respect Ather’s contribution to electrifying mobility in India and their unique approach to overall ecosystem development for sustainable personal mobility solutions. At Amara Raja, we have significantly progressed in our efforts to build world-class facilities to manufacture cell and battery packs customised for Indian conditions”, said Vikramaditya Gourineni, Executive Director, Amara Raja Energy and Mobility.

Planify launches SME-focused offering

Gurugram-based Planify launched its latest offering, Planify VentureX Fund, to invest in small and medium enterprises (SMEs) in emerging markets. 

The alternative investment fund (AIF) will offer investors an opportunity to diversify their portfolios and participate in the growth witnessed in the SME sector. 

According to the company, the VentureX Fund will address liquidity risks that investors in VC funds often face by focusing on listed SMEs where liquidity is not a major issue. 

“At Planify, we believe in the power of innovation and disruption to drive meaningful change. SMEs have consistently outperformed Nifty and even Nifty Small Cap for the last 5 years. SMEs gave 79% CAGR compared to 56% in Small Cap and 20% Nifty50 in FY2024.” said Rajesh Singla, Founder and CEO of Planify.

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