Startup news and updates: daily roundup (August 13, 2024)

Funding News

Deeptech startup EyeROV raises Rs 10 Cr in pre-Series A  funding

EyeROV, a marine robotics deeptech startup, raised Rs 10 crore in a pre-Series A round led by Unicorn India Ventures to strengthen its geographical expansion into international markets.

Founded in 2016 by IIT Alumnus Johns T Mathai and Kannappa Palaniappan P, EyeROV uses deeptech for marine robotics and AI.

"With this funding, EyeROV will be able to scale up its sales, R&D, and operations much faster. Unicorn India has supported similar hardware/robotics companies in the past, and we believe this partnership will be highly beneficial," said Johns T Mathai, CEO, EyeROV.

Traveltech startup Ziptrrip raises Rs 2 Cr in pre-seed funding

Ziptrrip, an AI-powered corporate travel and expense management platform, raised Rs 2 crore in a pre-seed funding round from angel investors and industry leaders, including Anil K Jha, Prantik Dasgupta, and others.

The company will use the funds to fuel its plans for market expansion, enhance its team-building efforts, and drive continuous product innovation.

"This pre-seed funding represents a significant vote of confidence in our vision. The investment will enable us to accelerate our growth trajectory, and further enhance our AI capabilities,” said Shan Prabhakaran, Co-founder and CEO of Ziptrrip.

Venture Catalysts participates in Series B1 funding for CricHeroes

Venture Catalysts participated in the Series B1 funding round for CricHeroes, a sports tech company digitising and organising grassroots cricket in India and globally.

Founded by Abhishek Desai, Kuntal Shah, and Meet Shah, CricHeroes has empowered millions of grassroots cricketers to showcase their talent, gain recognition, and improve their skills through data-driven insights. The platform also fosters a strong grassroots cricket community by capturing all transactions between its members.

The round saw participation from several notable investors, including Games24x7 (an existing investor), WeFounderCircle, Eagle10 Ventures (via LetsVenture), Ivy Growth (Surat), and Pranav Patel of PNR Projects.

Filmmaker Karan Johar joins Fashion Entrepreneur Fund

The Fashion Entrepreneur Fund (FEF), a venture studio dedicated to the fashion sector, has partnered with filmmaker and fashion icon Karan Johar as an investor and promoter.

FEF, an initiative by the FEF India Fashion Awards, aims to nurture a collaborative ecosystem within the fashion industry. Johar will enhance support for emerging fashion entrepreneurs, leveraging his extensive experience and network to guide startups and budding entrepreneurs.

“The growing popularity of homegrown ventures showcases the incredible talent within India and highlights a shift towards embracing our unique style. My objective is to bring glamour and trends to the forefront, supporting these brands as they captivate audiences globally. Through this initiative, we will help fashion entrepreneurs set new trends and achieve unprecedented success,” he said.

Other news

Vahdam India appoints Akanksha Srivastava Byrnes as Senior VP - Marketing

Wellness brand Vahdam India appointed Akanksha Srivastava Byrnes as Senior Vice President of Marketing. Based in New York, Byrnes will spearhead overall brand-building, global marketing strategy, and growth initiatives.

Before joining Vahdam India, she held several marketing roles in companies in the US, spanning innovation, activation and performance of brands under CPG conglomerates.

"Akanksha has a proven track record in working with global teams that can adapt to the ever-changing marketing landscape. Akanksha’s leadership will help us connect with consumers and enhance our brand relevance even further,” said Bala Sarda, Founder and CEO of Vadham.

Prudent Equity launches its maiden fund PMS

Prudent Equity, a Gurugram-based wealth management firm, launched its maiden Growth Strategy Portfolio Management Service (PMS).

Launched in July 2024, the fund, with a minimum investment of Rs 50 lakh, is designed for investors seeking long-term capital appreciation over 36 to 60 months. The fund is tailored to meet the needs of a diverse range of investors, including (HNWIs) and (UHNWIs), offering solutions for medium- to long-term investment goals.

Prudent Equity aims to achieve Rs 250 crore in Assets Under Management (AUM) for the Growth Strategy PMS Fund by the end of 2025.

IIT Bhubaneswar signs MOU with IG Drones to establish Advanced Drone Excellence Centre

IIT Bhubaneswar has signed a Memorandum of Understanding (MoU) with IG Drones, a drone tech and AI company in India, to establish an Advanced Drone Excellence Centre at the IIT Bhubaneswar Research and Entrepreneurship Park, focused on disaster management R&D.

This collaboration marks a significant milestone in advancing drone technology research and development in the field of disaster management, especially as India is a disaster-prone country.

The new Centre of Excellence (CoE) will be dedicated to pioneering research and development in disaster management applications of drone technology. This initiative aims to enhance the capabilities of drones in responding to natural calamities. IG Drones has been used at Uttarakhand's avalanche-affected regions, Sikkim's landslides, and Odisha's cyclone-prone areas.

Umwelt.AI expands into the Philippines, partners with Sprout Solutions

AI-powered employee experience platform Umwelt.AI, has announced a strategic partnership with Sprout Solutions, a Philippines-based HR and business solutions provider.

With the addition of Umwelt.AI's advanced AI offerings into Sprout Solution's ecosystem of HR solutions, both companies aim to foster business growth across various sectors.

“We are excited to partner with Umwelt and support their efforts to bring AI-powered employee engagement solutions to Philippines-based businesses. This collaboration will significantly enhance businesses and their HR teams’ ability to elevate employee engagement," said Patrick Gentry, CEO and co-founder of Sprout Solutions.

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