Startup news and updates: Daily roundup (August 16, 2024)

Funding news

CTPL bags $4M in Series A funding

CTPL has secured $4 million in a Series A funding round led by Gujarat Ventures Private Limited (GVFL). The round also saw participation from UCIC, Recur, and others.

“With the backing of GVFL, Physis Capital, and all our partners, we are eager to broaden our reach and empower more universities to scale their admissions processes,” said Bikash Sahoo, Founder and CEO of CTPL.

“With this funding, CTPL plans to expand its offerings and pursue global expansion,” said Anukr Mittal, Partner, Physis Capital.

Delhi-based MidsCap Advisory, a boutique investment advisory firm, was the advisor for the transaction.

Other news

Cambridge University Press & Assessment and Get Set Learn announce Young Pioneers programme

Cambridge University Press and Assessment and Get Set Learn, an Arvind Mafatlal Group company, have partnered to launch Young Pioneers—a three-stage entrepreneurship programme for learners in schools.

Built for grades 7 to 10, the programme will integrate curriculum-based learning with expert-led masterclasses, mentorship, and projects for entrepreneurial skills development, the company said in a statement.

Over a span of three years, they will progress through beginner, intermediate, and advanced stages by focusing on the fundamentals of entrepreneurship and engaging in masterclasses and mentorship from industry experts.

IIT Madras announces ‘ideas to Impact’ national eco-innovative contest winners

IIT Madras announced the top five student eco-innovator teams of the inaugural edition of the ‘ideas to Impact’ (i2I) Challenge.

The winning teams received a cash prize of Rs 1 lakh each and are set to join the carbon zero challenge to secure prototype funding of up to Rs 5 lakh and a chance to secure the CZC seed grant of Rs 10 lakh.

The selected ideas dealt with mobile production unit for customisable semi-torrefied mixed agro-waste biomass pellets; the design and development of an electric cutter for laterite stone quarries and laterite stone-based industries; reusable, interlocking bricks crafted from plastic waste; an eco-friendly packaging made from crop residue, rice bran, lemongrass, and paddy straw and air curtain designed to remove microplastics while ensuring safe passage for fish.

The teams hail from NIT Arunachal Pradesh, LBS College of Engineering, IIM Sirmaur, Kumaraguru College of Technology, and NIT Pondicherry.

LEAD Group Survey finds multi-modal education crucial

Edtech firm LEAD Group in a study titled, ‘The Pulse of School Leaders Survey’ found that schools delivering multi-modal education to students rate themselves higher than schools that use only traditional forms such as textbooks.

The survey, which analyses the current state of school education in India, noted that the multi-modal approach of using textbooks, videos, and activities was recommended by the National Curriculum Framework 2023.

The report found that over 93% of schools using integrated systems believe their students excel in conceptual understanding of maths and science; 87% of school leaders using integrated systems report good confidence levels in their students; and 79% of school leaders that deliver multimodal learning via integrated systems report their students to be comfortable in speaking in English.

InCred Finance partners with Ola to offer personal loans

Diversified lending-focused NBFC InCred Finance and Ola Money partnered to provide personal loan services to Ola users directly through the Ola app. 

“By embedding cutting-edge technology, this partnership creates a streamlined, hassle-free loan experience, making it easier for Ola users to access the credit they need,” said Prithvi Chandrasekhar, CEO - Consumer Finance, InCred Finance.

The app users will now have the convenience of applying for personal loans via the Ola app of up to Rs 10 lakh, the company said in a statement.

Mahindra Finance announces two senior leadership appointments

Non-banking finance company Mahindra Finance has appointed Bijoy Thaplial as the Chief Business Officer – Leasing, Partnerships, and Payments; and Mod Narayan Singh as Chief Compliance Officer (CCO).

Thaplial, with his experience in financial institutions, is set to lead Quiklyz (the vehicle leasing and subscription business), identify and foster meaningful alliances and strengthen the execution strategy across all payment products. 

Singh, with his prior experience with the Reserve Bank of India, will oversee the compliance function across the organisation and assist the board and senior management in overseeing the implementation of the company’s compliance policy, the company said in a statement.

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