Startup news and updates: Daily roundup (August 23, 2024)

Funding news

Fabrication Bazar bags $3M in pre-Series A round

Ben & Gaws Private Limited, the company behind the manufacturing tech startup Fabrication Bazar, has secured $3 million in a pre-Series A funding round led by Physis Capital, along with participation from Japan-based venture capital firm ICMG and existing investor Inflection Point Ventures.

The new funding will be utilised to enhance the platform, broaden its global reach by expanding into regions outside India, particularly the GCC and Southeast Asia markets, and strengthen the leadership team through strategic hires.

“Our tech-enabled, asset-light manufacturing platform empowers thousands of MSME steel fabricators across India by enhancing their capacity utilisation, delivering quality products to blue-chip MNC clients, and providing them access to capital. This round helps us to further enhance our tech offerings and build the team to take us to the next level. Given the size and potential of the steel fabrication industry in India and globally, we see significant growth opportunities ahead,” said Dwaipayan Dutta, Co-founder and CEO, Fabrication Bazar. 

Fabrication Bazar is a tech-enabled, asset-light manufacturing platform specialising in industrial steel products. It serves over 400 clients across various sectors, by leveraging its proprietary manufacturing technology to enhance production efficiency.

Decapods Aquaculture Technologies closes Rs 4.25 Cr seed round 

Chennai-based startup Decapods Aquaculture Technologies Ltd has raised Rs 4.25 crore $500,000) at a pre-money valuation of Rs 40 crore. The funding round was spearheaded by Priya Parthasarathy, along with women angel investors. 

The round also attracted a group of investors from the UAE, Kuwait, Australia, Singapore, and India. 

“This is a testament of the growing influence of women in finance and also the global appeal of a startup from Tamilnadu. The story not only reflects on a personal milestone of Decapods, but also my focus and commitment to connect local startups with global investors and to bring in more women investors to the podium,” said Priya Parthasarathy. 

TailBlaze secures pre-Series A Round at an undisclosed amount

India's SAPL Group, the parent company of the organic dog food brand TailBlaze, has secured an undisclosed amount at a valuation of $7.25 million. The parent group is reportedly in discussions with venture capitalists and family offices in India and the US to raise a larger Series A round, aiming for $2 million. 

The fresh capital will enable the company to support its revenue growth and expansion into seven additional countries, including the USA, the UK, Georgia, Armenia, Australia, the UAE, and Canada.

The group is also engaging with international sportsmen to bring them on board as celebrity investors, as part of its expansion strategy in India, according to the company’s statement.

SAPL Group, which already owns pet brands such as TailBlaze, Pawssentials, and Groom Vroom, has also acquired several global brands as part of its expansion plan for FY24-25.

LoanKuber raises $3.5M in pre-Series B round

LoanKuber, the brand operating under Janasha Finance, has raised $3.5 million in a pre-Series B funding round through both equity and debt. The round was led by Singapore-based TRTL VC and existing investor Inflection Point Ventures.

Some of the additional participating investors include Auxano, LetsVenture, and Mavuca Capital, along with angel investors such as Ruchi Deepak (Co-founder of ACKO Insurance), Prashant Tandon (Co-founder of 1mg), and Pankaj Vermani (Co-founder of Clovia). 

The latest funding will boost Janasha Finance’s total capital raised to over $13 million to further improve credit access for underserved communities in India.

Additionally, LoanKuber plans to use the newly acquired funds to expand its assets under management (AUM), which currently total around Rs 93 crore, the company said in a statement. 

Founded in 2018 by Saurabh Nagpal, an alumnus of IIT Delhi, and Saumya Nagpal, an alumnus of IIM Bangalore, LoanKuber provides formal mortgage finance to MSMEs.

Drone-tech startup NxtQube raises seed round funding 

Drone tech firm NxtQube has secured seed round funding led by Venture Catalysts along with participating investors Pontaq VC (STPI), Ananta Bizcon LLP, Rushikesh Bhandari, and other angel investors. The Nashik-based firm will use the new capital to fuel its operations in the defence and enterprise sectors across Asia Pacific, Europe, and the US market with two million drones.

The capital inflow will further accelerate the company's strategic expansion, research and development, and product lineup, and expand its global footprint.

“The aviation sector has been transforming rapidly through the growing emphasis on drones and this investment will further assist us in ensuring a future to seamlessly integrate technology with the skies to enhance human lives. This funding will also enable us to advance a step further to enhance the quality of our Universal Drone Docking Station to cater to diverse categories and applications," said Nikhil Rajput, Co-founder and CEO of NxtQube.

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Other news

Orchids The International School recruits 200+ IITians 

Orchids The International School has recruited about 200 IIT graduates, including alumni from IIT Kanpur, IIT Mandi, and IIT Bhubaneswar, to enhance its Orchids Career Foundation Programme in physics, chemistry, and mathematics for grades 6 through 12.

Along with teaching, the IIT graduates will focus on mentoring students in personal and professional development, including career choices, research, and entrepreneurship.

“IIT graduates bring a different dimension to the classroom. The deep understanding and practicality of these STEM subjects, makes them furnish the students with more comprehensive and nuanced learning of complex subjects. This comes in handy, perhaps now more than ever, in schools, for these teachers equip the students with not just learning the content but also mentoring them toward building a culture of thinking and problem-solving,” said Shlok Srivastava, Head of the Orchids Career Foundation Program.

Ecom Express launches new brand identity

B2C ecommerce logistics solutions provider Ecom Express has introduced a fresh brand identity.

The new visual identity features a logo with a forward-moving arrow enclosed in a square, to symbolise the company's efforts on reliable delivery. The design also includes the letter "E," representing Expression, Innovation, and Progress, while the bold magenta colour signifies bravery and self-expression, the company said.

“We are committed to integrating robust technology and innovation to deliver reliable, high-speed services with the widest network reach, all while optimising operational efficiency and flexibility,” said Ajay Chitkara, CEO and MD of Ecom Express.

Experian India launches AiDRIAN to tackle fraud in the financial industry

Experian India has introduced AiDRIAN, a tool designed to detect potential fraud. It identifies fraud at its source, helping to prevent financial losses in real time while protecting the company's reputation. It also improves the customer experience by reducing the need for manual reviews and interventions.

According to Experian’s 2024 Future of Fraud Forecast report, nearly 70% of businesses report increased fraud losses in recent years, and over half of consumers feel more vulnerable to fraud than before.

In recent years, nearly 70% of businesses have experienced rising fraud losses, and more than half of consumers feel more susceptible to fraud than in the past, according to Experian’s 2024 Future of Fraud Forecast report. 

“With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges. Experian recognised the need for lenders to reduce fraud levels without impacting conversion rates, leading to the creation of AiDRIAN. With this solution, we have seen customers in other markets grow their revenues by up to 15%," said Manish Jain, Country Managing Director of Experian India. 

Enrission India Capital appoints Harsh Deodhar as Principal

India-focused Japanese VC firm Enrission India Capital has appointed Harsh Deodhar as Principal to lead and enhance its Indian operations. 

Harsh has over 16 years of experience in media and advertising, startups, angel investing, and investment banking. He previously led investor relations and partnerships at ah! Ventures for four years, where he helped build a network of over 80 venture partners across 22 cities.

“We are thrilled to have Harsh onboard as Principal at Enrission India Capital. His expertise and network will be invaluable in identifying and supporting high-potential startups in India," said Yusuke Kakimoto, Founder of Enrission India Pvt. Ltd. 

Enrission Group, founded by Yusuke Kakimoto in 2013, includes Enrission Inc and Enrission India Capital in Japan, and Enrission India in India. 

The group has recently launched Enrission India Capital VC, a venture capital firm based in Japan focused on the Indian market. This fund aims to connect Indian and Japanese markets and supports various sectors, especially those founded by IIT and IIM alumni.

With the launch of Enrission India Capital, the company aims to enhance its presence in the Indian startup ecosystem. Since February 2024, Enrission has invested in four startups through its VC fund. Prior to 2024, Enrission operated as an angel network and has had a portfolio of 25 startups since 2018. 

Shiprocket launches omnichannel marketing automation platform

Ecommerce enablement platform Shiprocket has launched Engage 360, a data-powered marketing automation platform. 

The new platform, which provides solutions for marketing automation and intelligence, aims to support over 150,000 merchants across India by driving growth, boosting customer loyalty, and optimising marketing spending. 

“With the launch of Shiprocket Engage 360, we are taking a giant leap forward in enabling ecommerce merchants to not only survive but thrive in the digital age by delivering personalised customer experiences at scale by harnessing the power of data-driven marketing. With the Indian ecommerce industry moving towards growing into a $300 billion industry by 2030, marketing automation is going to play an important role in bolstering this growth,” said Saahil Goel, MD and CEO, Shiprocket. 

Shiprocket claimed that its Engage 360’s omnichannel capabilities, including WhatsApp, SMS, email, and RCS, provide a seamless customer experience and drive sales increases of up to 15% through AI-powered content and intelligent segments.

T-Hub collaborates with Beyond4

Startup incubator T-Hub has entered into a Memorandum of Agreement (MOA) with Beyond4, Malaysia’s accelerator ecosystem. The agreement was signed in the presence of Malaysia's Minister of Investment, Trade, and Industry, Datuk Seri Tengku Zafrul Abdul Aziz.

The partnership aims to drive cross-border innovation and market access between India and Malaysia, establishing a strong framework to support startups from both countries.

Additionally, this collaboration will boost growth in sectors such as fintech, healthtech, agritech, sustainability, and smart cities. Under this agreement, T-Hub will leverage its network and expertise to help Malaysian businesses enter the Indian market while offering global expansion opportunities for Indian startups.

Amazon India launches ‘Project Ashray’ to support the wellbeing of delivery associates

Amazon India has introduced ‘Project Ashray’ to enhance the well-being of its delivery associates. The initiative aims to provide rest points at key locations in cities such as Delhi-NCR, Bengaluru, and Mumbai.

Partnering with the Udyasa Foundation, the pilot project will set up five Ashray centres at high-traffic areas, starting with the first centre in Gurugram.

"‘Project Ashray’ is a significant part of our broader efforts to improve driver experience and well-being. By providing dedicated rest points with essential amenities, we aim to ensure that all delivery associates, whether with Amazon or other companies, have the best possible and most comfortable environment while they work," said Abhinav Singh, Vice President – Operations, Amazon India.

RED.Health appoints Prashant Agrawal as VP to revamp emergency services

RED.Health, a medical emergency response platform, has onboarded Prashant Agrawal as Vice President of Hospital Business.

With a pharma background and an MBA from IMT Ghaziabad, Agrawal brings over 20 years of healthcare experience from roles at Emcure, Abbott, Sanofi, and AstraZeneca. At RED.Health, he will lead efforts to expand hospital partnerships, improve operations, and enhance accessibility to life-saving technologies, aiming for closer integration with healthcare providers and regulators.

“Joining RED.Health aligns perfectly with my own vision for the future of healthcare in India. Integrating cutting-edge technologies into hospital emergency protocols will significantly reduce response time and improve patient outcomes. My goal is to make RED.Health’s services an indispensable part of every hospital’s emergency arsenal, ensuring that no patient is left without rapid, high-quality care when it matters most,” said Prashant Agrawal, the new VP of Hospital Business at RED.Health.

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