Startup news and updates: Daily roundup (August 26, 2024)

Funding

BundleOJoy raises Rs 7 Cr in seed funding from Sauce VC

Online shopping platform for children BundleOJoy has raised about Rs 7 crore in seed funding from venture capital fund Sauce VC.

The Bengaluru-based startup, which aims to create modern baby gear solutions, plans to use this capital and its expertise in the children’s space to build products that set a new standard of design, safety and quality.

“The Indian baby gear market either has mass products or very high-priced international products, there is a clear gap for high-quality premium products in this space,” said Akriti Gupta, Founder and CEO.

BundleOJoy ran a marketplace which gave them deep insights into the space.

KL Rahul invests undisclosed amount in Metaman

Indian cricketer KL Rahul has invested an undisclosed amount in Drip Project for its premium perfume range, reimagined as ‘Metaman’, while also joining hands as its brand ambassador. 

Metaman, founded in early 2022 by Harsh Maskara and Anil Shetty, is a men’s jewellery brand that acquired Drip Project in 2023, offering affordable products to GenZ.

KL Rahul, apart from being a cricketer, has been investing in projects, to cater to the demands of younger generations. Recently, he also invested an undisclosed amount in an AI-powered company Flam for its latest innovation, MR product that offers to redefine the way fans interact with celebrities. Rahul has also backed companies and projects like Boldfit, XYXX, Hyugalife, 4Cast, and Players Fund.

“These are areas I’m truly passionate about. That’s why I’m involved in health, wellness, sports, and fashion—these have always interested me. I’ve chosen to enter spaces where I feel comfortable and where I can genuinely contribute, rather than just being the face or an ambassador,” Rahul said.

Other news

Velocity announces Rs 400 Cr festive season fund for D2C brands

Velocity, a cash-flow-based financing platform, has earmarked Rs 400 crore to support the financing needs of D2C and ecommerce brands in the upcoming festive season sales.

This year’s allocation is over 60% more than the Rs250 crores earmarked in 2023, highlighting the industry’s expectations of a bigger festive season in 2024.

This financing will support brands and sellers on major ecommerce platforms such as Amazon, Flipkart, Myntra and Shopify and new-age quick commerce platforms like Blinkit, Instamart, and Zepto in enhancing their product assortment, accelerating delivery timelines, and capitalise on emerging trends such as premiumisation.

“Velocity’s debt financing is specifically designed to empower D2C and ecommerce brands...By providing the financial support they need, we’re excited to support the growth journey of several brands as they prepare to capitalize on the festive season demand and ecommerce growth,” Abhiroop Medhekar, Co-founder and CEO of Velocity, said.

InsuranceDekho launches SaaS platform Heph

InsuranceDekho has launched Heph, a SaaS platform, offering a comprehensive suite of digital solutions designed to streamline operations for insurance distributors across the country.

Heph’s full-stack technology covers every aspect of insurance operations—from front-end customer interfaces to robust back-end systems, covering a wide range of products including health, life, motor and group insurance.

The platform works with 49 insurers and supports multiple distribution channels. It caters to a diverse clientele including banks, NBFCs, brokers, OEMs, fintechs, and digital players.

“At Heph, we've built a platform that marries technological innovation with deep insurance expertise. Our mission is to empower businesses across the financial spectrum to offer seamless, efficient insurance solutions,” Ankit Agrawal, Co-founder and CEO of InsuranceDekho said.

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Fintech startup POP achieves monthly run rate of 1M UPI transactions

Fintech startup POP claims to have achieved a monthly run rate of one million transactions within the second month of its launch, and a total of over 1.5 million transactions since its launch.

With a growth rate of over 100% month-on-month, the company aims to be among the top 10 UPI apps by the end of this year, it said.

POP UPI rewards, via POPcoins, are merchant-funded and can be redeemed to buy a wide range of products from all major direct-to-consumer brands in categories, all housed within the POP app.

With this approach, POP is leveraging daily usage phenomena like UPI to help unlock a larger and relevant user base interested in buying new-age brands.

RED.Health appoints Prashant Agrawal VP of Hospital Business

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

In his new role, Agarwal will spearhead efforts to expand RED.Health’s hospital partnerships, enhance operational efficiency and ensure broader accessibility to the company’s life-saving technologies and services. 

He will focus on deeper integration with healthcare providers and regulatory bodies to create a more robust emergency response ecosystem.

Agarwal brings over two decades of extensive experience in the healthcare industry. Before RED.Health, Prashant held key positions with leading pharmaceutical and healthcare entities, namely Emcure Pharmaceuticals Ltd., Abbott, Sanofi, and AstraZeneca.

Skye Air, CARiTAS Hospital partner for drone-based medical deliveries

Skye Air Mobility, a drone technology-based logistics firm, has announced a collaboration with CARiTAS Hospital and Institute of Health Sciences, Kottayam, Kerala, for medical deliveries through drone technology. 

This partnership aims to enhance healthcare accessibility and efficiency in the region by leveraging unmanned aerial vehicles for the transportation of essential medical supplies and diagnostic samples. The Caritas Drone Medical Supply Delivery Unit is the first of its kind in South Kerala.

The initiative will see drones carrying payloads of up to 3 kg over distances of 10-15 km, connecting CARiTAS Hospital with various other satellite healthcare facilities of CARiTAS and remote areas in the region. The drone delivery system is expected to significantly reduce delivery times from hours to just 5-7 minutes.

The first drone flight successfully transported a package of vital medicines from CARiTAS Hospital to Caritas Family Hospital and CARiTAS KMM located 10-15 kilometres away.

The drone delivery programme is set to undergo a series of trial runs over the coming weeks, with plans for a full-scale rollout across Kottayam district in the near future.

HDFC Bank partners with Zeta for its credit line on UPI offerings

Zeta, a provider of next-gen banking technology to financial institutions globally, has announced its partnership with HDFC Bank to power its Credit Line on UPI (CLOU) offerings. 

Powered by Zeta’s Digital Credit as a Service (DCaaS) solution, the partnership will empower HDFC Bank to launch innovative credit products on NPCI’s CLOU scheme.

The CLOU scheme was announced by NPCI late last year and allows banks to connect pre-approved credit lines directly to the UPI user base. This translates to easier credit access for individuals and businesses while offering banks access to a much wider audience through the established UPI ecosystem. 

“Our association with Zeta includes working together on PayZapp, the Bank’s payment app, the acceptance of which continues to grow at a very rapid pace. We are glad to develop the Credit Line on UPI (CLOU) offering with Zeta enabling our customers to enjoy the benefits of an affordability program combined with the ease of doing a UPI transaction,” Rajanish Prabhu, Sr Executive Vice President, HDFC Bank, said.

SCOPE invests $27M in high-frequency trading with launch of XMHFT

SCOPE, a financial consulting and fundraising firm, has invested $27 million in launching XMHFT, its latest venture in the high-frequency trading (HFT) sector. 

This investment covers a broad range of critical areas, including technology infrastructure, tech team expansion, compliance measures, API development, B2B sales relations, and continuous algorithm upgrades. 

XMHFT is set to deliver advanced, AI-powered HFT algorithms tailored specifically for B2B clients in the United States and India, providing mid-sized firms with access to trading technology at a competitive rate.

The launch follows SCOPE’s recent acquisition of an asset management license in the US, which marked a pivotal expansion of the firm’s investment capabilities. 

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