Startup news and updates: Daily roundup (August 5, 2024)

Funding news

CURRYiT raises Rs 4.5 Cr in seed round

D2C brand CURRYiT raised  Rs 4.5 crore in a seed funding round led by RK Family Trust (Apollo Group), Tangent Advisors, Freeflow Ventures, and angel investors, including Ramesh Damani (DMart Group) and Ajaya Jain.

It will use the capital to expand operations, boost brand marketing initiatives, and strengthen distribution networks.

Founded by IIM alumni Richa Sharma and Nischal Kandula, CURRYiT features an extensive range of cooking pastes in India, with curry pastes such as Kashmiri Rogan Josh and Butter Masala, biryani pastes, ginger garlic paste, tomato purees, and instant tadka.

“With this recent funding, we will double down on our production and marketing efforts to make CURRYiT the go-to brand for every Indian’s daily cooking needs,” Co-founders of CURRYiT said.

Fintech VC fund Cedar-IBSi Capital invests in Cogniquest

Cedar-IBSi Capital, an early-stage fintech VC fund, invested an undisclosed sum in Cogniquest, an AI-ML company specialising in intelligent document processing for financial institutions. It will use the capital for technology development and expanding use cases. 

The round also saw over 25 angel investors via AngelList India participating, including Dhiraj Sinha (QuantGro), Umashankar Malapaka (former Infosys), Visveswara Gupta (former Infosys), Rajesh Bhat (former Accenture), Anup Naik (Zeliot), and Vimal Singh (ReadyAsssist), among others.

“The banking technology and infrastructure ecosystem is undergoing a silent disruption, with new-age players complementing and disrupting age-old monolithic systems, by bringing modular and easier-to-implement solutions. We see immense potential for growth in this segment and expect the next generation of tech-product companies building for BFSI globally to emerge from India,” said Sahil Anand, Founder and Managing Partner of Cedar-IBSi Capital. 

Latambarcem Brewers (LB Brewers) raises $1.5 million in Pre-Series A

Beverage startup Latambarcem Brewers (LB Brewers) has secured $1.5 million in a pre-series A funding round led by LBB Investor SPV, a group of prominent ultra-high-net-worth angel investors, Dhruv Agarwala, CEO of housing.com, as well as Sheba Venture Holding and other investors. The raised capital will be used to drive the company’s growth and solidify its position as a leader in the beverage space. 

With the new investment, the Goa-based firm will also focus on building a team of experts to expand its footprint, implementing marketing initiatives to fuel brand awareness, and enhancing its supply chain infrastructure.

“This funding is a significant milestone for LB Brewers. We’ve always prioritised building a solid foundation, focusing on exceptional R&D, product development, and packaging. This investment allows us to amplify our efforts and reach new heights. We’re excited to expand our team, enhance our marketing strategies, and ensure wider availability of our innovative beverages to consumers across India,” said Aditya Ishan Varshnei, CEO of Latambarcem Brewers.

Other news

D2C brand Berrylush launches new app 

Berrylush, a direct-to-consumer women's fashion brand, launched its new mobile app on Android and iOS devices. Developed in collaboration with Shopify's mobile app developer, Appbrew, the new app is designed to offer a seamless shopping experience to customers, positioning Berrylush alongside leading fashion retail giants while further enhancing the company's omnichannel strategy.

By partnering with Appbrew, Berrylush claims to have simplified app maintenance and significantly reduced costs. This investment is 50-60 times lower than developing an app with an in-house tech team or hiring a traditional app development agency.

Core Integra appoints Ramesh Padmanabhan as COO

SaaS-based labour law compliance platform Core Integra appointed Ramesh Padmanabhan as Chief Operating Officer (COO). 

With over three decades of experience in industrial relations and personnel management, Padmanabhan previously served at TATA Projects and has led several roles at Air Force HR and administration and compliance consulting firms. 

"I am thrilled to join Core Integra and contribute to its mission of revolutionising HR and Compliance solutions. I look forward to leveraging my experience to drive operational efficiencies and support the company's strategic goals, especially in establishing technology leadership in this segment," he said. 

Zetwerk, Smile partner to commission advanced IT hardware factories

Zetwerk, a contract manufacturing marketplace, has partnered with SMILE Electronics, a local electronics manufacturing services (EMS) provider, to establish three new IT hardware production facilities in India.

The Devanahalli factory, located near Bengaluru, will feature fully automated production lines designed for the assembly, testing, and packaging of desktops, laptops, energy meters, and remote controls.

"Cutting-edge technology like automated screen-printing, placement and reflow machines ensure efficient production, with the ability to produce 0.75 million components per hour. The facility prioritises environmental responsibility through RoHS compliance and offers conformal coating for enhanced product protection," the company said in a press note.

It will open two additional facilities in Chennai and Andhra Pradesh.

Sanjeev Misra joins Rukam Capital as advisor 

SEBI-registered Category-II VC fund Rukam Capital has appointed Sanjeev Misra as an advisor.

With over 30 years of experience, Misra was a key member of the leadership team at Adani Group, where he served as VP of Group Business and Renewables and was instrumental in driving sales, strategic planning, and business development. Additionally, he spent over a decade in Silicon Valley, contributing to the growth of renowned companies.

“Rukam Capital’s focus on early-stage investments aligns perfectly with my belief in the power of innovation and strategic growth. I look forward to collaborating with the team and leveraging my experience to help elevate the startups in Rukam Capital’s portfolio,” he said. 

NIIT appoints Anshumaan Prasad as Head of Marketing

NIIT appointed Anshumaan Prasad as its new Head of Marketing, and he will oversee NIIT’s marketing strategy and initiatives to drive growth and fuel the brand's presence.

With over 13 years of experience in the FMCG, FMCD, and tech sectors, Prasad has held roles at HUL and Amazon. Throughout his career, he has been instrumental in developing and implementing marketing campaigns, strengthening brand presence, and leading high-performing teams.

Celcius Logistics onboards DHL executives to spearhead India operations 

Domestic third-party logistics player Celcius Logistics appointed Ganesh Satam and Yugal K Agrawal to its leadership team as the Chief Business Officer - Life Sciences and Healthcare and Chief Business Officer - Operations, pan India, respectively. 

"Ganesh's expertise in supply chain management and Yugal’s vast experience in transportation management will add value to our team as we pursue ambitious growth in the cold chain industry. Their proven leadership will drive our operational excellence and innovation agenda forward," said Swarup Bose, Founder and CEO of Celcius Logistics. 

Ganesh and Yugal's expertise in scalable logistics solutions and customer-centric initiatives will be crucial to drive the company’s expansion efforts and solidifying market leadership in the cold chain sector.

IITM Research Park launches 1MWh Battery, achieves 90% renewable energy milestone

IIT Madras Research Park launched a large-scale 1MWh lithium-ion battery storage system. Developed by the Center for Excellence in Energy and Telecommunications (CEET), the technology is part of IITM Research Park’s 10x initiative, Towards 100% Renewable Energy.

"This partnership aims to ensure we are leaning to carbon capture and sequestration as well as demonstrate that we can accelerate opportunities for the private sector and education in the context of exchange,” said Michelle Lujan Grisham, Governor of New Mexico.

Following the launch, a round-table discussion included Palanivel Thiagarajan, Tamil Nadu's Minister of Information Technology and Digital Services, and delegates from industry, startups, and academia, and focused on climate change and renewable energy, exploring strategies for collaboration between the Research Park and the US in co-developing technologies.

Several industry leaders, startups from the Research Park, and IIT Madras professors shared insights on sustainable heating and cooling, large storage batteries, hydrogen, solar and wind energy, sustainability, recycling, and cybersecurity for energy systems.

Allcargo Group Elevates Ketan Kulkarni to Lead Allcargo Gati

Logistics giant Allcargo Group has named Ketan Kulkarni as Deputy Managing Director of Gati Express and Supply Chain Pvt. Limited (GESCPL), a key subsidiary of Allcargo Gati Limited (formerly Gati Limited), to strengthen its expanding operations.

Prior to this, Ketan served as the Chief Growth Officer of Allcargo Group, working within the Chairman’s office.

Effective immediately, Ketan will assume his new role and collaborate closely with Pirojshaw (Phil) Sarkari, Managing Director and Chief Executive Officer of GESCPL. Together, they will oversee and drive the company's growth in express and contract logistics, focusing on sales, operations, customer service, and digital initiatives.

Phil will retire upon reaching superannuation on November 30, 2024, but will remain on the Board of Allcargo Gati Limited as a Non-Executive and Non-Independent Director.

Smart Joules onboards Gaurav Kejriwal as Chief of Product and Technology Officer

Smart Joules has appointed Gaurav Kejriwal as its new Chief of Product and Technology Officer (CPTO). 

Before joining Smart Joules, Gaurav served at GreyOrange Pvt. Ltd, a warehouse automation company specialising in robotics and software solutions. As Director and Entrepreneur in Residence, he played a key role in launching and advancing robotic technologies globally. 

Most recently, he spearheaded an intrapreneurial venture featuring innovative Robotic AMR Technology, known as RMS, designed to replace traditional conveyors. This initiative achieved $15 million in revenue across various regions.

“I am driven by the desire to create efficient products and technologies at Smart Joules that address the world's energy challenges, particularly in emerging markets with vast potential for growth and efficiency improvements. Here, I see an opportunity to make a transformative impact on product innovation, technology advancement, and global energy consumption," said Gaurav Kejriwal. 

Odysse Electric and SUN Mobility announces strategic partnership 

Odysse Electric Vehicles has collaborated with battery-swapping solutions provider SUN Mobility for the export of its flagship electric motorcycle, Vader SM. Under this collaboration, Odysse Electric aims to deploy its daily commute bike, Vader SM, powered by the SUN Mobility's advanced battery-swapping technology, in key markets across the world.

This partnership will leverage SUN Mobility’s battery-swapping platform to enhance the accessibility and convenience of Odysse Electric’s Vader SM for international markets, including Africa, Latin America, and Southeast Asia under the Battery-as-a-Service (BaaS) model. These vehicles will be manufactured in Odysse’s Ahmedabad facility in Gujarat.

“We see huge export potential in the EV market and aim to contribute to the EV aspirations globally. This collaboration underscores our dedication to spearheading the transition towards providing sustainable mobility solutions on a global scale,” said Nemin Vora, CEO, Odysse Electric Vehicles Pvt. Ltd. 

Saatvik Solar onboards Abani Kant Jha as Chief Financial Officer

Solar PV module manufacturer Saatvik Solar has appointed Abani Kant Jha as its new Chief Financial Officer (CFO).

Jha brings over 25 years of extensive industry experience, having previously served as Director of Business Operations and CFO at Jindal Films, where he led global manufacturing and sales strategies, explored M&A opportunities, and optimised costs. His career includes leadership roles at organisations such as EaseMyTrip, Aditya Birla Group, DP World, and Reliance Industries.

In his new role, Jha will manage the finance department and work closely with the management team to enhance operational efficiency and drive financial performance.

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