Startup news and updates: Daily roundup (August 6, 2024)

Funding News

Hyperbots raises $2M in seed funding 

Hyperbots on Tuesday picked up $2 million in seed funding in a round led by Kalaari Capital, and saw participation from Sunicon Ventures and Athera Venture Partners. 

Hyperbot, which offers finance and accounting services, plans to use the funds for expansion of Hyperbots’ go-to-market strategy and product development including the development of proprietary generative AI models for Finance and Accounting, it said it a statement.

"Globally, automating functions that pertain to the CFO's office remains a challenging and complex endeavor. With proprietary foundational IP and a clear focus on building a vertical finance model, Hyperbots is set to transform the landscape of finance and accounting.,” noted Sampath P from Kalaari Capital 

The company, founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, has developed proprietary AI Assistants with human-like intelligence to automate manual, analytical, and strategic tasks in finance and accounting.

IppoPay gets strategic investment from CaratLane Founder

Chennai-based fintech startup IppoPay has secured an investment from Mithun Sacheti, Founder of CaratLane; and Siddhartha Sacheti, CEO of Jaipur Gems. 

Founded by Mohan Karuppiah and Jaikumar R in 2020, IppoPay focuses on facilitating digital payments for small-scale merchants, allowing them to make and accept transactions through UPI Payments via QR codes. It is currently focused on Tier II & Tier III cities, and has a strong presence in Tamil Nadu. It is planning to expand its presence to Andhra Pradesh, Telangana, and the rest of south India.  

The company has also successfully obtained TPAP approval from NPCI.

"We are thrilled to welcome Mithun and Siddhartha. Their track record as successful entrepreneurs will undoubtedly enrich our strategic direction and add substantial value to IppoPay. They have been instrumental in providing invaluable guidance for the growth of the company," said Karuppiah, CEO of IppoPay.

Plotch.ai process over 10M transactions on ONDC through AI

AI-powered rails infrastructure provider Plotch.ai on Tuesday announced it has reached 10 million cumulative transactions milestone through its network infrastructure. 

The company is an AI enterprise software startup that specializes in the ONDC network and it offers technology solutions for both buyers and seller sides of ONDC. It counts industry leaders like Snapdeal, Ola, Meesho, Jagran Media Group, and Bluestar among its clients. The company claims to power approximately 30% of all retail category transactions in the network. It uses Google Cloud's Vertex AI technologies, including Gemini, to harness AI potential as the foundational model for building ONDC-specific AI infrastructure. 

According to growth patterns from the preceding 12 months, the company predicts three billion quarterly transactions over next three years, with around 750 million of those transactions being powered by their platform.  

The company was founded in 2020 by  by Craftsvilla founder Manoj Gupta and his wife Monica Gupta is on track to launch more AI products in the next quarter.

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