Startup news and updates: Daily roundup (August 27, 2024)

Funding news

AI startup just words bags $1.7M in seed funding

AI-first marketing platform, just words, secured $1.7 million in a seed funding round led by Peak XV Partners and Y Combinator.

The company aims to revolutionise user-facing messaging by leveraging AI to deliver highly personalised content in real-time.

“With this funding, we will invest in expanding our AI capabilities and building a world-class team to meet the growing demand for personalised messaging solutions,” said Neha Mittal, Co-founder and CEO, just words.

The startup has gained traction with AI-first companies, including Grammarly, BeReal, and BiggerPockets.

InsurancePadosi raises $500,000 in pre-seed funding

Insurtech platform InsurancePadosi raised $500,000 in a pre-seed funding round led by Antler. It also saw participation from angel investors Hemant Kaul (former CEO and MD of Bajaj Allianz) and Satish Pillai (former CEO and MD of TransUnion CIBIL).

It will use the capital to strengthen its technology platform, expand product offerings, and enhance sales and marketing efforts.

It said it plans to venture into underwriting and claims management to provide a comprehensive, end-to-end customer experience.

“In response, we’ve developed a system that reduces the average insurance purchase time from 70 minutes to just 3-5 minutes, with a 95% accuracy rate in matching products to individual needs… aiming to help over 1 million customers secure optimal coverage by the end of next year,” said Vaibhav Kathju, CEO of InsurancePadosi, in a statement.

plutos ONE secures $2M

plutos ONE, a technical service provider (TSP) for the Bharat Bill Payments System (BBPS), raised $2 million in a seed round led by Bengaluru-based StartupXseed, Tokyo-based Genesia Ventures, Auxano Capital, Raghuvanshi Investments, and other investors.

The company plans to utilise the funds for onboarding banks as biller operating units and agent institutions on the BBPS Network, it said in a statement.

“Our latest round is a huge boost to our plans to build the payments infrastructure for the next 200 million Indians,” said Rajjat Gulati, Co-founder and CEO of plutos ONE.

DeepMatrix raises $1.6M in pre-Series A funding

Deeptech startup DeepMatrix secured $1.6 million in a pre-Series A round led by YourNest, Arali Ventures, and angel investors, including Abhishek Goyal of Traxcn.

The company will use the funds to accelerate its growth, enhance mining and asset management product offerings, and expand its presence in the US and Australia.

Kreedo Early Childhood Solutions bags $4M

Bengaluru-based Kreedo Early Childhood Solutions secured $4 million in Series A funding led by Singapore-based Heritas Capital and existing investor UBS Optimus Foundation.

Other existing investors, Gray Matters Capital, 1Crowd, The Chennai Angels, and The Joka Angel Network, among others, also participated in the round. It will use the capital to enhance its product offerings and expand into new geographies in India.

"With incoming demand from our school partners, we also plan to extend our product offerings moving upwards to Grades 3-5 and enhance Practico, our digital home learning platform. We will also be scaling our specialised pre-primary teacher training franchise program that will create a pool of job-ready qualified teachers for Kreedo partner schools and the early education market in general," said Mridula Shridhar, Co-Founder, Kreedo.

99 Pancakes secures Rs 20 Cr funding

QSR Chain 99 Pancakes has raised Rs 20 crore in its Series A funding round.

The investment, which came from "family office", will be used towards the company's pan-India expansion strategy, focusing on increasing its presence in Tier I cities and beyond, it said in a statement.

The company, which opened 4 new outlets this month, plans the addition of 50 new outlets by the end of this year and 200 outlets by the end of December 2025 via the company, it said. It also aims for geographic expansion to 50 cities across India.

"This funding will enable us to enhance our operations and accelerate our expansion plans, bringing the unique pancake experience to more cities and more customers across India and becoming a household name," said Vikesh Shah, Founder, 99 Pancakes

build3 secures Rs 3 Cr grant from the Indian government

build3 was selected as an incubator under the Startup India Seed Fund Scheme at the 56th Expert Advisory Committee meeting.

It also received approval from the Experts Advisory Committee (EAC), with a total commitment of Rs 3 crore grant from the Government of India, the company said in a statement.

"build3 aims to act as a canvas where capitalism and wholeness intersect to create products that truly benefit humanity. We are glad to partner with the government to help achieve this vision," said Varun Chawla, Co-founder, build3.

Virender Sehwag invests in T9L QUBE

Cricketer Virender Sehwag has invested in T9L QUBE.

"Investing with T9L Qube is an opportunity to pay forward the support I once received in my professional career, and I aim to help future entrepreneurs get similar support. For me, T9L QUBE embodies the spirit of my coach—one who spots raw talent, believes in unconventional approaches, and provides steadfast support, making it the ideal platform for my foray into the startup world," said Sehwag.

Some startups incubated by T9L and/or its founders Fahad Moti Khan and Gaurav Gaggar include Docquity, SpotDraft, Adda52, NirogStreet, UOLO, PumPumPum, HealthTrip, Tota, ShipsKart, PeopleMatters, CrownIt, RupeePower, BroEx/FastFox, and BIS Research.

OneMoney receives investment from ID-sharing platform Equal

ID-sharing platform Equal invests in account aggregator OneMoney.

"This partnership will allow OneMoney and Equal to innovate responsibly for the BFSI sector and create solutions that are rooted in consent-first, privacy-focused financial data sharing, governance and analysis. Our shared vision is to strengthen data democracy through digitally empowering citizens and MSMEs by enabling them to get cost-effective credit and other financial products," said Keshav Reddy, Founder, Equal.

The two companies jointly enable over 55 million monthly transactions and an industry-highest 97% success rate in KYC processing for over 250 BFSI clients nationally, the company said.

Other news

Mamaearth’s Abhiishekk Raj Pandey joins Zalon as Co-founder and CEO

Zalon, the flagship brand of Z Revolution Tech Pvt Ltd, appointed ex-Mamaearth employee, Abhiishekk Raj Pandey, as co-founder and CEO.

Zalon offers a comprehensive platform that connects salons to a wide range of beauty brands, where they can buy beauty products and get free salon software to manage their business P&L.

“Abhiishekk brings a wealth of experience and a visionary approach that aligns perfectly with our goals and aspirations. We are thrilled to onboard him to lead the company and believe his leadership will play a crucial role in driving our company forward and achieving new milestones. We are confident that his expertise and insights will be invaluable as we continue to grow and innovate,” said Ayush Ahuja and Sunil Khatri, Co-founders of Zalon.

Lip-Bu Tan joins 4baseCare’s advisory board

4baseCare onboarded Lip-Bu Tan, Chairman of Walden International, and Founding Managing Partner at Walden Catalyst Ventures, to its advisory board.

Lip-Bu Tan has over 30 years of experience in deeptech venture capital and is also the anchor investor and advisor at Yali Capital, which recently led 4baseCare’s $6 million Series A funding round.

"4baseCare is led by founders who are extremely passionate about personalised medicine while maintaining a strong strategic focus on the business. Their test meets a very large unmet need in the Asian and Middle Eastern markets where treatment decisions for cancer have primarily relied on genomic data from Caucasian populations. 4baseCare is bridging this critical genomics data gap in these regions, and I believe that it has the potential to make a big difference to the treatment approaches used in cancer," said Lip-Bu Tan.

The company plans to set up genomics laboratories in the Philippines, Nepal, and Dubai over the next few months.

Zvyka appoints Prasad Routray as Co-founder, Chief Strategy Officer

Zvyka, a marketplace for human capital management, appointed Prasad Routray as its co-founder and CSO.

Routray, the former VP and Business Head of Airtel Payments Bank, will be responsible for developing the business in India and partnering with different services and onboards on the platform, the company said in a statement.

"Prasad is a pivotal addition to the team as we expand to a diverse country like India. His deep expertise makes him the perfect partner to lead our growth plans," said Amber Srivastava, Founder of Zvyka.

The company aims to become a one-stop solution for startups by providing all services under one roof, making hiring more affordable and accessible.

Phronetic.AI unveils women’s safety feature in AI Facility Manager for CCTVs

Phronetic.AI, Infibeam Avenues Ltd's Artificial Intelligence subsidiary company has introduced women's safety feature to its AI Facility Manager solution.

The feature added uses Human Action Recognition (HAR) specifically designed and programmed to enhance CCTV capabilities for surveillance purposes in public and workplaces by enabling automated analysis and understanding of human actions in real-time or using recorded video footage, the company said in a statement.

"Following a recent tragic incident in Kolkata, the company has experienced a significant increase in requests from its corporate clients, where it is conducting pilot projects. These clients are seeking the addition of a 'women safety' feature to the AI Facility Manager solution, alongside enhancements in overall corporate operational efficiencies," the company said

"Along with enhancing business efficiency in public and workplaces; governments, institutes or any private organisation have taken a proactive approach for enhancing women and girl safety as well. Integrating Theia vision AI to existing CCTV cameras will help in alerting and preventing incidents to ensure a quicker response to emergencies,” said Rajesh Kumar, CEO, Phronetic.AI.

The feature also has the ability to identify anomalies where it identifies deviations from normal behaviour patterns. "For instance, if someone runs in a typically calm area or if someone falls, the system will detect these anomalies and alert the security personnel immediately."

International Startup Foundation to host Investor Connect Workshop

Not-for-profit organisation The International Start-up Foundation and International Startups Network Pvt Ltd (ISN) are set to host the International Startup Festival (ISF) 2024 for in Hyderabad. 

Scheduled from September 26 to 28, 2024 at the Engineering Staff College of India (ESCI), Gachibowli, Hyderabad, ISF 2024 will be a unique platform for startup founders to connect with peers and investors, collaborate on innovative projects, and outline a growth path for their ventures, the company said.

"The International Startup Festival is designed to complement the global startup ecosystem, promoting collaboration, innovation, and sustainable growth," said JA Chowdary, Key Architect of the Indian Tech Industry and Chairperson and Convenor, ISF.

SwiffyLabs appoints Babu NS as VP for Banking Product & Solutions

Global financial services SaaS company SwiffyLabs appoints Babu NS as the Vice President for Banking Products and Solutions.

In his new role at SwiffyLabs, he is set to drive innovation and growth in the banking vertical by building, and further strengthening SwiffyLabs' position as a leader in fintech and banking solutions, the company said.

"His wealth of experience in the banking tech and fintech industries will be instrumental in advancing our mission to provide cutting-edge solutions to financial institutions worldwide," said Ashish Anantharaman, CEO of SwiffyLabs.

Vayana TradeXchange, Air8 partner to empower MSMEs in cross-border trade

International Trade Finance Service (ITFS) platform Vayana TradeXchange (VTX) partnered with Air8, an insight-driven global supply chain financier to transform cross-border trade finance between India and the rest of the world.

The partnership aims to make trade finance accessible for small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) exporters across India, the company said in a statement.

Through this partnership, Air8 will leverage Vayana TradeXchange's network of MSME suppliers, buyers, and financiers in India to connect them with its global ecosystem, the company added.

"This collaboration will enable us to leverage Air8's global reach and expertise to empower MSMEs in India and drive their growth and competitiveness in cross-border trade," said Kalyan Basu, MD and CEO, Vayana TradeXchange.

Vinod Dugar joins Fashion Entrepreneur Fund (FEF) as investor and promoter

Vinod Dugar, Philanthropist and Promoter of RDB Group, has joined Fashion Entrepreneur Fund (FEF) as an investor and promoter.

"India’s diversity is reflected in its youth pursuing careers in creative fields. Fashion Entrepreneur Fund offers not just financial backing but also essential mentorship to entrepreneurs across the fashion spectrum, encouraging innovation and supporting the broader fashion segment. Our goal is to create opportunities that empower young talents to achieve their dreams and contribute to the industry’s evolution,” said Dugar.

FEF had recently announced investments by Ravi Jaipuria, Gaurav Dalmia and from Bollywood veterans including Akshay Kumar and Karan Johar.

Groww launches new features

Financial services company Groww launches new features, Safeguard and F&O Pause, designed to help F&O traders mitigate losses in F&O.

"The F&O pause feature allows traders to temporarily pause their F&O account during periods of market volatility or when they need to take a break from trading," the company said in a statement. Once ready, users have the option to "unpause" it.

"Safeguard is a risk management feature designed to act as a deterrent for F&O traders experiencing losses consistently. When a customer repeatedly incurs losses, they will be nudged about a potential halting of F&O trading on Groww. The customer would be required to provide additional information to prove suitability to continue trading on Groww. Failing which, their F&O trading account will be stopped after 30 days," it added.

The company had earlier launched a Safe Exit feature, which acts as a safety net by automatically limiting losses on F&O positions.

Royal Orchid Hotels upgrades to Hotelogix

Royal Orchid Hotels Limited upgrades to Hotelogix, a hospitality tech brand to take their 100+ properties to the cloud.

Hotelogix's comprehensive platform enables ROHL to standardise processes across their properties and gain centralised control over their operations, the company said in a statement.

"We are pleased to upgrade to Hotelogix Cloud platform that is comprehensive enough to be at the core of our operations. We are now in the process of centralising everything from our corporate office to implement and monitor brand standards while efficiently managing operations and serving guests better," said Arjun Baljee, President of Royal Orchid Hotels Limited.

"With Hotelogix, our go-live process for new properties we've signed up for has significantly reduced. We're now able to minimise overhead costs, and it's much simpler to add a new property to our ecosystem with better control from our corporate office," he added.

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