Startup news and updates: Daily roundup (September 12, 2024)

Funding

Dharaksha Ecosolutions secures Rs 24.8 Cr seed funding led by Avaana Capital 

Dharaksha Ecosolutions, a biotech-driven material R&D startup dedicated towards sustainable packaging, has raised Rs 24.8 crore (~$2.95 million) in a seed funding round led by institutional investor, Avaana Capital.

Founded by Anand Bodh and Arpit Dhupar, Dharaksha Ecosolutions uses biotechnology and engineering to create sustainable, mycelium-based packaging from agricultural waste, offering a biodegradable alternative to petroleum-based products.

Dharaksha Ecosolutions will use the funding amount to expand its production capabilities, intensify its R&D practice and strengthen its market presence.

Leezu’s secures pre-seed funding 

Leezu’s, an intimacy and pleasure products brand, has raised an undisclosed amount in its latest pre-seed funding round.

With the fresh funding, Leezu’s is set to accelerate product development, expand its catalogue, and optimize distribution channels to further strengthen its market presence.

Founded in 2023 by award-winning sexuality educator Leeza Mangaldas’ and Bozzil CEO Hanna Strömgren Khan.

GameEon Studios secures $1M 

GameEon Studios, a Mumbai-based game development studio, has raised $1 million in its latest funding round.

The capital will be used to finalise and launch the early chapters of the game—Mumbai Gullies franchise. This investment will accelerate the creation of AA and AAA games for PC and console, with select titles also being available on mobile platforms. 

Founded by Nikhil Malankar (CEO) and Kaustubh Jadhav (COO), the studio had earlier raised $500k from investors including SucSEED Indovation Fund, ICE.VC (Mrunal Jhaveri), IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel(Founder and Director, Tailwind Financial Services), Patni Family (via Bombay Founders’ Club), and Tal64. 

Mobile app development platform Apptile secures $1.2M 

Apptile, a no-code mobile app development platform, has raised $1.2 million in additional funding. This latest investment, led by Singularity Early Opportunities Fund with participation from Crown Trust and DeVC, brings the company’s total funding to $3.7 million.

The capital will be used to enhance Apptile’s platform, expand its product offerings, and accelerate the company's growth.

Apptile was launched last year by Rohit Modi, Samyam Annappa, and Vishal Sood. Last month, the company launched its live commerce solution, which allows creators and brands to offer interactive shopping experiences directly within their apps.

Wundrsight raises $400,000 in seed round led by Inflection Point Ventures

Wundrsight, a digital therapeutics startup, has secured $400,000 in a seed funding round led by Inflection Point Ventures. Social Alpha and several angel investors also participated in the round.

The funds will be used to expand Wundrsight's network of hospital and clinic partnerships across India and accelerate the development of its VR-based mental health solutions.

Wundrsight offers a virtual reality (VR) and AI-based therapy platform for mental healthcare management. Established in 2022, the company focuses on digitising and standardising mental health therapy using the immersive nature of VR.

Other news

build3 announces Cohort 3 of its flagship Impact Accelerator

build3, a startup studio and launchpad that supports impact-oriented startups, has launched the third cohort of their flagship Impact Accelerator programme, inviting applications from early-stage startups. 

The third cohort will begin in the first week of November and will be operated as a virtual accelerator programme. The shortlisted startups will receive financial assistance of Rs 25 lakh following the 10-week programme.

Applications for build3's third cohort will close on October 15. The programme focuses on early-stage startups aligned with the UN’s Sustainable Development Goals (SDGs) and emphasises Environmental, Social, and Governance (ESG) standards. 

The evaluation includes a detailed application and online interviews. Selected participants will join a 10-week programme consisting of workshops on market research, GTM, product development, storytelling, fundraising, and compliance. They’ll also receive mentorship, networking opportunities, and access to SaaS tools, along with support from build3’s community of over 300 mentors and investors.

GupShup alumni launches end-to-end concierge healthcare platforms

Anand Prakash, a Dropbox, LinkedIn, and IIT Bombay alumnus, launched WhiteGlove, an end-to-end concierge healthcare platform for international care coordination. 

It aims to provide a streamlined approach to managing healthcare for loved ones living outside the United States, with an initial focus on India.

Their service digitises patient health records, conducts a full-body workup, and identifies key health challenges. They then create a personalised care plan, connect patients with trusted providers, schedule appointments, manage travel, offer 24x7 telehealth, and ensure ongoing medication support, keeping family members informed throughout.

Prakash first made his mark as the founding engineer and chief architect of Gupshup, a major enterprise communications platform with over 35 million users in India. He later founded Droptalk, a messaging platform acquired by Dropbox in 2014. His latest venture, Taskrun.ai, leverages AI for personalised messaging in sales, a concept relevant to healthcare communication.

Former OnePlus Exec launches fast-charging universal wall adapter

Former OnePlus executive Jim Zhang has launched DeperAI, a new-age technology brand. DeperAI offers AI-powered charging solutions.

The company also launched its first product lineup; ‘Superpower 65W’ and ‘Superpower 65W PRO’ adapters.

The company claimed that the made-in-India universal adapters are the first in the country to support UFCS Fusion Fast Charging with an input range of 100-240V- 50/60Hz. 

CRED strengthens data privacy and security with triple industry certifications

CRED, a payments platform, has received three major global certifications: ISO 27001 (Information Security Management System), ISO 27701 (Privacy Information Management System), and PCI DSS v4.0 (Payment Card Industry Data Security Standard). 

With ISO 27001 certification, CRED has established a comprehensive Information Security Management System (ISMS) to protect member data against unauthorised access and cyber threats. The ISO 27701:2019 certification highlights CRED's enhanced privacy management and CRED's compliance with PCI DSS v4.0 further strengthens payment security by implementing advanced encryption and threat detection to safeguard financial data.

Orchids International School to host Tech Fest in Bengaluru

Orchids International School is set to host Mekathlon 2024 Bengaluru edition, a tech fest at its Horamavu Campus.

The event, to be held on September 14 and 15, 2024, will see 1,500+ young minds compete in robotics challenges, model-making, quizzes, and more.

The STEM fest will provide a platform for students to enhance their problem-solving skills and apply scientific and mathematical concepts in practical settings emphasizing the importance of STEM education, among future innovators.

JITO Incubation Centre launches Cohort 10

JITO Incubation and Innovation Foundation (JIIF), the community-based angel network, has launched the JITO Incubation Centre Cohort 10 Incubation Program to foster innovation and support early-stage startups.

The recently concluded Cohort 10 Bootcamp, held from August 1 to August 3, offered a learning environment with interactive workshops, panel discussions, and networking opportunities, engaging over 100 participants. Nine startups were selected to join the JIC Cohort 10. They were Meri Bhakti, Kwei, Oatizens, ChemcAl, Teachspoon Edtech, Nuava Sports, Claw Legaltech, Mono Space, and VrisaElectric. 

Over the next three months, these startups will benefit from JIIF’s mentoring, co-working spaces, strategic support, marketing assistance, and more.

Meanwhile, JIIF has also opened applications for Cohort 11, with a deadline of September 30, 2024.  

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JITO Shark Angels enter Dubai with Rs 20 Cr commitment

hBits launches its second asset in Bengaluru

hBits, a fractional ownership platform, has launched its second commercial Grade A asset in Bengaluru. This is just six months after marking its entry into the city.

The new opportunity, London Listed MNC, is in the commercial building Vaswani Centropolis in the central business district on Langford Road. The new asset is worth Rs 28.8 crore and aims to offer a five-year average rental yield of 8.55%.

With this new asset, the company now has 15 properties in its portfolio, with an AUM of approximately Rs 400 crore.

The newly launched asset spans a leasable area of 12,776 sq ft, having been leased for six years. The rental inflow and purchase price of the asset offers an entry yield of 8.75% and an expected internal rate of return of 15.12%.

The property marks hBits’ fourth asset launch in 2024.

NEWME starts 90-minute delivery

NEWME, a fashion-tech brand for Gen Z women in India, has launched 90-minute delivery in Delhi/NCR pin codes. 

Delivery is currently available in select areas in Delhi-NCR, including Gurugram Sec-37, 40, DLF Cyber Hub, Dwarka, Palam Vihar, and Najafgarh. NEWME clocked in 100+ orders in less than 30 minutes of going live, and many of the orders were delivered in less than 25 minutes, said the company.

NEWME plans to expand the service to Mumbai, Bengaluru, and Hyderabad in the next two weeks. 

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