Startup news and updates: Daily roundup (September 24, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, September 24 2024.
Funding News
Venture Catalysts leads CoRover’s $4M in Series A
Venture Catalysts leads a $4 million Series A round in Conversational Gen AI startup CoRover, it said in a press note.
The round also witnessed participation from CanBank Venture Capital Fund (CVCFL), IIM Calcutta (Innovation Park), IIIT Delhi (iHub Anubhuti IIITD Foundation), Cogniphy LLC, Karekeba Ventures, Angels and others.
It plans to use the funds to advance its technology, grow its team of AI experts, and speed up its go-to-market strategy. It will also focus on enhancing its Enterprise (B2G and B2B), B2B2C, and B2C offerings while exploring new revenue streams through subscription models, ad revenue, and transaction-based fees.
CoRover’s platform allows businesses to create engaging, personalised conversational experiences across channels such as AI chatbots, voicebots, videobots, IVR bots, and WhatsApp. It serves various industries, including e-commerce, healthcare, finance, education, BFSI, mobility, and retail.
CoRover was founded by Ankush Sabharwal (CEO), Kunal Bhakhri, and Manav Gandotra. It offers solutions for businesses of all sizes, from small enterprises to large corporations, across various geographic regions.
Tuco raises $2M in Seed funding
Kids personal care brand Tuco raised $2 million in seed funding from Fireside Ventures and Whiteboard Capital, it said in a statement.
The round also saw participation from Ashish Goenka-led Suashish Group and angel investors like Vijay Nehra, Arjun Purkayastha, and early backers of brands like Mamaearth, Sugar, Pilgrim, Whole Truth and Mokobara.
Tuco Intelligent, founded in 2023 by Aishvarya Murali, offers a range of personal care products only for kids. Murali is a has had stints at Unilever, Ola, ZestMoney & Furlenco in Marketing.
“The kids’ personal care market has remained largely untapped. While there are numerous brands for babies and adults, the 4-12 age group has limited options. We believe Tuco Intelligent, with its dedicated focus on this category, is well-positioned to serve the market. We were particularly impressed by their ability to
build a strong base of repeat customers,” noted VS Kannan Sitaram, Co-Founder and Partner of Fireside Ventures.
Pepsales raises $1.1M in pre-seed fundraise
B2B SaaS startup Pepsales announced pre-seed fundraise of $1.1 million in a round led by Chiratae Ventures along with angel investors in the Bay Area and founders and CXOs from India.
The company plans to use the fresh capital for an enterprise-grade AI SaaS platform and assemble a world-class team of product, technology, and AI talent. It will also strengthen its sales and marketing functions for adoption in B2B tech companies in key markets like the United States and India.
Pepsales uses AI and ML models to help B2B SaaS companies create personalized product demos that click with potential buyers. Its proprietary technology analyzes customer and product data to tell what buyers want, which features to show, and create live demos with personalized data.
The company was founded by Ajay Singh and Abhinandan Sahgal in 2023.
ORIGHT raises $1M in Seed fundraise
Dairy-tech startup ORIGHT announced a seed fundraise of $1 million in a round led by Aeravti Ventures.
ORIGHT plans to use the funds to scale its innovative platform and expand its product offerings. It will use the proceeds to strengthen its sales and marketing efforts, advance its research and development, and enhance its Fintech platform.
“Their innovative approach of integrating technology and financial services across the supply chain aligns perfectly with our mission of promoting inclusive and sustainable growth,” noted Rishabh Singh, Managing Partner at Aeravti Ventures.
Founded in 2019, ORIGHT is dairy fintech startup which is focusing on building an efficient, synchronized supply chain for the dairy industry using cutting-edge technology.
Other news
Flipkart launches seller app for refurbished products
Ecommerce marketplace Flipkart announced the launch of a dedicated mobile app for sellers of refurbished goods under the name “ Flipkart Reset for Business’, it said in a press note.
Flipkart Reset for Business will address pain points such as consumer skepticism about quality of refurbished products, inconsistent device supply, complex logistics, and a lack of standardized refurbishment practices.
The platform will offer enhanced flexibility with no minimum order quantities (MOQs), comprehensive warranty and quality assurance, streamlined onboarding, competitive pricing and exclusive offers along with a pan-India service network.
Currently, the platform services 800+ cities across 29 states, it sells smartphones and accessories.
IIMB & Maruti Suzuki launch Incubation program for Mobility Startups
NSRCEL, the startup hub at the Indian Institute of Management Bangalore (IIMB) along with Maruti Suzuki India launched 4th cohort of the incubation program for mobility startups.
The six-month incubation programme is designed to support early-stage startups at the proof-of-concept and revenue stages.
The six-month incubation programme targets early-stage startups in the proof-of-concept and revenue stages. Startups selected at the close of the program will benefit from incubation support provided by NSRCEL and have the opportunity to conduct a paid proof of concept (POC) with Maruti Suzuki, enabling them to validate their solutions in a real-world context.
The programme will emphasise innovations in areas such as green manufacturing, mobility and mobility infrastructure, vehicle technology, data and AI, cleantech, digital transformation, and Industry 4.0.
Cashfree Payments appoints Nitin Pulyani as Product Head & SVP
API banking solution provider Cashfree Payments announced the appointment of Nitin Pulyani as Head of Product & Sr Vice President.
Pulyani will spearhead product innovation and focus on developing strategic growth initiatives. His appointment comes after the company appointed Harsh Gupta as Chief Revenue Officer.
Pulyani, an alumnus of ISB and IIT Varanasi has over two decades of building and launching products. He spent 4 years at PhonePe as Director of Product Management. Post which he had also worked at Jupiter and Fab Money. He also had previous stints at Ola, NeoGrowth, and TaxiForSure.
Data Dynamics launches Zubin, expands in India
Enterprise data management solution provider Data Dynamics announced its expansion into India by establishing its Centre of Excellence in Pune.
The company also unveiled Zubin, an AI-powered self-service data management software. Zubin is driven by a data democracy by design approach using a DIY (Do it Yourself) self-service framework that places data ownership, control, and action directly in the hands of data and application owners.
The Pune Center of Excellence (CoE) will be the main hub for Data Dynamics in India, focusing on data-driven innovations. The company plans to expand its team with programmers, AI architects, and data engineers to enhance Zubin and its product line, ensuring advanced self-service data management.
CoinDCX Expands Leadership for Web3 and DeFi with New Appointments
Crypto exchange CoinDCX has announced that Rohit Jain will expand his role to lead the company’s Web3 and DeFi arm, Okto. He will continue to serve as Chief Strategy and Investment Officer at CoinDCX and as Managing Director of CoinDCX Ventures.
Minal Thukral will join the Okto leadership team to spearhead Ecosystem Growth for Okto, drive business development, partnerships, and expand the Okto wallet and SDK platform.
“In the past three years, our focus has been on solving key challenges in user experience in the Web3 space. With the recent launch of our Okto Chain, we aim to simplify blockchain technology and provide
developers with seamless tools to integrate Web3 functionality into their applications,” said Neeraj Khandelwal, Co-Founder, CoinDCX & Okto.
Digital Green Trust appoints Nidhi Bhasin as CEO
Non-profit organisation Digital Green Trust announced appointment of Nidhi Bhasin as Chief executive.
Bhasin, who would be based in Delhi, will lead a team of over 80 employees at Digital Green Trust. She has over 25 years of experience in social development, program management, and nonprofit
Leadership.
Prior to her appointment, Bhasin served as CEO of Nasscom Foundation. Before that, she spent two decades at Concern India Foundation, leading initiatives in education, health, and community development, particularly for women.
Cardekho Groups partners with Girnar AI Innovations
Girnar AI Innovations Lab announced its partnership with CarDekho Group’s investment arm, Girnar Vision Fund (GVF to bring cutting-edge product Uservox.ai that offers advanced AI-powered voicebots, chatbots, and conversational AI tools designed to enhance customer interactions to the entire customer support sector.
Girnar AI Innovations Lab would leverage CarDekho Group’s extensive expertise in automotive, insurance, and lending sectors, and use it to enhance its AI-driven voice bots for industry-specific solutions and broaden its geographical reach. This partnership presents significant opportunities for market expansion, solution testing, and rapid iterations.
Founded in April by Saurabh Mathur and Shraddha Srivastava,Girnar AI Innovations Lab, specializes in developing AI-driven virtual assistants. These solutions cater to the unique challenges of automotive, insurance, ed-tech, and fintech industries.
They are powered by natural language processing (NLP) and machine learning algorithms, helping in addressing the complexities of customer engagement in multiple Indian languages and dialects. Its voicebots and chatbots enable businesses to provide personalized, seamless support and resolve queries more efficiently through both voice and text interfaces.
(The copy will be updated with the latest news throughout the day,)
Edited by Affirunisa Kankudti
