Startup news and updates: Daily roundup (September 4, 2024)

Funding news

Sports tech startup Spolto surpasses $1M funding 

Indo-Swedish sports tech startup Spolto has concluded its latest funding round, raising $1 million (approximately Rs 9 crore) to date.

Founded in 2021 by Safa Soltani, with Divesh Nathani as Partner and COO, the startup aims to fuel access to sports across urban India.

The recent funding round brought in an investment of $160,000 (Rs 1.35 crore), led by Andrew Johnston, Co-founder and CEO of LetsShare, a Sweden-based venture. Johnston, an entrepreneur with a deep passion for sports, saw tremendous potential in Spolto's vision to revolutionise India’s sports landscape.

The recent funding round brought in an investment of $160,000 (Rs 1.35 crore), led by Andrew Johnston, Co-founder and CEO of LetsShare, a Sweden-based venture.

“India represents a massive opportunity in the world of sports and technology. The country’s vibrant sports culture and technological advancements present an unprecedented landscape for growth and innovation. Spolto is at the forefront of this transformation, and I am excited to support their vision and journey,” said Johnston.

The funding round also drew investments from sports enthusiasts and entrepreneurs across India and Sweden.

Valyx bags $800,000 in pre-seed round led by Huddle Ventures, Waveform Ventures 

AI-powered B2B revenue and receivables automation platform Valyx has raised $800,000 in a pre-seed funding round co-led by Huddle Ventures and Waveform Ventures.

The funding round also saw participation from Bharat Founders Fund and Propell Fund (LetsVenture’s in-house VC fund led by Shanti Mohan). The Bengaluru-based startup will use the raised capital to recruit top talent for its sales team and expand its engineering team to enhance product development.

Founded in late 2023 by Avishek Ray and Anirudh Bhargava, Valyx streamlines billing and receivables to speed up payments, accelerate financial close, and enhance cash flow for businesses. Its feature set includes rate card management, usage-based billing, collections, and cash application, among others. 

GenZ-focused clothes delivery app Slikk raises $300,000

Slikk, a 60-minute clothes delivery platform has raised $300,000 in a pre-seed round led by Better Capital and supported by Untitledxyz Ventures.

This funding will enable Slikk to scale to over 100 brands, set up a large-format dark store, and expand delivery coverage to 70% of Bengaluru’s pin codes. Additionally, Slikk plans to grow into other major cities in India and diversify its offerings to include beauty, personal care, and home decor.

“GenZs and young millennials today are extremely impulsive shoppers and the biggest TG for fast fashion brands. This impulse is driven by high-frequency refreshment of trends/designs and faster delivery. Slikk intends to solve this problem by bringing in new trends and designs from upcoming fast fashion brands every week and a delivery timeline of 60 min which will give an altogether different shopping experience to customers compared to legacy fashion marketplaces,” said Gulati, CEO and Co-founder of Slikk.

Invest4Edu bags $3M in seed funding 

Education planning and study abroad consultant firm Invest4Edu has raised $3 million in seed funding led by prominent family offices. The raised funds will be utilised to fuel growth and accelerate the company’s impact in early education planning and financial support. 

“We are excited to announce that Invets4Edu has successfully secured seed Funding of $3 million. Huge thanks to our investors as well as everyone who helped with the fundraising and cheered us along. This is an important step in our journey of making quality education accessible to all. The proceeds will be leveraged to accelerate the growth with a primary focus on sales and marketing, technology, and product development,” said Peeyush Agrawal, CEO, Invest4Edu.

The Mumbai-based firm operates in both B2C and B2B2C segments and is focusing on strengthening its sales and marketing, technology, and outreach efforts.

SCOPE invests $1M in Goodeebag

SCOPE, a financial consulting and fundraising firm, has invested $1 million in Goodeebag, a waste recycling firm, to fuel the company's expansion efforts and strengthen its presence in existing markets across India.

“At SCOPE, we are committed to supporting ventures that not only offer robust financial returns but also contribute positively to society. Goodeebag exemplifies this dual focus. Their innovative approach to waste management is creating real, tangible benefits for communities and the environment. We are excited to support their expansion and help them reach new heights in their mission to make sustainability a reality for more people," said Appalla Saikiran, Founder and CEO, SCOPE.

Goodeebag has added over 4,500 families to its network by June 2024 and completed 30,000 waste pick-ups. Looking ahead, the Hyderabad-based company plans to expand into three new metro cities and reach two lakh families by the end of 2024.

Other news

Wellbeing Nutrition names Harleen Bhatti as VP D2C, Kunwarjeet Singh Grover as Head of Growth

Wholefood nutrition brand Wellbeing Nutrition has onboarded Harleen Bhatti as Vice President of Direct-to-Consumer (D2C) and Kunwarjeet Singh Grover as Head of Growth. 

This move aims to propel the company toward achieving over 100% year-on-year growth and reaching an annual recurring revenue (ARR) of Rs 240 crore, the company said in a statement. 

“We are thrilled to welcome Harleen and Kunwarjeet to our leadership team. At Wellbeing Nutrition, our mission has always been to make high-quality, transparent, and sustainable nutrition accessible to everyone. As we aim for unprecedented growth, it’s crucial to have leaders who not only understand our vision but also have the expertise to execute it,” said Avnish Chhabria, Founder of Wellbeing Nutrition. 

In her previous role at The Good Glamm Group, Harleen Bhatti led online marketing, CRM, and product-led growth initiatives for several well-known brands, including Lenskart, and CureFit.

Kunwarjeet Singh Grover brings over 13 years of expertise in online marketplace management, e-commerce, and business development. Prior to this, he served as the  Senior Vice President at Honasa Consumer Ltd., leading the P&L of the marketplace business for brands like Mamaearth, The Derma Co, and Bblunt.

Aisle Founder launches social health tech platform Jamm

Able Joseph, founder of dating app Aisle has launched his latest venture Jamm, a social health tech platform. The platform aims to address the increasing urban loneliness by engaging fun and intimate offline interactions. 

“As Tinder and Bumble gained traction in India, I noticed that people weren’t using these apps to find dates —they were craving casual conversations to combat loneliness. With limited social interactions at work and too much drama among friends and family, loneliness was spreading quickly. The solution was clear: a platform for self-hosted, self-curated, free, activity-based, intimate gatherings. That’s what Jamm is all about,”said Able Joseph, Founder of Jamm. 

Jamm aims to offer an offline social network for spontaneous, agenda-free meetups. Central to Jamm is the "Jamm" concept—small, curated gatherings of up to eight people, ensuring an intimate and manageable setting where participants can engage in fun activities and build meaningful relationships.

Age tech platform WisdomCircle forays into UK and Europe

WisdomCircle, an age tech platform connecting retired professionals with work opportunities, has forayed into the UK and European markets. 

The expansion aims to diversify the company’s goal in redefining retirement, along with addressing the increasing demand for skilled and experienced workforce across the UK and Europe. 

Founded in 2022, WisdomCircle caters to 800 organisations and has boarded over 70,000 verified retired professionals in India. 

Basav Ray Chaudhuri, the new CEO for these markets, brings over 35 years of international experience in general management, finance, and strategy. Supporting him is Shilpi Bordoloi, an Advisor with 25 years of expertise in high-level recruitment across the UK, Europe, and Asia. 

Talentrack onboards Abhishek Chatterjee as Managing Director

Talentrack, a talent-casting and content marketplace, has appointed Abhishek Chatterjee as its Managing Director. 

With professional stints in both corporate and creative industries, Chatterjee will be steering the company’s growth.

Prior to this, Chatterjee served Oracle and Bajaj Auto. He is an electrical and electronics engineer with a Master’s degree in Business Administration from XIM Bhubaneswar. 

“I am truly honoured to step into the role of Managing Director at Talentrack, a platform that I have been proud to contribute to for the past seven years of my career. Talentrack's mission to leverage technology to simplify and enhance the collaboration between artists and opportunities, and to build a first-of-its-kind content marketplace are things I am deeply passionate about,” said Abhishek Chatterjee, Managing Director, Talentrack. 

Anand Ramachandran appointed as creative director of Hitwicket

Strategy-based gaming startup Hitwicket has appointed Anand Ramachandran as its new Creative Director. With over 20 years of experience in game development and storytelling, including his previous role at Disney BYJU'S Early Learn App, Ramachandran will spearhead the company's global engagement and grow its user base.

He will also play a key role in enhancing the user experience for both new and existing players, shaping game design and enhancing the product roadmap. 

In the past year, Hitwicket has surpassed 10 million downloads and is targeting a fivefold increase within the next two years. 

“I am thrilled to become a part of India's leading cricket gaming franchise. As a kid, I was always creating cricket games—with dice, playing cards, and pen and paper—but my rough designs and prototypes rarely saw the light of day. Now, with Hitwicket, I get the chance to bring those childhood actions to life,” said Anand Ramachandran. 

Founded in 2020 by Keerti Singh and Kashyap Reddy, Hitwicket was named the Most Innovative Mobile Cricket Game globally by Apple's CEO, Tim Cook—making it the first Indian game to receive this honour.

STEER World appoints Dhiraj Tiwari as Chief Financial Officer

STEER World has named Dhiraj Tiwari as Chief Financial Officer. In this role, Dhiraj will manage the company’s financial operations, including budgeting, forecasting, reporting, and auditing. He will also be a key member of STEER World’s executive team.

Tiwari brings over two decades of executive-level financial expertise across industries, such as Pharma, Media, Retail, and FMCG. Prior to joining STEER World, he served as Vice President of Corporate Finance at Biocon Biologics. 

“I'm delighted to welcome Dhiraj to STEER World. Dhiraj is a seasoned executive with an extensive background in finance and his proven track record of driving growth makes him an invaluable addition to STEER World,” said TN Hari, Executive Chairman of STEER World.

“He brings a wealth of knowledge and a fresh perspective that will help bolster our strong foundations and shape the financial strategies of STEER World,” he added. 

Prashant Verma joins CoinDCX as Chief Growth and Marketing Officer

CoinDCX has appointed Prashant Verma as the Chief Growth and Marketing Officer (CGMO) of the DCX Group. In this role, Prashant will drive user growth, revenue, and marketing strategies while enhancing the CoinDCX brand across India. 

He will also oversee teams handling brand management, digital strategy, and customer lifecycle management.

“At this critical juncture, as CoinDCX accelerates its mission to onboard 50 million people into the crypto space by 2025, Prashant’s extensive experience as a full-funnel marketer and business leader in the consumer tech sector will be invaluable. He has a proven track record of building marquee consumer tech unicorns in India, and we are excited to have him lead our growth and marketing efforts,” said Mridul Gupta, Founding Partner of CoinDCX. 

Additionally, Prashant will be responsible for leading marketing strategies for BitOasis, a DCX Group firm based out of the Middle East. He will also focus on geographical expansion and new market launches.

Minal Thukral, who has led CoinDCX’s Growth mandate for over five years, will now focus on advancing DeFi initiatives and join the core leadership team at Okto.

Women Entrepreneurship Platform (WEP) partners with Josh Talks 

The Women Entrepreneurship Platform (WEP), a public-private partnership-led aggregator platform, and Josh Talks, a leading regional content and upskilling platform, launched the first phase of their collaboration to spotlight women entrepreneurs in northeast India through Project Maitri. 

The first phase includes releasing three impactful videos on the Josh Talks Aasha YouTube channel, focusing on WEP’s Project Maitri Award-to-Reward (ATR) programme. 

These videos will feature the personal and business stories of three exceptional women entrepreneurs selected from a group of 30 homestay owners in the Northeast, through WEP’s Project Maitri Award-to-Reward initiative, in partnership with MakeMyTrip and ITC Hotels.

“WEP's mission has always been to create a supportive ecosystem that empowers women entrepreneurs across the country through collaboration and convergence amongst stakeholders,” said Anna Roy, Principal Economic Advisor, NITI Aayog, and Mission Director, WEP. 

STEMROBO organises STEAM Innovation League

STEMROBO Technologies has launched the STEAM Innovation League (SIL), a global AI and robotics competition for K-12 students.

The event is open to students in grades 6 through 12 and encourages creativity, critical thinking, and teamwork by inviting young participants to showcase their talents in science, technology, engineering, arts, and mathematics (STEAM). Registration is free and available to students from all backgrounds, with a deadline of September 15, 2024.

“Our hope is that this experience will spark a passion for technology and problem-solving that drives them towards future opportunities. We aim to inspire them to become leaders in their fields, equipped with the knowledge and skills to address some of the world's biggest challenges,” said Anurag Gupta, Co-founder of STEMROBO Technologies. 

The challenge aims to inspire over 10,000 students by encouraging their engagement with robotics, artificial intelligence, and coding. The league will also include several stages: a virtual state-level exhibition, a national championship in various countries, and an international championship. Participants will have the opportunity to develop projects that address real-world issues.

PhysicsWallah Skills partners with PwC India for programme in finance

PW Skills, the skilling arm of Physics Wallah (PW), has partnered with PwC India to introduce a certification programme in finance, tax and accounting. This four-month hybrid programme aims to equip youth and finance professionals with the skills and knowledge in the finance industry.

The four-month programme, featuring 172 hours of content, includes soft skills training in life skills, work readiness, and interview preparation to boost employability.

“India is a global leader in finance shared services, holding 40% of the Asia-Pacific market, which is valued at $25 billion in 2023 and projected to reach $45 billion by 2028. This sector offers abundant career opportunities, fostering professional growth and international exposure. Through this partnership, we aim to empower young individuals to enter the finance industry with the skills needed to thrive in this expanding market,” said Aditya Agrawal, Chief Operating Officer (COO), PW.

Salam Kisan onboards Microsoft exec Ranveer Chandra as Strategic Advisor 

Agritech platform Salam Kisan has onboarded Ranveer Chandra, Chief Technology Officer (CTO) of Microsoft (Agri-Food), as a strategic advisor to the company.

With over 15 years of experience in technology, AI and networking, Chandra will focus on key areas spanning providing advisory on technology and innovation, research and development, and facilitating strategic partnerships. He will also spearhead the expansion of the company's global footprint.

“His expertise and vision have been invaluable to Salam Kisan over the past few months. His unparalleled expertise in agricultural technology and his vision for the future of farming align perfectly with our mission. We look forward to benefiting from his invaluable insights as we continue to innovate and expand our services to benefit farmers across the globe," said Dhanashree Mandhani, Founder and CEO of Salam Kisan.

Partha Sinha appointed as new Chairman of ASCI Board

The Advertising Standards Council of India (ASCI) has appointed Partha Sinha, President and Chief Brand Officer of Bennett Coleman & Company Limited, as the Chairman of its Board of Governors for 2024-25. 

Sudhanshu Vats, Deputy Managing Director of Pidilite Industries Limited, has been named Vice-Chairman, while S. Subramanyeswar, Group CEO and Chief Strategy Officer-APAC at Lintas India Private Limited, will serve as Hon. Treasurer.

Sinha brings extensive experience from organisations like Bennett Coleman, Ogilvy, Publicis, BBH, McCann, and Citibank, along with a background in brand marketing, media, and communications.

“Being the chairperson of ASCI is both an honour and a profound responsibility, especially as our industry is under greater scrutiny by our stakeholders. With rapid changes in the digital environment and the emergence of new challenges, ASCI is committed to not just keeping up but to staying ahead. Deploying technology and AI to monitor errant advertising as well as putting our might behind preventive measures will be our focus in the days to come,” said Partha Sinha. 

PDRL launches BhuMeet to connect drone service providers with farmers

PDRL, a drone technology provider, has launched BhuMeet—a SaaS platform to support farmers access and managing drone services like agricultural spraying and surveying.

“By bridging the gap between farmers and reliable service providers, BhuMeet not only enhances operational efficiency but also empowers the agricultural community to harness the full potential of drone technology. We believe this innovation will set new standards in the industry and play a vital role in modernising agriculture across the nation,” said Anil Chandaliya, Founder and CEO, PDRL. 

The National Statistical Office's Situation Assessment of Agricultural Households (SAAH) report estimates that between 90 million and 150 million farmers, spanning from small-scale cultivators to large landowners, are actively involved in agriculture.

(The copy will be updated with the latest news throughout the day.)