Startup news and updates: Daily roundup (September 9, 2024)

Funding news

Telugu actor Mahesh Babu invests in nutraceutical startup Fitday

Hyderabad-based Fitday on Monday said that Telugu actor Mahesh Babu’s firm GMB Entertainment has made a strategic investment in the company. 

The investment is expected to amplify Fitday’s retail footprint and support its expansion into new markets. 

The company is planning to expand its product availability in national retail chains, corporates, educational institutions, and through partnerships to strengthen its position in the B2C market. 

Fitday currently has a presence in over 10,000 stores and the new investment will help attract a wider audience and increase the brand’s credibility and visibility, according to the company. 

“I’m thrilled to support Fitday's pioneering work in the nutrition, snack, and nutraceutical markets. Their commitment to innovation and quality deeply resonates with my values. I believe their new product line will set industry standards. This investment reflects my strong belief in their vision and their ability to impact health and wellness across India,” Mahesh Babu said. 

Vijaynath Roof and Wall Cladding Systems raises Rs 26 Cr in debt funding

Engineering, procurement and construction company Vijaynath Roof and Wall Cladding Systems on Monday said that it has raised Rs 26 crore in debt funding from Karnataka Bank. 

NightOwl Financial Services exclusively acted as Investment banker to the deal. 

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Transcell Biologics raises funds from IAN Group and Quantiphi

Biotech company Transcell Biologics on Monday said it has secured an investment from Boston-based Quantiphi. 

Quantiphi's investment aims to support the company’s expanding client base and implementation of Digital Animal Replacement Technology (DART) as an Enterprise Solution for the bio and pharmaceutical industry.

Seed and early-stage investment platform IAN Group also participated in the funding round. 

“DART represents a significant breakthrough in revolutionising drug and vaccine testing. This innovative approach offers a decentralised strategy without additional infrastructure requirements at end users' premises, enhancing the operating efficiency and accessibility of such validated testing procedures from their workstations,” said Subhadra Dravida, the Founder and CEO of Transcell Biologics. 

OTHER NEWS

NoBroker partners with Google Cloud to launch AI platform

Brokerage-free property tech platform NoBroker on Monday said that it has partnered with Google Cloud to help businesses manage customer engagements with AI. 

Google Cloud’s AI infrastructure has enabled ConvoZen.AI, NoBroker’s conversational AI platform, to build and serve a series of custom models to help companies drive agent performance management, customer insights and contact centre automations with artificial intelligence (AI). 

“Our partnership with ConvoZen.AI has been instrumental in scaling the platform and demonstrating the transformative power of AI and ML for businesses. We are positive the success of ConvoZen.AI will help platforms boost their operational efficiency and business performances,” said Bikram Singh Bedi, Vice President and Country MD, Google Cloud, India.

Paysharp gets final authorisation from RBI to act as a payment aggregator

Chennai-based fintech company Paysharp on Monday said that it has received the final authorisation from the Reserve Bank of India (RBI) to act as a payment aggregator on August 30th. 

The authorisation makes the company a part of India’s payment system and helps it expand its services to more merchants.  

The company focuses on non-card-based payments like UPI and Virtual account based solutions for NEFT, IMPS, and RTGS collection. 

It has raised Rs 23 crore so far across two rounds of funding, and was valued at Rs 200 crore as of March 2023.

“It is great pride to be a part of India’s payment system, We understand the value and responsibility of the authorisation, we will continue provide simple and safe payments to business at flat price alternative to percentage based pricing,” said Krishna Kumar Mani, Founder and CEO of Paysharp.

KRAFTON’s Indian gaming incubator onboards Dunali Games and Arjuna Studios

South Korea-based video game publisher KRAFTON’s Indian gaming incubator on Friday said that it has boarded Dunali Games and Arjuna Studios to its team. 

Gurugram-based Dunali Games is developing Tale of Honour, an Android strategy-driven stealth puzzle game, while Delhi-based Arjuna Studios created Gangster Carnival, a mobile-focused multiplayer battle royale game. 

KRAFTON India Gaming Incubator (KIGI) provides selected cohorts with a tailored mentorship program along with financial assistance of up to $150,000 to each team to support development. 

Indusbridge Ventures and FedTech (USA) partner to launch India startups-focused launchpad

Indusbridge Ventures on Monday said that it has entered into a partnership with US-based deep tech venture builder FedTech to launch an India to America programme called ‘I2A Launchpad’. 

The programme includes extensive mentorship and market access opportunities for Indian startups and technology-based small and medium-sized enterprises. 

The Launchpad will provide opportunities within the Department of Defence ecosystem, space agencies, commercial aerospace and government technology sectors, according to the company. 

The first cohort, which is expected to launch in October 2024, will include 10-15 startups. 

“This program will prepare innovative technology companies for integration into the U.S. market, while also opening doors to other commercialisation opportunities. FedTech has helped launch and scale hundreds of startups through our industry-leading programs in 20 global markets, expansive network and expertise in go to market strategies, which we are excited to bring to India,” said Jake Kramer, Managing Partner of FedTech. 

AI-powered meeting assistant company Fireflies.ai achieves 8x growth in India

Fireflies.ai on Monday said that it has achieved 8X growth in India over the past year.

The company added that its AI-powered meeting assistant is now being actively used by more than 30,000 Indian companies with meeting volumes touching an all time high in July.

According to Fireflies, teams at three out of five unicorn Indian startups use the company’s services.

"We're thrilled to see such tremendous growth in India, a market that has always been at the forefront of embracing new technology," said Krish Ramineni, CEO and Co-founder of Fireflies.ai.

"Our mission has always been to make meetings more efficient and actionable, and the significant traction we've gained globally, and particularly in India, is a testament to the value that Fireflies brings to the table,” he added.

Ingka Centres unveils second IKEA-anchored meeting place

Ingka Centres, part of the Ingka Group which also includes IKEA Retail and Ingka Investments, on Monday unveiled its second meeting place in India in Lykli, Noida.

With a total investment of about Rs 5,500 crore, Lykli Noida is expected to generate over 9,000 jobs, the company said.

The Noida meeting place is expected to open in a few years.

“The unveiling of Lykli in Noida marks a significant step forward in the development of Uttar Pradesh as a hub of modern urban living. The project not only reflects the growth and development of Noida but also aligns with our vision of creating sustainable, community-focused spaces across the state. I am confident that it will become a landmark destination, contributing to the prosperity and well-being of our citizens,” Yogi Adityanath, Chief Minister of Uttar Pradesh, said while speaking at the event.

Startup incubator T-Hub launches AIC T-Hub Lab2Market programme

T-Hub on Monday launched the AIC T-Hub Lab2Market program to transform research into market-ready innovations.

The programme offers researchers and innovators an opportunity to translate ideas into commercial successes by focusing on developing minimum viable products and converting them into scalable startups.

The company added that out of 200 applicants, 23 startups have been chosen for the first cohort of the program and represents a diverse range of sectors from sustainability to healthcare.

“The Lab2Market program is designed to accelerate innovation across a variety of sectors, including sustainability, mobility, healthcare, nutraceuticals, and more. By supporting startups from diverse fields, we aim to drive significant growth for participants—helping them achieve commercialization, refine business models, and expand their market presence both domestically and internationally," said Mahankali Srinivas Rao, CEO of T-Hub.

This program will help startups catalyze transformation and evolve into established market players,” Srinivas added.

Singapore Business Federation expresses interest to set up office in Bengaluru

Singapore Business Federation (SBF) on Monday expressed interest in setting up their office in Bengaluru during a meeting with Large and Medium Industries Minister MB Patil.

The delegation led by Prasoon Mukherjee, Vice Chairman of SBF, said that they could create a “Singapore in Bengaluru” if the state government cooperated.

Minister MB Patil said that the government would provide all the required infrastructure, including land, power, water, and connectivity.

"We will stay in continuous touch with SBF to facilitate their investment in the state," Patil noted.

The delegation included entrepreneurs Jeffrey Guao, Douglas Tan, and Samantha Teo, among others.

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