Startup news and updates: Daily roundup (October 23, 2024)

Funding

WishNew Wellness raises $250,000 in angel funding round

WishNew Wellness, a wellness solutions provider, has raised $250,000 in an angel funding round at a valuation of $5.65 million. 

The funding was led by a group of alumni from the Indian Institute of Technology (IIT) Delhi, spearheaded by Ankit Khandelwal, International Strategy Leader at FICO. The other investors include Gyanesh Sharma, Co-founder and CTO at DotPe; Abhijeet Rana, IIT Delhi-INSEAD Alumni and Chief Transformation Officer at Caldic and Ashish Singh, former SVP at Nykaa and CTO at Virtualness.

The newly-acquired funds will be allocated to enhance research and development initiatives; expand the product portfolio to offer more comprehensive wellness solutions; scale up manufacturing and distribution capabilities and invest in marketing and brand-building initiatives.

“The team’s innovative approach to holistic wellness, combined with their strong execution capabilities, sets them apart in this rapidly growing market. We believe WishNew Wellness has the potential to redefine how Indians approach their health and well-being,” Khandelwal said.

GetVantage invests total of Rs 5.4 Cr in three logistics startups

Embedded finance and working capital platform GetVantage has invested Rs 1.8 crore in growth capital each to three logistics startups, Celcius Logistics, Ohm Logistics, and Fitsol. 

This funding arrives at a time when logistics businesses operate at full capacity to meet the high demand during the festive season.

GetVantage funds through its licensed NBFC GetGrowth Capital, and its AIF Venture Finance Fund with Varanium Capital, among other partner NBFCs.

These investments expand GetVantage’s portfolio in the cleantech, green energy, and EV logistics sectors.

Other news

Swiggy Dineout, Mumbai Foodie launch Supper Clubs of India

Swiggy Dineout in collaboration with Mumbai Foodie has launched Supper Clubs of India—an experiential dining series celebrating the rich, diverse traditions of regional Indian cuisine. 

Starting this October, food enthusiasts in Mumbai can embark on a gastronomic adventure, experiencing 10 curated dinners over the next six months, featuring regional community-style meals by some of the country’s most talented home chefs.

Culinary maestros such as Jasleen Marwah, first runner-up of Masterchef Season 8–Nambie Jessica Marak, and Chef Anuradha from Charoli are a few of the chefs leading these dinners, sharing their passion for bringing regional delicacies to life.

As part of the opening edition, guests will savour rare dishes like Guchi Yakhni (foraged morels in curd gravy) and Nadur Monj (crispy lotus stem fries), in a Kashmiri feast by Chef Jasleen Marwah at Veranda–Bandra on October 24, at 8:00 PM.

Arka Fincap Limited appoints Samrat Gupta as MD

Arka Fincap Limited has appointed Samrat Gupta as the Managing Director, effective October 23, 2024.

Gupta, in his previous role, was the Managing Director and CEO at Tata Motors Finance Limited.

The company also announced that Vimal Bhandari, the current CEO and Executive Vice Chairman, will be superannuating. 

Bhandari will move from his executive role into a non-executive role, on the Board of the company effective October 23, and will guide Gupta as he transitions to the new role.

Maxvolt Energy converts to limited company in tandem with IPO plans

Maxvolt Energy Industries Ltd, a lithium battery technology firm, has converted into a limited company as part of its strategic roadmap towards a public listing. 

The firm’s board of directors approved the change during the company’s Annual General Meeting (AGM) held last week.

As per the board’s decision and in accordance with the Companies Act, of 1956, the company will now be known as Maxvolt Energy Industries Limited. This reclassification has also received formal approval from the Central Government, as signified by the Registrar of Companies, Central Processing Centre.

The move to become a limited company is a pivotal step for Maxvolt Energy as it prepares for its SME Initial Public Offering (IPO) in the near future. This strategic shift aims to enhance transparency, attract new investors, and fuel the company’s next phase of growth.

Founded in 2019, Maxvolt Energy specialises in manufacturing and supplying lithium battery packs for electric vehicles, energy storage systems, and medical device batteries.

JLR launches Open Innovation Hub in India

JLR has launched its latest Open Innovation Hub in India to identify and work closely with startups to develop the next generation of products and services that will help define JLR’s future client experiences.

Building on the success of the company’s existing innovation hubs in the UK, US, Israel, and Brazil, the India Hub will focus on deep tech including artificial intelligence, big data and analytics, Internet of Things, ADAS (Advanced Driver Assistance System) and sensors and devices.

The Hub, which is launching in partnership with the corporate innovation platform and investor, Plug and Play, will also bring together industry, government, academia, and other parties. 

They will discuss and develop industry-leading solutions for JLR, such as optimising batteries for electric powertrains, identifying optimal locations for charging infrastructure and delivering more advanced ADAS.

The new Hub is the fifth to open since JLR’s Open Innovation Programme launched in April 2022. The programme has engaged with over 2,500 start-ups globally, resulting in 33 formal collaborations so far.

Mudrex sees 10x surge in revenue, trading volume over the past year

Mudrex, a global crypto investment platform, saw a 10x surge in revenue and trading volume over the past year. 

Mudrex claims its monthly trading volume rose from 10 million to 100 million. It has seen a rapidly growing user base, contributing to a 40% month-on-month increase in new users.

The platform also saw significant organic traffic over the past year, according to the latest SemRush data.

Founded in 2018 by Edul Patel, Alankar Saxena, Rohit Goyal and Prince Arora the Y-Combinator-backed enterprise has established a robust investing platform that can be used by both newcomers and seasoned investors. 

NODWIN Gaming appoints Atin Suri as Global Head of Experiential Marketing

NODWIN Gaming, a new-age youth entertainment, gaming, and esports firm, has appointed Atin Suri as Global Head of Experiential Marketing. 

Suri will be responsible for leading NODWIN Gaming’s worldwide expansion efforts in experiential marketing and continued growth while handling the company’s white-label events and activations. 

His ability to formulate marketing strategies and well-crafted market messaging for a global audience ties in seamlessly with NODWIN Gaming’s vision as the company continues to expand its footprint in the industry and deepen its engagement with audiences.

Before joining NODWIN, Suri founded The Experiential Hub, an agency known for crafting innovative brand events and activations. 

Zeno Health appoints Pinkesh Dhimar as Brand & Communications Director

Zeno Health, an omni-channel platform for quality and affordable generic medicines, has appointed Pinkesh Dhimar as its new Director for Brand & Communication. 

Dhimar will be responsible for the branding guidelines, communications, public relations and social media outreach at the startup. 

Dhimar comes with a vast, diverse and rich experience in the marketing and branding sector. He has 12 years of experience working with several consumer-tech brands catering to varied profiles across different categories. Some of these include working with companies such as CoinSwitch, Scripbox, Vedantu, Nestaway, ACT Fibernet and Hathway.

String Metaverse to launch Web 3.0 browser

String Metaverse is set to unveil the next-generation AI-based Web 3.0 browser, in addition to advanced versions of games such as rummy and poker. 

Unlike traditional browsers, this is an intelligent interactive web where a browser's AI agents can be invoked to carry out routine tasks such as fetching financial headlines, arranging for conference calls, sending out emails, and generating shopping recommendations.

String Metaverse is aiming to build a user base of 30 million by FY 2025. 

Easebuzz, GoKwik help 2000+ D2C brands maximise festive sales

Easebuzz, a full-stack payment solutions platform, together with ecommerce enabler GoKwik, is supporting over 2000 D2C brands, offering comprehensive payment and COD solutions that aim to maximise sales and enhance the customer experience. 

Easebuzz-GoKwik Duo helped over 2000 D2C brands including boAt, Noise, Snitch, Nasher Miles, Levis etc, in maximising the Dussehra sale by offering one-click checkouts, seamless online payments and cutting-edge intelligent COD services.

Average order value (AOV) for D2C brands jumped 11% year on year to Rs 1,869. AOV surge is contributed by categories like jewellery, electronics and apparel. Tier one cities contributed the most to AOV surge, with 96% growth compared to last year. States like Maharashtra, Karnataka, Uttar Pradesh, Delhi, and Tamil Nadu had the highest order volume surges. 

HDFC Bank Group announces winners of its Tech Innovators 2024

HDFC Bank Group announced the winners of HDFC Tech Innovators 2024, a joint initiative with HDFC AMC, HDFC Ergo, HDB Financial Services, HDFC Life, and HDFC Securities, led by HDFC Capital and HDFC Bank. 

The programme supports tech start-ups across PropTech, FinTech, Sustainability Tech, Consumer Tech, and New Age Tech. 

Over 2,000 applications were received, and the top 10 winners were selected by a jury including HDFC Group leaders, VCs, and industry executives, with EY overseeing the process. Winners include Alt Drx, Garudalytics, Inkers Technology, Ishitva Robotics, and others.

Swiggy collaborates with SwopStore

Swiggy has unveiled a partnership with SwopStore, a customer acquisition platform. This collaboration is expected to drive growth in Swiggy’s sales, leveraging SwopStore’s approach to customer engagement and retention.

The platform’s distinctive approach has led to an average customer retention rate of 8%, four times higher than the industry norm. GivenSwiggy’s vast user base, SwopStore’s high retention rates are poised to amplify Swiggy’s sales and customer growth.

Over the past year, SwopStore has helped more than 200 online businesses achieve growth, including brands such as The Man Company, Bombay Shaving Company, Perfora, Snitch, Plix Life, Enamor, Hindustan Unilever, Earth Rhythm, Godrej, and Lenskart’s John Jacobs.

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