Startup news and updates: Daily roundup (October 8, 2024)

Funding News

Adloggs raises from Auxano Capital and others to scale hyperlocal delivery

AI-powered delivery orchestration platform Adlogg has raised fresh funding led by Auxano Capital, Multiply Ventures, with participation from Faad Network, facilitated by investment banker Ashish Sawargi. This new investment which remains undisclosed, will be used to scale Adloggs' delivery partner network and enhance its AI-driven platform to support deeper integrations, aiming to transform India’s last-mile logistics sector.

With this funding, Adloggs is positioned to address the increasing demand for hyperlocal deliveries by aggregating smaller, local delivery fleets (5 to 500+ riders) and providing them with access to consistent business demand.

"This investment enables us to scale rapidly and meet the rising demand for hyperlocal deliveries across India. We are committed to building a more inclusive and efficient delivery ecosystem, benefiting both businesses and local delivery partners," said Darshan Krishnaswamy, Founder of Adloggs.

Other News

Uber Pet launches in Bengaluru

Ridesharing app Uber has announced the launch of Uber Pet in Bengaluru, allowing riders to bring their pets along for the ride. With this new reserve-only service, pet owners can travel with their furry companions, whether it's a quick trip to the vet or an outing.

Uber Pet offers riders the option to book a ride with their pet—either a dog or a cat—ensuring a comfortable experience for both themselves and their pets. By selecting the Uber Pet option, drivers will be notified that a pet will be traveling.

The new service also offers additional earning opportunities for drivers on the Uber platform.

MoU signed to launch India's first Energy Transition-focused Startup Accelerator Program

Transition VC venture capital fund has signed an MoU with T-Hub and IEEE (Institute of Electrical and Electronics Engineers) to launch the country's first energy transition-focused Startup Accelerator. The first cohort of the accelerator aims to support four to five startups, while it will expand its support to seven to eight startups in following cohorts.

The application process for the accelerator will be announced by soon.

Hyderabad-based T-Hub will function as the Innovation Execution Partner under this collaboration. It will play a key role in structuring and executing the Accelerator Program, while also helping startups with R&D and product prototyping. As the Funding and Market Access Partner, Transition VC will ensure that startups receive the financial support, market resources, and mentorship needed for commercialisation and growth. Similarly, IEEE will serve as the Knowledge Partner, providing founders and their teams with academic support, access to technical domain experts, skill training, and university network.

ICICI Bank partners with PhonePe to offer instant credit on UPI

ICICI Bank has announced a partnership with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company. The partnership enables millions of pre-approved customers of ICICI Bank to activate short term credit line instantly on the PhonePe app, and use it for UPI transactions in a seamless and secure manner.

The Bank offers credit line on UPI for up to ₹2 lakh with a repayment period of 45 days.

The facility is announced during the festive season to empower customers to purchase high ticket items like electronics, travel and hotel bookings, bill payments, and much more.

Appreciate becomes first company to enable mutual fund investments on ONDC Network

Appreciate has announced that it has carried out the first low ticket (Rs. 100) mutual fund transaction on the Open Network for Digital Commerce (ONDC) Network. It is one of the first buyer apps to go live on ONDC Network offering mutual fund (MF) investments via Appreciate integrated investment platform.

The launch forms part of Appreciate and ONDC Network's broader strategy to democratize access to investment products across India, especially in regions underserved by traditional financial services. Appreciate, acting as a buyer app, facilitates seamless interaction between AMCs and customers, with Nippon India AMC being the first AMC to accept investments through the ONDC protocol.

ONDC Network, initially designed to boost e-commerce in India, is now diversifying its services to include a full range of financial products. Its entry into the mutual fund space comes on the heels of its successful digital lending services, which went live in August 2024, offering paperless loans.

magicpin becomes the largest food delivery seller app on ONDC

India’s third-largest food delivery app has achieved a significant milestone by touching nearly 150,000 daily food and logistics orders on the Open Network for Digital Commerce (ONDC) becoming the

largest food delivery seller app on the network.

Over the past year, magicpin witnessed increased growth in its order volume on the ONDC network. Within its first four weeks, the platform scaled from 100 to 10,000 orders in May 2023, to further climbing to 1,50,000 this year on food and logistics orders, the company said.

“In the last 15 months, we have touched double-digit market share in major cities, with more than 10% market share in key markets like Delhi or Bengaluru in terms of overall food delivery. At the same time, we are thrilled with magicpin's success on ONDC, where we have reached 1.5 lakh daily orders for food delivery and logistics on the network. 90% of food orders from prominent buyer apps such as Paytm, Tata Neu, and Ola are now fulfilled by magicpin," said Anshoo Sharma, CEO & Co-Founder, magicpin.

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