Startup news and updates: Daily roundup (November 12, 2024)

Funding

Visa processing platform StampMyVisa raises Rs 6.6 Cr from Unicorn India Ventures

StampMyVisa, an AI-powered visa processing platform, has raised Rs 6.6 crore in a pre-Series A round from Unicorn India Ventures.

The company plans to use the capital to enhance its AI capabilities and introduce innovative services for businesses to manage international travel and visa processes for Indians travelling abroad. The funds will also be deployed to expand StampMyVisa's geographical footprint across India and launch next-generation products, including SMV Protect Insurance, which would refund visa fees in case of rejection, and travel eSIMs.

DesignX raises $1M pre-Series A funding

DesignX, a startup in the manufacturing industry, has raised $1 million in pre-Series A funding from Piper Serica Angel Fund.

Founded by engineering graduates and manufacturing veterans, Rajat Srivastava and Nishant Srivastava, DesignX focuses on hyper-automation for manufacturing shop floors. Its product, The Df-OS platform, helps lighthouse factories enhance productivity and sustainability through real-time data analytics. It benefits sectors such as automotive, FMCG, and consumer electronics by reducing waste and lowering carbon footprints.

In 2021, the company had raised $300,000 in equity from Modular Capital, Accel, and a few manufacturing industry veterans.

India IVF secures $1.25M in pre-Series A funding from Tomorrow Capital

India IVF, a tech-enabled fertility platform founded by Dr Richika Sahay and Dr Somendra Shukla in 2014, has secured $1.25 million in pre-Series A funding from Tomorrow Capital, a $100-million venture capital fund dedicated to supporting early-stage, transformative consumer healthcare businesses. 

This investment represents India IVF's first external funding since its inception, following a decade of profitable operations across its five North Indian centres, including clinics in Delhi-NCR and Srinagar, said the company in a statement.

This funding will drive India IVF’s expansion across North India, enabling the company to bridge critical gaps in fertility care access.

With the goal of making advanced fertility solutions accessible to underserved communities, India IVF has established India’s first tech-enabled fertility platform, offering comprehensive, 360-degree fertility care through advanced technology and a dedicated team of experts, the statement said.

Tomorrow Capital’s investment follows its recent support of VitusCare and IndiShreshtha, reinforcing its commitment to specialised healthcare ventures.

Also Read

Women in the Digital Economy Fund launches new round of funding to accelerate digital inclusion for women

Other news

88 Pictures launches gaming division 88Games

88 Pictures, an animation and VFX studio, has launched a new gaming division, 88Games, marking the studio's entry into game development.

With a commitment to crafting world-class indie games for PC and console audiences, 88Games aims to bring a fresh perspective to gaming by blending high-quality visuals with storytelling rooted in rich and diverse Indian history and culture.

Renowned for its animation work in the multiple Emmy and Annie Award-winning show Trollhunters: Tales of Arcadia, as well as global hits like Gremlins: Secret of Mogwai, Transformers: The Earth Spark Season 2, Kung Fu Panda: The Dragon Knight, and Fast & Furious: Spy Racers, 88 Pictures has established itself as a creative force in the international markets.

Mphasis appoints Mike Meyer as head of strategic sales

Mphasis, an IT solutions provider specialising in cloud and cognitive services, has appointed Mike Meyer as the head of strategic sales. Meyer will lead cross-functional deal execution teams to drive closure on large and strategic deals.

He will spearhead strategic deals in collaboration with various business units, enhancing overall growth, alignment, and effectiveness. He will also be responsible for pipeline development along with end-to-end sales cycle management to optimise market opportunities for high-value contracts, said Mphasis in a statement.

“Aligned to our focus on large deals and strategic sales, I am delighted to welcome Mike to the Mphasis executive leadership team. With his extensive expertise in guiding organisations towards winning strategic deals, Mike will play a critical role in driving our key growth priorities forward,” said Nitin Rakesh, CEO and Managing Director, Mphasis.

IIT Madras experiential technology centre to launch academic partnership programme

eXperiential Technology Innovation Centre (XTIC), IIT Madras's centre for virtual reality and related fields, is set to launch ‘XTIC-Academic Partnership Program' to drive the growth of the eXtended reality' (XR) sector in India.

The initiative plans to drive the growth of highly-trained XR developers and designers in India for the global market. It aims to boost the XR field and bridge the gap between applied R&D and core R&D. It will also support the startup ecosystem and be a stepping stone for expanding XR courses globally.

Vice-chancellors and principals of leading academic institutions will sign the MoU during the XR Summit, scheduled to be held on November 16 and 17 at the IIT Madras campus.

‘eXtended reality’ (XR) refers to augmented reality, virtual reality, and mixed reality. IIT Madras is uniquely positioned to lead this effort, thanks to its cutting-edge Haptics Lab and the Institute of Eminence Centre for VR and Haptics.

GlobalLogic launches delivery centre in Hyderabad

GlobalLogic, a Hitachi Group company and a leader in digital engineering, has launched a delivery centre in Hyderabad. This centre, which is part of the company’s growth and expansion strategy in APAC, marks GlobalLogic's fourth centre in the last nine months.

This expansion is set to enhance the company’s core engineering capabilities and deliver advanced digital engineering solutions across sectors, including technology, healthcare, automotive, banking, professional services and more, while maintaining a continued focus on the content engineering business, said the company in a statement.

The inauguration of the office was graced by Duddilla Sridhar Babu, Minister for Information Technology, Electronics & Communication, Industry & Commerce, and Legislative Affairs, Government of Telangana.

Payment solutions company Easy Pay joins ONDC as a seller

Easy Pay, a payment solutions company, has listed itself as a a seller on ONDC.

The company aims to offer MSMEs and small businesses access to a broad range of digital services, including seamless integration of financial solutions and e-commerce services, all under one umbrella.

Easy Pay plans to onboard 5,000 MSMEs who are in both retail and wholesale trade by the end of the current financial year, providing them with comprehensive tools for managing operations such as inventory, catalogue creation, order management, packaging logistics, and payments.

Fort Capital ropes in industry veteran Parag Thakkar

Fort Capital, an agile asset management firm, has appointed Parag Thakkar as Head – Fund Manager.

Thakkar brings with him over 20 years of experience in fund management and institutional equities to the firm. He joins Fort Capital following tenures at ICICI Prudential Mutual Fund and Anvil Wealth Management.

During his career, Thakkar has developed, launched, and managed highly acclaimed funds, including the PIPE and Contra Funds at ICICI Prudential Mutual Fund, which remain investor favourites till today, according to a press release.

Sumit Maloo joins Neeman's as CFO

Footwear brand Neeman's has appointed Sumit Maloo as its chief financial officer. Maloo will lead Neeman’s ambitious plan to establish 100 stores across India over the next two years.

In his previous role at Skechers South Asia, Maloo led financial strategy, operations, controls, planning & analysis, reporting, and treasury. He also spearheaded initiatives like establishing the FP&A function, enhancing financial reporting, ERP integration, enhancing internal controls, and providing real-time insights that enable sustainable profitable growth.

Maloo has also held key positions in finance at Staples, ICICI Bank, and Reliance Brands.

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