Startup news and updates: Daily roundup (November 18, 2024)

Funding

Drone-based geospatial company Matrix Geo raises pre-IPO funding

Drone and space tech geospatial company Matrix Geo Solutions has raised close to $1 million in its pre-IPO funding round. The round saw participation from marquee investors such as Chittorgarh Infotech Limited, Viney Equity Markets, and Tryrock Capital Trust AIF, among others. IntelliFin Private Limited acted as the sole investment banker for the company.

Following the fundraise, Matrix Geo said it is now looking to file DRHP soon for an SME IPO. Furthermore, the company intends to use this funding to accelerate growth and capture a larger market share in the rapidly expanding drone services sector in India and abroad.

Founded by Amit Sharma and Rahul Jain in 2008, Matrix Geo Solutions is a geospatial technology company empowering customers in planning, monitoring, and management through advanced drone and satellite technology, driving efficiency, cost savings, and better decision-making.

Venture Catalysts participates in seed funding round for Assure Clinics

Venture Catalysts, an incubator and accelerator platform, has participated in a seed funding round for Assure Clinics, a healthcare provider in the dermatological and hair restoration space.

The funding round saw participation from notable investors, including Sathish Subbiah, Founding Partner of Fiducia Capital LTD, DIFC, Dubai, and Indresh Shah of Honor's Group UAE, bringing valuable expertise to support Assure Clinics' growth trajectory.

Founded by Dr Abhishek Pramod Pilani and Dr Priyanka Pilani, Assure Clinics has established itself as a frontrunner in providing innovative dermatological and hair restoration services through its network of 15 centres across India. The company offers a comprehensive range of services, including advanced hair transplantation techniques, skin treatments, and specialised haircare and skincare products, serving a growing patient base with a team of over 250 employees.

Odysse bags order of 40,000 vehicles and investment from Zypp Electric

Odysse Electric, the Indian two-wheeler electric vehicle (EV) brand, has secured an investment from Zypp Electric to accelerate its national expansion. This also includes an order for 40,000 electric vehicles to be delivered over the next three years. The deal highlights the rapid growth and potential of electric mobility in India.

This investment is expected to significantly bolster Odysse Electric's B2B Penetration along with expanding the dealership network across the country. By increasing production and enhancing distribution capabilities, Odysse aims to increase its production capacity to meet the rising demand for clean and efficient mobility and delivery options in personal space as well as booming last-mile delivery space in both urban and rural areas.

Tech Burner forays into smartwatch market with Anarc with $1M investment

Tech Burner's creator-led startup brand Layers has launched Anarc smartwatch at an accessible price point.

Anarc claims to have generated over Rs 3 crore in sales within the first 24 hours of its launch.

Other news

Rio.money launches UPI app; partners with Yes Bank, NPCI for co-branded credit card

Fintech platform Rio has launched its UPI app to provide users with seamless access to credit for UPI payments. It has also partnered with Yes Bank and NPCI to introduce the co-branded Yes Bank Rio RuPay Credit Card, the company said in a statement. This partnership aims to revolutionise the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI, it added.

The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to Rs 5 lakh.

This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier II and Tier III cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, with 60% from Tier II and Tier III cities, highlighting the growing demand for high-quality products outside major cities.

Citara Plex appoints Shivani Singh as CEO to drive next phase of growth

Citara Plex, a cinematic experience company, has appointed senior media leader and renowned entrepreneur Shivani Singh as its Chief Executive Officer. This strategic move positions Citara Plex for aggressive expansion and innovation in the entertainment and retail sectors.

Shivani Singh brings over two and a half decades of leadership expertise, having spearheaded groundbreaking ventures in the startup ecosystem.

Her tenure includes leadership roles at Discovery Networks, ESPN Star Sports, Star India, and Dish TV. As co-founder of She Founders, Shivani has established herself as a thought leader in innovation and entrepreneurship.

Magenta Mobility expands EV operations in UP

Magenta Mobility, a leader in electric mobility solutions, has expanded into Uttar Pradesh, marking a significant milestone in its rapid growth. The company, which was operational in Noida, has now launched in four new key cities across the state, including Lucknow, Agra, Kanpur, and Varanasi, with plans to later expand into other cities. This strategic move strengthens the company’s presence in India, aligning with its mission to accelerate the transition to electric mobility. 

Magenta Mobility aims to deploy over 2,500 electric vehicles (EVs) in Uttar Pradesh by 2025, expanding green mobility options for last-mile delivery services. This effort is part of a broader strategy to establish a comprehensive EV infrastructure across the state, providing cleaner, more sustainable transportation solutions for businesses and consumers alike.

Decathlon enters into strategic association with Myntra

Decathlon, a leading sports products brand, has announced a strategic association with Myntra, one of India's leading destinations for fashion, beauty and lifestyle. In its commitment to making high-quality sports and athleisure products accessible to customers nationwide and as part of this association, Decathlon will leverage Myntra’s wide reach, covering nearly 98% of the serviceable pin codes.

This association will enable Decathlon’s premium range of sportswear, footwear, accessories and more to be available on Myntra with accessibility in Tier I, II and III cities, along with a strong focus on growing sports markets like Northeast India.

UltraTech to deploy 100 more EV trucks in its logistics operations

UltraTech Cement Limited is scaling up the use of electric vehicles (EV trucks) for the movement of materials and products in its logistics operations. The company has signed a new transport service contract for the deployment of about 100 EV trucks for the transportation of 75,000 MT of clinker per month from its integrated cement manufacturing unit Dhar Cement Works, located in Madhya Pradesh, to its grinding unit Dhule Cement Works, located in Maharashtra, which is about 400 km distance for a roundtrip.

UltraTech said it is the first cement company in India to deploy electric trucks at this scale for such a long lead distance. The transportation of clinker using these electric trucks in place of fossil-fuel-based trucks is estimated to help reduce transport emissions by 17,000 MT of CO2 annually.

Namdev Finvest appoints Dominic Vijay Kumar as President, Head of Technology

Namdev Finvest, a Rajasthan-based NBFC catering to MSMEs, green financing, and small business loans, has appointed Dominic Vijay Kumar as the President and Head of Technology.

With his expertise in driving technology innovation, the company aims to sharpen operational efficiency, propel digital transformation, and deliver cutting-edge solutions in the market.

Kumar has more than 25 years of experience in driving innovation in technology to achieve organisational goals. He has held several leadership roles in the BFSI and NBFC sectors, and possesses a proven track record of overseeing the design and implementation of IT services, infrastructure, and operations. His role will be instrumental in driving the organisation's digital transformation, implementing cybersecurity mandates, and managing projects that enhance business performance and customer satisfaction.

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