Startup news and updates: Daily roundup (November 7, 2024)

Funding news:

Enlog secures Rs 1.75 Cr in equity funding

Enlog, a Delhi-based startup specialising in AI-powered energy management and IoT solutions, has secured Rs 1.75 crore in equity funding from Vinners.

The fresh funds will be used to boost its operations and accelerate its growth in India's energy management sector.

Enlog, a Delhi-based energy management startup, was founded in 2019 by Bharath Rnkawat and Jharna Saha, focuses on IoT and AI-powered energy solutions to optimise electricity consumption and reduce carbon footprints. So far, it has managed 11,300 MWh of electricity and reduced over 2,000 tons of carbon emissions.

With over 15,000 users, Enlog aims to reduce carbon emissions by one million tons by 2027. It plans to triple its revenue from Rs 12 crore in 2024 to Rs 40-45 crore by 2025, focusing on expanding into key Indian metro cities like Bangalore, Hyderabad, Pune, and Indore.

Pulse bags $1.4M in a seed funding round led by Endiya Partners

Pulse, an advanced Agentic AI platform, has secured $1.4 million in seed funding from Endiya Partners, with participation from angel investors, including founders of Zluri and Yellow.ai, and other entrepreneurs and product leaders.

The funding will primarily focus on building a robust core team, enhancing the platform's development, purpose-built LLMs, and Agentic AI capabilities.

It is launching its MVP in November 2024, following pilots with multiple design partners. The company plans to allocate resources for early go-to-market initiatives to establish a foothold in India and the US, paving the way for long-term growth and leadership in the AI-first product management space.

Hyderabad-based Pulse, founded in 2024, uses Agentic AI to collect customer feedback, analyse structured and unstructured data, and automate key processes like feature extraction, prioritisation, and product hierarchy creation.

Nexstem raises $3.5M to accelerate development of BCI Solutions, 

Bengaluru-based startup Nexstem, raised $3.5 million in its latest funding round, securing funding from investors including InfoEdge, Zupee, Smile Group, and Gruhas.

With the fresh funding, it plans to leverage this investment to expand its product ecosystem and intellectual property portfolio, potentially disrupting the neurotech sector.

Nexstem, founded in 2020, offers a BCI product suite called Instinct, which uses an AI-powered onboard compute module to analyse biosignals from the human body. BCI technology allows direct communication between the human brain and external devices, revolutionizing human-machine interactions. It can restore lost motor functions and enhance cognitive capabilities.

Other News

DaveAI secures patent for real-time adaptive digital aisle, transforming customer engagement

Dave.AI, an interactive digital solutions, has been granted a patent by the Government of India for its “System and Method for Real-Time Adaptive Interactive Digital Aisle of Products.”

The patented system leverages DaveAI's proprietary Affinity Engine, a multi-dimensional AI with an online learning genetic algorithm, powers real-time hyper-personalisation, allowing brands to craft adaptable and engaging digital customer experiences.

DaveAI combines machine learning with genetic algorithms to personalise customer interactions in real time. This allows brands to provide tailored recommendations, adapt to changing customer needs, and build lasting connections.

EaseMyTrip partners with Hyperface to enhance customer experience 

EaseMyTrip.com has partnered with Hyperface, Asia's first Credit Cards as a Service platform, to enhance its card management capabilities and provide comprehensive solutions for both existing and new customers.

Hyperface will offer EaseMyTrip comprehensive customer support, including onboarding and hyper-personalised campaigns, to enhance digital-first experiences and improve customer engagement, benefiting EaseMyTrip's co-branded credit and debit card programs with existing bank partners.

EaseMyTrip and Hyperface are launching new co-branded credit card programs, focusing on tailored benefits and rewards for EaseMyTrip customers. Hyperface's CCaaS platform provides a comprehensive solution for brands to launch, manage, and scale their credit card programs.

New Relic expands presence in India with new Bengaluru office space

New Relic, the Intelligent Observability Platform, is expanding its Bengaluru office by 300 seats to support its product, engineering, go-to-market, finance, and operations teams.

The move comes as New Relic has quadrupled its headcount in India since 2024, demonstrating its commitment to the country and its growing global customer base.

It has expanded its office to provide dedicated collaboration spaces for product, engineering, and design teams, focusing on advancing key areas of the New Relic Intelligent Observability Platform.

New Relic Intelligent Observability Platform is a solution that unifies and pairs telemetry data, providing clarity over the entire digital estate. It moves problem-solving from proactive to predictive, maximizing value and controlling costs.

Visa onbaords Rishi Chhabra as new Country Manager for India

Visa has appointed Rishi Chhabra as the Country Manager for India, responsible for managing the country's digital payments business, managing senior client relationships, and leading strategic initiatives.

Chhabra, as Country Manager, will collaborate with cross-functional teams in India and Asia Pacific to drive Visa's India agenda, reporting to Sandeep Ghosh, Group Country Manager for India, Sri Lanka, Maldives, Bangladesh, Nepal, and Bhutan.

He joined Visa in 2023 as VP and Head of Merchant Services & Acquiring for India and South Asia, leading Visa’s merchant, acquirer, and cobrand relationships. With over two decades in financial services across the US, India, and Sri Lanka, he previously served as Country Head at Fiserv, India and Sri Lanka, and held leadership roles at First Data Corp, PayPal, JP Morgan, ABN AMRO, and General Electric.

Wealth-tech platform Nivesh acquires Wealthzi

Nivesh, a digital-first wealth tech platform, has acquired Wealthzi, a wealth platform operated by Lime Internet Private Limited, to enhance user experience, boost business scaling, and create synergy in products, research, and operations.

The combined entity now holds an AUM of Rs 2,500 crore, aiming to reach Rs 10,000 crore in assets within three years.

Nivesh, founded in 2016, uses AI-driven technology to improve customer outcomes. With 60,000 clients across 6,000 Indian pin codes, it's supported by IAN Fund, LetsVenture, and industry leaders like Basab Pradhan and Rahul Gupta.

Wealthzi, founded in 2020 by PV Sahad and Pradeep Pillai, is a wealth management firm with over 20 years of experience managing large assets for HNIs, UHNIs, and family offices. With over Rs. 500 crore in assets across Mutual Funds, PMS, AIF, Bonds, and other assets, Wealthzi has recently obtained a RIA license from SEBI to enhance its advisory services.

Swiggy brings together 700+ influencers at India’s inaugural Creator Con

Swiggy, an Indian food delivery service, recently organised Swiggy Creator Con in New Delhi, highlighting the growing influence of digital content on food trends and dining choices.

Swiggy Creator Con 2024 was a networking event that brought together influencers, chefs, and restaurant brands to discuss ideas, experiences, and future trends in the food industry.

The event highlighted the growing interdependence between these groups and platforms like Swiggy, highlighting how Swiggy can support and empower food brands and content creators while embracing India's evolving food culture.

StayVista launches ‘Vize’ to partner

StayVista is introducing its new "Vize" service to assist developers in creating ideal vacation homes and improving guest stay management, leveraging its extensive industry experience.

The new advisory arm to offer tailored solutions at various stages of development projects, including concept, sales, facility management, bookings, and stays.

Vize is a new brand offering interior design, sales support, and facility management services for builders. It provides plans and recommendations for dream villa projects, manages sales and marketing to StayVista's network of HNIs and potential buyers, and handles bookings, stays, staff hiring, housekeeping, and maintenance once the villa is ready for guests.

StayVista, established in 2015, has partnered with over 800 homeowners in India for architectural, transforming, and conceptualising the best holiday homes. The brand is now expanding its services to India's leading real estate developers.

KKR and NVP backed Infinx Healthcare to Establish Center of Excellence in Madurai

Infinx Healthcare, a provider of AI-powered patient access and revenue cycle management solutions, has opened its latest delivery center in Madurai, Tamil Nadu.

The modern facility will enhance the revenue cycle processes for U.S. healthcare providers, enabling them to concentrate on patient care and ensure financial sustainability.

Infinx has invested in Madurai, marking its eighth Indian centre, aiming to expand globally. The center will use advanced AI and automation technologies to streamline revenue cycle operations, solidifying Infinx's industry leadership position. It is one of the first ITES organizations to establish such a center in Madurai.

It is launching a new center to create 700 healthcare revenue cycle management (RCM) job opportunities over five years. The center will partner with educational institutions to recruit and train graduates, offering role-specific training and competency-based learning programs. Employees can access self-paced e-learning courses on the company's digital platform, covering both technical and soft skills.

8Bit Creatives teams up with NODWIN Gaming as exclusive talent partner for DreamHack India 2024

8Bit Creatives has partnered with NODWIN Gaming as the exclusive Talent Partner for DreamHack India 2024, a leading provider of new-age youth entertainment and gaming.

Through this partnership, 8Bit Creatives will tap into its vast reach in Indian gaming, esports, and youth communities, with its creators producing content for the festival and hosting meet-and-greet sessions.

DreamHack India, a gaming festival, is set to host its fifth edition from November 15th to 17th at the Hitex Exhibition Centre in Hyderabad.

8Bit Creatives's S8UL division won the 'Content Group of the Year' award for the third consecutive year at the Esports Awards 2024, becoming the only Indian organization to win an Esports Award in any category. The company's gaming content creators, Naman Mathur, Payal Dhare, and Animesh "Thug" Agarwal, were invited to a meet and greet session with Prime Minister Shri Narendra Modi.

Indians show 63% surge in pet spending and 2.5x growth in gardening purchases: Report

Indians' spending on pet products increased by 63% YoY, reflecting a growing affection for their pets, from treats to spa days, according to Razorpay's Diwali Trends Report.

Razorpay's report shows that spending on gardening supplies increased by 2.5x, while mindful pursuits saw a 50% rise in book purchases and a 56% increase in OTT subscriptions. Health awareness increased, with dietician consultations up 70% and fitness equipment sales increasing by 27%.

Travel enthusiasm reached new highs, with flight bookings climbing 3.2x and accommodations by 27%. Fashion and jewelry sales increased, with online clothing sales up 2.7x.

The report analyses over 900 million online and offline transactions conducted across Razorpay's PG and POS platforms between 2023 and 2024.

UnboxingBLR and WTFund announce Namma Bengaluru Challenge

UnboxingBLR Foundation and WTFund by Nikhil Kamath have announced the Namma Bengaluru Challenge, a program aimed at supporting changemakers in developing innovative solutions for Bengaluru.

The Namma Bengaluru Challenge will award grants of Rs 10 lakh each to five individuals, startups, or community organiSations. The UnboxingBLR Foundation, a non-dilutive non-profit, aims to help people explore Bengaluru's transformation and provides structured growth opportunities for emerging entrepreneurs.

The Challenge, launched on November 1, 2024, seeks practical solutions to address the city's needs. Applications are evaluated based on innovation, impact, feasibility, scalability, and commitment. Participants must fill out a form on UnboxingBLR's website and submit a short video.

Shortlisted candidates will be invited for virtual interviews, and the top five will receive grants of Rs 10 lakh each and a chance to present their projects at the Futures Conference, part of BLR Hubba, the city-wide annual cultural festival.

Infiniti Retail names Shibashish Roy as New CEO of Croma, succeeding Avijit Mitra

Infiniti Retail Ltd., an Indian retailer under the brand 'Croma', has appointed Shibashish Roy as its new CEO from November 18, 2024. This decision follows the retirement of Avijit Mitra, the current Managing Director and CEO, in March 2025.

Mitra will continue to serve on the company's board until his retirement. Roy currently serves as the Deputy CEO, overseeing critical areas like Store Operations, eCommerce, Marketing, Buying, Merchandising, Services, and Technology.

Infiniti Retail, operates under the brand Croma, with over 550 stores in over 220-plus cities. The company is expanding its presence, particularly in suburban metro areas and Tier II and III cities. Croma provides a world-class shopping experience, offering both in-store and online shopping. Its products are also available on the Tata Neu app. Croma was recently featured among the 100 most valuable Indian brands by Brand Finance India 100 report.

Head Digital Works completes first ESOP buyback, rewarding nearly 250 employees

Head Digital Works, a skill gaming platform, has completed its first-ever employee stock options buyback program, with 97% of eligible ESOP holders selling a part of their vested ESOPs, benefiting nearly half of the company's 500+ employees.

The company, with over 70 million registered users across brands 'A23' and 'Cricket.com', has decided to complete a $3M buyback initiative to reward employees' efforts and loyalty, despite a challenging environment, demonstrating its commitment to creating value for its workforce.

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