Startup news and updates: Daily roundup (November 20, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, November 20, 2024.
Funding news
SCOPE Ventures invests $2.5M in Abyom SpaceTech
SCOPE Ventures invests $2.5 million in Abyom SpaceTech to accelerate the startup’s goals in the space exploration sector, the VC said in a press note.
Abyom SpaceTech & Defence is focused on advancing reusable rocket technology and space infrastructure. The investment is part of a total seed round of $5.4 million.
The funding will be used for the construction of a fully cryogenic testing facility at BITS Pilani Hyderabad along with a push towards achieving the milestone of a technology demonstration vehicle, with plans for a Vertical Takeoff, Vertical Landing HOP Test reaching up to 10 km altitude within the next 15 months.
The fresh infusion will also accelerate Abyom’s research and development efforts and expand its team to over 50 employees.
Earlier this year, SCOPE introduced a $50 million venture capital fund through its investment arm, SCOPE VC, aimed at supporting startups. Beyond financial backing, SCOPE VC intends to implement a Y Combinator-style cohort model, offering selected startups mentorship, corporate connections, and strategic resources.
Taqtics raises $1.2M in seed fundraise
Taqtics, a SaaS platform for retail and restaurants, has raised $1.2 million in seed funding led by Sprout Venture Partners and Capital-A.
“With this funding, we are doubling down on innovation, including leveraging AI and automation to simplify retail operations. Our mission is to digitally transform how retail and QSR brands manage their day-to-day operations across locations,” said Yuyutsu Sharma, Co-founder of Taqtics.
The funding, which also witnessed participation from Java Capital, will be used to streamline its retail store operations, expand its product capabilities, strengthen its presence in key markets and add AI-drive analytics for retail and QSR chains.
“The pressure to ensure operational consistency across numerous locations is immense. Taqtics provides an innovative solution that simplifies oversight while driving efficiency,” said Sahil Gupta, Partner at Sprout Venture Partners.
Taqtics, a product of Peachy Technologies, offers an all-in-one platform that provides real-time store audits for compliance tracking, employee training and SOP management, and simplified visual merchandising.
Other news
Blinkit adds Decathlon products to all its pincodes
Zomato’s quick commerce arm Blinkit has launched Decathlon products in all operational cities.
Customers can now get sports and gym equipment, winter essentials, yoga needs, travel bags and apparel for men and women, noted Albinder Dhindsa, CEO, Blinkit in a post on X.
AWE Funds onboards Arun Seth to its investment committee
Early growth venture equity fund AWE Funds onboards former British Telecom exec Arun Seth to its investment committee.
Seth’s insights will enable AWE Funds to invest in sectors critical to sustainable development, including climate, health, fintech, agriculture, and education, the company said in a statement.
Seth has spent 17 years as the founding managing director and chairman of British Telecom in India, while also serving on the boards of Dixon Technologies, Narayana Health, Jubilant Life Sciences, Tech Mahindra, and CyberMedia.
Eunity Partners expands into India
Global advisory, consulting, and executive search firm, Eunity Partners, marks its foray into India under its strategic expansion plan to expand into Asian markets.
To lead its growth in India, it also appointed Farhan Ahmed Hazarika as its Associate Partner. Hazarika will spearhead the firm’s management consulting services in people and human resources, as well as be responsible for driving the firm’s expansion efforts in the Indian market.
In his previous role, Hazarika served as the head of HR at Teachmint where he initially joined as Head of Talent.
GPS Renewables appoints Deepak Agarwal as MD for ARYA
Biogas engineering company GPS Renewables has appointed Deepak Agarwal as the Managing Director for ARYA, its project development arm that focuses on developing climate-positive projects.
Agarwal is a veteran with experience in waste management and bio-CNG across government and private sectors. The IIT Roorkee alumnus has held key leadership roles at A2Z Green Waste Management, IL&FS Environmental, and EverEnviro.
Metadome.ai appoints Sandeep Jain as head of sales
Extended reality platform Metadome.ai has appointed Sandeep Jain as the new head of sales.
In his previous stint at Adobe, Jain led the Enterprise Greenfield segment as a sales leader acquiring several new logos and penetrating various industry verticals like retail, fashion, IT, ecommerce, manufacturing, and home decor.
Jain comes with 25 years of sales experience in the SaaS, telecommunications, computer networking, data centres, cloud transformation, media, information technology, and customer digital experience verticals.
SUSE launches SUSE AI platform for GenAI applications
Enterprise solution provider SUSE has announced the availability of SUSE AI, a secure, trusted platform to deploy and run GenAI applications. The integrated cloud-native solution will enable companies to easily run private GenAI solutions, maintaining security without sacrificing the speed and power of AI solutions.
SUSE AI was built with the input of SUSE’s AI Early Access Program, a collaborative initiative bringing together customers and partners with SUSE’s GenAI experts. Tata Consultancy Services (TCS) working with SUSE AI for security, extensibility, and flexibility.
Netcore Cloud expands partnership with Google Cloud to expand AI capabilities
Marketing technology provider Netcore Cloud has expanded its partnership with Google Cloud to elevate its product discovery, AI-powered search, merchandising, and customer engagement marketing platforms.
The expanded partnership will enable brands to deliver a hyper-personalised experience to boost customer retention and revenue growth, it said in a statement.
This collaboration is a part of Netcore Cloud’s efforts to double its ARR by 2027 and expand its footprint across North America, Europe, and Southeast Asia.
Circle FC concludes demo day for the K-Startup Centre India 2024
Business accelerator The Circle: Founders Club concluded its demo day for the K-StartupCentre India cohort at The Circle Work in Millennium City Center, Gurugram.
The event showcased ten South Korean startups across sectors including IoT, edtech, HRtech, sustainability, cybersecurity, and F&B to explore and expand into the Indian market.
During the four-month programme, the startups signed over 20 MoUs, went through 500+ hours of mentoring, had more than 200+ one-on-one meetings, and participated in 10+ top-tier conferences in India. The event itself witnessed participation from over 150 participants including startup founders, investors, and industry leaders.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh