Startup news and updates: Daily roundup (November 8, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Friday, November 8, 2024.
Funding News
Nexstem raises $3.5 million to scale its product ecosystem
Deep-tech startup Nexstem on Friday announced it has raised $3.5 million in a round led by InfoEdge, Zupee, Smile Group and Nikhil Kamath & Abhijeet Pai’s Gruhas.
Bengaluru-based Nexstem develops non-invasive Brain Computer Interface (BCI) solutions, it plans to use the latest infusion to scale operations for its latest product - Instinct Ecosystem, enhance its IP portfolio and presence in American and European markets.
The company aims to build a digital system that records and interprets biosignals, enabling direct communication between the human body and technology. This could help restore lost functions, like controlling prosthetic limbs, or enhance abilities, such as peak performance and telepathy.
“In an industry characterised by lengthy development cycles and substantial investment, Nexstem's progress has been fast, frugal and exceptional,” noted Vibhore Sharma, Tech Investments, InfoEdge.
Exoticamp secures Rs 7 crore from Brand Capital
Camping startup secured Rs 7 crore in investment from Brand Capital, the investment arm of Times Of India to support its expansion across India.
The strategic investment will also enable Exoticamp to further scale its operation, and tap on the extensive media reach offered by Brand Capital.
“With BCCL’s backing, we can extend our reach and grow our footprint in the adventure travel space. This partnership will enable us to tell our story to a larger audience and build Exoticamp into the go-to brand for curated camping experiences in India,” noted Swaminathan Subramanian, Co-founder & CEO of Exoticamp.
30 Sundays raises $770,000 in pre-seed round
AI-first travel agent startup, 30 Sundays announced it has secured $770,000 in a pre-seed round led by Infoedge Ventures, along with participation from First Cheque, Eximius, Misfits, and angel investors.
From the latest infusion, 30 Sundays plans to expand its reach by adding more destinations, including into the European market and long-haul travel. Simultaneously, the company aims to enhance its AI and data capabilities to accelerate growth while ensuring an exceptional customer experience.
“A lot of mundane, repetitive tasks such as information gathering from customers, updating itineraries, and auditing supplier quotes are taken care of by AI. This leaves our team to do what they love most—provide the best service to our customers," said Anuj, Co-founder of 30 Sundays.
The company claims to achieve up to 5X improvements in efficiency by integrating generative AI into their sales, operations, and marketing.
Zoomcar closes $9.15M private placement
Online car-sharing platform Zoomcar on Friday announced the closing $9.15 million private placement, which included a $2.5 million investment by one of the company’s directors.
NASDAQ-listed Zoomcar plans to use the funds to repay $3.8 million of outstanding debt from certain institutional investors and intends to use the remainder for general corporate purposes and working capital requirements.
It had issued a total of 2.1 million units, each sold at an effective unit price of $4.28 per unit.
Other News
BrahmVeda Ventures Acquires Vedvaani in a cash-equity deal
AI-focused venture studio BrahmVeda on Friday said it acquired Astro AI App, Vedvaani in a cash-equity deal.
Terms of the transaction were not disclosed.
Through this acquisition, BrahmVeda will focus on accelerating Vedvaani’s growth, enhancing the app’s reach and delivering personalized Astro AI insights for a global audience.
Brillio unveils AI enhancements in BrillioOne.ai platform
Digital transformation services provider Brillio unveils updates to its BrillioOne.ai platform that will help enterprises accelerate time-to-market by automating more than 70% of code conversion, optimising workflows, and improving consistency.
This will result in an efficient and agile software development lifecycle (SDLC) with the help of AI-enhanced sprint planning and code generation and conversions. continuous integration/continuous delivery (CI/CD) support and a delivery dashboard that captures 360-degree customer sentiment in near-real time.
iD Fresh expands to Ahmedabad
Bangalore-based iD Fresh announced its expansion to Ahmedabad, starting from offering its products idli-dosa batter, Malabar Parota, Wheat Lachha Paratha, Paneer, Curd and Coffee.
It currently plans to launch the rest of its spices and chutneys in the region as well. Its products will be available on both online and offline channels, and further aims to establish distribution centres in the city within a couple of months.
Its operating revenue saw a 16% growth, rising to Rs 395.76 crores in FY24 from Rs 340.9 crores in the previous year.
I-STEM Expands to Ladakh, Boosting Access to Research Facilitie
I-STEM (Indian Science, Technology, and Engineering facilities Map), launched by the Office of the Principal Scientific Adviser, has extended its reach to Ladakh in a bid to enhance accessibility for industries and startups to India’s research facilities.
I-STEM conducted its flagship event, ‘Samavesha’ on November 5 at the University of Ladakh to raise awareness about the I-STEM National Portal. The initiative connects industries, researchers, and startups with academic institutions offering advanced scientific equipment.
The portal helps researchers, industries, and startups avoid the high costs of purchasing advanced equipment, while also preventing duplication of resources across research institutions nationwide.
Embassy REIT appoints Ritwik Bhattacharjee as Interim CEO
Embassy Office Parks on Friday announced the appointment of Ritwik Bhattacharjee as its interim CEO with immediate effect, according to a regulatory filing made on Thursday.
Before joining Embassy REIT, Bhattacharjee last held the position of Chief Investment Officer at Embassy REIT. Before his stint at Embassy, he spent over 12 years as an investment banker at firms like Nomura, Citi, UBS, and JPMorgan, working on REIT and real estate transactions in New York and Singapore.
(This article will be updated with the latest news throughout the day.)
Edited by Affirunisa Kankudti
