Startup news & updates: Daily roundup (January 14, 2025)

From PB Fintech’s subsidiary being searched by GST Intelligence to Orb Energy crossing milestones in financing disbursements, YourStory brings today’s headlines that highlight significant developments across industries.

Featured news:

How Hulladek Recycling is beating scepticism around waste management

Hulladek Recycling, founded in 2014 by Nandan Mall in Kolkata, is addressing India’s growing e-waste crisis. Initially met with skepticism, Mall’s vision has gained recognition as sustainability awareness increased. The company has processed over 25,000 tonnes of waste, including 2,050 tonnes in 2023 alone.

The company operates across India, collecting waste from states like West Bengal, Jharkhand, Maharashtra, Delhi, and Punjab, with a notable collection of 15 tonnes during Diwali 2023. 

Latest news:

Stashfin grants ESOPs of up to Rs 5 L to employees

Stashfin has granted employee stock option plans to its employees as part of its Rs 600 crore pool.

The allocation is worth Rs 5 lakh for employees who have completed five years and Rs 3 lakh for employees who have been with the company for three years.

Riceberg Ventures launches $20M fund to support deeptech startups

Early stage venture capital firm Riceberg Ventures on Tuesday launched a $20 million fund to invest in deeptech startups.

The fund is aiming to invest in about 25-30 deeptech startup with an average ticket size of $0.5 million to bridge the funding gap in the deeptech sector including space tech, cybersecurity, artificial intelligence, and robotics, among others.

Funding news:

Tractor Factory raises $500K in pre-seed round

Pre-owned tractor marketplace Tractor Factory on Tuesday raised $500,000 in a pre-seed round led by early stage investment firm All In Capital.

The round also saw participation from Bharat Founders Fund, Devc, and family offices such as Dhingra Partners Prosperity Trust of the Kirloskar Generators family office.

Additional, the round also bagged angel investments from Venture Highway founder Samir Sood, Tracxn founder Abhishek Goyal, and Chegg founder Aayush Phumbra, among others.

The company will use the newly raised funds to expand its market reach and improve customer experience as well as enhance its technology.

“We have seen the challenges that mid-income farmers meet due to the lack of access to reliable, low-cost tractors, contributing to generational poverty. At Tractor Factory, we aim to address this issue and are pleased to have the support of credible investors who believe in our mission. We aim to generate ₹1000 crores in revenue over the next three years,” said Shailesh Tiwari, founder of Tractor Factory.

NeoSapien bags Rs 80 lakh from Namita Thapar

Wearable AI startup NeoSapien has raised Rs 80 lakh from Shark Tank’s Namita Thapar.

The company’s product, Neo1, integrates artificial intelligence into daily life, offering real-time conversation tracking, emotional insights, task organisation, and infinite memory.

Additionally, the company is also in discussions with institutional investors in India and the US to raise a seed round.

The funding raised from Shark Tank will be used to launch its initial production batches and expand the company research and development capabilities. The company is also focusing to expand globally this year with partnerships such as Google AI Academy, Panasonic Ignition Program, and Deepgram Startup Program.

Other news:

Orb Energy surpasses Rs 300 Cr in disbursements from its in-house finance facility

Solar energy solutions provider Orb Energy on Tuesday said it has has surpassed the Rs 300 crore mark in financing disbursements from its in-house finance facility for SMEs to adopt solar energy solutions.

“Financing has long been a major roadblock for MSMEs and SMEs in India when it comes to adopting solar energy. At Orb Energy, we’ve tailored our financing solutions to specifically address this challenge, enabling businesses to overcome upfront cost barriers with a zero collateral and zero down payment financial product. By making solar adoption accessible, we are not only helping them transition to cleaner energy but also making their operations more cost-effective and competitive in their respective industries,” said Damian Miller, Co-founder & CEO of Orb Energy.

The company is targeting to disburse an additional Rs 1,000 crore over the next three years to empower medium and small businesses to adopt renewable energy sources.

PB Fintech’s subsidiary gets searched by GST authorities

PB Fintech on Tuesday said the General of GST Intelligence visited and searched one of its subsidiaries to enquire about certain vendors.

In a regulatory filing, the parent company of Policy Bazaar said that the company has provided information required by the officials. It said it will continue to provide any further information that might be required in the future.

AiDASH appoints Amresh Mehra as Director of People and Culture

Enterprise software as a service (SaaS) company AiDASH has appointed Amresh Mehra as its Director of People and Culture.

Prior to joining the company, Mehra has held key leadership roles at Lumen Technologies, MarketStar, and Cvent, among others.

“Amresh’s extensive expertise in talent strategy and workplace culture will help us scale new heights as we continue to grow and innovate,” said Rahul Saxena, CPTO and Co-Founder of AiDASH.

“His vision and experience align perfectly with AiDASH’s philosophy of blending human potential with cutting-edge technology to solve some of the world’s most pressing challenges,” he added.

US, South Korea, and Japan confirm North Korean group hacked WazirX

A joint statement issued by the US, South Korea, and Japan said that North Korean hackers were behind the $235 million cyber heist that affected Indian crypto exchange WazirX in July 2024.

The three countries added that North Korean groups were responsible for stealing tokens from multiple exchanges including the $308 million stolen from Japanese crypto exchange DMM Bitcoin in June 2024, $50 million from South Korean exchange Upbit, and $16.13 million from Rain Management.

The statement also warned that North Korea-affiliated groups, including the Lazarus Group, continue to target exchanges, digital asset custodians, and individual users in order to steal cryptocurrency.

“The DPRK’s (Democratic People’s Republic of Korea) cyber program threatens our three countries and the broader international community and, in particular, poses a significant threat to the integrity and stability of the international financial system. Our three governments strive together to prevent thefts, including from private industry, by the DPRK and to recover stolen funds with the ultimate goal of denying the DPRK illicit revenue for its unlawful weapons of mass destruction and ballistic missile programs,” the joint statement said.