Startup news and updates: daily roundup (August 2, 2022)

YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, August 2, 2022.

Startup news and updates: daily roundup (August 2, 2022)

Tuesday August 02, 2022,

5 min Read

Bounce Infinity expands offline footprint, announces two new stores

Bounce Infinity on Tuesday said it announced the launch of new stores in Hyderabad and Dehradun, as it expands its offline footprint to cater to the growing demand for its E1 e-scooters. The company has got an order book of more than 60,000+ units since its launch in April. 

The startup now has nine operational stores in Bengaluru, Moodbidri, Sirsi, Kundapura, Mumbai, Kota, Hyderabad, Dehradun, and Jaipur. It plans to open six more in Bhubaneswar, Pune, Secunderabad, Visakhapatnam, Vijayawada, and Chennai by end of August 2022. It aims to open 75 more stores across the country in a staggered manner by the end of 2022.


CoCreate Ventures acquires Startupreneur’s platform to scale its operations

CoCreate Ventures, an idea-stage fund that works through a venture studio model, said it has acquired UK-based venture Startupreneur’s Traktor platform to scale its operations and improve its support for the entrepreneurial ecosystem.

Traktor is a virtual incubation platform by Startupreneur, which was founded by Aakarsh Naidu and Adhikar Naidu.  It provides an end to end digital ecosystem for entrepreneurs to generate their idea, build a pitch deck, receive mentoring, incubation, and funding support - all in a single place. 

Lumos Labs launches Hatch Web3 accelerator to strengthen the Indian Web3 community 

Lumos Labs, an innovation management firm based in India, said it is launching The Hatch Web3 Accelerator for Hedera, a decentralised network. It is inviting Indian Web3 startups to grow at scale with Hedera’s distributed ledger services. 

The accelerator programme will comprise two cohorts of five months each. The finalists from each cohort will be eligible to receive grants from a pool of $150,000 each from the HBAR Foundation, a partner for the event, along with mentorship and go-to-market guidance. 

Porter partners with GoMechanic as a logistics partner

Porter, a marketplace for intra-city logistics, has partnered with GoMechanic to provide seamless logistical support to the company to enhance customer experience.

Porter’s enterprise solution—Porter For Enterprise—as been delivering its logistics services to GoMechanic in eight cities including Ahmedabad, Bengaluru, Chennai, Delhi-NCR, and Mumbai, helping the company in serving more than 2,50,0000+ customers. It has helped GoMechanic improve retention to 11% from 7% - improving margins and lowering resource wastage.

Agri-focused VC firm Omnivore sells Eruvaka to Nutreco

Agritech-focused venture capital firm Omnivore has sold its stake in agritech startup to Netherlands-based Nutreco. Nutreco has acquired a majority stake in  Vijayawada-based Eruvaka, a startup that develops cloud-based aquaculture pond management solutions, including real-time monitoring and smart feeders.

The acquisition will help Skretting, Nutreco's aquaculture business, to deliver on-farm software and smart equipment to shrimp farmers globally.

Omnivore, which had invested in Eruvaka in 2013, said it is the largest exit to date in Indian agritech. Eruvaka has been profitable since FY18-19 and has delivered 168.5% compound annual revenue growth since FY17-18, it added.

Zerodha-backed GoldenPi collaborates with 5paisa to enable online bonds investment

Fintech startup GoldenPi is collaborating with 5paisa, a brokerage firm, to help individual retail investors with more options in fixed income investments, namely bonds and debentures, and make the entire process faster and more convenient for them. 

The fintech startup will use its software-as-a-service offering to integrate fixed income with 5paisa platforms for both web and mobile.

5ire signs MoU with Goa Police to make it the first paperless police state in India

Blockchain network startup 5ire, which recently entered the unicorn club, has signed a Memorandum of Understanding (MoU) with Goa Police to help the state's police department go digital. 

The MoU will create a public-private partnership between 5ire and Goa Police for implementing a smart policing solution to improve transparency and efficiency in policing, the company said. 


(L to R) Dr. Pratik Gauri, Co-founder & CEO, 5ire & Nidhin Valsan, IPS, Superintendent Of Police, Goa

Zivame appoints Monish Kaul as Chief Technology and Product Officer

Zivame, the intimate wear company, has appointed Monish Kaul as its Chief Technology and Product Officer. 

Monish, which has over a decade of experience leading teams at Halodoc, Mfine, Myntra, and Intel, will help in strengthening Zivame's brand and operations. 

Entropik Tech partners with Webex by Cisco

Entropik Tech,an emotion AI solution provider, said it is partnering with Webex Developer Partner Program to strengthen hybrid work and humanise Webex experiences. 

The partnership will allow users to collate, collaborate and comprehend live and recorded meetings, improving the hybrid work experience. The users can better understand the speaker’s emotions over a live meeting or call through real-time analysis of facial expressions, voice modulation and text sentiments.

Addverb Technologies inaugurates a Software Development Centre in Pune

Addverb Technologies, a robotics and automation company, inaugurated its new Software Development Centre in Pune, as it further strengthens its presence in India. The launch comes after it opened a robot manufacturing facility in India. It had received $132 million funding from Reliance Industries.

The company will begin by housing 120 individuals, and by the end of FY23, it plans to employ 180 more individuals. Addverb has operations in Singapore, Australia, the Netherlands, and the USA, and employs more than 2,000 people in India directly and indirectly.

Addverb Technologies SDC

SaveIN partners with Kairali Ayurvedic Centre for alternative therapies

SaveIN, an embedded finance platform for healthcare, has partnered with Kairali Ayurvedic Centre, a chain of Ayurvedic centres to offer its Care now, Pay later product.

Through this partnership, SaveIN will offer instant zero cost EMIs to patients of Kairali Ayurvedic Centres helping them split their overall expense into affordable EMIs.

Edited by Kanishk Singh