Startup news and updates: daily roundup (August 5, 2022)

YourStory presents daily news roundups from the Indian startup ecosystem and beyond. Here's the roundup for Friday, August 5, 2022.

Startup news and updates: daily roundup (August 5, 2022)

Friday August 05, 2022,

5 min Read

Languify raises $180K in seed round led by Titan Capital

B2B SaaS startup Languify has raised $180,000 in a seed round led by Titan Capital—VC arm of Rohit Bansal and Kunal Bahl, Smile group led by Manish and Ramit Arora, Goel family fund led by Hitesh Bindal, Pawan and Vishwas Goel, Alsisar Impact led by Anuj Sharma, CIIE led by Chintan Bakshi, Bewise CEO Sethu Raman, JS Partner Anand Lakra, and Mridula Chettri, CEO of Inmovidutech.

Sourabh Chourasia and Arjun Mallya also participated in the round.

The capital will be further used to build the company's core team, for product development and growth realizing the $1.5 million of LOIs generated.

Founded in January 2021 by Lokap, Shivam, and Mohak Sahu, Languify started as an IIT-Bombay-based startup. It provides interactive AI-based solutions to businesses by automating their human-led learning workflows for edutech and HRtech domains.

Highlights of RBI Monetary Policy

The short-term lending rate, repo, was raised by 50 basis points (bps) to 5.4%, a third consecutive hike. A total of 140 bps hike in repo since May 2022 to check inflation

The GDP growth projection for 2022-23 is retained at 7.2%. The projections for the quarter are—Q1 at 16.2%; Q2 at 6.2%; Q3 at 4.1%; and Q4 at 4%.

Real GDP growth for Q1:2023-24 is projected at 6.7% and retail inflation projection too retained at 6.7 pc for 2022-23. Inflation projections for the quarter are Q2 at 7.1%; Q3 at 6.4%; and Q4 at 5.8%; Q1:2023-24 at 5%. 

India witnessed large portfolio outflows of $13.3 billion in FY23 up to August 3. Monetary Policy Committee said that it remains focused on the withdrawal of the accommodative stance to check inflation

The committee said the depreciation of the rupee was more on account of appreciation of the US dollar rather than weakness in macroeconomic fundamentals of the Indian economy. RBI will remain watchful and focused on maintaining the stability of the rupee. Rupee depreciated by 4.7% against the US dollar this fiscal year till August 4

It also said a mechanism to be activated to allow NRIs to use the Bharat Bill Payment System for payments of utility and education on behalf of their families in India.

(With inputs from PTI)

RBI governor, Shaktikanta Das

RBI Governor Shaktikanta Das

MeitY Startup Hub and Recur Club partners to build startup ecosystem

MeitY Startup Hub (MSH) has partnered with Recur Club Technologies Private Limited, a leading fintech platform, to build a startup ecosystem in India. 

This collaboration aims to equip startups and small businesses in IT/ITes and Electronics, working to address real-world problems using technology and innovation by facilitating instant non-dilutive growth capital.

The MeitY Startup Hub (MSH) is established under the aegis of the Ministry of Electronics and Information Technology (MeitY) mandated to boost the tech startup ecosystem in India. 

Recur Club and MSH will create an awareness programme for capacity building, and upskilling startups and small businesses by leveraging their vast network of subject matter and domain experts. They help startups with growth strategy, efficient capital management, tracking business metrics, and alternative financing solutions. 

Jitendra Vijay, CEO of MSH, said, “MSH is excited to partner with Recur Club to enhance the vistas of the investment ecosystem for technology startups and contribute to their growth trajectory. This partnership will enable startups to access new funding sources to build scalable and sustainable enterprises.”

Eklavya Gupta, Founder and Co-CEO, Recur Club said, “This partnership will give India’s tech start-ups access to growth opportunities like never before. We are delighted to join with MSH in this progressive mission and look forward to making India a leader in this rapidly flourishing space.” 

Mergers, Acquisitions

Dentsu Group acquires technology and services form Extentia

Dentsu Group Inc. said that it has entered an agreement to acquire a majority stake in India-based Extentia, a technology, and services firm with a focus on enterprise mobility, cloud engineering, and user experiences. 

Extentia will join Merkle, a leading technology-enabled, data-driven customer experience management (CXM) company within Dentsu Group’s international business, Dentsu International.

The acquisition demonstrates Dentsu Group’s commitment to enabling clients to deliver best-in-class differentiated and connected experiences across the entire customer journey. It aligns with Dentsu Group’s stated ambition of reaching 50% of the net revenue generated by Customer Transformation and Technology (CT&T), encompassing the fast-growth areas of customer experience and commerce.

Michael Komasinski, global CEO, Merkle said, “Extentia differentiates itself through a design-first approach to its cloud-native technical and engineering product solutions, This strategic acquisition will allow Merkle and Dentsu to meet the growing market demand to support our clients in driving complex architecture integrations.”

Omega Seiki, Agri Junction tie-up to deploy over 10k EVs in rural market

Omega Seiki Mobilityentered into a strategic partnership with Agri Junction to deploy over 10,000 electric two and three-wheelers in rural markets by the current fiscal year.

In the first phase, these vehicles will be introduced in tier II and III markets of Uttar Pradesh and Maharashtra, the two firms said in a joint release.

"OSM is testing its electric tractors at its Korea and Thailand R&D centres and will be bringing new concepts of tractors as a service and leasing for the tier II and III markets by 2023," Uday Narang, Founder and Chairman of OSM, said.

(With inputs from PTI)

(This story will be updated with the latest news throughout the day.)

Edited by Kanishk Singh