Startup news and updates: daily roundup (May 22, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, May 22, 2023.
Funding
HaiVE raises $1M pre-seed round
HaiVE.Tech, an on-premises AI provider, has secured $1 million in pre-seed funding led by IppoPay CEO Mohan K to support the company's growth and expansion in the AI industry.
plans to utilise the investment to expand its engineering and marketing teams, allowing it to meet AI services demand in different sectors.
The company aims to serve its existing clients and those on its waitlist more effectively with the increased workforce. The primary focus of the expansion is to serve the burgeoning demand for AI services across various industries and markets.
Business aviation startup IndiaJets raises seed round
, a subscription-based business aviation startup, has officially launched its operations with the introduction of the IndiaJets Aircraft Membership programme.
This model offers business owners and senior management professionals the opportunity to enjoy the benefits of a private aircraft without the complexities and responsibilities of ownership, such as overseeing airworthiness, crew management, and maintenance.
The programme operates similarly to a timeshare in the sky, allowing subscribers to purchase a share size based on their annual flight requirements.
Members pay a fixed monthly fee and an hourly rate for the flights, eliminating the need for personnel hiring, hangar rent, and other expenses associated with owning an entire aircraft.
With an initial seed funding of $500,000, IndiaJets currently operates a six-seater business jet.
Other news
Swiggy Instamart launches Instacafe
Swiggy's Instamart, the quick commerce arm of the company, has introduced a new service called Instacafe, enabling the delivery of ready-to-eat food, snacks, and beverages. Launched last year, the pilot programme is currently available in select areas of Bengaluru.
Instacafe offers a range of food products, including croissants, puffs, cookies, and tarts, which are already stocked in supermarkets. This service bears similarities to Zepto Cafe, a similar offering launched by Zepto last year.
This move by is aimed at improving profit margins and achieving profitability in the quick commerce sector.
CCAvenue, PayPal partner to target MENA region
, the prominent payments aggregator in the Middle East, has become one of the first partners of PayPal to offer global payment acceptance for businesses in the Middle East and North Africa (MENA) region.
As a result, MENA businesses can work with a single partner for all their payment needs.
This strategic partnership also allows entrepreneurs and businesses in the MENA region to expand their reach globally by selling products in over 200 countries to the vast network of over 435 million active PayPal accounts worldwide.
TechnoSport crosses 12M unit sales
, an activewear brand in India, has reportedly sold over 12 million units of activewear garments during the 2022-23 period. This sales volume has positioned TechnoSport as the largest activewear brand in the country, it claimed.
TechnoSport was founded with a mission to enhance consumer comfort and performance through its products. In a recent development, TechnoSport has relocated its office to new premises in HSR Layout, Bengaluru.
Garuda Aerospace partners HAL subsidiary for local drone manufacturing
, in a move towards bolstering indigenous drone manufacturing in India, has entered into a joint development partnership with Naini Aerospace Engineering Limited (NAeL)—a wholly owned subsidiary of Hindustan Aeronautics Limited (HAL) under the Ministry of Defence.
This partnership will enable Garuda to produce Advanced Precision Drones domestically for various applications with a payload capacity of approximately 25 kg.
Garuda Aerospace recently joined forces with BEML at Aero India to manufacture drones at its Mysore facility and initiated a large-scale campaign for indigenisation. To reduce dependence on foreign imports of drone parts, components, and UAV subsystems, the company has collaborated with 120 local suppliers.
Gameskraft Foundation, IIS partner to establish athletics centre
Foundation, the social division of online gaming company Gameskraft, has joined forces with Inspire Institute of Sport (IIS) to establish the 'Gameskraft Foundation Athletics Centre of Excellence'.
This partnership aims to offer training and access to facilities to promising young sports talents across various disciplines in track and field in India.
The collaboration between Gameskraft Foundation and IIS involves conducting a range of activities to promote athletic training programmes, including jumps, throws, sprints, and hurdles.
These activities take place at a state-of-the-art high-performance training centre, spanning 42 acres in Vijayanagar, Karnataka.
B2B manufacturer Magma reports Rs 200 crore ARR
Magma, a B2B manufacturing platform in Asia, has reported an annualised revenue run rate of Rs 200 crore.
Within one year, the company has reportedly established partnerships with over 100 industries. Magma's strategic collaborations with the Ceramic, Polypack, and Energy Association of India further strengthen the growth of the SME manufacturing ecosystem.
Magma's approach involves working closely with factories across various essential aspects of its operations.
The company aims to provide energy and logistics solutions for day-to-day production, procure high-quality raw materials at competitive prices to improve sales and output, and offer user-friendly technology that accelerates growth.
CLXNS appoints new legal head
Sumit Kumar Basu has joined CLXNS, a digital-first debt resolution company, as the Head of Legal and Compliance.
As the Head of Legal and Compliance at CLXNS, Basu will establish a robust legal framework to facilitate efficient fund recovery while adhering to the guidelines set by the Reserve Bank of India.
His leadership will contribute to the development of a sustainable ecosystem by collaborating with law enforcement agencies, building a network within the legal ecosystem, and maximising recovery while ensuring compliance with statutory requirements.
TVS Capital elevates Gaurav Sekhri to partner
Growth equity fund TVS Capital Funds has promoted Gaurav Sekhri to the position of Partner. This promotion is part of the company's ongoing efforts to institutionalise its operations and strengthen its leadership team.
During his six-year tenure at TVS Capital Funds, Sekhri has led the B2B services vertical and played a key role in investments in notable companies such as LEAP India, Digit Insurance, and Increff.
TVS Capital Funds has raised approximately Rs 3,500 crore so far and continues to focus on investing in technology-driven businesses in the financial and B2B services sectors.
Yatra Online partners IDFC First Bank
Yatra Online, Inc., an online travel company and a corporate travel services provider, has entered into an agreement with IDFC FIRST Bank to serve as its corporate travel partner.
As per the agreement, will act as the comprehensive corporate travel services provider for IDFC FIRST Bank, which involves managing various travel-related services, including flight, hotel, and cab bookings.
Leveraging its technology platform, innovative tools, and customer service, Yatra aims to optimise IDFC FIRST Bank's travel management operations while ensuring a seamless travel experience for the bank's employees.
LegalPay launches $3M fund for sports dispute resolution
is venturing into the realm of sports law disputes with a $3 million fund, aimed at safeguarding the rights of athletes in India and addressing various issues in the sports industry, such as broadcasting rights, endorsement, and advertising disputes.
The fund, which spans four years, has no restriction on the size of the cases it will support.
By extending financial support and legal expertise to athletes and sports-related entities, LegalPay's initiative seeks to promote fairness, transparency, and accountability in the sports industry.
The fund is expected to play a role in addressing legal challenges and ensuring the protection of athletes' rights while fostering the overall growth and development of sports in India.
actyv.ai partners with Unity Bank for new BNPL solution
, an enterprise SaaS platform powered by AI, has joined forces with Unity Small Finance Bank (Unity Bank), a digital-first bank, to introduce B2B Buy Now Pay Later (BNPL) solutions for small and medium businesses (SMBs).
By integrating actyv.ai's AI-powered platform with embedded B2B BNPL capabilities, the partnership aims to provide SMBs with affordable, purpose-based, and unsecured BNPL options.
By combining their strengths, actyv.ai and Unity Bank seek to cater to the specific financial needs of SMBs, empowering them with tailored BNPL solutions.
WeWork India appoints ex-Softbank India country head
WeWork India has appointed Manoj Kohli, former Country Head of Softbank India and Softbank Group International, as an independent Director to its Board. Anthony Yazbeck, President and Chief Operating Officer of Inc., also joined the Board.
During his tenure as the country head of Softbank, Kohli played a significant role in supporting SoftBank Group and Vision Fund's investments of $15 billion in over 25 AI-focused portfolio companies in India.
He has also provided guidance to entrepreneurs and CEOs of prominent companies like , , , Grofers, , , , and .
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
