Startup news and updates: daily roundup (June 8, 2023)

Funding news

Edtech startup Rising Stars raises $2M in pre-Series A round

Mumbai-based edtech company Raising Superstar has raised $2 million in a pre-Series A round led by BLinC Invest, a venture capital fund specialising in edtech and fintech sectors.

The company offers activity-based educational videos to parents, enabling them to engage and teach children till the age of six years. It plans to use the fund to expand its management team, enhance its global presence through localised content, and invest in technology development.

Raising Superstars was founded in 2020 by Raghav Himatsingka, an alumnus of Stanford University and former co-founder of Truckola Technologies, and Shraddha Himatsingka, an alumna of Leeds University and a former parents' consultant. The startup was featured on Shark Tank India in 2021.

Automation platform Sheerdrive raises pre-Series A round

Mumbai-based digital AI/ML pre-owned vehicle platform SheerDrive has secured an undisclosed investment from Inflection Point Ventures (IPV), an angel investment group.

IPV joins a group of existing investors that includes Prajit Nanu, Co-founder and CEO of NIUM; JITO Angel Network; INSEAD Angels India; Group Landmark; and Volrado Venture Fund.

Since its establishment in April 2020, Sheerdrive has been building a digital platform powered by automation, artificial intelligence, and machine learning to empower used car dealerships to optimise market opportunities and maximise their business potential.

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Other news

TVS Capital Funds appoints Naveen Unni as managing partner

TVS Capital Funds has appointed Naveen Unni as its managing partner.

Unni has 20 years of experience in consulting, specialising in business transformation, digital strategy, and leadership development. He earlier served as the managing partner for the Chennai office of McKinsey and Company.

With an asset under management of approximately Rs 2,000 crore, TVS Capital Funds is gearing up to launch its next growth fund. The firm's third fund will support entrepreneurs leading technology-driven enterprises in the financial services and B2B/enterprise services sectors.

Bain Capital to acquire Porus Labs

Private investment firm Bain Capital has acquired Porus Labs, a manufacturer of agricultural and specialty chemicals.

The deal is set to provide Porus Labs with access to Bain Capital's resources and industry expertise, enabling growth opportunities.

Established in 1994 in Hyderabad, Porus Labs specialises in specialty polymers, electronic chemicals, and agrochemicals.

With Bain Capital's support, Porus Labs aims to invest in talent acquisition, business development, capacity expansion, process engineering, and the development or acquisition of distinctive chemical capabilities.

D2L announces India expansion

Global learning technology company D2L has announced its India expansion through additional investments in development, support operations, talent acquisition, and expanded in-country cloud solutions.

D2L aims to expand the reach of its learning platform, D2L Brightspace, in the education market through this initiative.

With these expansions, D2L intends to provide further growth opportunities for the 40 Indian firms that use its tech.

Myntra unveils new short-video platform

Myntra has unveiled Myntra Minis, a short-form video platform. Inspired by the popular format of snackable videos typically seen on social media platforms,

Myntra Minis aims to enhance user engagement by showcasing products across various categories, new launches, and global trends.

The feature has been made available to over 70% of existing users and can be accessed on the home page, beauty page, and Myntra Studio. Furthermore, Myntra plans to expand its availability to all category pages in the near future.

Delhivery, Mystore to provide shipping for rural entrepreneurs

Logistics provider Delhivery has partnered with Mystore, an ecommerce marketplace powered by ONDC (Open Network For Digital Commerce).

The partnership enables Mystore to provide affordable and reliable shipping solutions to rural entrepreneurs.

Mystore utilises the ONDC platform for its ecommerce operations, and through this collaboration, it aims to leverage Delhivery's network, covering over 18,500 pin codes nationwide.

Aye Finance receives grant to address MSME credit gap

Aye Finance, a provider of unsecured small-ticket business loans to micro-enterprises, announced it secured a grant of £200,000 from TRANSFORM—a collaborative initiative led by Unilever, the UK's Foreign, Commonwealth and Development Office, and EY—aimed at addressing the working capital challenges faced by kirana owners.

With the grant received, micro, small, and medium enterprise (MSME) lenders will be able to leverage Unilever's expertise in the fast-moving consumer goods (FMCG) sector to reach more grocery store owners, including women.

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