Startup news and updates: daily roundup (October 10, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, October 10 2024.
Funding news
Social Hardware raises Rs 3.2 Cr in seed round
Deep tech startup Social Hardware has raised Rs 3.2 crore in a seed funding round led by Inflection Point Ventures, with Ivyleague Ventures and Soonicorn Ventures participating as co-investors.
The company plans to use the funds for growth and go-to-market initiatives, build a marketing and sales team, strengthen its R&D efforts, establish an R&D facility, and expand its in-house manufacturing capabilities.
Social Hardware specialises in teleoperated robotic systems designed for hazardous operations in manufacturing, infrastructure, defence, and aerospace industries.
Its advanced, patent-pending teleoperation systems feature AR-controlled robots equipped with gesture-based control technology and can improve safety and efficiency in hazardous environments.
Co-founded by Abhit Kumar (CEO), Cameron Norris (Chief Marketing/Management Officer), and Raghavendran Arunachalam (CTO), the company has a production capacity of 12 units, set to triple to 36 units by the next financial year, aiming for a revenue capacity of Rs 24.76 crore.
Datazip raises $1M in seed round
Data engineering startup Datazip raised $1 million in seed funding in a round led by Equirus InnovateX Fund with a contribution of Rs 6 crore.
The company was founded by Sandeep Devarapalli, an IIST and IIM Ahmedabad alumnus and a former space scientist at ISRO. He co-founded the company along with Shubham Baldava, an NIT Jamshedpur alumnus, and Rohan Khameshra, an IIT Kharagpur graduate and former founding data team member at Rapido and Khatabook.
In just 12 months, Datazip claims to have achieved product-market fit and onboarded 15 clients, with plans to grow tenfold in the next year. The company works on how businesses handle massive datasets in real time.
Other news
JSW MG Motor India accelerates startups in electric mobility
JSW MG Motor India announced the acceleration of seven AI-focused startups in electric mobility under its MG Developer Program (MGDP) Season 5.0.
The selected seven startups are Anuvega Powertronics, Aselector Technologies, Emerging Technologies, Gudlyf Mobility, Power Jet (EV Urjaa), Ravity, and Vocbot AI, and will be involved in developing pilot programmes and ongoing projects in the coming months.
For this season, which began in early 2024, JSW MG Motor India partnered with Startup India and Manthan and a consortium, comprising AWS, Exicom, Lohum, and DRIIV (Delhi Research Implementation and Innovation).
JSW MG Motor has associated with 34 startups so far through the MG Developer Program (MGDP) and Grant, and these are actively engaged in multiple projects with the company.
IIT Madras launches Quantitative Research Lab
IIT Madras launched a new research lab focused on Quantitative Finance development, which will be enabled by CSR funding of Rs 5.65 crore from AlphaGrep Securities, a quantitative trading and investment firm.
The AlphaGrep Quantitative Research Lab will undertake exploratory research projects focused on AI applications in quantitative finance, including studies on financial markets and their microstructure and quantitative investment and risk management.
Human resource training in areas of AI for quantitative finance through different programmes will be a focus area of this lab, it said in a statement. The centre would also explore the possibilities of developing new courses related to AI for quantitative finance.
Plaksha University launches Info Edge Centre for Entrepreneurship
Plaksha University launched the Info Edge Centre for Entrepreneurship in association with Info Edge.
The centre will provide students access to mentorship, resources, a vibrant entrepreneurial ecosystem, and a supportive environment to students throughout their entrepreneurial journey, from ideation to monetisation, and even international expansion.
Ecofy, TVS Motor partner to enhance EV financing options
Ecofy and TVS Motor will collaborate to boost three-wheeler adoption and promote sustainability in India. Under the partnership, Ecofy and TVS Motor Company will launch customised financing schemes to make TVS electric vehicles more accessible and affordable.
“By leveraging TVS Motor’s extensive industry experience, robust distribution network, and established brand reputation, Ecofy is poised to make a substantial impact in the EV financing space. We anticipate substantial growth in the fiscal year 2025, marking a significant milestone in our expansion journey as we scale our financing operations," said Rajashree Nambiar, Co-founder, MD and CEO of Ecofy.
DeHaat appoints Karan Agarwal as product and technology head
Agritech startup DeHaat appointed Karan Agarwal as its new chief product and technology office, who will join the company from Delhivery.
Agarwal joins after a decade long stint at the third party logistics player, where he was responsible for driving the company's SaaS adoption and addressed global supply chain challenges as the vice president of engineering.
At DeHaat, he will oversee the development and implementation of technology throughout the entire ecosystem, focusing on analytics, data science, product engineering, and enhancing DeHaat's tech stack.
Xcelore appoints Sunil Yadav as co-founder and CTO
AI services company Xcelore expanded its leadership team with the appointment of Sunil Yadav as CTO and Co-founder. It also appointed Chetan Malhotra as the head of business for AI products.
Yadav has vast experience across BFSI, fintech, and consumer internet industries, and expertise in backend technologies, AI/ML, and Generative AI. Malhotra, on the other hand, has more than 15 years of experience in driving product strategy and development.
In its first year, Xcelore expanded to over 80 professionals and established a customer base in the US, UK, Europe, UAE, Saudi Arabia, and India, serving startups, SMEs, and a few large enterprises. Given the present growth trajectory, the company projects to further multiply its workforce to over 200 in the coming year.
SuperGaming launches Rs 2.5 Cr Indus International Tournament
Game development studio SuperGaming unveiled its year-long esports roadmap, the ‘Clutch India Movement’ that kicks off with the Indus International Tournament.
The tournament, set to run from October 2024 to February 2025, will feature a prize pool of Rs 2.5 crore. SuperGaming will host another major event, the Indus International Mahasangram, in October 2025, it said in a statement.
The Indus International Tournament will start with the 'Homegrown' phase, featuring a prize pool of Rs 15 lakh, followed by the 'Nationals' phase, offering Rs 10 lakh. The 'Powerplay' phase for professional esports teams will have a prize pool of Rs 25 lakh.
An 'International' phase for invited global teams will lead to a grand finale, where the final 15 teams will compete for a Rs 2 crore prize pool. The tournament MVP will win a Mahindra Thar. Registrations for its 'Homegrown' phase are now open.
Piramal Payment gets RBI nod for Piramal Pay
Piramal Payment Services received formal approval from the Reserve Bank of India (RBI) to set up and operate its prepaid payment instrument (PPI) service.
Piramal Pay is a prepaid payment instrument designed to provide seamless, secure, and convenient financial transactions for individuals and businesses, the company said in a statement.
Piramal Payment Services is a unit of Piramal Capital and Housing Finance Ltd (Piramal Finance) which is a subsidiary of Piramal Group.
(The copy will be updated with the latest news throughout the day)
Edited by Suman Singh
