Startup news and updates: Daily roundup (October 9, 2024)

Funding news

CFO stack startup ZenStatement raises $1.62M in seed funding

ZenStatement, an AI-powered finance automation and cashflow management platform, has raised $1.62 million in seed funding led by 3One4 Capital and Boldcap VC.

Founded in 2023 by Sourabh Nolkha and Ankit Narsaria, the startup aims to automate enterprise finance processes and providing real-time insights. The platform handles about 10 million transactions monthly for various businesses, including unicorns in digital commerce, retail, and fintech.

ZenStatement plans to use the funds to expand its product offerings and build a sales and marketing engine for growth in India and international markets.

“With the support of our investors, we will accelerate our growth and enhance our offerings through the world’s first unified finance automation platform that not only meets the needs of our users today but also adapts to the future demands in the ever-evolving financial landscape," Ankit Narsaria, Co-founder and Chief Product Officer, said.

Swara Fincare secures Rs 19.4 Cr in Series A funding

Swara Fincare, a tech-enabled NBFC focused on micro and small entrepreneurs in underserved Tier III and IV cities, has raised Rs 19.4 crore in Series A funding. The round was led by UC Impower Fund, with participation from Piper Serica Angel Fund and the founders.

Commenting on the development, Dev Verma, Co-Founder, MD and CEO, Swara Fincare, said, “The stellar and experienced team of UC Impower, coupled with the diversified new age built of Piper Serica forms a partnership, that truly sets the stage for Swara to navigate its next phase of evolution. Our focus will be on people, governance, and technology-driven risk framework in building a robust institution, and this alliance is set out to make it happen! For a startup, this is a huge validation and our team is excited, to be a part of it!”

With over 45 branches in five states, Swara has impacted 35,000 households and plans to double its assets this year.

iRasus Technologies Secures Rs 4 Cr Seed Funding from IAN Group

iRasus Technologies, an energy analytics company, has raised over Rs 4 crore in a seed round led by IAN Group, including participation from DFAN and other angel investors.

The funds will accelerate iRasus' growth, allowing it to expand its product and engineering teams and strengthen its AI and data science capabilities. The company's flagship platform, Preksha, provides real-time insights into battery performance for electric mobility and stationary storage solutions.

iRasus aims to support sectors like electric buses, fleet operators, and renewable energy storage providers.

"Our platform leverages AI ML and data analytics to create real-time insights into Battery Systems and Adjacencies that enable better operational decisions and foster new business applications. This combination of data-driven strategies and smart technology is crucial for moving the industry from early adoption to maturity. This seed funding enables us to expand our capabilities and further enhance our platform to support the electric mobility and energy storage sectors," Arjun Sinha Roy, Founder – Director, iRasus Technologies, said.

Sustainability startup Onlygood.ai raises Rs 4 Cr in seed funding

Onlygood.ai, a Gurgaon-based startup focused on simplifying carbon management and sustainability reporting for businesses, has secured Rs 4 crore ($500,000) in seed funding.

The investment comes from IIT Madras Incubation Cell, Goel Group, and Daimler India Commercial Vehicles.

Founded in 2020, Onlygood.ai aims to address the carbon emissions crisis through innovative technology. The platform helps businesses measure, track, and reduce their carbon footprints, offering end-to-end sustainability solutions.

The funding will support Onlygood.ai's expansion across India and the Middle East, with plans to enter Europe later in 2024 with a Series A funding round planned for mid-2025. The company will invest in R&D, enhance its product features, and strengthen its technology infrastructure. Onlygood.ai has already partnered with industry leaders like Maruti-Suzuki and plans to scale globally.

Deftouch secures funding to expand cricket games and broaden global reach

Deftouch, the Indian game publisher behind the mobile game "King of Cricket", has raised an undisclosed amount in a follow-on funding round co-led by KRAFTON India, T-Accelerate Capital, and Lumikai, with participation from Play Ventures and Visceral Capital.

The funds will be used to scale "King of Cricket," develop new titles, and hire top talent. Deftouch, founded by Ninad Bhagwat and Keshav Sunder, focuses on hybrid-casual mobile games, specifically in the sports category.

With over 10 million downloads and 200,000 daily players, "King of Cricket" has become one of the top cricket games in India. Deftouch aims to revolutionize the genre with quick, accessible gameplay and plans to expand to other sports and geographies in the future.

Other news

WeWork India unveils premium workspace at 37 Cunningham in Bengaluru

WeWork India has launched a new premium workspace, WeWork 37 Cunningham, in Bengaluru. Spanning 61,120+ sq. ft. and offering 891 desks, this workspace caters to large enterprises, MNCs, and C-suite executives seeking luxury, flexibility, and functionality in a prime business location.

With services like gourmet food, wellness sessions, and white-glove support, WeWork 37 Cunningham emphasises design sense and sustainability, with certifications such as LEED Core, WELL Gold, and advanced air filtration systems.

Commenting on the latest addition to their portfolio, Karan Virwani, CEO, WeWork India said, "There is a growing demand from large enterprises, MNCs, and C-suite executives, and high profile members for a workspace that is more than just an office. They’re looking for an elevated experience that blends luxury with flexibility and functionality, in the most sought-after business address. From premium workstations to personalised amenities and concierge services, every detail of 37 Cunningham has been carefully curated to cater to the needs of today's C-suite executives and enterprise teams."

Mamaearth partners with Meesho to expand reach in Tier III markets, targets Rs 100 Cr ARR

Mamaearth, one of India’s fastest-growing personal care brands, has partnered with Meesho to enhance its presence in Tier III and rural markets. This collaboration aims to meet the rising demand for premium, toxin-free personal care products in smaller towns and semi-urban areas.

With Meesho's vast network, Mamaearth is targeting an annual recurring revenue (ARR) of Rs 100 crore in the next 12 months. The brand witnessed a fivefold growth during Meesho’s sale period, with products like the Rice Face Wash and Vitamin C Daily Glow Face Cream gaining popularity.

"At Mamaearth, we have always strived to be present where our consumers need us the most. We have been witnessing a greater demand for quality and toxin free beauty and personal care products from Tier 3 and smaller markets and this partnership with Meesho is helping us bridge this gap further. It will now significantly contribute as we work towards our goal of achieving ARR of 100 crore on Meesho by enhancing accessibility and consumer trust in newer regions," Varun Alagh, Co-Founder and CEO, Honasa Consumer Limited, said.

CRED appoints risk management veteran Arvind Kathpalia as advisor

CRED, a leading payments platform for affluent customers, has announced the appointment of Arvind Kathpalia as advisor on risk and compliance. With over 30 years of experience in financial services, Kathpalia's background includes serving as President and Group Chief Risk Officer at Kotak Mahindra Bank and holding senior positions at ANZ Grindlays.

Arvind’s leadership will enable CRED to expand its offerings while upholding its commitment to delivering a trusted experience to its members, the company said.

"At CRED, the principle that it pays to be good doesn’t just apply to our members; it guides every decision we make. Arvind’s track record of building financial products that millions of Indians trust is an inspiration. His experience in risk management and compliance will be instrumental as we continue building CRED into a trusted institution, and I’m excited to learn from him as we advance towards that vision," said Kunal Shah, founder, CRED.

NSIL and Bellatrix Aerospace Sign MoU for OTV Integration

NewSpace India Limited (NSIL), the commercial arm of ISRO, and Bellatrix Aerospace have signed a Memorandum of Understanding at the Bangalore Space Expo 2024 to integrate Bellatrix's Pushpak Orbital Transfer Vehicle (OTV) into NSIL's launch missions.

The Pushpak OTV is designed for in-orbit maneuvering, allowing for more complex space missions and multi-orbit deployments.

D Radhakrishnan, CMD of NSIL said, "We are happy to support Bellatrix Aerospace in launching their OTV module to enhance launch options for rideshare customers."

Rohan M Ganapathy, Co-Founder, CEO & CTO of Bellatrix Aerospace, expressed his enthusiasm for the collaboration, stating, "The global market for rideshare missions is picking up and gaining traction in the global space industry. Due to varied mission requirements, it is challenging to accommodate multiple customer payloads on a single launch vehicle, forcing satellite operators to either wait for a favourable launch opportunity or opt for an expensive dedicated launch. We are honoured to partner with NSIL, and this will further help us together capture a larger global market."

Tata Consumer Products Strengthens RTD Business with New Leadership Appointment

Tata Consumer Products (TCP) has appointed Partha Biswas as President and Head of its Ready to Drink (RTD) business, formerly known as Nourishco Beverages Ltd. This strategic move aligns with TCP's focus on expanding its growth businesses within the food and beverage sector.

Biswas brings 20 years of diverse experience in category leadership, business strategy, and sales and marketing. His background includes significant roles at Viacom18, ACT Fibernet, and Hindustan Coca-Cola Beverages. TCP's Managing Director and CEO, Sunil D'Souza, expressed confidence that Biswas's expertise will help scale up and accelerate the RTD business, unlocking its potential in the competitive beverage market.

This appointment marks a transition in leadership, with Vikram Grover, who led the RTD business for over a decade, moving on from the company.