Startup news and updates: Daily roundup (December 11, 2024)

Funding News

AWE Funds receives funding from Climate Gender Equity Fund

The Climate Gender Equity Fund (CGEF) has announced Achieving Women’s Equity (AWE) Funds as a recipient in its latest round of grant awards to catalyse gender-equitable solutions in climate and sustainability. AWE Funds is the only India-based recipient to receive the funding support to date.

AWE Funds aims to leverage the CGEF grant to grow and scale its fund, enable its portfolio companies to achieve measurable climate and gender impact, and strengthen the local ecosystem of climate and gender smart companies. It plans to do this by investing in and providing technical assistance to 6-8 women-led and/or women-benefiting climate companies, strengthening the capacity of local accelerator programmes.

CGEF, a public-private partnership led by USAID in partnership with Amazon, Reckitt, Skoll Foundation, The UPS Foundation, and Visa Foundation, is dedicated to increasing access to climate finance for women-led and women-benefiting climate organisations.

VergeCloud secures $3M funding, enters Indian market

VergeCloud, a startup in the cloud technology segment, has entered the Indian market. After three years of product development, the company will unveil its Content Delivery Network (CDN), advanced cloud security solutions, and edge computing infrastructure.

To support its go-to-market efforts, VergeCloud has secured an initial $3 million in funding dedicated primarily to sales and marketing initiatives.

“Over the last three years, we have invested heavily in developing a next-generation CDN and comprehensive security solutions designed to empower businesses to scale effortlessly, enhance website performance, and strengthen data protection. Our recent funding not only accelerates our market outreach but also supports our mission to simplify cloud adoption and democratise advanced technologies for businesses of all sizes,” said Saurabh Bhardwaj, CEO of VergeCloud.

Power Gummies Raises Rs10 Cr; aims for profitability, global expansion

Power Gummies, a gummies brand, has raised Rs 10 crore in the bridge round. Led by the Jaipuria family office and Quadrant, the funding round was also joined by previous investors 100unicorn, DSGCP, Wipro Consumer, Venture Catalysts, Agility, Sharrp Ventures, Dhianu Das, and NB Ventures.

The fresh capital will be used by the brand to become completely sugar-free in its products, followed by expansion into no-added sugar products and an upgraded composition in the existing range.

Power Gummies is introducing a wide range of holistic wellness products under its parent company, Aesthetic Nutrition, which will now serve as the primary brand for these offerings. As part of its expansion plans, the brand will venture into Dubai and the UK under the brand names 'Aesthetic Nutrition' and 'Power Chew'. The company has also elevated its CSO Kapil Mittal and COO Ankita Chaudhary to the position of co-founders as part of its growth strategy.

East Ocyon Bio closes $4.2M seed round led by Aeravti Ventures & Micro Labs

East Ocyon Bio, an allogeneic cell and gene therapy (CGT) startup, has successfully closed its $4.2 million seed round. The investment round was led by Aeravti Ventures and Micro Labs.

The newly raised funds will be utilised to enable several key initiatives like pre-clinical testing of CAR-NK and CAR-gamma delta T cell therapies, the creation of a GMP manufacturing facility, and Phase I clinical trials.

“India is the cancer capital of the world but receives innovative therapies years after the West. Our partnership with East Ocyon Bio reflects our commitment to supporting impactful organisations that indigenise innovation and create cutting-edge products for the world,” said Rishabh Singh, Managing Partner at Aeravti Ventures.

Culture Circle secures $2M in seed funding

Culture Circle, a premier marketplace for luxury sneakers, streetwear, and high-end fashion, has raised $2 million in seed funding led by Info Edge Ventures.

“Our mission is to make luxury streetwear and sneakers more accessible, authentic, and affordable,” said Devansh Jain Nawal, Founder and CEO.

Key highlights from the funding include a strong commitment to AI-powered authentication, guaranteeing authenticity, and competitive pricing through a "Trivago-like" model for luxury products.

Through its proprietary SourceX platform, Culture Circle enables users to compare prices and access exclusive deals on brands like Nike, Adidas, Jordans, On, Yeezy, Supreme, Balenciaga, and Dior.

Lingerie brand MHYTH secures angel funding

MHYTH, a premium lingerie lifestyle brand, has closed its angel round of funding, achieving a valuation of over $1 million just one month after launching.

"Our mission is to empower women by celebrating individuality and confidence through designs that resonate globally," said Mitali Rai, Founder and CEO. The brand is committed to building a world-class manufacturing unit in India, aiming to showcase premium quality and craftsmanship on an international stage.

Vivek Mittal, COO, emphasised MHYTH’s focus on tailoring products to diverse customer needs, ensuring their offerings resonate across different geographies.

The angel round was led by Sandeep Daga, Founder and MD of Nine Rivers Capital and Snehal Shah, a private equity investor.

Other Nnews

ISB DLabs and CitiusTech launch ‘I-HEAL @ ISB 3.0’

DLabs at the Indian School of Business (ISB), in partnership with CitiusTech, has unveiled the third cohort of its flagship healthcare accelerator programme, ‘I-HEAL @ ISB 3.0’. The initiative aims to strengthen the digital healthcare ecosystem in India by fostering innovation, supporting startups, and empowering healthcare professionals with advanced digital tools.

The programme has attracted 173 applications from startups across the country. Of these, 15 high-potential startups had been chosen to participate in the cohort. These ventures span digital health, women & children, healthcare disease diagnostics, healthcare management and infrastructure, and the geriatric population.

“Innovation is the key to addressing the growing complexities in healthcare. Through I-HEAL @ ISB, we aim to nurture startups that will transform the way healthcare is delivered in India,” said Professor Bhagwan Chowdhry, Faculty Director, I-Venture @ ISB.

Seedstars, Visa Foundation announce first cohort of SEED Inclusivity Programme

On the International Day of Persons with Disabilities month, Seedstars and Visa Foundation welcomed 15 innovative businesses to its inaugural SEED (Seedstars Entrepreneurship Ecosystem Development) Inclusivity programme, supporting entrepreneurs with disabilities and assistive technology solutions across Asia.

The selected ventures are Brajma Intelligent Systems, Grailmaker Innovations, Infiheal HealthTech, Kidaura Innovations, NeoMotion Assistive Solutions, Next Skills 360, Phonologix Health Solutions, Signable Communications, SparshMind Innovations, Tekra Solutions (myUDAAN), Torchit Electronics, Vrudhi Educational and Technological Services, and Trestle Labs from India. The list also includes Parakerja from Indonesia and Vidi Labs (Seekr) from Hong Kong.

"What stood out in these applications was the firsthand understanding these founders bring to solving real challenges for people living with disabilities," said Alisée de Tonnac, Co-founder and CEO of Seedstars. "These 15 ventures show what's possible when we break down barriers for entrepreneurs with disabilities."

EMotorad strengthens key leadership team

Electric mobility brand EMotorad has announced Sandeep Prasad's appointment as Head of Growth, Chetan Badhan as Head of Program Management, and Ashvin Thakre as Head of Strategic Sourcing and Supply Chain Management.

Sandeep Prasad will oversee growth operations and strategy, digital landscape management, eCommerce and D2C channel growth, and brand and marketing initiatives. He has over 12 years of experience in growth strategy, scaling eCommerce and B2C businesses across India and the US. Chetan Badhan, an IIM Calcutta alumnus, brings over 19 years of expertise in management, operations, supply chain management, and strategy.

"Sandeep, Chetan, and Ashvin are all excellent leaders in their industries with exceptional track records. We look forward to leveraging their extensive experience and strategic vision. With them joining us, we are ready to shift into high gear and further accelerate our growth trajectory, expanding our domestic footprint to new heights," said Kunal Gupta, Co-founder and CEO of EMotorad.

Naveen Gullapalli becomes Managing Director, Amgen India

Amgen has appointed Naveen Gullapalli as Managing Director of Amgen India. Gullapalli will lead the Amgen India Technology and Innovation site in Hyderabad, leveraging his extensive experience leading global operations and adjoining functions across the pharmaceutical, finance and technology industries.

Gullapalli joins Amgen from Novartis where he led the development of their Global Center in Hyderabad and their network of six centers across the world.

"We are thrilled to welcome Naveen to Amgen," said Som Chattopadhyay, national executive for India at Amgen. "Amgen India is key to furthering our global vision of unlocking the convergence of biotech and tech to accelerate innovation and help meet the needs of a globally ageing population. Naveen’s wealth of experience and strategic leadership will drive the success of this new site.”

Linux Foundation launched LF India

Linux Foundation, the nonprofit organisation supporting open-source software projects, has announced the establishment of the LF India to foster open collaboration for Indian open-source developers, enterprises, government organisations, and the community.

LF India will engage regional startups and intergovernmental organisations, with an initial focus on open-source projects including cloud-native, telecommunications, edge/IoT, blockchain, security, and domain-specific AI technologies across all vertical segments.

With LF India, the Linux Foundation will serve as the ‘sandbox for innovation’ in the region, accelerating incubation and support for open-source software (OSS) projects across startups, enterprises, and IGOs. For developers, LF India will invest in this growing, talented community through open-source software training, local events and meetups.

FarEye, Blue Dart celebrate a decade of partnership

FarEye recently marked ten years of partnership with Blue Dart, a leader in express logistics, showcasing a decade of innovations that have enhanced delivery efficiency and customer satisfaction for them. Gautam Kumar, COO of FarEye, highlighted their advancements in AI-driven efficiencies and real-time tracking, elevating delivery precision and sustainability.

Balfour Manuel, MD of Blue Dart, emphasised the role of technology and partnerships in their leadership position, while Vikram Mansukhani, Chief of Operations, noted how cutting-edge tools are reshaping last-mile logistics. Together, the duo is setting new benchmarks for operational excellence in a rapidly evolving market.

Zendesk appoints Shashi Upadhyay as President

Zendesk has announced Shashi Upadhyay as its new President of Product, Engineering, and AI. Upadhyay will lead the company’s strategy to harness AI for quality customer and employee service.

With a history of technology leadership, Upadhyay joins from Google, where he spearheaded innovations in Google Ads and Performance Max. Previously, he founded Lattice Engines, later acquired by Dun & Bradstreet, where he played a key role in their 2020 public offering.

“Shashi’s vision and customer-focused approach are vital for our transformation,” said Tom Eggemeier, Zendesk CEO. Upadhyay emphasised Zendesk’s potential to leverage AI: “We’re uniquely positioned to redefine experiences with innovation and customer trust,” he said.

In his new role, Upadhyay will oversee product strategy, engineering, and trust initiatives, aiming to strengthen Zendesk’s leadership in AI-powered services.

Flipkart expands SuperCoins rewards to Woggles

Flipkart has launched its SuperCoins rewards programme on Woggles, a popular eyewear destination. This integration allows customers to redeem SuperCoins for discounts on their favourite eyewear, offering unlimited transaction opportunities and additional savings.

The partnership will enable Woggles to provide affordable and stylish sunglasses to customers, including those in Tier II+ cities, a statement from the company said. Flipkart’s Vice President of Payments and SuperCoins, Gaurav Arora, said, “Supercoins has seen immense popularity among users. It enables them to save more while shopping for their favourite products on the platform. We are now pleased to extend the benefits of SuperCoins for customers who shop on Woggles making their online shopping journey even more enriching.”

Woggles CEO Anshul Kanthaliya, added, “This collaboration enhances flexibility and value for our customers, making their shopping journey more rewarding.”

Circle, Binance forge partnership to boost USDC adoption

Circle and Binance have announced a strategic partnership aimed at accelerating the adoption of USDC and expanding its use globally. The collaboration was unveiled during Abu Dhabi Finance Week, marking a significant milestone in the crypto and stablecoin landscape.

With over 240 million global users, Binance will integrate USDC more extensively across its suite of products and services. This move will allow Binance users to access and utilise USDC for trading, payments, and savings. Additionally, Binance will adopt USDC for its corporate treasury, signalling a major shift towards on-chain financial infrastructure.

Circle will provide Binance with the necessary technology, liquidity, and tools to support this effort while fostering global partnerships to expand stablecoin use in various financial ecosystems.

“Binance’s global reach and commitment to innovation make them an ideal partner for expanding USDC adoption,” said Jeremy Allaire, CEO of Circle. “This partnership reflects a shared vision of building a more robust, on-chain financial system.”

“We believe this collaboration will push the boundaries of stablecoin utility and adoption globally,” said Richard Teng, CEO of Binance.

Glance and Airtel partner to launch Glance TV

Glance and Airtel have launched Glance TV, a new platform that turns TV screens into dynamic, AI-powered smart surfaces. This innovative solution offers personalised content such as news, sports, and weather updates, even when the TV is not in active use. Available on Airtel Xstream devices powered by Android TV OS, Glance TV enhances user engagement and delivers real-time information.

Glance TV has been deployed on over one million Airtel Xstream devices, with plans to expand to four million by mid-2025 and enter global markets.

Piyush Shah, Co-founder at InMobi, emphasised the platform’s role in transforming TVs into interactive surfaces. Airtel’s Siddharth Sharma highlighted how this partnership enhances customer experiences through AI-driven content. "Customers are increasingly moving away from traditional entertainment, seeking platforms that offer more value. Our strategic partnership with Glance will elevate the customer experience by delivering interactive features that enable access to advanced AI technology directly through their TVs," he said.

Manastu Space Technologies delivers Green Propulsion System to DRDO

Manastu Space Technologies, a Mumbai-based deep-tech startup, has delivered a green propulsion system, the iBooster, to the Defence Research and Development Organisation (DRDO). This significant milestone follows four years of rigorous research and development, supported by DRDO's Technology Development Fund (TDF), marking an important step forward for India's space capabilities.

The iBooster system, designed for 100-500 kg satellites, enhances operations such as orbit raising, station-keeping, and deorbiting. It uses a hydrogen peroxide-based fuel.

Tushar Jadhav, Co-founder of Manastu Space, said, "This collaboration highlights the strength of innovation and collaboration in advancing India’s aerospace capabilities."

Manastu Space is gearing up for a space test aboard an upcoming PSLV mission by ISRO. DRDO praised the achievement as a testament to Indian startups' role in advancing defence and satellite capabilities.

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