Startup news and updates: daily roundup (December 5, 2024)

Funding news:

Inflection Point Ventures invests $700K in Neuranics

Neuranics, a Gurugram-based healthcare diagnostics startup, has secured $700,000 in seed funding from Inflection Point Ventures.

The company is making a point-of-care blood analyser that can deliver complete blood count (CBC) results in under 10 minutes using just a finger-prick sample.

Founded in 2021 by Praveen Kumar and Ashutosh Patra, Neuranics aims to transform medical diagnostics by providing rapid, accurate blood analysis without complex equipment or liquid reagents.

“Neuranics is tackling the problem of lengthy and complex blood testing processes with their point-of-care blood analyzer that makes complete blood count diagnosis faster and easier. This significantly improves patient care, especially in urgent cases. IPV believes in the startups innovative technology and envisions a future where the startups bring out more such necessary tools,” Mitesh Shah, Co-founder of IPV, said in a statement.

Terractive raises Rs 8 Cr in Series A round led by Fireside Ventures, DeVC

Mumbai-based lifestyle activewear brand Terractive has raised Rs 8 crore in pre-Series A funding led by Fireside Ventures and DeVC (Matrix Partners).

The funds will boost fabric development and product innovation as Terractive expands in India’s growing activewear market, said the company in a statement.

"We are thrilled to have Fireside Ventures and DeVC-Matrix Partners join us on our journey in India. This funding will empower us to expand our reach and continue pioneering in fabric technology for everyday movement,” said Raena Ambani and Rahee Ambani-Choksi, Co-founders of Terractive.

Commenting on the investment, Shuchi Pandya, Principal at Fireside Ventures, said, “The activewear segment in India is poised for tremendous growth, and Terractive is a brand that stands out with its innovation-led approach. With a sharp focus on fabric innovation and customer-centric design, Terractive is positioned to revolutionize the activewear category. Raena and Rahee’s deep expertise and commitment to delivering products uniquely suited for Indian consumers make this an exciting partnership for us.”

Moneyclub raises $2.5M from Prudent Investment Managers and existing backers

The Money Club, an on-demand liquidity platform, has raised $2.5 million in Series A funding led by Prudent Investment Managers, alongside support from existing investors like Venture Catalysts and LetsVenture.

“This funding validates our mission to empower 400 million Indians excluded from traditional financial systems. It enables us to enhance technology and deepen our impact,” said Founder & CEO Manuraj Jain.

With over seven lakh users and Rs 350 crore in savings rotated via its platform, The Money Club leverages behavioural analytics to offer accessible, real-time credit while maintaining a low default rate of under 1%.

Atmosphere – The Store Makers raises Rs 5 Cr in seed funding

Atmosphere – The Store Makers, maker of bespoke retail and workspace fit-outs, has raised Rs 5 crore in seed funding co-led by Artha Venture Fund and PIL Italica Lifestyle Limited.

The funds will bolster manufacturing capabilities, design innovation, and marketing reach, including a state-of-the-art prototyping lab, the company said.

“Atmosphere offers retailers a transformative, end-to-end platform from design to deployment, ensuring smarter, cost-effective retail expansions,” said co-founder Nilesh Rathod.

With over 500,000 sq ft of premium retail projects for brands like Michael Kors and Armani, Atmosphere is capitalising on India’s premiumisation wave, positioning itself as a one-stop solution for luxury retail and workspace transformations

Other news:

Abercrombie & Fitch Co. enters Indian market through Myntra partnership

Global fashion retailer Abercrombie & Fitch is set to enter the Indian market through a multi-year franchise partnership with Myntra Jabong.

"With the strength of A&F Co.’s brands today, we are thrilled to partner with Myntra Jabong to more deeply engage with new and existing customers in India. It’s an incredibly dynamic and diverse market, and one where we see tremendous long-term potential as we continue to pursue global brand growth," Fran Horowitz, Chief Executive Officer, Abercrombie & Fitch Co., said.

"In Myntra Jabong, we have found a like-minded partner whose expertise and capabilities will allow us to go to market with these same strategies in India."

BharatPe launches 'Shield' to protect digital transactions

BharatPe has introduced 'Shield', a comprehensive fraud protection plan for UPI transactions. The service safeguards users against digital fraud up to Rs 5,000, with the first month free for new users and subsequent months available at Rs 19.

"Safeguarding consumer transactions from online frauds and providing a safe payments ecosystem has always been one of our foremost responsibilities," said Nalin Negi, CEO of BharatPe.

The service covers risks like computer fraud, phishing attacks, and unauthorised transactions, offering 24/7 support through app, chatbot, and helplines.

AiDash appoints Neil Chatterjee to its advisory board

AiDash, an enterprise SaaS company specialising in satellite-first AI applications for infrastructure monitoring, has appointed Neil Chatterjee to its advisory board.

“In our persistent communications with leading climate and energy experts, Neil’s name came up time and again as someone we must get to know,” said Abhishek Singh, Co-founder and CEO of AiDash.

“From the first meeting with Neil, I was struck by our alignment on the importance of technology to solve the biggest energy challenges to regulators and utilities, as well as the desire to collaborate with all stakeholders for grid reliability and resilience."

"I believe AiDash is key to the future by making critical infrastructure industries climate-resilient, adaptable, and sustainable through satellites and AI," Chatterjee said. With over 20 years of energy policy experience, he aims to help regulators and utility companies adopt innovative technologies.

C5i elevates Nitesh Jain to CEO, Ashwin Mittal transitions to Executive Chairman

C5i, a global leader in applied AI solutions, has elevated Nitesh Jain to Chief Executive Officer (CEO), while co-founder and outgoing CEO Ashwin Mittal transitions to Executive Chairman.

Ashwin Mittal, in his role as Executive Chairman, will concentrate on long-term strategy, mergers and acquisitions, innovation in AI, corporate social responsibility, and brand initiatives.

“This dual focus enables us to combine the governance of a global enterprise with the innovation and agility of a disruptor. Nitesh will expertly navigate the company in a competitive environment while allowing me to focus on bringing more outside-in perspective and direction to the company,” said Mittal.

Jain, formerly the company’s President and COO, will focus on scaling operations and enhancing client relationships. “It’s an honor to lead C5i at such a transformative time in the AI industry,” said Jain.

Mittal will concentrate on strategy, mergers, and innovation. With plans to expand its workforce from 1,800 to 5,000.

Zendesk strengthens APAC leadership with Mitch Young’s appointment

Zendesk has appointed Mitch Young as Senior Vice President for the Asia Pacific (APAC) region to accelerate growth across key markets such as Australia, India, Japan, and Singapore.

Young, a seasoned leader with experience at IBM and ServiceNow, brings deep expertise in customer experience and regional market dynamics.

"This is a time of massive opportunity for us at Zendesk. The APAC region is poised for exponential economic growth, aligning perfectly with our capabilities in AI-powered CX solutions,” Young stated.

“What I find most exciting about the CX space, at this time particularly, is how AI is enabling efficiencies and productivity gains across the board. Eighty-two percent of agents in APAC believe that having an AI copilot would help them do their job better. We’re partnering with businesses whose impetus is retaining and growing their customer base, amid growing economies but also growing competition,” Young commented further on the APAC landscape.