This Week in Startups 🌟 | Stay ahead with Entrepreneurship Studio as we bring you the latest and most exciting updates from the startup world.

From groundbreaking funding rounds to innovative breakthroughs, we've got your weekly dose of entrepreneurial spirit right here:

1) Pixxel, Sarvam AI, Niramai Featured Among WEF's Top 10 Tech Pioneers from India:

The article highlights ten Indian startups, including Pixxel, Niramai, and Sarvam AI, that have been recognized in the World Economic Forum's Technology Pioneers 2024 list. This list includes 100 tech startups globally, renowned for pioneering AI applications in fields like clean energy, healthcare, and space technology. Previous members of this prestigious list include Airbnb and Google.

Among the Indian startups, Niramai is developing an innovative, non-invasive AI-based test for early breast cancer detection. Pixxel is focusing on hyperspectral satellite imagery to improve geospatial data collection, while Sarvam AI is creating AI models tailored for Indian languages and specific use cases.

2) DRDO Awards Contract to Pune's Sagar Defence for India's First Underwater-Launched UAV:

The Defence Research and Development Organisation (DRDO) of India is enhancing its underwater military capabilities by developing underwater-launched unmanned aerial vehicles (ULUAVs). This initiative involves collaboration with Pune-based Sagar Defence Engineering Pvt Ltd, which was awarded the technology development contract through a competitive process involving 17 firms. The project is supported by DRDO's Technology Development Fund and will be assisted by the Defence Research & Development Laboratory (DRDL).

The ULUAVs, designed to be launched from submarines, will enable discreet, high-endurance, and long-range surveillance missions. This capability allows submarines to monitor threats without exposure. Mridul Babbar from Sagar Defence highlighted the advanced nature of the ULUAVs, noting their potential for future expansion, including weaponization. This development reflects the Modi government's commitment to fostering indigenous innovation and strengthens India's position in defense technology and maritime security.

3) BlackRock Values Byju's Stake at Zero, Marking Steep Decline:

Education technology giant Byju's is facing severe financial difficulties, as evidenced by BlackRock valuing its stake in the company at zero. Initially valued at $22 billion in 2022 after raising $800 million, Byju's has seen a drastic reduction in its valuation. BlackRock, one of the investors, reported in its recent filings that it had written off its investment entirely, following a revaluation of the startup to less than $1 billion last October.

Similarly, HSBC issued a report deeming the stake of another major investor, Prosus, as worthless amid ongoing legal issues and a funding crisis. Prosus, which invested approximately $500 million, owns nearly 10% of Byju's. Additionally, the company is grappling with potential bankruptcy proceedings against its subsidiaries over a $1.2 billion loan, severe cost-cutting measures including drastic pay cuts for new sales hires, and significant internal turmoil including calls from investors for the removal of CEO Byju Raveendran and his family from the board.

4) SINE and Ansys Join Forces to Boost Tech Startups in India:

The Society for Innovation & Entrepreneurship (SINE) at IIT Bombay has partnered with Ansys Software to enhance support for technology startups, particularly those in engineering hardware. This collaboration is facilitated through the Ansys Startup programme, designed to equip startups with crucial simulation technologies and resources. A Memorandum of Understanding (MoU) between the two institutions outlines the commitment to hosting events and providing a three-month evaluation license for startups associated with SINE.

This initiative aims to bolster the global competitiveness of Indian startups by providing access to Ansys's advanced multiphysics simulation software and expertise, crucial for demonstrating product competitiveness and innovation at a competitive cost. This partnership also helps startups secure additional funding and resources needed for development. Both Mike Yeager, Area Vice President at Ansys, and Shaji Varghese, CEO of SINE, emphasized the commitment to fostering innovation and providing startups with the necessary tools and support to navigate early-stage challenges and achieve success.

5) Antler Commits $10 Million to Fund Early-Stage Startups in India:

Antler, a venture capital firm, announced a $10 million investment in early-stage Indian startups over the next six months. Led by partners Rajiv Srivatsa and Nitin Sharma, the initiative aims to invest $500,000 each in 20 idea-stage companies. This investment is part of Antler's $75 million commitment to India. Srivatsa emphasized the timeliness for building startups in India and shared details on social media, stating that they will support founders in the early stages and aim to secure over $1 million in total funding for them within 6-9 months.

Srivatsa invited aspiring entrepreneurs to engage with Antler by commenting “Build” for more information and tagging others interested in startups. Antler also launched the $285 million Antler Elevate Fund in June 2023, focusing on Series A and later-stage investments globally. Since its inception in 2018 in Singapore, Antler has expanded its reach to the U.S., Europe, Africa, and Asia, including Vietnam, Japan, and Malaysia.

6) Skincare Startup Foxtale Secures $18M for Expansion and Hiring:

Foxtale, a direct-to-consumer skincare brand, announced on Wednesday that it has secured $18 million in a Series B funding round. The round was led by Singapore-based Panthera Growth Partners, with additional contributions from existing investors Matrix Partners India and Kae Capital. The Mumbai-based startup, founded by Romita Mazumdar in January 2022, plans to use the new capital for category expansion and hiring C-suite executives. Mazumdar highlighted Foxtale's digital-first strategy, with 90% of its revenue generated online, and noted its presence across over 100 Indian cities. For the fiscal year 2024, Foxtale reported a gross revenue of Rs 175 crore and projects a significant increase to Rs 400-450 crore for FY25. The company also aims to achieve profitability by the end of FY25 and targets a revenue milestone of Rs 1,000 crore within the next three years.

7) Finsall Secures INR 15 Crore to Revolutionize Insurance Financing with New NBFC Launch:

Finsall, an Insurance-First BNPL startup, has raised INR 15 crore in a bridge round led by Unicorn India Ventures and Seafund, with additional participation from other institutional investors. The funding will be utilized to establish an NBFC to expand lending operations and improve technology, enhancing digital interfaces for various stakeholders like insurance companies and lending partners.

Additionally, the capital will aid in forming strategic partnerships to broaden service offerings and enhance distribution channels. Co-Founder and CEO Tim Mathews emphasized the move's significance in scaling the company's presence in the insurance premium financing sector and fostering financial inclusion with innovative lending solutions.

Finsall has achieved significant growth, experiencing a 9X revenue increase over the past two years, and now serves customers across 8,000 locations in India. With a strong focus on customer-centric innovations and strategic partnerships, Finsall is poised for a projected 4X revenue increase in the fiscal year 2024-25.

8) Japan's NEDO and IIT Delhi Forge Partnership to Advance Deep-Tech Innovation:

Takeshi Yoshida, Director General of the New Energy and Industrial Technology Development Organization (NEDO), emphasized the potential for a brighter future through collaboration between Japanese deep-tech startups and IIT Delhi’s talent. During the "NEDO IIT-Delhi Japan Deep-Tech Collaboration" event in New Delhi, Yoshida highlighted the importance of securing top IT engineers and facilitated interactions between Japanese startups and IIT students to promote startup growth.

NEDO, established in 1980 under Japan’s Ministry of Economy, Trade, and Industry, focuses on developing new technologies and implementing energy projects globally, including in India. Yoshida, having a long-standing relationship with India since opening NEDO's Delhi office in 2008, underscored NEDO’s substantial support for about 100 startups annually, providing subsidies for R&D across various technology sectors. The collaboration aims to support startup growth and multinational team expansion, reinforcing Japan's commitment to maintaining technological innovation.