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.
The Union government is nearing its goal of having a recognized startup in each of India's 785 districts within a year, with only 20-25 districts remaining. Most are in remote northeastern states or regions affected by extremism. The Startup India initiative, led by DPIIT, offers benefits like tax exemptions and fast-tracked intellectual property rights. Eligible startups must be less than 10 years old with an annual turnover under Rs 100 crore.
Rocketlane, a SaaS provider specializing in project delivery and professional services, has successfully raised $24 million in a Series B round, co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. This funding boosts Rocketlane's total capital to $45 million, aimed at advancing AI integrations for enhanced customer feedback and project management. The startup, founded in 2020, is set to improve its PSA platform, introduce AI in client communications, and upgrade its customer portal. Expanding its scope, Rocketlane will invest in conversational AI and AI-driven templates to streamline project management and enhance service accuracy. Targeting mid-market and lower enterprise clients, Rocketlane plans U.S. expansion and a European market entry event in September, alongside appointing Rao Adavikolanu as CMO to propel its strategic growth and market presence.
Zendesk, a prominent customer service SaaS company, has announced the creation of Zendesk Ventures, a global venture fund aimed at nurturing early-stage AI-first startups focusing on improving customer and employee experiences. The fund will not only provide financial backing but also share expertise in customer experience and artificial intelligence, fostering strategic partnerships to enhance growth in these sectors. Zendesk Ventures' initiative aligns with significant trends like India’s “Make AI in India” program, supporting the burgeoning AI startup ecosystem. The fund has already invested in several AI ventures, aiming to enhance customer interactions through advanced technologies.
Zyod, a tech startup based in Gurugram, has secured $18 million in Series A funding to expand its global reach in the fashion manufacturing industry. Led by RTP Global, with participation from existing investors like Lightspeed and Alteria Capital, the funding will propel Zyod’s expansion into over 40 countries. The startup's innovative ERP software has revolutionized production processes, optimizing operations across more than 80,000 Indian factories. With this new capital, Zyod aims to penetrate markets in Brazil and Australia, and explore under-tapped regions such as Africa and Scandinavia. The company also recently launched a mobile app to better serve long-tail and enterprise clients, enhancing customer engagement and operational efficiency.
YogiFi, a pioneering AI-powered yoga mat developed by Wellnesys Technologies at IIT Mandi's Technology Innovation Hub, is set to revolutionize home yoga practice. This "Make in India" product uses advanced sensors and AI to support asanas and analyze postures in real time, functioning as a virtual yoga instructor with personalized feedback to enhance user experience. Ideal for beginners, YogiFi provides interactive classes and posture guidance, adapting to individual progress for tailored coaching. The mat also integrates with smart home devices to optimize the yoga environment by adjusting music and lighting. Representing a blend of tradition and innovation, YogiFi underscores India’s commitment to technology and self-reliance, transforming the ancient art of yoga.
India's quick commerce market is experiencing unprecedented growth, with Zepto at the forefront. The rapid delivery startup has raised $665 million, boosting its valuation to $3.6 billion. This significant funding round underscores the sector's potential and investor confidence, with approximately 40% of the latest investment coming from new investors like DST Global and Avenir Growth Capital. Founded just three years ago, Zepto has become a major competitor to established players like Zomato’s Blinkit, Swiggy Instamart, and Tata Digital’s BigBasket. Zepto’s latest funding round was co-led by existing backers such as Glade Brook Capital and Nexus Venture Partners. With these funds, Zepto plans to expand its dark store network from 350 to over 700 by March 2025, and increase its team size to over 2,000 employees. This expansion will enhance Zepto's presence in both metro and non-metro areas, positioning it well in the competitive quick commerce landscape.
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.
Rockit, founded by Vedant Garg, raised Rs 6 crore in pre-seed funding from Sauce.VC and Rannvijay Singha. Sauce.VC, an early-stage investor, is helping Rockit identify market gaps and build a unique brand. Rockit aims for an omnichannel presence, starting in North India and expanding pan-India. Vedant Garg plans to cater to evolving Indian consumer preferences, especially in Tier II and III cities. Rockit's distribution legacy supports its growth. Rannvijay Singha and Yash Dholakia from Sauce.VC are excited about Rockit's potential, praising its early success and high-quality, affordable products.
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.
Proptech startup Landeed has announced securing strategic financing led by Paradigm Shift VC, though the amount remains undisclosed. The funds will be used to extend Landeed's product line and expand its workforce to support growth both in India and internationally. Previously, in January 2023, Landeed raised $8.3 million from Y Combinator, Draper Associates, and Bayhouse Capital.
Oyo, the Indian hotel chain startup, is nearing a deal to raise between $100 million and $125 million, slashing its valuation to $2.5 billion from a previous $10 billion in 2019, according to TechCrunch. The company has faced challenges raising from institutional investors and has recently targeted high-net-worth individuals, emphasizing its profitability and significant valuation discount. Amidst these fundraising efforts, Oyo has retracted its plans for an IPO, previously aiming for a $1.2 billion raise at a $12 billion valuation in 2021. The company, with backers including SoftBank and Airbnb, has withdrawn its IPO application twice in four years, indicating a strategic pivot away from rapid global expansion to stabilizing its core operations.
VentureSoul Partners has unveiled its first debt fund, VentureSoul Capital Fund I, setting a target corpus of INR 600 crores. Registered under SEBI as a Category II AIF, the fund has attracted investments from family offices, corporates, and high-net-worth individuals, with Micro Labs Ltd. serving as the anchor investor. Other notable investors include figures from KreditBee, Glen Appliances, and Baazar Kolkata. The fund aims to support tech startups across various sectors such as fintech, B2C, B2B, and SaaS, targeting companies at the Series A stage or beyond with a solid revenue model and at least $10 million in prior equity funding. VentureSoul, founded by three former bankers, is committed to introducing innovative debt solutions for startups, addressing a gap in structured financing within India's tech ecosystem. The fund plans to complete its first close by the end of June, focusing on startups that demonstrate substantial growth potential and revenue generation.
Ethereal Machines, a leading deeptech startup, has raised $13 million in a Series A funding led by Peak XV Partners and Steadview Capital, with contributions from Blume Ventures, Enam Investments, and Sandeep Singhal. The investment will fuel research and development and the creation of India's first multi-axis CNC controller. The firm also plans to initiate construction of its second 'Smart Factory' in Bengaluru, adjacent to the upcoming Foxconn facility.
Finsall, a BNPL startup specializing in insurance, has raised INR 15 crore in a bridge funding round led by Unicorn India Ventures and Seafund, supported by other institutional investors. The funding will enable the establishment of a Non-Banking Financial Company (NBFC) to expand lending operations and enhance customer value in insurance premium financing. The company also plans technological enhancements to improve interfaces for insurance companies and lending partners. These funds will also assist Finsall in forming strategic partnerships with insurers, intermediaries, and lenders, expanding its service offerings and distribution channels. CEO Tim Mathews highlighted the importance of this investment in scaling operations and pioneering in the insurance premium financing sector, aiming for substantial market growth.
The Kerala Startup Mission (KSUM) is hosting an AI conclave titled "AI Day for Startups" on June 14 at Travancore Hall, Technopark campus, in collaboration with Google for Startups. The event kicks off at 10 am and features sessions designed to integrate generative AI into startup products.
Olive, a startup in the hospitality sector supported by Embassy Group, reported a substantial revenue increase of 76% this fiscal year, achieving ₹51 crore. Established in 2019, Olive manages a variety of properties including co-living spaces and hotels located in major cities like Bengaluru, Mumbai, and Goa. The company's revenue boost is primarily due to an expanded portfolio and enhanced room pricing strategies. Olive caters to a diverse clientele, ranging from students to luxury travelers, and plans to continue its growth trajectory with potential fundraising initiatives to support further expansion.
Bhopal-based Swaayatt Robots has raised $4 million from U.S. investors, boosting its valuation to $151 million. This investment will further its development in autonomous vehicle technology. The company, led by Sanjeev Sharma, has made significant strides with its technology, already achieving Level 5 autonomy, which allows navigation through complex environments like construction sites. Swaayatt Robots is gearing up for a major demonstration in August, aiming to solve Level Four autonomy globally, and is eyeing further funding to reach its ambitious goals.
DocPlix, a health-tech startup, recently secured funding of Rs 1.2 crore from Inflection Point Ventures (IPV). The investment will fuel their product development, enhance AI capabilities, and broaden their market reach. Focusing on digitalizing health records in India, DocPlix aligns with the Ayushman Bharat Digital Mission to establish a secure and interoperable Electronic Health Record system. This expansion is particularly targeted at enhancing healthcare accessibility in tier-2 and tier-3 cities. Notably, DocPlix has achieved a high renewal rate of 93%, indicating strong customer retention and satisfaction.
CHOSEN, a Chennai-based skincare startup founded by Dr. Renita Rajan, has raised $1.2 million in seed funding from friends and family, following a $100,000 equity-free grant from Peak XV Partners. This funding will enhance strategic expansion, including exploring B2B partnerships in sectors like hospitality and health. The company, known for safe and effective skincare, plans to introduce 12 new products and aims for pre-series funding of $10-20 million later this year. Currently, CHOSEN has a robust product lineup and a workforce of 130, projecting significant growth and scale in the coming fiscal year.
Indian startup NeevCloud has entered the AI cloud space with a substantial deployment of 40,000 GPUs, aiming to offer cost-effective, scalable cloud computing solutions to small and medium enterprises (SMEs). Founded by experts in cybersecurity and artificial intelligence, NeevCloud focuses on providing high-performance computing resources necessary for AI and machine learning applications. The startup targets industries such as healthcare and finance, aiming to become a key player in the global AI cloud services market.
In the wake of the 2024 Lok Sabha Election results, Indian new-age tech stocks took a significant hit, reversing gains from the previous day. The Indian stock market dropped dramatically by around 4,000 points, influenced by the early election results. This shift saw 23 prominent new-age tech stocks, closely monitored by Inc42, decline sharply by mid-morning. While the Sensex and Nifty50 saw substantial falls, individual stocks like TBO Tek and Paytm experienced major sell-offs, with TBO Tek dropping over 10% and Paytm hitting the lower circuit. The market's response reflects broader uncertainties and adjustments in investor expectations following the election results.
Discover how LogicLadder, a trailblazer in climate action technologies, is ramping up its global presence with a $2.5 million investment led by BIG Capital and Rainmatter. With this funding, LogicLadder aims to refine its acclaimed Sustainability Cloud platform, helping leading firms like Maruti Suzuki and NTPC achieve crucial sustainability targets.
Indian badminton star PV Sindhu invests in and becomes brand ambassador for Greenday's "Better Nutrition" initiative. This collaboration tackles micronutrient deficiencies by fortifying staple crops with essential vitamins and minerals. Greenday partners with HarvestPlus Solutions to develop biofortified crops like rice and wheat. These efforts aim to improve public health and farmer income. Sindhu emphasizes the initiative's dedication to health and farmer support. Greenday highlights the importance of addressing nutrient deficiencies and sees Sindhu's involvement as a boost to awareness and market growth.
Gurugram-based healthcare company JiviAI has announced that its AI model, Jivi MedX, has outperformed giants like Google's Med-PaLM 2 and OpenAI's GPT-4 in the medical AI field. Achieving an impressive average score of 91.65 across nine benchmark categories, Jivi MedX is set to revolutionize medical diagnostics and patient care. Co-founded by Ankur Jain and G V Sanjay Reddy, JiviAI is driving forward with plans to launch Jivi MedX in August 2024, aiming to enhance healthcare outcomes through advanced AI capabilities. The startup is exploring partnerships to broaden its impact as it prepares for a global launch.
Country Delight is on the verge of becoming a unicorn with its latest $76.65 million funding, comprising debentures and convertible shares. With a valuation nearing $820 million, the company bolsters its expansive product line, serving 15 major Indian cities. This growth is backed by substantial investor confidence, marking a significant year with increased operating revenue and strategic expansions.
Rebel Foods has recently secured $13 million in debt financing from Alteria Capital and InnoVen Capital, further strengthening its position as a leading player in the cloud kitchen sector. This new funding round will support Rebel Foods in enhancing its technological capabilities and expanding its global presence, reinforcing its commitment to revolutionizing the food delivery ecosystem with its innovative business model.
Vegapay, a burgeoning B2B fintech startup, has raised $5.5 million in equity funding led by Elevation Capital and supported by Eximius Ventures. This round will fund product enhancements, regulatory compliance, and team expansion, including software developers and engineers. The company, which streamlines financial processes for institutions, plans to introduce a new credit card and a UPI credit line solution in collaboration with major banks. With ambitions to expand globally and a target to achieve significant revenue and card issuance milestones by next year, Vegapay is positioned to innovate the credit systems of financial institutions.
Explore the vibrant journey of Indian startups at SuSHi Tech Tokyo 2024, where The Circle FC, in collaboration with JETRO, showcased India's flourishing startup ecosystem. This event marked a pivotal moment for Indian innovation on the global stage, featuring a product soft launch and crucial networking with Japan's top investors and stakeholders. Dive into our full coverage to discover the significant strides made by companies like PhyFarm, Aspire Now, and others in forging impactful Indo-Japanese collaborations.
Infra.Market, a dynamic startup enhancing material procurement for construction and real estate sectors in India, has successfully secured a $50 million investment from MARS Unicorn Fund, aiming to extend its market reach globally. This investment, directed into the company's Singapore unit, supports Infra.Market's ambitious plans to innovate and expand beyond the Indian market, where it has already made significant strides in transforming the fragmented construction industry. With this move, Infra.Market is set to scale new heights in quality control and sourcing, helping small businesses achieve greater efficiency and broader market penetration.
As India's startup ecosystem navigates a challenging financial climate, BITS Pilani's Conquest accelerator stands out by empowering early-stage startups with essential resources and mentorship, fostering innovation and growth. Celebrating its 20th edition, Conquest continues to support promising entrepreneurs through a comprehensive, equity-free program, including a new Sustainability Track in collaboration with Pepsico India. Discover how Conquest is shaping the future of Indian startups and driving sustainable innovation in an increasingly competitive market.
Venturi Partners, a Singapore-based private equity firm, is set to launch a new India-centric fund targeting $100 million, focused on growth-stage consumer startups. This initiative provides a unique investment platform specifically for Indian Family offices. The firm has a history of significant investment in the region, with about 60-65% of its previous $180 million Asia funds deployed in India. Venturi’s strategic approach emphasizes long-term sustainable growth in sectors like health, education, and the environment. With plans to significantly expand its investment footprint, Venturi aims to leverage India’s dynamic market potential, exploring opportunities particularly in food services and health sectors, including niche areas like elderly and pet care.
Zypp Electric, an innovative Indian EV rental startup, is set to expand its operations into Southeast Asia early next year, backed by a recent investment from ENEOS. The company, which currently thrives in major Indian cities, plans to launch in markets like Indonesia, Thailand, and the Philippines, leveraging its robust platform that supports millions of deliveries each month. With a strong focus on both geographic expansion and fleet enhancement, Zypp Electric aims to accelerate its growth while eyeing further opportunities in the Middle East. This strategic expansion is supported by a significant funding round and a clear path toward profitability.
ProsParity, an innovative electric vehicle financing platform, has successfully secured a $2 million pre-seed investment from renowned global and angel investors to enhance its technology and expand its market reach. The company, co-founded by Saurabh Khodke and Anirudh Dhakar, is setting a new standard in EV financing by simplifying access for dealers and OEMs and aiming for significant growth in asset management. With an ambitious goal to democratize EV financing and support India’s transition to electric mobility, ProsParity is poised to transform the EV financing landscape, leveraging its unique platform and strategic partnerships.
Discover how TWO, the startup supported by Reliance Jio, is revolutionizing the AI landscape with its SUTRA platform, capable of processing over 50 languages. This article delves into their recent $20M funding and explores the diverse applications of their innovative AI models, which promise to enhance user experiences across speech, search, and visual domains. Learn about TWO's strategic partnerships and its ambitious plans to expand its influence in the AI-driven digital world, particularly focusing on non-English markets in the Asia-Pacific region.
BluSmart, an innovative Indian ride-hailing service, has launched its operations in Dubai, setting the stage to challenge established players like Careem, Uber, and Hala. Starting with a pilot of 100 Audi E-Tron SUVs and 130 drivers, BluSmart aims to redefine urban mobility in the UAE's largest city. The company, which debuted in 2019 with an electric vehicle fleet in India, has now set its sights on global expansion, beginning with Dubai and soon, Abu Dhabi. With a recent infusion of $25 million to bolster its infrastructure and a fleet of over 7,300 EVs, BluSmart is poised for rapid growth, underscoring its commitment to sustainable and innovative transport solutions.
In a recent public dialogue, Prime Minister Narendra Modi underscored that in today's India, success is defined by one's hard work and not by their surname. He praised Zomato CEO Deepinder Goyal's entrepreneurial journey, highlighting it as a source of inspiration for many young Indians. This conversation formed part of a broader discussion at a special event where business leaders shared their experiences and insights on India's growing digital landscape and the supportive role of the government in nurturing startups and technological innovation.
ThinKuvate, a prominent Singapore-based angel investment network, has launched its first India-focused fund, the ThinKuvate India Fund – I, with a substantial corpus of Rs 100 crore. Dedicated to empowering technology startups, the fund aims to invest up to Rs 3 crore in 12-15 innovative companies annually across emerging hubs like Nagpur, Raipur, Bangalore, and Chennai. With a robust track record and strategic focus on fostering international investments in India, ThinKuvate is poised to catalyze significant growth in the Indian tech ecosystem.
Join us at the Global Unicorn Summit 2024, hosted by Zee Media Corporation and Bluechip Encore on June 21 in Bengaluru. This premier gathering will connect over 500 leaders from the startup ecosystem, including unicorn founders, CXOs, and top investors. Aimed at fostering transformative success and sustainable growth within the startup community, the summit will feature keynote addresses, panel discussions, and interactive workshops with insights from industry luminaries like Kishore Jayaraman and Mukesh Bansal. Don't miss this pivotal event shaping the future of entrepreneurship.
Pine Labs, a fintech giant valued at over $5 billion, has just secured approval for a strategic merger of its Singapore and Indian entities, marking a significant realignment towards its operations in India. This move, supported by leading investors including Fidelity and PayPal, signifies a broader trend of Indian startups repatriating their bases to leverage the growing confidence in India's economic and regulatory frameworks. At Entrepreneurship Studio, we delve into the implications of Pine Labs' operational shift and explore what this means for the market dynamics and the broader startup ecosystem in India.
The Jaipur-based company founded in 2015, WoodenStreet, has sustained over 50% year-on-year sales growth, remaining profitable for the past four years. The omnichannel custom furniture platform's revenue from operations grew to Rs 194 crore in FY23 from Rs 131 crore in FY22, with furniture, furnishing, and decor sales as its main revenue source. They offers home solutions through over 90 stores, providing a wide range of furnishing products.
