Startup news and updates: Daily roundup (June 19, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, June 19, 2024.
Funding
Lazy Cocktails raises seed funding
Lazy Cocktails & Co. has secured undisclosed seed funding in a round led by Agility Ventures and other prominent investors.
It aims to use the funds from the round to expand its Quick Commerce presence and product line across 19,000 Indian pin codes and 1,500 outlets in 20 cities.
It also plans to launch a portfolio of zero-sugar mixers and enhance its offline retail presence, capitalising on the surge in the cocktail mixer industry driven by increased white spirits market share, rising incomes, and growing interest in mixology
“The beverage market is looking towards healthier, premium options, and at Lazy Cocktails, we aim to cater to this need and bridge the gap with our zero sugar, made-in-India premium beverages," said Himanshu Gupta, founder and CEO of Lazy Cocktails & Co.
POP raises $2.4 million
POP, a Bengaluru-based startup that focuses on offering UPI payments through its POPclub app, said it has raised $2.4 million in seed funding from India Quotient and other investors to launch its UPI payment platform.
POP has also received approval from NPCI as a Third-Party Application Provider to offer UPI payments through its POPclub app.
The funding will support the implementation of initiatives, including POP UPI service, allowing users to earn POPcoins with every UPI transaction. These POPcoins can be used to purchase products from various D2C brands within the POPclub app.
"POP's goal is to become the most sought-after go-to platform for payments and shopping for digitally active young Indians. As consumer behaviours evolve, we aim to provide innovative app experiences tailored to their interests in daily consumption," said Bhargav Errangi, Founder of POP.
Antler introduces new deal construct
Early-stage venture capital firm Antler has introduced a new venture deal construct called the Agreement for Rolling Capital (ARC), which doubles its commitment to $500K for idea-stage companies.
Antler's ARC is designed to meet the needs of early-stage Indian founders by providing an initial pre-seed investment of $250K.
Additionally, will match 50% of the capital raised from external accredited investors, up to an additional $250K, at the new valuation within nine months of the term sheet signing.
This new standard deal is part of Antler's plan to commit $10 million to 20 new Indian startups in the next six months, aiming to help startups raise over $1 million in capital within 9-12 months while managing dilution.
"We have seen a strong correlation between increased and faster early-stage capital and the path to Series A," said Nitin Sharma, Partner at Antler in India.
"The fundamental philosophy behind ARC was to design an instrument that enables exceptional founders to raise more capital upfront, allowing them to make rapid progress toward PMF while managing dilution and encouraging effective use of capital," Sharma added.
Antler's ARC will not apply to friends and family and down-rounds though, the company said.
Nitin Sharma, Partner, Antler
LEO1 raises funding from Rohit Sharma
, an edu-fintech company, has secured a strategic investment from Indian cricket captain Rohit Sharma, marking his first investment in a fintech startup.
Several other investors, including QED Investors, Aavishkaar Capital, Ardent Investors LLC, 9 Unicorn, DMI Finance, MS Fincap, Angel Bay, etc have also contributed funds to LEO1.
The company plans to utilise the funding for innovation, technological advancements, and expansion efforts to address cash flow challenges in educational institutes and provide innovative solutions to students across India.
"We aim to instil a crucial discipline within the education sector. Irregular cash flow often leads to excessive efforts focused solely on fee recovery over other important developments. This is an ancient problem for institutes across the country," said Rohit Gajbhiye, CEO and founder of LEO1.
LEO1 has raised a total of $35 million (approximately INR 291 crores) through two investment rounds over the last three years.
Go Zero raises $1.5M
Ice cream brand has raised $1.5 million in a follow-on pre-Series A funding round.
Investors including DSG Consumer Partners, Saama, and V3 Ventures, as well as notable angel investor Arjun Purkayastha, among others, participated in the round, the company said.
Go Zero plans to use the funds to continue growing on quick commerce and ecommerce platforms, expand to Tier I cities like Jaipur, Chandigarh, and Ahmedabad, and launch new flavours and formats for its consumers.
"The growth that we have seen in the past 12 months has been phenomenal and proves that there is a strong demand for ‘better for you’ ice creams that taste really good," said Kiran Shah, Founder of Go Zero.
Arjun Vaidya, Co-founder of V3 Ventures, said, "In <1 year, we have seen >10X growth in Go Zero. It speaks about the quality of execution by the team and the wave of better eating we are seeing in India."
Supermoney raises $3.4M
Digital lending platform has raised $3.4 million (Rs 28.6 crore) in a Series A funding round.
Investors including Capital 2B and Capria Ventures participated in the round, the company said.
plans to use the funds to accelerate platform growth, expand disbursements, and leverage technology to optimise operations.
"By partnering with industry leaders, our aim is to reach 500,000 MSMEs within the next two years and drive invoicing volumes in excess of $5 billion on the platform," said Nikhil Banerjee, Co-founder and director of .
"This investment will also facilitate the expansion of our insights engine for strategic enterprise partners. While we are already serving over 30,000 customers, we believe we've barely scratched the surface and just begun to tap into the potential, with more growth ahead of us," said Zafar Imam, Co-founder and Director of Supermoney.
Supermoney is a digital platform that provides working capital solutions to businesses by offering customised payment and finance solutions designed specifically for their supply chain.
Currently, Supermoney operates in 40+ locations and has over 30,000 retailers/dealers, 50+ anchors, and more than 500 distributors across India.
Aviotron raises $250,000
Noida-headquartered edtech startup has raised $250,000 in a funding round from Enrission India Capital Inc, at a valuation of Rs 100 crore, the company said in a press release.
The company had earlier raised $600,000 from Enrission.
"This significant milestone not only validates our vision and potential but also marks a pivotal moment in our journey towards achieving our goals," the company's CEO and Founder Neha Chauhan said.
Enrission owns a 6.85% stake in Aviotron as of May 31, 2024.
HealthPresso is looking to raise $1M
Healthtech startup is gearing up to secure $1 million in a pre-Series A funding round.
Investors have expressed significant interest in HealthPresso, acknowledging the potential of its custom AI-engine (HumetaTM) and extensive distribution network, the company said in a statement.
The startup plans to use the capital to catalyse its growth, scale its operations, and augment its service offerings.
“The investor community has shown significant interest in HealthPresso, recognizing the potential of its custom AI engine (HumetaTM) and extensive distribution network. This infusion of capital will accelerate the growth trajectory, enabling the scaling of operations and enhancement of service offerings," said Co-founder and CEO Daleep Manhas and Founder and Chief Belief Officer Dr Swadeep Srivastava.
HealthPresso uses AI to cater to a diverse audience, including individual doctors, hospitals, healthcare brands, and PR/media agencies.
Praan raises undisclosed funding
Deeptech startup has raised an oversubscribed round from investors Dhaval Shroff (Autopilot AI from Elon Musk’s Special Projects team at Tesla), Vikas Taneja (Managing Director - BCG), Kirloskar Family, ThyssenKrupp India family, Aaryaman Vir, Riddhima Yadav (Brookfield), and Gaurav Kapur.
Existing investors including Paradigm Shift Capital, Maulik Majmudar, Akshat Rajan, Surya Panditi, and Shailesh Bhat also participated in the round.
The startup plans to use the funds to accelerate the deployment of Praan’s technologies in key areas, including enhancing production capacity, scaling business operations, and bolstering industrial tech sales in India.
"Praan is building the entire atmospheric purification stack—sensing, AI-based automated solving, best-in-class purification, software, and carbon capture—bringing clean air to homes, offices, schools, as well as hazardous shop floors," said Angad Daryani, Founder of Praan.
Praan was founded in 2017 and operates in the deeptech sector. It specialises in AI-based air pollution solutions, filterless air purification, and an enhanced user experience. It helps mitigate climate change by controlling particulate matter, toxic gases, and carbon emissions, and restoring biodiversity.
The startup added that it plans to create more types of air purifiers for different places like factories, homes, offices, and outdoor spaces. They'll also include their latest AI-Engine, called EDITH, to better tackle air pollution problems.
BioCompute raises Rs 31.4 lakh in grant
BioCompute, a startup utilising DNA-based data storage, clinched an early-stage climate startup grant of Rs 31.4 lakh at SusCrunch 2024, organised by The Sustainability Mafia (SusMafia).
The grant, jointly provided by PIEDS and SusMafia, aims to propel BioCompute in the fight against global climate change. The event, backed by Invest India, GPS Renewables, and & , among others, aims to unite the climate entrepreneurship ecosystem for insights and collaborations.
Angel investors, including Chandrasekaran J, Arjun Gupta, Aditya Bhat, and PIEDS, committed to on-the-spot funding. The event also featured startups mentored by SusMafia, including AgriVolt, Positive Zero, JouleLess, SwiLato, and BioCompute.
Established in 2020, The Sustainability Mafia is a community of 80+ climate entrepreneurs aiming to make sustainability the default choice through collaborative efforts.
Other news
PepsiCo India launches initiative to empower a million women
PepsiCo India's new initiative, RevolutioNari - A Revolution for the Nari, aims to empower a million women across India towards building economically independent lives.
It focuses on creating awareness to choose the right career, upskilling to enhance employability, and unlocking job prospects for women, particularly in unconventional roles within the FMCG sector.
The program includes offering training, technical skill-building, internships, and various hiring initiatives tailored specifically for women.
Additionally, partnerships with organisations and corporates will amplify the impact of the initiative, enabling collective expertise and resources to support women's holistic development and economic empowerment.
As part of the RevolutioNari initiative, PepsiCo India is also working with the Assam Skill Development Mission (ASDM) and the Directorate of Employment & Craftsmanship Training (DECT) to help women in Assam learn new skills.
This partnership aims to train women from industrial training institutes in Assam so they can work in important positions at PepsiCo India.
"Our focus extends beyond merely providing opportunities and we aim to catalyse a fundamental change in how society views and supports economic empowerment for women," said Pavitra Singh, CHRO, PepsiCo India and South Asia.
Cleartrip names new CBO
said it has appointed Anuj Rathi as its new chief business and growth officer to oversee business development, market expansion, and strategic partnerships.
Rathi has previously served as the Chief Product & Marketing Officer at Jupiter Money and played a significant role in growth marketing, product management, and customer lifecycle management at Swiggy.
"His deep understanding of e-commerce and ability to drive growth across categories will be invaluable as we continue to innovate for our customers. Anuj’s role will be crucial in strengthening customer experience at every touch-point and expanding Cleartrip’s operations," said Ajay Veer Yadav, senior VP at Flipkart, which owns Cleartrip.
IndianVC launches new platform for startups, investors to collaborate, hire
IndianVC, a Bengaluru-based decentralized venture community, has launched a new platform to address critical challenges in fundraising and hiring.
The platform hopes to serve as a collaborative space for entrepreneurs, venture capitalists, and engineers, offering features like an investor database, a VC job board, and templates for managing the fundraising process.
"Founders only go through early-stage funding once, so it's not worth their time to become experts on the whole ecosystem," says Pavithran Chidambaram, founder of Indian VCs.
"They should focus on who they need to talk to, then get back to building their product. We have built a repository to save them that time- It’s our job, not theirs."
The investor database IndianVCs wants to put together will provide detailed information on investors, categorised into sector focus, stage focus, and ticket size.
It will also offer startups the best ways to reach out to investors and direct pitch links.
The database will be continuously updated and verified to ensure startups have access to the most relevant and active investors in the industry, IndianVCs said.
Flipkart launches first grocery fulfillment center in Jaipur, Rajasthan
has launched its first grocery fulfillment center (FC) in Jaipur, Rajasthan, to meet the increasing demand for online groceries in the state.
This FC, spread over 69,000 square feet, has a daily dispatch capacity of over 6,500 orders and aims to offer delivery slots tailored to consumer preferences.
It will stock a diverse selection of over 5,000 products, including popular local brands, and is expected to create more than 600 job opportunities while supporting small businesses and local farming communities.
The centres will serve consumers across major cities like Bikaner, Jaipur, Jaisalmer, Jodhpur, and Kota.
In addition to national brands, the FC will also carry popular local brands such as Gainda, Saras, Gowardhan, Mahakosh, Rajdhani, Desi Choice, Laxmi Bhog, Tagore, and more, ensuring that customers have access to products that cater to their specific preferences and tastes.
"With the launch of the new FC, consumers will now have access to a vast assortment of high-quality local and national selections at the right value at the delivery slot of their choice. We aim to address the needs of value-seeking consumers of tier 2 and 3 cities by elevating consumer satisfaction and improving the growth of the overall regional ecosystem," said Hari Kumar G, Vice President, Head of Grocery, Flipkart.
DriveU FY24 gross revenue jumps 50%
, a driver-on-demand startup, witnessed a 50% surge in gross revenue to Rs 90 crore during the fiscal year 2023-24, and recorded EBITDA and PAT positivity for the first time, it said in a press release.
"We have taken a significant step towards our vision of being part of a car owner’s journey, whether it’s hiring a driver by the hour or for a day, car service, or a deep clean," said Ashok Shastry, CEO and Co-founder of DriveU.
DriveU said itaims to expand its product development, marketing efforts, and driver partner network this year, alongside reinforcing its teams across various domains like technology, marketing, operations, and customer support, expecting to double its driver partners to meet "increased demand for its services" across all regions.
Levitate Labs, CoinSwitch, Coinbase launch programme to boost India's Web3 startups
Levitate Labs has launched the "OnChain India" programme in collaboration with and , aiming to elevate the Indian Onchain ecosystem by fostering innovation and providing support.
The programme will involve initiatives such as grants and funding, ecosystem partnerships, community events, and more, with the support of Base. The goal is to empower developers and startups to create groundbreaking solutions leveraging Base—CoinBase's Ethereum Layer 2 network.
"Base has carved a niche for itself by focusing on being a consumer-first chain and has tremendous scope for growth in India's large digital market. We hope to see several builders explore unique Dapps, as they innovate to bring masses on-chain and make Web3 mainstream in India," said Ashish Singhal, Co-founder of CoinSwitch.
Canon India rejigs its apprenticeship training program under Skill India initiative
Canon India is enhancing its apprenticeship training programme by collaborating with the Japan-India Institute for Manufacturing (JIM).
The collaboration brings a more structured curriculum designed to equip engineering graduates and diploma holders with essential skills, facilitating standardised training at the Canon Technical Excellence Centre (CTEC) in Noida.
"Through our partnership with the Japan-India Institute of Manufacturing, we are striving to nurture future experts who will drive progress in the service and manufacturing sectors," said Manabu Yamazaki, President and CEO, Canon India.
"The programme, designed by experts in the business, reflects our commitment to bridging the gap between theoretical knowledge and practical application, ultimately contributing to the growth of India," Yamazaki added.
The training will include four weeks of online learning, four weeks of classroom instruction, and 40 weeks of on-the-job training.
Astrikos.ai names new CPO
AI startup Astrikos.ai has appointed Guruprasad Nagaraj as its new Chief Product Officer to spearhead the development of its product suite and ensure robust performance in critical foreign markets.
Nagaraj has occupied several leadership positions at Optiv Inc., Hewlett Packard, Boeing, McAfee, and Cisco, among other renowned companies.
His most recent role was Vice President of Engineering at AppViewX, a US-based organisation specialising in automated certificate lifecycle management and PKI solutions.
"Astrikos.ai is a pioneer in developing advanced AI/ML platforms, revolutionising key infrastructure sectors globally by driving innovation, efficiency, and delivering customer-focused solutions," Nagaraj added.
Edited by Kanishk Singh
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