Startup news and updates: Daily roundup (July 19, 2024)

Funding

Pintel.ai raises $1M in seed round led by IvyCap Ventures

Pintel.ai, a platform designed for sales development, has secured $1 million in seed round led by IvyCap Ventures. The funding round also saw participation from prominent investors, including founders and leaders from Whatfix, LambdaTest, Livspace, Moengage, Quizizz, GSF, Hevodata, HROne, and other notable angel investors.

Pintel.ai aims to address the critical challenges faced by sales development professionals, including time-consuming research and the need for highly customisable tools to cater to unique company requirements.

Founded by Aman Garg and Nirmal Vatsyayan, Pintel.ai's AI-driven solution offers a flexible and intuitive platform, enabling users to seamlessly integrate multiple data sources and apply custom research logic. This approach significantly reduces research time by up to 90% and boosts sales representatives' productivity by 50%.

Rabbitt AI raises $2.1M led by TechCurators and various angel investors

Rabbitt AI, a generative AI platform, has closed $2.1 million in seed round led by TechCurators, the flagship company of the TC Group of Companies.

Rabbitt AI’s platform offers a robust suite of tools, including core generative AI capabilities, custom LLM development, RAG fine-tuning, data-centric AI, MLOps integration, and voice bot AI agents. By combining these features, Rabbitt AI enables businesses to create powerful AI solutions tailored to their specific needs.

Accel Backed AI-SaaS startup Fibr raises $1.8M in seed round

Fibr, an AI-powered personalisation platform, has raised $1.8 million in seed round led by Accel with participation from 2AM VC and prominent angel investors such as Kunal Shah (Founder, Cred), Sunil Kumar (ex-cofounder Zenoti) and others.

Founded in January 2023 by Ankur Goyal and Pritam Roy, the funding will be used to enhance Fibr's AI personalisation platform, expand its customer base, and hire diverse talent to meet the evolving needs of marketers worldwide.

Healthtech startup Drucare raises $1.2M in pre-Series A round

Healthtech startup Drucare raised $1.2 million in pre-Series A round in June from SATRA Services and Solutions Pvt Ltd, a multi-disciplinary consulting company, headquartered at Hyderabad.

Drucare said it will allocate the funds to marketing and business expansion, along with additional operational expenses.

Dr Rajendra P Vennam, Founder, CEO & CTO, Drucare, said, “In the upcoming months, Drucare hopes to grow up and increase its footprint both domestically and globally in addition to adding new services to its present roster of over 40plus services for healthcare practitioners across Clinics, Hospitals, Pharmacies, Diagnostics, Medical Colleges of all sizes and numbers.”

Founded in 2016 by professionals from diverse backgrounds, Drucare offers a variety of solutions and services to various healthcare organizations. The company has built India's most integrated healthcare SaaS platform. DrucareONE provides the IT infrastructure needed by clinics, hospitals, medical schools, laboratories, pharmacies, providers and patients.

Other news

Roadzen CEO and Chairman agree to exchange $3.5M of short-term debt for equity in the company

Roadzen Inc, a global leader in AI, said that the company’s Special Committee of Independent Directors have unanimously approved a plan for certain related parties to release $3.5 million of short-term debt in exchange for ordinary shares of the company. The related parties that have executed binding term sheets and agreed to the exchange, which includes Rohan Malhotra, CEO, Roadzen; and Pi Capital International Inc. and its affiliate Marco Polo Securities, Inc., which is principally owned by Roadzen’s Chairman of the Board.

The number of shares into which the accrued liabilities will be exchanged for common stock will be based on the amount of debt released divided by a share price equal to the greater of $2.80 per share or the 30-trading day volume weighted average price beginning 3 days following the date on which the company files with the Securities and Exchange Commission, its Form 10-Q for the first quarter ended June 30, 2024.

TATA AIG enters into a strategic partnership with Mahindra Finance

General insurance provider TATA AIG has announced a strategic partnership with Mahindra Finance, a Non-Banking Finance Company (NBFC). This collaboration aims to enhance the distribution of TATA AIG's non-life insurance products to Mahindra Finance's extensive customer network.

Under this partnership, TATA AIG will offer a comprehensive range of general insurance products, including motor, health, personal accident, and other non-life insurance solutions to over 10 million customers of Mahindra Finance.

“This collaboration with Mahindra Finance is an important move towards making our insurance products more accessible. Based on a common foundation of strong corporate governance and a robust value system, we are committed to offering customised solutions that cater to the diverse needs of our partners, ensuring comprehensive protection and financial security," said Neelesh Garg, Managing Director & CEO at TATA AIG General Insurance Co. Ltd.

BlackSoil NBFC raises over Rs 200 Cr debt in H1CY24, with 60% from new lenders 

BlackSoil NBFC, the flagship arm of BlackSoil Group, an alternative credit platform, has raised ₹208 crore debt in the first half of the calendar year 2024. Notably, 60% of this funding came from new debt investors. This achievement marks a robust 30% year-on-year growth in debt raise, bringing BlackSoil's total debt raise to over ₹1,570 crore as of June 30, 2024.

Ankur Bansal, Co-founder and Director at BlackSoil, stated, "This substantial debt raise, particularly the 60% from new investors, validates our business model and emphasises the trust we have built in the alternative credit space. It is a testament to our robust credit profile and expanding market presence. This milestone empowers us to offer even more innovative and tailored financial solutions to India's high-growth sectors, reinforcing our commitment to bridging the credit gap for new-age businesses and fostering entrepreneurship nationwide".

Delhivery rolls out its 4th all-women-operated hub in Delhi's Mayapuri

Delhivery, a fully integrated logistics service provider, has rolled out a 100% women-led hub in Mayapuri, New Delhi. This would be the fourth such hub launched in recent months as the logistics company doubles down on its initiatives to absorb more women colleagues across its operations.

Previously, the company launched similar facilities at Moga (Punjab), Sikar (Rajasthan), and Satna (Madhya Pradesh) and has targeted expanding these to other parts of the country as well.

Suraj Saharan, Chief People Officer and Co-founder at Delhivery, said, "We are thrilled to announce the launch of our new women-operated hub at Mayapuri. Our women recruits at various other facilities have consistently raised the bar for performance and productivity. We are confident that women colleagues at Mayapuri will only raise this further."

BIRA 91 launches second taproom in Delhi at Pacific Mall, Tagore Garden

BIRA 91 has recently launched its second Taproom in Delhi, located at the Pacific Mall in Tagore Garden, West Delhi. This new venue promises a multi-sensory Taproom experience focused on guest comfort and holistic engagement, making it a haven for beer enthusiasts that truly resonates with the brand’s vibrant characteristics.

The Tagore Garden neighborhood in West Delhi, known for its dynamic young audience, is the perfect setting for BIRA 91's second Taproom in Delhi, following the success of the Taproom at the Commons in DLF Avenue Saket, South Delhi.

Ankur Jain, Founder and CEO of BIRA 91, said, “This new location represents our continued commitment to providing unique craft beer experiences. Our new Taproom in Delhi offers a diverse range of our finest brews and a vibrant atmosphere, perfect for beer enthusiasts. We are grateful for the incredible support and look forward to welcoming everyone to join us in celebrating this exciting milestone.”

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