Startup news and updates: Daily roundup (August 6, 2024)

Funding News

Neuron Energy bags Rs 20 Cr in Series A from Chona Family, Capri Global

Electric vehicle battery manufacturer Neuron Energy on Monday concluded its Series A fundraise of Rs 20 Crore from investors including Chona Family and Capri Global Family Office. 

It plans to expand its manufacturing capacity by setting up a 40,000 sq ft production facility in Delhi which is expected to produce 100 MWh of batteries annually, especially for two-wheelers. 

The company also plans to use the funds to enhance Neuron Energy’s research and development capabilities, including setting up an R&D facility in Pune. It aims to focus on enhancing battery life, reducing charging duration and developing efficient cooling packs. 

“We are pleased to secure this Series A funding, which reflects investor confidence in Neuron Energy’s profitable business model and growth potential. These investments will drive our innovation efforts in EV battery technology and support our goal of achieving a revenue of Rs 300 crore by FY 25-26,” said Pratik Kamdar, CEO and Co-founder of Neuron Energy. 

Neuron expects to clock revenue of Rs 150 crore - Rs 200 crore in the current fiscal year.

JHS Svengaard gets Rs 30 Cr funding for expansion plans 

Oral hygiene product manufacturer JHS Svendgaard Laboratories on Tuesday announced a financial injection of  Rs 30 crore in funding from Dabur Group, Nikhil Nanda, and Coeus Global Opportunities Fund. 

The company plans to use the funds for setting up a greenfield project in Jammu and Kashmir under the J&K industrial Policy. The project, which is estimated to be at Rs 120 crore, will expand JHS’s product categories to include oral care, soap, and juices/aerated beverages, and would aim to generate additional business of Rs 500 crore. The company also plans to expand into HoReCa, institutional and export markets through white labelling and market penetration. 

The greenfield project in Jammu will be financed with 50% equity and internal accruals, while the remaining portion will be covered by debt. Construction is set to commence in September 2024, with a projected completion timeline of 15-18 months and an expected operational start by January 2026.

Hyperbots raises $2M in seed funding 

Hyperbots on Tuesday picked up $2 million in seed funding in a round led by Kalaari Capital, and saw participation from Sunicon Ventures and Athera Venture Partners. 

Hyperbot, which offers finance and accounting services, plans to use the funds for expansion of Hyperbots’ go-to-market strategy and product development including the development of proprietary generative AI models for Finance and Accounting, it said it a statement.

"Globally, automating functions that pertain to the CFO's office remains a challenging and complex endeavor. With proprietary foundational IP and a clear focus on building a vertical finance model, Hyperbots is set to transform the landscape of finance and accounting.,” noted Sampath P from Kalaari Capital 

The company, founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, has developed proprietary AI Assistants with human-like intelligence to automate manual, analytical, and strategic tasks in finance and accounting.

Burma Burma raises $2M equity investment

Hunger Pangs, which operates Burmese restaurant brand Burma Burma, has raised $ 2 million in equity investment from several family offices. 

The latest funding will help the company in accelerating expansion plans, aiming to triple its restaurant count in the next three years. Its current EBITDA is over 13% and has a goal to surpass 15% in FY25. Burma Burma has maintained a food cost of 18% and an operating profit of over 23% per outlet. 

The investment was facilitated by Negen Wealth and supported by Niamh Ventures.

Venture Catalysts invests in Cellivate Technologies' seed fundraise 

Venture Catalysts has joined the seed round for biotech startup Cellivate Technologies in a round that also saw participation from Hatcher+ and We Founders Circle. 

Celliavte plans to use the seed funding for scaling up its production, exchange R&D, and market expansion. 

“Our advanced microcarriers and cell-based serum alternatives have the potential to dramatically reduce costs, increase efficiency, and address ethical concerns in cell culture processes. This funding will accelerate our journey towards creating a more sustainable and effective biotechnology ecosystem,“ said Dr Krishnan-Kutty, Founder and CEO of Cellivate Technologies. 

Cellivate is developing solutions to address critical challenges in cell culture and biomanufacturing. Its flagship products include advanced icrocarriers and a novel cell-based serum designed to replace fetal bovine serum. 

IppoPay gets strategic investment from CaratLane Founder

Chennai-based fintech startup IppoPay has secured an investment from Mithun Sacheti, Founder of CaratLane; and Siddhartha Sacheti, CEO of Jaipur Gems. 

Founded by Mohan Karuppiah and Jaikumar R in 2020, IppoPay focuses on facilitating digital payments for small-scale merchants, allowing them to make and accept transactions through UPI Payments via QR codes. It is currently focused on Tier II and Tier III cities, and has a strong presence in Tamil Nadu. It is planning to expand its presence to Andhra Pradesh, Telangana, and the rest of south India.  

The company has also successfully obtained TPAP approval from NPCI.

"We are thrilled to welcome Mithun and Siddhartha. Their track record as successful entrepreneurs will undoubtedly enrich our strategic direction and add substantial value to IppoPay. They have been instrumental in providing invaluable guidance for the growth of the company," said Karuppiah, CEO of IppoPay.

Other news

O’Neil Capital Launches ONeil India Quant Fund

O’Neil Capital Management India (OCM India) on Tuesday announced the launch of ONeil India Quant Fund, a long-only Category III alternative investment fund (AIF), to deliver superior risk-adjusted returns while maintaining a stable and less volatile profile.

“Our quant approach eliminates biases, keeps us disciplined, identifies great growth stocks, and manages risk through strategic allocation and market exposure. We believe in the long-term secular growth of India, and our strategy is designed to take advantage of this in the most optimal way.” said OCM India CEO Anupam Singhi.

ONeil India Quant Fund uses a systematic quantitative approach to invest in Indian equities with growth potential.The strategy was being run exclusively for the O’Neil family office for over 4.5 years and will now be accessible to external investors.

Gramophone appoints Navneet Singh Batra as Co-Founder 

Agritech startup Gramophone on Tuesday elevated Navneet Singh Batra as Co-founder, who will now oversee the company’s strategic initiatives, sales, marketing and growth plans. 

In his expanded role, Batra would be responsible for expanding in new geographies, scaling marketing efforts, driving margins, optimising customer acquisition strategies, and expanding the brand's reach across diverse agricultural markets.

Before joining Gramophone, Batra was leading marketing at nurture.retail and he also did a stint with Jio Marts. He joined Gramophone as Business Head of Retail Business. 

Gramophone offers intelligent farming platforms for farmers, the company has raised about $20.5 million in total funding, from investors such as Infoedge, Z3 Partners, Asha Impact, and Siana Capital.

IIT Madras receives Rs 228 Cr in donation from alum

IIT Madras on Tuesday announced the receipt of a donation of Rs 228 crore from its alumnus Dr Krishna Chivukula, who graduated from the institute in 1970 with an MTech in Aerospace Engineering. 

Chivukula brought ‘Metal Injection Molding (MIM)’ to the country. His company, INDO US MIM Tec, is one of the biggest ones in MIM technology in terms of capacity and sales and has a projected turnover of nearly Rs. 1,000 crore.

Alvarez & Marsal india appoint Akhilesh Sahu as managing director

Professional services firm Alvarez & Marsal announced the appointment of Akhilesh Sahu as Managing director as it focuses on strengthening its industrial practices. 

Sahu, who would be based out of New Delhi in his new role, was previously a Partner at Boston Consulting Group and contributed to industrial goods, and marketing, sales and pricing practices. 

“As we continue to expand our footprint in India, Akhilesh’s leadership will be instrumental in enhancing our sectoral expertise and driving change that generates growth,” said Himanshu Bajaj, Managing Director and India Co-Country Leader at A&M

At A&M, Sahu will work with clients across multiple sectors including, commercial vehicles, passenger vehicles, two-wheelers, cement, consumer electricals, consumer durables, and small domestic appliances.

Zoomcar launches unified app for better user experience 

US-listed car rental platform Zoomcar has introduced a new unified app that integrates over 100 new features for guests and offers better management tools for hosts as it tries to add more cars and hosts on the platform.  

Guests can now enjoy a faster booking experience, access top-rated cars and use the guest favourites feature for reliable selections. Hosts can benefit from improved control over their car listings, flexible booking options and automatic listing extensions. New hosts can also for GPS trackers and keyless entry devices through the app.

Zoom clocked an increase of 12% in its net revenues to $9.90 billion from $8.83 billion in the fiscal year ended March 2024. 

Lockton appoints Amit Agarwal as COO and CFO for Indian operations

Insurance brokerage firm Lockton has appointed Amit Agarwal in the dual capacity of Chief Operating Officer and Chief Financial Officer of the company’s India operations.

“Amit’s proven expertise in financial management, coupled with his deep understanding of the Indian insurance landscape will deliver exceptional value to Lockton India,” said Sandeep Dadia, CEO, Lockton India. 

Agarwal has nearly two decades of experience at Tata, KPMG, ZEE, Jana Bank, and Indiabulls. He brings extensive expertise in strategic planning, mergers and acquisitions, and foreign direct investment.

Almonds Ai collaborates with Nu Vista for APAC growth

Reward solution provider Almonds AI has signed a multi-year partner distribution agreement with NuVista Technologies to oversee the resale and marketing of Almonds AI’s channel loyalty and reward solution programme. 

“We are excited to introduce Almonds Ai’s channel partner engagement solutions to the Asian, Middle East and African markets and look forward to a successful collaboration,” said Vijay Bareja, Managing Director at NuVista Technologies.

The collaboration would help expand Almond’s offering in Singapore and the broader region. This comes after the company established its office in Dubai to cater to the Middle East and North Africa region and appointed Ramdas Rajamani as director for the MENA region. 

Air India Express launches digital interline platform, adds Singapore-based Scoot

Air India Express has launched a virtual interline platform that allows users to book connecting flights where one leg of the journey is operated by Air India Express and the other leg by the partner airline.

The platform also provides protection against misconnections in case of flight delays or cancellations. Guests can now book their itineraries on the Air India Express website using the virtual interline platform and complete self-check-in at the transit airport. 

The platform was launched in collaboration with Dophop, and it has onboarded Singapore-based Scoot as its inaugural partner allowing users to book flights from India and the Middle East to 60 destinations across Australia, China, Indonesia, Japan, Laos People's Democratic Republic, Malaysia, and others. 

As Air India Express extends its network, particularly in the Middle East, it plans to collaborate with other international airlines in the region. These partnerships aim to enhance connectivity to destinations with high outbound travel demand from India.

Boeing opens applications for university innovation programme

US-listed Boeing calls for applications for the fourth edition of Boeing University Innovation Leadership Development (BUILD) programme 2024-25 for university graduates and early-stage startup entrepreneurs.

The company has also partnered with incubators across the country to run the programme. Applicants are now invited, till October 15 to submit ideas in the fields of aerospace and defence, technology, social impact, and sustainability. The programme will offer mentorship, incubation support, and capital-raising opportunities.

Shortlisted ideas will compete in a regional boot camp and pitch to experts in January 2025, winners from which will receive grants of Rs 10 lakh each.

The fourth edition has a wider impact with 40 angel investors and venture capitalists who provide guidance and networking opportunities to past winners.  Interested participants can apply by October 15, 2024, at www.boeing.co.in/boeing-in-india/build.

Thrive joins ONDC Network

Foodtech player Thrive has joined Open Network for Digital Commerce (ONDC) as it tries to enter newer customer categories. 

The food discovery and ordering platform has more than 20,000 restaurants listed on its platform currently. It is backed by some of the largest food and beverage service providers in the country, including Jubilant FoodWorks and Coca-Cola India. 

"With ONDC Network, we’re solving demand generation for these restaurants with a Network that aims to accumulate buyers in a decentralised space for sellers of various categories. On the supply side, ONDC Network has a lot going on in terms of new associations, integrations and initiatives,” noted Krishi Fagwani, Co-founder and CEO of Thrive. 

Through ONDC, Thrive will be able to expand its customer base by making the restaurants listed on the apps and its direct solution available to buyers from all ONDC seller apps.

Plotch.ai process over 10M transactions on ONDC through AI

AI-powered rails infrastructure provider Plotch.ai announced it has reached the 10 million cumulative transactions milestone through its network infrastructure. 

The company is an AI enterprise software startup that specialises in the ONDC network and it offers technology solutions for both buyers and seller sides of ONDC. It counts industry leaders like Snapdeal, Ola, Meesho, Jagran Media Group, and Bluestar among its clients.

The company claims to power approximately 30% of all retail category transactions in the network. It uses Google Cloud's Vertex AI technologies, including Gemini, to harness AI potential as the foundational model for building ONDC-specific AI infrastructure. 

According to growth patterns from the preceding 12 months, the company predicts three billion quarterly transactions over the next three years, with around 750 million of those transactions being powered by their platform.  

The company was founded in 2020 by Craftsvilla founder Manoj Gupta and his wife Monica Gupta is on track to launch more AI products in the next quarter.

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