Startup news and updates: Daily roundup (October 1, 2024)

Funding news

ClayCo Cosmetics raises $2M from Unilever Ventures 

ClayCo Cosmetics Pvt. Ltd., a premium skincare brand has raised $2 million (approximately Rs 16 crore) in its Series A funding round from Unilever Ventures. 

This marks ClayCo’s first external investment. The funds will used to expand the product portfolio, strengthen its branding and promotion efforts, drive recruitment, and support working capital needs. The funds will also be used to bolster marketing campaigns, expand customer engagement, and drive research and innovation.

Founded by entrepreneur Niharika Jhunjhunwala, ClayCo operates a direct-to-consumer (D2C) business model, offering its products through its ecommerce platform. It plans to launch new products, including a Moroccan-inspired body care range. 

Deeptech accelerator SanchiConnect raises undisclosed amount 

SanchiConnect, a deep tech accelerator has raised an undisclosed amount from Baring Private Equity Partners- India (STPL), Seafund, and 8X Ventures. Other investors who participated in the round are Ogma, Arctic Innovations, and InnovHer. 

The capital will be used to strengthen its recently launched software offerings to Indian startups. SanchiConnect which started as a community builder in 2022 later ventured into software. SanchiSaaS, the software product by the company automates a large part of the incubation and startup lifecycle, putting more focus on value-added aspects of incubation.  

IG Drones secures $1M in funding

IG Drones, a drone tech and AI company has raised $1 million at an undisclosed valuation.

The first funding round was led by India Accelerator and Angel Investors.

The funding will be used for research and development, with a focus on creating state-of-the-art drone solutions tailored for defence applications. It also plans to raise an additional $3 million over the next six months to further expand its operations in India and globally.

Founded by Bodhisattwa Sanghapriya and Om Prakash, IG Drones specialises in drone manufacturing and R&D, offering services such as surveying, mapping, and inspection. With a strong track record of partnerships with the Indian Army, various state governments, and over 100 large enterprises, IG Drones has completed more than 500 projects. The drone tech company has developed India’s first 5G drone and is actively working with the defence sector.

Other news

Greaves 3 Wheelers partners with Shriram Finance to accelerate 3-wheeler adoption in India

Greaves Electric Mobility Private Limited (GEMPL), the electric mobility arm of Greaves Cotton Limited and an electric two- and three-wheeler company has partnered with Shriram Finance, a financial services company. 

 The collaboration aims to make Greaves Electric Mobility's three-wheelers more accessible through financing options like down payments and flexible EMI plans. The agreement was signed in the presence of K Vijaya Kumar, CEO of Greaves Electric Mobility, Chandrasekar R, Joint Managing Director of Shriram Finance, and Gopinath TA, Assistant Vice President of Shriram Finance.

InvestorAi founder Akshaya Bhargava to join Bank of Ireland as Board Chairman

Akshaya Bhargava, Founder & Chairman of InvestorAi, an AI-powered equity recommendation platform has been appointed as Bank of Ireland’s Board Chairman and Governor.

He will take up the position on 1 January 2025.

Bhargava will continue as Executive Chairman of Bridgeweave India Pvt Ltd, the company behind InvestorAi. Recently, the firm raised ₹80 crore from renowned investor Ashish Kacholia. Bridgeweave collaborates with leading broking firms, including HDFC Securities, Geojit, JM Financial Services, Yes Securities, IIFL Securities, and Axis Securities.

MediBuddy appoints Nijil George as SVP & Head of Operations 

MediBuddy, a digital healthcare platform, has appointed Nijil George as Senior Vice President and Head of Operations. 

With over 21 years of leadership experience at Amazon and Marico, George will focus on network expansion, customer experience, cost optimisation. An MDI Gurgaon alumnus, George led key productivity initiatives at Amazon and launched an award-winning commodity forecasting solution at Marico.

FNP appoints Gaurav Sharma as CTO

Ferns N Petals (FNP), a gifting platform, has appointed Gaurav Sharma as its new Chief Technology Officer (CTO).

Sharma, as CTO, will oversee FNP's tech infrastructure, drive innovation, and deliver top-notch digital experiences. He will lead the tech roadmap, integrating AI to personalise gifting, improve efficiency, and enhance customer satisfaction.

An alumnus of IIT Kanpur, he has over two decades of distinguished experience in the technology sector.

Before joining FNP, he was the Head of Engineering at the online gaming platform, Zupee. He also served as the Senior Vice President of Engineering at Nykaa, where he built the technology team from the ground up. Sharma had previously held key positions at renowned organisations like Info Edge and Microsoft.

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