Startup news and updates: Daily roundup (October 3, 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, October 3, 2024.
Funding news
Oncare bags $1M in Seed funding
Amar Sneh and Deepak Kumar, Co-founders at Oncare
Cancer care startup Oncare has raised $1 million in a seed funding round led by Huddle Ventures. The funding round also saw participation from marquee investors such as TRTL Ventures, Cloud Capital, and DeVC.
Founded in 2023 by Deepak Kumar and Amar Sneh, Oncare has partnered with 50-100 bedded hospitals to create specialised oncology wings.
Through these collaborations, the company is reducing treatment expenses by as much as 40%. The organisation’s goal is to provide an affordable yet high-quality alternative to the costly cancer treatments that can often surpass Rs 10 lakh in corporate hospitals.
str8bat secures $3.5M in Series A funding
Sports tech company str8bat has secured $3.5 million in Series A funding. The funding round was led by , with Shailesh Ghorpade, Founding Managing Partner of Exfinity, who has taken the board position.
Participating investors include TRTL, Eternal Capital, and the VCats group (including Venture Catalyst and VCgrid), alongside existing investors such as Techstars and SucSEED Indovation Fund.
The company will use the capital to fuel product development, introduce new product lines, and scale its marketing efforts along with its geographic footprint.
“This investment will allow us to accelerate our growth, expand into new markets, and continue developing innovative products that help athletes at every level. Our vision is to bridge the gap between grassroots and professional players, while redefining how performance is measured and improved through accessible, data-driven technology. We have introduced a new language in cricket based on objective metrics in a game which goes back more than 300 years,” said Gagan Daga, Co-founder and CEO of str8bat.
ZEVO raises $2M in Pre-Series A funding
EV mobility platform ZEVO has secured $2 million in a Pre-Series A funding round led by Pegasus India Fund, BizDateUp, JIIF and a family office.
The newly acquired funds will be allocated towards deploying 5,000 electric vehicles and developing fulfilment centres across key locations. The Delhi-based firm operates a comprehensive fleet of electric vehicles, catering to delivery needs with a strong focus on operational efficiency and sustainability.
Other news
Amber Wings introduces ‘Vihaa’ Drone
Amber Wings, a drone technology provider has rolled out its newest agricultural drone, ‘Vihaa’.
Recently approved by the Directorate General of Civil Aviation (DGCA), the ‘Vihaa’ aims to support the Indian farming sector by providing a quicker, efficient approach to crop management.
The drone is capable of applying fertilisers, pesticides, and various treatments up to seven times more rapidly than traditional methods, enabling farmers and businesses to save time and resources. Amber Wings is currently providing spraying services in Maharashtra, Madhya Pradesh, and Tamil Nadu, with plans for further expansion in the near future.
Aon survey shows 9.5% salary increase in India for 2025
Salaries in India are projected to surge by 9.5% in 2025, compared to an actual increase of 9.3% in 2024, says a report by Aon, a global professional services firm.
The company, which announced the findings from the first phase of the 30th Annual Salary Increase and Turnover Survey 2024-25, has analysed data across 1,176 companies from over 40 industries between July and August this year.
The report further highlighted salaries across industries in India will continue to vary in 2025. with the engineering and manufacturing and retail industries projecting double-digit increases at 10 percent, followed by financial institutions at 9.9 percent.
Delhivery collaborates with Truecaller
Ecommerce logistics company has collaborated with to provide a secure and reliable communication experience for its users. By utilising Truecaller’s Customer Experience Solution, the company aims to tackle common issues like missed and rejected calls caused by trust and context concerns.
“Our strategic partnership with Truecaller is a step towards ensuring efficiency and trust for our clients and their customers. The Truecaller Verified Business Caller ID solution helps us provide a better experience to our customers and our delivery executives, while reducing the risks of fraud and spam,” said Kapil Bharati, CTO at Delhivery.
Truecaller's Verified Business Caller ID will enhance the company’s brand recognition by displaying elements such as the company name, logo, category, and a verification tick, which will help customers identify calls from Delhivery.
Paytm deploys card machines at Krishi Mandis across Madhya Pradesh
One 97 Communications Limited (OCL), managing , has deployed 800 Paytm EDC devices in 42 Krishi Mandis across Madhya Pradesh, to provide financial inclusivity and operational efficiency for traders and farmers.
A Krishi Mandi is a marketplace operated by a state’s Agricultural Marketing Board, designed to facilitate the trade of agricultural produce from farmers.
With the introduction of these devices, the time required to process agricultural sales, which previously spanned across days, has now been reduced to a few hours.
The company stated that the introduction of these devices has cut down the time needed to process agricultural sales, reducing it from days to just a few hours. It also serves multiple functions, such as enabling payments, creation of printed gate receipts, and purchase orders, which helps farmers and traders keep both digital and physical records of their transactions.
PwC India collaborates with Meta to scale its open-source AI solutions
PwC India has partnered with Meta to enhance and scale its open-source AI solutions for businesses and public services on Meta's Llama models. This collaboration aims to accelerate the adoption of the Llama open-source platform and assist PwC in creating Generative AI (GenAI) solutions.
"We are excited to partner with Meta to explore the transformative potential of Generative AI in accelerating India's growth trajectory. With Llama Models, we see a unique opportunity to democratise this technology across industries, and drive innovation while solving real-world challenges. Together, we aspire to create a more digitally enabled future for our clients and our communities - to create value and drive meaningful change at scale," said Sanjeev Krishan, Chairperson of PwC India.
The partnership also seeks to create an ecosystem of GenAI solutions leveraging Meta’s technical capabilities and Llama open-source platform, combined with PwC India’s domain expertise.
CyberPeace and InMobi partner to promote safer digital practices
In recognition of Cybersecurity Awareness Month, CyberPeace Council and InMobi have signed a Memorandum of Understanding (MoU) to promote safer online practices and provide individuals with essential cyber skills.
This partnership is a part of the InMobi and Glance For Good initiatives and will combine CyberPeace’s expertise in cybersecurity with InMobi’s technology to enhance digital literacy and cybersecurity among various groups in India.
“This partnership with CyberPeace allows us to leverage our resources and expertise to drive meaningful change in cybersecurity awareness, skilling, and digital literacy in addition to building trust and integrity. While our primary focus is to build capacities of youth, small and medium businesses, with our sizable reach, we aim to reach millions of users across the country for a fully connected and empowered Digital India," said Dr. Subi Chaturvedi, Global SVP, Chief Corporate Affairs and Public Policy Officer, InMobi.
Samantha Prabhu joins Secret Alchemist as Co-Founder
Aromatherapy-based wellness brand Secret Alchemist has welcomed actress Samantha Prabhu as a co-founder, after securing $500,000 in a seed funding round led by Inflection Point Ventures (IPV).
Secret Alchemist will use the funding to drive growth, enhance marketing efforts, and boost brand awareness and customer reach. The investment will also support the expansion of its product portfolio to include pure-grade essential oils in creams, mists, and shower gels.
Payoneer and Tech Mahindra partner to advance global crowdsourcing payments
American financial services company Payoneer has teamed up with Tech Mahindra to enhance payment solutions for Populii, a crowdsourcing platform.
This integration allows gig workers to easily monitor their payments while providing smooth access to multi-currency features. The partnership between Tech Mahindra and Payoneer simplifies secure and adaptable cross-border transactions for stakeholders involved.
“India's gig workforce is expected to grow significantly, reaching 23.5 million by 2030, according to a Nasscom Aon report. This collaboration with Tech Mahindra’s Populii aims to simplify global commerce for freelancers, combining Payoneer’s expertise in cross-border transactions with Populii’s technological strengths,” said Gaurav Shisodia, Vice President of India, Payoneer.
Capital IQ acquires Karman Drones to expand its footprint
Boutique investment consultancy firm Capital IQ has acquired Karman Drones, a company specialising in indigenous drone designs for both defence and civilian applications, valued at 75 crores.
Through this partnership, Capital IQ aims to accelerate growth and scale its expansion efforts.
"Capital IQ's acquisition will accelerate Karman Drones' mission to revolutionize the drone industry," said Pavan Shetty, Co-founder of Karman Drones. "With their expertise and resources, we will further enhance our product offerings and our focus on innovation and indigenous designs will continue to drive our success."
Spire.AI secures SOC 2 Type II Compliance
Spire.AI, an AI-based co-pilot technology for talent, has secured SOC 2 Type II compliance.
The company enables organisations to transform talent management with data-driven insights and smart workforce optimisation.
The company’s innovative Large Graph Model (LGM) for Skills continuously updates role-skill connections, enabling proactive reskilling, upskilling, and internal mobility.
“Achieving SOC 2 Type II compliance reinforces our commitment to security and regulatory adherence. Our clients work in industries where safeguarding personal identification information (PII) is paramount. With this certification, Spire.AI solutions are now backed by stringent security protocols, ensuring ongoing efforts in compliance and data protection,” said Sandesh Pai, CTO of Spire.AI.
Practo onboards TVG Krishnamurthy and Dr Alexander Kuruvilla to the board of directors
Digital healthcare platform has appointed TVG Krishnamurthy and Dr. Alexander Kuruvilla as the two new directors to its board.
The appointments are part of the company’s efforts to scale its business and leveraging AI for improved health outcomes.
Krishnamurthy brings over 40 years of board-level experience, having served in both multinational corporations and domestic enterprises. Kuruvilla, who served as Practo’s former Chief Healthcare Strategy Officer, has a 35-year career in healthcare administration, and is the former CEO of Medica Synergie.
“Our purpose is to improve health outcomes by leveraging data and computer science to make healthcare more predictive, personalised, and accessible. The diversity of expertise on our board brings a unique blend of insights from technology, corporate, healthcare, and public service, all of which will be instrumental in driving innovation and growth,” said Shashank ND, Co-Founder and CEO, Practo.
The company operates in 22 countries and connects over 40 crore patients with 2.2 lakh doctors and healthcare providers across 14,500 pin codes.
Plaksha University launches Info Edge Center for Entrepreneurship
Plaksha University has introduced the Info Edge Center for Entrepreneurship in collaboration with Info Edge, the parent company of brands such as naukri.com, 99acres.com, jeevansaathi.com, and shiksha.com.
The Center aims to assist aspiring entrepreneurs by offering access to essential resources and fostering a collaborative environment. It will also grant students access to mentorship, essential resources, and the entrepreneurial ecosystem.
It aims to provide a nurturing atmosphere throughout their entrepreneurial journey, through stages such as ideation, incubation, monetisation, and even international expansion, supported by the Plaksha faculty.
GrowthJockey appoints Mrinal Kumar as Vice President of Technology
GrowthJockey, a full-stack Venture Architect firm, has appointed Mrinal Kumar as its Vice President of Technology.
Prior to this, Kumar has spent nearly a decade at Google, along with strategic positions at Misys and Johnson Controls, overseeing global engineering teams and implementing development practices to drive business operations.
Kumar will lead GrowthJockey’s technology strategy and AI-driven product development with high-growth business solutions.
Marriott International sets up its first Global Capability Centre in Hyderabad
Marriott International has established its Global Capability Centre (GCC) in Hyderabad, India. This is the first GCC in the hospitality industry to enter the Indian market, said the company.
The newly established Marriott Tech Accelerator will utilise Hyderabad's tech talent to strengthen Marriott's technology infrastructure, engineering capabilities, and security measures across its global operations.
“Telangana has emerged as a global tech leader with over 200 GCCs driving business transformation. Our talent pool includes over 1 million GCC-ready tech professionals and 350,000 AI and Chip designers, with an annual influx of 250,000 engineers. This new GCC advances our vision of making Telangana a global hub for AI, Data Science, and IIoT,” said Shri Duddila Sridhar Babu, Hon’ble Minister of Information Technology, Electronics, Communications, and Industries.
(The copy will be updated with the latest news throughout the day)
