Karban Envirotech Secures Rs 8.9 Crore in Seed Funding Led by All In Capital, Titan Capital, and Rainmatter

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June 10, 2024

Plane, an open-source project management platform, has successfully closed a $4 million Seed round funding led by OSS Capital. This substantial investment marks a pivotal moment for the company as it seeks to accelerate community growth and expand its footprint in the enterprise segment. The funding will be instrumental in driving innovation, enhancing product development, and attracting top talent to bolster Plane’s core team.

In tandem with the funding announcement, Plane has introduced ‘Plane One,’ an innovative pricing plan tailored specifically for self-managed instance owners at growing companies. Plane One addresses critical demands for simplified instance governance, heightened security measures, and improved performance, catering to the evolving needs of modern businesses striving for operational efficiency.

Vamsi Kurama, Co-founder and CEO of Plane, expressed enthusiasm about the funding round and the launch of Plane One, emphasizing its significance in realizing the company’s vision. He highlighted the importance of providing user-friendly, extensible, and cost-effective project management solutions to meet the diverse needs of businesses, particularly those in the burgeoning startup ecosystem.

Plane One offers a one-time perpetual license priced at $799, with an introductory discount of $100 for the first 100 orders. The plan boasts an array of features designed to streamline project management processes and empower teams to achieve their goals with greater efficiency and effectiveness. From one-click deployment to weekly performance and security updates, Plane One offers a comprehensive suite of tools aimed at facilitating seamless collaboration and driving productivity.

Joseph Jacks, Founder at OSS Capital, commended Plane’s innovative approach and community-driven ethos, citing the company’s commitment to open-source principles as a key factor in their decision to invest. With Plane One, Plane is poised to establish itself as a leading player in the project management software landscape, offering a compelling alternative to traditional SaaS solutions.

Founded in November 2022 by Vamsi Kurama and Vihar Kurama, Plane is driven by a mission to simplify project management for teams of all sizes across diverse industry verticals. With its focus on user-centric design and robust user growth, Plane is poised to redefine how businesses approach project management, setting new standards for collaboration and efficiency in the digital age.

Arch0 Secures $1.25 Million Pre-Seed Funding to Revolutionize Cloud Security

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June 10, 2024

Cloud security startup Arch0 has secured a significant pre-seed funding round of $1.25 million, led by prominent early-stage venture capital firm Leo Capital. The funding round also witnessed participation from Village Global, Indian Silicon Valley Capital, Appreciate Capital, SuperMorpheus, and notable angel investors, underscoring the strong investor confidence in Arch0’s innovative approach to cloud security.

Founded in late 2022 by Nithin Jois and Tilak Thimmappa, Arch0 introduces a revolutionary approach that centralizes identity as the foundational element of cloud security. By embedding proactive and automated security measures across the Software Development Life Cycle (SDLC), Arch0 aims to provide dynamic, real-time insights accessible anytime, anywhere, thereby transforming the cloud security landscape.

With nearly a decade of experience in various aspects of cybersecurity, including product security, DevSecOps, and cloud security, Jois and Thimmappa bring a wealth of expertise to Arch0. The startup plans to utilize the raised capital to attract and onboard top talent for its core team, further advancing the use of AI in cloud security operations.

Nithin Jois, CEO & Co-founder of Arch0, commented, “We’re not just offering a platform but embedding security as a fundamental layer of the cloud experience. Our proprietary AI-powered solution provides an immediate understanding of the ‘who, what, when, where, and how’ of each security incident, ensuring issues are addressed before they escalate.”

In addition to strengthening its core team, Arch0 aims to enhance its marketing and educational initiatives to educate users about the nuances of cloud security, the role of AI, and best practices for safeguarding digital assets. Through these efforts, Arch0 seeks to create a more informed, secure, and resilient ecosystem for its users.

Arch0’s solution transcends traditional ‘code-to-cloud’ strategies by operating autonomously and furnishing comprehensive insights into every security incident. This capability ensures swift, effective remediation, empowering businesses to effortlessly elevate their cloud security, enhance resilience, and ensure compliance with stringent regulations.

As its immediate goal, Arch0 strives to introduce enterprise-grade security to medium-sized enterprises (MSEs) managing sensitive data. Looking ahead, the startup plans to rapidly evolve its offerings to address the complex security challenges faced by larger enterprises, further solidifying its position as a leader in cloud security innovation.

Zactor Tech Raises Pre-Seed Round at Valuation of $3 Mn

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June 10, 2024

Financial wellness and literacy brand Zactor Tech has secured a substantial pre-seed funding round at a valuation of $3 million, co-led by High Net Worth Individuals (HNIs). This significant investment underscores the growing recognition of Zactor Tech’s potential to revolutionize personal finance management.

Co-founded in 2023 by Abhishek Walia and Shivam Parihar, Zactor Tech is at the forefront of modernizing personal finance through innovative technology solutions. The platform offers a comprehensive suite of services covering goal setting, investment, retirement, and insurance planning, all aimed at empowering individuals to achieve financial wellness.

With over 7 years of experience in wealth management, the founders identified a major gap in the personal finance space and set out to build India’s first financial wellness platform. Their vision is to provide personalized financial paths for every user, addressing their unique needs and goals.

Zactor Tech’s goal-based saving platform allows users to effectively manage their financial wealth, providing them with the tools and insights needed to make informed decisions about their finances.

The funds from this pre-seed round will be strategically allocated towards product development, user acquisition, and enhancing financial literacy among Zactor Tech’s growing user base. By continuously improving its platform and expanding its reach, Zactor aims to empower more individuals to take control of their financial futures.

Despite being in its early stages, Zactor Tech has already shown impressive traction, with a reported monthly user growth rate of 2x over the last six months. This strong momentum positions the company for further growth and success in the evolving landscape of personal finance management.

MG India and HPCL Forge Alliance to Bolster EV Charging Network Nationwide

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June 10, 2024

In a significant move aimed at fortifying India’s electric vehicle (EV) charging infrastructure, MG Motor India and Hindustan Petroleum Corporation Ltd. (HPCL) have joined forces in a strategic partnership. This initiative is geared towards enhancing the convenience of EV charging, particularly during long-distance and intercity travels.

The newly installed chargers will adhere to the CCS 2 charging standard, compatible with vehicles such as the MG ZS EV. MG customers can conveniently access these charging stations through the MyMG App or utilize HPCL’s integrated network discovery tool to locate them. Leveraging HPCL’s expansive network of over 22,000 fuel stations, the partnership aims to ensure widespread accessibility to EV charging solutions for users nationwide.

MG Motor India and HPCL share a common goal of increasing the availability of EV chargers to bolster consumer confidence in electric mobility. Gaurav Gupta, Chief Growth Officer at MG Motor India, stressed the importance of a robust EV ecosystem in facilitating the seamless transition to electric mobility.

Rajdip Ghosh, Chief General Manager at HPCL, revealed the company’s ambitious plans to install approximately 5,000 EV charging stations by December 2024. Leveraging MG’s vehicle base, HPCL aims to optimize the utilization of these chargers, further expanding the reach of the EV charging network.

MG Motor India has been actively fostering partnerships with various service providers to expand the EV charging network. Previous collaborations include an alliance with Zeon to deploy over 300 chargers across India. With HPCL’s extensive network and commitment to eco-friendly initiatives, the partnership is poised to play a pivotal role in accelerating the adoption of electric vehicles across India.

Kanlet Revolutionizing B2B Sales with AI-Powered Automation

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June 10, 2024

Kanlet, an innovative AI-driven sales execution platform, is transforming how B2B sales teams operate by leveraging cutting-edge technology to streamline and enhance sales processes. Founded in 2023 by serial entrepreneur Satish Patil, Kanlet is on a mission to empower sales teams with AI-powered tools that identify optimal prospects, leverage key sales triggers, and deliver hyper-personalized outreach with unmatched precision.

Central to Kanlet’s value proposition is its unified data model, which integrates information from various sources—first-party, second-party, and third-party data—into a dynamic and intelligent system. This “living data” focuses on the connections between data points, the intentions behind actions, and tailoring content to individual needs. By utilizing advanced AI technology, Kanlet helps B2B sales and marketing teams craft more effective strategies for customer engagement and conversion.

At the heart of Kanlet’s platform is its AI-powered automation engine. This sophisticated tool identifies the best-fit buyers by analyzing firmographic and technographic data, tracks them for relationship triggers and buying intents, and surfaces them as warm leads in the sales pipeline. The platform then automates outreach with personalized messages, generated by Generative AI, which significantly amplifies the effectiveness of sales efforts.

“Our mission is to develop an advanced data infrastructure that allows B2B companies to put their go-to-market motions on autopilot,” says Satish Patil, founder and CEO of Kanlet. “Kanlet is solving this problem by offering AI-powered automation that identifies the best buyers and sales triggers and helps you act on those with relevancy.”

Kanlet’s innovative approach is already making waves in the industry. By providing sales teams with actionable insights and a comprehensive view of their target markets, businesses can make data-driven decisions and execute targeted strategies with confidence. This holistic approach not only strengthens relationships with prospects but also drives higher conversion rates and sustained business growth.

The recent $400,000 pre-seed funding round, led by Suvan Ventures and supported by a group of angel investors, will play a crucial role in Kanlet’s expansion and development. The capital infusion will be strategically allocated across key areas such as product development, sales, marketing, and talent acquisition. This will enable Kanlet to enhance its platform’s capabilities, introduce new features, and expand its market reach.

Kanlet’s innovative use of Generative AI to deliver hyper-personalized communications tailored to each prospect’s preferences and behaviors is a game-changer for B2B sales teams. By leveraging sophisticated algorithms to analyze vast datasets, Kanlet empowers sales teams to cultivate stronger relationships with prospects and drive higher conversion rates.

The success of Kanlet is underscored by its growing roster of clients within the B2B SaaS, enterprise SaaS, and technology sectors. By partnering with industry-leading organizations, Kanlet has demonstrated its ability to deliver tangible results and drive sustained business growth through its innovative sales automation platform.

Hocco Ice Cream Secures Rs 100 Crore Funding from Chona Family and Sauce VC

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June 10, 2024

Hocco, the renowned ice cream brand based in Ahmedabad, has successfully concluded a fundraising round, securing Rs 100 crore ($12 million). The investment was spearheaded by the Chona family, the promoters of Hocco, along with existing investor Sauce VC. Angel investors, including notable film producers Ritesh Sidhwani and Farhan Akhtar, also contributed to the round. This significant investment has propelled Hocco’s valuation to Rs 600 crore.

Ankit Chona, the managing director of Hocco, revealed to the Economic Times that the funds will be utilized to expand the company’s manufacturing capacity. With ambitious plans for growth, the brand aims to achieve sales of Rs 200 crore by the end of the fiscal year in March 2025.

Hocco’s journey traces back to its inception as an ice cream parlor in Karachi in 1994 by Satish Chona. In 2017, the Chona family sold their esteemed brand Havmor to South Korean conglomerate Lotte for Rs 1,020 crore. Post-funding, Sauce VC, an early-stage consumer VC fund, holds approximately a 10 percent stake in Hocco.

The establishment of Hocco, also known as House of Chonas, in 2019 marked the expansion of their longstanding food service enterprise. Garnering popularity in 2023, Hocco has swiftly expanded its presence, establishing over 100 stores nationwide and venturing into the US market with its first Quick Service Restaurant (QSR) location in Virginia.

Furthermore, Hocco is keen on exploring the quick commerce category to expand its footprint beyond Gujarat, with plans to enter markets in Delhi, Maharashtra, and Rajasthan. Chona articulated the company’s strategy, stating, “The way we plan to do that is to penetrate deeper into Gujarat and expand into nearby geographies. Before next summer, we will launch in Rajasthan, Maharashtra, and Delhi-NCR.”

AI startup Control One raises $350K in pre seed round

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June 10, 2024

AI-driven robotics startup Control One has successfully raised ₹3 crore (approximately $350,000) in a pre-seed funding round. This crucial investment aims to propel the development of a fully functional prototype and facilitate pilot validations for their cutting-edge technology.

The funding round saw participation from a notable group of investors including Kunal Shah (Founder of CRED), Chaitanya R (Co-Founder of Wakefit), Amit Singh (former MD of Avendus Capital), and top supply chain executives from renowned companies such as Tesla, Amazon, Walmart, eBay, Mercedes-Benz, and General Electric.

Control One is pioneering artificial intelligence specifically designed for slow-moving equipment in the supply chain sector. The startup’s mission is to enhance the capabilities of these vehicles, pushing them to achieve or even exceed human levels of intelligence. This advancement aims to boost productivity, safety, and job satisfaction for blue-collar workers globally.

“Our mission is to transform slow-moving equipment worldwide using our advanced AI, enhancing vehicles to reach—or even surpass—human levels of intelligence. This technology will empower blue-collar workers worldwide to achieve greater productivity, safety, and satisfaction in their roles,” stated Pranav S, founder and CEO of Control One.

According to the Bureau of Labor Statistics (BLS), the supply chain labor market in the US alone is valued at $531 billion. Control One is strategically positioned to address the global challenges within this sector by leveraging the rapidly evolving AI infrastructure of this decade.

In the coming months, Control One plans to unveil its first fully functional prototype, demonstrating the practical application and potential of their AI technology in real-world scenarios. This milestone will mark a significant step forward in their quest to revolutionize the supply chain industry.

Arthan Finance Secures INR 50 Crore in Series B Funding to Drive MSME Lending

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June 10, 2024

arthar finance — Pravash Dash, Founder and CEO of Arthan Finance

Arthan Finance, a leading lendingtech non-banking financial company (NBFC), has successfully raised INR 50 crore in Series B funding from prominent investors including Incofin India Progress Fund and the Michael and Susan Dell Foundation. With this latest infusion of capital, the Mumbai-based platform aims to bolster its expansion initiatives and enhance its technological capabilities.

Having raised a total of approximately INR 83 crore to date, Arthan Finance has garnered support from various stakeholders, including the Michael and Susan Dell Foundation, angel investors, and the company’s founders, in previous investment rounds. The fresh funding injection will enable Arthan Finance to amplify its Assets Under Management (AUM), broaden its geographic footprint, and invest in advanced artificial intelligence (AI) and machine learning (ML) based underwriting systems.

Kunal Mehta, Founder and Director of Arthan Finance, expressed the significance of this funding for the company’s growth trajectory, emphasizing their commitment to leveraging technology to extend financial inclusion to underserved micro and small enterprises across India.

Pravash Dash, Founder and Chief Executive Officer of Arthan Finance, highlighted the transformative potential of Incofin’s investment in driving tech-enabled and affordable credit solutions for underserved Indian MSMEs. He emphasized the alignment between Arthan’s vision and the extensive impact investing experience of its investors.

Arthan Finance boasts a presence across Telangana, Maharashtra, Odisha, and Andhra Pradesh, with more than 35 branches. The platform has disbursed over INR 500 crore to more than 20,000 borrowers, catering to an acutely underbanked population of more than 11 million nano enterprises. With its AI and ML-based underwriting systems, Arthan Finance ensures efficient risk discovery and loan disbursement, empowering small businesses and contributing to the future of India’s economic landscape.

Tencent Divests Rs 416 Crore Worth of Shares in Policybazaar Parent Company

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June 10, 2024