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Turno Accelerates Growth with INR 46 Crore Funding Boost

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turno

In a significant move highlighting the burgeoning potential of commercial electric vehicles (EVs) in India, Turno, a leading commercial EV financing startup, has secured a fresh funding of INR 46.06 crore ($5.5 million). This latest round of funding, led by British International Investment (BII), the UK government’s development finance institution, marks a crucial milestone in Turno’s journey towards expanding its operations and consolidating its position in the EV financing sector.

The funding round witnessed participation from a stellar lineup of investors, including Stellaris Venture Partners, B Capital, Quona Capital, and Accion Venture Lab. Notably, this round seems to be an extension of Turno’s Series A round, which saw the company raise $13.8 million from B Capital and Quona Capital last year.

Turno, founded in 2022 by former executives of Zoomcar, Hemanth Aluru, and Sudhindra Reddy, has emerged as a pivotal player in the commercial EV marketplace. Specializing in the sale of used three-wheeler EVs from renowned brands such as Mahindra & Mahindra, Piaggio, Euler Motors, and more, Turno offers comprehensive financing solutions to its customers across multiple states in India.

With a focus on accessibility and affordability, Turno facilitates easy access to EV financing, requiring a minimal down payment of INR 49,999 and offering a fixed interest rate of 10.5%. The company operates through both online and physical stores, catering to customers in key markets such as Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat.

In a market poised for exponential growth, Turno’s strategic expansion plans align perfectly with the soaring demand for electric vehicles in India. Valued at $34.8 billion, the Indian EV market is projected to witness a staggering CAGR of 22.92% and reach $120 billion by 2030, according to a report by Mordor Intelligence.

The latest funding infusion underscores investor confidence in Turno’s innovative business model and its potential to capitalize on the burgeoning EV market in India. With a robust financial backing and a clear strategic roadmap, Turno is well-positioned to spearhead the transition towards sustainable mobility solutions, driving India towards a greener and more sustainable future.

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Revolutionizing Healthcare: Meradoc’s Innovative Approach

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Meradoc Healthtech Pvt. Ltd., an innovative healthtech start-up, is on the brink of a groundbreaking advancement in the healthcare industry. Recent reports reveal that the company is in advanced discussions with venture capital firms to secure a substantial $20 million in funding. This significant investment is poised to propel Meradoc towards its ambitious expansion plans, focusing on harnessing state-of-the-art Artificial Intelligence (AI) tools to revolutionize healthcare services across the nation.

Unlike conventional healthcare approaches, Meradoc is committed to offering tailored AI-driven solutions that cater to the unique needs of its subscribers. A central aspect of this expansion strategy involves the recruitment of full-time doctors and specialists, who will play a pivotal role in addressing various healthcare requirements, from mental wellness to chronic conditions like diabetes and hypertension.

Under the innovative initiative dubbed ‘Target Medical Services,’ Meradoc aims to introduce a comprehensive ‘Full Care’ model, prioritizing holistic well-being encompassing mental and physical health. This holistic approach includes seamless integration with wearable devices, facilitating real-time health monitoring and personalized interventions, all powered by cutting-edge Artificial Intelligence technology.

Since its inception in 2021, Meradoc has demonstrated remarkable growth, conducting over 5 million consultations and averaging 8,000 consultations daily. Entering Phase II of its expansion journey, the company is poised to scale new heights by implementing diverse strategies, including the recruitment of full-time medical professionals and forging strategic alliances with leading healthcare providers.

As part of its commitment to offering comprehensive healthcare solutions, Meradoc is piloting innovative initiatives such as ‘SMART Chemist,’ aimed at enhancing medication accessibility through partnerships with local pharmacies. Moreover, its collaboration with e-pharmacies and medical stores ensures round-the-clock doorstep delivery, reaffirming Meradoc’s dedication to delivering unparalleled convenience to its subscribers.

Furthermore, Meradoc’s extensive network of partnerships extends to renowned healthcare providers, facilitating seamless access to a wide array of clinical laboratory and testing services. This strategic collaboration enables Meradoc to offer personalized medical guidance and support, ensuring optimal outcomes for patients and their families.

In a landscape where personalized healthcare is increasingly rare, Meradoc is poised to redefine the healthcare paradigm, ushering in a new era of patient-centric services. With its unwavering commitment to leveraging technology for the betterment of society, Meradoc stands at the forefront of innovation, poised to transform the healthcare landscape for generations to come.

Skippi Secures ₹10 Crore in Pre Series A Funding from Hyderabad Angels and Venture Catalysts

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Skippi, the renowned ice popsicle brand known for its innovation, has recently closed a successful funding round, raising ₹10 crore in Pre Series A funding. The round was led by Hyderabad Angel Network (HAN) and Venture Catalysts (VCATs), with substantial contributions from Soonicorn Ventures, HEM Securities, and several individual angel investors. Currently, the brand is in advanced discussions to secure an additional ₹7 crore in the following weeks, showcasing investor confidence in its growth trajectory.

The infusion of capital will be strategically allocated towards bolstering brand building and marketing endeavors. Skippi aims to strengthen its working capital, drive innovation in product development, and recruit key leadership personnel to steer its expansion plans effectively.

Since its inception in 2021, Skippi has rapidly expanded its market presence, with products available in over 20,000 outlets across the nation. The brand has also cultivated a robust online presence through leading platforms such as Zepto, Swiggy Insta, Cred, Amazon, Skippi.in, and Big Basket. Notably, Skippi recently diversified its product portfolio by introducing cornsticks and cream rolls, with aspirations to achieve a valuation of ₹100 crore.

The brand garnered significant attention following its successful pitch on the inaugural season of Shark Tank India. Esteemed investors including Aman Gupta, Ashneer Grover, Anupam Mittal, Namita Thapar, Vineeta Singh, and Piyush Bansal collectively invested ₹1.2 crore for an 18 percent equity stake in the company.

Ravi Kabra, CEO and Co-Founder of Skippi, expressed his enthusiasm about the recent funding, emphasizing its pivotal role in propelling Skippi towards becoming a leading FMCG brand in India. He stated, “This funding is a significant milestone for Skippi as we endeavor to solidify our position in the market. With this infusion of capital, we are poised to intensify our branding efforts, innovate new products, and attract top talent to our leadership team.”

Pradeep Dhobale, Vice Chairman and lead investor at Hyderabad Angels, lauded Skippi’s potential in the FMCG Foods segment, noting the brand’s ability to carve a niche in a domain dominated by large multinational corporations and domestic players.

The frozen dessert sector in India is witnessing substantial growth, with forecasts indicating it will soar to $2.4 billion by 2027. Skippi’s innovative approach, coupled with the recent funding injection, is poised to significantly bolster its expansion efforts and market presence in this burgeoning industry.

High Street Essentials Secures ₹50 Crore Investment Led by Sangita Jindal and Distinguished Investors

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High Street Essentials, the parent company behind the popular women’s fashion labels Indya and FabAlley, has successfully secured ₹50 crore in funding through a combination of equity and debt infusion. This investment round witnessed substantial backing from Sangita Jindal, the Chairperson of JSW Foundation, alongside notable investors such as the family offices of SRF Group, Krishna Bodanapu of Cyient Technologies, and Timmy Sarna from Pure Home + Living.

The newly acquired capital will fuel Indya’s strategic business expansion, with a particular emphasis on its premium occasion wear range, known as “Weddings By Indya.” The company aims to strengthen its foothold in the lucrative wedding wear market, valued at approximately $15 billion in India.

“Weddings By Indya” offers a meticulously curated collection tailored to various wedding ceremonies. The range features exquisitely crafted ensembles that cater to a diverse audience seeking sophisticated fashion at competitive prices. Indya has forged partnerships with eminent Indian designers like Rohit Gandhi + Rahul Khanna, Varun Bahl, Ashish N Soni, and Nikhil Thampi, further elevating its appeal.

Indya has ambitious plans to expand its physical presence across India by opening 10 new wedding stores within the current fiscal year. Presently, the brand operates 12 exclusive outlets in eight cities and retails through 150 large-format stores, including Lifestyle, Shoppers Stop, Centro, and Ethnicity. Internationally, Indya is extending its reach with a second store in Malaysia and intends to establish outlets in the USA and South Africa within the next 18 months. Despite this expansion, the majority of Indya’s sales are generated through its international direct-to-consumer e-commerce platform.

High Street Essentials achieved EBITDA profitability in April 2024, with the Indya brand exhibiting a remarkable annual growth rate exceeding 30%. Setting ambitious targets for FY25, the company aims for a growth rate of 50% while upholding net profitability.

EcoRatings Secures $1M Pre-Seed Funding to Drive Sustainable Innovation

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EcoRatings, a revolutionary cleantech startup, has successfully secured $1 million (INR 8.3 crore) in a pre-seed funding round. The investment is a result of collaboration from various investors, including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google, combining both equity and grants.

Aditi Balbir, the Co-founder and CEO of EcoRatings, revealed the company’s strategy for the new funding. “The funds will be allocated towards acquiring premium data sources, expanding token availability, and implementing multi-modal capabilities.”

Established in 2023 by Balbir, along with Aqeel Ahmed and Shruti Anand, EcoRatings employs AI/ML and Big Data technologies to evaluate the environmental impact of products and services. The startup’s methodology is deeply rooted in the United Nations’ 17 Sustainable Development Goals and ESG norms, aligning with the escalating consumer demand for transparent sustainability practices.

Balbir emphasized the distinctive features of their platform, stating, “Our Gen AI platform serves as a comprehensive solution for organizations striving to meet their sustainability goals. With this new investment, we aim to further enhance our large language model tailored specifically to the sustainability domain.”

EcoRatings’ platform meticulously analyzes vast datasets to provide precise, real-time insights by scrutinizing contextually relevant data from both internal and external sources. Their Unified Knowledge Platform, featuring a large language model with a RAG (retrieval-augmented generation) architecture, is finely tuned to assist organizations in achieving their sustainability objectives. The platform caters to a diverse clientele, including consultants, investment banks, large corporations, and aggregators, thereby facilitating sustainable decision-making processes.

With a strong client base exceeding 50 paying clients, EcoRatings distinguishes itself through its unique proposition as a domain-specific large language model, akin to ChatGPT but finely honed for the sustainability sector.

Cleantech startups in India are at the forefront of innovation, driving the development of sustainable solutions while complementing the nation’s growth trajectory. These startups play a pivotal role in advancing clean energy technologies, addressing organic waste management, and providing solutions for air and water purification, thereby significantly contributing to India’s clean energy goals.

In this landscape, machine learning and predictive analytics emerge as indispensable tools, aiding in identifying emission hotspots, forecasting carbon footprints, and optimizing operations for maximum sustainability.

Earlier this year, Accacia, a cleantech startup focused on real estate, secured a commendable $6.5 million in a Pre-Series A funding round led by Illuminate Financial. In March, Sprih, an AI-powered cleantech platform, secured $3 million in seed funding led by Leo Capital. Additionally, Recykal, a cleantech startup offering cloud-based solutions for transparent and traceable material flows in waste management, raised INR 110 crore in a Pre-Series B funding round.

In a bid to foster recognition and fortify the cleantech startup ecosystem in India, Startup Mahakumbh 2024 served as a platform to showcase an array of climate tech innovations poised to address the country’s pressing climate challenges.

Kheyti’s Greenhouse-in-a-Box: Revolutionizing Farming for Climate Resilience and Prosperity

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In the heart of rural India, where the livelihoods of millions hang in the balance of unpredictable weather patterns exacerbated by climate change, a beacon of hope emerges. Kheyti, a pioneering Indian startup and recipient of the prestigious 2022 Earthshot Prize, is rewriting the narrative for smallholder farmers with its groundbreaking solution: the Greenhouse-in-a-Box.

Smallholder farmers, who till less than two hectares of land, form the backbone of global agriculture, yet they often find themselves at the mercy of nature’s whims. With climate change amplifying the frequency and intensity of extreme weather events, the need for resilient agricultural practices has never been more pressing. Enter Kheyti’s Greenhouse-in-a-Box, a transformative innovation designed to shield farmers from the ravages of climate change while boosting their yields and incomes.

At the heart of Kheyti’s mission is a commitment to understanding the challenges faced by farmers firsthand. Founded by Kaushik Kappagantulu and his team, Kheyti’s journey began with extensive fieldwork and engagement with farming communities. Through these interactions, the team identified a critical need for affordable and accessible climate-smart technologies tailored to the realities of smallholder agriculture in India. Thus, the idea for the Greenhouse-in-a-Box was born.

Unlike traditional greenhouse structures, Kheyti’s solution is modular, cost-effective, and specifically designed to cater to the needs of smallholder farmers. With its transparent yet durable structure, the Greenhouse-in-a-Box provides a protective shield against extreme heat, rain, and hailstorms, ensuring a conducive environment for crop growth year-round.

The impact of Kheyti’s innovation is nothing short of revolutionary. Farmers like Arjun Palsaniya from Rajasthan have witnessed a remarkable turnaround in their fortunes, with yields soaring and incomes multiplying several-fold. Thanks to the greenhouse, crops thrive with minimal water consumption and are shielded from pests and diseases, translating into higher profitability and food security for farming families.

Beyond economic benefits, Kheyti’s initiative is a testament to the power of community-driven innovation. By actively involving farmers in the design and implementation process, Kheyti has fostered a sense of ownership and empowerment among rural communities. Farmer testimonials serve as powerful endorsements, inspiring widespread adoption and advocacy for climate-resilient agriculture.

Looking ahead, Kheyti envisions scaling its impact exponentially, with plans to reach 50,000 farmers by 2027 and eventually one million by 2032. The journey towards climate resilience and prosperity for smallholder farmers is just beginning, and Kheyti stands at the forefront, leading the charge for sustainable agriculture and inclusive growth.

As the world grapples with the urgent imperative of combating climate change, initiatives like Kheyti’s Greenhouse-in-a-Box offer a ray of hope, demonstrating that resilience and innovation can thrive even in the face of adversity. In the quest to protect and restore nature, Kheyti’s pioneering spirit serves as a beacon of inspiration for a greener, more sustainable future for generations to come.

Covrzy: Innovating Business Insurance for the Modern Age

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In the competitive and ever-evolving world of startups, Covrzy stands out as a pioneer in business insurance. Founded by Veera Thota and Ankit Kamra, Covrzy aims to transform how small and medium-sized enterprises (SMEs) and startups secure comprehensive insurance coverage through a tech-driven approach.

Veera Thota, Covrzy’s Co-Founder and CTO, has a BTech in Computer Science and Engineering from the National Institute of Technology, Warangal. With over a decade of experience at top companies like Amazon, Samsung India, and PayPal, Veera brings a wealth of knowledge to Covrzy. Ankit Kamra, the Co-Founder and CEO, graduated in Computer Programming from Guru Gobind Singh Indraprastha University and has held significant roles at companies like Plum. It was during his time at Plum that Ankit noticed the complexities and low penetration of business insurance for SMEs. This realization, combined with his previous experience with Flashcash, inspired him to streamline and improve the insurance process for businesses.

Their paths crossed at the Antler EIR program, where they conceived the idea for Covrzy. Their shared vision and complementary expertise in addressing business insurance inefficiencies provided a strong foundation for their venture. Ankit observed that while retail insurance was making strides, business insurance lagged, particularly for SMEs, which contribute over 30% of India’s GDP yet remain largely uninsured. Covrzy was established to address this gap, focusing on enhancing the customer journey by simplifying the discovery and recommendation process. Leveraging content to boost awareness and enabling quick policy recommendations, Covrzy offers a full-stack solution that includes advisory, management, and claims processing.

Covrzy distinguishes itself with a wide array of customized insurance products tailored to SMEs and startups in various sectors, including Fintech and SaaS. Their offerings include Commercial General Liability, Fire & Theft, Product Liability, Professional Indemnity, Cyber Insurance, Directors & Officers Insurance, Export Credit, Stock Insurance, and Asset Insurance. Their partnership-led distribution model and high-quality advisory services set them apart in the competitive market. Covrzy’s personalized, non-pushy sales approach ensures businesses receive the coverage they need, particularly excelling in liability insurance.

The company’s organizational culture emphasizes a lean team structure that delivers maximum value. By promoting flexibility and self-accountability, Covrzy allows team members to take on multiple roles and maximize personal growth, fostering a healthy work environment and preparing employees for leadership roles. Currently operating on a limited scale, Covrzy is preparing to launch its product and expects to secure the necessary license within the next two months, paving the way for significant expansion.

With approximately $400K USD raised from Antler India and Shastra VC, Covrzy plans to extend its operations across various categories and cities in India. The startup faces unique challenges in the regulated insurance industry, needing to comply with the Ministry of Corporate Affairs (MCA) and the Insurance Regulatory and Development Authority (IRDA). They also address issues like customer awareness, product recommendation, and trust-building. Despite these hurdles, Covrzy is committed to success, working closely with regulators, insurance companies, and other key industry players.

Ankit Kamra advises aspiring entrepreneurs to focus on creating value for customers, keeping them at the center of every decision. Veera Thota highlights the importance of building a robust product and acquiring a diverse skill set necessary for the entrepreneurial journey. Prioritizing customer value in every aspect of the product and experience is essential.

Covrzy exemplifies innovation and dedication in the business insurance sector. Their tech-driven approach, customized solutions, and strong focus on customer experience position them to transform the insurance landscape for SMEs and startups. Through visionary leadership and a commitment to excellence, Covrzy is paving the way for a more secure and resilient future for businesses.

 
 
 
 
 

ProsParity Secures $2 Million in Pre-Seed Funding from Diverse Investors

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ProsParity

ProsParity, a rising star in the fintech arena, has successfully raised $2 million in its pre-seed funding round. The funding comes from a consortium of global institutional investors, featuring BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures. Notably, the round also witnessed significant participation from distinguished angel investors, including Dr. Ashish Gupta, Raj Dugar, Dhyanesh Shah, Abhishek Goyal, and Nitin Kaushal.

The injection of capital marks a pivotal moment for ProsParity as it sets its sights on several strategic initiatives. A significant portion of the funds will be allocated towards the development of proof of concept and advanced technological infrastructure. Furthermore, ProsParity intends to expand its origination networks, with a primary focus on central India. The startup is also laying the groundwork for extensive partnerships across a spectrum of stakeholders, ranging from original equipment manufacturers (OEMs) and fleet operators to dealerships and lenders.

Co-founded by Saurabh Khodke and Anirudh Dhakar, ProsParity stands out as a comprehensive electric mobility financing platform, distinguished by its unwavering commitment to compliance, scalability, and agility. Central to its mission is the simplification of financing relationships for EV dealers and OEMs, thereby facilitating seamless financing solutions for end-customers.

Through a combination of its proprietary platform and innovative origination approach, ProsParity aims to consolidate financing demand on a unified platform. This strategic endeavor not only empowers lenders to efficiently allocate capital within the burgeoning EV financing landscape but also propels the transition towards sustainable mobility solutions.

Transforming Hospitality Recruitment: Recipeat’s Solution to India’s Hiring Challenges

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recipeatThe Indian hospitality industry faces a daunting recruitment landscape, marked by high turnover rates exceeding 30% and a fragmented hiring process that often frustrates both employers and job seekers. Navigating this complex environment requires innovative solutions, and Recipeat is stepping up to standardize recruitment in this sector.

Traditionally, recruiting staff in hospitality has been a patchwork of methods including referrals, walk-ins, WhatsApp forwards, and third-party websites. Restaurateurs typically begin by creating a job description and seeking referrals from their network. When this approach fails, they turn to national job boards, which often attract candidates outside the hospitality industry. Pressed for time, many resort to WhatsApp and recruitment agencies, resulting in a limited and often biased candidate pool.

Pritpal Singh from Toscano India highlighted the challenge, saying, “We find ourselves recruiting every month for both new and existing roles due to our expansion plans and the high attrition rate.”

Restaurants without a robust HR team find recruitment particularly daunting. The myriad of channels and diverse requirements make the process cumbersome. “At Recipeat, we streamline all recruitment channels into a single dashboard, enabling recruiters to track candidates seamlessly through different stages,” said Ramvaibhav Kumaran, co-founder of Recipeat.

Recipeat simplifies this chaotic process by offering a unified platform where restaurants can post a single smart link across all their recruitment channels. This innovation allows recruiters to identify the source of applicants and connect with them instantly, reducing the reliance on multiple recruitment methods.

Given the high turnover rates, restaurants are constantly hiring. They employ various strategies, such as attending university job fairs, using social media, and hiring costly recruitment agencies. The scarcity of local candidates often forces restaurants to send HR representatives to universities and training centers to handpick candidates. However, this method is fraught with challenges, including high fees and lack of transparency.

In tech-savvy Bangalore, known for its vibrant food scene, restaurants prefer agencies, social media, and walk-ins to attract fresh talent. Conversely, in cosmopolitan Mumbai, establishments rely more on job fairs and personal referrals. Despite these regional differences, the core issues of high turnover and complex recruitment persist, necessitating innovative solutions like Recipeat.

Recipeat’s platform connects restaurants with a vast database of over 30,000 candidates in cities like Bangalore and Mumbai. This centralized approach mitigates the inefficiencies of traditional recruitment methods.

Recruitment agencies pose another significant challenge in the hospitality industry. Their fragmented operations, varying fees, and inconsistent replacement policies complicate the hiring process, leading to confusion and frustration. Some agencies exploit their position by charging exorbitant fees or engaging in unethical practices, further exacerbating the industry’s difficulties.

Adrien Jasserand of Recipeat explained, “We’ve partnered with over 48 agencies across Karnataka, Uttarakhand, and Maharashtra. We act as intermediaries, providing a three-month guarantee and a steady flow of qualified candidates to restaurants and agencies alike.” These partnerships have expanded Recipeat’s job seeker database by 60% month-over-month. Recipeat ensures agencies adhere to their standards, facilitating prompt payouts and redistributing rejected candidates across multiple listings.

“Restaurants can now say no to managing multiple platforms or drowning in paperwork – Recipeat streamlines the process, saving time and resources,” added Kumaran.

Automation is central to Recipeat’s operations. Using WhatsApp, they streamline interview scheduling and communication, making the hiring process more convenient. Candidates simply submit their resumes and are matched with recruiters, simplifying their job search.

Priyaa Ranjan, Head of Guest Relations and Operations at Monkey Bar, shared her positive experience with Recipeat. “With Recipeat, I found the perfect job in less than a week. The platform made the process efficient and stress-free,” she said.

Recipeat is more than a recruitment tool; it represents the standardization that the hospitality industry desperately needs. By reshaping the hiring process, Recipeat is poised to revolutionize how restaurants find their staff. As one of the six promising startups under Gruhas Gusto, Recipeat is supported by an accelerator program led by Gruhas, Jubilant Bhartia Family Office, Sabre Ventures (DLF Family Office), and Anthill Ventures.