Startup news and updates: Daily roundup (August 28, 2024)

Funding

ProFinTech Secures $1.4M seed capital

ProFinTech Technologies has completed its Seed Capital round, securing $1.4 million in primary capital. The funding round was led by prominent high-net-worth individuals (HNIs) and family offices from India and the USA, including the family office of K.I. Varaprasad Reddy, Rahul Gedupudi, Sreeman Chalasani and. Srinivas Kalagara.

This new capital infusion will be used to enhance ProFinTech’s platform, which provides micro and small enterprises across India with easy access to financing.

“This funding will accelerate our growth and allow us to introduce highly innovative solutions to the market. Our data-driven approach will empower MSMEs to drive business growth and generate more employment opportunities,” said Ravi Tanniru, CEO and Founder of ProFinTech.

Venture Catalysts leads Rs 15 Cr in pre-series funding in Sunfox

Incubator and accelerator Venture Catalysts led an additional Rs 15 crore in a pre-series funding round in Sunfox Technologies, the health tech startup. The funding round also saw participation from Finvolve through the IA Growth Opportunities Fund I and Brew Opportunities Fund, Universal Group and RP Singhvi Group.

This funding builds on a previous Rs 5 crore investment from USAID through SAMRIDH Health and LetsVenture, bringing the total raised in this round to Rs 20 crore.

With this new capital, Sunfox is focusing on scaling its flagship innovation, Spandan, a smartphone-based portable ECG device that provides clinically accurate 12-lead ECG readings. "This capital injection will fuel our growth and bring Spandan into homes and clinics worldwide," said Rajat Jain, CEO, Sunfox Technologies.

Cambrian Bioworks raises $1.45M in seed funding

Cambrian Bioworks, a biotechnology company, has secured $1.45 million in seed funding. The round was spearheaded by the Irani family office, and also saw participation from the company’s CEO and co-founder, Vaibhav Hegde.

The funding will accelerate the development of Cambrian’s automated molecular diagnostics platforms, bolster R&D efforts, expand the team, and support forays into international markets.

“Molecular diagnostics is crucial for precise diagnosis, disease subtyping, and therapy selection in cancer care,” said Vaibhav Hegde. “This funding marks a significant milestone in our journey."

Laiqa secures Rs 15 Cr in seed stage funding from IvyCap Ventures

Gurugram-based femtech startup Laiqa Wellness has raised Rs 15 crore in seed funding from IvyCap Ventures. The capital infusion will drive the expansion and development of the company’s tech-based solutions, which focus on personalised hormonal health tracking, point-of-care assessments, and AI-driven recommendations that integrate both modern science and Ayurveda. 

Laiqa's offerings cater to a large array of hormonal imbalance-driven conditions such as PCOS, thyroid disorders, insulin resistance, sleep disturbances, and other lifestyle-related issues. Laiqa uses advanced AI and machine learning algorithms to suggest lifestyle adjustments, Ayurveda-based diet and fitness plans, and herbal supplements synced to each woman’s menstrual cycle.

“This funding is a testament to our vision of creating a future where women have access to the best

tools and care to prioritize their health,” said co-founders Monica Bindra, Harmeet Bindra, and

Meenakshi Singh in a joint statement.

The Hive Hostels raises Rs 11.5 Cr in Pre-IPO funding round

Luxury student housing brand The Hive Hostels has completed a pre-IPO funding round, securing Rs 11.5 crore in investments from notable investors and personalities.

The funding round featured participation from Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund.

The Hive Hostels, known for its upscale and comfortable living arrangements tailored specifically for students, is gearing up for an Initial Public Offering (IPO) slated for the second half of next year.

Kyro Capital Private Limited, led by Aman Maheshwari, served as the investment banker for The Hive Hostels during this round. The funds raised will be channelled into the development of Aurus, a luxury extension of The Hive Hostels designed to offer even more exclusive and high-end student residences.

Other News

Pine Labs and Visa announce partnership

Pine Labs, a fintech company and Visa have come together to unveil Pine Labs Mini, a soundbox-enabled device for QR, Near Field Communication (NFC) and card payments.

Pine Labs Mini is an eco-friendly and economical digital payment device – equipped with QR, card, and NFC capabilities – and is specifically designed for small and medium-sized merchants.

“Pine Labs Mini caters to the needs of India’s micropreneurs and small-scale businesses who have so far stayed away from digital payments adoption due to the perceived cost barriers. We believe Mini’s launch will pave the way for others to start building for mass-use, digital-first payment products,” said B Amrish Rau, CEO of Pine Labs.

Apple Premium reseller stores adopt Razorpay’s DigiPOS

Razorpay POS, the offline payments arm of Razorpay announced the launch of ‘Razorpay DigiPOS’, a Point-Of-Sale software for in-store payments at all Apple Premium Reseller outlets in India. Launched at the Global Fintech Fest 2024, Razorpay DigiPOS will enable Apple Premium Reseller stores to use their own iPads and iPhones to process payments, whether it's card, no-cost EMI, or UPI transactions.

Apple Premium Reseller Stores will become the first retailer to adopt Razorpay DigiPOS, which provides an in-store payment solution The Razorpay DigiPOS payment solution is available as a software upgrade for the existing POS devices. New payment methods can be easily integrated into the device.

“With DigiPOS, we're reimagining how in-store transactions should feel in today's fast-paced world by turning iPhones and iPads into powerful payment hubs," said Rahul Kothari, Chief Operating Officer of Razorpay.

MarketsMojo launches mutual fund distribution service platform

Fintech platform MarketsMojo has announced the launch of its mutual fund investment and distribution services platform MOJOMF. The platform will be a complete advisory solution on mutual funds with guidance on how to generate alpha on investments.

The move is aimed at attracting more investors, especially the youth, by making investment processes and advisory simple, accessible and free of charge. MOJOMF introduces a scoring system for MFs, helps investors compare funds effortlessly and choose the best investment options aligned with one’s goals.

“One of the remarkable features of this platform is that it presents Mutual Fund Baskets that are a special collection of top-performing MFs. Investors will benefit from our selection of funds, curated by our advanced algorithm, which is customized to fit one’s risk tolerance and investment goals. Instead of sorting through thousands of funds, they will get a focused selection that makes investing easier," said Amit Golia, Group CEO, MarketsMojo.

Autonom8 partners with HDB Financial Services

Autonom8, a GenAI-enabled automation solutions provider has announced a strategic partnership with HDB Financial Services (HDBFS). HDBFS aims to upgrade its customer loan experience by leveraging Autonom8’s low code technology.

This partnership enables HDBFS adapt faster to customer insights. Customers now have access to seamless self-service options ensuring smoother and more efficient loan journey by automating and streamlining intricate workflows.

“Digitisation is core to our strategy and underpins our commitment for better customer engagement and efficient business processes in driving sustainable growth. Our online platform provides seamless credit access promoting financial inclusion. We look forward to enhancing our service capabilities,” said Venkata Swamy, Chief Digital and Marketing Officer, HDBFS.

ANSR Acquires hrEntries to integrate AI-Powered Solutions

Business consulting company ANSR has announced the acquisition of hrEntries, a premier Human Capital Management system (HCM) platform, in an all-stock deal. This acquisition will provide ANSR clients with a comprehensive end-to-end platform for global team management.

hrEntries adds to ANSR’s “GCC SuperApp” stack, a comprehensive technology platform providing Talent, Workspace, HR Ops and Payroll solutions.

“As Global Capability Centers rapidly emerge as a key strategic priority for global businesses, we are excited to expand our GCC SuperApp stack and focus on delivering exceptional experiences for our customers and GCC employees," said Vikram Ahuja, Co-Founder, ANSR and CEO, Talent500

Sukoon Health appoints Dr. Vipul Rastogi Clinical Regional Head for Delhi-NCR

Sukoon Health, a mental healthcare chain has onboarded Dr. Vipul Rastogi as the clinical regional head of Delhi-NCR region. At Sukoon Health, Dr. Rastogi will spearhead a team of skilled professionals, leading them to deliver empathetic and evidence-based treatment to patients in the region.

“Drawing from my dual specialisation in Psychiatry and Neurology, I aim to introduce innovative, integrated treatment approaches that bridge the gap between mental and neurological health. By combining this with Sukoon's patient-centric philosophy, we have a unique opportunity to redefine mental health care in India Together, we aim to increase awareness and work towards reducing the stigma associated with mental health disorders.” said Dr. Rastogi.

Samsung Semiconductor India Research conducts hackathon

Samsung Semiconductor India Research (SSIR) conducted a hackathon followed by an award ceremony for the students graduating under Samsung Innovation Campus, the flagship CSR programme of the brand. Conducted in Bengaluru, the initiative engaged over 1100 undergraduate engineering students with theoretical and project training in cutting-edge technologies like AI and IOT. In addition to making them job ready, these certifications are aimed at showcasing their capabilities and present their ideas as entrepreneurs.

Samsung Innovation Campus (SIC), the programme involved students from over 30 Visvesvaraya Technological University (VTU) affiliated colleges in future-tech domains.

Scholarships ranging from Rs 50,000 to Rs 3 lakh were rewarded to winning students.

Yubi Group launches AI-first platform Accumn at Global Fintech Fest 2024

Yubi Group has announced the consolidation of Corpository and FinFort under a new identity, Accumn. The development was announced at GFF 2024, the fintech event organised by the Payments Council of India (PCI), National Payments Corporation of India (NPCI) and Fintech Convergence Council (FCC).

Corpository, acquired by Yubi in April 2022, has been pivotal in delivering advanced credit evaluation and monitoring solutions, particularly within corporate lending. Yubi acquired FinFort in May 2023, which expanded its capabilities into retail credit assessment. Now, with Accumn, these capabilities are fully integrated, providing a robust, full-stack platform for the credit decisioning process.

Aniket Shah, the Co-founder & CEO of Corpository, will serve as CEO of Accumn. Joining Shah in leading Accumn are Nipam Shah, who will serve as Independent Director of the Board, and Gaurav Kumar, Founder and CEO of Yubi Group.

Medikabazaar appoints Dinesh Lodha as the Group Chief Executive Officer

Medikabazaar, a B2B ecommerce marketplace for medical supplies, has announced the appointment of Dinesh Lodha as its new Group Chief Executive Officer.

Medikabazaar is a technology-driven platform empowering healthcare institutions, clinics, and individual practitioners in streamlining their purchasing processes, saving time and resources. The platform offers over 4 lakh products and serves over 10,000 medical centres and over 30,000 independent doctors and clinics.

Lodha comes with over two decades of experience in the MedTech industry. “Medikabazaar is at an inflection point, and I see substantial opportunities across the verticals we operate in. We will continue strengthening our collaborations with leading hospitals and healthcare professionals globally, serving as an extended procurement arm for all their medical procurement," he said.

PhonePe Payment Gateway launches PhonePe PG Bolt

PhonePe Payment Gateway has announced the launch of PhonePe PG Bolt, a solution that empowers merchants by offering the a fast in-app payment experience to customers. With a focus on speed and convenience, PhonePe PG Bolt delivers a fast payment experience with UPI Lite, Wallets, EGVs, through a one click, PIN-less process.

By providing complete control over the customer’s payment experience within the merchant app, PhonePe PG Bolt eliminates the need for redirection to external payment platforms. Merchants can offer a wide range of payment options, including UPI Lite, UPI-linked bank accounts, electronic gift cards, Rupay credit cards, and wallets, to cater to diverse customer preferences.

Airtel Payments Bank collaborates with Noise and NPCI, unveils NCMC-Enabled Smartwatch

Airtel Payments Bank in collaboration with Noise, a smartwatch and connected lifestyle brand, and the National Payments Corporation of India (NPCI), announced the launch of its upcoming NCMC (National Common Mobility Card)-enabled Smartwatch, integrated with the RuPay chip.

The Bank showcased the prototypes of the state-of-the-art smartwatch at the Global Fintech Fest 2024. Conceptualised by Noise, the smartwatch blends advanced lifestyle features with the convenience of NCMC-enabled Tap and Pay transactions.

This launch marks the second phase of the successful partnership between Airtel Payments Bank and Noise, building on the initial efforts to redefine on-the-go payments directly from their smartwatches.

3i Infotech appoints Raj Ahuja as the new CEO

3i Infotech, a global IT company, has announced the appointment of Raj Ahuja as Chief Executive Officer (CEO). Ahuja will lead and oversee the company’s strategic, financial, and operational performance, globally.

His expertise lies in effectively managing business strategy, creating execution capabilities, managing large teams, analytics-based decision making and problem solving, operations, mergers, financial structuring and fundraising, a statement from the company said.

Ahuja has held senior leadership roles at organisations like Yes Bank, Jio Financial Services, Ampersand, Capri Global, Star India, Philips, PayTM, and Wipro.

“My vision is to steer 3i Infotech towards becoming a global leader, defined by our unwavering commitment to excellence, innovation, and a culture of growth," he said.

Saurabh Kumar Joins Evera as Independent Director

Evera Cabs, an all-electric cab service in Delhi-NCR, has announced the appointment of Saurabh Kumar as an Independent Director. His role will be instrumental in driving the company’s mission to minimise carbon emissions and enhance customer satisfaction.

With over three decades of experience in sustainable energy and efficiency, Kumar will play a pivotal role in reinforcing Evera's governance framework, ensuring ethical business conduct and compliance.

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