Startup news and updates: Daily roundup (November 27, 2024)

Funding

Venture philanthropy platform ACT commits Rs 2.35 Cr to climate-tech

Venture philanthropy platform ACT has committed Rs 2.35 crore in catalytic grants to altM, Greenpod Labs, and Alt Carbon to aid India's net-zero transition.

The funding aims to promote high-impact innovations across industry and agriculture, supporting the transition to climate-friendly practices.

ACT believes in the power of entrepreneurial mindset, technology, innovation, and collective action to create significant social impact at scale, driven by a bias for action, capital, connections, and collaboration with the ecosystem.

Other news

EV financing platform Ohm Mobility rebrands as Ohm Daily

EV financing platform Ohm Mobility has rebranded itself as Ohm Daily.

The platform enables users to access institutional capital from financial institutions such as IDFC, EvFin, Bike Bazaar, and Ecofy.

Founded by Nikhil Nair and Nikhil Saigal, Ohm Daily addresses the cash-flow challenges of gig workers and mobility professionals by aligning their irregular daily income with monthly financial obligations. Evolving from financing electric vehicles, the company now offers sachet-style financial products, enabling customers to make small, daily loan repayments that match their income streams.

Having processed over 1.2 lakh micro-payments during its validation phase, Ohm Daily is scaling operations to serve 25 million mobility workers. It plans to expand to 140 million informal daily earners, leveraging digital payment adoption and financial formalisation.

Securonix appoints Dipesh Kaura as head of sales for India

Cybersecurity firm Securonix has appointed Dipesh Kaura as India's head of sales. Kaura, who has over 23 years of expertise in cybersecurity, will lead Securonix's growth and advance its mission to protect organisations in the region, said the company in a statement.

He will focus on strengthening strategic partnerships and delivering customised security solutions to address the evolving needs of organisations.

L&T Finance, Amazon partner to develop credit solutions

L&T Finance Limited has entered into a partnership with Amazon Finance India to develop innovative credit solutions for Amazon's eligible customers and merchants.

The partnership was announced at the AI-themed event 'RAISE 2024'. It will enhance L&T Finance's product diversification strategy and improve credit availability for consumers.

The fintech partnership aims to enhance affordability for Amazon's customers and merchants and strengthen businesses while advancing financial inclusion and responsible lending in India's growing digital economy.

EndureAir delivers logistics drones to Indian Army for enhanced logistics

EndureAir, a UAV manufacturer, has delivered its Sabal 20 logistics drones to the Indian Army's Eastern Theatre to enhance logistics capabilities in challenging terrains.

The electric unmanned helicopter, inspired by the Chinook design, features variable pitch technology, tandem rotor configuration, and scalable payload options of up to 20 kilograms (50% of its weight).

With advanced VTOL (vertical takeoff and landing) technology, Sabal 20 ensures superior stability, high-altitude performance, and precision logistics, operating efficiently in confined and rugged terrains. Its low RPM (revolutions per minute) design minimises noise for stealth missions, while autonomous flight capabilities and user-friendly controls ensure reliable performance, even in BVLOS (beyond visual line of sight) conditions.

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