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.

True Diamond raises $1M seed funding led by Titan Capital

Lab-grown diamond startup True Diamond has raised $1 million in seed funding led by Titan Capital, with participation from Huddle Ventures, Zeropearl Ventures, and individual investors including Ashutosh Valani, Priyank Shah, Aashka Goradia Goble (RENÉE Cosmetics), Ghazal Alagh (Mamaearth), Abhishek Goyal (Tracxn), and Anmol Jain (Astrotalk).

The startup plans to invest capital in a skilled team, brand visibility, and retail experience, onboarding experts, launching exclusive boutique outlets, and investing in branding and marketing to reach sustainability-conscious consumers.

Founded in January 2024 by Parin Shah and Darayus Mehta, it specialises in certified lab-grown diamond jewellery. True Diamond also boasts a catalogue of 5000 customisable designs, 1.7x customer repeat purchase rate, and nationwide availability.

Cactus Partners leads $1.2M round in ParkMate

Cactus Partners (CPL), an early growth-stage venture fund, has closed a $1.2 million investment round in ParkMate Smart Parking Solutions Pvt Ltd, with participation from existing investors Venture Catalysts and the Marwah Group Family Office.

The startup plans to leverage the capital infusion to accelerate its growth trajectory by investing in its team, streamlining operations, and continuously innovating new solutions.

ParkMate provides smart parking solutions for various sectors, including shopping malls, office complexes, hotels, and government parking contractors. Their indigenously developed 'Trident' and 'Kavach' systems enhance FASTag-technology and safety, respectively.

Its exclusive DaSH service ensures parking within 2 minutes for car owners. Its clients include DLF, Phoenix Mills, Fun Republic, UP, and Telangana Governments.

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.

Honda enters the EV race with ACTIVA e: and QC1 launch in India

Honda Motorcycle & Scooter India (HMSI) has introduced the 'ACTIVA e:' and 'QC1' electric vehicles, marking a significant milestone in the brand's commitment to sustainable mobility in India.

The EVs were unveiled in Bengaluru, Karnataka, and bookings will begin on January 1, 2025, with deliveries starting in February 2025.

Honda's electric scooters, the ACTIVA e: and QC1, will be sold via select HMSI dealers, with deliveries starting in February 2025 across cities like Delhi, Mumbai, and Bengaluru. Manufactured at the Narsapura plant near Bengaluru, both models come with a 3-year/50,000 km warranty, three free services in the first year, and complimentary roadside assistance.

Magenta Mobility secures patent for plug-and-play EV charger

Magenta Mobility has been granted a patent for its innovative Plug-and-Play Charger, designed to support its captive EV fleet charging.

The patent certifies Magenta Mobility's innovative solution for simplifying the EV charging process for their 100+ charging depots across 18+ cities.

The device requires minimal installation, allowing businesses to charge their electric vehicles effortlessly. This patented technology strengthens Magenta Mobility's position as a leader in electric mobility solutions, driving the transformation of the EV ecosystem in India.

Stashfin secures NPCI TPAP license

Stashfin, a Indian financial services platform, has obtained a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI).

This license enables Stashfin to offer digital payment solutions using UPI's real-time, low-cost infrastructure for instant disbursements, repayments, and enhanced credit assessments.

By combining credit access with a robust payment infrastructure, Stashfin aims to create a unified platform that addresses the financial needs of individuals and businesses.

TiE Global Summit 2024 to kick off in Bengaluru

The TiE Global Summit 2024, supported by the Government of Karnataka and co-hosted by the Ministry of Electronics and Information Technology, Govt of India, and Software Technology Parks of India, is set to take place from December 9th to 11th in Bengaluru.

The summit, which will conclude on December 12th in Mysuru, will bring together over 10,000 delegates, including 4,000 entrepreneurs, 4,000+ Futurepreneurs, 750 investors, 350 corporates, and 250+ thought leaders from over 50 countries.

On December 12, 2024, TiE Mysuru will host TGS24, featuring "Culture FlowerPower" supported by Infosys at its Mysuru campus in partnership with NICE. This event will focus on Cultural Entrepreneurship, highlighting businesses that blend tradition, innovation, and sustainability.

The TiE Global Awards will be presented in 12 categories at a grand ceremony at Mysuru Palace, recognizing outstanding entrepreneurs, incubators, government agencies, and universities. TiE has partnered with INK as the event curator, bringing 40 tracks on inclusive entrepreneurship, covering diverse topics like AI, climate, finance, and women’s entrepreneurship. High-profile speakers, including Andre Agassi, Vijay Amritraj, Dr. Deepak Chopra, and Vidya Balan, will address the summit.

Additionally, TGS’s flagship programs, TGS100 and VentuRISE, will showcase startup innovations to investors and global leaders.

Nykaa acquires majority stake in Earth Rhythm

Nykaa has acquired a majority stake in Earth Rhythm, a clean beauty brand founded in 2019, after initially purchasing a minority stake in 2022.

This investment highlights Nykaa’s long-term commitment to Earth Rhythm’s growth and market potential, achieved through a mix of primary and secondary transactions. It will support Earth Rhythm’s growth across categories by leveraging its ecosystem, innovation, marketing, and omnichannel distribution capabilities, while maintaining the brand's core values and unique proposition.

Nykaa is expanding its brand portfolio, focusing on innovation and customer satisfaction. Its beauty brands, including Kay Beauty, Nykaa Naturals, Nykaa Cosmetics, and Wanderlust, and fashion brands like Nykd, Gajra Gang, Likha, RSVP, and Pipa Bella are household names.

Hero MotoCorp launches HFS Program to propel innovation in automotive startups

Hero MotoCorp, a motorcycle and scooter manufacturer, has launched the Hero For Startups (HFS) program to fund and identify promising startups in India that can transform the automotive industry.

The program aims to foster a strong technology-driven innovation and talent ecosystem, aligning with Hero MotoCorp's vision of Be the Future of Mobility.

Selected startups will have exclusive access to Hero MotoCorp's research and development facilities, extensive dealer network, suppliers, and partners, and mentorship. Shortlisted startups will work on paid Proofs of Concept (PoCs), integrating their solutions into Hero's product portfolio.

Hero MotoCorp is offering a 12-month program for startups to develop and scale up their ventures. The program includes technical support, bootcamps, and mentorship from Hero's leadership team. Selected startups will work on paid Proof of Concepts, access Hero's R&D, manufacturing, and business teams, and enhance their technological and operational capabilities.

The program also includes a comprehensive evaluation process and a grand showcase where selected startups present their innovations and explore partnership opportunities.

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