Startup and news updates: Daily roundup (December 23, 2024)

Funding news

SustVest Raises $1.7M in pre-Series A round led by Inflection Point Ventures, Antler

SustVest, a sustainable investment platform specialising in renewable energy, has raised $1.7 million in a pre-Series A round through a mix of equity and debt.

The round was led by Inflection Point Ventures and Antler, with participation from WEH Ventures, Venture Catalysts, Soonicorn Ventures, FAAD Network, and others.

The funds will support key growth initiatives, including acquiring solar projects, scaling marketing for the regulated platform launch, strengthening operations, and covering legal expenses.

Founded in 2020 by Hardik Bhatia and Devansh Shah, SustVest is a regulated platform for sustainable investments, offering fixed-income opportunities in renewable energy. The platform supports zero-cost solar adoption for commercial and industrial clients, enabling them to access solar projects at up to 50% lower tariffs.

Its portfolio includes clients including Lodha Group, Hitachi, Mahle Group, Subros Ltd, CISF, NSG, and CRPF. Serving global investors through seamless KYC processes, SustVest's projects are located in key regions including Maharashtra and Himachal Pradesh.

SustVest has achieved over Rs 43 crore in Assets Under Management (AUM), with 9.3 MW of solar installations, distributing over Rs 5.7 crore in energy income, and saving over 94 lakh kgs of carbon emissions.

M37Labs secures pre-seed funding from Concept Group

M37Labs, founded by Prashant Shivram Iyer and Zorawar Purohit, has secured an undisclosed amount in a pre-seed funding round from Vivek Suchanti, owner of the Concept Group.

The company, which specialises in AI-as-a-service (AIaaS), provides a range of AI solutions to help enterprises adopt and implement AI effectively. M37Labs offers services including AI strategy workshops, where they work with C-suite executives to align AI strategies with business goals; AI workflow design, ensuring seamless integration with existing processes; and custom AI software development to address specific business challenges.

The company focuses on sectors such as BFSI, retail, ecommerce, telecom, travel and hospitality, defence, space tech, healthcare, media, and startups.

Other news

Equentis Wealth Advisory introduces technology-driven investment solution

Equentis Wealth Advisory Services has introduced MultiplyRR, a DIY equity investment solution designed to make equity markets more accessible for new investors.

The solution debunks the myth of starting small in equity investments, offering innovative, technology-driven tools that simplify the process and empower individuals to achieve financial goals while growing their savings confidently.

MultiplyRR offers six curated stock baskets designed for new-age investors seeking short- to medium-term capital appreciation. Each basket contains 5-6 high-growth stocks, tailored to align with varying risk appetites and investment styles, simplifying equity investment.

With entry points starting at Rs 22,000, MultiplyRR enables aspiring investors to confidently enter the equity markets without the complexity of individual stock selection.

Founded in 2015, Equentis Wealth Advisory Services serves over 30,000 clients across multiple regions.

SPIT Mumbai celebrates 25th anniversary of 1999 Batch at annual alumni reunion

Sardar Patel Institute of Technology (SPIT), Mumbai, held its annual alumni reunion on December 21, 2024, at the SP Jain Auditorium, celebrating the 25th anniversary of the 1999 batch. The event welcomed 300 alumni, including prominent leaders from technology and business, to honour their professional milestones.

Sameer Nigam and Rahul Chari, alumni of the 1999 batch and founders of PhonePe, announced a $1 million grant at the event to improve infrastructure, promote innovation, and cultivate entrepreneurship, empowering students to create impactful solutions and ventures.

Xcelerate acquires strategic equity stake in Carisma Solutions

Xcelerate Pte Ltd has acquired a strategic equity stake in Carisma Solutions Private Limited, a knowledge-driven business services provider offering comprehensive managed services and digital solutions in the Accounting, Financial Advisory, Mortgage, and SMSF sectors in Australia.

Carisma helps clients with the preparation, computation, filing, and maintenance of complex financial, tax, and regulatory compliance requirements. With over 500 employees, the company operates across five offices in Chennai, Bangalore, Tirunelveli, Sydney, and Melbourne.

Xcelerate Pte Ltd, a Singapore-based operating and investment platform focused on the ESGRC segments, owns companies like Aparajitha Corporate Services, Stirrup Communication Consultants, and Gieom Business Solutions. Yogesh Bhura and Arjun Ramaraju have joined Carisma's Board as Xcelerate nominees, alongside AGS Chaitanya and Porcko Pari.

EY provided financial and tax diligence, while JSA Law advised Xcelerate legally. July Connect acted as the transaction advisor for Xcelerate, and Eswaran Advocates represented Carisma's shareholders.

Luxury co-living brand Housr targets 100+ properties by March 2025

Housr, a luxury-managed living brand, is expanding into the short-stay segment to meet the growing demand for flexible corporate accommodations, citing high occupancy rates across 70+ properties in top-tier cities over the past 18 months.

It is expanding into the short-stay segment to meet the growing demand for flexible accommodations among corporate travellers. With over 70 properties across top cities like Gurugram, Bengaluru, Hyderabad, Pune, and Vizag, Housr has maintained over 90% occupancy rates, offering fully managed, community-focused spaces with amenities such as gourmet meals, housekeeping, fast internet, and 24/7 support.

Poised to expand to over 100 properties and 10,000 beds by March 2025, Housr is redefining managed living in India for both short and long-term stays.

Harness appoints Prashant Verma as head of R&D to drive innovation in India

Software company Harness has appointed Prashant Verma as the head of R&D for its India centre. With 24 years of engineering leadership experience, Prashant, an IIT Delhi alumnus, is set to make Harness India a key innovation hub contributing to the company’s global growth.

Prashant Verma, with experience at leading organisations like i2, Informatica, Goldman Sachs, LinkedIn, Flipkart, Zoomcar, and Traveloka, joins Harness as Head of R&D, India Center. He will focus on building a world-class R&D centre, fostering a tech-first culture, and enhancing collaboration with global teams to position Harness India as a top workplace.

Harness is a leading end-to-end software delivery platform that simplifies and secures application releases for engineering and DevOps teams using AI and machine learning. The platform accelerates deployments by 75%, reduces infrastructure costs by 60%, and decreases lead time for changes by 90%.

IIT Kanpur completes phase-1 placements for 2024-25 with over 1,100 offers accepted

The Indian Institute of Technology Kanpur (IITK) successfully completed phase 1 of campus placements for the 2024-25 graduating batch from December 1 to 15, 2024. The placement drive saw 1,109 offers across various industries, with 1,035 offers accepted by students.

Phase 1 of IIT Kanpur's 2024-25 campus placements saw 28 international offers, a 27% increase from last year, and a notable rise in core industry placements, driven by increased student interest. Public Sector Undertakings (PSUs) made significant contributions, with BPCL being the top recruiter in this category.

Over 250 companies participated, including top recruiters such as BPCL, NPCI, Databricks, Microsoft, Google, Oracle, Qualcomm, Intel, Texas Instruments, Meesho, Shiprocket, Reliance, Meril Life, Deutsche Bank, ICICI Bank, American Express, SLB, Micron, Cars24, and FedEx.

Revenant Esports teams up with Indian gaming influencer ScoutOP

Revenant Esports, a South Asian esports organisation, has partnered with influencer Tanmay "ScoutOP" Singh, a distinguished figure in the Indian gaming community.

As part of the strategic collaboration, ScoutOP will be exclusively managed and represented by Revenant Esports. Known for his engaging content and strong online brand, Tanmay has built a thriving community of gaming enthusiasts, enabling partnerships with top Indian and global brands across industries.

His versatile influence has attracted brands such as Google, Monster Energy, Cadbury, Airtel, KFC, Samsung, Amazon, Flipkart, Adidas, Real Madrid, FC Bayern, and many more.

Samunnati restructures to enhance agri-support with new corporate framework

Samunnati has realigned its corporate structure to deliver faster, simpler, and more focused support across finance, market linkages, and advisory solutions.

Effective December 20, 2024, its NBFC lending business will operate under the wholly owned subsidiary, Samunnati Finance Private Limited.

This strategic shift aims to enhance collaboration with agricultural stakeholders and provide a broader range of integrated solutions through a streamlined and efficient framework, addressing the sector's evolving needs.

Founded in 2014, Samunnati provides financial, co-financial, and non-financial solutions to marginal, small, and medium farmers, agri-enterprises, and wholesale/retailers. With a presence in over 100 agri-value chains across 23 states, Samunnati connects to over 6,500+ farmer collectives. It aims to impact one in every four farming households by 2027.

Zomato partners with ACKO to enhance healthcare access for delivery partners

Zomato, a food delivery platform, has partnered with ACKO Insurance, a protection destination, to enhance the safety and well-being of its delivery partners.

Through this collaboration, over 78,000 delivery partners have created ABHA ID cards on the ACKO platform, enabling centralised and seamless access to their healthcare records. This initiative aims to provide essential healthcare services with greater ease and convenience.

The Ayushman Bharat Health Accounts (ABHA), launched by the Ministry of Health and Family Welfare, serve as unique digital identifiers linking an individual’s health records to create a streamlined digital health ecosystem under the Ayushman Bharat Mission.

Free to register via the Ayushman Bharat Digital Mission (ABDM), ABHA enables secure, consent-based access to and management of health data, including lab reports, prescriptions, and diagnoses, from various healthcare providers such as hospitals, doctors, labs, and wellness centers, advancing the digitization of healthcare services.

Poonawalla Fincorp cuts job offer time by 90% with AI

Poonawalla Fincorp Limited, a non-banking finance company promoted by the Cyrus Poonawalla Group, has introduced an initiative by integrating artificial sntelligence (AI) into its Human Resources (HR) Strategic Business Unit.

This integration has dramatically sped up HR processes, reducing the time to finalise job offers from approximately ten days to under one—a 90% reduction. Advanced AI tools facilitate faster document verification and candidate screening, improving the recruitment cycle while significantly cutting operational costs.

Poonawalla Fincorp has integrated AI into its HR processes to improve efficiency while maintaining a personal touch. AI is used for quick candidate matching, instant document verification, efficient candidate processing, automated job postings, and real-time screening, significantly speeding up recruitment.

The HR team is also developing a WhatsApp-powered AI bot system to enhance the employee experience by providing instant support for queries related to leave, payroll, policies, and benefits. Partnering with IIT Bombay for key AI implementations, this integration helps in making more accurate, unbiased, and informed hiring decisions.

Garuda Aerospace secures 20 patents in drone technology

Garuda Aerospace has been granted a total of 20 patents, including six international patents. These patents cover a wide range of agriculture drone solutions, such as mapping, surveying, spraying, crop health monitoring, yield monitoring, seed dropping, and more.

Additionally, the company has patents for underwater drones, health inspection drones, miniature radar drones for surveillance and detection, surveillance drones for event monitoring, and medicare delivery drones.

Garuda Aerospace, which secured its first patent in 2020, has built a strong intellectual property portfolio, filing the most patents between 2022 and 2024. Specialising in 'smart drones' that integrate hardware, software, and AI, the company develops innovative solutions to address industry-specific challenges, driving efficiency and productivity for businesses.

Re’equil launches mobile app for seamless shopping experience

Re’equil, a personal care brand, has launched its official mobile app available on the App Store and Google Play Store.

The app features a minimalistic, user-friendly interface for easy browsing and faster checkouts. It offers exclusive benefits, including real-time access to flash sales and personalised discounts, powered by advanced algorithms for tailored recommendations.

Additionally, Re’equil has expanded to quick commerce platforms.

The Re’equil app offers seamless purchasing with in-app product options. In addition, Re’equil has expanded its skincare and haircare range to leading quick commerce platforms for faster access to products.

Urja Mobility appoints Parveen Sabharwal as director

Urja Mobility, an EV battery leasing sector, has appointed Parveen Sabharwal as director. With over four decades of experience in banking and finance, Sabharwal’s leadership will drive the company’s growth and innovation in the e-mobility sector.

Known for his expertise in credit underwriting, policy formulation, and team building, he has a strong track record in building business relationships and delivering results. Currently Vice President of Corporate Strategies at a leading NBFC in EV, Sabharwal has also served as CEO of Mufin Green Finance, driving sustainable finance initiatives.

Urja Mobility focuses on making commercial EV ownership easier through battery leasing for various electric vehicle categories, converting upfront costs into affordable monthly lease values (MLVs) based on future earnings.

The Circle FC wraps up Korea Market Immersion Programme at COMEUP 2024

The Circle: Founders Club (The Circle FC), a cross-border business accelerator, successfully concluded the Korea Market Immersion Programme (KMIP) at COMEUP 2024, South Korea's largest global startup event, held from December 9-14, 2024.

The delegation, featuring diverse Indian startups like BVersity, Aspire India, Adgcraft, Hana Advisors, Klug Klug, Dubverse.ai, and Nimble Vision, gained exposure to South Korea's dynamic startup ecosystem. They participated in the Global Community Pitching competition and showcased innovations at the India Pavilion, supported by DPIIT and Startup India.

The event attracted over 20,000 attendees, including 260+ startups and 300+ investors, and included B2B meetings, ecosystem tours, and insights into government initiatives, unlocking opportunities for partnerships, investments, and market expansion.

Winpe develops DEI framework for PE-VC industry

Winpe, a not-for-profit platform focused on gender diversity, has developed a diversity, equity, and inclusion (DEI) framework to promote inclusivity in the Indian private equity and venture capital industry.

The framework, created in consultation with Winpe member firms, addresses both global and industry-specific DEI needs, offering a structured approach to integrating DEI into firm operations. Winpe aims to transform the investing world by increasing the participation of women as investors, capital allocators, and recipients of investment capital.

With 70% of member firms reporting progress on DEI KPIs, Winpe has also organised over 40 knowledge sessions with 9,000+ registrants.

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