Trending Startup’s News – 22 Aug 2023

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Veda VC Secures Rs 250 Crore in Initial Funding to Support Early-Stage Startups in India’s Tech Landscape

Veda VC, an early-stage venture capital fund, has secured Rs 250 crore (around $33 million) in its first close of funding. The round was led by Sequoia Capital India and Eight Roads Ventures, with participation from other investors such as Info Edge Ventures, Blume Ventures, and Elevation Capital.

Veda VC was founded by Vasant Rao, Ashis Nayak, Avijeet Alagathi, and Venus Dhuria. The fund will focus on investing in early-stage startups in India’s technology landscape.

E-commerce Platform HyugaLife.com Invests ₹4 Crores in Women’s Wellness Brand Inaari

HyugaLife.com, an e-commerce platform for health and wellness products, has invested ₹4 crores (around $520,000) in Inaari, a women’s wellness brand.

The investment will help Inaari expand its product range, reach new markets, and build its brand.

Inaari was founded in 2021 by Anusha Reddy and Aishwarya Reddy. The brand offers a range of products for women’s health, including intimate hygiene products, personal care products, and supplements.

Hypergro.ai Secures Rs 7 Crore Seed Funding for AI-Driven Marketing Solutions

Hypergro.ai, an AI-powered marketing solutions startup, has raised Rs 7 crore (around $930,000) in seed funding. The round was led by Inflection Point Ventures, with participation from angel investors such as Ashish Sharma, Founder of Livspace; Ashish Agarwal, Founder of MyGate; and Amit Agarwal, Founder of Housing.com.

Hypergro.ai was founded in 2022 by Shubham Agarwal and Anurag Jain. The company’s AI-powered platform helps businesses to automate their marketing campaigns and improve their ROI.

Insurtech startup Square Insurance raises $1 million in funding from Recur Club

Square Insurance, an insurtech startup that provides insurance to businesses, has raised $1 million in funding from Recur Club.

The funding round was led by Recur Club, a venture capital firm that invests in insurtech startups. Other investors in the round include angel investors such as Rajesh Sawhney, Founder of Tracxn; and Alok Mittal, Founder of Indifi.

Square Insurance was founded in 2022 by Ankur Aggarwal and Akash Sharma. The company’s platform provides insurance to businesses in a few minutes, without the need for paperwork or human intervention.

CAR EASY RAISES AN UNDISCLOSED AMOUNT IN THE SEED ROUND

Car Easy, a car washing and value-added services platform, has raised an undisclosed amount in the seed round. The round was led by ah! Ventures Angel Platform, EvolveX, We Founder Circle, and Alaka Capital.

Car Easy was founded in 2022 by Himanshu Rath, co-founder and CFO of the company. The company provides car washing and value-added services to B2B and B2C clients. It currently operates in 22 cities and has serviced over 35,000 vehicles to date.

Prosus Implements Restructuring, Appoints New Leaders for Edtech and Food Delivery Segments

Prosus, the Dutch-listed technology investment company, has announced a restructuring of its business. The company will split its operations into two segments: edtech and food delivery.

Roger Rabalais, who was previously the chief financial officer of both segments, will become the CEO of the food delivery segment. Gautam Thakar, the CEO of OLX Autos, has been appointed as the CEO of the edtech segment.

Ultraviolette Unveils F77 Space Edition Featuring Aerospace Grade Materials

Ultraviolette Automotive, an electric motorcycle manufacturer, has unveiled the F77 Space Edition, a limited-edition version of its F77 electric motorcycle. The Space Edition features a number of upgrades, including aerospace-grade materials and a unique paint job.

The F77 Space Edition is made from carbon fiber, aluminum, and titanium. These materials are used in aerospace applications because they are lightweight and robust. The Space Edition also features a unique paint job that is inspired by the Indian space program.

Titan to Acquire CaratLane Staffers’ ESOPs for Rs 350 Crore

Titan Company, a jewelry and lifestyle retailer, has agreed to acquire the employee stock ownership plan (ESOP) shares of CaratLane, an online jewelry retailer, for Rs 350 crore.

The acquisition is part of Titan’s plan to consolidate its ownership of CaratLane. Titan currently owns 77.33% of CaratLane and the acquisition of the ESOP shares will increase its ownership to 95.08%.

Wardwizard and A&S Power Partner for Advancing Li-ion Cell Technology

Wardwizard Innovations and Mobility Ltd., an electric two-wheeler manufacturer, and A&S Power, a technology provider for advanced energy storage solutions, have partnered to advance the development of lithium-ion (Li-ion) cell technology in India.

The partnership will focus on developing high-performance and high-quality Li-ion cells for electric vehicles. The two companies will work together to develop new cell chemistries and manufacturing processes.

Mumbai Police Takes Action Against 4B Networks Executives for Alleged Fraud

The Mumbai Police has taken action against executives of 4B Networks, a digital marketing agency, for alleged fraud. The police have filed a case against the company’s directors, Rahul Yadav and Sanjay Saini, and its chief operating officer, Vikas Om Prakas Noval.

The case was filed after a complaint was filed by an advertising company, Interspace Communication. Interspace alleged that 4B Networks had defrauded it of over Rs 10 crore.

Adobe Co-Founder Dr. John Warnock Passes Away at 82

John Warnock, co-founder of Adobe Systems, has passed away at the age of 82. Warnock was a pioneer in the development of digital typography and imaging. He is best known for co-creating the PostScript page description language and the Adobe PDF file format.

Warnock was born in Salt Lake City, Utah, in 1937. He studied mathematics at the University of Utah, where he met Charles Geschke. The two men worked together on a project to develop a new type of printer. In 1982, they founded Adobe Systems to commercialize their work.

Delhivery Launches Delhivery One: Digital Shipping Platform for SMEs and D2C Brands

Delhivery, a leading logistics provider in India, has launched Delhivery One, a digital shipping platform for small and medium-sized enterprises (SMEs) and direct-to-consumer (D2C) brands.

Delhivery One integrates shipping, payments, and returns into a single platform, making it easy for businesses to manage their shipping operations. The platform also offers a variety of features to help businesses optimize their shipping costs and improve their customer experience.

Mobikwik Ventures into B2B Merchant Lending to Serve SMEs and Boost Revenue Streams

Mobikwik, a digital payments and financial services company, has announced that it is venturing into B2B merchant lending. The company will offer loans to small and medium-sized enterprises (SMEs) to help them with their working capital needs.

Mobikwik has partnered with a number of banks and non-banking financial companies (NBFCs) to offer these loans. The loans will be available to SMEs across India and will be disbursed through Mobikwik’s digital platform.

Navi Technologies Joins UPI Sector, Embracing NPCI’s Diversification Efforts

Navi Technologies, a fintech company, has announced that it has joined the Unified Payments Interface (UPI) sector. The company will offer UPI-based payment solutions to its customers.

Navi Technologies is a leading provider of payment solutions in India. The company offers a variety of payment solutions, including debit cards, credit cards, and prepaid cards.

Article By CA Pankaj Dara

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