Startup news and updates: daily roundup (May 25, 2023)

Funding

73 Boston, Buzzinga, Soul Gappa, and Crispee secure Rs 80 lakh in seed funding to fuel their expansion

Six student teams of Masters’ Union—the new-age business school in Gurugram—raised Rs 80 lakh and received commitments of varying amounts in seed funding after impressing VCs at the startup challenge. 

73 Boston, secured the first position, receiving Rs. 15 lakh, while Buzzinga earned the second position and received Rs. 10 lakh, and Soul Gappa, as the third, took home Rs. 5 lakh. Two of the student startups, Crispee and Buzzinga, secured on-the-spot seed funding of Rs 25 lakh each from The India Network. 

Other news

Capri Loans acquire 51% Stake in CarLelo 

Capri Global Holdings Pvt Ltd (CGHL), the holding company for Capri Global Capital Limited, a non-banking financial company, has acquired a 51% stake in CarLelo, an online new car-selling platform. 

Capri Loans' investment of Rs 150 crore solidifies its position as a leading player in the Indian automotive financing market, fueling digital transformation and elevating the consumer experience, according to a press release.

With this fresh influx of capital, CarLeLo plans to improve its presence, services and technology which will be utilised to acquire new customers. The company will handhold 8,000+ authorised dealerships in the country in addition to the 1,200 associates placed across 34 cities in India who regularly interact with customers, delivering them end-to-end services for all their new vehicle-related needs.

Pacific Group and ISRO by A47 launch campaign for space enthusiasts

Pacific Group, India's leading mall and real estate developers, has launched a 'Space-tacular Summer', powered by ISRO by A47 which will conclude on 11th June.

Pacific Malls across Delhi NCR region and Dehradun have changed their décor to take customers on a space expedition, which includes star-studded backdrops, astronaut photo ops, and a lot more.

The mall group is also organising super-fun educational activities for kids, aimed at developing their creative skills and improving their knowledge of the universe which include the making of constellation cards, playing outer space bingo, colouring alien masks, and solving space puzzles, among others.

The aim is to bring the wonders of science and technology, to children and adults while promoting the Make in India Initiative and the remarkable achievements of ISRO in the field of space exploration. 

Each mall is also being visited by representatives from ISRO itself—ISRO Space Mentors, who are happy to answer queries from young minds and grown-ups.

As part of the Summer Campaign, Pacific Malls are showcasing larger-than-life rocket installations which are complemented by educational zones, augmented reality zones, virtual reality zones, photo opportunities, and weekend workshops on rocketeering, astronomy, space science, and much more.

Lendingkart records Rs 120 crore PAT in FY23

Lendingkart Group recorded a growth of 44% in its loan book during the year 2022-23. With a disbursal rate of approximately Rs 1000 crores per quarter, the group successfully disbursed a total of around Rs 4000 crores by the end of the year.

Over 80% of the total loans were disbursed through over l20 co-lending partners (banks and NBFCs) powered by Lendingkart tech platform “2gthr”, witnessing 146% growth compared to FY22. With these disbursements, Lendingkart’s accumulative disbursals grew by 1.5X year-on-year indicating a positive business or recovery sentiment. With the impact of COVID-19 waning, Lendingkart Group saw a growing interest in its services and products from the resilient MSME sector in India.

The company plans to launch an MSME-focused credit card among other financial products and expand its portfolio to continue its momentum in supporting MSMEs countrywide.

Apna.co is opening doors to global careers for India’s workforce

Apna, a jobs and professional networking platform has entered into the international job market by offering more than 10,000 job opportunities.

By extending its reach beyond national boundaries, the platform aims to empower individuals from diverse backgrounds to access a wide range of job prospects, fostering a level playing field for talent worldwide.

The platform will be offering a wide range of job roles from sales, business development, and customer support to production, manufacturing, and logistics. Organisations from countries like the UAE, Japan, Malaysia, Russia, Germany, South Africa, Australia, and the UK have already posted job openings on the platform.

Apna.co has strategically collaborated with government-approved agencies, including Magic Billions and Salesman Corporation Pvt Ltd, to streamline the process of hiring Indian candidates for international roles. These partnerships offer aspiring individuals with a minimum educational qualification of a graduate degree, ITI certification, or a specialized diploma, an opportunity to explore global employment prospects. In addition to meeting the educational prerequisites, candidates must demonstrate relevant skill sets and prior work experience in the corresponding industry within the Indian job market.

The remuneration for these international positions ranges from Rs 75,000 to Rs 2 lakh per month, providing attractive earning potential for successful applicants.

Indian women's cricket star Jhulan Goswami collaborates with FableStreet

FableStreet, a women's clothing brand, has collaborated with Jhulan Goswami, the renowned Indian women's cricketer. She was recently seen wearing their clothing during the IPL match between Chennai Super Kings and SunRisers Hyderabad. 

By partnering with such an athlete as Goswami , the brand aims to inspire women to pursue their goals with confidence and strength. Jhulan Goswami is a well-known figure in Indian cricket and is regarded as one of the best bowlers in the history of women's cricket.

Trinity Gaming signs deal with Everdome to build Web3 adoption in India

Gaming content and marketing company Trinity Gaming India has joined hands with Everdome.

Through this collaboration, Trinity Gaming will acquire real estate on virtual Mars, allowing them to allocate space to content creators, esports organisations, brands, and companies. This move will enable the trade of virtual assets and enhance the immersive experiences in the play-to-earn (P2E), Web3, Crypto, and NFT gaming sectors. Trinity Gaming has collaborated with blockchain-based firm EmChain FZE towards this partnership. 

The partnership aims to empower approximately 40 million gamers and creators in the web3 and blockchain space by providing training, mentoring, and revenue streams. EmChain FZE will play a crucial role in developing and mentoring content creators, helping them adapt to the technical framework of the global gaming community. 

The content creators can build virtual boot camps within which they can have streaming rooms, play areas, lounges, display areas, an art gallery, a common area, a theatre or screening room, and production studios. It can also invite fans and other gaming creators and create content.

Esri India partners with ideaForge  

Esri India, a Geographic Information System (GIS) software and solutions provider, has signed a Memorandum of Understanding (MOU) with ideaForge, a market leader in Indian Unmanned Aircraft Systems. 

This partnership aims at boosting the adoption of drones in India by allowing users to deploy drone solutions with GIS to solve complex problems in AEC, forestry, agriculture, mining, transportation, utilities, and defence.

It will provide seamless integration of drone videos and photos, establish standard workflows, and address the needs of enterprises and government agencies, fostering higher adoption of drones in India.

Harsh Jain to be IAMAI Chairman for the next two years

Harsh Jain, Co-founder, and CEO of Dream Sports has been elected as the Chairman of the Internet and Mobile Association of India (IAMAI) for two years, replacing Sanjay Gupta, Vice President and Country Manager, of Google India. 

Mr. Rajesh Magow, Co-Founder and Group CEO, of MakeMyTrip, and Mr. Satyan Gajwani, Vice Chairman, of Times Internet, have been elected the Vice Chairman and the Treasurer of the association replacing Mr. Shivnath Thukral and Mr. Harshil Mathur respectively. 

They would together form the association’s executive council along with the ex-officio member Dr. Subho Ray, President, of IAMAI. The new 24-member Governing Council and the new Executive Council of the IAMAI will take charge of the present councils at the upcoming Annual General Meeting.   

Pro-audio brands join hands with distribution house Alphatec

Europe-based pro-audio brands Coda Audio, Waves System and Pequod Acoustics have entered the Indian market and have signed a strategic distribution partnership agreement with Alphatec, a Mumbai-based distribution house for audio and video equipment to further strengthen its business and enhance product awareness in India.

Coda Audio, a leading pro audio company based in Germany, manufactures its drivers, hardware, enclosures, and electronics in-house at its European facility.

Recently PSL also announced Pocket52, a leading online poker gaming app, as its title sponsor. The app will provide players with a secure and one-of-a-kind gaming experience to compete in the World’s biggest Poker league. The live auction between the 6 teams will take place in Goa on July 8 followed by virtual matches from July 22 to August 10, which allows players to compete from their homes. The league culminates with a grand finale at a live location between August 16 and August 20.

Yubi acquires retail credit analytics company FinFort

Yubi—a unified credit platform— has acquired a 100% stake in FinFort Infotech LLP, a digital credit analytics company for the retail segment. This move will aid Yubi in further solidifying its position as a key player in the credit industry while expanding its product suite and enhancing its capabilities.

Through this acquisition, FinFort will collaborate with Yubi's subsidiary, Corpository, a SaaS-based credit analytics platform, which provides access to a wide range of public information sources, including MCA, court records, and tribunals.

The acquisition also brings on board Gaurav Kumar, Founder and CEO of Yubi, and Aniket Shah, CEO of Corpository, as designated partners of FinFort Infotech LLP.

Ampverse and DMI Finance form joint venture to unleash the power of esports in India

Gaming ecosystem Ampverse and DMI Finance, the non-banking financial company of the DMI Group, have formed a joint venture to co-develop esports intellectual properties (IPs), as well as data-driven, tech-enabled products and services for gamers.

Through this partnership, Ampverse will bring its expertise in gaming communities and IP, tech-enabled marketing solutions, and DMI Finance will leverage its prominent position in the digital consumer, MSME finance, and asset management across India. 

IT Madras and WayCool Foods come together to bring regenerative agriculture tech stack to farmers

Waycool Foods, a food and agri-tech platform, has joined hands with IIT Madras (IITM) to expand the offerings for farmers under IITM's RASA (Regenerative Agriculture Sustainable Architecture) tech stack. 

Through this partnership, WayCool Foods will use its deep knowledge and on-ground expertise to further enhance the agri-stack by providing innovative agri-focused solutions for seeding and expansion of the RASA stack, along with providing its domain knowledge of the agri supply chain–from soil to sale and further strengthen the design and structuring of the agri-stack. 

The MoU will help the farmers by guiding them toward a sustainable model of agriculture. 

(The copy will be updated throughout the day with the latest news.)