Startup news and updates: Daily roundup (February 12, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, February 12, 2024.
Corrit Electric raises Rs 5 Cr
EV scooter makerhas raised Rs 5 crore in funding from the founder of Sportskeeda.com, Porush Jain.
Corrit will use the funding to expand its operations and boost its R&D efforts.
"We will be deploying the funds towards taking our much-awaited high-speed last-mile delivery vehicle- Transit into production and enhancing our R&D capabilities," said Mayur Misra, Director and CEO of Corrit Electric.
He added that the company aims to expand into over 25 cities over the next six months.
Yu raises Rs 20 Cr as part of larger Series A round
Instant food company Yu said it has raised Rs 20 crore as part of its Series A round announced in November 2022.
Ashish Kacholia and Asian Paints Promoter Group participated in the round, the company said, adding that proceeds will be used to scale up manufacturing capacity and enter new product categories.
Yu had raised Rs 20 crore in another round from Ashish Kacholia and Asian Paints Promoter Group in November 2023, with participation from DPIIT's Startup India Seed Fund scheme.
It was founded by Bharat Bhalla and Varun Kapur.
Planckdot raises $1.6M
Digital infrastructure company Planckdot has raised $1.6 million from high-net-worth (HNI) angel investors, which it will use for research, marketing and team-building initiatives.
The company said its valuation post the fundraising is $20 million.
"Our focus is to create a transformative change in the data centre space through collaborations and research," said Ali Ahmed Saleem, CFO and Co-founder of Planckdot.
"We have recently launched two of Tier III compliant edge data centre facilities of our customers and a total of seven more are on the cards to be delivered soon. By the end of the year, we are bound to increase our data centre numbers by thirteen times the numbers we have achieved till now," Saleem added.
PlanckDot, founded in 2022, helps design, build, and set up end-to-end digital infrastructure networks.
IBM, Mahindra Finance to develop a super-app
and Mahindra & Mahindra Financial Services Limited ( ) will collaborate to build a super app that would serve as a single digital interface for consumers to access multiple businesses within Mahindra Finance.
The app will allow users to manage a range of products and services securely, including Mahindra Finance's lending, payment, insurance, and investment solutions on one user-friendly platform.
"The super app is a strategic lever that will expedite the growth of key businesses in an operationally efficient manner that combines omnichannel capabilities. It will also empower us to create hyper-personalised solutions for emerging India," said Raul Rebello, Managing Director and CEO of Mahindra Finance.
IBM Consulting said it will enhance the super app with "human-centred design", creating an intuitive interface. It'll also provide cloud expertise for a secure and scalable platform, facilitating future technology integration like generative AI.
LEO1, MasterCard, NSDL Payments Bank unveil numberless student ID card
Edu-fintech companyhas partnered with NSDL Payments Bank and to offer a numberless, secure prepaid and student ID card.
The Smart ID cards will encourage timely fee payments through a rewards system, utilise multifunctional smart ID cards for access control, identification, and financial transactions, streamline fee-related processes, and provide financial literacy education.
"The versatile student ID cum prepaid card facilitates transactions seamlessly across all e-commerce stores and POS stores," said an NSDL Payments Bank spokesperson.
Meta, NCPCR launch programme to help students manage exam stress
The National Commission for Protection of Child Rights (NCPCR) andhave joined hands to launch a programme that can help students manage stress ahead of exams.
The programme will provide students with the tools and resources they need to manage their stress and prioritise their mental health and well-being.
"We have designed a handbook 'Beyond the Test: Managing Exam Stress' in partnership with key civil society organisations and mental health experts. The handbook, available in English, Hindi, and six other regional languages, helps students identify and address stress triggers and take a break when things feel overwhelming," said Natasha Jog, Head of Public Policy, Instagram and Policy Programs at Facebook India.
CrypFi launches crypto derivatives platform
Cryptocurrency exchange CrypFi has launched a crypto derivatives platform to help users trade in options and futures.
The startup offers a low-cost fee structure and facilitates settlements in INR.
"The platform is dedicated to ensuring a safe, secure, low-cost, and user-friendly environment, prioritising the needs and preferences of its users," said Pranav Srivan Elankovan, Founder of CrypFi.
Dvara Health Finance partners with Zeno Health for rural healthcare
Healthcare finance company Dvara Health has partnered with generic medicine retail store operator Zeno Health to bring cost-effective generic medication to rural areas.
The initiative will offer up to 80% savings on medications, as well as doorstep delivery and monthly refills, especially for chronic diseases.
Founded in 2022, Dvara Health Finance offers tailored healthcare-related financing for lower out-of-pocket expenditure at point-of-care.
Edited by Kanishk Singh