Daily Indian Startup News and Funding Alert

Daily Indian Startup News and Funding Alert – 26 June 2024

Funding News:

Novavente Secures $3M Investment from Highbrow Securities
- Novavente Private Limited, a technology sales company specializing in global sales enablement and demand generation, has received a $3 million investment from Highbrow Securities. This funding will support Novavente’s expansion plans and enhance its AI-driven solutions.
- Quote: Tarun Singh, Managing Director of Highbrow Securities, expressed confidence in Novavente’s innovative approach: “Generative AI will be transformative, becoming the new industry standard.”
Morphing Machines Raises $2.76M Seed Funding Led by Speciale Invest
- Morphing Machines, a fabless semiconductor startup, has raised $2.76 million in seed funding led by Speciale Invest. The funding will accelerate product development of their runtime reconfigurable dataflow processors.
- Vishesh Rajaram, Managing Partner at Speciale Invest, highlighted the company’s role in advancing indigenous technologies: “Morphing Machines’ pioneering technology and exceptional team are at the forefront of this transformation.”

Other Startup News:

O hi Secures $1M Pre-Series A Funding
- O hi, a social networking app facilitating real-life interactions in digital rooms, has secured $1 million in pre-Series A funding. The investment will enhance product development and integrate an AI-based profiling system to revolutionize content engagement.
- Founders Adeeti and Rupal see potential in their AI-driven approach: “Our real-world ecosystem will revolutionize content games on platforms like Instagram and YouTube.”
Gupshup Launches Conversational Buyer App for ONDC
- Gupshup has launched a conversational buyer app on the Open Network for Digital Commerce (ONDC), allowing users to browse and purchase products via WhatsApp without additional app downloads. The app focuses initially on ordering food and beverages.
- Note: Support for Google RCS and voice channels is anticipated in the future.
Unicommerce and Fabindia Partner for Ecommerce Operations
- Fabindia has partnered with Unicommerce to streamline its ecommerce operations across online and offline channels. Utilizing Unicommerce’s technology stack, Fabindia aims to enhance order processing efficiency and implement ship-from-store capabilities for faster deliveries.
- This collaboration enables Fabindia to manage a diverse catalogue and process orders efficiently from multiple channels and physical stores.

Daily Indian Startup News and Funding Alert – 5 June 2024

Funding News

iPiD Secures $5.3M from Monk’s Hill, QED, Quona Cap

iPiD, a fintech startup specializing in payee verification and identification solutions, has raised $5.3 million in an oversubscribed pre-Series A funding round. The round was led by Monk’s Hill Ventures with participation from Quona Capital, QED Investors, and existing partners. The funds will be used for product development to prevent payment-related fraud and expand iPiD’s presence in strategic markets, particularly in Asia and Europe. CEO and Founder Damien Dugauquier highlighted the investment’s role in enhancing security and compliance, aiming to improve trust and efficiency in global payment systems. iPiD’s flagship product, Validate, verifies payee names and account details to combat fraud, serving customers across six continents and covering over 2.8 billion accounts and 6,000 banks.

Other Funding News

Aegeus Tech Raises Debt Round from Caspian Debt

Aegeus Technologies, an IoT-driven green robotics solutions provider, has raised an undisclosed amount of venture debt from Caspian Debt. Founded in 2017 by Suraj Vernekar and Nishith Shah, the company focuses on revolutionizing the operation and maintenance (O&M) of solar plants using robotics, AI, and ML. Its flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is installed in over 8GW of solar plants across India, enhancing efficiency and return on investments by eliminating the need for water and manual cleaning efforts.

Industry News

Qlik Launches Talend Cloud and Answers to Accelerate AI Adoption

Qlik announced the launch of Qlik Talend Cloud and Qlik Answers at Qlik Connect 2024, aiming to eliminate barriers to enterprise AI adoption. CEO Mike Capone emphasized that these innovations are designed to provide end-to-end, technology-agnostic AI solutions, leveraging Qlik’s investments, R&D, and partnerships. Qlik Talend Cloud offers AI-augmented data integration, ensuring data quality and governance, while Qlik Answers provides explainable insights from unstructured data. These solutions aim to enhance data integration and leverage AI for a competitive edge.

Zomato to Partner with EV Companies to Go Fully Electric by 2030

Foodtech company Zomato is aiming for a fully electric delivery fleet by 2030. The company plans to partner with over 70 EV rental companies and OEMs, onboard EV-based logistics providers, and support EV bike ownership through financial collaborations. Chief Sustainability Officer Anjali Ravi Kumar stated that the transition to EV-based deliveries is crucial for achieving Zomato’s Net Zero target by 2033, with over 90% of emissions arising from last-mile deliveries. Zomato joined the Climate Group’s EV100 initiative in 2021 to promote the adoption of EVs in India’s two-wheeler ecosystem.

E-Fill Electric, DevvStream Partner to Generate Carbon Credits from Charging Network

E-Fill Electric and DevvStream have partnered to generate carbon credits from E-Fill’s EV charging network in India through DevvStream’s Electric Vehicle Charging Carbon Offset Program (EVCCOP). CEO Sunny Trinh of DevvStream highlighted the significant need for expanded EV charging infrastructure in India. The partnership will create a new revenue stream for E-Fill Electric by generating high-value carbon credits, which can finance further network expansion.

Personnel News

Varun Reddy Sevva Appointed GD Goenka Group CHRO

GD Goenka Group has appointed Varun Reddy Sevva, an IIM Lucknow alumnus, as the Chief Human Resources Officer (CHRO). With over 14 years of diverse industry experience, Sevva specializes in talent management, HR operations, and organizational development, having held successful roles at Samsung Electronics and Apollo Tyres. Sevva expressed his confidence in contributing to the group’s success through growth-oriented and employee-centric HR practices.

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Keeping abreast of daily developments in the startup world is crucial for entrepreneurs, investors, and industry enthusiasts alike. In today’s fast-paced entrepreneurial landscape, staying informed about the latest funding alerts and startup news can provide valuable insights, opportunities, and inspiration. Let’s delve into the daily roundup of startup news and funding alerts to discover the latest happenings in the Indian startup ecosystem.

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Daily Indian Startup News and Funding Alert – 4 June 2024

Funding News:

Aegeus Technologies Raises Funding from Caspian Debt:
Aegeus Technologies, a provider of IoT-driven green robotics solutions, has successfully secured funding from Caspian Debt. The amount remains undisclosed. The funds will be allocated towards working capital and expansion initiatives. Founded in 2017 by Suraj Vernekar and Nishith Shah, Aegeus Technologies specializes in utilizing robotics, AI, and ML for the maintenance and operation of solar plants. Its flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is presently operational in plants across India generating 8 GW of power. The transaction was facilitated by Innoxpark Ventures Pvt Ltd, founded by Jyoti Prakash.
LogicLadder Secures $2.5M from Zerodha’s Rainmatter and BIG Capital:
LogicLadder, a provider of climate action software solutions, has closed a funding round, raising $2.5 million. The investment comes from Zerodha’s Rainmatter and BIG Capital, based in Singapore and Vietnam. Dinesh Pai, Head of Investments at Rainmatter by Zerodha, emphasized the significance of LogicLadder’s solutions in offering transparency in climate action for enterprises. LogicLadder’s software aids organizations in measuring and tracking climate data, thereby enhancing their sustainability efforts.

Other Startup News:

Battery Smart Partners with Zepto for Battery-swapping Stations:
Battery Smart, a network specializing in battery swapping for electric two- and three-wheelers, has collaborated with Zepto, an e-grocery and quick commerce service. Through this partnership, Zepto’s electric vehicle delivery partners will gain access to Battery Smart’s extensive network of over 1,000 battery swapping stations across the country. The initiative aligns with Zepto’s objective of deploying 10,000 new electric vehicles to its fleet in FY 2024-25, facilitating quicker and more efficient deliveries.
CASHe to Establish New Technology Excellence Center in Hyderabad:
CASHe, an AI-based financial platform, has announced plans to establish a new technology excellence center in Hyderabad. This expansion aims to bolster the company’s in-house digital engineering capabilities. The facility will serve as a center of excellence, supporting various technology needs across CASHe’s lending, insurance, and wealth management verticals. The company also intends to ramp up hiring efforts across different domains to meet the growing demand for its fintech solutions.
Thriwe Launches Thriwe Culinary – End-to-End Digital Dining Platform:
Thriwe Consulting has introduced Thriwe Culinary, an end-to-end digital dining platform aimed at enhancing dining experiences for enterprises. This multisector-oriented solution for loyalty programs offers tailored loyalty solutions and reward engines across diverse industries. Thriwe Culinary focuses on providing fine dining, quick service restaurants (QSR), and premium dining options, integrating quick payment solutions with dining platforms.
Tapasya Educational Institutes Introduce Integrated BCom, BBA, PGDM Courses:
Tapasya Educational Institutions Private Limited (TEIPL) is expanding its course offerings with integrated B.Com, BBA, and PGDM courses. As part of its managed college network, TEIPL plans to introduce these courses across its centers in Telangana and Karnataka. Additionally, TEIPL aims to offer professional courses such as CA, CMA, and CS programs, along with preparation for exams like CLAT and IPMAT.

Daily Indian Startup News and Funding Alert – 31 May 2024

Funding News:

Scaler Invests Rs 50 Cr in Scaler School of Business:
Scaler, an Indian education provider, has committed Rs 50 crore to develop its recently launched Scaler School of Business (SSB). These funds are designated for enhancing offline infrastructure, curriculum development, industry partnerships, and acquiring top-notch leaders as coaches and mentors. Additionally, the Scaler Innovation Lab, located on campus, will be open to SSB learners, offering them a platform to create and showcase prototypes, products, and more.
Volt Money Partners with PhonePe for Loans Against Mutual Funds:
Volt Money, a platform offering secured loans against mutual funds, has entered into a partnership with PhonePe. This collaboration enables PhonePe’s vast user base of over 535 million individuals to access digital, low-interest loans against their mutual fund investments. Through integration with the PhonePe mobile app, users can seamlessly avail themselves of loans against their mutual fund holdings.

Other Startup News:

Cashaa Founder Kumar Gaurav Steps Down as CEO:
Kumar Gaurav, the Founder and CEO of Cashaa, a neo-bank in the crypto space, has resigned from his position. Cashaa, initially a Bitcoin startup, transitioned under Kumar’s leadership to provide banking services for crypto and high-risk businesses. However, the company is now strategically shifting its focus to offering alternatives to traditional bank accounts worldwide, aiming to boost crypto adoption. Amjad Raza Khan, the former Chief Technology Officer, has been appointed as the new CEO as part of the company’s corporate restructuring for the global launch of its Cashaa account.
Skechers Signs Footballer Sunil Chhetri as Brand Ambassador:
Skechers, a renowned footwear brand, has enlisted Sunil Chhetri, the captain of the Indian National Football Team, as its brand ambassador. Chhetri will endorse Skechers football boots and feature in the brand’s marketing campaigns. Expressing his excitement, Chhetri emphasized Skechers’ commitment to innovation and excellence in sports. Skechers offers a diverse range of footwear, apparel, and accessories for individuals across all age groups.
The Man Company Achieves Rs 185 Cr Revenue in FY24:
The Man Company, a men’s grooming brand, has reported a revenue of Rs 185 crore for the fiscal year ending March 2024. The majority of this revenue, around 70%, was generated through ecommerce channels, including the brand’s website and major online marketplaces. The company’s revenue has witnessed a compounded annual growth rate of 55% since its inception. Additionally, it achieved an EBITDA of 7.7% (Rs 14+ crore) for FY24, marking significant financial performance.
Bata India Appoints Deepika Deepti as Head of Marketing:
Bata India has appointed Deepika Deepti as its Head of Marketing. With over two decades of experience in marketing and business roles, including positions at Adidas and CAMP SMA, Deepti brings extensive knowledge of the Indian and international retail industry. In her new role, she aims to drive Bata India’s marketing initiatives and elevate the brand’s presence in the fashion and lifestyle sector.

Daily Indian Startup News and Funding Alert – 30 May 2024

Funding News:

1. TechEagle Completes Bridge Round Led by Navam Capital, Inflection Point Ventures, and Paytm Founder:
TechEagle, a leading drone-logistics startup specializing in on-demand delivery services, has successfully closed its bridge round funding. The investment was co-led by Navam Capital and Inflection Point Ventures (IPV), with significant participation from Paytm Founder Vijay Shekhar Sharma through his wholly-owned company. Venture Catalysts and a consortium of high-net-worth individuals also contributed to the round. TechEagle’s flagship product, the Vertiplane X3, boasts impressive specifications including a 100 km range per flight, a payload capacity of 5 kg, and a speed of 120 km/h. Notable clients include AIIMS institutes, State Governments, and the World Bank.

2. Logistiex Raises $250,000 in Bridge Round Led by PACE Family Office and Angel Investors:
Logistiex, a new-age e-commerce startup revolutionizing logistics solutions in India, has secured $250,000 in a bridge round led by PACE Family Office. Angel investors, including Siddhant Khemka, also participated in the funding. Founded in 2023 by Sarvartha Kanchan and Vineet Agarwal, Logistiex offers a unified platform for e-commerce sellers to manage their operations efficiently. The raised capital will be utilized to further enhance product development and expand the company’s tech team.

3. Jaipur Watch Company Raises Rs 2 Crore from Lemon Funds and Dev Diamonds:
Jaipur Watch Company, a distinguished manufacturer of bespoke luxury watches, has raised Rs 2 crore in funding from investors Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery. The investment will support the establishment of a specialized gold watch manufacturing unit and diversification of product lines. Additionally, funds will be allocated to enhance marketing initiatives and invest in advanced technology and skilled artisans to boost production efficiency.

4. Gramiyaa Secures Rs 9.5 Crore Investment for Expansion in India and US:
Gramiyaa, a vertically integrated manufacturer of cold-pressed oils, has raised Rs 9.5 crore in a combination of equity and debt financing. The funding round was led by UAE’s Homegrown Ventures, with additional investment from Mumbai Angels and Campus Fund. Founded in 2017 by Sibi Manivannan, Gramiyaa aims to expand its footprint in both the Indian and US markets. The company, initially operating offline, shifted to an online-first model in 2020 and currently distributes its products through various channels, including its website and marketplaces.

Other Startup News:

1. Delhivery Named Most Preferred 3PL Partner for Early-Stage D2C Brands:
Delhivery, a leading logistics services provider, has been recognized as the most preferred partner for early-stage direct-to-consumer (D2C) brands in India. According to a report by Redseer Strategy Consultants, Delhivery’s comprehensive logistics solutions, including real-time tracking and streamlined returns management, have contributed significantly to the rapid growth of India’s D2C market. The report highlights the exponential growth of D2C shipments, projecting a substantial market expansion by 2028.

2. Quantum Energy Partners with Green Drive Mobility for EV Adoption:
Quantum Energy Limited, an electric vehicle (EV) original equipment manufacturer, has partnered with Green Drive Mobility to accelerate the adoption of EVs for last-mile delivery and connectivity services. Under the memorandum of understanding (MoU), Quantum Energy will supply 5,000 units of its EV 2W model, Bziness, designed for last-mile delivery fleets. The partnership aims to promote sustainable mobility solutions and reduce carbon emissions in urban environments.

3. IDEMIA Collaborates with IIT Hyderabad on Post-Quantum Cryptography:
IDEMIA Secure Transactions (IST) has teamed up with the Indian Institute of Technology, Hyderabad (IIT Hyderabad), to advance post-quantum cryptography solutions. The collaboration aims to enhance privacy frameworks against quantum threats by developing innovative cryptographic schemes. IST will fund PhD scholars for research in this field, contributing to the development of secure digital infrastructure in India.

4. LaunchPilot Initiates Operations in India to Support Entrepreneurs:
Singapore-based startup school LaunchPilot has commenced its operations in India, aiming to support first-time entrepreneurs and working professionals. The organization provides mentorship, training, and networking opportunities to help entrepreneurs build and execute their ideas successfully. LaunchPilot’s expansion in India underscores the country’s vibrant startup ecosystem and the growing demand for entrepreneurial support services.

5. Corning Establishes New Digital and IT Centre in Pune:
American multinational corporation Corning has launched a new digital and IT center, a global capability center (GCC), in Pune, Maharashtra. The center aims to attract digital talent and enhance the company’s operations in information technology. It is expected to create approximately 100 new jobs within the next two years, focusing on domains such as supply chain, data, cyber, and other digital areas.

Daily Indian Startup News and Funding Alert – 29 May 2024

Funding News:

EcoRatings Raises $1M in Pre-Seed Funding: EcoRatings, a sustainability AI firm, has successfully secured $1 million in pre-seed funding. The investment was led by We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google, combining equity and grant contributions. Co-founder Aditi Balbir expressed plans to utilize the investment to advance the company’s large language model tailored for sustainability and further develop its Gen AI-powered platform focused on Environmental, Social, and Governance (ESG) requirements.

Nanosafe Secures Rs 3.13 Cr in Seed Funding: Nanosafe, a material science technology startup, has raised Rs 3.13 crore in a seed funding round led by the IAN Group, with participation from IIM Lucknow Enterprise Incubation Centre (IIML EIC) and several individual investors. The funding will be channeled towards expanding Nanosafe’s operations into new markets, driving growth, and reinforcing its market presence.

Other Startup News:

mPokket Appoints Sanjay Kar as SVP of Data and Analytics: Digital lending platform mPokket has appointed Sanjay Kar as its Senior Vice President of Data and Analytics. Kar, leveraging over 16 years of experience in banking, aims to spearhead the development of advanced analytics tools and data systems to manage risk effectively and enhance operational efficiency.

Cashaa Appoints Amjad Raza Khan as CEO: Cashaa, a neobank for crypto businesses, has announced the appointment of its Chief Technology Officer, Amjad Raza Khan, as the Chief Executive Officer. With this strategic move, Cashaa shifts its focus towards introducing an all-in-one wallet service aimed at increasing the adoption of its native token, CAS.

Eloelo Appoints Sagar Gaonkar as CTO: Live social media platform Eloelo has named Sagar Gaonkar as its Chief Technology Officer. Gaonkar, bringing over 16 years of expertise in video streaming and OTT technology, is tasked with spearheading innovation and technological strategy at Eloelo.

Razorpay POS Introduces ‘Q-Zap’ Payment Solution: Razorpay POS has launched ‘Q-Zap’, a payment solution designed to expedite checkouts for retailers. The initiative aims to reduce billing time and operational costs while providing customers with a seamless checkout experience through self-service kiosks or handheld POS devices.

GatewAI Launches AI-Powered Solutions: GatewAI, a startup offering tech-enabled service solutions, has unveiled AI-powered solutions to establish talent, technology, and innovation hubs in India for large corporates and global startups. The initiative aims to foster collaborative ecosystems to facilitate multinational corporations’ success in the Indian market.

TMRW Partners with Google Cloud: TMRW, a brand under the Aditya Birla Group, has partnered with Google Cloud to enable users to create custom designs on t-shirts via Bewakoof.com using Generative AI. This collaboration seeks to empower users to express themselves creatively through technology.

Amazon India Announces Fourth Edition of ML Summer School: Amazon India has opened registrations for the fourth edition of its Machine Learning (ML) Summer School, offering students the opportunity to acquire ML skills from Amazon scientists. The programme is open to engineering students in India and will cover key ML topics over four weekends in July.

HostBooks Unveils MFG 360° Solution: HostBooks has launched MFG 360°, a comprehensive solution aimed at transforming the manufacturing sector by automating various aspects of production. The solution integrates financial management, optimizes operations, and streamlines inventory, supply chain, procurement, sales, and asset management.

Sleepwell and Kurlon Partner with Unicommerce: Mattress manufacturers Sleepwell and Kurlon have joined forces with Unicommerce to streamline their ecommerce operations. Through Unicommerce’s multichannel order management system, both brands aim to automate order processing across various platforms and marketplaces.

iThink Logistics Introduces Weight Discrepancy Management Dashboard: iThink Logistics has launched a weight discrepancy management dashboard to assist ecommerce sellers in managing and resolving weight discrepancies effectively. The tool aims to enhance operational efficiency by providing instant notifications and integrating with existing ecommerce platforms and logistics systems.

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Daily Indian Startup News and Funding Alert – 28 May 2024

Funding News:

Solinas Secures Undisclosed Funding for Water and Sanitation Robotics: Solinas, a startup specializing in water and sanitation focused robotic solutions, has raised undisclosed funding from Neev II Fund managed by SBICAP Ventures Ltd. The investment also includes private sector capital from Zerodha Founders’ investment arm, Rainmatter Capital. Established in 2018, Solinas aims to address issues like pipeline defect detection and manual scavenging elimination. The funding will be utilized to enhance product range, expand market presence, and strengthen water and sanitation infrastructure resilience.
Inspeq AI Raises $1.1M in Pre-Series A Round: Responsible AI development platform Inspeq AI has secured $1.1 million in a pre-Series A investment round led by Sure Valley Ventures. Other participants include Delta Partners, Plug and Play, and angel investors like Prateek Dixit and Rick Kelly. Founded in 2023 in Dublin, Ireland, Inspeq AI plans to utilize the funds to expand its product development team and extend marketing and sales operations across India, Ireland, and the UK.
Gravity Raises $1M in Pre-Series A Funding: Personalized banking platform Gravity has raised $1 million in a pre-Series A funding round led by Kettleborough VC and other investors from the banking industry. Founded in 2024 by former bankers Satish Krishnaswamy and Rohit Maroo, Gravity aims to simplify the banking tech ecosystem and provide customized products for individual users.
Maxvolt Energy Secures $1.5M for Fast-Charging Batteries: Lithium battery manufacturer Maxvolt Energy has raised $1.5 million in funding from multiple angel investors. The company plans to utilize the funds to develop fast-charging batteries for electric vehicles (EVs) and energy storage systems. Maxvolt Energy aims to launch the final product by the end of 2024 after thorough research and development.
AbleCredit Raises Seed Funding for AI Credit Underwriting: AI credit underwriting company AbleCredit has raised $1.25 million in a funding round led by Merak Ventures. Venture Catalysts and Helios Holdings also participated in the round. AbleCredit intends to scale its AI operations and enhance its business efficiency with the funding.
Skippi IcePops Raises Rs 10 Crore in Pre-Series A Round: Ice pop brand Skippi IcePops has raised Rs 10 crore in a pre-Series A funding round led by Hyderabad Angel Network and Venture Catalysts. The startup plans to utilize the funds for marketing, product development, and hiring leadership personnel.

Other Startup News:

InCred Appoints Vikram Agarwal as COO: Financial services company InCred has appointed Vikram Agarwal as its Chief Operating Officer. Agarwal brings over 25 years of experience, including his tenure as COO and CRO at Julius Baer India. He will oversee critical functions at InCred Capital, including technology, operations, client servicing, compliance, and risk management.
Paytm Insider Appoints Varun Khare as COO: Entertainment platform Paytm Insider has named Varun Khare as its new Chief Operating Officer. Khare, who previously led the company’s business division, will now lead operational strategies to drive growth and innovation.
WinZO Partners with DPIIT to Sponsor Gaming Startups for Gamescom, LatAm: WinZO and DPIIT have partnered to select and sponsor gaming startups from India to represent the country at Gamescom, Latam. The initiative aims to provide a platform for Indian gaming startups to showcase their creativity and technological prowess globally.
Ecom Express and Skye Air Partner for Drone Delivery: Logistics solutions provider Ecom Express Limited and drone tech company Skye Air have partnered to integrate drone delivery technology into their last-mile delivery ecosystem. The partnership aims to enhance delivery speed, improve efficiency, and reduce carbon emissions.
Gamerji Launches in Southeast Asia: Esports tournament platform GamerJi has expanded its operations into Southeast Asia, starting with Indonesia and the Philippines. The platform offers eight games and aims to add a million users from the region over the next 12 months.
SaralSCF Disburses Rs 940 Crore in FY24: BlackSoil Group’s supply chain financing vertical SaralSCF has disbursed over Rs 940 crore across 1.46 lakh invoices in FY24, marking a 30% increase from the previous year. SaralSCF aims to expand its clientele by onboarding more financial institutions in the future.
Algorand Launches Developer Training Platform with NASSCOM: Algorand, in collaboration with NASSCOM, has launched a developer course on NASSCOM’s FutureSkills Prime platform to teach students how to develop applications using Algorand’s blockchain technology. The initiative aims to equip young developers in India with skills that meet national standards.
Tide Enables Bill Payments for SMEs: Business finance platform Tide has introduced a bill payments feature in partnership with Setu, allowing SMEs to make seamless payments for various services. Tide aims to onboard half a million SMEs in India onto its platform by the end of 2024.
Nykaa Parent Appoints Santosh Desai as Independent Director: FSN E-Commerce Ventures has appointed Santosh Desai as an independent director for a term of three years. Desai brings extensive experience, including his current role as the MD and CEO of Futurebrands, to the company.
Oben Electric Expands Operations to Delhi, Pune, Kerala: E-motorcycle startup Oben Electric will expand its operations to Delhi, Pune, and Kerala, launching 50 new showrooms and service centers across 12 cities. The expansion is driven by the success of its flagship electric motorcycle, the Oben Rorr.
Modenik Appoints LV Vaidyanathan as Executive Chairman: Essential wear company Modenik has appointed LV Vaidyanathan as executive chairman following the retirement of Sunil Sethi. Vaidyanathan, with extensive experience in the industry, will lead Modenik towards new heights.

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Daily Indian Startup News and Funding Alert – 27 May 2024

Startup Name	Founder(s)	Investor	Amount Raised	Details
Zypp Electric	Akash Gupta	ENEOS, 9unicorns, IAN fund, venture catalysts, WFC & others	$15 million	Raised in Series C1 funding, part of a $50-million round split into $40 million equity and $10 million debt. Plans to expand fleet to 200,000 scooters and services to 15 cities by 2026.
EQT’s MMG Fund	–	Various investors including current investors in EQT’s Asian large-cap buyout funds	$1.6 billion	Double its original target. Focuses on investing in high-growth mid-market companies across Asia, with a focus on sectors like technology and healthcare.
Sauce VC	–	Corporate houses and family offices specialized in consumer markets	Rs 250 crore	Sauce Ventures, a consumer-focused investor, has opened its third fund aiming to raise Rs 250 crore. It is also raising funds from its current investors. The launch coincides with an increase in risk capital investors’ interest in the D2C market. Founded in 2019, Sauce VC operates in critical support areas for brand expansion in India, with a network of service partners and a high engagement approach.
Turno	Hemanth Aluru, Sudhindra Reddy	British International Investment, Quona Accion, Stellaris Ventures, B Capital	Rs 46 crore ($5.5 million)	Raised Rs 46 crore from new and existing investors for expansion and working capital requirements. Valued at around Rs 587 crore or $71 million post-money. Specializes in commercial EV distribution and financing, providing options for three-wheel EVs and financing across multiple states in India. Founded in 2021, Turno has raised a total of $22.5 million to date, including a Series A round of $13.8 million in February last year.