Startup news and updates: Daily roundup (April 22, 2024)

Funding

BluWheelz raises $1M in bridge round led by Venture Catalysts

BluWheelz, a logistics solutions company, has raised $1 million in a bridge funding round led by Venture Catalysts, an integrated incubator and an early-stage investor. Other investors including FAAD, LetsVenture, and Chakra Growth Fund also participated in the round.

“This is a strategic leap towards our goal of expanding our electric fleet with the introduction of cutting-edge four-wheelers and six-wheelers, in collaboration with leading OEMs (original equipment manufacturers). Our unwavering focus remains on bridging the gap between technological innovation and practical urban logistics solutions, as we gear up to meet the burgeoning demand for eco-efficient fleet services,” said CP Sethi, CEO of BluWheelz.

Founded in January 2023, BluWheelz has expanded its electric vehicle fleet to over 1,200 vehicles, operating in over 18 cities. Its fleet solution covers two-wheelers, three-wheelers, and four-wheelers, with plans to integrate six-wheelers as well.

“BluWheelz’s impressive growth trajectory, strategic partnerships, and visionary leadership position them as frontrunners in the rapidly evolving EV market,” Dr Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts, noted.

Runo secures $1.5M in pre-Series A round led by Unicorn India Ventures, Callapina Capital

Call management CRM Runo has secured $1.5 million in a pre-Series A round led by Unicorn India Ventures and Callapina Capital.

Runo plans to use the funds primarily towards onboarding a senior management team in product and development. Additionally, the investment will facilitate its expansion plans into the MENA region, the US, and Canada.

“In the coming years, the penetration of CRM is going to be AI-driven and RUNO is already working on pioneering solutions on that front. We believe the fresh funds will not only help RUNO in its expansion plan but also create a path for new products to come into the market that will target MSMEs,” Anil Joshi, Managing Partner of Unicorn India Ventures, said.

Founded in the year 2019 by Rajsekhar Pattnaik and Venkata Sai Vamsi Penupothu, RUNO is a mobile SIM-based outbound call management CRM designed to revolutionise sales and outbound calling productivity.

Ninjacart invests in Philippines-based B2B agritech firm Mayani

Walmart-backed agritech startup Ninjacart has invested an undisclosed amount through its venture arm NinjaVentures in Philippines-based B2B agritech firm Mayani.

Ninjacart will also support Mayani’s expansion efforts and jointly establish an integrated Asian agri-food supply chain which is expected to catalyse digital innovations geared to address Asia’s complex food basket.

Through the deal, Mayani will integrate Ninjacart’s technology, source traceability, and inventory management solutions to achieve interoperability, hyper-efficiency, and predictive modelling, and enhance its supply chain efficiency, the company said in a statement.

“Our investment in Mayani reflects our unwavering commitment to revolutionise global agri commerce. By bridging the expertise of two agricultural powerhouses, India and the Philippines, we aim to create a transformative impact and unlock new opportunities in the Asian agri-commerce landscape and beyond,” Kartheeswaran K K, Co-founder and CEO of Ninjacart, said.

Other news

SCOPE unveils project HALO; announces $1M investment

Scope, a startup networking platform, has unveiled project HALO to foster innovation and growth in the GenAI landscape.

With an investment commitment of $1 million, HALO aims to accelerate the development of deeptech startups, particularly in the fields of artificial intelligence and large language models (LLMs).

Central to HALO’s offerings is an advisory council comprising industry veterans and experts who will provide invaluable guidance and mentorship to participating startups. In addition, HALO offers startups access to SCOPE’s extensive network, connecting them with industry leaders, potential partners, and customers.

Pine Labs’ Setu appoints former SAP India Executive Anand Raisinghani as CEO

API infrastructure company Setu has appointed Anand Raisinghani as its new CEO.

As CEO, he will steer Setu in its next phase of growth around the space of open banking, account aggregation, API platforms, embedded finance, and data gateway. He will work closely with Setu’s co-founder Nikhil Kumar.

Raisinghani has more than two decades of experience and has worked for global technology companies including Equifax, IBM, and Wipro. Before joining Pine Labs’ Setu, Raisinghani was the VP and Head of Professional Services, BFSI, Telecom, and Media at SAP India.

“Setu’s strong execution ability to offer innovative solutions that keep pace with the rapid evolution within the industry bodes well for us. I look forward to working closely with our customers and partners, to achieve new milestones together,” Raisinghani said.

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inDrive appoints Pratip Mazumder as Country Manager for India

inDrive, a global mobility and urban services platform, has appointed Pratip Mazumder as the Country Manager for India.

Mazumder will be responsible for looking after all business verticals, as well as overseeing local government and public relations, partnerships, and inVision initiatives. He will oversee the growth of inDrive’s overall business in India while ensuring ongoing improvements in safety for riders and drivers across the country.

He is an experienced leader with more than ten years in the online and consumer tech industries. He brings with him a wealth of experience in go-to-market strategy, and has launched multiple product lines and segments in numerous cities and markets.

Mazumder joins inDrive from Swiggy where he was the General Manager - Strategic Partnerships, India. He has also worked with Aegon Life India, Uber, and Practo.

“His leadership will be instrumental in cultivating our organisational culture and aligning our local operations with our global standards,” Mark Loughran, President of inDrive, said.

IIT Kanpur, NATRAX partner to tackle vehicle emissions

The Indian Institute of Technology Kanpur (IITK) and National Automotive Test Tracks (NATRAX) have signed an MOU to facilitate collaboration on the areas of real drive emission (RDE) and emission norms.

The MOU was signed by Dr Manish Jaiswal, Director of NATRAX and Prof Tarun Gupta, Dean of Research and Development, IIT Kanpur.

The partnership will transform the field of automotive research, especially in the field of vehicular emissions.

This collaboration aims to work on the emission norms, especially towards the latest EU standards and knowledge-sharing to create innovative solutions to be utilised by industry in the future.

STAIRS Foundation appoints Nitish Rana as Chairperson of ‘Right to Play’ Commission

The Society for Transformation, Inclusion, and Recognition through Sports (STAIRS) Foundation—a National Sports Promotion Organisation dedicated to the grassroots development of sports in India—has appointed Nitesh Rana, former special public prosecutor for the Enforcement Directorate, as the chairperson of its ‘Right to Play’ Commission.

Under Rana’s leadership, the commission will advocate for equitable access to play for children across all communities. It will recognise play as a vital component of youth development and an essential community resource, according to a statement.

“We are confident that Shri Rana’s guidance will tremendously advance our initiatives. His dedication to enhancing the well-being of society aligns perfectly with our mission to empower children through play,” Ajit M Sharan, Chairman of the Board of Directors at STAIRS Foundation, said.

Paytm launches two new soundboxes for UPI and credit card on UPI payments

Paytm has introduced two new soundboxes for UPI and credit cards on UPI payments with a large battery, improved sound quality, and 4G connectivity.

The devices feature instant audio confirmation to enable merchants to hear payment confirmations immediately. The devices include a powerful speaker that delivers better audio, with a long-lasting battery life of up to ten days.

According to the company, the merchants can rely on the soundbox for a week without frequent recharging. Paytm Soundbox supports notifications in 11 languages including English, Hindi, Gujarati, Bangla, Odia, Marathi, Punjabi, Telugu, Malayalam, Tamil, and Kannada, meeting the needs of India’s diverse merchant population.

“Paytm Soundbox brings the power of Rupay Credit Card payments on UPI to merchants of all sizes, from rickshaw drivers and food and grocery delivery services to large retail stores. They can conveniently carry the device in their pocket or around their neck, or place it at their stores for easy payment processing. This helps merchants, from those with high transaction volumes to small-scale businesses, accept and confirm payments seamlessly without needing to use their phones or apps,” a company spokesperson said.

Manipal Business Solutions appoints Vishal Jain as CEO

Fintech firm Manipal Business Solutions (MBS) has appointed Vishal Jain as its new Chief Executive Officer (CEO).

Jain will lead the company’s next phase of growth by developing business strategies to expand the business correspondent network, grow doorstep banking initiatives, including KYC services, and collaborate with leading banks to make financial solutions more accessible to the last mile.

With over 25 years of experience, Jain has held leadership roles in prominent fintech companies, multinational banks, and digital lending organisations in India and the Middle East region.

Before joining MBS, Jain worked with Spice Money, Paytm, Indifi, Barclays Corporate Bank, Standard Chartered Bank, and GE.

Log9 rebrands its mobility business as Amphion

Log9, an indigenous deep-tech and advanced battery-tech startup, has rebranded its mobility business as Amphion—a full-stack EV asset management company.

The startup noted that Amphion addresses critical challenges faced by the commercial electric vehicle (EV) industry, including financing, data and analytics, charging infrastructure, and energy efficiency.

From fleet operators to drivers, Amphion offers solutions that optimise asset utilisation, minimise downtime, and provide cost-effective operations for a transition to electric mobility.

Alongside the launch of Amphion, Log9 unveiled Nexmile, a new battery specifically designed for commercial electric vehicles.

The company claims to be running around 2,500 EV assets on the road, connecting 600 charging stations, and managing Rs 100 crore worth of assets for 150+ fleets with a turnaround time of 2.7 days on servicing needs.

Finayo onboards Yogendra Sharma as Director of Product and Strategy

Finayo, a green mobility embedded lending platform, has onboarded Yogendra Sharma as the Director of Product and Strategy.

In his new role, he will be responsible for creating and maintaining the product strategy, developing the product roadmap, managing the product budget, creating the product line lifecycle, managing marketing strategy, analysing product sales data, measuring results and progress toward goals.

Sharma’s industry experience spans over 25 years. Prior to his stint at Finayo, he held the position of Chief Business Officer at Rupeecircle.com (NBFC P2P). He has also handled product development at various companies including, Mufin Connect, BimaPay, and Hindon Mercantile Limited.

“His commendable wealth of industry experience, particularly in the segments of secured and unsecured loans, sales, product building, documentation and legal aspects, make him a valuable asset for us, empowering us to deliver tangible results,” Brajendra Singh, Founder and CEO of Finayo, said.

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