Startup news and updates: Daily roundup (October 22, 2024)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, October 22, 2024.
Funding News
BlackSoil invests over Rs 230 Cr across 11 companies
BlackSoil, an alternative credit platform, has disbursed ₹233 crore ($29 million) across 11 portfolio companies in Q2FY25, with investments spanning financial institutions, healthcare, logistics, and consumer businesses. The investments include seven new portfolio companies and 4 recurring clients.
The Company's Assets Under Management (AUM) grew by ~25% year-on-year, driven by steady investment activity. Additionally, BlackSoil exited 11 investments during the quarter, demonstrating ongoing progress in its portfolio management.
"This quarter's diverse investments across diverse sectors reaffirm our commitment to empowering high-potential, high-growth startups. We are excited about our continued momentum and the impending merger of Caspian Impact Investments into BlackSoil, which will further strengthen our position in the market," said Ankur Bansal, Managing Director of BlackSoil.
Pidilite Venture invests Rs 5 crore into Wify
Pidilite Ventures has invested Rs 5 crore in Wify (Installco Wify Technology Private Limited), a home improvement and maintenance services platform. This pre-Series A round was led by Capria and Mount Judi Ventures, with participation from Blume Ventures.
Wify specialises in delivering B2B2C home improvement and maintenance services through the training of adept tradespeople dedicated to enhancing the reputation of home improvement brands. They offer a full-stack solution, from workflow management to after-sales support, for brands and consumers. Their clientele spans across home improvement retailers, e-commerce giants, interior design services, water solutions, audio and electronics, flooring solutions, and home furniture services.
Other News
Bizom acquires Rhythm 2.0 Sales Route Optimiser
Bizom, a platform for route to market solutions, has acquired Rhythm 2.0 Sales Route Optimiser, also known as Beat Planner. Developed by Algorhythm, a Pune-based company, Rhythm 2.0 Sales Route Optimiser is an offering for travelling sales professionals.
With the advent of quick commerce in urban centres, this digitisation is aimed at supporting traditional retailers, including mom-and-pop stores.
“This acquisition is in-line with our ambition to further expand Bizom's capabilities and consolidate with like-minded solutions in the RTM tech space,” said Lalit Bhise, CEO, Bizom.
ideaForge franchise model expands drone service for entrepreneurs
Drone technology company ideaForge Technology has launched India’s first app-based Drone as a Service (DaaS) model - FLYGHT Franchise. This model empowers large enterprises and organisations to harness UAV technology on-demand while benefiting from ideaForge’s expertise and operational support.
The FLYGHT Franchise model offers a range of benefits including exclusive area service rights, comprehensive operational assistance and marketing support, and a scalable business framework with multiple revenue streams
FLYGHT Franchise offers businesses an opportunity to integrate drone solutions and gives access to technological resources. The model offers a range of benefits, including exclusive area service rights, comprehensive operational assistance and marketing support, and a scalable business framework with multiple revenue streams with clients across the government, public safety, and private sectors.
“The FLYGHT Franchise model is designed to empower both individuals and organisations, allowing them to leverage cutting-edge drone technology with AI capabilities while benefiting from ideaForge’s comprehensive support," said Ezhilan Nanmaran, Head of Product and Strategic Partnerships, ideaForge.
Michelin India announces 'Michelin AI Challenge' winners
Michelin has announced the winners of the Michelin AI Challenge, launched in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT), and Startup India. The initiative aims to foster innovation and entrepreneurship in the Indian AI startup ecosystem while exposing them to global best practices.
The three winning teams were awarded paid pilot projects from Michelin, with funding of up to INR 5 lakh each.
During the event, 10 startups pitched their ideas, and Kogo.ai, Prophecy, and Zangoh.ai were recognised for their innovative contributions, learning opportunities to co-build on strategic projects and receive mentorship. The startups were evaluated by a team of Michelin’s AI data scientists, business leaders, product managers and developers.
The award ceremony which took place at IIT Delhi, was attended by Petros Sourmelis, Minister-Counsellor, Delegation of EU to India and Bhutan, Marie Khater, Deputy Head of the Regional Economic Department for India and South Asia, Embassy of France, Ambica Rajagopal, Michelin Group's Chief Data and AI Officer, and Shantanu Deshpande, Managing Director of Michelin India.
Allcargo Gati to roll out 1,700+ rebranded vehicles with Alternate Fuel Solutions
Allcargo Gati Limited, the express distribution and supply chain management company, is set to roll out more than 1,700 rebranded Alternative Fuel Vehicles (AFVs) across India for the first and last-mile deliveries. This is a part of Allcargo Group’s larger rebranding and sustainability initiative to become carbon neutral by 2040, a statement from the company said.
The newly rebranded trucks feature superior fuel efficiency, and sustainability features to meet diverse and growing demands of the customers.
“The launch of our rebranded fleet underscores our commitment to sustainability. By integrating cutting-edge technology with enhanced efficiency, the AFVs are designed to reduce our carbon footprint while driving cost-effectiveness for our customers,” said Uday Sharma, Chief Commercial Officer, Allcargo Gati Limited.
Shardeum’s ITN Stage 3 surpasses 7 Million transactions
EVM-based Layer-1 blockchain Shardeum has achieved a significant milestone with its Incentivized Testnet (ITN) Stage 3 surpassing 7 million transactions in under 20 days since launch.
ITN Stage 3, which was initiated on October 1, 2024, is aimed at stress-testing the network under real-world conditions. With participation from both on-chain contributors and validators, the platform enables users to engage in quests, run validator nodes, and earn exclusive rewards like XP, NFTs, badges, and $SHM airdrops.
“This milestone illustrates the potential of our network as we gear up for the Mainnet launch. The active participation from users and validators has been invaluable in stress-testing the platform," said Chris Chabot, VP of Developer Relations at Shardeum.
India Blockchain Week to be held in Bengaluru
The India Blockchain Week will be held in the city of Bengaluru from November 30 to December 8 as it aims to foster this technology ecosystem through participation from different stakeholders.
The key highlights at this conference will include a chain-agnostic Hackathon, Web3 Demo Day, ETH India Hackathon etc. Hosted by Hashed Emergent, a Web3 Venture Capital firm, the conference is expected to see participation from policymakers, entrepreneurs, and developers.
MumbaiHacks event to be held on Oct 25 and 26
The Tech Entrepreneurs Association of Mumbai (TEAM) and Made in Mumbai, in partnership with NVIDIA, Meta, Quantiphi and ATLAS SkillTech University will host a Gen AI Hackathon — MumbaiHacks on October 25 and 26.
In its third edition, ‘MumbaiHacks’ will focus on four key tracks that reflect the most impactful opportunities in AI-driven transformation: social good, finance, entertainment and SaaS. Some of the leading generative AI companies that are members of the Tech Entrepreneurs Association of Mumbai (TEAM) include Haptik, Fractal, Invideo, Gupshup, Quantiphi, Pepper Content, Consumr.ai, Netcore, Neysa Networks, CleverTap, Sifthub and Babblebots.AI, among others.
The Tech Entrepreneur’s Association of Mumbai (TEAM’s) areas of focus center around creating a supportive environment for cementing Mumbai as a global hub for the venture and startup ecosystem and to support India’s potential to be a trillion-dollar digital economy.
(This article will be updated with the latest news throughout the day.)
