Startup news and updates: Daily roundup (November 26, 2024)

Funding news

Ikin Global bags $1M in Pre-Series A

Ikin Global, an IoT smart lock brand created by SectorQube has secured $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital, with participation from existing investors. The funds will be utilised to enhance its product line with AI-powered analytics, advanced sensor technology, and industry-specific solutions.

Additionally, Ikin plans to expand its team across key markets, including India, the US, and Europe, to strengthen its sales, marketing, operations, and support functions. The company also aims to scale its production capacity to meet the increasing demand from the logistics sector.

devx secures pre-seed funding led by Avinya Ventures 

Early-stage venture capital firm Avinya Ventures has led the pre-seed funding round for devx, an Outcome As A Service (OaaS) firm specialising in headless commerce solutions for e-commerce brands. 

The Surat-based startup has recorded $1M in ARR in 18 months. It caters to several global brands, including Mokobara and Foxtale. 

"We are delighted to partner with devx and support their journey to become a leading player in the e-commerce industry. We see 70-80% of the investment to strengthen the tech team and drive transformative outcomes for brands. Their team's expertise and dedication, combined with Avinya Ventures' strategic guidance and resources, will enable them to accelerate growth, scale operations, and deliver exceptional value to their clients," said Gaurav VK Singhvi, Co-founder of Avinya Ventures. 

Other news

TCS expands partnership with SPARSH by three years

Tata Consultancy Services (TCS) has extended its contract for the SPARSH (System for Pension Administration – Raksha) initiative by three years. The initiative, launched by the Indian government, streamlines pension distribution for over 30 lakh defence pensioners. Under the renewed contract, TCS will manage the program's hardware and software while delivering key system updates to the system.

Since its rollout in October 2020, SPARSH has streamlined pension processing for defence personnel, providing an integrated and secure digital solution. This has reduced pension processing timelines from 12–18 months to just 14 days, said the company in a statement.

Girish Ramachandran, President –Growth Markets and Public Services, TCS, said, “The SPARSH project exemplifies TCS’ commitment to leveraging technology for social good, streamlining critical pension services for those who have served our nation. By reducing processing times and implementing efficient digital solutions, we’re helping ensure timely, transparent pension disbursement while setting new benchmarks in public service delivery.”

Kredit.Pe launches UPI app

Bengaluru-based fintech startup Kredit.Pe has launched a UPI app with features such as scan and pay, UPI Autopay, and RuPay credit card linking.

The platform also offers a cashback program, offering 1% cashback on all UPI transactions and 2% cashback on UPI spends made using a RuPay credit card. The app is available for download on both Android and iOS devices.

“We believe users should be rewarded for their everyday spending. Kredit.Pe makes UPI payments more convenient and offers real rewards to its users” noted Prashant Kumar, Founder & CEO of Kredit.Pe. Users can redeem their earned cashback on Kredit.Pe for great discounts on their everyday spends on Flipkart, Amazon, Swiggy, Zomato, and many more popular brands.

SwopStore adds 102 new brands to its portfolio

Customer acquisition platform SwopStore has strengthened its portfolio by adding 127 new brands over the past four months. Some of the new additions in the last quarter include Hidesign, Arata, ITC, Libas, Mcaffeine, Beardo, and TCNS (W for Women, Aurelia).

The startup has partnered with businesses across the health, fashion, travel, beauty, and lifestyle sectors, enabling brands to drive customer relationships, higher retention, and increased sales.

It has also expanded its partnerships into new sectors, including food aggregators, airlines, infrastructure, financial services, education, and gaming.

“Our journey into new sectors marks an exciting chapter for SwopStore. With each partnership, we unlock fresh opportunities to drive growth and bring measurable value to businesses across industries. We’re committed to shaping the future of customer acquisition with innovative solutions tailored to evolving market needs,” said Ayush Gupta, CEO and Co-Founder of SwopStore.

Onward Workspaces secures a 14,000 Sq. Ft. managed office transaction with Lenskart 

Onward Workspaces, a provider of premium flexible and managed coworking solutions, has signed a managed office deal with eyewear retailer Lenskart. As part of the partnership, Lenskart will occupy a 14,000-square-foot workspace in Onward Workspaces' latest facility, located in Delhi’s Okhla Phase 3 business district. The space spans four floors and is designed to accommodate around 300 employees.

The project involves a capital expenditure of around Rs 1,800 per square foot in order to deliver a customised office solution.

T9L Qube Partners with Sumedha Fiscal Services

T9L Qube has announced its partnership with Sumedha Fiscal, a publicly listed financial services firm. 

This strategic partnership comes on the heels of participation from Virender Sehwag, along with other prominent lawyers, private equity partners, and industry leaders.

"This collaboration promises to be impactful and pivotal in driving innovation and nurturing the next generation of entrepreneurial achievements. We are excited about the opportunity to work closely together, combining our strengths and resources to create a partnership that leads to remarkable outcomes,” said Fahad Moti Khan, Founder of T9L Qube.

T9L adopts a playbook-driven approach to ideating, validating, building, and launching scalable startup ideas. As one of the few studio concepts in India, T9L aims to mitigate common startup failure risks through strategic interventions. 

Shemaroo Contentino captures 90% of the premium Indian content market

Shemaroo Contentino, a global leader in in-flight entertainment (IFE) and a subsidiary of Shemaroo Entertainment, has captured over 90% of the premium Indian content market. 

It has partnered with over 130 airlines, including Air India, Emirates, Qatar Airways, and Singapore Airlines, Shemaroo Contentino, catering to the wide Indian diaspora and international passengers. 

“We’re proud to be at the forefront of providing Indian content for inflight entertainment.Our deep understanding of the global Indian diaspora, coupled with our ability to deliver culturally resonant content, truly sets us apart. Our goal is to make every journey more enjoyable and engaging, transforming long flights into memorable experiences—with the perfect movie or show just a click away,” said Murtuza Kagalwala, Managing Partner of Shemaroo Contentino. 

Moveworks expands presence in India

Moveworks, a GenAI copilot for enterprise search and automation, has launched a new office at the Embassy GolfLinks campus in Bengaluru. With this expansion, the company plans to support over 200 engineering and machine learning experts focused on developing innovative AI products, it said in a statement. 

The company has also surpassed $100 million in annual recurring revenue (ARR), achieving Centaur status as the first AI application startup to join this exclusive category. 

“Moveworks is a go-to partner for companies seeking business transformation through generative AI. Our growth in India reflects our commitment to crafting world-class AI products that redefine the workplace and fundamentally improve the employee experience,” said Vaibhav Nivargi, Co-Founder and CTO of Moveworks.

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