Startup news and updates: Daily roundup (December 6, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, December 6, 2023.
Funding
VoiceClub raises $700K in seed funding led by Better Capital
VoiceClub, the on-demand audio consultancy platform, has secured $700,000 in seed funding led by Better Capital, with contributions from TDV Partners, Blume Founders Fund, Sunn91, Astir Ventures, and notable angel investors
The funding will fuel product development and strategic expansion, strengthening VoiceClub's market position.
The platform aims to empower users with immediate access to reliable audio consultancy, envisioning a transformative movement in guidance-seeking. With an ARR of $300K, VoiceClub targets $2 million in the next 12-18 months.
Launched in January 2023, the platform provides audio consulting services in categories like Astrology, Love, Legal, etc. It has garnered over 800K downloads and around 30K paid subscribers.
FedEx Express invests $100M in Hyderabad
Express has inaugurated the first Advanced Capability Community (ACC) in Hyderabad, outlining an investment of $100 million..
The centre aims to boost employment, develop new capabilities, and meet global technological needs for FedEx operations.
“This investment in talent and innovation is part of our broader plan to drive excellence and deliver unparalleled smart logistics solutions worldwide. By leveraging an exceptional talent pool, we are accelerating digital transformation and delivering innovative solutions to our customers.” Raj Subramaniam, President and CEO of FedEx Corporation, said.
Other news
Qualcomm's chips now support India's NavIC L1 frequencies
Qualcomm Technologies, Inc. has partnered with the Indian Space Research Organisation (ISRO) to incorporate support for India's NavIC (Navigation with Indian Constellation) L1 signals in select Qualcomm chipset platforms.
With this collaboration, Qualcomm's location suite now supports up to seven satellite constellations including NavIC's L1 and L5 signals.
“Qualcomm Technologies is focused on building long-term partnerships within the Indian industry utilizing our extensive engineering expertise and cutting-edge technologies to enable and propel India-centric innovations and use cases," said Savi Soin, President, Qualcomm India.
Qualcomm plans to implement L1 support in its chipset platforms by the second half of 2024, with commercial devices expected in the first half of 2025.
Log9 joins TORK Motors' low voltage fast charge standard
Log9 and TORK Motors, members of Bharat Charge Alliance (BCA), partner to promote interoperable charging infrastructure in India.
Log9 introduces Type 6-Bharat LEV fast charging across its new battery platforms in the 2W/3W space, adopting the low voltage fast charge standard. This enables customers of both brands to use chargers and networks based on BCA’s LEV DC interoperable standard.
Any technological updates, including connectors and payment gateways, will be mutually agreed upon for sustained interoperability. The collaboration aims to promote BCA’s LEV DC interoperable charging infrastructure, allowing customers to charge on each other’s networks.
Other OEM customers implementing the standard can also utilize the combined network for vehicle charging.
Fujitsu begins EV charging infrastructure modeling pilot
has initiated pilot modeling activities to optimize the deployment of electric vehicle (EV) charging infrastructure in India.
Using its Fleet Optimisation solution, which employs digital twin simulation technology, Fujitsu aims to streamline the installation and operations of EV charging infrastructure. The company, along with a consortium of global companies, will construct a data-sharing platform to promote zero-emission vehicle adoption in India.
The pilot modeling activity, scheduled from November 2023 to March 2024, will leverage fleet data to determine optimal locations for new charging infrastructure in New Delhi and Mumbai. Fujitsu plans to propose infrastructure investment plans based on demand modeling, collaborating with project partners for implementation.
LEAD launches AI-powered assessments schools
, India's largest School Edtech company, has launched AI-powered assessments for its network of 9,000+ schools.
The AI-powered assessments, available offline and auto-synchronized, feature customizable inputs such as question type, composition, and difficulty level. Teachers can review and edit assessments as needed.
The customised assessments aim to eliminate issues related to exam paper leaks. The integration of AI into LEAD's teacher app benefits over 50,000 teachers.
LEAD's educational products suit include a Teacher Capability System, Smart Class solutions, an Integrated Curriculum, and Smart School systems. The company aims to improve academic performance, admissions, and the development of critical 21st-century skills in students.
InCred Finance expects strong annual growth in consumer lending
Finance anticipates 15-20% annual growth in consumer lending in India.
A report reveals that retail lending balances surpass corporate lending, reaching Rs. 89 lakh crores (approx. $ 1.1 trillion), constituting 46% of the overall credit. Retail balances grow at 22% per annum, while corporate balances grow at 14% per annum.
Consumption loans, a key growth driver, exceed Rs 22 lakh crore (approx. $270 billion), with Credit Cards (34%), Consumer Durable Loans (33%), and others growing steadily. Personal Loans, the largest segment, has outstanding balances of Rs. 11 lakh crore (approx. $135 billion).
Small Ticket Personal Loans (STPL) (<Rs 25,000) volumes increased 4X in two years, posing an increased risk, with performance deteriorating from 6.6% in March ’21 to 11.4% in March ’23. InCred Finance, mainly in regular personal loans (>Rs. 2 lakhs), sees strong risk performance.
Housing.com introduces AI-driven Price Trend Engine
Real estate platform, , gas introduced an AI-driven Price Trend Engine using ML and AI for property pricing insights.
Initially available in Mumbai, Gurugram, Bengaluru, and Hyderabad, the tool employs a proprietary algorithm for real-time market prices and detailed 2-3 years price analysis.
The tool can provide neighborhood dynamics, help with area comparisons, and predict price appreciation, and financial planning insights.
Online gaming industry signs a voluntary 'Code of Ethics
The online gaming industry, including the Federation of Indian Fantasy Sports (FIFS), E-Gaming Federation (EGF), and the All India Gaming Federation (AIGF), signed a voluntary 'Code of Ethics for Online Gaming Industries' at the Indian Gaming Convention (IGC).
Shri Rajeev Chandrasekhar, Honourable Minister of State, addressed the IGC, emphasising the government's view of online gaming's importance in the $1 trillion digital economy goal.
The code, curated by the Internet and Mobile Association of India (IAMAI), commits to building a safe, trusted, and accountable digital gaming industry. The event featured sessions on public policy, regulatory frameworks, and the industry's role in India's digital growth.
56 Secure appoints Tata Digital's Rajiv Subramanian as co-founder
Security technology startup, 56 Secure, appoints Rajiv Subramanian as co-founder, leveraging his 20 years of experience in consumer, retail, and e-commerce industries.
"My focus will be on strategically driving business growth, expanding our market reach, and fostering innovation to reinforce our leadership in the security technology sector," Subramanian said.
Rajiv, formerly associated with Tata Digital, will focus on business growth, market expansion, and product innovation in collaboration with co-founders Sacheth Kadam and Harshit Sharma. His past roles include contributions to companies like , , Deloitte, and .
“Rajiv brings in extensive experience in leading and scaling teams and a proven track record of successfully managing businesses over $600 million. He has managed large P&Ls across both B2C and B2B domains. Given the nature of our business, his understanding of digital to deep enterprise is sure to help us navigate to the next stage of growth," Sacheth Kadam, Co-Founder, 56 Secure.
Edited by Affirunisa Kankudti
