Startup news and updates: daily roundup (June 25 2024)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, June 25, 2024.
Funding
Nitro Commerce gets seed funding
, a provider of AI-powered tools for D2C brands has raised an INR 15 crores in seed funding. This is the first phase of a larger 50 crore fundraising led by Cornerstone Venture partners.
The round also saw investors like Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator as well as individual investors Arjun Vaidya, Kunal Khattar, and Nikunj Jain, Piyush Jain.
With its funding Nitro Commerce plans to enhance it technology to address the key growth challenges.
LetsDressUp (LDU) secures Rs 11 Cr in pre-Series A funding
LetsDressUp, a fashion-tech company, has raised Rs 11 crore in its pre-series-A funding round. The round was led by GVFL Limited, Indian Angel Network (IAN), and The Chennai Angels, with participation from existing investors including Titan Capital.
The funds will be used to accelerate growth, enhance AI-driven design technology, and expand the A+ team across various verticals, the company said. The brand also plans to expand its presence across channels and categories.
According to the company, is building an inclusive apparel brand for women with a zero-dead inventory model. The brand is performing consistently with return rates around 4%, repeat rates over 25%, and an NPS above 50, it said.
AI startup Datachamps raises $500K in seed round led by Windrose Capital
Nashik-based AI startup has raised seed funding of $500,000 from Windrose Capital and others.
The company plans to use the capital to enhance its technology and accelerate sales and marketing. It also plans to continue innovating and expand its reach in the AI workflow landscape. The founders also aim to create over 100 AI-enabled Impact Dashboards in the coming months.
Datachamps is also looking to expand its international outreach, especially in Singapore and the United States.
Founded by Ashutosh and Chetan in 2021, the startup provides workflows that transform data into actionable decisions, serving the needs of executives and founders by providing structured and insightful data solutions.
Other news
Shardeum launches stage 1 of incentivized Testnet
, the autoscaling layer-1 blockchain, has launched stage 1 of its incentivized testnet, Atomium, slated to commence on June 26th, 2024. The purpose of Atomium is to incentivize users to test the network for bugs, vulnerabilities and performance issues in order to fortify the network ahead of mainnet launch.
In Stage 1, Shardeum invites community members to test numerous P2P transactions. Participants in this testing phase, called Atomium, will be rewarded with 0.65% of the total token supply, which is about 3.3 million SHM tokens. This marks the second phase of the SHM token airdrop, following the first phase that rewarded early contributors.
With the completion of Stage 1, Shardeum will then assess and enhance the network's stability and proceed to subsequent stages. Following stages will include more rigorous testing of system capabilities.
As Shardeum focuses on the above functionalities during the incentivized testnet, EVM capabilities will be disabled. In addition, Shardeum will be launching a bug bounty program on July 5th with a total bounty of USD $700k.
ADIF signed an MoU with AIIDC to boost entrepreneurship in the Northeast
The Alliance of Digital India Foundation (ADIF) has signed a Memorandum of Understanding (MoU) with Assam Industrial Infrastructure Development Corporation (AIIDC), the nodal agency for the Assam Startup initiative.
This partnership aims to boost entrepreneurship and accelerate the growth of the startup ecosystem in Assam and the broader Northeast region.
The two-year agreement will facilitate access to a network of industry experts, innovators, and potential investors. It will provide targeted mentorship programs. The alliance will support impactful programs for startups in the region. They'll also organize workshops, seminars, and roundtable discussions to raise awareness.
Cashaa set to launch its retail wallet in 200 Countries
Cashaa, a neo-bank for crypto businesses, has launched its retail wallet, providing a groundbreaking crypto alternative to traditional bank accounts.
This wallet offers comprehensive banking features, including buying, storing, spending, earning, and even taking out loans using cryptocurrencies. The wallet will be available to users in over 200 countries.
The initial rollout in June 2024 will be in seven key markets—Europe (EUR), India (INR), Turkey (TRY), United Arab Emirates (AED), Indonesia (IDR), Kenya (KES), and South Africa (ZAR). In these countries, users can purchase crypto with their local currencies.
This launch is part of Cashaa’s broader strategic shift, which includes discontinuing banking services for crypto and other high-risk businesses.
The Cashaa Beta wallet, has been tested by over 3,000 users in the past six months.
ClearTax and Tap Invest come together to simplify tax management for investors
ClearTax, an online tax filing platform, and Tap Invest, a fixed-income investment platform, have come together to simplify the complex income tax filing process.
has introduced support for alternative assets. Investors can now declare their income and file taxes related to earnings from invoice discounting, asset leasing, and other fixed-income investments offered by Tap Invest.
This collaboration combines ClearTax's tax expertise with Tap Invest's advanced investment tools. Investors can now manage their portfolios and file income tax returns conveniently and accurately in one place. The integration allows Tap Invest users to automatically sync their investment data to ClearTax, reducing manual entry and minimizing errors.
Amazon Beauty launches ‘SkinCare Advisor’ for personalised recommendations and Derma Store
Amazon has launched three major new initiatives - the Derma Store, the upgraded Global Beauty Store 2.0, and the innovative SkinCare Advisor tool.
The SkinCare Advisor is a tool that provides tailored skincare solutions based on individual skin concerns and preferences. It is integrated into search. Customers take a short survey about their skin type and goals. The tool then surfaces a personalised set of product recommendations spanning the full routine - from cleansers to treatments, moisturizers, sunscreens and eye care. This allows customers to conveniently discover products perfectly suited to their unique skincare needs.
The newly launched Derma Store offers a wide range of skincare products with ingredients from trusted brands. The store features top derma brands like CeraVe, Cetaphil, BIODERMA, Sebamed, ISDIN, Avène, Episoft, LACTO CALAMINE, La Shield and more.
The Global Beauty Store 2.0 brings an expertly curated selection of over 60+ brands from around the globe, including new brand launches like Anastasia Beverly Hills, NUDESTIX, Beauty of Joseon, and more. It offers over 5,000 products at up to 40% off.
Pearson India appoints IAM Group to lead strategic marketing
IAM Group of companies have been appointed by Pearson India to lead its strategic marketing initiatives.
Through this collaboration, IAM Group will be crafting engaging digital campaigns, impactful social media strategies, and compelling content that resonates with both educators and learners.
India Accelerator adds new centres in Pune, Gurugram and Noida
India Accelerator, a tech startup accelerator is expanding with seven new centres across four locations.
The seven new coworking centres are spread across the startup hubs of Pune, Gurugram and Noida and adds 2.5 lakh square feet space, doubling the existing capacity.
This initiative will provide end-to-end assistance, from incubation to growth and scaling up. It will integrate mentorship, funding, and industry connections across 3,200 seats in Noida, 900 seats in Gurugram, and 400 seats in Pune.
DTDC Express Ltd. appoints Ankita Tiwari as new Chief Human Resources Officer
DTDC Express Ltd., an express logistics provider in India, has appointed Ankita Tiwari as its new Chief Human Resources Officer (CHRO).
With extensive experience in HR leadership, Ankita brings a wealth of knowledge and expertise to this new role, aiming to drive impactful HR strategies and initiatives.
Tiwari comes with two decades of experience and a strong background in HR leadership across various industries. Prior to joining DTDC, she held senior HR leadership roles at companies including Larsen & Toubro Limited, A.P. Moller-Maersk, Pidilite, BASF, and ST Ericsson.
Equirus welcomes Krishna Jha as a venture partner for the InnovateX Fund
Krishna Jha joins Equirus as a venture partner for the InnovateX Fund.
With an career spanning over 25 years, Jha’s role in Equirus will involve fostering growth within the portfolio.
Krishna's journey began with Citi, followed by an entrepreneurial venture in the mobile internet space. His first company, ITFinity, was acquired by Infosys spin-off OnMobile.
Over the past decade, he has been an independent investor, focusing both on early-stage companies as well as public markets. His private portfolio includes over three dozen companies.
ElectroRide partners with Battery Smart
ElectroRide, a multi-brand electric vehicles retail chain, has partnered with , a battery swapping network for electric two and three-wheelers.
In the first phase Battery Smart plans to set up 50 swap stations at ElectroRide locations across Delhi and Uttar Pradesh. The subsequent phases of the project will witness expansion into additional regions to ensure widespread accessibility.
The partnership aims to simplify electric vehicle adoption by expanding EV swapping infrastructure. Battery Smart's goal is to provide EV users with swap stations within a 1 km radius and zero wait time.
Over the next five years, ElectroRide plans to install battery swapping stations at all 2,500 of its locations.
In its last-mile mobility solutions, ElectroRide, a multi-brand e-mobility product solutions company also intends to deploy 30,000 vehicles, incorporating battery swapping technology to extend their range.
Virgio receives PETA Certification
, a sustainable fashion brand, has received the PETA Approved Vegan certification. Virgio uses vegan materials that are cruelty-free such as natural fabrics, recycled fabrics, and other plant-based alternatives to traditional animal-derived products.
People for the Ethical Treatment of Animals (PETA) is the largest animal rights organisation in the world, with more than 6.5 million members and supporters.
iD Fresh Food accelerates Pan-India Expansion
, a Bangalore-based company fresh food startup is expanding its presence across India with launches in 11 new cities, including tier 2 and tier 3 markets, across 6 states.
The company is introducing products in new cities including Goa, Indore, Ahmedabad, Surat, Vadodara, Dehradun, Panchkula, Chandigarh, Jaipur, Lucknow, and Bhopal.
This aim of the expansion is to enhance accessibility and availability of its products nationwide. Currently, the focus is on making core products widely accessible. Future plans for each city will be based on market performance and consumer feedback.
While the products will be available across online and offline channels, iD Fresh Food aims to establish distribution centres in select cities within the next one to two months.
Equinix to open a strategic interconnection hub in Chennai
, Inc, a digital infrastructure company®, is expanding into Chennai with its first International Business ExchangeTM (IBX®) data center, called CN1. This facility is designed to support the needs of enterprises and hyperscalers, including AI deployments, to help businesses capitalise on the digital opportunity in India.
With an initial investment of $65 million, Equinix CN1 will be located in SIPCOT, Siruseri, about 28 kilometers from the Central Business District. This four-story building will offer a total capacity of 4,950 cabinets when fully built, with the first phase of 850 cabinets opening in Q4 2024.
Equinix recently opened the MB4 IBX data center in Mumbai, adding 350 cabinets, and announced MB3, set to open in Q4 2024 with an initial capacity of 1,375 cabinets and expanding to over 5,500 cabinets.
In Mumbai, Equinix hosts over 300 companies, including around 200 network service providers and 5 internet exchanges. It offers access to 8 cloud service providers, such as AWS, Google Cloud, Microsoft Azure, and Oracle Cloud, forming the densest cloud ecosystem in India.
All Equinix facilities in India, including the upcoming CN1 and MB3, will be 100% powered by renewables.
Peak XV’s Shailendra Singh joins USISPF’s board of directors
The US-India Strategic Partnership Forum (USISPF) has roped in Shailendra Singh, Managing Director, Peak XV, to its board of directors.
As Managing Director at Peak XV, Singh has been overseeing global operations and manages over $9 billion in assets. He has also played a key role in facilitating cross-border partnerships and investments, driving innovation, and fostering entrepreneurship in the technology, consumer, and financial sectors. He has led investments in numerous companies and spearheaded initiatives to support startups from seed funding to IPO readiness.
He was named in the Forbes Midas List of top global VCs for three consecutive years from 2018 to 2020.
Shailendra Singh
Customer engagement platform Exotel launches autonomous contact centres
, a customer engagement platform, has introduced multilingual autonomous contact centres.
Exotel's autonomous contact centres use advanced AI to enhance customer experience. Its agenoids—AI agents—can operate independently, ensuring that customer interaction is personalised and contextual.
The development of these autonomous contact centres is structured in three stages. First, the Agent Assisted Contact Center will enhance agent capabilities with real-time data analytics, sentiment analysis, and comprehensive quality metrics monitoring. Next, the Agent Monitored Contact Center will oversee the operations of multiple Agenoids to ensure high-quality, omnichannel interactions. Finally, the Autonomous Contact Center will enable Agenoids to handle customer interactions independently, scaled to global needs while remaining under expert supervision.
"We believe that autonomous contact centres are capable of so much more with minimal human intervention, we aim to make every interaction personalized and empathetic. This not only enhances customer satisfaction but also sets new industry standards," said Shivakumar Ganesan, Co-founder and CEO of Exotel.
Edited by Megha Reddy
