Startup news and updates: Daily roundup (June 5, 2024)

Funding

EleFant raises $750K in seed round from Malpani Ventures, Venture Catalysts

EleFant, a mobile app-based toy Library, has raised Rs 6 crore (about $750K) in its seed round co-led by Malpani Ventures, Venture Catalysts with participation from several notable investors and family offices. EleFant was founded in 2023 by Sourabh Jain, who inspired by his daughter’s curiosity and love for learning.

The funding round saw participation from a roster of investors, including Sudhakar Pai and Jyothi Pradhan from Kanara Consumer Products Limited, part of Manipal Group, Agre Global FZE and Growth 91/Growth Sense.

“By addressing the challenge of toy clutter and constant child engagement, the EleFant is promoting a sustainable and educational ecosystem for child development. This investment reflects our confidence in the EleFant's potential to revolutionize the $1.75 billion Indian toy market, which is projected to reach $3.3 billion by 2027," said Apurva from Venture Catalysts.

Gocarin Industries secures seed funding from KIIT TBI

Gocarin Industries Pvt. Ltd., an agri-tech startup, has announced that it has raised an undisclosed amount in seed funding from the KIIT Technology Business Incubator (TBI) as part of the BIRAC Leap programme.

The funding comes as part of the central government’s initiative to support innovative startups and bolster the entrepreneurial ecosystem in India. BIRAC Leap, an initiative under the Biotechnology Industry Research Assistance Council (BIRAC), aims to accelerate startups with potential for high impact and scalability.

"We are honored to receive this support from KIIT TBI and BIRAC. This funding will be instrumental in driving our mission to revolutionize the agricultural industry by empowering farmers with cutting-edge technology solution," said Ramanuj Panda, Founder and CEO of Gocarin Industries.

Other News

Umwelt.AI appoints Sunil Joshi as Chief Operating Officer and Co-Founder

Umwelt.AI, a provider of AI-powered employee experience management and people analytics solutions has announced the appointment of Sunil Joshi as Chief Operating Officer & Co-Founder. This move aims to bolster Umwelt.AI's leadership team.

Sunil Joshi, a certified Gallup Strengthsfinder Coach, brings over 27 years of extensive experience in human resources, business transformation and coaching across several prestigious organisations. Previously, Joshi was the Head of Business Transformation at Bestseller India, where he optimised business processes and improved operational efficiency.

"I look forward to collaborating with the talented team here to develop robust solutions that address the critical need for better employee engagement and retention. I am confident that we will achieve great success in helping organisations listen to and understand their employees, ultimately driving business growth and performance," said Joshi.

Grameen Foundation partners with ONDC Network

Grameen Foundation for Social Impact, a not-for-profit organisation dedicated to improving the lives of the poor, especially women, and Open Network for Digital Commerce (ONDC), the ecommerce initiative from DPIIT, Ministry of Commerce and Industry have signed an MoU to drive socio-economic development and digital inclusion for diverse business entities.

The joint initiative aims to support Farmer Producer Organizations (FPOs), nano, micro, small, and medium enterprises (NMSMEs), Self Help Groups (SHGs), women entrepreneurs, start-ups with digital solutions

Grameen’s programs promote entrepreneurship, digital literacy and enablement, and financial inclusion.

The partnership between Grameen and the ONDC Network aims to make the onboarding experience of the digitally excluded onto the ONDC Network smooth and efficient through education, sensitisation, and facilitation.

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