Startup news and updates: Daily roundup (Oct 16, 2024)

Funding

PetStrong secures maiden funding from Auxano Capital

Gurugram-based pet food company PetStrong completed its latest funding round led by Auxano Capital with participation from CXOs from various Industries.

PetStrong will use the funding to accelerate product research, expand manufacturing capabilities, and broaden its distribution network to reach pet owners in major cities and smaller towns.

The company aims to bridge the gap in Indian pet dietary practices by offering affordable, high-protein products catering to local pets’ nutritional needs.

AI B2B SaaS platform Tablesprint raises $1M

Tablesprint, an AI-based no-code app builder, raised around $1 million funding round led by a group of angel investors, including Ankit Bhati (Ola), Ajeet Khurana (Reflexical), Sunil Sharma (Coingape), BlueLotus Ventures, TDV Partners, DGC Ventures, and Abhijeet Bhandari (startup advisor).

It will use the funds to enhance its offerings, strengthen its team and drive product development.

Tablesprint offers an AI-first SaaS platform that enables companies to build intuitive apps and playbooks across business verticals. The no-code platform offers customisable building blocks like AI Write/Image, Forms, Workflows, Kanban, and Charts, which can be tailored to specific business processes like sales, orders, purchases, HR, and more.

Alchemyst AI raises $300K in pre-seed round

Gen AI SaaS startup Alchemyst AI raised $300,000 in a pre-seed round led by Inflection Point Ventures, 100Unicorns, and Early Seed Ventures.

Alchemyst AI will use the capital to enhance GPU (graphics processing unit) and technology infrastructure, support team development, scale operations, and drive growth.

Founded in 2023 by Uttaran Nayak and Anuran Roy, Alchemyst AI offers AI automation and enterprise productivity software for digital employees to create intelligent functional components for mid-sized to large enterprises.

Fashion brand ANNY secures seed funding

Fashion tech company ANNY closed its seed funding round led by FAAD Capital with additional backing from prominent HNIs and industry leaders. 

Founded in 2023 by Japjot Singh (Founder and CEO), Aveen Kaur (Co-founder and COO), and Rahul Tanwar (Co-founder and CTO), ANNY has established itself as a frontrunner in fashion tech, experiencing nearly 8X growth in the past six months, the company said in a statement.

The seed funding will accelerate ANNY’s expansion, enabling investments in AI-driven technology for real-time trend adaptation, supply chain advancements, and top-tier talent acquisition.

Red Fort Capital surpasses Rs 100 Cr assets

Red Fort Capital, an investment-grade NBFC, has raised Rs 22.6 crore in debt funding and has crossed the milestone of Rs 100 crore in assets. This achievement marks a key regulatory threshold, which reinforces its standing as a leading player in the SME lending sector.

The debt raise includes Rs 15 crore from a large PSU bank. Notably, Red Fort Capital has already secured prior financing rounds from the State Bank of India.

Additionally, Rs 4.1 crore was raised through Non-Convertible Debentures via Foreign Portfolio Investors and Rs 3.5 crore from USHA Finance. This diverse capital will be instrumental in accelerating Red Fort Capital’s mission to bridge the credit gap for small and medium enterprises (SMEs) across India.

Other news

Garuda Aerospace drones deployed by Greater Chennai Corporation for disaster management 

Drone startup Garuda Aerospace has deployed delivery drones in Chennai to support the Greater Chennai Corporation for disaster management’s rescue efforts amid the ongoing floods in the city. 

Garuda's advanced drone capabilities will help deliver critical supplies and flood packets to those affected. The company has previously engaged with the National Disaster Response Force (NDRF) to deliver essential supplies during floods in Assam and Andhra Pradesh.

TecSox partners with magicpin to offer exclusive online deals

TecSox, a tech accessories brand, partnered with magicpin to provide exclusive, timely offers to magicpin's extensive customer base of 10 million, driving significant value just ahead of the festive season.

This initiative aims to strengthen TecSox’s direct-to-consumer (D2C) efforts while enhancing customer satisfaction by providing unbeatable savings. In just one week, TecSox has successfully sold hundreds of exclusive coupons to magicpin users, a clear testament to the strong appeal of this offer.

AVPL International and Taiwan's Ahamani Advanced Inc. sign MoU

AVPL International, an agritech and drone technology startup, signed a Memorandum of Understanding (MOU) with Taiwan-based Ahamani Advanced Inc. to facilitate the dual certification of Indian drone pilots, allowing them to earn credentials from both the Directorate General of Civil Aviation (DGCA) in India and the Civil Aeronautics Administration (CAA) in Taiwan.

The collaboration was announced at the 2024 India-Taiwan Industrial Collaboration Summit organised by FICCI. This initiative is expected to broaden career opportunities for Indian pilots in global markets, particularly in agriculture, logistics, and urban management sectors.

With certifications recognised in countries that adhere to CAA standards, Indian drone pilots will be better positioned to compete for jobs globally.

TrioTree Technologies expands into Bahrain, Saudi Arabia

TrioTree Technologies, a healthcare IT solutions provider, has expanded to the Bahrain and Saudi Arabian markets, further solidifying its presence in the Middle East.

This expansion follows the company's success in Bahrain and is driven by the growing opportunities in the region, especially in Saudi Arabia, which is experiencing significant healthcare digitalisation efforts.

FarmERP empowers Middle East agribusinesses with advanced AI and ML solutions

Agritech startup FarmERP aims to transform the Middle Eastern agricultural landscape with its advanced digital platform powered by its AI and ML-based offerings, FarmGyan. The solutions are specifically designed to tackle the region's unique agricultural challenges, representing a significant advancement in boosting crop health, increasing yields for local agribusinesses, and mitigating climate challenges. 

FarmERP will also showcase its cutting-edge technologies at the 41st Saudi Agriculture Exhibition, endorsed by the Ministry of Environment, Water, and Agriculture.

Also Read

Agritech startup Greenikk winds down operations, plans to return partial capital to investors

Ecom Express champions women delivery partners

Ecom Express is actively empowering women in the logistics sector during the peak festive delivery season. With a surge in demand for timely deliveries, Ecom Express is spotlighting the contributions of its female delivery partners, reinforcing its commitment to gender inclusivity across the logistics industry.

Speaking on the ongoing peak season, Swati Mor, CHRO, Ecom Express, said, “This season symbolises resilience and strength. Our female delivery partners, along with in-office employees, are proving their excellence in this dynamic field. We are committed to supporting them by ensuring safe and empowering work environments where they can thrive.”

InCred Insight partners with Solytics Partners for financial innovation

InCred Insight Partners, a provider of consulting services for financial institutions, partnered with Solytics Partners, an advanced analytics and compliance solutions provider.

The collaboration will focus on delivering comprehensive solutions in risk management, financial crime compliance, and advanced analytics, helping clients optimise costs and strengthen compliance.

Rapido deploys its largest EV auto fleet in Bengaluru

Ride-sharing platform Rapido has deployed its largest electric auto fleet in Bengaluru. With over 4,000 captains operating in two shifts, Rapido’s EV autos have already completed more than 2.25 million rides, covering over 15.6 million kms.

This transition to electric autos has resulted in saving 1,036 tonnes of CO2 emissions, significantly reducing the carbon footprint of urban transportation in the city.

YES BANK appoints Nirav Dalal as Country Head–Financial Markets

YES BANK appointed Nirav Dalal as the bank's Country Head – Financial Markets. In his new role, Dalal will be responsible for leading the bank's financial markets business, encompassing both proprietary and client-facing operations within the treasury domain.

Based at the bank’s headquarters in Mumbai, he will report to Manish Jain, Country Head – Wholesale Banking.

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