Startup news and updates: Daily roundup (November 14, 2024)

Funding news

Mushin Innovative Labs bags $250K in seed round

SaaS firm Mushin Innovative Labs raised $250,000 in a seed round led by Inflection Point Ventures to enhance its sales and marketing operations, fuel R&D efforts, and product development. 

The Delhi firm offers digital solutions for the automotive manufacturing industry. Its flagship platform, Mushin AQUA, helps Tier I and II manufacturers streamline compliance and improve quality management, achieving cost reductions of up to 85%.

“The automotive manufacturing industry has stringent compliance standards to follow while minimising costs and maintaining top-notch quality. Many Tier I and II manufacturers struggle to meet these demands efficiently due to fragmented processes and outdated systems. Mushin Innovation Labs addresses this challenge and streamlines compliance and enhances quality management in an accessible price range, making lives easier for Tier I and II manufacturers,” said Vikram Ramasubramaniam, Partner and CIO of Inflection Point Ventures.

Drone startup Airbound secures $1.7M led by Lightspeed 

Drone technology startup Airbound secured a $1.7 million seed round led by Lightspeed, with participation from gradCapital and prominent angel investors. Utilising its proprietary TRT design, a blended wing body tailsitter, Airbound aims to support logistics by lowering delivery costs by two orders of magnitude compared to conventional methods.

“Airbound is proud to have developed not only an industry-leading delivery drone but also a highly efficient, scalable manufacturing process,” said Naman Pushp, Founder and CEO of Airbound. 

“We scrutinised every vehicle system to reduce weight, enhance safety and reliability, and maximise efficiency. We developed new methods to manufacture carbon fibre, which allow us to reduce the weight of our Airframe from 6 pounds to 400 grams,” he added. 

With this funding, Airbound will deploy its R&D efforts toward medical logistics and routine supply deliveries like transporting blood samples from health centres to testing labs.

LegalKart raises Rs 6.5 Cr from existing investors

Legal consultation platform LegalKart secured Rs 6.5 crore in its latest funding round from existing investors to accelerate the company’s growth and advance its AI-powered legal technology solutions.

Founded in 2019 by Arvind Singhatiya, LegalKart makes legal services more accessible and affordable for everyone. The platform allows users to connect with legal professionals and lawyers in all Indian languages through audio and video calls.

Arvind Singhatiya, Founder and CEO of LegalKart, said, “We are excited to have the continued trust and support of our investors. This investment reinforces our commitment to simplifying legal services using the latest technology and making them accessible to everyone."

Other news

OnePlay appoints Akshat Rathee as investor, advisor

Cloud gaming platform OnePlay appointed Akshat Rathee as a strategic investor and member of its advisory board. With over 20 years of experience in the gaming industry in India and other emerging markets, Rathee is a seasoned entrepreneur and has previously served as the managing director and co-founder of NODWIN Gaming. 

Throughout his career, he has launched over 20 companies across the consulting, clean energy, sports tech, and gaming sectors. 

“It’s a pleasure to welcome Akshat Rathee to the OnePlay team. His extensive experience with NODWIN Gaming will be instrumental as we embark on our journey in the cloud gaming space. We believe that Akshat's insights and strategic vision will be pivotal in driving innovation and shaping the future of gaming at OnePlay, as we strive to create unparalleled experiences for gamers in India and beyond,” said Harshit Jain, Co-founder and CEO at OnePlay. 

IDFC First Bank opens startup lounge in Bengaluru

IDFC FIRST Bank launched a startup lounge, an exclusive space designed to support entrepreneurs and empower early-stage startups in India. Located in Koramangala, Bengaluru, it aims to provide essential resources, mentorship, and networking opportunities for entrepreneurs looking to scale their businesses.

The FIRST Wings Start-up Lounge of IDFC First Bank will offer a zero-fee current account with free banking services with no minimum balance requirement for initial three years for early-stage startups.

It will also provide a smart sweep facility that allows startups to earn returns up to 7.25% on idle funds by automatically transferring excess amounts over Rs 2 lakh into fixed deposits, as well as a corporate credit card to help startups manage their business expenses with a flexible step-up credit feature.

“IDFC FIRST Bank will also partner with leading incubators, accelerators, venture capitalists, and angel investors, creating synergies that will help startups gain a competitive edge in a fast-evolving business environment,” said Bhavesh Jatania, Head Start-up Banking, IDFC FIRST Bank. 

Bengaluru Tech Summit to hold Venture Capital Connect summit

the Department of Electronics, IT, Bt, Government of Karnataka, is organising the Venture Capital Connect, a three-day programme connecting startups and investors, as a part of Bengaluru Tech Summit 2024 from November 19-21, 2024.

The programme is expected to draw over 50 leading global investors, including family offices, angel investors, and VC firms from across the globe, bringing a combined potential investment fund of more than $17.5 billion.

With support from leading investment associations and registered VC networks in India, the programme will focus on catalysing growth specifically for Karnataka-based startups. 

According to a statement, over 322 startups have registered to participate in the programme, of which 118 have applied for patents. It includes 23 ideation-stage startups, 142 early traction-stage startups, 75 concept validation-stage startups, and 82 growth-stage startups.

TiE India introduces Family Office Summit in partnership with Chiratae Ventures 

The Indus Entrepreneurs (TiE) Bangalore, in partnership with Chiratae Ventures and Entrust Family Office, is launching the Family Office Summit at the TiE Global Summit 2024 in Bengaluru.

The event, scheduled for December 11, 2024, aims to inspire Indian family offices to invest in the country's startup ecosystem by offering insights into the "why" and "how" of supporting high-growth ventures with local capital. 

A recent PwC report highlights the rapid growth of family offices in India, rising from about 45 in 2018 to 300 in 2024. 

Through this summit, TiE and its partners seek to increase awareness and provide a platform for family offices to explore India’s emerging startup opportunities, fueling domestic investments in local private equity over the next five years.

GIFT City launches International Fintech Institute and Fintech Incubator and Accelerator

Gujarat International Finance Tec-City (GIFT City) launched the GIFT International Fintech Institute (GIFT IFI) and the GIFT International Fintech Innovation Hub (GIFT IFIH), a fintech incubator and accelerator supported by the Asian Development Bank (ADB). 

The GIFT IFI will be led by a consortium that includes Ahmedabad University, in collaboration with IIT Gandhinagar and the University of California, San Diego. The training programmes, set to commence in January 2025, are designed to help professionals with industry skills required for the modern financial sector. 

The institute aims to provide professionals with the skills needed to excel in high-growth careers in global finance. Complementing this, the GIFT IFIH—led by Plug and Play, a global accelerator platform—plans to provide resources, expert mentorship, and networking opportunities to startups. 

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