Startup news and updates: Daily roundup (November 26, 2024)

Funding news

Ikin Global bags $1M in Pre-Series A

Ikin Global, an IoT smart lock brand created by SectorQube has secured $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital, with participation from existing investors. The funds will be utilised to enhance its product line with AI-powered analytics, advanced sensor technology, and industry-specific solutions.

Additionally, Ikin plans to expand its team across key markets, including India, the US, and Europe, to strengthen its sales, marketing, operations, and support functions. The company also aims to scale its production capacity to meet the increasing demand from the logistics sector.

Other news

TCS expands partnership with SPARSH by three years

Tata Consultancy Services (TCS) has extended its contract for the SPARSH (System for Pension Administration – Raksha) initiative by three years. The initiative, launched by the Indian government, streamlines pension distribution for over 30 lakh defence pensioners. Under the renewed contract, TCS will manage the program's hardware and software while delivering key system updates to the system.

Since its rollout in October 2020, SPARSH has streamlined pension processing for defence personnel, providing an integrated and secure digital solution. This has reduced pension processing timelines from 12–18 months to just 14 days, said the company in a statement.

Girish Ramachandran, President –Growth Markets and Public Services, TCS, said, “The SPARSH project exemplifies TCS’ commitment to leveraging technology for social good, streamlining critical pension services for those who have served our nation. By reducing processing times and implementing efficient digital solutions, we’re helping ensure timely, transparent pension disbursement while setting new benchmarks in public service delivery.”

Kredit.Pe launches UPI app

Bengaluru-based fintech startup Kredit.Pe has launched a UPI app with features such as scan and pay, UPI Autopay, and RuPay credit card linking.

The platform also offers a cashback program, offering 1% cashback on all UPI transactions and 2% cashback on UPI spends made using a RuPay credit card. The app is available for download on both Android and iOS devices.

“We believe users should be rewarded for their everyday spending. Kredit.Pe makes UPI payments more convenient and offers real rewards to its users” noted Prashant Kumar, Founder & CEO of Kredit.Pe. Users can redeem their earned cashback on Kredit.Pe for great discounts on their everyday spends on Flipkart, Amazon, Swiggy, Zomato, and many more popular brands.

SwopStore adds 102 new brands to its portfolio

Customer acquisition platform SwopStore has strengthened its portfolio by adding 127 new brands over the past four months. Some of the new additions in the last quarter include Hidesign, Arata, ITC, Libas, Mcaffeine, Beardo, and TCNS (W for Women, Aurelia).

The startup has partnered with businesses across the health, fashion, travel, beauty, and lifestyle sectors, enabling brands to drive customer relationships, higher retention, and increased sales.

It has also expanded its partnerships into new sectors, including food aggregators, airlines, infrastructure, financial services, education, and gaming.

“Our journey into new sectors marks an exciting chapter for SwopStore. With each partnership, we unlock fresh opportunities to drive growth and bring measurable value to businesses across industries. We’re committed to shaping the future of customer acquisition with innovative solutions tailored to evolving market needs,” said Ayush Gupta, CEO and Co-Founder of SwopStore.

(The copy will be updated with the latest news throughout the day)