Startup
Startup news and updates: daily roundup (October 24, 2024)
Funding news
NG Earsafe raises Rs 1.06 Cr in seed funding
NG Earsafe, an open-ear headphone brand, raised Rs 1.06 crore in a seed round from Inflection Point Ventures for brand awareness, market expansion, and new product development.
The startup specialises in safe listening solutions using Air Conduction and Bone Conduction Technology, which transmits sound through vibrations rather than directly through the eardrum.
Founded in 2019 by Meet Shah (CEO) and Raj Shah (COO), NG Earsafe has sold over 43,000 headphones and operates at an annual revenue run rate of Rs 10 crore.
“WHO predicts that 1 in 4 people will face hearing problems by 2050. Our goal at NG EarSafe is to encourage a shift towards safer forms of listening, helping to reduce the forecasted hearing damage,” CEO Meet Shah said.
Other news
Bizongo signs MoU with NALCO to distribute 27K MT aluminium
Bizongo, an Accel and IFC-backed company, has signed an MoU with NALCO (National Aluminium Company Limited) to distribute aluminium products through its B2B ecommerce platform. The company targets to distribute 27,000 MT of aluminium by March 2025.
The partnership aims to streamline the procurement process for industrial buyers using Bizongo’s digital marketplace, BizongoBuy, and financing solutions BizongoFin.
Within its first quarter, Bizongo has achieved significant milestones, distributing over 3,000 MT of aluminium monthly, making it one of NALCO’s top-tier distributors.
“It is indeed a matter of honour that within just three-quarters of operations, Bizongo has emerged as one of the key distribution and financing platforms for NALCO’s customers. Being entrusted as among the top-tier distributors by NALCO is a testimony to our deep understanding of B2B marketplaces and supply chain financing solutions,” said Sachin Agrawal, Co-founder and CEO of Bizongo.
Apna.co launches platform to solve India’s campus recruitment challenge
Apna.co has launched Apna Canvas, a new platform designed for early talent recruitment (0-3 years experience) in India.
The platform connects over two crore freshers from 22,000+ colleges across 2,500 cities with potential employers through competitions and skill assessments.
Apna Canvas has partnered with major companies, notably the PwC Campus Contender 2024, which saw 12,000 participants competing for Rs 6 lakh in prizes.
The platform helps companies overcome key challenges in fresher hiring, including limited candidate diversity and the logistical overhead of campus recruitment. It offers features like interactive microsites, virtual pre-placement talks, and gamified challenges to help companies build their employer brand and engage with talent effectively.
(This article will be updated with the latest news throughout the day.)
Startup
Thesys secures $4M funding led by Together Fund
AI startup Thesys bags $4 million funding in a round led by Together Fund. The round also saw participation from 8VC, the company said in a statement.
The startup will use the funding to bridge the gap of user experience with AI agents. As a visual collaboration tool, the company will also provide a platform that will enable businesses to ideate, visualise, and ship intelligent experiences at scale.
“The way we engage with technology is changing faster than ever. Static interfaces simply don’t meet the demands of today’s AI-capabilities…At Thesys, we’re building tools that make it possible for businesses to adapt and thrive in this new era,” said Parikshit Deshmukh, Co-founder, Thesys.
This evolution is about unlocking the full potential of AI-driven interactions and delivering unparalleled user experiences, he added.
“The future of AI relies as much on intuitive, adaptive interfaces as it does on backend capabilities. Thesys’ vision for Generative UI aligns perfectly with Together Fund’s commitment to enabling founders who are redefining the user experience,” said Manav Garg, Co-founder and managing partner of Together Fund.
“By empowering teams to create real-time, personalized interactions, Thesys is setting a new standard for AI-driven interfaces. We’re excited to support their journey in transforming the role of design and development tools for the next generation of AI applications,” he added.
The company, founded by Rabi Shanker Guha and Parikshit Deshmukh this year, emerged from the understanding of the need to provide support in the shift towards AI-driven interfaces, it said.
“Thesys envisions a future where all interfaces dynamically adjust to each user’s behavior, preferences, and needs—driven by what the company calls “Generative UI”. Unlike traditional static interfaces that rely on predefined paths, Generative UI uses AI to create unique, adaptive user interfaces on-the-fly, allowing businesses to provide truly personalized digital experiences,” the company added.
The company plans to launch a UI SDK that is set to enable developers to seamlessly integrate Generative UI into their applications. Additionally, post its closed beta launch, the company plans a general availability (GA) with its product within the next quarter positioning itself as the go-to product toolkit for businesses looking to stay ahead in the AI revolution.
“Thesys is pioneering a transformative shift in UI design workflows by integrating AI-driven adaptability… Their Generative UI approach aligns with our commitment to investing in technologies that drive innovation in user experiences,” said Bhaskar Ghosh, partner at 8VC.
Startup
BrowserStack launches AI-driven Low Code Automation tool
Software testing platform
has rolled out Low Code Automation, a solution to simplify test automation for quality assurance teams, developers, and non-technical users.The newly launched solution will address challenges faced by software teams, including manual testing delays and complex automation frameworks, BrowserStack said in a statement.
While traditional test automation requires coding expertise by often limiting non-technical testers to contribute, this tool allows user—irrespective of their technical background—to create and manage AI-driven automated tests without writing code. Users can also use BrowserStack’s cloud infrastructure for reliable test execution.
“(The AI-powered Low-Code Automation (LCA) simplifies the process of building and maintaining test automation suites compared to traditional tools like Selenium. It reduces the steep learning curve and complexity often associated with automation projects, leading to a quicker return on investment (ROI),” Chintan Doshi, Director of Product Management at BrowserStack, told YourStory.
To support development teams worldwide, Low Code Automation speeds up testing cycles, boosts product quality, and enhances user experience by reducing technical barriers.
“Citizen testers—such as business analysts, product managers, and customer support teams—can easily add validations and create automated tests with the test recorder, without requiring coding skills. This reduces their dependency on developers and QAs and empowers them to actively contribute to testing efforts,” Doshi explained.
Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack provides a cloud-based platform for developers to test websites and mobile apps across devices, operating systems, and browsers on demand.
With headquarters in San Francisco and Mumbai, the company has expanded its product line to include over 15 products, of which 10 were launched in the past 18 months.
In August, the Accel-backed firm acquired Berlin-based Bird Eats Bug, an advanced bug-reporting tool. The acquisition aims to address the existing gaps in bug reporting and streamline fragmented testing workflows.
Startup
Flipkart’s delivery arm Instakart reports widening losses, lower revenue in FY24
Flipkart’s delivery service arm Instakart’s FY24 losses increased multifold to Rs 1718.4 crore, from Rs 324.6 crore in the previous year, hurt by higher expenses and marginally lower revenues.
The company, which is in the logistics, warehouse, courier and allied services business, clocked an operating revenue of Rs 12,115.3 crore in FY24, 5% lower than Rs 12,787.4 crore it posted a year ago, according to filings made with Toefler.
During the period, the company’s total expenses increased 6% to Rs 14,149.4 crore, mainly driven by employee benefit and other expenses.
Logistics services accounted for the majority (about 78%) of Instakart’s total operating revenues, with Rs 9,429.8 crore, marginally lower than what it collected in the previous year.
Warehousing services, which accounted for about 10% of total operating revenues, witnessed a 28.4% drop in revenue, while collection services, which accounted for 12%, remained stable.
Just a week ago, Flipkart Internet reported a 21% rise in FY24 revenue at Rs 17,907.3 crore helped by rising income from its advertising services.
Flipkart India Ltd, which is Flipkart’s business-to-business (B2B) arm, reported a 26.4% rise in revenue from operations at Rs 70,541.9 crore in FY24.
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