Startup
Startup news and updates: Daily roundup (Nov 18, 2024)
Funding
Drone-based geospatial company Matrix Geo raises pre-IPO funding
Drone and spacetech-based geospatial company Matrix Geo Solutions has raised close to $1 million in its pre-IPO funding round. The round saw participation from marquee investors such as Chittorgarh Infotech Limited, Viney Equity Markets, and Tryrock Capital Trust AIF, among others. IntelliFin Private Limited acted as the sole investment banker to the company.
Following the fundraise, Matrix Geo said it is now looking to file DRHP soon for SME IPO. Furthermore, the company intends to use this funding to accelerate growth and capture a larger market share in the rapidly expanding drone services sector in India and abroad.
Founded by Amit Sharma and Rahul Jain in 2008, Matrix Geo Solutions is a geospatial technology company empowering customers in planning, monitoring, and management through advanced drone and satellite technology, driving efficiency, cost savings, and better decision-making.
Venture Catalysts participates in seed funding round for Assure Clinics
Venture Catalysts, an incubator and accelerator platform, is participating in a seed funding round for Assure Clinics, a healthcare provider in dermatological and hair restoration space.
The funding round saw participation from notable investors, including Sathish Subbiah, Founding Partner of Fiducia Capital LTD, DIFC, Dubai, and Indresh Shah of Honor’s Group UAE, bringing valuable expertise to support Assure Clinics’ growth trajectory.
Founded by Dr Abhishek Pramod Pilani and Dr Priyanka Pilani, Assure Clinics has established itself as a frontrunner in providing innovative dermatological and hair restoration services through its network of 15 centers across India. The company offers a comprehensive range of services, including advanced hair transplantation techniques, skin treatments, and specialized hair and skincare products, serving a growing patient base with a team of over 250 employees.
Other news
Rio.money launches UPI App and partners with YES BANK and NPCI to introduce Co-Branded Credit Card
Fintech platform Rio is launching its UPI app to provide users with seamless access to credit for UPI payments. It has also partnered with YES BANK and NPCI to introduce the co-branded YES BANK Rio RuPay Credit Card, the company said in a statement. This partnership aims to revolutionise the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI, it added.
The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to Rs 5 lakh.
This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier II and Tier III cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, with 60% from Tier II and Tier III cities, highlighting the growing demand for high-quality products outside major cities.
Citara Plex appoints Shivani Singh as CEO to drive next phase of growth
Citara Plex, a cinematic experience company, has appointed senior Media leader and renowned entrepreneur Shivani Singh as its Chief Executive Officer. This strategic move positions Citara Plex for aggressive expansion and innovation in the entertainment and retail sectors.
Shivani Singh brings over two and a half decades of leadership expertise, having spearheaded groundbreaking ventures in the startup ecosystem.
Her tenure includes leadership roles at Discovery Networks, ESPN Star Sports, Star India, and Dish TV. As co-founder of She Founders, Shivani has established herself as a thought leader in innovation and entrepreneurship.
(This article will be updated with the latest news throughout the day.)
Startup
India’s digital public infrastructure finds many takers globally, says NISG CEO
The Digital Public Infrastructure (DPI) of India is now truly going global, as an increasing number of countries are seeking assistance to implement this technology platform to deliver various citizen services.
“There is a huge opportunity of taking it (DPI) globally,” said Rajiv Bansal, CEO, National Institute for Smart Government (NISG) during a panel discussion on the topic “Digital Public Infrastructure of India going Global” at the Bengaluru Tech Summit (BTS) 2024.
DPI in India has become the driving force for delivering services from both the government and private sector. These include the nationwide Aadhar identity and the unified payment interface (UPI) for financial services.
According to Bansal, NISG is engaged with several countries to come out with pilot projects or provide consultancy services on how they can implement DPI. Sri Lanka is undertaking a nationwide ID project, while other countries like Gambia, Myanmar, Belize and Fiji are keen to implement DPI to deliver several citizen services.
NISG is a not-for-profit organisation set up in 2003 by the Indian government, based on a public-private partnership model. It aims to assist governments in ushering in smart governance, process reforms and digitalisation.
Bansal said the DPI framework has achieved a certain level of maturity where it is based on fundamentals of open source technology, interoperability, subject to regulation and offering services for social welfare.
The greater interest for India’s DPI has largely come from developing countries who are looking at this platform for setting up a national identity setup similar to Aadhar. According to Bansal, developed economies are also interested in DPI but for other kinds of services.
However, Sharad Sharma, Founder – iSPIRT Foundation, was of the belief that the various functionalities from DPI till date in India are early iterations, and there is a vast scope to deliver numerous other services especially in the area of healthcare.
Startup
Deepinder Goyal clarifies Chief of Staff role is salaried, Rs 20 lakh condition a filter
Deepinder Goyal has clarified that Zomato does plan to pay the candidate selected for the Chief of Staff role, and the condition of paying Rs 20 lakh to initiative was merely a filter as the company has no plans to collect the amount.
In a post shared on X, the company’s co-founder and CEO also announced after closing the application deadline for his chief of staff opening.
This comes a day after Goyal put up the job posting on the social media platform. To make the offer not as lucrative, he announced that the role would not have any salary, at least for the first year. Not only this, the selected candidate would have had to contribute a sum of Rs 20 lakh to Zomato’s Feeding India initiative.
Any salary discussion would only happen from the second year, he said in the original post. During the first year, Zomato would also offer Rs 50 lakh to the charity selected by the candidate.
Zomato received more than 18,000 applications and closed the process at 2 pm earlier today.
The foodtech executive had claimed that the opportunity offers 10X more learning than a two-year degree from a top management school.
Goyal, in an earlier post, had highlighted that applicants came from a diverse mix of financial backgrounds, categorising them into those who have all the money, those who have some of the money, those who claim they don’t have the money, and those who genuinely don’t have the money.
It is unclear what the Chief of Staff’s duties will be as the job description is vague. The job would entail “anything and everything to build the future of Zomato (including Blinkit, District, Hyperpure and Feeding India),” the post read.
Startup
Ecommerce platform Tata CLiQ rebrands to Tata CLiQ Fashion
ecommerce platform has introduced a new brand manifesto and packaging, and refreshed both its app and web experience.
has rebranded to Tata CLiQ Fashion. With a complete visual redesign, theThe rebranding is set to reposition the brand from a horizontal marketplace to a specialised vertical platform focused on fashion and lifestyle across categories including footwear, apparel, watches, gadgets, beauty, accessories, and home, the company said in a statement.
The new logo design encompasses a rose pink and cerulean blue colour palette.
“Our new brand identity and positioning reflect our commitment to offering consumers the best of fashion curated for their evolving needs. It is a strategic pivot to drive growth and our leadership in the fashion category. By focusing on fashion and lifestyle, our goal is to elevate fashion as a powerful form of self-expression,” said Gopal Asthana, CEO, Tata CLiQ.
In addition to the currently existing stores and over 6,000 brands, it will also introduce thematic stores that will showcase a selection of styles and essentials from a wide range of brands, the company said.
The brand is also set to roll out a new feature, ‘Fit Assessment’ which will help customers find products suited to them by analysing their past purchases and understanding their size and preferences.
The platform will also introduce virtual try-on and hyperpersonalisation features in the next few months to enhance the shopping experience, and streamline the search process the company said.
It will also launch an e-magazine, ‘e-Stylist’, which will be available on the app and will offer users ready access to trend reports, care and maintenance guides, how-to-style playbooks, and theme-based curated shopping lists to keep them updated on the latest fashion trends.
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