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.
Matrix Geo Solutions Founders (L-R) Amit Sharma and Rahul Jain
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.)