PriyaPatel
TLDR:
– Namdev Finvest, an RBI-registered company, has secured $15 million in Series B funding.
– WeWork Labs has launched Jumpstart 2024, a program to support early-stage startups.
– An international battery company raises $35 million in funding.
– FinAGG Technologies secures $11 million in Series A funding.
– AquaExchange, an aquaculture start-up, secures $6 million in Series A funding.
– A report reveals that 3 in 10 financial services and insurance businesses experience weekly IT outages.
– FinBox and Capital Now partner to speed up digital underwriting by 40%.
– Professional social media platform Medial raises $120,000 in its pre-seed round.
– Mirasys deploys 500 AI-enabled cameras in Ayodhya to enhance vigilance.
– The Indian government has launched an AI-Warehouse pilot project to reduce onion wastage.
– RBI introduces a self-regulatory organization to foster responsible innovation in the fintech sector.
– Derek Laney, Slack Technology Evangelist, emphasizes the importance of optimizing work productivity rather than working longer hours.
– CoinDCX faces a decline in trading volume due to a tax on cryptocurrency.
– Amazon faces labor rights issues in India.
– India aims to promote large-scale product manufacturing in the country.
– India’s deep tech ecosystem struggles to attract investment.
Namdev Finvest, an RBI-registered company, has announced that it has secured $15 million in Series B funding. The funding will support the company’s growth and operations. WeWork Labs, the investment and acceleration arm of WeWork India, has launched Jumpstart 2024, a program to support early-stage startups. Through its Growth Campus program, WeWork Labs will provide businesses with subsidised access to workspaces and the opportunity to connect with founders, investors, and mentors. Participants in the program will also be eligible for $200,000 in funding.
In other funding news, an international battery company has raised $35 million, including funding from RTP Global. The funding will be used to further the development and production of Prismatic Li-ion NMC batteries that operate safely in high temperatures and support fast-charging. Additionally, FinAGG Technologies has secured $11 million in Series A funding. The funding round was led by Blue Orchard and Tata Capital, with participation from the Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners.
AquaExchange, an aquaculture startup, has also announced that it has raised $6 million in Series A funding. The funding round was led by Ocean 14 Capital, with participation from Endiya Partners, Accion, and other existing investors. The funds will be used to expand the company’s operations and enhance its technology platform.
In a recent report, it was revealed that 3 in 10 financial services and insurance businesses experience weekly IT outages. The report highlights the importance of achieving full-stack observability to modernize technology stacks and deliver innovative services to customers.
FinBox, a digital underwriting platform, has partnered with Capital Now to speed up the underwriting process by 40%. The partnership has enabled Capital Now to onboard customers faster, reducing the overall turnaround time for digital loan disbursement by 25% compared to their previous solution.
Professional social media platform Medial has raised $120,000 in its pre-seed round. The platform prioritizes professionals by employing an algorithm that promotes meaningful content in a non-intrusive manner, fostering learning and growth within its community.
In the technology space, Gurugram-based company Mirasys has deployed 500 AI-enabled cameras in Ayodhya to enhance vigilance. The cameras are expected to improve the city’s security infrastructure and monitor crowded areas.
In government initiatives, the Indian government has launched an AI-Warehouse pilot project to reduce onion wastage. The project aims to leverage artificial intelligence and data analytics to predict market demand and optimize warehouse storage.
The Reserve Bank of India (RBI) has introduced a self-regulatory organization (SRO) for the fintech sector. The SRO aims to foster responsible innovation in the sector and create a framework for compliance and consumer protection.
Derek Laney, Slack Technology Evangelist for APAC at Salesforce, recently emphasized the importance of optimizing work productivity rather than working longer hours. He highlighted the value of tools like Slack in improving collaboration and efficiency in the workplace.
In cryptocurrency news, CoinDCX has faced a decline in trading volume due to a 30% tax on cryptocurrency transactions. The tax has affected the trading activity on the platform.
Amazon has faced labor rights issues in India, with reports of poor working conditions and worker protests. The company has been urged to improve labor conditions and address the concerns raised by workers.
India aims to promote large-scale product manufacturing in the country, with the goal of occupying 30% of the global market share by 2024. The government is taking steps to create a conducive environment for manufacturing, including providing incentives and support for businesses.
Despite the hype surrounding India’s deep tech ecosystem, it continues to struggle to attract investment. Experts believe that the lack of funding and support for deep tech startups has contributed to this challenge. Efforts are being made to bridge this gap and promote the growth of the deep tech sector in the country.
