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The Kerala Startup Mission (KSUM) is hosting an AI conclave titled "AI Day for Startups" on June 14 at Travancore Hall, Technopark campus, in collaboration with Google for Startups. The event kicks off at 10 am and features sessions designed to integrate generative AI into startup products.
Olive, a startup in the hospitality sector supported by Embassy Group, reported a substantial revenue increase of 76% this fiscal year, achieving ₹51 crore. Established in 2019, Olive manages a variety of properties including co-living spaces and hotels located in major cities like Bengaluru, Mumbai, and Goa. The company's revenue boost is primarily due to an expanded portfolio and enhanced room pricing strategies. Olive caters to a diverse clientele, ranging from students to luxury travelers, and plans to continue its growth trajectory with potential fundraising initiatives to support further expansion.
Bhopal-based Swaayatt Robots has raised $4 million from U.S. investors, boosting its valuation to $151 million. This investment will further its development in autonomous vehicle technology. The company, led by Sanjeev Sharma, has made significant strides with its technology, already achieving Level 5 autonomy, which allows navigation through complex environments like construction sites. Swaayatt Robots is gearing up for a major demonstration in August, aiming to solve Level Four autonomy globally, and is eyeing further funding to reach its ambitious goals.
DocPlix, a health-tech startup, recently secured funding of Rs 1.2 crore from Inflection Point Ventures (IPV). The investment will fuel their product development, enhance AI capabilities, and broaden their market reach. Focusing on digitalizing health records in India, DocPlix aligns with the Ayushman Bharat Digital Mission to establish a secure and interoperable Electronic Health Record system. This expansion is particularly targeted at enhancing healthcare accessibility in tier-2 and tier-3 cities. Notably, DocPlix has achieved a high renewal rate of 93%, indicating strong customer retention and satisfaction.
CHOSEN, a Chennai-based skincare startup founded by Dr. Renita Rajan, has raised $1.2 million in seed funding from friends and family, following a $100,000 equity-free grant from Peak XV Partners. This funding will enhance strategic expansion, including exploring B2B partnerships in sectors like hospitality and health. The company, known for safe and effective skincare, plans to introduce 12 new products and aims for pre-series funding of $10-20 million later this year. Currently, CHOSEN has a robust product lineup and a workforce of 130, projecting significant growth and scale in the coming fiscal year.
Indian startup NeevCloud has entered the AI cloud space with a substantial deployment of 40,000 GPUs, aiming to offer cost-effective, scalable cloud computing solutions to small and medium enterprises (SMEs). Founded by experts in cybersecurity and artificial intelligence, NeevCloud focuses on providing high-performance computing resources necessary for AI and machine learning applications. The startup targets industries such as healthcare and finance, aiming to become a key player in the global AI cloud services market.
In the wake of the 2024 Lok Sabha Election results, Indian new-age tech stocks took a significant hit, reversing gains from the previous day. The Indian stock market dropped dramatically by around 4,000 points, influenced by the early election results. This shift saw 23 prominent new-age tech stocks, closely monitored by Inc42, decline sharply by mid-morning. While the Sensex and Nifty50 saw substantial falls, individual stocks like TBO Tek and Paytm experienced major sell-offs, with TBO Tek dropping over 10% and Paytm hitting the lower circuit. The market's response reflects broader uncertainties and adjustments in investor expectations following the election results.
Discover how LogicLadder, a trailblazer in climate action technologies, is ramping up its global presence with a $2.5 million investment led by BIG Capital and Rainmatter. With this funding, LogicLadder aims to refine its acclaimed Sustainability Cloud platform, helping leading firms like Maruti Suzuki and NTPC achieve crucial sustainability targets.
Indian badminton star PV Sindhu invests in and becomes brand ambassador for Greenday's "Better Nutrition" initiative. This collaboration tackles micronutrient deficiencies by fortifying staple crops with essential vitamins and minerals. Greenday partners with HarvestPlus Solutions to develop biofortified crops like rice and wheat. These efforts aim to improve public health and farmer income. Sindhu emphasizes the initiative's dedication to health and farmer support. Greenday highlights the importance of addressing nutrient deficiencies and sees Sindhu's involvement as a boost to awareness and market growth.
Gurugram-based healthcare company JiviAI has announced that its AI model, Jivi MedX, has outperformed giants like Google's Med-PaLM 2 and OpenAI's GPT-4 in the medical AI field. Achieving an impressive average score of 91.65 across nine benchmark categories, Jivi MedX is set to revolutionize medical diagnostics and patient care. Co-founded by Ankur Jain and G V Sanjay Reddy, JiviAI is driving forward with plans to launch Jivi MedX in August 2024, aiming to enhance healthcare outcomes through advanced AI capabilities. The startup is exploring partnerships to broaden its impact as it prepares for a global launch.
Country Delight is on the verge of becoming a unicorn with its latest $76.65 million funding, comprising debentures and convertible shares. With a valuation nearing $820 million, the company bolsters its expansive product line, serving 15 major Indian cities. This growth is backed by substantial investor confidence, marking a significant year with increased operating revenue and strategic expansions.
Rebel Foods has recently secured $13 million in debt financing from Alteria Capital and InnoVen Capital, further strengthening its position as a leading player in the cloud kitchen sector. This new funding round will support Rebel Foods in enhancing its technological capabilities and expanding its global presence, reinforcing its commitment to revolutionizing the food delivery ecosystem with its innovative business model.