Startup news and updates: daily roundup (October 10, 2022)

daily roundup (October 11, 2022)

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Spice Cash joins ONDC to make small companies discoverable

Spice Cash mentioned that it’s the solely rural fintech participant and one of many 4 buyer-side apps to be carried out on the government-backed ONDC (Open Community for Digital Commerce) that has gone reside for beta testing in Bengaluru City district. 

The comfortable launch is invite-only earlier than the app strikes out of the beta part and is made accessible to most people. This may facilitate Spice Cash to assist its Adhikaris to get entry to small service provider shops with out being restricted to solely their localities.

Sanjeev Kumar, Co-founder and CEO, Spice Cash mentioned, “Since inception, fostering inclusivity for the residents of Bharat has been foremost in our minds. Now we have been working carefully with ONDC, which can resolve the issue of discoverability for small companies who can’t afford to pay substantial commissions or spend for getting higher visibility on established ecommerce platforms.”

Spice Cash has been serving to nanopreneurs develop their companies by enabling them to onboard its community as Adhikaris at zero price.

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Gaming large WinZO with deal with Bharat onboards 100M customers

WinZO, a social gaming platform, mentioned that it has achieved a milestone of 100 million registered customers on its platform this week. 

WinZO achieved this feat inside 4 years of its inception, making it the primary off-play-store app (not distributed via Google Play Retailer) to realize this milestone. It has a consumer base comprising 90% of the customers from Tier II – Tier V cities and rural areas, with 20% of customers being girls from rural Bharat. 

Commenting on the milestone, Paavan Nanda, CEO and Co-founder, WinZO mentioned “That is nonetheless day 0 for us. We’re humbled by the love we have now obtained from over 100 million customers. The world is taking a look at India for creating UPI, a fintech product that modified the best way Bharat transacts. We’re aiming for WinZO to be one of many best international shopper tech merchandise that ship culturally related and protected interactive leisure expertise – placing Indian Gaming on the world map”

Over the past 12 months, the platform boosted its branding efforts by securing a number of high-profile associations similar to onboarding former India captain MS Dhoni because the model ambassador, sponsoring Kolkata Knight Riders in Indian Premier League 2022, and sponsoring Gujarat Giants and Bengal Warriors in Professional Kabaddi League 2022.

Earlier this 12 months WinZO additionally introduced Sport Builders Fund of $26 million corpus. It’s mobilised to collaborate with corporations throughout all types of interactive leisure similar to sport improvement, economies round gaming, culturally related content material creation, live-ops, safety and many others to extend the entrepreneurial alternatives round gaming within the nation. 

Softline acquires Worth Level Programs’

Softline, an IT and digital transformation options and providers supplier, signed an settlement to accumulate Indian digital infrastructure and cybersecurity options and providers firm, Worth Level Programs.

Worth Level System’s 2,000 native prospects will now have entry to Softline’s full portfolio of options and providers.

Worth Level Programs is an end-to-end next-generation digital infrastructure and cybersecurity options supplier in India, with expertise companions similar to AWS, Cisco, CrowdStrike, Hewlett Packard Enterprise, HP, Microsoft, VMWare, and Zscaler, amongst others. Its portfolio contains six end-to-end options and providers: cybersecurity, knowledge centre modernisation, community transformation, cloud transformation, digital office, and IT-managed providers.

Hervé Tessler, CEO of Softline Worldwide, mentioned: “Worth Level Programs constitutes the fourth acquisition made by our firm in 2022, accelerating the three-dimensional development technique that we introduced at our final 12 months’s IPO.”

RS Shanbhag, Founder, Chairman and CEO at Worth Level Programs, commented: “Due to this new step in our firm’s journey, we are going to now be capable of develop past our highest expectations, and also will have entry to the world’s prime distributors options and providers and to Softline’s personal portfolio which can allow our groups to supply a fair higher and wider vary to our prospects.”

Safex Chemical compounds acquires UK-based Briar Chemical compounds

Agrochemicals firm Safex Chemical compounds India acquired UK-based Briar Chemical compounds (Briar) from the pan-European various funding agency AURELIUS Fairness Alternatives, for £73 million ($80.8 million).

Safex is backed by personal fairness agency ChrysCapital, which owns a minority stake within the enterprise.

Neeraj Jindal, Director of Safex, has joined the Board of Briar Chemical compounds and can steer the longer term development of the corporate.

“We’re delighted to enter the UK by buying the nation’s pre-eminent impartial agrochemical CDMO supplier,” mentioned Piyush Jindal, Director of Safex. “The addition of Briar to Safex’s crop safety enterprise strengthens our place within the international agrochemicals market.”

“Briar is a trusted long-term accomplice to most of the world’s largest chemical teams, with a formidable heritage,” mentioned Matthias Täubl, CEO of AURELIUS Fairness Alternatives. companions with insurtech platform Riskcovry to supply embedded insurance coverage

Proptech platform forayed into the insurance coverage distribution enterprise by providing ‘Hire Defend Cowl’ in collaboration with insurtech platform Riskcovry. The quilt will present a bunch of insurance coverage advantages to its patrons at an affordable premium of Rs 99 monthly.

The insurance coverage will cowl 15 important diseases as much as Rs 2 lakh, a private accident plan of Rs 1 lakh, and medical bills of as much as Rs 60,000 in case of unintentional hospitalisation. The tenure of the insurance coverage coverage will probably be annual, although the premium may be paid month-to-month. The profit declare quantity can be utilized by prospects to make good on due rental funds, which in any other case would have been vulnerable to default as a result of above-mentioned situations.

The premium of the ‘Hire Defend Cowl’ will probably be embedded into the month-to-month lease funds workflow for patrons of beneath its service ‘Pay on Credit score,’ which is a part of Housing EDGE (full-stack rental and allied providers platform). By this partnership, tenants will be capable of safe safety in case of unintentional dying, hospitalisation, and significant diseases.

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LEAD elevates Anupam Gurani, Manoj Naik to management positions

Edtech startup LEAD has elevated Anupam Gurani to Chief Enterprise and Advertising and marketing Officer, and Manoj Naik to Chief Finance and Operations Officer.

Along with his advertising and marketing tasks, Anupam will now additionally drive buyer success and income technology at LEAD, with a deal with regularly delivering nice outcomes for all faculty stakeholders. 

In his expanded mandate, Manoj may also lead provide chain and procurement excellence, along with main monetary operations at LEAD.

LEAD targets accelerated development in its accomplice faculty community as it really works in direction of its aim of reaching 60,000 faculties and 25 million college students by 2026. 

Bay Capital appoints Ritwick Ghoshal as Managing Companion and CEO onshore enterprise

Bay Capital Funding Advisors appointed Ritwick Ghoshal as Managing Companion and CEO to drive its home onshore enterprise.

Ritwick involves Bay Capital from Barclays Non-public Financial institution the place he was a Director for Non-public Purchasers and was a part of the India Non-public Banking Administration Committee for the financial institution. He has held senior administration positions with banks like Citibank NA in EMEA, ANZ Grindlays, JM Morgan Stanley, ABN AMRO NV, HSBC Retail Banking and Wealth Administration, Edelweiss Non-public Wealth Administration and Barclays Financial institution Plc in India, and Avendus Capital Inc within the US. 

Ritwick additionally co-founded a job matching platform which helped new graduates from India’s rural and semi city areas hone their vocational and occupational expertise. Ritwick, together with different co-founders, raised $3 million as preliminary seed capital from international UHNIs.

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RenewBuy appoints Rahul Garg as Chief Technical Officer

Insurtech participant RenewBuy has appointed Rahul Garg as its Chief Technical Officer. 

In his position, Rahul Garg will oversee merchandise, expertise, and digital providers, and will probably be liable for devising tech-based technique to extend profitability of the corporate.

Rahul brings with him an experience of round 20 years in a number of roles within the IT business. Rahul has been related to organisations like Constancy Enterprise Companies and Institute of Know-how Kanpur, to call a couple of.

Balachander Sekhar, CEO, RenewBuy mentioned, “We’re shifting from pure agent-led distribution to a multi-channel distribution platform, for which we’re persistently constructing the tech stack of the corporate. Now we have lately ventured into the OEM house within the motor insurance coverage class and are working in direction of an AI-based declare settlement course of for seamless declare intimation, processing, and settlement.”

(The story will probably be up to date with the newest information all through the day.)

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