Startup – cnbctv 18

May 17, 2024

ICON to utilise $1.2 million seed fund for product and team expansion

Internet-first direct-to-consumer luggage and travel accessories startup ICON has successfully raised $1.2 million in a seed funding round. The funding was spearheaded by DSG Consumer Partners, with participation by a host of other angel investors.

In an interview with CNBC-TV18, Mohammad Patel, the CEO of ICON, stated that the raised funds would be instrumental in enhancing the existing product line, expanding the company’s workforce, fortifying the distribution network, and enriching the product portfolio.

Patel underscored the immense potential of the Indian luggage market, citing recent industry reports. With an estimated worth of approximately Rs 20,000 crore, the Indian luggage market is projected to witness a robust annual growth rate of 14% over the next three years, followed by a sustained growth rate of 11%.

Notably, nearly half of this market remains unbranded, presenting a significant opportunity for ICON to penetrate and establish a formidable presence. Furthermore, Patel highlighted that 35% of the market pertains to the mass premium segment.

Patel remarked that ICON aims to capitalise on the unbranded space within the luggage market and solidify its position in the mass premium segment.

Looking ahead, ICON harbours ambitious plans to diversify its retail presence. The startup envisions establishing its maiden offline retail store by 2025, thereby complementing its online presence with a tangible brick-and-mortar footprint.

Watch the accompanying video for the entire conversation.

May 16, 2024

Forbes 30 Under 30 Asia list: These Indian entrepreneurs are transforming the consumer tech landscape

Forbes on May 15 released its 30 Under 30 Asia list. Young entrepreneurs across the Asia-Pacific are finding innovative ways to navigate new business realities in the region and lead the transformation of various industries. Several Indian entrepreneurs in the consumer technology sector found a place on the list. Take a look at the young innovators.

George Francis | 28-year-old George Francis is the Chief Technology Officer (CTO) at Conzumex Industries, headquartered in Bangalore. Renowned for its wearables brand, Muse, which specialises in producing activity and health tracker-equipped smartwatches and glucose-monitoring devices. Francis joined the company in 2017 and was promoted to CTO in mid-2020.

InsideFPV | The trio of Arth Chowdhary, Deyvant Bhardwaj and Oshi Kumari in 2020 co-founded Indian drone startup insideFPV. The Surat-based company’s core product is a ‘plug-and-fly’ drone that it is easier to use than others on the market. The startup has so far raised half a million dollars in funding from investors including Inflection Point Ventures.

Kush Jain | After learning about the difficulties faced by the visually impaired while volunteering in 2018 at a school in Bangalore, 22-year-old Kush Jain co-founded ORama AI, a company that developed a smart glove to help the blind or people with reduced vision learn to read Braille. Using an embedded camera and a speaker, the product traces finger movements and reads out the Braille dots that are touched. Since its inception in early 2022, ORama AI has secured half a million dollars in funding.

Merlin | Merlin was founded in 2022, by three friends from IIT Kanpur – Pratyush Rai, Siddhartha Saxena and Sirsendu Sarkar. This ChatGPT Chrome extension tool helps its users efficiently create and consume content on the internet in tasks like writing emails or summarising websites. Merlin’s mobile app has been downloaded over 100,000 times and the startup is backed by investors including Better Capital.

Minus Zero | Founded by high school friends Gagandeep Reehal and Gursimran Kalra in 2021, Minus Zero is an autonomous driving startup. The Bangalore-based company has developed plug-and-play self-driving software that it claims is cheaper than other options because it relies on cameras to analyse road conditions rather than costly sensors. Last year, Minus Zero raised $1.7 million in funding from investors led by Chiratae Ventures.

Soumyadeep Mukherjee | Founded by 29-year-old Soumyadeep Mukherjee, Dashtoon is an AI-based software which helps anyone become a visual storyteller by converting uploaded narratives, character details and storyboards into quality comics. Founded in 2022, Dashtoon raised $5 million in seed funding led by Matrix Partners India and Stellaris Venture Partners in November. Last year, Google Play named Dashtoon one of its Best for Fun apps in India.

OnePlay | Harshit Jain and Abhik Saha in 2019 founded OnePlay, a cloud gaming startup in Mumbai. Using cloud technologies, OnePlay allows users to play popular titles such as Baldur’s Gate 3 and Palworld without expensive hardware across multiple platforms, including Windows PC, macOS, iOS and Android. In March 2023, OnePlay raised $1.8 million in funding from investors including Inflection Point Ventures.

Aayush Anand | In 2021, the 26-year-old Aayush Anand founded the meditation app Level SuperMind. The subscription-based app is popular among students preparing for exams and young professionals and offers features like quick home workouts, bedtime stories, and a dedicated journaling program. With over 500,000 downloads, the app was named India’s Best App of 2023 and Best App for Personal Growth in India by Google Play.

Rapture Innovation Labs | Rapture Innovation Labs, the company behind the headphone brand Sonic Lamb, is founded by Navajith Karkera and Jagath Biddappa. Sonic Lamb was among seven startups around the world selected for the SoundTech accelerator program by Sound Hub Denmark in 2023 and the only non-European one. The company has raised over $500,000 in funding from angel investors and grants from governments and universities.

Schmooze | Founded in 2021 by Vidya Madhavan and Abhinav Anurag, Schmooze is a meme-based dating company. Unlike other dating apps, the startup differentiates itself by matching couples through their meme preferences and sense of humour. Users swipe to like and dislike memes from a selection curated via an AI algorithm, and match suggestions will appear on the screen based on the meme choices. In 2022, the startup raised $3.2 million in seed funding led by Inventus Capital and Silicon Valley Quad.

Rahul Varma | In 2019, 29-year-old Rahul Varma founded Unschool, a Hyderabad-based streaming platform for students and professionals to acquire a range of skills from coding to content writing. Unschool allows users to learn at their own pace and promises internships with over 500 partners upon course completion. The startup is backed by investors such as Village Capital and Y Combinator.

Pune-based EV startup Matel raises $4 million in Series A to proprel expansion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Summary

Pune-based EV and energy solutions startup Matel secures $4 million in Series A funding from Transition VC and Nikhil Kamath’s Gruhas, aiming to boost production, R&D, and portfolio expansion.

In a boost to India’s burgeoning electric vehicle (EV) and energy solutions sector, Pune-based startup Matel has successfully secured $4 million in Series A funding. The investment round was led by Transition VC, with notable contributions from Nikhil Kamath’s Gruhas and Haresh Abichandani, Founder of Millenium Semiconductor. This financial infusion, facilitated by Steer Advisors as the sole Transaction Advisor, is set to propel Matel’s innovative endeavors in the mobility and energy landscape.

Established in 2017, Matel has carved a niche for itself in the design and manufacture of synchronous machines and motor controllers. These products find extensive applications across various domains, including e-mobility, industrial operations, agricultural pumping, and the HVAC sector. Leveraging its expertise in high-efficiency electric motors and controllers, Matel has emerged as a full-stack powertrain solution provider for Original Equipment Manufacturers (OEMs) in the EV and industrial sectors.

Matel’s product line includes motors, motor control units, vehicle control units, transmissions, and battery management systems, catering to a wide range of EVs from two-wheelers to buses and off-road vehicles.

Speaking on this milestone, Founder Mahesh Toraskar highlighted Matel’s commitment to driving positive change and delivering value through their products and partnerships. The company plans to utilise the raised capital for scaling up production, new product development, and expanding its R&D capabilities over the next three years. With ambitious plans for product expansion and a strong order book, Matel is poised to exceed ₹100 crore in annual sales by next year.

Transition VC’s Co-founder & Managing Partner, Raiyaan Shingati, expressed confidence in Matel’s leadership and its critical role in the EV value chain. Nikhil Kamath of Gruhas lauded Matel’s unique position in powering the EV movement with their sustainable electric drivetrains and motor controllers.

Also read: Blockchain gaming startup OneTo11 looks at global expansion

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sensex	₹1,882.60	+28.30
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index	Price	Change
nifty 50	₹16,986.00	-7.15
sensex	₹1,882.60	+8.30
nifty IT	₹2,206.80	+3.85
nifty bank	₹1,318.95	-1.95

index	Price	Change
nifty 50	₹16,986.00	-72.15
sensex	₹1,882.60	+28.30
nifty IT	₹2,206.80	+30.85
nifty bank	₹1,318.95	-14.95

index	Price	Change
nifty 50	₹16,986.00	-7.15
sensex	₹1,882.60	+8.30
nifty IT	₹2,206.80	+3.85
nifty bank	₹1,318.95	-1.95

index	Price	Change
nifty 50	₹16,986.00	-7.15
sensex	₹1,882.60	+8.30
nifty IT	₹2,206.80	+3.85
nifty bank	₹1,318.95	-1.95

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May 15, 2024

Lendingkart raises $10 million via ECB, aims to diversify into secured loans and credit card segment

Lendingkart, an MSME lending platform, has secured $10 million through external commercial borrowing (ECB) from BlueOrchard Fund. The infusion of funds comes in the form of non-convertible debentures, which have been listed on the India International Exchange in Gift City.

Harshvardhan Lunia, co-founder of Lendingkart, in an interview with CNBC-TV18, highlighted the company’s commitment to supporting micro and small businesses, stating, “Almost 90% of our business is priority sector lending, and almost 80% of our business is covered under Credit Guarantee Scheme of the central government.

So we do a lot of Mudra loans and short-term loans to micro and small businesses. So with this fundraise we will further our agenda of supporting the MSMEs in their growth journey.”

Lunia highlighted that over the next 24 months, the company aims to diversify its offerings into secured loans and explore opportunities in the credit card segment.

Established in 2014, Lendingkart operates from multiple offices across India including Ahmedabad, Bengaluru, Mumbai, and Gurugram. The company has raised approximately ₹1,100 crore in equity funding from investors and is recognised for leveraging innovative financial instruments such as a unified depository for the issuance of ISIN for foreign currency bonds.

Lendingkart’s loan book currently stands at over ₹7,000 crore, with the recent $10 million infusion being a part of its ongoing efforts to bolster its balance sheet. With a balance sheet nearing ₹2,000 crore, the platform remains committed to deploying funds to support its clientele of micro and small businesses. Notably, Lendingkart extended loans totalling ₹5,600 crore to such enterprises last year.

In a separate development, Amazon Web Services (AWS) at its flagship annual event, AWS Summit in Bengaluru announced the availability of its generative AI app-building platform, Amazon Bedrock, in the Asia Pacific region, with the Mumbai region being highlighted.

Vasi Philomin, Vice President of Generative AI at AWS stated that, with the general availability of Amazon Bedrock in the Mumbai region, AWS aims to empower organisations, including those in the public sector and regulated industries, to harness the power of generative AI and accelerate their digital transformation journey.

While acknowledging the nascent stage of generative AI adoption in India, Philomin emphasised the vast opportunities it presents for enterprises and startups to enhance operational efficiency and augment human performance. He cited Healthify, a startup leveraging AWS’s generative AI services to enhance call center analytics solutions, as a testament to the transformative impact of this technology on business outcomes.

Watch the accompanying video for the entire conversation.