Rising Bharat Swadeshi News Feed: September 6th 2020

  • Investment by other countries
  1. Top 10 funding deals bagged by Chennai startups amidst lockdown

Key points:

  1. BankBazaar : Online financial service marketplace raised two rounds of funding during the lockdown, amounting to $9.78 million. In April, the startup raised Rs 29 crore as part of its ongoing Series D round from existing investors, including Amazon, Sequoia, and Walden SKT Venture Fund,
  2. Flinto: In July, edtech startup Flinto Learning Solutions raised $7.2 million in pre-Series B funding led by Lightbox Ventures.
  3. WayCool: Agritech startup WayCool raised two rounds of funding during the lockdown, totalling $5.6 million.
  4. YAP: In April, API platform YAP raised $4.5 million in its Series A round of funding led by Singapore-based venture capital firm BEENEXT. 
  5. Specsmakers: In July, Specsmakers, an optical chain with 260 stores in south India, raised Rs 23 crore from Eight Roads Ventures.
  6. Grinntech: In August, Grinntech closed a round of $2 million from a set of high net-worth individuals (HNIs) and senior people from the automotive industry.
  7. Big Bang Boom Solutions: In July, defence tech startup Big Bang Boom Solutions raised $1 million through Mumbai Angels Network in their overall $1.5 million Series A funding round-size.
  8. CreditMantri: In May, online credit management startup, CreditMantri raised a little over Rs 6 crore ($803,146) from a clutch of existing investors including IDG Ventures, Elevar Equity, and impact investor Accion.
  9. GUVI: In April, Guvi Geek Network Private Limited, which owns and operates vernacular-language based education tech startup Guvi, raised Rs 6 crore in its pre-Series A round of funding from Education Catalyst Fund, an education-focused venture capital fund managed by CBA Capital.
  10. Chai Waale: In July, tea brand Chai Waale raised Rs 1.75 crore in funding from a group of angel investors

(Your Story, 6 September 2020) News link

  • Startup in Bharat by Bhartiya
    • This ‘Made in India’ app aims to make bookkeeping easy for MSME sector

Key points:

  1. According to Statista, India has nearly 700 million internet users across the country at present. Despite this, the digital adoption among small businesses is very low. While accounting software is a favourite for big businesses, most MSMEs in the country still do their accounts on paper.
  2. Founded by Yash Raj Agrawal, GimBooks is a cloud-based bookkeeping and business management platform that aims to make business easy for millions of small entrepreneurs by providing them a convenient mobile first, easy-to-use, and affordable solution.
  3. Yash worked as a business analyst with Target Corporation before he started his own venture of trading in Pyrolysis products. He got into the niche waste recycling industry with Pyrolysis as a trader of pyrolysis products. He pioneered in introducing pyrolysis products to many industries at a pan India level. This involved frequent transactions and invoice keeping with multiple vendors.
  4. The startup has also tied up with banks and has introduced updates such as neo banking activities, lending, and insurance for its users.
    (Your Story, 6 September 2020) News Link
  • 5 startups by ‘green entrepreneurs’ whose products are environmentally sustainable Aims to Eat Fresh and Store Less

Key points:

  1. EcoRight: Founded in 2017 in Ahmedabad, EcoRight has 18 product lines and 140 SKUs available in around 11 ecommerce websites. The startup says it makes products that are ethically, socially, legally, and environmentally audited as per the pillar standards of SEDEX 4. Its products, which include tote bags, work bags, backpacks, etc., are reusable, made with natural products, and are developed with innovative fabrics to make products better for the environment. Aimed at finding solutions to environmental problems such as plastic waste, the ecommerce startup claims that each bag it sells will, in turn, replace the use of 50-100 plastic bags. Each of the handbag designs features an eco-friendly message or a pun to spread awareness about the harmful effects of plastics.
  2. Chalk and Chuckles: Pallavi Agarwal and Prachi Agarwal founded Chalk and Chuckles which shapes children’s learning, skills, and experiences based on the games they play. Calling themselves “play advocates,” the Delhi-based entrepreneurs discourage the use of gadgets like a smartphone, laptop, PSP, and so on, to entertain children, citing the impact on the child’s cognitive growth The startup creates every product keeping the planet and the environment in mind. The toys are handcrafted MDF (Class I), and are printed using soy-based ink. Each of its products is tested for compliance on international safety standards and none of them run on batteries or chargers.
  3. Love Organically: Love Organically is a Mumbai-based beauty manufacturing brand which claims to produce 100 percent natural and chemical-free products. It was founded by Deepshika Deshmukh who is a student of Ayurveda. She has conducted in-depth research and consultations with experts from the Ayurveda field, as well as doctors, on her family’s skin nutrition secrets. Every product includes nutrients from flower extracts, essentials oils, and aromatic botanicals.
  4. Krya Sustainable Goodies: Krya Sustainable Goodies was founded in 2010 by Srinivas Krishnaswamy and Preethi Sukumaran to create environmentally-friendly products. The entrepreneurs say they use natural ingredients.Krya Sustainable Goodies produces goods that address the issues of sustainable city living. Based on the principles of Ayurveda, the startup says its products are natural, vegan, and organic in nature. The laundry detergent is claimed to be 100 percent plant-based.
  5. MINC: It was founded by Mini Varkey Shibu and Kochery C Shibu in 2007. Mini is an alumnus of the National Institute of Design, Ahmedabad, and calls herself passionate about eco-fashion, minimalist design, and khadi. Kochery, on the other hand, is an alumnus of the National Defence Academy with a career in the Indian Navy. He has experience in setting up design studios, and has worked in the areas of operational development promotions and vendor development. The startup designs garments while only using natural fabrics, azo-free environment-friendly dyes, and closure made from natural materials like wood, coconut, etc. It also promotes khadi, and the team believes in promoting green living through eco-fashion.
    (Your Story, 6 September 2020) News Link

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