daily summary (April 29, 2022)
JITO Angel Network Invests in Nexus Power EV Battery Starter
JITO Angel Network announced an undisclosed investment in the electric vehicle (EV) battery maker Power of the Nexusin line with its commitment to fueling the country’s Sustainable Development Goals.
the BhubaneswarA New York-based startup makes rechargeable, bio-organic and biodegradable batteries from crop residues.
The startup says its technology uses fully biodegradable materials that could be turned into manure once the lifecycle is over to formulate the battery composition. It works for a sustainable future and a pollution-free battery market.
Vegan wellness and health brand Fitspire raises $300,000 from Ivor Braganza, Rajesh South
Vegan health wellness brandannounced today that it has lifted $300,000 in funding from global investors Ivor Braganza and Rajesh South.
Founded in 2020 by an alumnus of IIM Lucknow Vipen Jain, Fitspire provides various health and wellness products in the nutritional segment. Focused on vegan health products, Fitspire caters to sports nutrition, general wellness, personal and child well-being, and more.
The Delhi-based nutrition and wellness startup plans to use the new funds to strengthen its ecosystem and accelerate market expansion, build brand and create new revenue streams.
Telegram is the 5th most downloaded application, while Tiktok leads the ranking: Sensor Tower
During the 2022 quarter ended in March, the messaging application Telegram was the fifth most downloaded app while the short video app ICT Tac led the pack.
While downloads aren’t the most important metric to track app success because many might have the app on their phone and never use it, it definitely indicates how popular an app is.
The app owned by Bytedance was uploaded to 175 million times between January and March 2022, followed by Meta-owned Instagram, Facebook and WhatsApp.
Telegram, which is operated by Nikola Durov and Pavel Durovcame in fifth place with more than 100 million downloads worldwide. The messaging app, along with Signal Messenger, rose to prominence in India sometime in 2021 after the privacy policies of Facebook (now known as Meta) came under fire. public scrutiny.
Since then, Telegram has become a potential alternative to WhatsApp in the country.
Flipkart-Owned PhonePe Witnesses Major Pull in the Northeast
which facilitates digital transactions, said it had more 2.5 lakh merchants using its services in Assam, in 2022, against only 10,000 in 2020. Growth was also seen in states including Tripura, Arunachal Pradesh, Meghalaya and Nagaland.
The Flipkart-owned entity also claimed to have seen 7.5 million transactions in the 2022 quarter ending March, compared to 14.8 lakh transactions for the first quarter of 2018, according to PhonePe Pulse data, shared by the company.
Founders of PhonePe (from left to right): Sameer Nigam and Rahul Chari
“We continued to see increased volumes in Q1 2022 across a variety of use cases, further reinforcing the fundamental shift in consumer behavior towards contactless payments. This, in turn, is creating a virtuous loop of consumer demand. consumers that fuels merchant acceptance and vice versa,” said Karthik Raghupathy, Head of Strategy and Investor Relations, PhonePe, in a statement shared by the company.
Medikabazaar invests $1 million in India Health Link to boost its physical presence
a B2B platform for medical supplies, invests $1 million in India Health Link (IHL), a health and medical device startup PHYGITAL, to increase their physical presence.
The seven-year-old medical provider acquired Health Module (HPOD), self-service health kiosk, where individuals can get their screening for more than (20+) vital health parameters, including blood pressure, pulse, temperature and body mass index (BMI) by five minutes. The kiosk also provides instant reports without any paramedic assistance.
“Our collaboration with India Health Link will catalyze our mission to ensure everyone has
access to innovative and quality health care. The HPOD developed by IHL is quite promising because it is portable. Its preventative care features are essential for supplementing corporate wellness. Compromised well-being at work is due to the lack of preventive care, which IHL’s HPOD is uniquely placed to fill,” said Vivek TiwariFounder and CEO of Medikabazaar, in a statement shared by the company.
The medical supplies player, which currently has more than 40 warehouses, claims to deliver medical supplies, through 900 PIN codes in India, to independent practitioners, medical clinics, nursing homes and hospitals, among others.
IndiaMART generates Rs 201 crore in operational revenue in FY22 quarter ending March
Financial year of InterMESH Ltd and results for the fourth quarter of the financial year 2021-22. The company generated Rs 201 crore operating revenue for the quarter ended March of fiscal year 2021-22, a 12% growth year over year (YoY).
IndiaMART’s consolidated revenue for FY 2022 was Rs 753 crore, a 13% year-on-year growth. While the profit before tax (PAT) stood at Rs 77 crorethe company made a net profit of Rs 57 crore.
The last months, IndiaMART also made a wave of acquisitions and investments.
Faircent will become a neo lending platform; introduces Faircent Pro for NBFCs, others
a peer-to-peer lending platform, is launching Faircent Pro, a co-lending platform, for non-bank financial institutions (NBFCs) and institutional lenders, according to a statement shared by the company.
The product will allow pre-qualified borrowers, who are selected based on certain parameters, to take out loans from co-lenders.
Launched in 2013, Faircent is a P2P lending platform based on Gurugram, which offers loans. The company also provides credit reporting, operational management, analysis, collection and collection, among other functions.
“The co-lending platform is faster, simpler and cheaper. Using advanced technologies, Faircent Pro will allow NBFCs and institutional lenders to invest together by lending money to the same borrower. The fully digital process will significantly reduce loan costs. This will benefit the lending ecosystem and make it more organized,” said Vinay Mathews, Founder and COO of Faircent.
India Accelerator partners with Gujarat i-Hub to crowd out early stage startups
the Gujarat Student Startup and Innovation Center (i-Hub) signed a memorandum of understanding (MoU) with Accelerator India to crowd out early-stage startups. The accelerators, which mainly focus on Gujarat, seek to mentor and support these startups financially and by finding investors.
“We are delighted to have partnered with i-Hub to provide a conducive ecosystem for innovative and aspiring startups from India. We look forward to putting startups from Gujarat and India on the map and creating jobs in the country. Our partnership will help early-stage startups get the right mentorship, support and resources at the right time, which will help them raise capital and succeed,” said Ashish BhatiaFounder and CEO, India Accelerator.
Bharat Bill Pay collaborates with FAARMS to offer recurring payments to farmers across India
Bharat Bill Payment System, which facilitates recurring payments across all categories, has partnered with FAARMS to enable recurring payments to farmers across India.
FAARMS, which is a delivery application, allows farmers to access products and services, including the purchase of seeds, fertilizers, pesticides and animal feed, among other products.
“We are happy to partner with FAARMS to make life easier, safer and effortless for every Indian household through Bharat BillPay. This partnership is a step towards integrating farmers into the consumer digital payments ecosystem and closing the financial inclusion gap for the country’s last mile. We look forward to collaborating with many new players to create a network effect and deliver a convenient, uniform and assured transaction experience to farmers and many such households across India,” said Noopur Chaturvedi, CEO of NPCI Bharat BillPay Ltd. (NBBL), in a statement shared by the company.
Bharat BillPay offers recurring payment services across all categories including electricity, telecom, gas, tuition, water, NETC FASTag recharge, loan repayments, insurance, cable, subscription fees and mobile prepaid top-ups.