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Startup news and updates: Daily roundup (November 5, 2024)
- Mumbai-based QubeHealth has raised an undisclosed amount in a pre-Series A funding round, led by Unicorn India Ventures and CanBank Venture Capital. The start-up offers an array of healthcare payment systems to more than 300 Indian corporates and its employees and their families. The firm said it is on track to process more than $100m in healthcare payments this year; it plans to use the funding to develop its technology and offer new services such as embedded insurance and an enhanced AI recommendation engine.
- Hyderabad-based Induz has secured $780,000 in its first funding round. The cash injection comes from YourNest Venture Capital after the computer security firm won big business in fintech and banking. Induz was set up in the wake of the 2019 Capital One data breach and offers confidential computing and secure storage options to help tackle hacking.
- Sleep-related home furnishings brand Wakefit.co has clocked up 50% growth in its festive sale revenue versus the same time in 2020. The firm said offline sales rose by 100% as compared to the previous year. Wakefit.co attributed the success to a more extensive product range and greater omnichannel penetration.
- Furniture and home decor retailer Pepperfry has named Shubbam Sharrma as its new chief growth officer. Sharrma previously worked in similar roles at ImpactGuru, RedSeer, KSA Technopak and CarDekho. Shifts.net reports that Sharrma will be responsible for consolidating Pepperfry's business funnel and delivering increased acquisition rates, among other tasks.
- AI start-up Walnut has sold half of its business to Veefin Group for an undisclosed amount, with managing director Bala Lyer saying the tie-up would enable clients to tap the technology, natural language processing and machine learning that have driven the Walnut success story. Walnut provides AI products to financial services firms in Singapore, such as DBS and the Bank of Singapore.
- Garuda Aerospace and CYOL have signed a MoU aimed at enhancing agricultural practices throughout Asia, Australia and Africa. The deal will combine Garuda's drone technology with CYOL's software solutions. The use of drones is expected to aid crop monitoring while also providing farmers with real-time insights and resource management from remote areas. The initiative aims to promote sustainable practices and support economic growth within the sector globally.
- Indian healthcare platform Sushain Wellness and Wholeness has raised INR20m ($267,000) in seed funding from Prajay Ventures. The platform combines ayurvedic and homeopathic practices with advanced technology for a more comprehensive programme. Sushain said it planned to expand its artificial intelligence-driven healthcare solutions.
- Bengaluru-based UST has opened a second Indian delivery centre, occupying about 17,000 square feet in Helios Business Park, Karnataka. It will accommodate more than 300 new employees. UST hopes to increase its digital transformation services across retail, healthcare and finance following the successful growth of its India-based operations over the past 25 years.
- PhonePe, a digital payment provider in India, has launched a feature enabling contributions to that country's National Pension System through Bharat Connect and its phone app. Previously, NPS contributions were only possible on various financial websites. This collaboration aims to further simplify financial services and increase access for employees across the country.
- Australia's Monash University has teamed up with Apollo Hospitals in India to collaborate on digital health research and to share technology. The partnership, formalised through a Memorandum of Understanding, will enable the sharing of data and resources to drive research in clinical AI and digital health solutions.
- Canara HSBC Life Insurance will be teaming up with healthtech firm Fedo.ai to provide AI-enabled non-invasive health assessments to its customers in India. The platform aims to provide a faster, efficient and more accessible service for individuals seeking health assessments, especially in remote areas, and offer detailed insights into their health parameters.
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