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Funding

Frigate raises $1.5M seed round

Manufacturing startup Frigate has secured seed round funding of $1.5 million led by Arali Ventures, with participation from Capital-A, Java Capital, and other strategic angel investors.

The capital will enable Frigate to expand its digital manufacturing ecosystem and better serve its global customer base, it said in a statement,

Frigate was founded in 2021 by Tamizhinian Vasanthan, Karthikeyan Prakash, Chandrasekar C, and Iniyavan Vasanthan. It operates as a B2B cloud manufacturing platform, offering a range of manufacturing services to medium and large-scale companies worldwide.

50Fin raises $525K pre-seed round

Fintech company 50Fin has raised Rs 4.25 crore from 100X.VC and other investors.

The funding round was led by 100X.VC, Keynote Capital, and Arun Venkatachalam, with participation from angel investors including KRS Jamwal, Aniket Nikumb (Founding Member of Mensa Brands), Manish Kumar (Founder of KredX), Sumit Khadria (CFO of Ebix), Rajesh Sawhney (Founder GSF Accelerator), Dinesh Agarwal (Founder, IndiaMart), and others.

The funds will be utilised to enhance the company’s embedded solutions, improve its product portfolio, and enhance customer servicing, the startup said in a statement.

Founded in 2022 by Aditya Srinivas Prasad and Darpan Samir Tanna, 50Fin specialises in providing instant loans against mutual funds and shares to its customers.

Other news

Instoried launches AI gen tool for videos

Instoried, an AI-based content analysis firm, has introduced Cathie.ai, an AI-based video generation and analysis tool. Cathie offers users the ability to analyse existing videos and swiftly generate videos using text prompts, the startup said in a statement.

Similar to ChatGPT, the tool automatically analyses the provided text input to produce high-quality videos that align with the content.

Cathie’s video generation tool can be particularly useful for digital marketers, content creators, and educators seeking to develop impactful short videos driven by narrative, according to the startup.

Enigma, EZFinance partner to finance electric scooters

Enigma, a Make-in-India electric vehicle (EV) manufacturer based in Madhya Pradesh, has formed a strategic partnership with EZFinance, a financial institution.

Enigman said this collaboration will strengthen its ability to provide financing support to its dealers and ensures a streamlined purchasing experience for customers nationwide.

Enigma’s dealers across the country will now have exclusive access to EZFinance’s extensive range of financing solutions.

Pincode app launches in 10 cities

Pincode, a local shopping app built on the ONDC platform, has officially launched in 10 cities across India.

The cities where Pincode is now available include Mumbai, Delhi, Noida, Gurugram, Chennai, Hyderabad, Ahmedabad, Pune, and Kolkata. The expansion aims to enable consumers in these cities to purchase groceries and order food from local shops and restaurants through the Pincode app.

The Pincode app was launched in Bangalore in April, where it has already delivered over one lakh orders, according to a statement.

(This article will be updated with the latest news throughout the day.)