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Funding

HaiVE raises $1M pre-seed round

HaiVE.Tech, an on-premises AI provider, has secured $1 million in pre-seed funding led by IppoPay CEO Mohan K to support the company’s growth and expansion in the AI industry.

HaiVE.Tech plans to utilise the investment to expand its engineering and marketing teams, allowing it to meet AI services demand in different sectors.

The company aims to serve its existing clients and those on its waitlist more effectively with the increased workforce. The primary focus of the expansion is to serve the burgeoning demand for AI services across various industries and markets.

Other news

Swiggy Instamart launches Instacafe

Swiggy’s Instamart, the quick commerce arm of the company, has introduced a new service called Instacafe, enabling the delivery of ready-to-eat food, snacks, and beverages. Launched last year, the pilot programme is currently available in select areas of Bengaluru.

Instacafe offers a range of food products, including croissants, puffs, cookies, and tarts, which are already stocked in supermarkets. This service bears similarities to Zepto Cafe, a similar offering launched by Zepto last year.

This move by Swiggy is aimed at improving profit margins and achieving profitability in the quick commerce sector.

CCAvenue, PayPal partner to target MENA region

CCAvenue, the prominent payments aggregator in the Middle East, has become one of the first partners of PayPal to offer global payment acceptance for businesses in the Middle East and North Africa (MENA) region.

As a result, MENA businesses can work with a single partner for all their payment needs.

This strategic partnership also allows entrepreneurs and businesses in the MENA region to expand their reach globally by selling products in over 200 countries to the vast network of over 435 million active PayPal accounts worldwide.

TechnoSport crosses 12M unit sales

TechnoSport, an activewear brand in India, has reportedly sold over 12 million units of activewear garments during the 2022-23 period. This sales volume has positioned TechnoSport as the largest activewear brand in the country, it claimed.

TechnoSport was founded with a mission to enhance consumer comfort and performance through its products. In a recent development, TechnoSport has relocated its office to new premises in HSR Layout, Bengaluru.

Garuda Aerospace partners HAL subsidiary for local drone manufacturing

Garuda Aerospace, in a move towards bolstering indigenous drone manufacturing in India, has entered into a joint development partnership with Naini Aerospace Engineering Limited (NAeL)—a wholly owned subsidiary of Hindustan Aeronautics Limited (HAL) under the Ministry of Defence.

This partnership will enable Garuda to produce Advanced Precision Drones domestically for various applications with a payload capacity of approximately 25 kg.

Garuda Aerospace recently joined forces with BEML at Aero India to manufacture drones at its Mysore facility and initiated a large-scale campaign for indigenisation. To reduce dependence on foreign imports of drone parts, components, and UAV subsystems, the company has collaborated with 120 local suppliers.

Gameskraft Foundation, IIS partner to establish athletics centre

Gameskraft Foundation, the social division of online gaming company Gameskraft, has joined forces with Inspire Institute of Sport (IIS) to establish the ‘Gameskraft Foundation Athletics Centre of Excellence’.

This partnership aims to offer training and access to facilities to promising young sports talents across various disciplines in track and field in India.

The collaboration between Gameskraft Foundation and IIS involves conducting a range of activities to promote athletic training programmes, including jumps, throws, sprints, and hurdles.

These activities take place at a state-of-the-art high-performance training centre, spanning 42 acres in Vijayanagar, Karnataka.

B2B manufacturer Magma reports Rs 200 crore ARR

Magma, a B2B manufacturing platform in Asia, has reported an annualised revenue run rate of Rs 200 crore.

Within one year, the company has reportedly established partnerships with over 100 industries. Magma’s strategic collaborations with the Ceramic, Polypack, and Energy Association of India further strengthen the growth of the SME manufacturing ecosystem.

Magma’s approach involves working closely with factories across various essential aspects of its operations.

The company aims to provide energy and logistics solutions for day-to-day production, procure high-quality raw materials at competitive prices to improve sales and output, and offer user-friendly technology that accelerates growth.

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