Funding
Rincell Corporation raises $1.2M in seed round
Rincell Corporation, an advanced chemistry battery cell manufacturer, has raised a $1.2 million seed round led by US-based NextGen Battery Chem Ventures LLC, managed by venture capitalist Sandiip Bhammer.
Rincell Corporation was founded in 2023 by Jignesh Parikh and Dr Jagjit Nanda.
“We’re thrilled to be partnering with Sandiip Bhammer—a veteran clean-tech investor and Founder of early-stage India climate fund Green Frontier Capital. Not only does Sandiip have a stellar reputation for supporting founders, but we’ve immediately felt the positive impact in just the short period of time we’ve started working together,” said CEO Parikh.
The infusion of capital will allow Rincell to get its 18,650 and 21,700 silicon-graphite batteries ready for commercial production in CY2024.
D2C PrabhuBhakti raises seed funding from Prajay Advisors
PrabhuBhakti, a D2C startup and devotion and style brand, has raised an undisclosed amount of seed funding from Prajay Advisors. Founded by Samast Ahlawat and Raju Kumar in 2021, PrabhuBhakti focuses on three key categories—apparel, silver jewellery, and puja items that remain in high demand.
As per reports, the spiritual market, standing at $50 billion, is growing at 10% CAGR. In a short span, the platform is receiving orders from across the country with a major chunk of the sales being driven by its ecommerce platform, as per a statement from the company said.
“This capital injection will enable us to expand our product range, reach new markets, and further solidify our position as a pioneering force in the D2C religious product market. With this funding, Prabhubhakti is looking to grow 10X, by expanding its user base, and further enhancing its product offerings,” said Samast Ahlawat, Co-founder, PrabhuBhakti.
Bootstrapped HRTech startup InCruiter secures Rs 1.1 Cr from GetVantage
Interview solutions provider InCruiter has secured Rs 1.1 crore in undiluted revenue-based funding from GetVantage.
The Bengaluru-based startup, founded in 2018, provides interview solutions for businesses. The company recently launched a new product, ‘IncBot’, registered a new office in the US, and successfully onboarded 87 new clients last year. Utilising AI video interviews, they saved over 10,000 minutes of HR time in three months and surpassed the milestone of conducting 4 million+ total interview minutes.
Talking about the company’s future and what it plans to achieve this year with the funds raised, Anil Agarwal, CEO, and Co-founder of InCruiter, said, “We plan to expand our global footprint beyond that of the Indian clientele. To achieve these targets, we plan to exponentially expand our team size by hiring across tech, sales, and marketing sectors.”
Last year, the company raised Rs 20 lakh in debt-based funding from the government under the Startup India scheme. Here, the funds were allocated towards the expansion plans, enabling the company to tap into new markets.
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Other news
HostBooks appoints RD Mishra as Vice President, FnB
HostBooks, a SaaS-based accounting platform, has appointed RD Mishra as the Vice President—FnB Business from January 2024. With his appointment, HostBooks aims to revolutionise its growth strategy, strengthen its leadership position, and acquire a significant market share across FnB markets.
With over 33 years of profound experience in the FnB industry across the gamut of sales, operations, marketing, and communications, Mishra is set to take charge of the new development in the products, and leadership delivery at HostBooks. His experience in leading and building excelling business strategies will facilitate the platform’s profitable growth trajectory and fortify its presence in the HORECA industry.
“We’re excited to have RD Mishra in our team. His impressive track record in overseeing diverse operations across multiple globally renowned companies of the FnB industry will bring spark to our products. The domain knowledge and network he brings to the forum will enable us to solidify our position as the leader in the automation software space of the FnB industry,” said Kapil Rana and Biswajit Mishra, Founders of HostBooks.
Jocata enters into a strategic collaboration with SBM Bank India
Digital lending transformation partner Jocata has collaborated with SBM Bank India to complement the bank’s digital capabilities by leveraging Digital Document Execution (DDE) platform, which provides a seamless and secure end-to-end digital execution of loan documents for both retail and corporate customer segments.
By utilising the DDE platform, SBM Bank aims to achieve a substantial reduction in the loan disbursal turnaround time (TAT), thereby providing its customers with a quicker and more streamlined lending experience.
“Utilising Jocata’s DDE platform, the bank is poised to decrease loan disbursal turnaround time (TAT) while simultaneously strengthening its control and management of documentary risks,” said Prashant Kadam, Chief Operations Officer, SBM Bank India.
GoMechanic, iACE join forces to impart automotive skills
GoMechanic, in an initiative aimed at advancing automotive skill development, has entered into a strategic Memorandum of Understanding (MOU) with the International Automobile Centre of Excellence (iACE). iACE is a joint initiative of Gujarat government and Maruti Suzuki India Limited, and has a centre for automobile training with state-of-the-art infrastructure and technical labs.
“This collaboration is not just about upskilling; it’s a holistic effort to transform the automotive workforce. By integrating iACE’s expertise with GoMechanic’s extensive network, we aim to create a workforce that is not only technically proficient but also adaptive to the evolving automotive landscape,” said Muskan Kakkar, COO and Co-founder of GoMechanic.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
