Funding
SBICAP Ventures-backed Neev II Fund invests in Nutrifresh
SBICAP Ventures-backed climate and sustainability-focused SME fund, Neev II Fund, invested in agritech firm, Farm Tech.
Operating across 33 acres, the agritech startup focuses on producing hydroponically-grown residue and chemical-free vegetables and fruits, and offers direct-to-consumer (D2C) services in markets such as Mumbai, Pune, Delhi, Surat, Ahmedabad, Vadodara, and Bengaluru.
Having taken a significant minority position in the company, this is Neev II Fund’s fifth investment, the statement said.
Currently, the fund has a clientele of 50+ B2B aggregators, besides trade outlets, and delivery partners across cities. Nutrifresh is set to scale to a remarkable 100+ acres within the next 12 months, it added.
“The need for sustainable local-for-local food production for fresh, nutrient-rich foods has never been greater after the disruptions in supply chain,” Sanket Mehta and Ganesh Nikam, Founders, Nutrifresh, shared. “The investment will give us the resources needed to secure our expansion as a pioneer in hydroponic agriculture in India by investing in growth, key hires, enhancing our foothold, and technology portfolio and ultimately deliver our solution across the country.”
LC Nueva AIF raises Rs 50 Cr from SIDBI
LC Nueva Alternate Investment Fund has raised Rs 50 crore from the Small Industries Development Bank of India (SIDBI), the company announced on Monday.
LC Nueva has used 75% of the capital and the remaining amount will be used subsequently on its existing portfolio of startups, it added.
The fundraise is part of the SIDBI’s Funds of Funds Scheme for startups, the company said. The scheme was approved by the central government in 2016, with a corpus of Rs 10,000 crore to be managed by SIDBI.
LC Nueva is a sector-agnostic early-stage fund formed after a partnership between Lighthouse Canton and Nueva Capital, which primarily invests in pre-Series A or Series A startups, according to the company.
The fund has a portfolio of 32 companies from various industries with a fund size of Rs 350 crore, it added.
Other news
Leverage Edu launches student accommodation platform Fly Homes in UK
Study abroad platform has launched a student accommodation platform, Fly Homes. It also completed its six months-pilot in the UK and claims to have achieved Rs 100 crore gross booking value.
We launched Fly Homes with a singular aim of providing end-to-end solutions to students,” said Founder and CEO Akshay Chaturvedi. “We want to make sure that they have access to safe and comfortable accommodation, a part-time job to help with daily expenses as well as access to alumni for guidance. That is why Fly Homes has achieved resounding success.”
The platform has onboarded 500+ student bodies in partner universities that help students in getting part-time jobs and internships. The company has plans to expand to other countries in Europe and the US in the next two quarters.
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AWS, Accel to support generative AI startups
(AWS) and venture capital firm announced a six-week accelerator programme, ML Elevate 2023, to support startups building generative artificial intelligence (AI) applications.
The programme will provide startups access to AI models and tools, business and technical mentorship, curated resources, the AWS Activate programme, and up to $200,000 in AWS Credits. This also includes peer support from a community of AI and ML startup founders and the opportunity to scale production-ready generative AI applications on Amazon SageMaker JumpStart, it said. The cohort will also have a fundraising opportunity through a dedicated Demo Week to pitch leading VC funds, angel investors, and industry leaders.
Generative AI startups that have already developed a Minimum Viable Product (MVP) and intend to seek funding in the next 12-18 months are eligible to apply.
“Generative AI offers an unprecedented opportunity to revolutionise and transform businesses globally. Through ML Elevate, our aim is to support generative AI startups to develop industry-focused solutions and innovate to drive the digital economy,” says Vaishali Kasture, Director of AWS India and South Asia at Amazon Web Services India.
PrepInsta promotes Anmol Bhatnagar to Head of Institutional Partnerships
Edtech platform has promoted Anmol Bhatnagar to the position of Head of Institutional Partnerships. The senior executive has been associated with the firm for a year as the regional head of partnerships.
In his new role, Anmol, who hails from a legal background, will spearhead the expansion of B2B collaborations for PrepInsta, focusing on cultivating relationships with colleges in the Delhi-NCR Region, Haryana, and Uttar Pradesh.
In the near future plans, PrepInsta aims to expand its network of partnered colleges and position it as the go-to placement partner for educational institutions.
Vinod K Dasari joins Tresa Motors board
Vinod K Dasari, who served as the CEO of Royal Enfield and Ashok Leyland, has joined the board of Tresa Motors, OEM manufacturer of medium and heavy electric trucks, as its Chairman.
Dasari, who was also the president of the Society of Indian Automobile Manufacturers (SIAM) in the past, will spearhead the company’s strategic direction, drive innovation, and foster synergies within the organisation.
“With his extensive domain expertise, he will play a pivotal role in reinforcing Tresa Motors’ position as a leader in the electric trucking business,” it added.
Founded by Rohan Shravan and Ravi Machani in 2022, the Bengaluru-based firm’s core competencies are in industrial design, electric powertrain, and battery-related technologies. It is currently developing electric trucks in the 18T-55T GVW segment and unveiled its first vehicle, the Model V0.1, in July.
HostBooks appoints Yogesh Singhania as Chief Business Officer
, a SaaS-based business management solution platform, has onboarded Yogesh Singhania as Chief Business Officer.
Prior to his new role at HostBooks, Yogesh was associated with Airtel, Vodafone, Hello Verify, Rico and Idea in a leadership position where he looked at customer satisfaction, territory expansion and overall organisation growth. The company said the new appointment will help it streamline and scale-up operations, and enhance the overall customer experience.
“The role of finance departments and accountants has turned inefficient with the implementation and complexities of new tax regimes. HostBooks is definitely a revolutionary product for the market and we look forward to bolstering its business development efforts in the near future,” Singhania said.
(This article will be updated with the latest news throughout the day.)
Edited by Kanishk Singh
