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Funding news

Machaxi bags Rs 4.8 Crore in Pre Series A Round

Tech-enabled sports startup Machaxi has raised Rs 4.8 crore in a Pre-Series A Round led by Inflection Point Ventures. The funds will be utilised to enhance technology for user analytics and sports shopping, expand the sports shop segment, and strengthen the brand.

Founded by Pratish Raj, Ashish Anand, and Tushar Raj, the startup offers technology-enabled sports coaching for kids, provides facilities for adults to play sports in their neighbourhoods, and offers an app where users can shop for sports equipment.

“It has become increasingly challenging for adults and parents to access affordable, quality sports coaching within urban residential areas. Recognizing this need, Machaxi steps in to bridge the gap by offering top-notch coaching and progress tracking for children, along with state-of-the-art facilities for adults. Additionally, their user-friendly app makes purchasing sports equipment convenient and accessible,” said Ivy Chin, Partner, Inflection Point Ventures. 

Clean-tech startup Neo San raises $1.5M from Ashish Kacholia

Clean technology startup Neo San has secured $1.5 million in a seed funding round, achieving a post-money valuation of $7.2 million. The investors in this round include Ashish Kacholia, pro-golfer Anirban Lahiri, Aaradhana Jhunjhunwala, Aman Poddar, Adithya Mathews, pro-golfer S. Chikkarangappa, Apurva Damani, Mammen Kurien, Sandeep Telang, Vanshay Goenka, and Siddhi M.

The company addresses hazardous waste management with products utilising proprietary technology, such as Neo-X, which is a decentralised waste incinerator that utilises clean energy to treat waste directly at its source.

“We will use this round of funding to scale our technologies across India, and to enable larger systems to support the country’s waste-handling needs. Currently, we’re building decentralised networks of people and machines that will allow our growing cities to better manage waste locally and efficiently, reducing the overall emissions from this process by over 90% compared with the current scenario,” said Dhwaj Bagrecha, Co-Founder, Neo San.

Other news

Walmart Vriddhi enables 58,000 Indian MSMEs with free digital training and mentorship

Walmart‘s supplier development initiative, Walmart Vriddhi, has digitally enabled more than 58,000 micro, small, and medium enterprises (MSMEs) throughout India, which offers complimentary digital training, business consulting, and personalised mentorship. 

“Through the Walmart Vriddhi programme, we have seen incredible resilience in MSME graduates as they showcase their exceptional innovation and commitment towards making a positive contribution in their communities. We are thrilled to be part of their journey helping them grow, fostering inclusivity, and creating lasting impact,” said Jason Fremstad, Senior Vice President, Supplier Development, Walmart. 

Launched in 2019 in partnership with Swasti, the program aims to equip MSMEs with the knowledge and tools essential for thriving in supply chains. By merging Walmart’s expertise in supplier development with Flipkart’s platform, over 14,500 MSMEs have been integrated into the Flipkartmarketplace. 

Minister M.B. Patil facilitates discussions with Toyota and Aoyama Seisakusho

In a major effort to enhance Karnataka’s industrial and infrastructural sectors, Minister for Large and Medium Industries and Infrastructure Development, Government of Karnataka, M.B. Patil conducted strategic meetings with ToyotaMotor and Aoyama Seisakusho on the third day of his visit to Japan.

The meetings were mainly focused on fostering industrial growth and strengthening international partnerships and were also attended by Selvakumar S, IAS, Principal Secretary, Department of Commerce and Industries, and Gunjan Krishna, IAS, Commissioner for Industrial Development and Director, Department of Commerce and Industries. 

The discussions with Toyota Motor and Aoyama Seisakusho mainly highlighted the state’s commitment to creating a business-friendly environment and its potential as a prime destination for future investments and technological advancements.

Mela Ventures onboards R Kalyan Sundar as the Head of Finance and Legal

Bengaluru-based early-stage VC firm Mela Ventureshas appointed R Kalyan Sundar as the Head of Finance and Legal. 

Kalyan, renowned for his expertise in M&A, financial due diligence, and deal negotiation, will spearhead financial and investment strategies at Mela Ventures. 

Before joining Mela Ventures, Kalyan served as Assistant Vice President of Finance at Stakeboat Capital LLP, overseeing financial evaluations across diverse sectors such as SaaS, automation solutions, healthcare. Before that, at Ernst and Young LLP, Kalyan led more than 40 financial due diligence engagements, providing strategic advice on transactions and fundraising activities for both global and domestic clients. 

(The copy will be updated with the latest news throughout the day)