Funding news
Alternate investment platform Altitude raises $500K in pre-seed round
Delhi-based alternate investment platform Altitude has secured $500,000 in pre-seed funding from leaders of The Good Glamm Group, Swiggy Dineout, Yes Bank, Robinhood, and Wipro.
The company said it will use the funds to accelerate the launch of its flagship product Altitude Prism—a structured fixed income instrument—with the aim of listing it on the National Stock Exchange. A part of the funds will be used to strengthen leadership in fund and risk management teams.
Altitude added that it aims to create a financial ecosystem with “superior investment opportunities” to making the financial ecosystem accessible to a wider audience. On the Altitude platform, investors can find a new class of alternatives beyond the usual corporate and NBFC bonds, according to the company.
“At Altitude, we are on a mission to expand the fixed income horizon with safe and high-yield investment instruments. The funding we have raised is an important milestone in realising that mission,” Krishna Maggo, Founder of Altitude, said.
Consumer fitness brand Cube Club raises $1.1M in seed funding
Consumer fitness brand Cube Club has secured $1.1 million in seed funding from unnamed investors.
The Mumbai-based company will use the funds to launch Dopamine, a social fitness network. Cube Club customers will get priority access to Dopamine and an exclusive Cube Club community that offers challenges, influencer content, and rewards for their fitness achievements, the company said in a statement.
Founded by Pratik Agarwal, Siddhesh Ghuge, and Yash Thakur, Dopamine aims to revolutionise the fitness landscape by infusing positivity, fun, and a strong sense of community into the fitness experience. Dopamine focuses solely on connecting fitness enthusiasts around the world, amplifying their motivation and engagement levels, the company noted.
“At Dopamine, we are not just building a fitness app; we are cultivating an ecosystem that unites fitness aficionados, trainers, fitness centres, and product brands under one virtual roof,” Pratik Agarwal, Co-founder of Dopamine, said.
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Pratik Agarwal, Siddhesh Ghuge, Yash Thakur (Co-founders, Cube Club)
” align=”center”> Pratik Agarwal, Siddhesh Ghuge, Yash Thakur (Co-founders, Cube Club)
Handloom brand Dressfolk raises Rs 3.3 Cr from All-In Capital
Indian handloom ethical clothing brand Dressfolk has secured Rs 3.3 crore in seed funding led by All-In Capital. Other strategic investors include Sidhant Keshwani of Libas, Sidhesh Chauhan of Jade Blue, and Riju Jhunjhunwala of RSWM Ltd.
The company plans to use the fresh funds to strengthen its product portfolio, expand distribution channels, and expand its team and operations, according to a company statement.
Founded in 2017, Dressfolk was set up with the aim of modernising the traditional Indian weaves while empowering the local artisans community. Dressfolk works with over 600 weavers and 120 artisans across 6 states and is catering to customers globally.
“At Dressfolk we draw inspiration from the past, but create for the future. We design and co-produce all our garments with our artisan community from scratch. We’re delighted that investors saw the immense potential in our long-term vision of building the most compelling destination for luxurious and high-quality Indian looms”, said Nitin Mehrotra, Founder & CEO, Dressfolk. He added, “We are proud of the fact we are not only Made in India but Made of India.”
Other news
Flipkart launches two new features to enhance virtual shopping experience
Ecommerce firm Flipkart has introduced two new features as part of the SwipeScreen experience—Flippi and Vibes.
Flippi is a virtual shopping assistant powered by ChatGPT, which will enable consumers to find products that align with their individual tastes and needs in an intuitive and conversational manner. Vibes is a video-browsing feature, which can be accessed by swiping to the right on the Flipkart app homepage, integrate the shopping experience with video content, and bring the traditional window-shopping experience to the Flipkart platform.
“We’re thrilled to unveil our latest on-app experiences ‘Vibes’ – a video-led browsing experience and a shopping assistant ‘Flippi’ powered by ChatGPT, that are going to change the way millions of Indians experience e-commerce, especially in the run-up to this year’s festive season,” Bharath Ram – Senior Vice President, Growth and Retention at Flipkart, said.
Clothing brand Snitch appoints Dunzo’s Ankit Singh as Chief Business Officer
Direct-to-consumer (D2C) men’s fashion brand Snitch has appointed Ankit Singh as Chief Business Officer. Singh was previously the Vice President of Dunzo Merchant Services.
In the new role, Singh will be responsible for spearheading Snitch’s strategic initiatives to drive sustainable growth and operational efficiency, the company said in a statement.
“I am thrilled to join the fastest emerging D2C start-up. I am excited to contribute my experience in scaling businesses to drive the next phase of Snitch’s growth. Together, we will continue to push boundaries and set up new benchmarks for the business,” Singh said.
(The story will be updated with latest news throughout the day)
Edited by Megha Reddy
