Funding news
Vedantu raises debt from Stride Ventures, completes acquisition of Pedagogy
Edtech unicorn Vedantu raised Rs 19.25 crore ($2.3 million) in debt from Stride Ventures. Additionally, it has proposed to completely acquire Ahmedabad-based company Pedagogy by acquiring the remaining 9.32% stake in the company in a share swap deal, the company’s ROC filing showed.
Pedagogy allows its users access to popular books and digital courses from trusted publishers and coaching centres across India for JEE, NEET, NET, CTET and other entrance exams.
SCOPE launches $50M VC fund to boost fintech, gaming startups
SCOPE, the exclusive invite-only networking platform for startups, has launched a $50 million venture capital fund under its investment banking arm, SCOPE VC. The fund will invest in high-potential fintech and gaming startups from India and the US.
SCOPE VC’s new fund will offer investments to early-stage startups, ranging from $500,000 to $2 million per startup. “Fintech in India and gaming in the US are showing tremendous growth, and we believe there is a significant opportunity to invest in startups that will define the future of these industries,” said Appalla Saikiran, Founder and CEO of SCOPE.
Other news
Alt Mobility appoints Pankaj Gupta as Chief Growth Officer
EV fleet leasing and lifecycle management startup Alt Mobility appointed Pankaj Gupta as its Chief Growth Officer, who will lead the company’s expansion into new markets.
Gupta brings over a decade of experience to Alt Mobility, having previously served as the CEO of Mufin Green Finance. In his new role, Gupta will drive Alt Mobility’s retail leasing business across Tier I, II, and III cities, expanding into the passenger transportation segment, battery as a service model, and expanding partnerships with financing institutions.
Ola Electric launches EV service training programme
Ola Electric launched an EV service training programme to train one lakh third-party mechanics under its ‘Network Partner Program’, making every mechanic EV-ready across India.
It also announced a #HyperService campaign to strengthen its service network and provide a technology-led, best-in-class after-sales experience. As part of the campaign, Ola Electric will double its company-owned service network to 1,000 centres by December 2024.
IIT Madras pre-incubator showcases student innovations at Nirmaan Demo Day 2024
IIT Madras organised a Nirmaan Demo Day 2024 supported by Nirmaan, a pre-incubator on campus, which empowers and guides young innovators to transform their ideas into market-ready solutions.
Through a strategic partnership with IIT Madras Incubation Cell, Nirmaan connects students to real-world entrepreneurial support, helping them turn their ideas into sustainable ventures.
A total of 30 startups from sectors like AI, healthtech, deep tech, and sustainability presented their innovations to investors, industry experts, and the IIT Madras community during the event.
Prof V Kamakoti, Director, IIT Madras, addressing the ‘Nirmaan Demo Day 2024’ at IIT Madras today
IIT Kanpur unveils India’s first detonation tube research facility
IIT Kanpur unveiled a Detonation Tube Research Facility (DTRF) at its Combustion and Propulsion Laboratory. Funded by the Aeronautics Research and Development Board, DRDO, and ISRO, the first facility is a first of its kind in India.
Developed by Prof. Ajay Vikram Singh and his research group from the Department of Aerospace Engineering, IIT Kanpur, the facility successfully demonstrated the propagation of a detonation wave in a laboratory setting for the first time in India, accomplishing this feat in a record time of two years.
NRAI appoints Wow! Momo Foods’ Sagar Daryani as President
The National Restaurant Association of India (NRAI) appointed Sagar Daryani, the CEO and Co-founder of Wow! Momo Foods, as its new President. Also, Pranav Rungta will continue his tenure as vice president.
Under the stewardship of Sagar Daryani and Kabir Suri, NRAI has expanded its influence across India, growing from six to 20 chapters nationwide. Daryani has been a consistent and vocal advocate for the industry.
SpeakX selected for Google Startup Accelerator
SpeakX, a platform that helps English learning through Gen AI technology, has been selected for the Google Startups Accelerator, recently launched by Google and designed to support Android app startups in India.
SpeakX joins a cohort of 20 innovative startups that will receive tailored guidance and support over a three-month journey, collaborating closely with teams from Android and Google Play to enhance product development and growth strategies.
(This article will be updated with the latest news throughout the day.)
