Bits’n’bytes: Know about startup, business news in Pune

CoinSwitch, one of the largest investing apps, announced the launch of Web3 Discovery Fund, the company’s corporate venture capital initiative

EV charging startup goEgoNetwork raises ₹60 crore in funding

Incubation and investment platform, Atal Incubation Centre – Pinnacle Entrepreneurship Forum has been selected under the startup India seed fund scheme (SISFS) announced by the department for promotion of industry and internal trade (DPIIT) and will receive a grant of ₹4.5 crore. (REPRESENTATIVE PHOTO)

EV charging infrastructure solutions startup goEgoNetwork has raised Series A equity funding of ₹60 crore. The company will use the funds in developing and installing the ‘Fast DC Charging Station’ product line. In the short run, the funding will enable a targeted reach of 8,500 charging stations across India with 15,000 paying members on the network. “The EV industry is growing exponentially and the funding gives us growth capital to pursue the big plan of having the EV charging infrastructure in place for the people who are not buying because of range anxiety,” said Sayantan Chakraborti, managing director and co-founder, goEgoNetwork. goEgoNetwork had previously raised ₹15 crore in a seed funding round to expand its existing electric charging network and leverage the green consciousness gradually sweeping across the country.

Web3 Discovery Fund for Indian startups

CoinSwitch, one of the largest investing apps, announced the launch of Web3 Discovery Fund, the company’s corporate venture capital initiative. The fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe. Web3 Discovery Fund will be an active investor and provide strategic support for the rapid growth of the portfolio startups. Founders and builders can pitch at ventures@coinswitch.co.

AIC-Pinnacle to receive ₹4.50 crore under startup India seed fund scheme

Incubation and investment platform, Atal Incubation Centre – Pinnacle Entrepreneurship Forum has been selected under the startup India seed fund scheme (SISFS) announced by the department for promotion of industry and internal trade (DPIIT) and will receive a grant of ₹4.5 crore. Dr Sudhir Mehta, founder of AIC-Pinnacle entrepreneurship forum, said, “The SISFS grant will work as a catalyst for us to achieve our goal of creating a vibrant and high-impact entrepreneurial ecosystem focused on innovation, incubation, and investment in key sectors. Through this assistance, we are aiming to incubate and provide financial assistance to 19 early-stage startups over the next three years. We will be helping the early-stage startups with prototype development, product trials, outreach activities, legal compliance, IP support, market-entry, commercialization, scaling up, etc.”

FreshToHome enables launch of rapid express delivery in Pune

FreshToHome has enabled the launch of rapid express delivery in Mumbai and Pune. FreshToHome has enabled 29-minute delivery in some of the prime locations like Viman Nagar, Kharadi, Kondhwa, Wakad in Pune. More than 2,500+ SKUs are sold on the platform and customers in these locations will now have access to these products in less than half an hour. Shan Kadavil, Co-founder, FreshToHome, said, “Strategies that will drive customer experience are fundamental to us and the launch of ‘rapid express delivery’ is a value addition to our goal to serve our customers faster. The 29-minute delivery is a catalyst to further reduce the coast-to-customer cycle from the current 24-36 hours. Rapid express delivery orders come with no minimum order value, allowing customers to place orders as per their needs.”

Cummins India to market RECD for Genset users

Cummins India Limited has launched Retrofit Emission Control Device (RECD) in collaboration with PI Green Innovations at the Cummins India office campus in Pune. As a part of this contract, Cummins will be marketing RECD through its vast distribution network in India.

RECD is built on filterless technology and based on electrostatic precipitation fundamentals. It is highly efficient in improving air quality and capturing particulate matter (‘PM’) from the air with more than 70 per cent efficiency. Shveta Arya,vice-president, DBU and NRPO, Cummins India, said, “We have collaborated with PI Green Innovations for RECD to be marketed and distributed by Cummins in India. RECD provides a viable solution for our customers to meet the PM compliance requirement. Considering the ever-increasing carbon footprint, we will continue our efforts towards lowering emissions across our product range, which is well aligned with our goal of destination zero strategy to reach net-zero emissions by 2050.”

Yellow.ai launches DynamicNLP technology in enterprise conversational AI space

Enterprise-grade Conversational AI platform Yellow.ai announced the launch of its proprietary DynamicNLP, a first in the enterprise Conversational AI space to enable enterprises to go live within minutes with lower operational costs and an intent accuracy of over 97 per cent.

Yellow.ai DynamicNLP eliminates the tedious process of training and labelling Natural Language Processing (NLP) models manually. DynamicNLP comes with a pre-trained model built using billions of anonymized conversations, which helps in the reduction of unidentified utterances by up to 60 per cent, making the AI agents more human-like and scalable across industries with wider use-cases.