The Week That Was: Indian Startup News Overview (25th Dec - 29th Dec)

By Team Startupcity  |  Friday, 29 December 2023, 17:43 IST

The Week That Was: Indian Startup News Overview (25th Dec - 29th Dec)
As 2023 draws to a close, Startup India, a government initiative, remains a driving force for a new era of Indian entrepreneurship. This program harmonizes traditional knowledge with cutting-edge technology, fostering a collaborative environment. It goes beyond merely fostering innovation, aiming to reshape the entrepreneurial landscape by nurturing a culture where creativity and innovation intersect. With its broad support and forward-looking approach, Startup India strives to create diverse opportunities, fostering an environment where every idea can flourish and contribute to India's advancement.
This week has been characterized by the examination and analysis of observations of SkinQ Secures Rs 3 Crore to Transform Melanin-Rich Skincare and Pocket FM has earmarked a fund of Rs 250 crore to assist writers in 2024. Presented here are the top five startups securing multimillion-dollar funding this week.
SkinQ 
SkinQ, a personalized skincare startup, has secured Rs 3 crore in seed funding from a consortium led by Inflection Point Ventures (IPV), alongside contributions from Venture Catalysts and Super Angels. This funding signifies a pivotal moment for SkinQ as it advances its mission to revolutionize skincare, particularly catering to individuals with melanin-rich skin. Founded by renowned dermatologist Dr. Chytra V Anand, SkinQ is dedicated to empowering individuals with melanin-rich skin, aiming to bolster their confidence and well-being by elevating their Skin Quotient through scientifically tested solutions. With an ambitious target, SkinQ aims to positively impact the skincare of 10 million customers within the next three years.
Dr. Chytra Anand underscored the significance of inclusive skincare, emphasizing, “Every individual deserves access to top-tier solutions that celebrate the diversity of Indian and melanin-rich skin. With over two-thirds of the global population having melanin-rich skin, there's a significant lack of representation, with only 8% of skincare solutions catering to them worldwide”. SkinQ, spearheaded by Dr. Chytra Anand and Co-Founder Meera Iyer, combines Anand’s expertise in skin of color with Iyer’s background in Chemistry, Biotechnology, and Marketing, forming a formidable leadership duo. The secured funding will be directed towards product innovation, research, team expansion, and bolstering the brand's market presence.
Entitled Solutions 
Entitled Solutions, a platform focused on providing accessible health and financial services to urban low-income workers, has obtained Rs 4 crore in an expanded seed funding phase from SIS, a key player in security, facility management, and cash logistics. Over the preceding three years, Entitled Solutions has effectively granted economical financial and health solutions to around 700,000 low-income workers, encompassing those engaged in the gig economy. The company operates via a business-to-business-to-consumer model, partnering with employers and gig service platforms to deliver services directly to their workforce.
Anshul Khurana, Co-Founder of Entitled Solutions, mentioned, “While we've made strides with digital-oriented low-income workers, there are substantial yet untapped sectors within the conventional economy that we plan to address next. Leveraging SIS’s extensive employee network and expertise in fostering livelihoods nationwide positions us well for this endeavor”.
Cashvisory 
Financial advisory startup Cashvisory has successfully raised INR 1.2 Crore in its pre-seed funding round, with a consortium of investors led by SucSEEDIndovation Fund and EvolveX. Other participants include We Founder Circle, along with prominent angel investors such as Ashok Agrawal, Upasana Koul, Deepika Asthana, and Upasana Kaul. Founded by Arpita Sinha (CBO) and Utkarsh Chaudhary (CEO), Cashvisory aims to empower individuals, irrespective of their financial background, through its completely digital DIY platform. The platform offers a guided journey for users, simplifying complex financial concepts using a gamified approach and real-time what-if analysis.
EvolveX, recognizing Cashvisory’s potential during its accelerator program, Cohort 4, played a key role in the pre-seed round, emphasizing its commitment to supporting innovative startups with transformative ideas. The funds raised will enable Cashvisory to implement its go-to-market strategy, providing tailored investment portfolios, including stocks and small cases. Additionally, the company plans to launch an AI-driven mobile app to enhance its digital financial ecosystem.
Escrowpay
"Escrowpay, a digital escrow platform, secures $600,000 from current investors, pushing its total raised capital to $6.6 million. This funding forms part of the ongoing Series A round, aiming for a target of $15 million. Previously, Escrowpay attained the first digital escrow fintech authorization from IFSCA at GIFT City, a significant accomplishment". The company serves a broad clientele of more than 3,000 businesses, ranging from SMEs and unicorns to listed enterprises and emerging digital-first ventures across India. This financial infusion aims to drive various initiatives, fuel growth in key sectors, and spark innovation in the expansive payments landscape.
Commenting on this accomplishment, Escrowpay expressed, “We're excited to receive ongoing support and trust from our current investors. This funding round reaffirms our market value and highlights our dedication to transforming the digital escrow domain”.
Pocket FM 
The audio entertainment app, Pocket FM, has announced a substantial fund of Rs 250 crore to support writers contributing to its platform in the year 2024. The company disclosed that its top 10 writers have collectively earned over Rs 2 crore in the current year. Rohan Nayak, Cofounder and CEO of Pocket FM, highlighted the significance of the audio series genre, underscoring its role in providing writers with a platform to share their stories on a global scale. He affirmed Pocket FM's dedication to fostering storytellers through its audio series, which has inspired thousands of new writers drawn by the success stories of existing contributors.
Pocket FM has expanded its audio series library, doubling it to over 2,000 titles by the end of the year. The company highlighted the success of various audio series, with 17 surpassing 100 million plays and 40 titles exceeding 50 million plays. In revenue terms, 13 audio series crossed the Rs 10 crore mark, while 25 series achieved Rs 5 crore in collections. Notably, the audio series "Insta Millionaire" emerged as a major success, generating Rs 100 crore in revenue. Regarding user engagement, Pocket FM reported exceeding 75 billion minutes of streaming, with an average monthly streaming of over 6 billion minutes. The app's listener community has grown to over 130 million users globally, with over 20 million transactions recorded in 2023, resulting in 2.5 million monthly transactions.
 

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