Today Startup News – 20 March 2024

Today Startup News

These are the notable startup news from today.

1. Embrace Regulators: Fintech Founder’s Advice

  • Siddarth Pai, the founding partner of 3one4 Capital, advises fintech startups to cultivate positive relationships with regulators and consumers. He emphasizes that many challenges faced by fintech startups stem not only from regulatory issues but also from their disregard for certain guidelines. \
  • While acknowledging the importance of regulatory compliance, Groww’s cofounder Harsh Jain suggests that entrepreneurs can challenge regulations that conflict with their customers’ interests.

2. TAC Security’s IPO Opens March 27

  • TAC Security, backed by renowned investor Vijay Kedia, is set to launch its initial public offering (IPO) on March 27. The IPO will include a fresh issue of 28,29,600 equity shares with a price band of INR 100-106 per share.
  • TAC Infosec, established in 2016, specializes in risk-based vulnerability management, cybersecurity quantification, and penetration testing for enterprises.

3. Trust Fintech’s IPO Launches March 26

  • Trust Fintech is gearing up for its initial public offering (IPO) scheduled to commence on March 26. With a price band of INR 95-INR 101 per share, the company aims to raise INR 63.45 Cr from the IPO.
  • The anchor portion of the IPO will open on Friday, March 22. Trust Fintech, reporting INR 18.82 Cr in revenue and INR 7.27 Cr in profit after tax in the first half of FY24, is poised for a significant market debut.

4. Pocket FM Raises $103 Mn for Global Expansion

  • Pocket FM secures $103 million in its Series D funding round led by Lightspeed and Stepstone Group. The podcasting startup plans to utilize the fresh funds to strengthen its presence in the US and expand into European and LATAM markets.
  • With this latest investment, Pocket FM’s valuation has surged approximately 2X to $750 million, indicating its ambitious global expansion strategy.

5. PM Modi Urges Startup Patents

  • Prime Minister Modi encourages startup founders to prioritize patenting their innovations during an interaction with entrepreneurs. Stressing the importance of protecting intellectual property, Modi advises founders to promptly initiate the patenting process, considering the rapid pace of technological advancement.
  • The “Startup Mahakumbh” event hosts over 2000 startups, 1000+ investors, 100+ unicorns, and 300+ incubators & accelerators, showcasing India’s vibrant startup ecosystem.

6. Zomato Reverses ‘Pure Veg Fleet’ Decision

  • Zomato CEO Deepinder Goyal announces the reversal of the company’s decision to segregate its delivery fleet based on dietary preferences. Following backlash on social media, Zomato decides against implementing the ‘Pure Veg Fleet’ concept and opts for a unified red-colored uniform for all delivery partners.
  • The decision reflects Zomato’s responsiveness to user feedback and commitment to inclusivity.

7. Liquidnitro Games Nets $5 Mn for AI Boost

  • Liquidnitro Games, founded in 2023, raises $5 million to enhance its gaming production capabilities using AI and technology-driven insights. The funds will be allocated towards building a world-class studio, investing in AI & technology, and scaling live services capabilities.
  • Partnering with game studios and IP owners globally, Liquidnitro aims to unlock growth, profitability, and expansion into new markets.

8. Optimo Loan Raises $10 Mn for MSMEs

  • Optimo, founded by entrepreneur Prashant Pitti, secures $10 million in Seed funding led by Blume and Omnivore. The startup aims to strengthen its operations, enhance technology, recruit talent, and expand to 20 rural locations in India.
  • With a focus on MSME lending, Optimo employs a unique underwriting method to gain deeper insights into the financial health of small businesses, contributing to financial inclusion.

9. Ola Electric Appoints Jitesh Shah for After-Sales

  • Ola Electric appoints former BYJU’S executive Jitesh Shah to lead its after-sales vertical, focusing on expanding service centers and fast-charging networks. Shah, previously holding senior positions at BYJU’S, will also oversee extending warranties on all new scooter sales.
  • His appointment underscores Ola Electric’s commitment to delivering exceptional after-sales service and enhancing customer experience in the electric vehicle sector.

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