DroneAcharya’s Making Moves, TechEagle Collabs With ideaForge, Swiggy's New Data Tool and more

DroneAcharya is set to expand its wings with a new remote pilot training centre in Karnataka, while TechEagle teams up with ideaForge to elevate drone tech innovation. Swiggy's new data tool promises to refine restaurant marketing strategies, and Pune and Hyderabad are emerging as the next big startup hotspots. Mystore introduces an AI-driven search tool to boost product visibility, and the OctaFX case sees the ED freezing assets worth ₹80 crore across four cities. Meanwhile, Kunal Shah’s CRED unveils a game-changing feature for managing bank accounts.

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What Matters

“Haan Bhai Haan”: DroneAcharya Gets DGCA Nod To Open 5th Remote Pilot Training Centre in Karnataka

DroneAcharya has received the DGCA's approval to open its fifth Remote Pilot Training Centre in Dharwad, Karnataka. This new centre will train 240 officials from the Karnataka forest department, marking another significant milestone for the startup.

Following a ₹96 Lakh order last November, DroneAcharya's success continues with contracts from the Adani Group and the Indian Army, underscoring their crucial role in advancing India's drone capabilities.

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“Hum Saath Saath Hai”: TechEagle Partners ideaForge To Boost Its Drone Technology Stack, Drive Innovation

In a strategic move to enhance its drone technology stack, TechEagle has partnered with ideaForge, aiming to drive innovation in the UAV space. TechEagle plans to revolutionize package delivery by leveraging long-range and heavy payload drones supported by AI and 5G.

This collaboration promises to bolster indigenous technology development, combining TechEagle's expertise with ideaForge's manufacturing prowess.

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“Ab Aayega Maza”: Swiggy Unveils Data Tool For Restaurant Partners To Gauge Marketing Efforts Against Peers

Swiggy has launched the Market Intelligence Dashboard, a new data tool for its restaurant partners to evaluate their marketing efforts. Offering insights into performance, customer behavior, and menu quality with a score out of 100, this tool helps restaurants benchmark against industry standards.

By identifying areas for improvement, restaurants can now optimize their strategies to stay ahead in the competitive market.

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“Bye Bye Bangalore”: Pune, Hyderabad Lead The Race To Emerge As Next Startup Hubs Of India

Pune and Hyderabad are leading the charge to become India's next startup hubs, with investors eyeing them alongside Chennai, Jaipur, and Ahmedabad. In H1 2024, Chennai-based startups raised the highest funding at $250 million, closely followed by Pune with $241 million across 18 deals.

Notably, each of these emerging hubs secured more funding in the first half of 2024 than they did in the entirety of 2023, highlighting their growing prominence in the startup ecosystem.

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“Naye Yug Ki Nayi Niti”: Mystore Rolls Out AI-Powered Semantic Search To Increase Product Visibility

Mystore has unveiled its AI-powered semantic search tool, designed to enhance product visibility and sales on the ONDC Network. This innovative feature aims to deliver accurate query interpretation, tailored product recommendations, and speedy search results, driving more traffic to sellers.

By integrating this advanced search tool into the Mystore Seller App, sellers can expect improved product visibility and increased sales.

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“Sabki Chori Pakdi Gayi”: OctaFX Case As ED Raids Four Cities, Freezes Assets Worth INR 80 Cr

In a major crackdown, the Enforcement Directorate raided four cities and froze assets worth ₹80.5 crore in a money laundering case involving the OctaFX trading app. Promoted by celebrities, the app allegedly used shell companies to deceive investors, sparking an investigation after an FIR was filed in Pune.

This high-profile case underscores the growing scrutiny on financial fraud in the trading app industry.

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“Hum Bhi Hai Josh Mein”: Kunal Shah-Led CRED Unveils New Offering To Help Customers Manage Bank Accounts

Kunal Shah-led CRED has introduced a new feature called CRED Money, designed to help users manage their bank accounts efficiently. This tool offers a unified view of all bank account balances, while also sending reminders for recurring payments like SIPs, EMIs, rent, and insurance premiums.

This launch follows CRED's recent in-principle approval from the RBI for its payment aggregator license application, marking a significant step forward for the platform.

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1. Ather Energy's net loss widened by 22.5% to ₹1,060 crore in FY24, up from ₹865 crore in FY23, according to Hero MotoCorp's annual report. Despite the increased losses, revenue from operations saw a slight rise to ₹1,789.10 crore, with Hero MotoCorp holding a 40.89% stake in Ather Energy.

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2. Fintech unicorn Yubi has added fresh ESOPs worth $26 million, bringing the company's total ESOP plan to $70 million, according to TheKredible's estimates. Yubi achieved unicorn status in March 2022 following a $135 million Series B round led by Insight Partners and others.

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3. Wealth and asset management firm Neo, backed by Peak XV, has raised ₹32 crore (nearly $4 million) via private placement. This marks Neo's first investment round of 2024 for the Mumbai-based company.

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4. Devnagri, a homegrown generative AI startup backed by Venture Catalyst, has raised an undisclosed amount in a pre-Series A round led by Inflection Point Ventures. The new funding will support Devnagri's expansion and development efforts.

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5. Nasher Miles, the digital-first luggage brand, has secured $4 million in its bridge round to Series A from investors including Singularity Early Opportunities Fund and prominent figures like Narendra Rathi, Sulabh Arya, and Mohit Goyal.

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