Amazon India Accelerates Startups Globally, More Startup News

Amazon India's Propel S4 Accelerates Indian Startups Globally

Amazon India has launched the fourth season of Propel, a business accelerator program for startups in consumer products. Named Propel S4, it aims to support up to 50 Indian startups to expand into international markets. With rewards worth over $1.5 million, including grants and logistical support, participants will also connect with VC firms for funding opportunities. The program, open for applications until June 14, 2024, emphasises mentorship and access to Amazon's tools. Top applicants will undergo a boot camp before the final 50 are selected for the program. Previous winners have praised Propel for accelerating their global ambitions.

Bengaluru's Niqo Robotics Closes Series B with $13M for Sustainable Farming Tech

Niqo Robotics, an agritech startup based in Bengaluru, has successfully closed its Series B funding round, securing a total of $13 million. This brings their total funding to $21 million. Founded in 2015 by Jaisimha Rao, Niqo offers AI-powered agrochemical spraying services, boasting precision spot spray technology. Their innovative approach claims to reduce chemical usage by up to 90%, benefiting both farmers and the environment. With investors like Bidra Innovation Ventures and Fulcrum Global Capital onboard, Niqo aims to expand globally, capitalizing on their success in commercializing over 90,000 acres and benefiting over 1,800 farmers in FY24. The startup's integration of AI aligns with the broader trend of sustainable agriculture, reflecting a growing interest in farmer-first solutions.

Coromandel International Boosts Stake in Ecozen for Sustainable Agriculture Solutions

Coromandel International has bolstered its commitment to sustainable agriculture by increasing its stake in Ecozen, a climate-smart tech startup. Through its venture capital arm, Coromandel invested Rs 24 crore, raising its shareholding in Ecozen to 5.54%. Ecozen's innovative use of AI, IoT, and energy storage not only boosts agricultural incomes but also reduces greenhouse gas emissions and food losses. With a turnover of Rs 274 crore in FY23, Ecozen aims to expand globally, focusing on markets like Africa and Southeast Asia. Devendra Gupta, Ecozen's CEO, sees this investment as a catalyst for the global adoption of climate-smart technologies. Coromandel's President, Jayashree Satagopan, highlights the alignment between Ecozen's mission and their sustainability-driven approach. This move reflects Coromandel's commitment to long-term value creation and a positive impact on farmers' livelihoods.

Go Digit Raises $141M from Anchor Investors Ahead of IPO, Eyes $3B Valuation

Indian insurance startup Go Digit has secured $141 million from anchor investors ahead of its upcoming initial public offering (IPO). Fidelity, Goldman Sachs, Morgan Stanley, and others joined in as anchor backers. Founded by Kamesh Goyal, Go Digit simplifies insurance processes, offering auto, health, travel, and accidental insurance. With 43 million customers and 8 million policies issued by December last year, the Mumbai-based startup aims to raise $313 million in the IPO, seeking a valuation of $3 billion. Despite a 25% drop from its last private valuation, Go Digit's IPO reflects growing investor interest in Indian tech startups. Backed by prominent investors and initially planning to go public in 2022, Go Digit is part of a wave of Indian companies gearing up for public listings, including Swiggy and Ola Electric.

Stupa Sports Analytics Raises INR 28 Cr to Revolutionize Sports Technology

Sports analytics startup Stupa Sports Analytics has raised INR 28 crore (approximately $3.3 million) in a pre-Series A funding round co-led by Centre Court Capital and PeerCapital. Founded in 2020 by Megha Gambhir and Deepak Malik, the Gurugram-based company plans to use the funds for talent acquisition, global expansion, and product scaling. Stupa offers AI-driven solutions to sports federations, aiming to digitize operations and enhance fan engagement. With aspirations to enter the B2C market in India and the US, Stupa aims to revolutionize sports technology by providing data-driven insights and digitally augmented experiences.