Startup news and updates: daily roundup (August 19, 2022)

GetVantage makes key appointments

Mumbai-based revenue financing and growth startup GetVantage has appointed Sajid Sundrani as the Head of Investments and Sneha Shah as Director for Growth and Partnerships.

In his previous role, Sajid Sundrani served as the Principal of Investments at Mumbai Angel Network, leading investment and strategy, while Sneha Shah was the Director of Wellthy Therapeutics and led finance and global regulatory certifications as part of the leadership team.

The new appointees will target investment opportunities across sectors for GetVantage, expand the startup to new markets, and scale its special projects division.

Founded in 2020 by Bhavik Vasa and Amit Srivastava, GetVantage claims to have supported over 350 brands across 18 categories and has funded over Rs 2,200 crore in GMV.

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Fintech startup PayNearby to start cross-border remittance services by October

PayNearby integrates UMANG app onto its platform

Fintech startup PayNearby has onboarded the Unified Mobile Application for New-age Governance (UMANG) app on its platform to offer central and state government-related services.

UMANG offers e-governance services on a single platform across regional languages. With the integration, PayNearby’s 50-lakh assisted retailer network can offer e-governance services across 20,000-plus pin codes.

Founded in 2016, PayNearby works on a B2B2C (business-to-business-to-consumer) model, partnering with neighbourhood retail stores to enable them with technology to offer assisted financial and digital commerce services to local communities.

IDAM appoints Kushal Aggarwal as CFO

House of brands IDAM, which owns and operates FMCG brands, including Bevzilla and Brave Essentials, and is the founding company of personal care brand Bella Vita Organic, has appointed Kushal Aggarwal as its chief financial officer (CFO) and will also lead strategy.

In his new role, Kushal will devise finance and business strategies at IDAM and manage the budget and profitability of the company. Earlier, Kushal served as the virtual CFO for multiple direct-to-consumer (D2C) brands.

Founded in 2018 by CEO Aakash Anand, IDAM raised $10 million in an equity round led by Ananta Capital in July 2021. It also appointed Saahil Nayar to the post of co-founder and COO in October 2021.

Flipkart, IIMR sign MoU to enable market access for FPOs, SHGs

Walmart-backed ecommerce major Flipkart has signed a Memorandum of Understanding (MoU) with the Indian Institute of Millets Research (IIMR) to enable market access for Farmer Producer Organisations (FPOs) and Self-Help Groups (SHGs). The MoU was signed by Flipkart and the Indian Council of Agricultural Research (ICAR).

Flipkart aims to offer FPOs and SHGs pan-India market access to over 400 million customers on its ecommerce platform. As part of the collaboration, the ecommerce giant will also engage the communities through virtual and on-ground training and capacity-building initiatives to help them with understanding the quality, pricing, and licenses required to be a part of the FPO ecosystem.