Bits’n’bytes: Know about startup, business news in Pune

BiofuelCircle raises $0.75M USD in second round of seed funding

Pune-based Biofuels Circle, a digital platform for green fuels, creating a farm-to-fuel ecosystem, announced $0.75M in their second round of seed funding. The fund was co-led by Spectrum Impact, Better Capital, Dr Sridhar Shukla and others. Launched in July 2021, Biofuel Circle has raised US$ 1.75 million since inception. Biofuel Circle operates in Maharashtra, Gujarat and Tamil Nadu. The company aims to address the challenges surrounding the biofuel supply chain and positively impact the environment by reducing greenhouse emissions but also on the rural community by providing economic value, clean energy and increased employment opportunities.

Suhas Baxi, Co-Founder and CEO of Biofuel Circle said, “We are looking forward to expand our business with the new funding we have raised. We aim to expand our digital toolkit and launch our operations in North India by the end of this year. Clean energy is of the utmost importance to our country right now, and we contribute to making the biofuel supply chain more reliable and predictable.

BiofuelCircle’s digital platform currently serves 400+ active members, supplying 50+ biomass based products. The company has established a three-way e-marketplace that connects buyers and sellers with service providers for transportation, warehousing and other supply chain services.

Lentra acquires AI startup TheDataTeam

Pune-based Lentra AI Pvt Ltd, a digital lending cloud platform, announced the acquisition of Chennai and Singapore-based AI company TheDataTeam (TDT). Following the acquisition, TDT founder and CEO Rangarajan Vasudevan has joined Lentra as co-founder and chief data officer. Lentra is backed by HDFC Bank, Bessemer Venture Partners and SIG.

Lentra deploys Cadence, TDT’s leading behavioral intelligence platform, to help banks and financial institutions make better data-driven decisions on customers’ creditworthiness based on their unique financial journey.

Vasudevan, “Software is eating the world and data is eating software. While the uses of AI are many, its potential to make a lasting impact in the financial sector is immense due to its vast potential to be used beyond credit. As both companies have ambitions to scale rapidly in adjacent locations and in the same geographies, it makes perfect sense to merge our strengths in product and business-building.

Lentra Chief Revenue Officer Sandeep Mathur said, “We are seeing explosive growth in the credit market. By integrating the Cadence platform into the Lentra Lending Cloud, we are able to provide our customers with an even greater competitive edge across the entire credit lifecycle, from lead generation through origination and loan management, monitoring, collections and post-disbursement activities. Risk Management.”

Sightsavers has launched a mobile vision center in Pune

Backed by SBI Capital Markets Limited, Sightsavers India has set up a mobile vision center in Pune to improve primary eye care services in the city. The program is being implemented by HV Desai Ophthalmology.

Through better eye health seeking behavior, the intervention aims to increase the demand for eye health treatments among people living in the city’s urban slums. “Building people’s capacities and making services accessible in the community is essential to address any underlying challenge. Sightsavers Urban Eye Health Program seeks to reach out to the community most in need. With greater collaboration, the program will have a lasting impact and tangible results to prevent avoidable blindness, said Rati Forbes, Honorary Vice-Chairperson, Sightsavers India Board.

In Pune, the program reaches out to the target population through a fully equipped mobile van eye clinic and provides comprehensive eye care services at their location. This model is cost-effective and accessible to the most vulnerable and marginalized people such as women, elderly and children in urban slums.

Three Pune-based companies have won the Tally MSME Honors 2022

Pune: Tally Solutions has announced the winners of the second edition of ‘MSME Honours’ for the Western Region. Three companies from Pune, including Winpak Machines Pvt Ltd, ABK Imports Pvt Ltd and Bamboo India, won among 2000 global nominations.

Praveen Garde of Vinpak Machine Pvt Ltd and Kushal and Anand Pitti of ABK Imports Pvt Ltd were honored in the ‘Digital Transformer’ category. Yogesh and Ashwini Shinde of Bamboo India were honored in the ‘NextGen Icon’ category.

Tally MSME Honors is an initiative launched by Tally Solutions to celebrate the diversity and relentless contribution of MSMEs through their best practices at grassroots to national economic levels. These honors are given once a year on the occasion of International MSME Day and are applicable to all types of businesses with a turnover of less than 250 crores and a valid GSTIN.

In its second edition, Tally MSME Honours, in collaboration with DBS (Development Bank of Singapore Limited) and regional business associations, recognized three MSMEs in Pune and 98 MSMEs across India. Celebrated across four zones (East, West, North and South) of the country, the honors are given in five categories: Wonder Woman, Business Maestro, NextGen Icon, Digital Transformer and Champion of Cause.

Cybernetic has acquired majority stake in US-based Buffalo Extraction Systems

Pune-based industrial automation firm Cybernetic has acquired a majority stake of 87.5 per cent in Buffalo Extraction Systems for an undisclosed cash consideration. The acquisition makes Cybernetik a leading provider of turnkey industrial automation solutions for companies involved in the extraction of medicinal plants, herbs, spices and essential oils. This will expand Cybernetic’s presence to more markets around the world.

Mahesh Wagle, Co-Founder and Director, Cybernetic said, “Our acquisition of Buffalo Extraction Systems opens up new networks for us in countries like Africa, India, Thailand, USA and South America. Given our 30 years of experience in the extraction, industrial automation space and manufacturing of high-end material handling and process automation solutions, the synergies between the companies will create a lasting impact.

Yogesh Zamtani, CEO and co-founder of Buffalo Extraction Systems, said, “This investment will help us become a global leader in the EPC space and build capabilities in extraction equipment in the agri-product extraction industry.”

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