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HomeUncategorizedStartup news and updates: daily roundup (December 7 2022)

Startup news and updates: daily roundup (December 7 2022)



Ayshwaria Lakshmi ( )

MSME-powered startup Lal10 records Rs 200 Cr revenue run rate, grows 12x in 3 quarters

On its way to digitising Indian textile based MSMEs for global B2B wholesale, Lal10said it recorded a revenue run rate of over Rs 200 crore. 

The startup said it grew over 12x in the past nine months alone, and is progressing towards rapid growth in the next few quarters. This run rate comes on the heels of its expanding number of mid-to-large format buyers in countries like the US, the UK, Japan, and the Middle East. 

To cater to the rising demand, Lal10 has also launched seven satellite offices in cities/ towns which are at the ground zero of manufacturing. It is eyeing a $100M run-rate within the next 12 months.  

Along with the increase in revenue, the company has digitised and given a globally relevant makeover to over 2,200 Indian MSMEs with an aim to onboard another 12,500 MSMEs over the next three years. 

Lal10 had earlier raised $5.5 million in its pre-Series A round with participation from Xander Group, Spiral Ventures, Singularity Ventures, and Beyond Capital Ventures along with notable angels like Nitish Mittersain, Amit Ranjan, Mekin Maheshwari of Notion India, to name a few. 

RFPIO appoints DocuSign, Google, and Seismic Alumnus as CMO

RFPIO, a response management platform, has appointed Michael Londgren as its chief marketing officer (CMO). Michael is a technology marketing leader with deep executive experience scaling hyper growth businesses including DocuSign, Google G Suite (now Workspace), and Seismic.

According to the company statement, in his new role, Michael will help shape the company’s overall growth strategy, foster deep company cross-functional and customer-centric alignment, and guide RFPIO’s marketing functions.  

Recently, Michael served as the CMO at Seismic where he spearheaded its category leadership in sales enablement while partnering with the sales and product teams to drive increased revenue and bring innovation to the forefront. 

Previously, he worked at Google Cloud where he led marketing for G Suite and helped accelerate G Suite’s growth into enterprises. Prior to Google, Michael served as a VP of product marketing and then customer enablement at DocuSign where he helped the company grow from 180 to 2,500 employees and emerge as the eSignature category leader.

Spice Money appoints Mrutyunjay Mahapatra and Veena Mankar as Board members

Rural fintech Spice Money, a subsidiary of DiGiSPICE Technologies, has appointed Mrutyunjay Mahapatra and Veena Mankar as new board members.

Mruntyunjay and Veena will enable Spice Money to be at the forefront of the rural fintech revolution, bringing digital financial accessibility to India’s unbanked and underserved population.

Mrutyunjay Mahapatra is a veteran in the Indian banking and financial technology sector. Previously, he was the deputy managing director of SBI and oversaw worldwide strategy, marketing, new business, digital, analytics, and IT activities. 

With four decades of experience in banking and financial services, Veena Mankar is a seasoned professional. Her expertise includes financial inclusion, financing for MSMEs, and trade finance. She has been associated with prestigious financial organisations from India and overseas such as West LB Germany, Emirates Bank International, Dubai, and FIM Bank Malta through her career. 

Perpetuity Capital teams up with 3ev Industries & 3eco Systems

Perpetuity Capital, an NBFC focused on financing cleantech mobility, has entered into an agreement to finance electric three-wheeler cargo vehicles of 3ev Industries that will be owned and operated by 3eco Systems for last mile logistics.

Founded in 2019 in Bengaluru, 3ev Industries manufactures the largest range of category L5 3W EVs including Passenger (L5M), Cargo vehicles (L5N), ICE-EV conversions, all ICAT, ARAI Certified & RTO registered. 

3eco Systems was founded in September 2020 to provide comprehensive solutions for hyper-local connectivity using an all-EV platform in India’s Tier I and II cities. It currently operates in five cities–Bengaluru, Hyderabad, Chennai, Coimbatore, and Mumbai, and will reach 13 cities by the end of 2023.

(This article will be updated with the latest news throughout the day.)



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