Startup77

Autocracy Machinery Secures Pre-Series A Funding Led by Venture Catalysts

Garima Bansal

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June 27, 2024

Autocracy Machinery Secures Pre-Series A Funding Led by Venture Catalysts

Hyderabad-based startup Autocracy Machinery has successfully raised Rs 5 crore in a pre-Series A funding round, spearheaded by Venture Catalysts. The investment round also saw participation from prominent investors including Nikhil Jaisinghani, Bharat Jaisinghani, and SFour Capital.

Founded in 2020 by Santhoshi Buddhiraju and Laxman Vallakati, Autocracy Machinery specializes in manufacturing robust machines tailored for construction, agriculture, and infrastructure sectors.

Their product portfolio encompasses trenchers, landscaping machinery, agricultural attachments, and specialized equipment for water body conservation such as lake cleaners.

This latest funding infusion follows a previous investment round in 2023, where the company secured $1.2 million from Venture Catalysts, Z Nation Lab, Hem Angels, and other investors. According to Autocracy Machinery, the freshly acquired funds will primarily be allocated towards bolstering their research and development capabilities, as well as expanding their manufacturing and marketing efforts.

Highlighting their global footprint, Autocracy Machinery exports its products to regions including the Middle East and Africa. The company prides itself on delivering high-performance machinery priced competitively to cater to a diverse clientele ranging from businesses to individual users.

Electrifying India: 5 Startups Sparking a Green Revolution on Wheels

Electric Vehicles

Garima Bansal

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June 27, 2024

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Electrifying India: 5 Startups Sparking a Green Revolution on Wheels

In the fast-evolving landscape of electric vehicles (EVs) in India, innovation meets ambition as startups redefine urban mobility and sustainability. From revolutionizing ride-hailing with zero-emission fleets to pioneering electric cycles and commercial vehicles, these five EV startups are not just driving change—they’re shaping the future of transportation. Let’s dive into their journeys, milestones, and ambitions as they electrify the roads ahead.

BluSmart

BluSmart was founded in 2019 by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi, with the vision of transforming urban transportation in India through electric mobility. The idea behind BluSmart’s inception was to create a sustainable, zero-emission ride-hailing service that could reduce urban pollution and provide a reliable alternative to traditional fossil-fuel-based transportation. The founders aimed to address the challenges of urban mobility by leveraging electric vehicle (EV) technology and creating a comprehensive EV charging infrastructure.

Since its launch, BluSmart has achieved several significant milestones. The company recently announced that it had expanded its fleet to 7,000 electric vehicles, making it the operator of Southeast Asia’s largest electric fleet. This fleet includes models such as the Tata Tigor EV, MG ZS EV, and BYD E6. Operating in Delhi NCR and Bangalore, BluSmart has facilitated over 12.5 million all-electric trips, covering 410 million clean kilometers and saving 30 million kilograms of CO2 emissions. Additionally, BluSmart owns and operates more than 4,400 EV chargers across 36 superhubs in densely populated urban areas, ensuring reliable and efficient charging options for its fleet.

Looking ahead, BluSmart is committed to further expanding its fleet and charging infrastructure to meet the growing demand for clean and efficient transportation. The company aims to continue its mission to “Decarbonise Mobility at Scale,” providing zero ride-denial, transparent pricing, on-time pickups, clean cars, and exceptional service to its riders. As the electric mobility market evolves, BluSmart is poised to lead the way in sustainable urban transportation, setting new standards for the industry.

Ola Electric

Ola Electric Mobility was founded in 2017 by Bhavish Aggarwal with the vision of revolutionizing urban transportation in India through electric mobility. Aggarwal, who also founded Ola Cabs, saw an opportunity to lead the EV transition in a country where two-wheelers vastly outnumber four-wheelers. The idea behind Ola Electric’s inception was to create a sustainable and affordable alternative to traditional petrol-based scooters, catering to the significant market of two-wheeler users in India.

Since its inception, Ola Electric has achieved several significant milestones. The company began delivering electric scooters to customers in 2021 and has rapidly built market share, now accounting for more than a third of all unit sales in the electric scooter segment as of March 2024. Ola’s product lineup includes popular models like the S1 Pro, S1 Air, and S1 X. In 2023, the company secured a valuation of $5 billion and has been aiming for a potential valuation of $7 billion in its upcoming initial public offering (IPO). Additionally, Ola Electric has announced plans to launch its first electric motorcycle in the first half of the financial year 2026, with a portfolio of four electric bikes in development. These developments signify Ola’s ambition to dominate not just the electric scooter market but also the mass-market motorcycle segment.

However, Ola Electric has faced challenges along the way. The company has encountered investor pushback regarding its targeted valuation for the IPO, with concerns about how quickly its rivals can catch up.Looking ahead, Ola aims to strengthen its position in the EV market by expanding its product portfolio and targeting a wider range of consumers. The company’s focus on innovation and technological advancements is expected to drive further growth and increase penetration in the electric two-wheeler segment.

Euler motors

Euler Motors, founded in 2018 by Saurav Kumar, has emerged as a pioneering force in India’s electric vehicle (EV) landscape, particularly in the commercial vehicle sector. Kumar, a passionate computer science engineer, envisioned EVs as drivers of significant economic and environmental change. This vision led to the establishment of Euler Motors to manufacture cargo-carrying electric three-wheelers. In 2021, the company launched its flagship product, the HiLoad EV, which boasts a remarkable payload capacity of 688 kilograms and a real-world range of 110-120 kilometers. With over $100 million raised from investors like British International Investment and Singapore-based GIC, Euler Motors has made significant inroads into a market traditionally dominated by legacy players like Mahindra and Piaggio.

Despite the challenges of competing with established companies and balancing the higher costs inherent to EVs, Euler Motors has distinguished itself through innovation and a holistic approach to electric mobility. Their offerings include fast charging capabilities, at-home charging solutions, and a 24/7 mobile charging assistance service, ensuring a seamless experience for customers. Looking ahead, Euler Motors plans to expand its product portfolio and improve EV battery longevity through continuous R&D. As battery and component technologies advance, the company envisions more cost-effective EVs entering the market, driving mass adoption and contributing to a sustainable and efficient future in commercial transportation. Under Kumar’s leadership, Euler Motors is set to lead the charge toward a greener and more economically viable transportation landscape in India.

Emotorad

EMotorad, a leading electric cycle manufacturer in India, is set to represent the country at Eurobike 2024, the world’s largest bike and e-mobility expo in Frankfurt. It was Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar. Kunal Gupta highlights this event as a significant platform to showcase their advanced drivetrain technology and to bolster their order book. EMotorad’s innovative technology, particularly their Amigo system, has placed them among the top finalists at Eurobike, reflecting their competitive edge on the global stage. The company, which has seen substantial export growth post-Eurobike 2023, emphasizes its commitment to quality and innovation to drive international demand for Made-in-India products.

In line with their global ambitions, EMotorad is constructing the world’s largest integrated electric cycle gigafactory in Pune, aiming for an initial production capacity of over 500,000 e-cycles annually. This gigafactory, backed by a Rs 164 crore Series B funding round led by Panthera Growth Partners, will incorporate Industry 4.0 standards and focus on producing critical EV components in-house. The expansion aligns with EMotorad’s strategy to tap into the growing global e-bike market, which was worth $40 billion in 2022. Co-founder and CMO Aditya Oza emphasizes the company’s unique advantage of integrating advanced software with manufacturing, positioning EMotorad to dominate both domestic and international markets with innovative, cost-effective electric bicycles.

Ather

Ather Energy, founded by Tarun and Swapnil Jain, a leading electric two-wheeler manufacturer, is set to establish a third manufacturing facility in Bidkin, Maharashtra, to produce electric two-wheelers and battery packs. This new facility aims to enhance proximity to key markets across India and streamline operational costs. The expansion is part of Ather’s strategy to diversify its manufacturing base, currently centered in Hosur, Tamil Nadu, where two facilities are dedicated to battery production and vehicle assembly. Co-founder and CTO Swapnil Jain emphasized that the new facility will help rationalize logistics costs and expedite delivery, thanks to supportive policies from the Maharashtra government. Deputy Chief Minister Devendra Fadnavis highlighted Maharashtra’s conducive business environment and its status as a top investment destination.

In addition to expanding its manufacturing capabilities, Ather Energy has partnered with Tata Indian Institute of Skills (IIS) to address the skill gap in India’s rapidly growing EV sector. This collaboration aims to develop a skilled workforce capable of meeting the industry’s demands by providing comprehensive training programs in EV technology and battery specialization. These programs will combine Ather’s industry expertise with Tata IIS’s dedication to skill development, covering technical knowledge and practical experience in battery systems, electric motors, power electronics, charging infrastructure, and vehicle safety. Sabyasachi Das, CEO of Tata IIS, expressed commitment to equipping young minds with cutting-edge skills, ensuring that India becomes a global hub for EV innovation.

Celebal Technologies Secures Debt Funding from BlackSoil to Fuel Growth and Innovation

Garima Bansal

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June 27, 2024

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Celebal Technologies Secures Debt Funding from BlackSoil to Fuel Growth and Innovation

Celebal Technologies, a leading IT services provider supported by Norwest Venture Partners, has recently announced securing an undisclosed amount of debt financing from alternative credit platform BlackSoil. This funding comes following Celebal’s initial institutional fundraising round in 2022, where it raised $32 million from Norwest.

The fresh infusion of capital is earmarked for enhancing working capital and supporting general corporate initiatives, according to a statement released by Celebal Technologies. The company aims to leverage these funds to better serve its diverse client base of over 200 clients and to further expand its market reach globally.

Established in 2016 by co-founders Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in cutting-edge services such as data science, AI solutions, and enterprise cloud technologies. The firm assists its clients in optimizing business operations through services that include data engineering, cloud innovation, supply chain analytics, and AI-driven chatbots.

Based in Jaipur, Celebal Technologies has demonstrated impressive growth, boasting a compound annual growth rate (CAGR) of approximately 105% from FY21 to FY24. Over this period, the company’s workforce has expanded significantly from 300 to 2,300 employees. Celebal Technologies has also forged strategic partnerships with industry leaders such as Microsoft and Databricks to further enhance its service offerings.

The latest debt financing from BlackSoil underscores confidence in Celebal Technologies’ business strategy and its ability to capitalize on opportunities in the competitive IT services sector. With a strong foundation and a commitment to innovation, Celebal Technologies remains poised for continued growth and expansion in the global market.

Novavente Secures $3 Million Investment Led by Highbrow Securities

Garima Bansal

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June 27, 2024

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Novavente Secures $3 Million Investment Led by Highbrow Securities

Novavente, a leading consulting firm specializing in sales, marketing, and managed services, has successfully raised $3 million in a recent investment round led by Highbrow Securities. This funding infusion is earmarked for expanding its service offerings, enhancing operational capabilities, and scaling its workforce, as announced in a press release by Novavente.

Founded in 2016 by Ronak Rajan, Novavente leverages advanced technologies such as AI, machine learning, and sales automation to deliver global sales enablement and demand generation solutions.

The firm caters to a diverse clientele including global corporations, large enterprises, and startups across regions including the US, Europe, UK, Middle East, and Asia Pacific. Notable clients served by Novavente include ONGC, LTIMindtree, Viacom18, Jio Cinema, Sodexo, and Alibaba, spanning industries such as IT, software, cloud services, manufacturing, automotive, and media.

In addition to its consulting services, Novavente has invested in developing generative AI products and services, highlighting its commitment to innovation in sales and marketing strategies. The firm has also made strategic investments in Thought Minds Systems Private Limited, an emerging startup specializing in generative AI. Thought Minds has rapidly expanded its team to over 50 specialists and secured significant clients across the US, India, and the Middle East.

The recent investment from Highbrow Securities underscores confidence in Novavente’s business model and growth potential, positioning the firm to further capitalize on opportunities in global markets and advance its technological capabilities.

Smartworks Raises $20.24 Million in Funding Round Led by Keppel and Investors

Garima Bansal

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June 27, 2024

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Smartworks Raises $20.24 Million in Funding Round Led by Keppel and Investors

Smartworks, a prominent player in the co-working space industry, has secured Rs 168 crore ($20.24 million) in its latest funding round from a consortium of investors including Keppel, Ananta Capital Ventures Fund I, Plutus Capital, family trusts, and high-net-worth individuals (HNIs).

This investment round is intended to fuel Smartworks’ expansion initiatives and support its ongoing operational needs, according to a statement released by the company.

Founder Neetish Sarda maintain a controlling stake in Smartworks, collectively holding over 45% of the company following the latest funding round. This ownership structure underscores the commitment of the founding team to steer the company’s strategic direction amidst its rapid expansion.

The funding round represents a significant step in Smartworks’ growth strategy, bringing its total funds raised to over $50 million. Notably, Keppel Land, based in Singapore, had previously invested $25 million in the company back in 2019, highlighting a continued partnership between the two entities.

Smartworks differentiates itself by leasing office spaces from real estate developers and transforming them into managed office solutions for corporate clients across key Indian cities like Delhi-NCR, Kolkata, Bengaluru, Chennai, Pune, and Hyderabad. The company has significantly expanded its presence, boasting a portfolio of 41 centers spanning approximately 8 million square feet across 13 cities as of March 2024.

Despite facing financial challenges, Smartworks demonstrated strong revenue growth in FY23, with operational revenue surging by 97.5% to Rs 711 crore from Rs 360 crore in FY22. However, the company also reported an increase in losses, which climbed by 44.29% to Rs 101 crore in FY23 compared to Rs 70 crore in the previous fiscal year.

The successful funding round reflects investor confidence in Smartworks’ scalable business model and its ability to meet the evolving demand for flexible and modern office spaces. The co-working sector continues to evolve rapidly, with Smartworks and its peers playing a pivotal role in reshaping workplace dynamics and catering to the needs of diverse corporate clients.

In related developments within the industry, Awfis recently made headlines by becoming the first co-working company to list on the stock exchange, marking a significant milestone and highlighting the growing maturity of the co-working sector in India.

Finnest Acquires Majority Stake in Kitchens@ with $145 Million Investment

Garima Bansal

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June 27, 2024

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Finnest Acquires Majority Stake in Kitchens@ with $145 Million Investment

London-based private equity firm Finnest has secured a majority stake in Bengaluru-based cloud kitchen startup, Kitchens@, following a substantial investment of $145 million.

The acquisition was finalized through a special resolution passed by Kitchens@’s board, which approved the issuance of 40,00,000 equity shares priced at Rs 3,000 each, raising approximately Rs 1,200 crore.

Founded in 2018 by Junaiz Kizhakkayil and Saurabh Jha, Kitchens@ specializes in providing comprehensive solutions to food and beverage brands seeking to expand their footprint.

Additionally, Kitchens@ issued 4,50,000 Series C CCPS at an issue price of Rs 3,000, amounting to Rs 135 crore. This funding round marks a significant step for Kitchens@, with the remaining $16 million from the total investment being part of a previous $65 million Series C round led by Finnest in December.

Post-investment, Finnest now holds 53.75% of Kitchens@’s shares, consolidating its position as the majority stakeholder and making Kitchens@ a subsidiary of Finnest Holdings. Following the investment, Kitchens@ has been valued at approximately Rs 2,114 crore or $255 million based on recent estimates.

The startup offers end-to-end services including infrastructure, technology, and operational support, catering to a diverse range of clients such as Domino’s, Subway, Taco Bell, and national chains like ITC and Barbeque Nation.

In a strategic move last year, Kitchens@ acquired Swiggy’s Access Kitchens business through a share swap, significantly enhancing its operational reach. Post-acquisition, Kitchens@ set ambitious expansion targets, aiming to establish a presence in four cities across 52 locations with over 700 kitchens.

Despite facing competition from industry players such as Rebel Foods, Curefoods, and FreshMenu, Kitchens@ demonstrated robust growth in FY23, achieving a 67% increase in revenue from operations to Rs 62 crore, up from Rs 37 crore in FY22.

However, the company reported losses amounting to Rs 27.3 crore during the same fiscal year. The company is yet to disclose its annual financial results for FY24.

LazyPay Teams Up with Blinkit to Offer Seamless Credit Solutions to Customers

Garima Bansal

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June 27, 2024

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LazyPay Teams Up with Blinkit to Offer Seamless Credit Solutions to Customers

PayU’s LazyPay has announced a partnership with Blinkit, a prominent quick commerce platform under the Zomato umbrella. This collaboration aims to streamline checkout experiences for Blinkit’s customers by offering a convenient one-tap credit line, all without additional costs to merchants.

LazyPay, known for its innovative ‘Pay Later’ services, has previously integrated with platforms like Zepto, Instamart, and Big Basket, extending deferred payment options to their respective customer bases. With Blinkit now onboard, merchants will gain access to LazyPay’s robust payment infrastructure and analytics dashboard, empowering them to monitor and optimize their business performance effectively.

Niket Shrivastava, LazyPay’s head of merchant business, expressed confidence in the partnership, stating, “By integrating LazyPay’s advanced payment solutions with Blinkit’s platform, we enable customers to utilise their credit line through a seamless and secure platform. This partnership aligns perfectly with our mission to provide swift, reliable, and secure ‘Pay Later’ services, streamlining digital payments. We are confident that our collaboration will unlock new possibilities for both merchants and consumers alike.”

The latest move underscores PayU’s commitment to expanding its footprint in the fintech space, leveraging partnerships to enhance customer experiences and drive business growth.

In its recent financial update, Prosus, a leading investor in PayU, highlighted a 22% growth in PayU’s consolidated revenue to $1.1 billion in FY24. This growth was primarily driven by its payment service provider (PSP) businesses in Turkey and India, alongside the success of its credit offerings in the Indian market.

India remains a pivotal market for PayU, accounting for a significant portion of its core PSP revenues and total payment volumes. Despite regulatory challenges, the firm has managed to achieve strong revenue growth and improved profitability through operational efficiencies and effective cost management strategies.

With the LazyPay-Blinkit partnership set to enhance customer convenience and merchant capabilities in digital payments, PayU continues to innovate in the fintech sector, setting the stage for further expansion and market leadership.

Nitro Commerce Secures Rs 15 Crore Funding Led by Cornerstone Ventures

Garima Bansal

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June 27, 2024

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Nitro Commerce Secures Rs 15 Crore Funding Led by Cornerstone Ventures

Nitro Commerce, a revenue-as-a-service platform catering to e-commerce and direct-to-consumer (D2C) brands, has successfully raised Rs 15 crore in its latest funding round. This initial phase is part of a larger fundraising effort aimed at reaching Rs 50 crore.

Led by serial entrepreneur Umair Mohammed, along with Atyab Mohammad as COO, Shamail Tayyab as CTO, and Pratik Anand as CBO, Nitro Commerce brings decades of collective experience in the e-commerce sector.

The funding round was primarily led by Cornerstone Venture Partners, with participation from Warmup Ventures, Lead Angels, Dholakia Ventures, India Accelerator, and notable individual investors such as Arjun Vaidya, Kunal Khattar, Nikunj Jain, and Piyush Jain.

Nanika Kakkar, Partner at Cornerstone Venture Partners, highlighted Nitro Commerce’s role in enhancing customer engagement and targeting for brands, describing it as pivotal in the e-commerce revolution.

Established in 2023, Nitro Commerce aims to democratize complex technologies for online brands, focusing on customer lead enrichment and technology accessibility. The startup has onboarded over 100 D2C brands within the past six months and plans to expand this number to 1,000 by year-end. It targets profitability by 2025 through continued technology development and deployment.

Umair Mohammed, CEO of Nitro Commerce, emphasized the startup’s commitment to privacy-first technologies amidst evolving consumer expectations and regulatory environments.

The funding will be utilized to further develop Nitro Commerce’s core technologies supporting sourcing and customer enrichment, enhancing its position in India’s expanding e-commerce landscape.

Social Networking App O hi Secures $1 Million in Pre-Series A Funding Round

Garima Bansal

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June 26, 2024

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Social Networking App O hi Secures $1 Million in Pre-Series A Funding Round

O hi, a unique social networking app, has successfully raised Rs 8 crore (approximately $1 million) in its pre-Series A funding round. The investment was led by existing investors JIIF, with participation from prominent angel investors.

Founded by Adeeti and Rupal, O hi distinguishes itself by creating digital chatrooms in real-life settings such as cafes, airport lounges, and hotels, fostering connections and communities in physical environments. The app aims to blend digital interaction with real-world human encounters, promoting a network centered on fame, stardom, and personal connections.

The funding will primarily be utilized to enhance O hi’s product offerings and integrate an AI-based profiling system, aimed at refining user experiences and engagement on the platform. Moreover, O hi has been invited by the Welsh Government to launch its platform in the UK, with a scheduled soft launch planned for July 2024. This initiative is supported by resources and assistance to facilitate O hi’s expansion into the UK market.

Since emerging from its 24-month-long product development phase and subsequent beta testing, O hi has rapidly grown its user base to over 800,000 users. The startup has reported a recent surge in user acquisition, achieving significant milestones in a short span of time.

In conclusion, O hi’s latest funding round underscores investor confidence in its innovative approach to social networking and its strategic expansion plans. The infusion of funds will play a crucial role in scaling operations, enhancing technological capabilities, and furthering market penetration efforts, particularly in the UK.

SBI Successfully Raises ₹10,000 Crore via Infrastructure Bonds, Oversubscribed 4 Times

Garima Bansal

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June 26, 2024

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SBI Successfully Raises ₹10,000 Crore via Infrastructure Bonds, Oversubscribed 4 Times

State Bank of India (SBI), India’s largest lender, has successfully raised ₹10,000 crore through its fifth infrastructure bond issuance, which was oversubscribed by approximately 4 times against the base issue size of ₹5,000 crore. The bond issuance, conducted at a coupon rate of 7.36% per annum, attracted bids amounting to ₹19,884 crore from a diverse group of investors.

According to SBI, the substantial oversubscription with 143 bids reflects widespread participation across various financial institutions including provident funds, pension funds, insurance companies, mutual funds, and corporations. The funds raised will strengthen SBI’s long-term resources and support investments in infrastructure and affordable housing sectors.

The infrastructure bonds issued by SBI have been accorded the highest credit ratings of ‘AAA’ with a stable outlook by India Ratings and ICRA, reinforcing investor confidence in the bank’s financial stability and creditworthiness.

SBI Chairman, Dinesh Khara highlighted that issuance will help develop a robust long-term bond market in India, setting a precedent for other banks to issue bonds with longer tenors. He highlighted the strategic importance of such issuances in fostering a conducive environment for infrastructure financing.

Shares of State Bank of India closed higher at ₹845.05 on Wednesday, reflecting a positive market sentiment following the successful bond issuance. As of March 2024, SBI maintains a strong deposit base exceeding ₹49.16 lakh crore, with significant market shares in home loans (26.5%) and auto loans (19.8%).