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US-Based Zemetric Acquires IIT Guwahati Startup EvyEnergy to Expand EV Charging Solutions

Garima Bansal
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US-Based Zemetric Acquires IIT Guwahati Startup EvyEnergy to Expand EV Charging Solutions

EvyEnergy, a startup supported by IIT Guwahati, has been acquired by Zemetric, a leading provider of electric vehicle (EV) charging solutions based in the United States. Established by IIT Guwahati alumni Tushar Bohra, Mohit Jain, and Bhabani Mohapatra, EvyEnergy has quickly become a prominent player in India’s emerging eMobility sector since its founding in 2021.

The EvyEnergy platform caters to various charging needs, including public, fleet, and destination charging, with integrated payment options. This acquisition allows Zemetric to utilize EvyEnergy’s technology and expertise, expanding its reach in the growing Indian market and reinforcing its global presence in the EV charging industry.

Zemetric aims to accelerate the shift towards clean transportation by integrating EvyEnergy’s software platform, which offers a comprehensive solution for charging network companies. This includes a mobile application for drivers to locate and initiate charging sessions, as well as a central management system for real-time monitoring and operation of charging stations. Such infrastructure is essential for the efficient functioning of public EV charging networks.

EvyEnergy’s platform, currently supporting nearly 3,000 charging ports on its ChargeConnect platform and mobile app, has become a preferred solution for charging point operators and mobility providers due to its ease of use and efficiency.

IIT Guwahati has expressed pride in the accomplishments of the EvyEnergy team, highlighting the institute’s commitment to fostering technological innovation and preparing students to contribute significantly to society. The success of EvyEnergy demonstrates the potential of IIT Guwahati’s educational framework in driving advancements in future technologies.

Reflecting on their journey, the founders of EvyEnergy acknowledged the crucial role that the support from IIT Guwahati played in their achievements. They expressed their commitment to giving back to their alma mater and supporting its future endeavors.

Gynger Secures $20 Million Series A Funding Led by PayPal Ventures to Revolutionize Tech Purchases

Garima Bansal
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Gynger Secures $20 Million Series A Funding Led by PayPal Ventures to Revolutionize Tech Purchases

Gynger, an innovative embedded financing platform tailored for technology purchases, has successfully raised $20 million in its Series A funding round. Leading the investment is PayPal Ventures, with additional contributions from Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. This substantial funding aims to bolster Gynger’s team and operations, propelling its mission to evolve into a comprehensive payments solution for tech transactions.

In tandem with the equity funding, Gynger has also secured a significant debt facility from Community Investment Management (CIM), which will provide up to $100 million in financing. This facility is designed to support Gynger’s growing customer base by meeting the rising demand for technology financing.

Mark Ghermezian, Gynger’s CEO and Founder, expressed his excitement over the company’s recent achievements and future prospects. He emphasized Gynger’s role in transforming technology transactions through flexible payment solutions that benefit both vendors and buyers. With PayPal Ventures on board, Gynger is poised for accelerated growth and broader market reach.

The technology sector, particularly B2B technology purchases, is witnessing rapid expansion. According to Forrester, global tech spending is projected to hit $4.7 trillion next year, with SaaS alone accounting for over $900 billion annually. As technology investment continues to surge, Gynger is well-positioned to offer businesses an efficient financing solution that simplifies the procurement of essential software and technology.

Gynger’s platform stands out by providing a fully automated, embedded financing solution that facilitates seamless transactions for both buyers and sellers. This approach enables businesses to manage their technology expenses through flexible, non-dilutive capital, optimizing cash flow and aligning payments with their growth trajectories.

James Loftus, Managing Partner at PayPal Ventures, highlighted Gynger’s unique value proposition in the technology procurement space. By offering flexible payment terms independent of vendor conditions, Gynger empowers companies to access necessary tools without straining their finances.

Gynger’s platform has already supported numerous top-tier technology vendors, including Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog. By extending flexible financing options, Gynger not only helps technology users scale efficiently but also allows vendors to enhance sales, improve cash flow, and secure long-term customer commitments.

Using advanced AI and data analytics, Gynger expedites the credit underwriting process, swiftly identifying and recommending optimal financing opportunities. This ensures a smooth and secure end-to-end purchasing experience, making Gynger a standout player in the tech financing sector.

Jacob Haar, Managing Partner at Community Investment Management, underscored Gynger’s potential to significantly impact the technology market by providing flexible financing solutions that cater to the increasing capital requirements of businesses.

Vedanta Approves Rs 1,000 Crore NCDs Issue, Shares Surge 7%

Garima Bansal
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Vedanta Approves Rs 1,000 Crore NCDs Issue, Shares Surge 7%

Vedanta Ltd witnessed a significant surge in its share price, climbing nearly 7% on Thursday following the approval by its authorized committee to raise Rs 1,000 crore through secured, rated, listed, redeemable, non-convertible debentures (NCDs) on a private placement basis. The proposed debentures, each with a face value of Rs 1,00,000, will be listed on the Bombay Stock Exchange (BSE).

Known for its vertically integrated operations, Vedanta is acclaimed as one of the world’s most cost-efficient aluminium producers. The company’s strategic expansions, including the commissioning of 1.5 mtpa train II and debottlenecking initiatives at the Lanjigarh refinery, aim to enhance operational efficiency and achieve 100% captive alumina capacity of 6 mtpa.

Systematix Institutional Equities highlighted Vedanta’s ongoing initiatives, such as the commencement of mining operations at the Sijimali bauxite mine in Odisha, development of coal mines, and plans for renewable power projects, as testament to its commitment to sustainability.

“Vedanta is actively expanding its aluminium smelting capacity at Korba, BALCO, with a targeted capacity of 3.1 mt by FY26. This, coupled with increased production of value-added products (VAP), is expected to drive revenue growth and margin expansion,” stated Systematix Institutional Equities, which upgraded Vedanta’s stock to a BUY rating. They value VEDL at 5.5 times FY26 EV/Ebitda, setting a revised target price of Rs 536 per share.

Investors and industry analysts are closely monitoring Vedanta’s capital allocation strategy and debt levels at the parent company level as key indicators of future performance.

Nirwana.AI Secures Significant Seed Funding, Targets Expansion in Interior Design AI Sector

Garima Bansal
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Nirwana.AI Secures Significant Seed Funding, Targets Expansion in Interior Design AI Sector

Nirwana.AI, a pioneering AI design tool for interior designers and homeowners, has successfully raised an undisclosed amount in a seed funding round, achieving a valuation exceeding Rs 100 crore. The funding round was led by a Canadian company and HNI Family Offices, underscoring confidence in Nirwana.AI’s innovative approach and market potential.

Founded by a team of seasoned entrepreneurs including Kapil Gupta, Shashank Jain, Arpit Jain, Alok Gupta, and Adit Singh, Nirwana.AI aims to revolutionize interior design by empowering users to visualize and realize their creative concepts efficiently. The platform significantly reduces project timelines and costs by up to 85%, leveraging AI-powered tools for seamless design customization.

Nirwana.AI’s impact extends beyond individual homeowners and designers to benefit home improvement companies such as paint, tile, furniture, and lighting manufacturers. By enabling customers to visualize products within their living spaces, the platform potentially boosts sales by up to 20 times, enhancing customer engagement and satisfaction.

Kapil Gupta, Chairman of Nirwana.AI, emphasized the platform’s role in simplifying the customer experience within the home improvement sector. “Nirwana.AI facilitates effortless decision-making by allowing users to visualize various design elements directly in their homes,” Gupta stated. The platform’s suite of features includes an AI object editing brush for furniture and décor manipulation, alongside a floorplan-to-3D model generator for rapid design rendering.

Looking ahead, Adit Singh, CEO of Nirwana.AI, expressed ambitions for global expansion into new sectors such as exterior and event design. Singh highlighted the platform’s commitment to continuous innovation and its goal to establish itself as a premier global design and visualization tool.

With its distinctive capabilities and visionary leadership, Nirwana.AI is poised to strengthen its position as a leader in the interior design AI sector, setting new standards for innovation and customer-centric design solutions.

MeetRecord Secures $2.7 Million Funding to Expand Revenue Automation Solutions

Garima Bansal
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MeetRecord Secures $2.7 Million Funding to Expand Revenue Automation Solutions

Bengaluru-based MeetRecord, a pioneer in revenue automation, has successfully raised $2.7 million in a pre-series A funding round led by SWC Global, a prominent venture capital firm based in Singapore. All In Capital, an existing investor, also participated in this funding round, showcasing confidence in MeetRecord’s innovative approach.

Founded in 2021, MeetRecord specializes in AI-powered analysis of communication data from emails and calls, specifically tailored for service sector businesses. This B2B SaaS platform offers comprehensive insights into conversation dynamics, enabling sales teams to optimize their strategies effectively.

The platform’s capabilities include automated call-scoring systems and AI-driven coaching programs aimed at enhancing sales conversion rates and operational efficiency.

Snehal Nimje, CEO and cofounder of MeetRecord, emphasized about a critical gap in the market where existing tools oversimplify or complicate operations and how their finely tuned AI solutions are uniquely designed for the service sector.

The funding will be pivotal in further developing MeetRecord’s technology and expanding its client base. Currently serving 36 clients primarily in the United States and Europe, MeetRecord aims to scale its operations significantly. Key clients include prominent names like Top Dog Law and Gym Launch, underscoring the platform’s relevance and impact across different service industries.

With an annual recurring revenue (ARR) of $250,000, MeetRecord forecasts ambitious growth, targeting an ARR of $1 million by year-end. This growth trajectory aligns with the rising demand for conversation intelligence tools aimed at enhancing sales effectiveness.

Tuck Lye Koh, founding partner at SWC Global, expressed confidence in MeetRecord’s potential. The infusion of funds will enable MeetRecord to strengthen its market position, accelerate product innovation, and cater more comprehensively to the evolving needs of service sector businesses worldwide.

EUME Secures INR 15 Cr in Pre-Series A Funding Led by Ashish Kacholia

Garima Bansal
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EUME Secures INR 15 Cr in Pre-Series A Funding Led by Ashish Kacholia

Mumbai-based direct-to-consumer (D2C) luggage manufacturer EUME has successfully raised INR 15 Cr ($1.7 Mn) in a Pre-Series A funding round, with prominent investor Ashish Kacholia contributing 80% of the total investment. Kennis Ventures facilitated the funding as the strategic advisor.

Founded in 2018 by Naina and Pranay Parekh, EUME offers a diverse range of products including luggage, backpacks, vegan handbags, and accessories.

The startup plans to utilize the funds to enhance operational efficiency, expand its workforce, drive innovation, establish offline retail presence, invest in advanced technology, and boost brand visibility through targeted marketing campaigns.

Naina Parekh expressed confidence in India’s growing travel and lifestyle sector, emphasizing the funding’s role in strengthening their market position and supporting expansion initiatives. She highlighted the aspiration to tap into Tier-II and Tier-III cities, along with international markets.

EUME is preparing to launch its flagship store in Mumbai later this year as part of its expansion strategy amidst competition from established players like Mokobara, Nasher Miles, and ICON in the competitive luggage market.

The Indian luggage market, valued at $15.05 Bn, is projected to grow at a CAGR of 5.21% until 2028, reflecting robust investor interest in the sector. EUME aims to achieve revenues between INR 65-70 Cr by the end of FY25.

Pocket FM Partners with ElevenLabs to Revolutionize Audio Content Creation with AI

Garima Bansal
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Pocket FM Partners with ElevenLabs to Revolutionize Audio Content Creation with AI

Pocket FM, the audio entertainment platform, has joined forces with ElevenLabs, an AI voice cloning startup, to introduce a groundbreaking feature called AI Audio Series. This new tool enables writers to effortlessly transform their stories into audio series on the Pocket FM platform with just a single click.

Founded in 2018 by Rohan Nayak, Prateek Dixit, and Nishanth Srinivas, Pocket FM boasts over 100,000 hours of content, including exclusive audio series and a vast library of episodes, catering to a global audience with a significant presence in the US market.

During an experimental phase over the past three months, Pocket FM has already produced more than 30,000 hours of audio series. Prateek Dixit emphasized the platform’s commitment to empowering writers and simplifying the creation of audio series, thereby democratizing storytelling.

Dixit, also serving as Pocket FM’s Chief Technology Officer, highlighted the transformative impact of AI Audio Series on production efficiency. The collaboration with ElevenLabs has enabled Pocket FM to increase content production by more than tenfold, significantly reducing both time and costs associated with content creation.

With this leap in efficiency, Pocket FM anticipates rapid expansion into new markets like Germany and France, addressing previous bottlenecks related to content production speed. This strategic advancement is poised to revolutionize content creation dynamics in the audio entertainment industry.

ElevenLabs, backed by investors including Andreessen Horowitz and Sequoia Capital, specializes in providing lifelike AI voices across multiple languages and applications, from movie dubbing to conversational AI and gaming. Their technology complements Pocket FM’s vision to enhance creativity and efficiency in audio content production.

With a total funding of approximately $196.5 million to date, the Bengaluru-based startup continues to drive revenue growth through microtransactions and advertising, maintaining an impressive Annualized Revenue Rate (ARR) of $150 million as of December 2023.

Stanley Lifestyles Raises ₹161.10 Crore from Anchor Investors Ahead of IPO

Garima Bansal
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Stanley Lifestyles Raises ₹161.10 Crore from Anchor Investors Ahead of IPO

Stanley Lifestyles, a Bengaluru-based furniture maker, secured over ₹161.10 crore from anchor investors ahead of its upcoming initial public offering (IPO). The company allocated 43,66,051 equity shares at ₹369 per share to anchor investors.

Domestic and foreign institutions participated in the anchor allocation, including prominent names like SBI MF, HDFC MF, Nippon MF, and SBI Life Insurance. Out of the total allocation, 61.32% amounting to ₹98.78 crore was allocated to seven domestic mutual funds.

Stanley Lifestyles plans to raise ₹537 crore through its IPO, which includes a fresh issue of shares worth ₹200 crore and an offer-for-sale (OFS) of 91.33 lakh equity shares worth ₹337.02 crore by existing shareholders, including promoters Sunil Suresh and Shubha Sunil.

The price band for the public issue has been fixed at ₹351-369 per share. The IPO subscription will open on June 21 and close on June 25, offering a minimum bid of 40 equity shares and multiples of 40 shares thereafter.

The IPO will be conducted via the Book Building Process, with allocations reserved as follows: up to 50% for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Bidders, and a minimum of 35% for Retail Individual Bidders.

Stanley Lifestyles aims to leverage the funds raised to enhance its business operations and expand its market presence in the furniture manufacturing sector.

Supermoney Secures $3.4 Million Funding Led by Capital 2B and Capria Ventures

Garima Bansal
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0
Supermoney Secures $3.4 Million Funding Led by Capital 2B and Capria Ventures

Supermoney, a digital lending platform focused on small and medium enterprises (SMEs), has successfully raised $3.4 million (approximately Rs 28.6 crore) in a funding round led by Capital 2B and Capria Ventures.

Founded in 2018 and is currently headed by Nikhil Bannerjee, Zafar Imam and Sapna Pugalia. Supermoney specializes in supply chain finance solutions tailored for enterprise partners across various sectors including electronics, pharmaceuticals, steel, and automotive. The startup operates nationwide with a network spanning over 40 locations, connecting more than 30,000 retailers/dealers and over 500 distributors.

The funds raised will be utilized to expand Supermoney’s loan disbursement capabilities and enhance operational efficiencies through technology integration. The company plans to scale its reach to 500,000 MSMEs within the next two years, targeting invoicing volumes exceeding $5 billion on its platform.

Amit Behl from Capital 2B emphasized the critical role of credit in Indian business operations, highlighting the potential for innovation and digitization in supply chain financing as the economy progresses towards the $5 trillion milestone.

Surya Mantha, managing partner at Capria Ventures, commended Supermoney’s growth trajectory and its effective penetration of a fragmented market. He expressed confidence in the startup’s ability to leverage technology effectively to tackle the financing challenges faced by millions of small businesses across India.

The funding round underscores Supermoney’s commitment to revolutionizing SME financing in India and reinforces its position as a key player in the evolving digital lending landscape.

Tech Mahindra Partners with Whatfix to Drive Data-Driven Digital Solutions Adoption

Garima Bansal
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Tech Mahindra Partners with Whatfix to Drive Data-Driven Digital Solutions Adoption

Tech Mahindra Ltd. has announced a strategic collaboration with Whatfix, a digital adoption platform, aimed at accelerating the global adoption of data-driven digital solutions for enterprises.

This partnership aims to deliver personalized user experiences and optimize application efficiency, supporting enterprises in achieving significant business outcomes such as cost reduction, increased revenue, and improved risk compliance.

Tech Mahindra intends to leverage Whatfix’s suite of products, including analytics, application simulation, and digital adoption platforms (DAP), to empower organizations with insights and tools for effective decision-making and streamlined digital adoption.

Nikhil Malhotra, Global Head of Makers Lab at Tech Mahindra, highlighted the importance of analytics-driven insights in navigating today’s dynamic digital landscape. He emphasized that the partnership with Whatfix will facilitate optimized enterprise applications and personalized user experiences, driving productivity and digital maturity.

Vispi Daver, Chief Revenue Officer at Whatfix, expressed commitment to empowering organizations worldwide with AI-powered digital adoption solutions, tailored to enhance user proficiency and maximize technology utilization.

This collaboration underscores Tech Mahindra’s strategy to enhance its digital offerings and support enterprises in leveraging next-generation technologies effectively amidst evolving business challenges.

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