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Mitsui & Co. and Marubeni Ventures Invest in River’s Series B Funding

By
Garima Bansal
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0
River founders

River, an electric vehicle (EV) startup based in Bengaluru, has secured new investments in its Series B funding round from Mitsui & Co., Ltd. and Marubeni Ventures Inc., the corporate venture capital arm of Marubeni Corporation. These strategic investments highlight River’s growing prominence in the Indian EV market and its potential for global expansion.

Founded in 2021 by Aravind Mani and Vipin George, River has rapidly established itself with the launch of its debut product, the Indie, and the establishment of a state-of-the-art manufacturing facility with an annual capacity of 100,000 units. Earlier this year, River embarked on a significant expansion initiative starting with its flagship store in Bengaluru, with plans to extend its presence to over 50 cities across India by the end of the year.

Aravind Mani, Co-founder and CEO of River, expressed enthusiasm about the new investments, stating, “It’s a pleasure to welcome Mitsui and Marubeni to our esteemed group of global investors. This partnership reinforces River’s leadership in the Indian two-wheeler market and sets the stage for our international growth.”

Daishi Mochizuki, General Manager of the Personal Mobility Business Dept., Mobility & Industrial Business Div., Mobility Business Unit I at Mitsui & Co., Ltd., highlighted River’s impressive capabilities in the Indian market, emphasizing their efficient product development and commercialization processes. “River’s potential to innovate within the Indian two-wheeler sector is exceptional,” he remarked. “We believe River has the potential to become a global brand, and we are delighted to support their journey.”

Rocky Eda, Managing Director of Marubeni Ventures Inc., echoed similar sentiments, emphasizing their commitment to India’s burgeoning EV scooter market and their confidence in River’s strategic vision. “Investing in River aligns with our strategy to support high-growth startups in India,” said Eda. “We are excited about River’s unique market position and look forward to witnessing the consumer response as they contribute to India’s economic growth.”

Since its inception, River has raised $68 million from a distinguished group of investors, including Japan’s Yamaha Motor Co., Ltd., Dubai-based Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Maniv Mobility from Tel Aviv, and Trucks VC based in San Francisco. This Series B funding marks Mitsui & Co., Ltd. and Marubeni Ventures Inc.’s first investment in an Indian company, underscoring River’s appeal as a strategic partner in the EV sector.

About River

River is a Bengaluru-based EV startup renowned for its focus on design and technology-driven solutions. Founded by Aravind Mani and Vipin George, River aims to enhance everyday mobility with sustainable and innovative electric vehicles. With strong backing from global investors, including industry giants and venture capital firms, River is poised to reshape the future of urban transportation in India and beyond.

Ricron Panels Secures Series A Funding to Expand Eco-Friendly Plastic Waste Recycling Innovations

By
Garima Bansal
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0

Gujarat-based plastic waste recycling company Ricron Panels has secured a Series A funding round, led by Boon Sustainable Technologies. Other investors included Harsh Mohunta, Managing Director of Classic Display Systems; Dinesh Babbar, former President at Infra.Market; Boutique investment bank Veromint Advisors; Venkatesh Srinivasan, former Partner at EY GDS; architect Renuka Sharma; and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the financial advisor, and Kaushik Rajan from Stoicus Legal provided legal advice for the transaction.

Ricron Panels is a sustainability-focused startup that converts low-value multi-layer plastic (MLP) into high-quality, carbon-negative, eco-friendly building materials using its patented technology.

Founded by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels employs innovative technology to transform non-recyclable plastic waste into versatile, waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant building materials. Their product line includes roofing, framework shuttering, doors, panels, and storage pallets, which offer superior nail and screw holding strength compared to traditional plywood and MDF, all at a cost-effective price.

The newly raised funds will be used to enhance marketing and distribution efforts, aiming to expand Ricron’s presence in the Indian market and increase its environmental and economic impact.

Rahul Chaudhary, Director and Co-Founder of Ricron Panels, highlighted that waste management is becoming a critical issue globally as development and urbanization continue. He pointed out that India, with its growing population and consumerism, faces a significant challenge with increasing plastic consumption. Ricron was established to address this issue by providing a sustainable waste management solution. Using their state-of-the-art technology, the company currently recycles 5,000 tons of plastic annually, with plans to increase this to 24,000 tons per year within the next two years.

Ricron’s innovative technology converts waste plastic into sustainable products. At Boon Sustainability, the aim is to provide strategic support to Ricron and help scale this sustainable business globally.

Infosys Partners with Sector Alarm to Enhance Business Systems via Cloud-Based ERP

By
Garima Bansal
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0
Infosys

Infosys, a global leader in digital services and consulting, has announced a strategic five-year collaboration with Sector Alarm, a prominent European security provider partly owned by global investment firm KKR, to modernize their core enterprise systems using cloud technology. This partnership will involve migrating Sector Alarm’s existing on-premises Enterprise Resource Planning (ERP) platform to Microsoft Dynamics 365 Finance and Operations (F&O), facilitated by Infosys’ expertise in digital transformation.

Sector Alarm selected Infosys based on their proven track record in the Nordics region, experience with private equity clients, and deep domain knowledge in cloud-based ERP transformations. Leveraging Infosys Cobalt, a suite of services for accelerating cloud adoption, the collaboration aims to streamline business processes across eight European countries, including Norway, Sweden, Finland, Italy, and France. This initiative is expected to enhance financial management, provide actionable business insights, and integrate seamlessly with Sector Alarm’s CRM platform.

Lorenzo Bianchi, Chief Digital Transformation Officer at Sector Alarm, highlighted the strategic importance of this collaboration in supporting Sector Alarm’s growth objectives and delivering superior security solutions. He emphasized Infosys’ role in enabling scalability and operational efficiency, crucial for expanding Sector Alarm’s market presence.

Jasmeet Singh, EVP and Global Head of Manufacturing at Infosys, underscored the significance of this partnership in driving digital transformation for high-growth organizations. Singh emphasized Infosys’ commitment to empowering Sector Alarm with robust IT infrastructure, thereby solidifying their position as a trusted partner in the European security systems market.

About Infosys

Infosys is a global leader in next-generation digital services and consulting, serving clients across more than 56 countries. With over 300,000 employees, Infosys leverages cloud and AI technologies to drive digital transformation, enhance operational efficiency, and foster innovation. Committed to sustainability and diversity, Infosys strives to create an inclusive workplace where diverse talents thrive.

QarmaTek Secures $1 Million in Pre-Series A Funding to Expand Electronics Renewal Services

By
Garima Bansal
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0

QarmaTek, a startup specializing in electronics renewal and refurbishment, has secured $1 million (Rs 8.3 crore) in its pre-Series A funding round. This round was co-led by investors Umang Nahata, Rakesh Raman, and Vishal Makwana.

With this latest investment, QarmaTek’s total funding has reached $4.11 million. The new funds will be used to expand QarmaTek’s presence across various categories of renewed electronics, enhance operational capacities, and extend its geographical reach.

Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek operates in the B2B sector, providing after-sales repair services for electronic products. The company’s offerings include multi-brand repair services, refurbishment, call center support, and logistics services for electronic devices such as smartphones, laptops, and home appliances.

Based in Ahmedabad, QarmaTek is dedicated to promoting sustainability by extending the lifecycle of electronic products, thereby reducing e-waste and contributing to a circular economy. According to the Central Pollution Control Board, India generates 1.71 million metric tons of e-waste annually.

Schoolnet Acquires Genius Teacher, Co-founded by Housing.com’s Advitiya Sharma

By
Garima Bansal
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0

Edtech firm Schoolnet has acquired Genius Teacher, a startup founded by Advitiya Sharma of Housing.com, in an all-stock deal. This acquisition is part of a broader trend of consolidation in the edtech sector, with recent notable acquisitions including Adda247 acquiring Ekagrata Eduserv and Allen Career Institute acquiring Doubtnut.

Genius Teacher, known for its quiz-based e-learning platform focused on K-12 education, brings its AI-driven teacher and student apps to Schoolnet. This move aims to expand Schoolnet’s presence in the private school market, targeting over 10,000 schools by 2026-27.

Following the acquisition, Advitiya Sharma will join Schoolnet as Chief Growth Officer, alongside co-founders Shashank Pachore and Ruturaj Atre, and their team of 20 employees.

Schoolnet reported a revenue of Rs 429 crore for 2023-24, with plans to increase it to Rs 550 crore this fiscal year. CEO RCM Reddy highlighted a strategic shift towards less dependence on government funding, expecting private schools to play a more significant role in revenue generation.

The edtech sector, including players like Lead and Uolo, continues to witness consolidation despite market challenges. Byju’s, a major player in edtech acquisitions, faced legal issues but had previously invested significantly to expand its educational offerings.

Centriti Secures Rs 6 Crore to Boost Tech and Expand Market Reach in the Hospitality Sector

By
Garima Bansal
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0

Centriti, a B2B e-procurement platform, has secured Rs 6 crore in a funding round led by Emergent India Ventures. This round also saw participation from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group.

According to a press release from Centriti, the newly acquired funds will be used to enhance their technological capabilities, reduce service time, and expand into new markets.

Founded in 2022 by Daljeet Singh, Centriti utilizes mid-mile logistics, warehousing, and AI-driven inventory management to help hotels and restaurants cut costs, reduce waste, and improve overall operational efficiency. The platform’s integrated inventory software automates tracking and replenishment while offering valuable analytics and forecasts, enabling businesses to make data-driven decisions.

Centriti addresses inefficiencies associated with managing multiple suppliers and limited technological integration by consolidating all procurement needs into a single, efficient system. This approach significantly boosts operational efficiency and reliability for hospitality businesses.

Based in Delhi, Centriti collaborates with prominent hospitality brands such as Taj Hotels, Oberoi Hotels, Accor Group, Barbeque Nation, and Chai Point. The startup currently operates in Delhi, Bengaluru, and Jaipur, with plans to expand to Goa, Hyderabad, Kochi, and Chennai within the next two years.

Felicity Games Secures $700K Pre-Seed Funding to Expand Game Portfolio

By
Garima Bansal
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0

Felicity Games, a developer and publisher of casual games, has secured $700K in its pre-seed funding round. The investment came from DeVC, Visceral Capital, and prominent angel investors such as Kunal Shah of CRED, former Nazara CEO Manish Agarwal, Sriharsha Majety, Nandan Reddy of Swiggy, and Sameer Pittalwala, Head of Gaming at Google Cloud (APAC), among others.

The funds will be allocated to testing an additional 10 games by March 2025. The company aims to increase its revenue tenfold by the end of this year.

Established in 2023 by ex-Swiggy executive Anurag Choudhary, Felicity recently released two games, ‘Seek & Find’ and ‘Nova Solitaire,’ which have already achieved positive unit economics in the US and other Western markets, with over 100,000 downloads within three months.

Based in Bengaluru, Felicity uses its proprietary framework “Pokhran” to rapidly prototype and test casual games for commercial viability, scaling only the successful ones. In just one year, Felicity has launched more than 10 game titles, attracting over a million monthly users across 14 geographies.

Helium Raises Rs 4.52 Crore in Pre-Seed Funding Round to Expand AI-Powered Personalization in E-commerce

By
Garima Bansal
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0

Helium, an AI platform, has successfully raised Rs 4.52 crore ($550k) in a pre-seed funding round led by Merak Ventures, with participation from angel investor Alok Mittal. According to a recent press release, the funds will primarily support Helium in expanding its team and advancing its product offerings.

Founded by Shray Arora, Sidharth Sahni, and Deepak Kapoor, Helium specializes in collaborating with prominent brands in the fashion and consumer tech sectors. Their focus is on creating intelligent collection and product landing pages.

Utilizing AI technology, Helium tags each product and UI element and comprehends their context through anonymized behavioral interactions of site visitors. This approach enables Helium to personalize content, copy, and product combinations for each visitor, akin to Spotify’s personalized music recommendations. The outcome is heightened brand engagement and increased conversion rates.

Looking ahead, Helium aims to forge partnerships with leading e-commerce brands globally, with a strategic emphasis on the North American market.

Adda247 Expands CA Test Prep Market Presence with Acquisition of Ekagrata Eduserv

By
Garima Bansal
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0

Google-backed edtech company Adda247 has acquired the CA test preparation platform Ekagrata Eduserv for an undisclosed sum.

Adda247, which previously acquired StudyIQ in January 2021 and Veeksha in July 2023, expects this acquisition to significantly boost its user base. The company currently boasts 40 million monthly active users (MAU) and aims to capture a large share of the growing CA test preparation market, according to a company press release.

As part of the acquisition, Anshul Agrawal, the founder of Ekagrata, will join Adda247 as the director of the CA vertical, leading the category. Ekagrata’s employees will also join the Adda247 team.

Market research estimates the CA test preparation market at Rs 800 crore (approximately $100 million).

This acquisition follows Adda247’s recent foray into skilling, upskilling, and higher education sectors. Co-founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 provides live online classes, on-demand video courses, mock tests, and e-books.

According to data, Adda247 has raised over $55 million from investors including Westbridge, Google, Info Edge, and Asha Impact. The company was valued at $175 million during its last funding round in October 2022.

Gurugram-based Adda247 saw its revenue from operations nearly double to Rs 115 crore in FY23, up from Rs 61 crore in FY22. However, the company’s losses also quadrupled to Rs 110 crore during the same period.

Dezerv Secures Rs 265 Crore in Series B Funding Led by Premji Invest

By
Garima Bansal
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0

Wealthtech platform Dezerv has successfully raised Rs 265 crore (approximately $32 million) in a Series B funding round, led by Premji Invest. This funding achievement underscores Dezerv’s resilience in navigating the challenging landscape of wealth management funding.

According to regulatory filings, Dezerv’s board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, totaling Rs 265 crore or $32 million. Premji Invest spearheaded the round with an investment of Rs 169 crore, while existing investors Elevation Capital and Matrix Partners contributed Rs 35 crore each. Accel India, the lead investor in Dezerv’s Series A round, also participated with Rs 26 crore during the Series B funding.

The company plans to use the new funds to drive growth and strengthen its financial position, as indicated by the filings. Dezerv provides portfolio management services to high-earning salaried and business professionals. Utilizing its team of in-house experts, the company claims to have delivered nearly 30% returns to its users since its inception in April 2021.

The company is currently valued at approximately Rs 1,715 crore (around $207 million) post-allotment. The Series B funding round appears to be ongoing, suggesting the firm may raise additional capital, which would adjust Dezerv’s post-money valuation accordingly.

Following the Series B funding, Premji Invest holds a 9.84% stake in Dezerv, while Elevation Capital and Matrix Partners each hold 15.28%, and Accel holds 11.46%. To date, Dezerv has raised around $60 million, including a $7 million seed round co-led by Elevation and Matrix in September 2021.

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