Mumbai-based cryptocurrency exchange CoinDCX has unveiled its latest innovation with the introduction of Web3 Mode on its CoinDCX App, marking a significant enhancement in user experience within the evolving Web3 landscape.
This new integration positions CoinDCX as a comprehensive platform catering to all Web3-related needs, providing direct access for its 15 million users to over 50,000 DeFi tokens. By enabling early access to tokens not yet available on centralized exchanges, CoinDCX aims to empower its users to participate in potential high-growth investments before they reach broader markets.
Sumit Gupta, Co-founder of CoinDCX, expressed the company’s long-term vision to establish itself as the leading all-in-one Web3 app globally, combining the convenience of centralized exchange services with the innovative possibilities of DeFi.
Neeraj Khandelwal, co-founder of CoinDCX & Okto, emphasized that their introduction of Web3 Mode represents a crucial advancement in democratizing access to the Web3 economy. He highlighted the successful integration of chain abstraction through Okto Chain, simplifying user interactions across various blockchain networks.
Users can now discover and invest in emerging and pre-launch tokens across major ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and more through the straightforward INR on-ramp facilitated by Web3 Mode. The platform allows users to purchase tokens like ETH, Matic, USDT, USDC, and others using INR via the conventional CoinDCX app, which can then be transferred seamlessly to Web3 Mode for further investments.
Furthermore, CoinDCX has implemented a unified deposit and withdrawal system that enables effortless fund transfers between traditional CoinDCX wallets and Web3 Mode, streamlining the overall user experience.
This launch underscores CoinDCX’s commitment to simplifying Web3 access and enhancing the investment and trading experience for millions of users across India, positioning itself as a pivotal player in the future of decentralized finance and blockchain technology.
Hitachi Payment Services, a prominent player in India’s payments and commerce solutions sector, has achieved a significant milestone with the Reserve Bank of India (RBI) granting it approval to operate as an Online Payment Aggregator under the Payments and Settlement Systems Act, 2007.
This authorization marks a pivotal moment for Hitachi Payment Services, enabling it to expand its digital payment solutions portfolio. The company’s offerings encompass a wide array of services including UPI, Netbanking, Cards, Wallets, EMI, Pay Later, Buy Now Pay Later (BNPL), link-based payments, and loyalty solutions.
Anuj Khosla, Chief Executive Officer of the Digital Business at Hitachi Payment Services, expressed gratitude for the RBI’s trust and emphasized that this milestone not only validates their capabilities but also serves as a catalyst for bringing innovative solutions to market.
Hitachi Payment Services, a subsidiary of Japan’s Hitachi Ltd., boasts a robust nationwide payment infrastructure managing over 76,000 ATMs, including 27,500 Cash Recycling Machines and 10,000 White Label ATMs. The company processes more than 7 million digital transactions daily and serves over 3 million merchant touchpoints.
In 2023, Hitachi Payment Services launched its Accelerator Program – HPX, aimed at collaborating with fintech startups in India to drive digital payment innovation forward. This initiative underscores the company’s proactive approach in leveraging advanced technologies such as AI & ML to enhance its service offerings.
With the RBI’s endorsement, Hitachi Payment Services is poised to further strengthen its position in the digital payment landscape, contributing to the advancement of cashless transactions and financial inclusion initiatives across the country.
Datachamps, an AI startup based in Nashik, has successfully raised $500,000 in its recent seed funding round, spearheaded by Windrose Capital.
This investment marks a significant milestone for the company, affirming investor confidence in its potential for growth and innovation within the AI technology sector. Founded in 2021 by Ashutosh Zawar and Chetan Mantri, Datachamps specializes in developing advanced workflows that transform raw data into actionable insights.
The startup’s primary focus is on providing executives and founders with efficient, data-driven decision-making tools. With the newly acquired funds, Datachamps plans to enhance its technological infrastructure and intensify its sales and marketing initiatives.
A pivotal aspect of Datachamps’ strategy involves the development of more than 100 AI-enabled Impact Dashboards in the coming months. These dashboards are aimed at further empowering businesses to streamline their operations and enhance decision-making processes through comprehensive data analytics.
The startup is keen on leveraging this investment to solidify its position as a leader in the AI workflow solutions domain.
Rohit Goyal, Managing Partner at Windrose Capital, expressed confidence in Datachamps’ leadership and their ability to drive significant growth and innovation. He emphasized the founders’ track record of excellence, underscoring their capacity to deliver impactful solutions that resonate with a global audience.
The company remains committed to advancing its mission of empowering businesses through transformative data insights, paving the way for enhanced operational efficiencies and strategic decision-making capabilities worldwide.
Morphing Machines, a pioneering fabless semiconductor startup, has successfully concluded its seed funding round with a total raise of $2.76 million. Speciale Invest, renowned for its focus on deep technology investments, led the round alongside participation from IvyCap Ventures, Golden Sparrow, Navam Capital, CIIE Initiatives, and DeVC.
The infusion of capital will empower Morphing Machines to accelerate its product development and prototyping efforts, expand its engineering team, and strengthen its go-to-market strategies. CEO Deepak Shapeti also expressed enthusiasm.
By consolidating functionalities typically segregated across multiple processors, Morphing Machines aims to deliver superior performance and energy efficiency, thereby significantly streamlining time-to-market and cost considerations for its clients.
Supported by the Ministry of Electronics & Information Technology (MeitY) under the Design Linked Incentive Scheme (DLI) and Chips2Startup (C2S) initiatives, Morphing Machines is at the forefront of innovation with its flagship product, REDEFINE. This revolutionary many-core processor Soft IP is engineered to handle a broad spectrum of applications, encompassing data analysis, artificial intelligence, telecommunications, and high-performance computing.
Currently, Morphing Machines operates with a team exceeding 20 members, and plans are underway to expand this workforce to over 40 members. This expansion will bolster capabilities across crucial areas such as design, verification, emulation, and tape-out processes, reinforcing the company’s commitment to advancing semiconductor technology.
Bengaluru, June 27, 2024 – Machaxi, a tech-enabled sports startup, has successfully raised Rs 4.8 crore ($580,000) in a pre-Series A funding round led by Inflection Point Ventures (IPV).
Founded in 2019 by Pratish Raj, Tushar Raj, and Ashish Anand, Machaxi offers a multifaceted platform encompassing sports coaching for children, neighborhood sports facilities for adults, and an integrated app for sports equipment shopping.
This latest funding round follows a seed investment of $160,000 secured in 2022 from prominent angel investors. According to Machaxi, the newly acquired funds will be pivotal in enhancing their technological capabilities for user analytics and expanding their sports shop vertical. Additionally, the investment will support brand-building efforts aimed at consolidating their market position.
Machaxi boasts impressive financial metrics, reporting a gross revenue run rate of Rs 18 crore and maintaining an EBITDA-positive status since its inception. With a user base of 50,000 monthly users, the company offers a comprehensive array of sports facilities, catering to activities such as badminton, swimming, table tennis, football, and cricket.
The sports market in India, valued at approximately $5 billion, presents significant growth opportunities for Machaxi. While navigating competition from peers like Cult, Flow Sports, Khelomore, Push Sports, and Sporthood, Machaxi remains focused on leveraging technology to enhance user experience and drive expansion in the dynamic sports ecosystem.
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.
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 KunalGupta, 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, 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, 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, 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.
