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Fresh Bus Secures $10.5 Million in Series A Funding to Expand Eco-Friendly Intercity Travel in India

Garima Bansal

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August 14, 2024

Fresh Bus Secures $10.5 Million in Series A Funding to Expand Eco-Friendly Intercity Travel in India

Bengaluru-based intercity bus startup Fresh Bus has successfully raised Rs 87.5 crore ($10.5 million) through a Series A funding round. This round was led by Maniv, an international early-stage transportation-focused venture capital fund, with participation from Shell Ventures, Alteria Capital, and Riverwalk Holdings.

Fresh Bus currently operates a fleet of 20 electric buses, providing affordable and eco-friendly travel options on its Bengaluru-Tirupati and Hyderabad-Vijayawada routes. The company offers a digital-first customer experience, including online ticketing, real-time bus tracking, and a robust loyalty program.

With the newly acquired funds, Fresh Bus plans to expand its network by adding 15 new routes and launching 150 additional electric buses. The startup intends to use the investment to scale operations, enhance technological capabilities, and strengthen its strategic team to drive further growth.

The startup is supported by industry leaders such as Kunal Shah, Founder & CEO of CRED; Sudarshan Venu, Managing Director of TVS Motors; and Deepak Garg, CEO & Founder of Rivigo. Earlier, Fresh Bus secured an investment of Rs 16 crore from a leading Indian online travel aggregator.

Having served over four lakh passengers with a remarkable 95% On-Time Performance (OTP), which is among the best in the industry, Fresh Bus aims to establish a nationwide network and become the market leader in intercity bus travel in India. The company plans to scale up to 1,000 electric buses across the country over the next four years, creating skilled employment opportunities and offering a green alternative for mass road transportation.

Fresh Bus is showcasing that wide-scale decarbonisation of transportation is not just a future goal but an already viable economic opportunity, according to a partner at the transportation-focused venture fund.

Eco-Friendly Brand Beco Secures $10 Million to Expand Production and Retail Presence

Garima Bansal

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August 14, 2024

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Beco, a home and personal care brand, has raised $10 million in a funding round led by Tanglin Venture Partners. The round also saw participation from Titan Capital, Asian Paints promoter Manish Choksi, Rukam Capital, and Synergy Capital. The funds are set to enhance production, fuel research and development, strengthen offline sales, and boost brand awareness.

Founded in 2019 by Aditya Ruia, Akshay Varma, and Anuj Ruia, Beco specializes in eco-friendly home and personal care products. Their range includes laundry liquids, floor cleaners, dishwashing liquids, tissue papers, and compostable garbage bags. The company is focused on offering plant-based and naturally sourced alternatives to conventional products.

Currently, Beco’s products are available in over 10,000 retail stores across more than 20 cities in India. The company aims to expand its retail presence significantly, targeting up to 40,000 stores in the next year. With more than half of its sales expected to come from offline channels, Beco also maintains a strong presence on e-commerce and quick-commerce platforms such as Amazon, Zepto, and Swiggy Instamart.

This funding round aligns with the increasing consumer demand for eco-friendly and toxin-free products. As more consumers shift towards healthier options, Beco’s emphasis on product innovation and a robust supply chain has positioned it well in the market.

Beco previously secured $3 million in a Series A round in 2022, led by Rukam Capital. The company’s focus on sustainable growth and market expansion is evident as it continues to scale operations and reach a broader audience across India.

Vayana Secures $20.5 Million in Series D Funding to Expand Trade Finance Solutions

Garima Bansal

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August 13, 2024

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Vayana Secures $20.5 Million in Series D Funding to Expand Trade Finance Solutions

Vayana, a trade finance platform, has successfully raised $20.5 million from investors, led by Sumitomo Mitsui Banking Corporation (SMBC) Asia Rising Fund, to support its plans for launching new products. The Series D funding round also included contributions from existing investors such as the International Finance Corporation (IFC), Chiratae Ventures, Jungle Ventures, and family offices like Quantum State Investment Fund and Emerald Company.

The fresh capital will be allocated towards the development of new products aimed at enhancing Vayana’s trade credit, compliance, and risk management platforms, as per a statement released by the Pune-based company.

Micro, small, and medium enterprises (MSMEs) in India play a crucial role in the economy, contributing 30% to the gross domestic product (GDP) and 62% to employment. Their continued growth is seen as key to leveraging India’s population demographics and promoting equitable growth across the country. Access to affordable and embedded trade credit is considered a vital catalyst for their success, according to Ram Iyer, the founder and CEO of Vayana.

Established in 2017 by Ram Iyer, Vayana offers trade finance solutions to suppliers and small enterprises in various sectors, including automotive, fast-moving consumer goods (FMCG), and manufacturing. The platform reportedly facilitates over $1 billion in financing each month through partnerships with banks and non-banking financial companies (NBFCs), serving more than 3,000 supply chains across 600 cities in India and supporting over 300,000 enterprises.

In addition to its trade finance services, Vayana is also a GST Suvidha Provider (GSP), offering goods and service tax (GST), e-way bill, and online invoicing solutions for corporates and MSMEs.

The company had previously raised $15 million from IFC and PayU, the fintech arm of a Dutch multinational. Overall, Vayana has secured over $67 million in funding to date.

EyeROV Secures ₹10 Crore Funding to Drive Global Expansion and Innovation in Marine Robotics

Garima Bansal

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August 13, 2024

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EyeROV Secures ₹10 Crore Funding to Drive Global Expansion and Innovation in Marine Robotics

EyeROV, a developer of underwater drones, secured Rs 10 crore (approximately $1.2 million) in a funding round led by Unicorn India Ventures. The funds will be used to expand into international markets and enhance the development of marine robotics products and solutions to complement its current offerings.

Established in 2016 by IIT alumni Johns T Mathai and Kannappa Palaniappan P, the Kochi-based deeptech company collaborates with clients such as the Tata Group, Adani Group, Bharat Petroleum Corp, Defence Research and Development Organisation, and the Indian Coast Guard. The startup has successfully completed over 100 underwater inspections.

With this funding, EyeROV plans to accelerate its sales, research and development, and operations. The company has developed unique and differentiated solutions for underwater infrastructure inspections, which have been successfully validated in the Indian market and are now poised for global expansion.

EyeROV has introduced commercial underwater drones or remotely operated vehicles and launched an unmanned surface vehicle, providing solutions in India and the Middle East and North Africa region. The company aims to triple its revenue by the end of fiscal 2025 by increasing sales in both domestic and international markets, with a turnover of Rs 4 crore in FY24.

Additionally, the company plans to undertake more projects in the oil and gas, maritime, and infrastructure sectors, while advancing its efforts to supply products to the Indian defense sector. The development of a drone to inspect underwater infrastructure requires unmanned technology built with precision, making marine robotics a highly complex subject, as highlighted by Anil Joshi, managing partner at Unicorn India Ventures.

Innoviti Technologies Secures Rs 70 Crore in Final Funding Round Ahead of Public Listing

Garima Bansal

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August 13, 2024

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Innoviti Technologies Secures Rs 70 Crore in Final Funding Round Ahead of Public Listing

Innoviti Technologies, a payments company specializing in merchant solutions, has successfully secured Rs 70 crore (approximately $8.3 million) in a funding round that includes both equity and debt components. This funding marks one of the final major investment rounds for the company before its planned public offering.

Of the total, Rs 60 crore was raised through equity investment, while the remaining Rs 10 crore was acquired through debt. The funding round was led by US-based venture fund Random Walk Solutions, with contributions from existing investors including Bessemer Venture Partners, the Patni family office, and Alumni Ventures.

With this latest investment, Innoviti has accumulated approximately Rs 400 crore in funding since its inception. The company’s valuation has reached $230 million following this round. Rajeev Agrawal, CEO of Innoviti, indicated that the company is preparing to file its Draft Red Herring Prospectus (DRHP) for a public listing within the next three to four months.

Agrawal plans to use the new funds to expand the company’s online merchant payment services. Earlier this year, Innoviti received a payment aggregator license from the central bank. The company primarily serves large organized retailers such as Reliance Retail, Tanishq, and Shoppers Stop in the offline payments sector.

Agrawal also noted that the funds will help address existing debt and drive growth in the online payment space. Currently, Innoviti operates with an annualized run rate of Rs 160 crore and reports an annualized negative earnings before tax, depreciation, and amortization (EBITDA) of Rs 8 crore. The company aims to achieve operational profitability within the next few quarters.

4baseCare Secures $6 Million in Funding Led by Yali Capital to Expand Cancer Care Solutions

Garima Bansal

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August 13, 2024

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4baseCare Secures $6 Million in Funding Led by Yali Capital to Expand Cancer Care Solutions

4baseCare, an innovative healthcare startup focused on closing the significant genomic data gap in cancer care, has successfully raised $6 million (around Rs 50 crore) in its latest funding round.

This investment, spearheaded by Yali Capital, is set to propel 4baseCare’s mission forward. Founded by Hitesh Goswami and Kshitij Rishi, 4baseCare aims to leverage this new capital to significantly enhance its product offerings and broaden its operational reach.

With the funding, 4baseCare plans to accelerate its growth trajectory by scaling its operations across India and expanding into other key markets in Asia and the Middle East.

The company’s advanced solutions in personalized cancer care are designed to offer more precise and effective treatment options, addressing a crucial need in the healthcare sector. By utilizing cutting-edge genomic data, 4baseCare is committed to making high-quality cancer care more accessible to a larger population.

The support from Yali Capital highlights the confidence investors have in 4baseCare’s vision and its potential impact on the future of cancer treatment. As the company continues to innovate and grow, it aims to play a pivotal role in transforming cancer care through enhanced genomic insights and personalized medical solutions.

Skydo Secures $5 Million in New Funding to Expand Cross-Border Payment Solutions and Target Larger Market Share

Garima Bansal

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August 13, 2024

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Skydo Secures $5 Million in New Funding to Expand Cross-Border Payment Solutions and Target Larger Market Share

Skydo, a startup specializing in cross-border payments, has secured $5 million in a new equity round led by Elevation Capital, with contributions from several angel investors. This marks the second equity infusion for the company, following its initial $5 million raise in its first institutional round from Elevation Capital in 2022.

Skydo is currently awaiting approval for a payment aggregator cross-border license from the Reserve Bank of India (RBI) and primarily assists small businesses and freelancers in receiving payments from international clients.

The company’s future plans include expanding into outbound payments from India and catering to larger enterprises with comprehensive cross-border payment solutions, as stated by Srivatsan Sridhar, Skydo’s CEO. Additionally, Skydo is considering applying for a payment aggregator license from the central bank to offer domestic merchant payment services, which would allow the company to provide a full suite of payment solutions to its customers.

Skydo addresses the challenges of cross-border payments, which are often costly and difficult to track due to the involvement of multiple jurisdictions. The company offers a dashboard for businesses to monitor their financial transactions across different regions and helps them identify potential savings on hidden fees.

Currently, Skydo processes payments from over 100 countries in 32 currencies, with an annual total payment volume (TPV) run rate of approximately $120 million. The platform has onboarded around 6,000 businesses, with about one-third of them actively using the platform each month. With the recent funding, Skydo aims to achieve a fivefold increase in its TPV by the end of the current financial year.

Skydo was founded in 2022 by former PhonePe senior executive Movin Jain and Srivatsan Sridhar, who previously worked with the gold loan startup Rupeek. Mridul Arora, a partner at Elevation Capital, highlighted Skydo’s strong focus on governance and compliance, which is expected to enhance the startup’s credibility with larger businesses. Arora also mentioned that with the RBI’s cross-border payments license and a robust product offering, Skydo is well-positioned to capture a significant share of India’s large international payments market.

Ather Energy Joins Unicorn Club with $71 Million Funding, Eyes Growth in Electric Scooter Market

Garima Bansal

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August 13, 2024

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Ather Energy Joins Unicorn Club with $71 Million Funding, Eyes Growth in Electric Scooter Market

Ather Energy, a prominent electric scooter manufacturer, has entered the unicorn club following a successful Rs 600-crore ($71 million) funding round from its existing investor, the National Investment and Infrastructure Fund (NIIF). This latest round of funding has pushed Ather’s valuation to $1.3 billion, or approximately Rs 10,900 crore.

This development marks Ather as the fourth unicorn in India this year and the second within the mobility sector, following Rapido, which recently secured $120 million in funding from WestBridge Capital, reaching a post-money valuation of $1 billion.

NIIF, India’s sovereign wealth fund, initially invested in Ather in May 2022. At that time, Ather’s valuation stood at around $740-750 million. Hero MotoCorp, Ather’s largest backer with a 40% stake, had also made a secondary investment of Rs 124 crore in June, which implied a valuation of $671 million (Rs 5,636 crore).

In April, it was reported that Ather was in the process of finalizing a $70-90 million (approximately Rs 750 crore) primary funding round from existing investors. This followed the exit of Flipkart founder Sachin Bansal, who sold his remaining stake in Ather to Zerodha founder Nikhil Kamath. Bansal had previously held around 10% of the company, where he was an early angel investor.

Ather’s new family scooter, Rizta, recently launched and is seen as a significant product for the company, which held about 9% market share in the electric scooter segment last month. Ather trails behind industry leaders like Ola Electric, Bajaj Auto, and TVS, which hold market shares of 39%, 16%, and 18%, respectively. Ather plans to manufacture the Rizta at its third plant in Aurangabad, targeting the family scooter market in western and northern India. Meanwhile, its flagship 450 series caters to the performance scooter segment.

In June, Ather Energy transitioned into a public limited company, indicating plans for an initial public offering (IPO) in the near future. Despite this, the company reported a 22% increase in losses, amounting to Rs 1,059 crore in fiscal 2024, while its revenue remained steady at around Rs 1,789 crore.

Jai Kisan Secures NBFC License, Expands Financial Offerings for Rural India

Garima Bansal

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August 12, 2024

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Jai Kisan Secures NBFC License, Expands Financial Offerings for Rural India

Rural-focused fintech startup Jai Kisan has secured a non-banking finance company (NBFC) license following its acquisition of a majority stake in Kushal Finnovation Capital, an NBFC specializing in supply chain financing. Arjun Ahluwalia, cofounder and CEO of Jai Kisan, also serves as a non-executive director at Kushal Finnovation Capital.

With this new NBFC license, Jai Kisan will be able to offer customized financial products, including loans from its own portfolio. The company can now enter co-lending partnerships with financial institutions, including public sector banks in India.

Previously, Jai Kisan’s financial offerings were limited to products provided by its partner banks and NBFCs through its platform. The new license enables Jai Kisan to directly create and deliver tailored financial solutions to farmers and rural businesses.

Ahluwalia commented on the development, noting the transformative effect of positive government reforms and the availability of affordable data and smartphones in rural India. The NBFC license will allow Jai Kisan to offer credit products to farmers and rural businesses in a more tailored and accessible manner.

Jai Kisan, founded in 2017 by Ahluwalia and Adriel Maniego, is a technology-driven financial services platform serving rural businesses, individuals, and farmers. The company has built a digital ecosystem that connects corporates, rural intermediaries (distributors, retailers, and suppliers), and financial institutions (banks and NBFCs) to facilitate supply chain financing and buy-now-pay-later (BNPL) options for agricultural inputs and equipment.

Since its inception, Jai Kisan has partnered with over 350 corporates, served more than 100,000 rural businesses, assisted over 800,000 farmers, and facilitated the disbursal of over Rs 6,000 crore.

The company has also expanded its advisory board with senior bankers such as Arvind Kathpalia, former group president and chief risk officer at Kotak Mahindra Bank, as a senior credit risk advisor, and Ravi Duvvuru, former president and chief compliance officer at Jana Small Finance Bank, as a senior advisor on governance and regulatory compliance.

In 2022, Jai Kisan raised $50 million in equity and debt as part of the first tranche of its Series B round, with new investors including GMO Venture Partners, Yara Growth Ventures, and DG Daiwa Ventures, alongside existing investors Blume Ventures, Arkam Ventures, Mirae Asset, and Snow Leopard Ventures.

Neo Group Raises ₹400 Crore in Equity Round Led by MUFG Bank and Euclidean Capital for Expansion

Garima Bansal

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August 12, 2024

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Neo Group Raises ₹400 Crore in Equity Round Led by MUFG Bank and Euclidean Capital for Expansion

Wealth and asset management startup Neo Group has secured ₹400 crore (approximately $47 million) in a new equity funding round. This round was led by Japanese lender MUFG Bank and New York-based Euclidean Capital. Peak XV Partners, which had previously invested about $35 million in October of the previous year, also participated in this round. The company announced the funding on Monday.

The new capital will be directed towards expanding Neo’s wealth management division and supporting its asset management operations. Neo has developed a specialized platform tailored for large and sophisticated clients in India, differentiating itself from the more generic wealth management services currently available in the market.

The company manages nearly ₹35,000 crore (over $4 billion) in wealth management assets and more than ₹6,000 crore (around $714 million) in alternative assets.

With this latest funding, Neo’s equity base has reached ₹1,000 crore, according to Nitin Jain, Managing Director of Neo Wealth & Asset Management. Jain expressed enthusiasm about partnering with leading global institutions and reaffirmed the company’s commitment to providing world-class investment products and solutions in an unbiased, transparent, and cost-effective manner.

Founded in 2021 by Jain, who was previously the CEO at Edelweiss Financial Services, Neo offers financial advisory services to clients ranging from high net worth to ultra-high-net-worth individuals and multi-family offices. In addition, Neo is developing a platform for consolidated portfolio reporting across various products, asset classes, and instruments.

Shashank Joshi, Deputy Chief Executive Officer at MUFG India, highlighted that India’s wealth management sector is poised for significant growth, and this investment represents MUFG Bank’s initial foray into India’s wealth management space, supporting Neo’s expansion.