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Kazam EV Tech Secures $8 Million Funding Round to Enhance EV Charging Solutions

Garima Bansal
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Kazam EV Tech Secures $8 Million Funding Round to Enhance EV Charging Solutions

Kazam EV Tech, a company specializing in charging products and services for electric vehicles has raised $8 million in a funding round led by Vertex Ventures.

The round also saw participation from existing investors, including Avaana Capital and Alteria Capital, among others. Kazam plans to utilize the funds to enhance its technology and product teams, expand its offerings, and increase its market presence. Prior to this round, the firm had raised approximately $11 million, according to available data.

As the adoption of electric vehicles (EVs) in India is expected to surge, Kazam’s “charging in a box” solution is seen as a critical component in establishing a reliable EV charging network, according to Nikhil Marwaha, Senior Executive Director at Vertex Ventures Southeast Asia and India.

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a range of EV charging products, including LEVAC Pro for charging stations, Mini for home use, and the Kazam 7.4 kW charger. The company also provides several software solutions for managing charging, fleets, battery swapping, and EV mobile apps.

Kazam collaborates with major companies like BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company’s software supports a wide variety of vehicles, including two-wheelers, commercial electric three-wheelers, and city buses, serving more than 25,000 charging points. Kazam currently facilitates over 15 million EV kilometers per month, with 10% of its contributions coming from international clients across the Global South.

Government officials, particularly from the Ministry of Power, have been actively consulting with companies in the electric vehicle ecosystem to promote interoperability among charging standards. Additionally, last March, the government announced an Rs 800 crore subsidy for state-run oil marketing companies to establish 7,432 EV charging stations.

Zepto Set to Raise $310 Million, Boosting Valuation to $5 Billion

Garima Bansal
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Zepto Set to Raise $310 Million, Boosting Valuation to $5 Billion

Zepto is preparing to raise an additional $310 million, bringing its valuation to $5 billion. This represents a 40% increase from its previous valuation, set just over a month ago. With this new funding, Zepto will have secured nearly $1 billion in total over two recent rounds. The company had earlier raised $665 million in late June, significantly boosting its valuation from $1.4 billion to $3.6 billion in just under a year. This rapid increase reflects the strong demand for quick commerce services.

Mars Growth Capital, alongside General Catalyst and other existing investors, will be participating in the new funding round. Mars Growth, which is associated with Mitsubishi UFJ Financial Group Inc and Israel’s Liquidity Group, is expected to invest around $50 million, while General Catalyst will contribute approximately $200 million. The round may total up to $350 million, depending on contributions from other investors and wealthy individuals. Zepto is restricted from raising more than $350 million within 90 days of the previous round to prevent dilution of existing investors’ stakes.

The term sheet for this funding was signed recently, and the round is anticipated to close within a few weeks. Notably, Neeraj Arora from General Catalyst will join Zepto’s board as part of this deal. Arora, formerly the Chief Business Officer at WhatsApp, joined General Catalyst after the acquisition of early-stage fund Venture Highway.

Zepto, founded by Aadit Palicha and Kaivalya Vohra, both Stanford dropouts, will have raised a total of $1.5 billion once this round is completed. The company, currently based in Singapore, plans to relocate to India and is preparing for an initial public offering. Recent investors include DST Global, Avenir Growth Capital, Lightspeed Venture Partners, and Avra.

The new funding will help Zepto compete more effectively against rivals like Blinkit, Swiggy Instamart, and Flipkart Minutes. Blinkit, valued at $12-13 billion, plans to expand to 2,000 dark stores by 2026. Zepto aims to set up 700 dark stores by March 2025 and is expanding its store size to 4,000 square feet, while also increasing its product range from 3,000 to 10,000 SKUs.

Garuda Aerospace Expands Operations to Sri Lanka as Part of Global Growth Strategy

Garima Bansal
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Garuda Aerospace Expands Operations to Sri Lanka as Part of Global Growth Strategy

Drone startup Garuda Aerospace has broadened its operations into Sri Lanka as part of its Global Garuda initiative, which aims to expand the company’s presence in 50 countries. The expansion into Sri Lanka marks the company’s first move under this global strategy, as noted by CEO Agnishwar Jayaprakash.

The Chennai-based company selected Sri Lanka due to its evolving drone regulations and the government’s focus on advancing technology and precision in agriculture and other industries, seeking to lessen its reliance on tourism. Jayaprakash highlighted that with the company’s revenue surpassing Rs 100 crore this year, there has been substantial international interest in their precision agriculture drones, making it an ideal time for cautious international expansion. Sri Lanka, due to its proximity to India and developing drone policies, was seen as a strategic starting point before exploring further regions.

In addition to agriculture, Garuda Aerospace is exploring applications in homeland security and defense, particularly for industrial and structural damage assessments. Sri Lanka’s ongoing infrastructure projects, including ports, airports, and roads, offer significant opportunities for the company’s surveillance drones, which are a cost-effective method for monitoring progress and assessing structural integrity.

Jayaprakash noted that Sri Lanka is approximately three to four years behind India in terms of regulatory frameworks, presenting an opportunity for Garuda Aerospace to leverage its experience from the Indian market. The company has established operations in Sri Lanka, including a local team and office, and has partnered with a local entity to support on-ground activities. They plan to commence drone deployments shortly.

Garuda Aerospace is also aiming to expand into the US, having invested around $10 million in its global expansion efforts. An office has been opened in the US, and the company is in the process of applying for Federal Aviation Administration (FAA) licenses for its drones. Jayaprakash anticipates that operations in the US and Europe will eventually surpass the revenue generated in India, as there is a global demand for drones manufactured in India.

AI-Powered DevRev Raises $100.8 Million, Achieves $1.15 Billion Valuation

Garima Bansal
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AI-Powered DevRev Raises $100.8 Million, Achieves $1.15 Billion Valuation

DevRev, a customer relationship software firm, has successfully raised $100.8 million in a Series A funding round, with contributions from Khosla Ventures and other investors. This funding comes as the interest in companies leveraging artificial intelligence continues to rise.

The latest investment round has propelled the Palo Alto-based company’s valuation to $1.15 billion, officially making it a unicorn. The surge in AI interest has sparked a renewed wave of venture capital investments, as investors anticipate significant returns from the widespread adoption of AI technologies.

Founded in October 2020 by former Nutanix CEO Dheeraj Pandey, DevRev specializes in AI-driven customer relationship software that connects end users, sellers, support teams, product managers, and developers on a single platform. Khosla Ventures, which began backing DevRev in 2021, has also supported prominent companies like Instacart, DoorDash, and Stripe.

Dheeraj Pandey, CEO of DevRev, emphasized the importance of design in building trust with end users, especially in an environment where the AI hype cycle has led to the emergence of unreliable prototypes and custom GPT solutions that lack long-term viability and security.

Truva Secures $3 Million in Funding to Revolutionize the Real Estate Market

Garima Bansal
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Truva Secures $3 Million in Funding to Revolutionize the Real Estate Market

Truva, a real estate technology platform, secured $3 million in a funding round led by Stellaris Venture Partners, an early-stage venture capital firm. The round also included contributions from notable angel investors such as Mukesh Bansal, founder of Myntra, Ankit Nagori, founder of Curefoods, and Lalit Keshre, founder of Groww, among others.

The newly acquired funds will be directed towards expanding the team, enhancing the product, raising debt for working capital, and scaling operations.

Truva, founded in 2023 by Puneet Arora, Monil Singhal, and Ankit Gupta, is a Mumbai-based startup that offers detailed property listings with comprehensive insights and support for buyers. This support includes assistance with financing, paperwork, and registration. The platform also features unique offerings such as natural light scores, noise ratings, 3D tours, and high-quality photos and videos.

Arora emphasized the company’s focus on improving buyer experiences to simplify the complexities of real estate transactions, thereby speeding up the home-buying process. Since its launch earlier this year, the platform has facilitated transactions worth over Rs 30 crore in Powai, Mumbai, with an average property sale time of 19 days, significantly faster than the market average of nine months.

Currently operating in Powai and Bandra, Truva plans to expand its presence to other areas in Mumbai over the next year.

Ritesh Banglani, a partner at Stellaris Venture Partners, highlighted the increasing housing demand driven by rising disposable incomes and rapid urbanization. He expressed confidence in Truva’s commitment to understanding customer needs and creating a product that offers an exceptional home-buying experience.

Tech-Focused Wealth Platform Infinyte.Club Secures $3.6M in Funding to Expand Services

Garima Bansal
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Tech-Focused Wealth Platform Infinyte.Club Secures $3.6M in Funding to Expand Services

Infinyte.Club, a wealth creation and management platform designed for tech and startup employees, has secured $3.6 million in a funding round led by Elevation Capital.

The funding round also attracted investments from notable angel investors, including Kunal Shah, founder of Cred; Vidit Aatrey, cofounder of Meesho; Gaurav Munjal, cofounder of Unacademy; Harshil Mathur, cofounder of Razorpay; among others. The capital will be directed towards advancing the platform’s technology and expanding its team.

Founded in 2023 by Ankita Tandon and Joylita Saldanha, the Bengaluru-based platform enables users to track their assets, manage equity portfolios, and utilize their stock options. During its private beta phase, the platform successfully closed over 40 primary and secondary deals.

Infinyte.Club was motivated by the observation that while many individuals are building remarkable tech startups, they often lack access to investment opportunities within these companies. Historically, private equity and startup investment opportunities have been reserved for those with exclusive connections. The platform aims to democratize access to these opportunities.

Looking ahead, the startup plans to attract more investors and broaden its range of asset classes, with a goal of reaching 100,000 customers in the current financial year.

Vaas Bhaskar, principal at Elevation Capital, emphasized that Infinyte.Club’s mission aligns closely with the emerging trends in India’s startup ecosystem. With the country’s potential for significant wealth generation through startups and tech enterprises, there is an increasing demand for platforms tailored to the needs of founders and operators.

Stori Design: Crafting Luxury, One ‘Stori’ at a Time

Garima Bansal
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Stori Design: Crafting Luxury, One ‘Stori’ at a Time

In a world brimming with furniture brands, one name is carving out a niche with unparalleled style and craftsmanship—Stori Design, affectionately known as Stori. Launched in 2023 and headquartered in Pune, Stori has quickly made waves in the luxury bespoke furniture market. With opulent showrooms in Pune and Delhi, Stori is redefining the industry by offering architects and interior designers unmatched customization and top-notch quality. On its current trajectory, Stori is poised to challenge even the most established foreign brands, especially those offering limited customization. A key differentiator for Stori is its reliable pan-India delivery, setting it apart from the competition.

Stori’s rapid ascent can be attributed to its four pillars, each a cornerstone of its reputation. The first pillar is the “i” in Stori—a deliberate nod to its Indian roots and a proud symbol of its commitment to the Make in India initiative. As a 100% Made in India brand, Stori is pushing the boundaries of what Indian craftsmanship can achieve on the global stage.

At the heart of Stori’s design brilliance is Jiten Pahuja, the creative force behind its seamless and luxurious furniture. Leading a 50,000-square-foot facility in Manesar, Haryana, Pahuja brings over 25 years of experience and a team of 300 artisans to the table, crafting pieces that are as much works of art as they are functional furniture.

Deepesh Shah is the financial strategist and visionary behind Stori’s business operations and growth. Beginning his journey into the timber and interior industry at just 18, Shah’s 25 years of experience in luxury furniture markets—both Indian and international—are instrumental in propelling Stori onto the global stage.

The operational heartbeat of Stori is ashish charla, whose 20 years of expertise in wood and luxury furniture materials ensure flawless coordination between Stori’s factory and retail outlets. Ashish’s deep understanding of materials and finishes guarantees that every piece of furniture leaving Stori’s facility is a masterpiece.

With an unwavering commitment to quality and attention to detail, Stori is not just meeting but exceeding industry standards. As part of its ambitious growth plans, Stori will soon unveil new experience showrooms in Hyderabad, Indore, and Ahmedabad, offering customers a fully immersive experience of its bespoke luxury offerings.

Looking ahead, Stori aims to broaden its support for architects and interior designers, becoming the go-to partner for ambitious design projects. By fostering a collaborative environment, Stori empowers designers to push creative boundaries, ensuring that the luxury furniture market continues to evolve with innovation and excellence.

Gaana Merges with ENIL in Strategic Move by Times Internet

Garima Bansal
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Gaana Merges with ENIL in Strategic Move by Times Internet

After talks with Airtel Wynk didn’t work out, Times Internet decided to merge Gaana with its subsidiary, Entertainment Network India Limited (ENIL), in December 2023. Gaana was bought for Rs 25 lakh, according to ENIL’s filings with the National Stock Exchange (NSE). ENIL, which is backed by Bennett Coleman, runs the popular FM radio station ‘Radio Mirchi.’

Gaana had raised over $200 million in the past and was valued at around $580 million. Times Internet used to own most of Gaana, while Tencent held about 35% until September 2020. To keep Gaana running, Times Internet has been regularly providing funds. In July 2023, they gave Gaana Rs 100 crore as a loan, which was later converted into shares.

Recently, Times Internet agreed to lend up to Rs 10 crore more to Gaana. ENIL’s CEO, Yatish Mehrishi, mentioned that the company also invested Rs 15 crore during the first quarter of FY25. Due to restrictions on investments from neighboring countries, Gaana received loans totaling $90 million in 2020 and 2021.

Gaana’s revenue has dropped significantly, falling by over 80% to Rs 12.5 crore in the last fiscal year (FY24). After the merger, ENIL put Gaana behind a paywall and doubled the subscription fee to Rs 599. This brought in Rs 9.5 crore in revenue in the last quarter of FY24. ENIL’s overall revenue also decreased by 25.79% from the previous quarter to Rs 113.46 crore, and the company reported a loss of Rs 5.45 crore in the first quarter of FY25.

Gaana has also seen changes in its leadership. The long-time CEO, Prashan Agarwal, was replaced by Sandeep Lodha in mid-2021, and Lodha left in July 2023. Currently, Gaana is managed by ENIL’s CEO, Yatish Mehrishi.

Info Edge Reports 47% YoY Net Profit Increase for Q1 FY25 Amidst Strong Financial Performance

Garima Bansal
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Info Edge Reports 47% YoY Net Profit Increase for Q1 FY25 Amidst Strong Financial Performance

Info Edge, a prominent consumer internet company, reported a 47% year-on-year (YoY) increase in net profit for the first quarter of the current fiscal year. For the first quarter of FY25, Info Edge achieved a net profit of ₹233 crore, up from ₹159 crore in the same period last year. The company’s revenue from operations also saw an 8.1% YoY rise, reaching ₹676.7 crore.

Hitesh Oberoi, CEO of Info Edge, noted that cash losses from non-recruitment sectors decreased by 73% to ₹16.5 crore in Q1 FY25. This improvement was driven by an 18% YoY increase in billings and controlled cost increases.

The recruitment division, a key area for Info Edge, reported a 5.6% YoY revenue growth, totaling ₹487 crore for the quarter. The real estate segment, 99acres, generated ₹98.79 crore in revenue, marking a 19.5% increase.

Oberoi also mentioned that the matchmaking business, Jeevansathi, is approaching breakeven. He highlighted that the core recruitment business, which faced challenges in the previous fiscal year, continued to show growth in the first quarter.

The company’s gross profit, or EBITDA, stood at ₹222 crore for the first quarter, reflecting a 10.4% YoY increase.

Chintan Thakkar, CFO of Info Edge, reported that the company generated approximately ₹174 crore from operations in Q1 FY25, marking a YoY growth of over 20%. Thakkar also pointed out that the company’s cash balance at the end of the first quarter was ₹4,225 crore.

He emphasized that this consistent cash flow generation underscores Info Edge’s strong financial health and provides a solid foundation for future investments and returns to shareholders.

Namma Yatri’s ‘Yatri’ Introduces Zero-Commission Cab Services, Elevates Competition in Delhi NCR

Garima Bansal
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Namma Yatri’s ‘Yatri’ Introduces Zero-Commission Cab Services, Elevates Competition in Delhi NCR

Ride-hailing platform Namma Yatri has introduced zero-commission cab services under the brand ‘Yatri’ in the Delhi NCR region, aiming to heighten competition with Uber and Ola in this bustling market. The platform will not impose subscription fees or commissions for its electric auto rickshaws and cabs in Delhi NCR until March 2026, according to Shan MS, co-founder of Moving Tech Innovations, which operates Namma Yatri.

Yatri provides autorickshaw, AC mini, AC sedan, and AC XL cab services at competitive prices, featuring a lifetime zero-commission policy.

Namma Yatri, along with its suite of mobility apps—including Yatri, Mana Yatri, and Yatri Sathi—functions as an open mobility platform on the Open Network for Digital Commerce (ONDC), adhering to a zero-commission model. This zero-commission approach is also utilized by Ola and Uber for their auto rickshaw services, as well as by Rapido, which is backed by WestBridge Capital, for its cab and auto-rickshaw offerings.

In this model, driver partners pay a subscription fee for accessing the platform’s rider discovery service rather than a per-ride commission fee, which typically ranges from 25% to 30%.

Moving Tech was established by Shan M S, the former chief growth officer of fintech platform Juspay, and Magizhan Selvan, the former chief product officer. Juspay holds a majority stake in Moving Tech, with its founders and senior managers also owning shares. In April, Moving Tech was spun off from Juspay into a standalone entity.

The company, known for pioneering the subscription model in India’s ride-hailing sector, competes with rivals such as Ola Cabs, Uber, and Swiggy-backed Rapido. It officially launched its cab services in Bengaluru, its largest market, in April and is also considering expansion into rental and inter-city rides.

Last month, Moving Tech secured its first external funding of $11 million, valuing the company at $55 million. The funding round was led by venture capital firms Blume Ventures and Antler.

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