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eBikeGo Plans to Expand e-Two-Wheeler Fleet to 100,000 Units by FY26

By
Garima Bansal
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Irfan Khan ebikego

Electric vehicle rental service operator eBikeGo has announced its ambitious plan to expand its e-two-wheeler fleet to 100,000 units by the fiscal year 2026. This decision comes in response to the rapid growth of the last-mile and e-commerce delivery segments. As of the first quarter of 2024, the domestic last-mile delivery and e-commerce business has been growing at a rate of 6.4%.

The increasing demand for direct-to-consumer delivery has highlighted the need for affordable and efficient transportation solutions. eBikeGo aims to meet this demand by significantly expanding its fleet. Over the past three years, the company has established a strong presence in seven metropolitan cities. Moving forward, eBikeGo plans to extend its operations to tier I and tier II cities across India.

The hyperlocal delivery segment, which eBikeGo caters to, is expected to grow at a compounded annual growth rate (CAGR) of approximately 16.14% from 2024 to 2029. This growth trajectory is projected to result in a market volume of USD 92.50 billion by 2029. The company noted that hyperlocal delivery models are also gaining traction in tier II and III cities, as well as rural areas.

Irfan Khan, founder and CEO of eBikeGo, emphasized the company’s success in metropolitan areas and its readiness to expand into smaller cities. Established in 2019, eBikeGo currently operates a fleet of over 3,000 e-bikes, serving businesses like Zomato, Swiggy, and various FMCG brands in major metropolitan cities.

By broadening its reach and increasing its fleet size, eBikeGo aims to capitalize on the burgeoning demand for sustainable and cost-effective delivery solutions. This expansion aligns with the company’s strategy to strengthen its foothold in the rapidly evolving electric vehicle market and support the growing needs of the e-commerce and last-mile delivery sectors.

Healthtech Startup HealthPresso to Raise $1 Million in Pre-Series A Funding

By
Garima Bansal
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Daleep Manhas Healthpresso

HealthPresso, a burgeoning healthtech startup, is set to raise $1 million in its pre-Series A funding round. This capital injection is pivotal for the platform’s early growth phase. The investment community has shown significant interest in HealthPresso, recognizing the potential of its proprietary AI engine, Humeta™, and its extensive distribution network.

Co-founders Daleep Manhas and Dr. Swadeep Srivastava stated that the new funding will accelerate HealthPresso’s growth trajectory, enabling the company to scale operations and enhance its service offerings. HealthPresso leverages AI and innovative content strategies to assist healthcare providers with public relations, regulatory compliance, and physician engagement. The startup caters to individual doctors, hospitals, healthcare brands, and PR/media agencies, aiming to revolutionize healthcare communication and information dissemination.

A modern health tech company has also adopted HealthPresso for its exclusive communication needs, improving overall communication strategies. Since its inception with a small team of three, HealthPresso has grown to a team of 15 professionals, with offices in Delhi, Singapore, Canada, and Bengaluru.

This funding round is expected to further solidify HealthPresso’s position in the healthtech sector, driving forward its mission to bring well-informed healthcare solutions to a broader audience.

Brigade Group to Develop Third World Trade Center Tower in Kochi

By
Garima Bansal
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Brigade group

Brigade Group, a leading real estate company based in Bengaluru, has signed a land lease agreement to develop a third tower of the World Trade Center (WTC) at Infopark Kochi. The new 16-storey building, which includes a six-deck car park, will span a total built-up area of 2.6 lakh square feet. This ₹150 crore project will be developed on a non-SEZ plot and is expected to be completed within three years.

The construction of the new tower is anticipated to create approximately 2,700 direct jobs. Brigade Group has already completed two WTC towers at Infopark Kochi, providing a combined built-up area of 7.7 lakh square feet, with all office spaces fully occupied. The addition of the third tower will further enhance the IT infrastructure in the region.

Kerala Chief Minister Pinarayi Vijayan, present at the agreement signing, emphasized the project’s significant impact on the state’s IT sector. Since 2016, 583 new companies have established offices in Infopark, generating 70,000 jobs. The third WTC tower is expected to further boost this development.

Brigade Group’s Executive Chairman, M R Jaishankar, highlighted the company’s commitment to expanding in Kerala and its active pursuit of viable land parcels to support this growth. In addition to the WTC towers, Brigade has developed the luxury business hotel Four Points by Sheraton Kochi Infopark and is currently working on Brigade Square in Trivandrum, a Grade A office building in Technopark Phase 1.

Brigade Group owns licenses for six World Trade Centers across South India, including Bengaluru, Chennai, Kochi, Hyderabad, Trivandrum, and Devanahalli. Over the past 38 years, the company has completed around 300 buildings, covering 90 million square feet across a diverse portfolio.

Following the announcement of the new WTC tower in Kochi, shares of Brigade Enterprises saw a 3.5% increase. The company’s stock has risen over 52% since the beginning of the year and gained nearly 133% in the past year, reflecting strong investor confidence and successful project execution.

The development of the third World Trade Center tower at Infopark Kochi by Brigade Group represents a significant step forward in enhancing Kerala’s IT infrastructure and job market. This project aligns with Brigade Group’s strategy of expansion and innovation in the real estate sector and is set to play a pivotal role in the state’s economic growth.

IOC and GPS Renewables Form Joint Venture for Sustainable Energy Solutions

By
Garima Bansal
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IOC-GPS Renewables

Indian Oil Corporation (IOC) has announced a new joint venture with GPS Renewables Pvt Ltd to promote sustainable energy solutions across India. This strategic partnership aims to establish a 50:50 joint venture company that will focus on advancing the adoption of biofuels nationwide.

The official agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables, and Santanu Gupta, Executive Director of Alternative Energy at IOC. The new venture will leverage advanced biogas technologies to convert organic waste into compressed biogas (CBG), providing a cleaner and renewable energy source. This initiative is expected to significantly reduce greenhouse gas emissions while offering a sustainable alternative to traditional fossil fuels.

By combining their expertise, IOC and GPS Renewables plan to accelerate the deployment of CBG plants throughout the country. These initiatives align with IOC’s long-term low-carbon development strategy, helping the company achieve its goal of net zero carbon emissions by 2046. Additionally, the use of CBG will reduce dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.

IOC, the largest oil refining and fuel marketing company in India, partners with GPS Renewables, a comprehensive biofuels firm known for offering technology and project solutions for climate-positive biofuel projects. GPS Renewables has evolved from operating captive biogas plants to setting up some of the world’s largest CBG plants, including a flagship plant in Indore, Madhya Pradesh.

This joint venture represents a significant step forward in India’s efforts to adopt sustainable energy solutions and reduce its carbon footprint, showcasing the potential of public-private partnerships in addressing environmental challenges.

Morgan Stanley PE Asia Fund Injects ₹500 Crore into Omega Hospitals for Major Expansion

By
Garima Bansal
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Mohan Vamsy

Morgan Stanley Private Equity Asia has invested ₹500 crore in Hyderabad Institute of Oncology Private Limited, the company that operates Omega Hospitals. This significant investment marks Omega Hospitals’ first private equity fundraiser and results in Morgan Stanley acquiring a 23% stake in the hospital chain.

The funds from this investment will be used to expand Omega Hospitals’ network beyond its current 10 hospitals, which have over 1,400 beds. The expansion aims to position Omega as India’s largest oncology-focused hospital chain. Established in 2010 by surgical oncologist Dr. Mohan Vamsy, Omega Hospitals is currently the second-largest cancer treatment network in India. The hospital chain operates facilities in Banjara Hills and Gachibowli in Hyderabad, and in Karimnagar, Guntur, Vizag, Kurnool, Bhimavaram, Jabalpur, and Dehradun. The proposed expansion will extend its presence to Tamil Nadu, Karnataka, Maharashtra, Madhya Pradesh, and West Bengal, significantly broadening its geographical footprint.

The expansion plan comes in response to the rising incidence of cancer in India, with the goal of delivering comprehensive cancer care across the country. The partnership with Morgan Stanley PE Asia is expected to accelerate this journey, enabling Omega Hospitals to enhance their service capabilities and reach a larger patient base.

In related healthcare news, private hospitals in Kolkata have started using AI-powered remote monitoring systems. These systems monitor patients’ vital parameters such as heart rate, blood pressure, and oxygen saturation, providing real-time alerts to healthcare workers for early intervention. This technological advancement aims to improve patient outcomes through timely and efficient monitoring.

The investment by Morgan Stanley PE Asia represents a significant milestone for Omega Hospitals, setting the stage for extensive growth and improved cancer care services across multiple states in India. With this partnership, Omega Hospitals is well-positioned to become a leading player in the fight against cancer in the country.

Ummeed Housing Finance Secures $76 Million to Expand Operations in Central and Southern India

By
Garima Bansal
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ummeed housing financing

Ummeed Housing Finance has successfully raised approximately USD 76 million in its Series F funding round from A91 Partners LLP, Mirae Asset Venture Investments (India), Anicut Capital, and existing investors Norwest Venture Partners. This equity infusion aims to support Ummeed’s strategic expansion into central and southern regions of India.

Founded in 2016 by Ashutosh Sharma, Ummeed Housing Finance specializes in providing affordable housing loans and small-ticket business loans to self-employed individuals in the low and middle-income segments.

Operating from Gurugram, the company currently operates across seven states in North and Central India, boasting a workforce of 1300 employees and 115 branches. With this funding, Ummeed aims to further expand its footprint into the southern region of the country.

Ashutosh Sharma, Founder and Managing Director of Ummeed Housing Finance, expressed confidence in the company’s growth trajectory, emphasizing their commitment to inclusive financial solutions. He highlighted Ummeed’s strong asset quality and steady portfolio growth, focusing on enhancing its liability franchise and serving underserved communities.

Ummeed Housing Finance has reported a robust growth rate of over 60% CAGR since inception, supported by a diverse funding base comprising 31 lenders, including National Housing Bank (NHB), PSU banks, private sector banks, and development finance institutions (DFIs) like the United States International Development Finance Corporation.

As Ummeed Housing Finance embarks on its expansion journey into new geographic markets, the company remains focused on maintaining high standards of growth, asset quality, and customer service. The funding round reflects investor confidence in Ummeed’s vision and operational capabilities to drive financial inclusion and sustainable business growth in India’s diverse economic landscape.

Distil Secures $3.1 Million in Seed Funding to Enhance Specialty Chemicals Platform

By
Garima Bansal
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distil founder

Distil, a pioneering platform specializing in specialty chemicals, has successfully raised $3.1 million in a Seed funding round led by Jungle Ventures and India Quotient. Several other prominent investors and operators also participated in this funding round.

Founded by Atanuu Agarrwal, Karan Hirani, and Viraj Shah, Distil offers customizable and scalable solutions through its tech-enabled platform for the procurement of specialty chemicals. These solutions include formulations and custom manufacturing tailored to meet specific performance and regulatory requirements.

Distil’s platform streamlines the purchasing process with technology, ensuring consistent product quality, meeting quantity demands, and reducing lead times and minimum order quantities (MOQs) through a robust network of distribution points nationwide.

The specialty chemicals industry has historically grappled with inefficiencies throughout its value chain. Distil addresses these challenges comprehensively, leveraging the deep expertise of its founding team across specialty chemicals, supply chain management, and finance.

The company targets expansion across various segments within the life sciences industry, including flavours, fragrances, food ingredients, pharmaceuticals, and personal care products. Its strategic focus spans key markets in India and international regions such as the United States, European Union, and the MENA region.

Distil’s commitment to enhancing efficiency and reliability in specialty chemicals procurement positions it favorably amidst increasing demand for quality-driven solutions across global markets. As the company advances its technological capabilities and expands its market presence, it aims to redefine standards and drive significant advancements in the industry.

Metis Intellisystems Raises 1.3 Crores to Advance AI/ML Solutions in BFSI Decision-Making

By
Garima Bansal
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metis intellisystem

Metis Intellisystems Pvt Ltd, a pioneer in leveraging Artificial Intelligence and Machine Learning for enhanced decision-making in the BFSI (Banking, Financial Services, and Insurance) sector, has successfully secured 1.3 Crores in funding led by Inflection Point Ventures.

This capital infusion aims to accelerate the development of innovative AI/ML solutions, optimize strategic applications, and support global expansion initiatives.

Led by CEO Khushru F. Doctor, who brings over three decades of industry expertise, Metis Intellisystems focuses on transforming traditional decision-making processes with advanced AI/ML technologies.

The company aims to replace outdated methods prevalent in the fintech industry, addressing the critical need for intelligent, automated systems that can handle complex data integration and analysis across diverse sources.

Amit Saraswat, the Chief Product Officer (CPO) at Metis, adds substantial technical depth with his extensive background in advanced statistical methods and experience at notable financial institutions.

Vikram Ramasubramanian, Partner at Inflection Point Ventures, highlighted the importance of robust credit decision-making in fueling economic growth, underscoring Metis’s role in enhancing credit quality through advanced analytics and early warning systems.

Khushru F. Doctor reiterated Metis’s commitment to revolutionizing the fintech industry with cutting-edge AI/ML technologies, aiming to fill existing gaps in high-tech decision-making processes prevalent even among large fintech players.

The digital lending sector, where Metis operates, is poised for substantial growth, reflecting a market shift towards technology-driven solutions. With the support of Inflection Point Ventures and a strong market demand for AI-powered fintech solutions, Metis Intellisystems is well-positioned to capitalize on these opportunities and drive innovation in BFSI decision-making.

OrbitShift Secures $7 Million in Funding to Propel Growth and Innovation

By
Garima Bansal
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OrbitShift Founders

OrbitShift ,founded by Swapnil Saykar and Saurabh Mishra , an AI-powered sales intelligence startup, has secured $7 million in a recent seed funding round led by Peak XV’s Surge accelerator program and Stellaris Venture Partners. Founded in 2022, OrbitShift has swiftly carved a niche in the sales ecosystem, particularly within technology and IT services sectors. The platform leverages advanced AI models to deliver comprehensive sales insights and operational efficiencies, serving large enterprises across the US, European Union, and Asia Pacific.

The funding infusion will fuel OrbitShift’s expansion efforts in the US market and enhance its technological capabilities. The company’s subscription-based model aims to streamline sales processes, significantly reducing research and planning times for clients. By harnessing AI-driven analytics, OrbitShift seeks to optimize client outreach strategies and boost overall productivity.

Alok Goyal, partner at Stellaris Venture Partners, highlighted the transformative potential of AI in enterprise applications. He emphasized OrbitShift’s role in redefining sales and customer engagement strategies for large businesses, underscoring the company’s commitment to delivering high-accuracy solutions.

This funding round follows OrbitShift’s initial pre-seed financing of $1.5 million in 2023, bringing its total funds raised to $8.5 million. With plans to expand its technology and product teams, OrbitShift aims to further innovate in AI-driven sales intelligence and solidify its position as a leader in the industry.

As part of Peak XV Partners’ Surge program, OrbitShift joins a distinguished portfolio of innovative startups focused on deep tech and AI solutions. This latest funding milestone not only reflects investor confidence in OrbitShift’s growth trajectory but also highlights the increasing role of AI in transforming global sales strategies and operational efficiencies.

Asaya Secures ₹12 Crore in Seed Funding to Expand Melanin-Focused Skincare Line

By
Garima Bansal
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0
Asaya founder

Asaya, a skincare brand dedicated to creating products for melanin-rich skin, has successfully raised ₹12 crore in seed funding. This funding round was led by OTP Ventures and Huddle Ventures, with additional investments from Eternal Capital and Neeraj Biyani, the co-founder of Asaya. The newly acquired funds will be strategically invested in melanin-centric research to develop new products tailored to the specific needs of melanin-rich skin. Currently, Asaya offers 12 products and 31 SKUs and plans to introduce 12 additional products within the year. Co-founder Neeraj Biyani highlighted the brand’s commitment to enhancing market reach and increasing awareness of melanin-specific skin requirements.

“This funding round is part of Asaya’s larger strategy to secure more investments as the company grows,” Biyani said. He emphasized the goal to expand product availability across various marketplaces and pin codes, ensuring broader access to their specialized skincare solutions. Asaya has established a strong online presence, retailing through its website as well as major e-commerce platforms such as Nykaa, Amazon, Flipkart, and Myntra. Currently, 40% of the brand’s revenue comes from its website, with the remaining 60% generated from these marketplaces. The brand boasts a 30% repeat sales rate and an average order value ranging between ₹1,200 to ₹1,400. The customer acquisition cost (CAC) stands at ₹600 to ₹700.

Launched in September 2023 by Neeraj Biyani, Mandeep Bhatia, and Eeti Sharma, Asaya started with an initial investment of ₹5 crore. The brand plans to close its first year of operations with a revenue of ₹18 crore. In addition to their robust online presence, Asaya is looking to venture into offline retail within the next year and a half. Since its inception, Asaya has rapidly expanded its product line and customer base. Co-founder Biyani shared ambitious growth plans, aiming to increase their consumer base from 20,000 to over 250,000 within the next 12 months. Suhail Sameer, former CEO of BharatPe and managing partner at OTP Ventures, played a pivotal role in securing this funding. OTP Ventures is also in the process of closing its debut fund at ₹400 crore by June and recently led a $1 million round in CirclePe. Asaya’s focused approach to melanin-rich skincare and its strategic use of seed funding are poised to drive significant growth and innovation in the beauty industry.

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