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EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital

EntrackrEntrackr · 24d ago
EV startup Kazam raises $6.2 Mn from IFC, Vertex and Avaana Capital
Medial

EV startup Kazam raises $6.2 Mn from IFC, Vertex, and Avaana Capital Bengaluru-based EV energy-tech platform Kazam has raised $6.2 million in Series B funding from the International Finance Corporation (IFC), along with existing investors Vertex Ventures Southeast Asia & India and Avaana Capital. This round takes Kazam’s total capital raised to $19.2 million, including $13 million in equity from previous rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. The investment will fuel Kazam’s expansion across markets with its energy transition tools to accelerate adoption of sustainable mobility, the company said in a press release. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is building a device-agnostic digital infrastructure platform that enables EV charging and battery-swapping operators, vehicle OEMs, fleets, and power utilities to manage and analyze charging assets. Kazam’s platform claims to have onboarded over 68,000 chargers and facilitated over 5 million charging sessions. The firm also saw its revenue grow 4X from $1.5 million in FY24 to $6 million in FY25 and is targeting $12 million in revenue with EBITDA positivity this fiscal. Kazam works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette.

Battery Smart raises $65 Mn in Series B round

EntrackrEntrackr · 1y ago
Battery Smart raises $65 Mn in Series B round
Medial

Battery tech startup Battery Smart has scooped up $65 million in Series B round led by LeapFrog Investments. The equity round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures and British International Investment (BII). While Battery Smart did not disclose its current valuation, it was valued at around $340 million during the first tranche of Series B worth $45 million. This was a significant surge in valuation from the $210 million in the pre-Series B round in November last year. The startup will use the capital to scale its battery-swapping network across the country and drive more electric mobility adoption, Battery Smart said in a press release. Battery Smart provides advanced lithium-ion batteries for electric two and three-wheelers which can be swapped in quick time at any of its swapping stations. Its battery-as-a-service (BaaS) solution helps customers to save high upfront costs. Currently, it claims to have 1,000 battery-swapping stations across 30 cities, completing over 35 million swaps with over 45,000 active customers. The firm has a presence in Haryana, NCR, Karnataka, Rajasthan, Telangana, Uttar Pradesh, and Maharashtra. Recently, Battery Smart tied up with quick commerce platform Zepto to deploy 1,000 electric vehicles in the next financial year of FY25. The partnership will allow Zepto’s EV delivery partners to use Battery Smart’s battery-swapping network. As per startup data intelligence platform TheKredible, Battery Smart saw a seven-fold jump in its revenue to Rs 55.8 crore from Rs 7.95 crore in FY22. Meanwhile, its losses also surged 4.9X to Rs 64.51 crore from Rs 13.08 crore. As per the latest data, Tiger Global controls 23% stake in Battery Smart followed by co-founders Pulkit Khurana and Siddharth Sikka with 14.28% stake each. Blume Venture holds more than 12% stake in the company. Check TheKredible for more details.

Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others

EntrackrEntrackr · 10m ago
Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others
Medial

Deeptech startup Proxgy has raised around $2.2 million in a funding round led by Manish Patel. Nikhil Kamath, Suniel Shetty, Kuldeep Mathur, and others also participated in the round. The board at Proxgy has passed a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, raising Rs 18.51 crore, according to its regulatory filing accessed by Entrackr from the Registrar of Companies (RoC). Manish Patel has invested Rs 13.23 crore in the company, while Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals contributed the remaining amount. The company will use these funds for capital expenditures, day-to-day expenses, working capital requirements, and growth objectives. According to the startup data intelligence platform TheKredible, Proxgy has been valued at around Rs 140 crore or $16.86 million post-allotment. The Gurugram-based company has also raised Rs 16 crore ($2 million) in a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and others in October last year. According to the latest filing, Manish Patel holds 3.12% of the company after leading this round. Founded in 2020 by Pulkit Ahuja, Proxgy is a deep-tech startup focused on developing innovative IoT-based solutions. The company also offers smart wearables and safety products designed to enhance workplace safety and efficiency, particularly for blue-collar workers. SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox are some of the offerings from Proxgy. It was in pre-revenue-stage company until FY23 as its revenue stood at Rs 72 lakh. Meanwhile, the firm posted a loss of Rs 3.2 crore in the same period. The firm is yet to report its annual results for the last fiscal year (FY24).

Ethereal Machines raises $13 Mn led by Peak XV and Steadview

EntrackrEntrackr · 1y ago
Ethereal Machines raises $13 Mn led by Peak XV and Steadview
Medial

Advanced manufacturing startup Ethereal Machines has raised $13 million in a Series A round led by Peak XV Partners and Steadview Capital. Existing investors Blume Ventures, Enam Investments, and Sandeep Singhal also participated in this round. The funds raised will be utilized for R&D, building multi-axis CNC controllers and constructing its second smart factory in the next 12 months, Ethereal said in a press release. This new factory will span 250,000 square feet on the outskirts of Bengaluru. Founded by Kaushik Mudda and Navin Jain, decade-old Ethereal Machines produces precision engineering components via its proprietary multi-axis CNC machines. Its machines enable precision engineering components to be produced at fast and cost-effective rates. Ethereal caters to customers from the USA, Europe, Israel, and India. As per the company, it has manufactured precision components for numerous emerging companies in the deep-tech sector, including space-tech, drones, medical diagnostics, and thermal imaging. On average, Ethereal’s manufacturing solutions claim that it reduces costs for their customers by 30% and production lead times by 40%. The company also launched two new machines, Aura and Nimbus. The Bengaluru-based startup claims that it has seen a 4x increase in revenue and a 3x increase in production capacity in the last 12 months. Ethereal Machines had raised $7.3 million from Peak XV’s Surge, Blume Ventures and others in July last year. As per startup data intelligence platform TheKredible, Blume was the largest external stakeholder in the company as of the last funding round with over 18% stake followed by Surge Ventures which controls more than 17% stake. Ethereal Machines reported Rs 2.30 crore in revenue from operations in FY23 against Rs 60 lakh in FY22. According to TheKredible, The company’s losses also increased to Rs 4.69 crore in FY23 from Rs 2.6 crore in the previous fiscal year.

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