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EV industry must learn to do with subsidies: Exponent Energy CEO

Economic TimesEconomic Times · 1y ago
EV industry must learn to do with subsidies: Exponent Energy CEO
Medial

Electric mobility ecosystem should not rely solely on government subsidies like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) program, according to Arun Vinayak, CEO of Exponent Energy. Vinayak suggests moving towards performance-based incentives and production-linked incentives, rather than easy subsidies. The Indian government has recently transitioned from FAME subsidies to the Electric Mobility Promotion Scheme (EMPS). Exponent Energy, founded by former Ather Energy executives, has developed fast-charging technology that can fully charge a vehicle in 15 minutes. Vinayak also emphasized the importance of interoperability in charging infrastructure and the need for safety standards, without forcing standardization that hinders innovation.

Enterprise messaging startup Fyno bags $4 Mn in seed round

EntrackrEntrackr · 8d ago
Enterprise messaging startup Fyno bags $4 Mn in seed round
Medial

Enterprise messaging platform Fyno has secured $4 million in a seed funding round co-led by Arkam Ventures and 3one4 Capital. Prior to this, the Bengaluru-based startup had raised $3.89 million in the same round from 3one4 Capital. The proceeds will be used to strengthen its AI capabilities, scale go-to-market efforts in India and other emerging markets, deepen product functionality, build a hybrid infrastructure, and support large-scale transformation and enterprise deployments, Fyno said in a press release. Co-founded in 2022 by Aniketh Jain and Ashish Agarwal, Fyno has built a compliance-first communication infrastructure designed for banks, financial services, and NBFCs. The platform unifies integration, orchestration, and analytics across more than eight channels — including SMS, WhatsApp, email, push notifications, and voice — helping institutions deliver timely, personalized, and regulatory-compliant customer experiences. As per market research, the India CPaaS (communication-platform-as-a-service) market is estimated at $1.01 billion in 2025 and is projected to grow by 3x in the next five years. Announcing the launch of its platform, Aniketh Jain, Co-Founder of Fyno said, “We officially exited stealth mode after 24 months of product development and 12 months of successful platform implementation with early customer adoption. We expect to reach $2 million in revenue by FY25–26 and $5 million by FY26–27, driven by rising adoption in the BFSI sector.” In 2025, Fyno claims to have processed over five billion communications across multiple channels. Since inception, it has signed on 45 banks, NBFCs, and fintech clients, including Karnataka Gramin Bank and Lendingkart, becoming integral to customer onboarding, KYC, transaction alerts, and compliance-driven messaging. The company aims to double its customer base in the next 18 months and is in advanced discussions with more than 10 additional banks and several leading financial institutions. The platform ensures every message adheres to RBI, SEBI, TRAI, and DPDP mandates, while helping institutions reduce messaging costs by 20–30% and cut engineering effort by over 90%. It may directly or indirectly compete with other notable players in this space such as Courier, Knock, and Axiom by Sinch.

Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B
Medial

Exclusive: Virtual credit card app Kiwi set to raise around $23 Mn in Series B Fintech startup Kiwi is raising $23 million from new and existing investors, according to two sources aware of the matter. The fresh funding is coming at a gap of nearly two years for the Mumbai-based startup. “Vertex Ventures has issued a term sheet to lead the round,” said one of the sources, requesting anonymity as the talks are private. “Kiwi is likely to be valued at over $100 million (post-money) in this round, which will also see participation from existing investors Stellaris VP and Nexus VP.” This fresh fundraise follows Kiwi’s Series A round in November 2023, when it secured $13 million led by the above-mentioned existing backers. At the time of the earlier round, the startup was valued at around $65 million. Entrackr has also confirmed the fundraise through regulatory filings. Founded in 2022 by former Freecharge executive Anup Agrawal along with Satyam Kumar and Siddharth Mehta, Kiwi enables users to make UPI payments via RuPay credit cards. The company works with Axis Bank and has tied up with NPCI to push the adoption of credit on UPI. Unlike traditional credit cards, Kiwi issues a virtual RuPay card that can be directly linked to UPI apps such as Google Pay and PhonePe. The firm competes with Slice, OneCard and Uni among a few others. Kiwi declined to comment on the story while queries sent to Vertex, Omidyar, Nexus, and Stellaris did not elicit any response. Investor interest in Kiwi is in line with the broader push by the Reserve Bank of India and NPCI to enable wider adoption of credit on UPI. Since the feature was introduced in 2022, the product has gained traction with both banks and fintech companies experimenting with solutions to increase credit usage in digital payments. The firm claims to be the first to launch credit on UPI with a full-stack offering. According to startup data intelligence platform TheKredible, Siddharth Mehta, Anup Agarwal, and Mohit Bedi each hold about 16.2% stake in Kiwi as of the Series A round, while Nexus is the largest external stakeholder in the three-year-old startup.

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