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Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn
Medial

Electric scooter maker Ather Energy has raised Rs 286 crore or $34.5 million through debt and equity. This is the first round of investment for the Bengaluru-based company this year. Stride Ventures invested Rs 200 crore via debentures while co-founders of the company Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each via Series F preference shares, its regulatory filings accessed from the Registrar of Companies show. Ather Energy raised its second-largest funding worth Rs 900 crore ($108 million) from existing investors Hero MotoCorp and GIC through right issue in December last year. In the same month, Hero MotoCorp also acquired an additional 3% stake in Ather for Rs 140 crore (approximately $16.8 million). Recently, a media report said that Ather is in talks to raise $95 million in a pre IPO round. Another report added that Ather’s existing backer Sachin Bansal has sold a significant portion of his stake in the company to Zerodha’s co-founder Nikhil Kamath. As per TheKredible, Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. It’s likely to get unicorn status in the upcoming round. Ather has raised around $450 million to date. According to the startup data intelligence platform TheKredible, Hero MotoCorp is the largest external stakeholder followed by Sachin Bansal, Caladium Investment, and Tiger Global. Ather’s revenue from operations surged 4.36X to Rs 1,784 crore in FY23 while its losses spiked 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw a 50% drop in overall sales in April when compared to March. Ather Energy, which sold 17,000 units in March, saw 4,000 units sold in April. Ola Electric sold over 33,000 units, contributing about 50% to the overall sales in the last month.

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Exclusive: Slice raises $8.6 Mn from CEO Rajan Bajaj

EntrackrEntrackr · 8m ago
Exclusive: Slice raises $8.6 Mn from CEO Rajan Bajaj
Medial

Consumer lending and payments startup Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj, via partly paid-up shares. This follows the company’s recent Rs 300 crore debt funding round, raised through convertible debentures co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. According to a special resolution passed by Slice’s board, 22,000 equity shares will be issued at an issue price of Rs 32,606 each, as per the company’s regulatory filing with the Registrar of Companies. Bajaj’s investment will be completed in one or more tranches and is designated for general business purposes. Slice offers a physical and virtual card aimed at millennials, allowing students and salaried professionals to purchase products and services online with collateral-free EMIs through its app, while also helping users build credit scores. The Bengaluru-based company has raised nearly $400 million in funding, including a $220 million Series B round led by Tiger Global and Insight Partners. According to TheKredible, Tiger Global is the largest stakeholder, followed closely by Insight Partners. See TheKredible for the complete shareholding pattern. While FY24 numbers are yet to be disclosed, Slice saw threefold growth in FY23, with revenue climbing to Rs 847 crore from Rs 283 crore in FY22. However, in pursuit of growth, Slice’s losses up by 59.8%, to Rs 406 crore in FY23 compared to Rs 254 crore in FY22. In 2024, several startup founders and executives have reinvested in their companies. Recently, Yubi founder and CEO Gaurav Kumar invested $30 million in his startup, while Oyo founder Ritesh Agarwal contributed $100 million through his Singapore-based entity, Patient Capital. Co-founders of EV firm Ather Energy, Tarun Mehta and Swapnil Jain, also invested $10 million in their company. Omnichannel jewelry startup Giva also raised an undisclosed sum from its senior management.

Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake

EntrackrEntrackr · 1y ago
Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Medial

Hero MotoCorp has approved the purchase of an additional 2.2% stake in the electric scooter maker Ather Energy for about Rs 124 crore (approximately $15 million). This is the third investment from Hero MotoCorp in the Bengaluru-based company in the last nine months. In December, Hero MotoCorp acquired 3% stake in Ather Energy for Rs 140 crore ($16.8 milion). With the latest investment, Hero MotoCorp now controls nearly 42% holding in the Tarun Mehta-led company. The development comes shortly after Ather Energy’s $34.5 million debt and equity fundraise in which co-founders Mehta and Swapnil Jain also pumped in over $10 million collectively. Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. As per startup data intelligence platform TheKredible, Sachin Bansal is the second largest investor after Hero MotoCorp in Ather. Other notable external stakeholders include Caladium Investment and Tiger Global. During FY23, Ather’s revenue from operations spiked 4.36X to Rs 1,784 crore while its losses grew 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw an uptick in sales in May after a 50% drop in overall sales in April. As per Vahan data, Ather Energy had a market share of 9.45% as it sold 6,024 units in the last month. Its competitor Ola Electric was at the top with the sale of 37,191 units followed by TVS and Bajaj with 11,737 units and 9,189 units, respectively.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 11m ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Cambrian Bioworks raises $1.45 Mn in seed round

EntrackrEntrackr · 10m ago
Cambrian Bioworks raises $1.45 Mn in seed round
Medial

Bengaluru-based biotechnology firm Cambrian Bioworks has secured $1.45 million in its seed round led by the Irani family office, which has invested in several private ventures across the globe. The round also saw participation from the company’s CEO and co-founder, Vaibhav Hegde. The proceeds will be used to ramp up development of Cambrian’s automated molecular diagnostics platforms, R&D efforts, expand the team, and support forays into international markets. Founded by Hegde, Rohit Asil, and Raghav Sridhar, Cambrian Bioworks develops automated molecular diagnostic platforms. Its products find applications in oncology, genomics, rare disease testing, and AMR detection. Recently, the firm launched Cambrian’s nucleic acid extraction platform, Manta which provides high-quality DNA/RNA for genomics and PCR testing in hospitals and laboratories. This is yet another example of a founder investing in his own startup. This trend started with the founders of Byju’s, OYO, and BluSmart, and has recently continued with investments from the founders of Yubi and Ather Energy.

Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures

EntrackrEntrackr · 1y ago
Exclusive: Zetwerk raises $20 Mn from Wheelhouse Ventures
Medial

Business-to-business e-commerce unicorn Zetwerk has raised Rs 166 crore or $20 million from Wheelhouse Venture Capital in the ongoing Series F funding round. This is the maiden investment for Wheelhouse Venture in the Bengaluru-based firm. The board at Zetwerk has passed a special resolution to allot 40,81,593 Series F2 CPPS at an issue price of Rs 407.39 each to raise Rs 166.28 crore or $20 million, its regulatory filing sourced from the Registrar of Companies shows. As per startup data intelligence platform TheKredible, the firm has been valued at $2.8 billion in the new round, slightly higher than the $2.7 billion reported in its previous round of $120 million. Entrackr had exclusively reported the development in October 2023. Following the fresh proceeds, Wheelhouse got a little less than 1% stake in Zetwerk while Greenoaks remained the largest stakeholder with 21.63% followed by Peak XV partners and Lighspped. Its co-founders Srinath Ramakkrushnan and Amrit Acharya cumulatively command 15.56% of the company. Head to TheKredible for the complete cap table. Zetwerk partners with offline suppliers engaged in the fabrication, machining, casting, forging, and galvanizing of machine parts. Operational in over 15 countries, it claims to serve over 100 customers across more than 25 industries in India, North America, MEA, et al. Continuing its growth trajectory in the last fiscal year, Zetwerk’s GMV (gross revenue) surged 2.3X to Rs 11,448 crore while its losses grew 81% to Rs 109 crore in the same period (FY23).

VFlowTech raises $20.5 Mn led by Granite Asia

EntrackrEntrackr · 1m ago
VFlowTech raises $20.5 Mn led by Granite Asia
Medial

VFlowTech, a provider of vanadium redox flow battery (VRFB) systems, has raised $20.5 million led by Granite Asia. The round also saw participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and existing investors İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First. The proceeds will be used to scale VFlowTech’s 100 MWh manufacturing plant in India to a Gigafactory and to deploy VRFB systems across microgrids, commercial and industrial energy users, and utility-scale projects. Founded in 2018 by Avishek Kumar, VFlowTech has deployed its VRFB systems in over 10 countries and is now in talks with Indian renewable energy developers to deploy up to 1 GWh of VRFB systems in the next few years. According to market research, India’s Ministry of New and Renewable Energy (MNRE) reported a 29.52 GW increase in renewable capacity in FY 2024-25, bringing total capacity to 220.10 GW. With a target of 500 GW of non-fossil fuel capacity by 2030, VFlowTech aims to contribute through long-duration energy storage and AI-integrated systems. The firm will also invest in developing an AI-driven cloud energy management platform to optimize energy use and provide grid ancillary services.

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