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Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn

EntrackrEntrackr · 4d ago
Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn
Medial

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. EV charging network startup Statiq is in advanced talks to raise around $15 to 18 million in a new funding round from new and exiting investors, according to two people familiar with the potential deal. “Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million,” said one of the people cited above, requesting anonymity. “A new institutional investor is likely to lead the round, with participation from other new and existing investors.” Statiq last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022. The firm was later reported to be in talks for a $50 million Series B last year but the round did not materialize at that scale. The startup offers a mix of hardware and software led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. Statiq also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion. As per sources, Statiq’s valuation will remain flat in the Series B round, at around $100 million post-money. The flat valuation isn’t surprising, as Statiq’s Indian entity (Sharify Services Pvt Ltd) saw its revenue from operations decline 40% year-on-year to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. At the same time, the company’s losses ballooned 3.1X to Rs 44.52 crore in FY25. It’s yet to disclose FY25 numbers. “The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” said the source quoted above. Terms of the deal may change. Entrackr reached out to Statiq’s founders and Shell Ventures for comment but did not receive a response until the time of publication. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 4m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

Exclusive: Pravega and IIFL invest in GrayQuest’s Series B

EntrackrEntrackr · 1y ago
Exclusive: Pravega and IIFL invest in GrayQuest’s Series B
Medial

Education loans-focused fintech startup GrayQuest is set to raise Rs 53 crore ($6 million) in a Series B round co-led by Pravega Fund and IIFL Fintech Fund. The board of GrayQuest has passed a resolution to offer and issue 6,228 fully paid up and 1,530 partly paid up Series B preference shares at an issue price of Rs 69,062 each to raise Rs 53.57 crore. Pravega Ventures and IIFL Fintech Fund each invested Rs 21.50 crore, while the company’s founder, Rishab Sumer Mehta, also participated with shares worth Rs 10.56 crore. The shares allotted to Rishab are partly paid, meaning the remaining amount will be called upon when the board decides. GrayQuest will utilize the fresh funding to meet financial requirements and support its expansion plan, the firm’s regulatory filings disclosed. The company has also increased its ESOP pool size by adding 1,204 new options, bringing the total ESOP pool to 5,718 options, as per a separate filing. Entrackr estimates that GrayQuest’s ESOP pool is currently valued at $4.5 million. The Mumbai-based startup had raised $7 million in its Series A round back in March last year, and $1.2 million worth pre-Series A round in August 2020. According to the startup data intelligence platform TheKredible, GrayQuest has been valued at around Rs 530 crore ( $64 million) post-allotment. The Series B round appears to be ongoing, and the startup is likely to raise additional funds, which could result in a variation in its valuation. Following the fresh proceeds, Pravega Ventures will hold 10.94% of the company, while IIFL Fintech Fund will own 4.07%. Its Founder Rishab Sumer Mehta will command a handsome 38.59% stake in the company. Seven-year-old GrayQuest is an integrated fee collection platform for educational institutions, allowing parents to pay annual education fees in flexible monthly installments with zero interest. Recently, Grayquest was selected for Co-Lab initiative, which was launched by HDFC Bank in collaboration with Pravega Ventures. For the fiscal year ending in March 2023, the startup reported Rs 8.76 crore in operating revenue with Rs 26.3 crore loss. It has yet to publish FY24 results. According to data compiled by TheKredible, GrayQuest and its competitors, including Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively secured approximately $500 million in funding over the past 24 months. In July, Entrackr exclusively reported that Leap is in talks to raise a new round at unicorn valuation.

Exclusive: Snapmint to raise $37.5 Mn in Series B led by General Atlantic

EntrackrEntrackr · 15h ago
Exclusive: Snapmint to raise $37.5 Mn in Series B led by General Atlantic
Medial

Exclusive: Snapmint to raise $37.5 Mn in Series B led by General Atlantic Buy now pay later startup Snapmint is all set to raise Rs 331.18 crore ($37.5 million) in its Series B round led by General Atlantic with the participation of existing investor Kae Capital and others. The board at Snapmint passed a resolution to approve the issue of 12,159 Series B CCPS at an issue price of Rs 2,72,378.63 each to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). General Atlantic will lead the round with an investment of Rs 300 crore ($34 million), while existing investor Kae Capital will participate with Rs 12.2 crore. Five Rivers Investment and Thomas Azavedo will contribute Rs 4.5 crore and Rs 3.5 crore, respectively. The remaining amount will come from other investors, including a group of angels. Snapmint is likely to raise additional funds in the ongoing round. According to media reports, the company may also see a secondary transaction in Series B. According to Entrackr’s estimates, Snapmint will be valued at around Rs 1,650 crore or around $187 million post-money. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables shoppers to access credit for purchasing mobiles, electronics, home and kitchen appliances, health and wellness products, and more. Its digital platform, Nimbus, provides customised and easy-to-integrate solutions for partner merchants, helping them boost both sales and customer acquisition. According to startup data intelligence platform TheKredible, Snapmint has raised around $65 million to date, including $18 million in a mix of debt and equity secured in December last year. Following the latest allotment, General Atlantic will hold an 18.8% stake in the company. For the fiscal year ended March 2025, Mumbai-based Snapmint reported a nearly 80% year-on-year increase in revenue to Rs 158.5 crore and turned profitable with a net profit of Rs 15 crore.

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital

EntrackrEntrackr · 9m ago
Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital
Medial

Exclusive: Data Sutram to raise $10-12 Mn led by Lightspeed and B Capital B2B SaaS company Data Sutram is in advanced stages of securing $10-12 million in a new funding round, according to sources familiar with the development. The new round is coming within 15 months for the Mumbai-based startup. “Lightspeed Venture Partners and B Capital are leading the new round in Data Sutram as the deal is expected to close soon,” said one of the sources. “Existing investors will also participate.” Founded in 2018 by Rajit Bhattacharya, Aisik Paul, and Ankit Das, Data Sutram’s proprietary AI and ML-driven data engine automatically converts raw unstructured data from satellites, mobile phones, POS machines, and several other sources. Its product suite—Find, Authenticate, and Grow—has gained significant traction among major banks, NBFCs, and fintechs worldwide. The company asserts that its data insights drive a 3X boost in sales, reduce fraud cases by 45%, and enhance customer lifetime value (CLTV) by 1.5X. In September 2023, Data Sutram secured $3 million in funding, led by Singularity Growth Fund and other investors. Earlier, in February 2022, the company raised $2.07 million in a funding round spearheaded by Varanium Capital and Yatra Angel Network. As per sources, Data Sutram is looking for a valuation of $60-70 million (post money). Queries sent to Data Sutram, Lightspeed and B Capital remained unanswered until publication of the story. For the fiscal year ended in March 2024 (FY24), Data Sutram reported Rs 5.6 crore in revenue with a loss of Rs 10.8 crore.

Exclusive: Peak XV in talks to lead new round in visa startup Atlys

EntrackrEntrackr · 1y ago
Exclusive: Peak XV in talks to lead new round in visa startup Atlys
Medial

Online visa application platform Atlys is in talks to raise a new round to the tune of $15-18 million, sources aware of the development told Entrackr. The Mumbai and San Francisco-based firm is raising its Series B round within a year of Series A fundraise. “Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity. In September last year, Atlys scooped up $12 million in a Series A round led by Elevation Capital and Peak XV Partners with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders and other investors. To date, it has raised over $17 million. “The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source. Launched in 2021, Atlys makes visa process visa-related processes easier in a quick time. It has built a tech which aims to reduce visa rejection rates. The platform covers more than 150 destinations and with an average time of just over 4-10 minutes spent to apply for a visa. As per sources, Atlys facilitates around 30,000 visa applications per month and India contributes more than 60% (20,000) visa applications. Earlier this year, the firm launched a new refund feature aimed at providing financial security to its users if their visa gets rejected. In a response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.” Queries sent to Peak XV did not elicit any response. Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. While Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders) and others in July 2022, StampThePassport raised $500K in September last year.

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge

EntrackrEntrackr · 4m ago
Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge
Medial

Exclusive: Feminine care brand Plush to kick off Series B round at 3X valuation surge Feminine hygiene brand Plush to raise its Series B funding round, led by angel investor Ajay Kumar Aggarwal, with participation from Careernet Technologies, OTP Ventures, Blume Ventures, and 11 other investors. The board at Plush has passed a special resolution to issue 4,099 Series B preference shares to raise Rs 30.56 crore or $3.6 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. Ajay Kumar Aggarwal will lead the round with an investment of Rs 6 crore, while existing investors Careernet Technologies, OTP Ventures, and Blume Ventures will contribute Rs 5 crore, Rs 3 crore, and Rs 4 crore respectively. The remaining amount will be collectively invested by Rahul Garg, Sumit Jalan, Blue Ashva Varenya Fund, Rahul Kayan, and seven other investors. According to Entrackr’s estimates, the company’s valuation is expected to reach around Rs 281 crore (approximately $33 million) post-allotment. This marks nearly a 3X spike in its valuation, compared to its previous pre-Series B round. Following the fresh proceeds, Angel Investor Ajay Kumar Aggarwal will hold 19.64% stake in the company followed by Careerner Technologies and Blume Ventures which holds 16.37% and 13.08% respectively. Founded in 2019, the Chennai-based startup focuses on feminine care products, offering a range that includes period care, hair removal, intimate wellness, and skincare solutions. According to the company, its products are currently available in 500 stores across Bengaluru, Chennai, Mumbai, Delhi, and Hyderabad, with plans to expand retail presence to 2,000 stores over the next six months. Plush reported an 84% year-on-year revenue growth to Rs 28.87 crore in the fiscal year ending March 2024. During the same period, the company posted a loss of Rs 4.4 crore. The startup is projected to close FY25 with Rs 60 crore revenue.

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