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IoT smart lock Ikin Global raises $1 Mn in pre-Series A round

EntrackrEntrackr · 7m ago
IoT smart lock Ikin Global raises $1 Mn in pre-Series A round
Medial

Ikin Global, an IoT smart lock brand, has raised $1 million in its pre-Series A round led by Unicorn India Ventures and Callapina Capital. The proceeds will be used to enhance the current product line with new launches that would offer AI-powered analytics, advanced sensor technology, and industry-specific solutions. In addition to the new launches, Ikin will also be expanding its team presence across key geographies including India, the US, and Europe to ramp up its sales, marketing, operations, and support teams. Ikin has been instrumental in securing 2500 trucks and 1,500 facilities including large warehouses, vaults and retail shops. The company claims to have an order book of 20,000 smart locks with a revenue target of Rs 30 crore from smart locks business in the logistics sector. Ikin has also launched new smart products like Portable iSeals with a 1-year battery life, replacing one-time-use plastic seals for containers and Smart GPS Truck Lock with advanced sensors for intrusion detection.

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Startup news and updates: Daily roundup (November 26, 2024)

YourStoryYourStory · 7m ago
Startup news and updates: Daily roundup (November 26, 2024)
Medial

Smart lock brand Ikin Global has raised $1 million in a Pre-Series A funding round led by Unicorn India Ventures and Callapina Capital. The funds will be used to enhance the product line with AI-powered analytics, advanced sensor technology, and industry-specific solutions. Ikin Global plans to expand its team across key markets and scale its production capacity to meet increasing demand from the logistics sector. In other news, Tata Consultancy Services has extended its contract with the SPARSH initiative by three years, streamlining pension distribution for defence pensioners. Bengaluru-based fintech startup Kredit.Pe has launched a UPI app offering features such as scan and pay, UPI Autopay, and RuPay credit card linking. Finally, customer acquisition platform SwopStore has added 127 new brands to its portfolio, expanding into various sectors and enabling brands to drive customer relationships and increased sales.

Probus raises $5 Mn led by Unicorn India Ventures

EntrackrEntrackr · 4m ago
Probus raises $5 Mn led by Unicorn India Ventures
Medial

Probus raises $5 Mn led by Unicorn India Ventures IoT Communications and data analytics startup Probus Smart Things has raised $5 million in Series A1 led by Unicorn India Ventures. The round also saw participation from US-based and Indian family offices. The current round is a mix of equity and debt financing. Probus has raised over $8 million in funding to date including a $3 million Series A round in March 2023. The proceeds will be used for ramping up its current communications tech stack into multiple smart grid and renewable applications along with the development of existing expertise into AI integration with its patented communications and networking stacks. It will also be investing in scaling its innovative dual communications network interface modules for smart metering currently being deployed across various states in India. Founded by Anand Singh, Probus develops integrated hardware and software solutions for utility providers and helps digitize their distribution grid and have a clear visibility of their network through Probus integrated end-to-end IoT platform. Probus claims to have built an order pipeline of Rs 400 crore growing 10X in revenues while growing 3X year-on-year. The company has filed for 4 patents, tripled the team size, and opened an Innovation Center in Noida along with project offices in Mumbai and Ahmedabad.

AI startup Nayan Tech raises $2 Mn in pre-Series A round

EntrackrEntrackr · 9m ago
AI startup Nayan Tech raises $2 Mn in pre-Series A round
Medial

Nayan Tech, an innovative AI-based startup providing smart city solutions for traffic monitoring, has raised $2 million in its pre-Series A round led by BEENEXT and other investors including We Founder Circle, Venture Catalysts, Lets Venture, FAAD Capital. The proceeds will be used to expand Nayan’s AI and IoT-powered solutions business and operations in India as well as internationally, including traffic management, road safety, infrastructure monitoring, and driver behavior monitoring through Nayan’s AI-powered dashcam. Founded by Jayant Ratti, Nayan Tech provides smart city solutions for traffic monitoring, municipal automation, urban infrastructure management driver behavior monitoring, fleet management, and passenger safety. The platform uses a combination of dashcams, drones, and smart mobile applications to collect vast amounts of data from vehicles, public transport, and delivery fleets. This data is processed using AI algorithms to monitor driver behavior, traffic violations, infrastructure damage, and other critical factors that impact city life. The startup claims to have already signed up over 17,000 drivers across India, who provide crowdsourced footage to fuel its AI engine. Nayan’s technology has gained traction with 35 contracted customers and 60 sign-ups in its pipeline, generating a total order book of Rs 35 crore.

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.

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