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Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

Exclusive: Supply chain startup 3SC raises fresh funds in new round

EntrackrEntrackr · 1y ago
Exclusive: Supply chain startup 3SC raises fresh funds in new round
Medial

SS Supply Chain Solutions (3SC) has raised Rs 31 crore (approximately $4 million) from existing investors GEF Capital’s South Asia Growth Fund. This is the first round of investment for the Gurugram-based company this year. The board at 3SC has passed a special resolution to issue 31,00,000 compulsory convertible preference shares at an issue price of Rs 100 each to raise Rs 31 crore, its regulatory filing accessed from the Registrar of Companies shows. The company will use these funds for growth and expansion, as decided by the board of directors. The regulatory filings added that GEF Capital’s South Asia Growth Fund will hold 66.27% of the company post-allotment. 3SC had raised $15 million in its Series B round led by GEF Capital’s South Asia Fund in July 2021. Looking at the trend, it appears that GEF Capital will take over the company wholly in the coming years. Established in 2012 by Lalit and Sarita Das, 3SC provides supply chain service, catering to a diverse array of industries such as pharmaceuticals, healthcare, industrials, FMCD, FMCG, and e-commerce. It also delivers supply chain analytics solutions to businesses. 3SC claims to have more than 100 data scientists, over 75 clients and has done more than 20,000 transactions to date. 3SC Solutions’ revenue from operations barely grew 1.71% to Rs 130.8 crore during FY23 from Rs 128.6 crore in FY22. As per the company’s consolidated financial statement, its losses jumped 2.3X to Rs 31.5 crore in FY23 against Rs 14 crore in FY22. The firm is yet to file its audited financial statements for FY24. Last month, climate tech focused private equity firm GEF Capital Partners recently closed its$325 million GEF US Climate Solutions Fund II. Its portfolio includes Blue Earth Capital, HQ Capital, ODDO BHF, and INGKA Investments, among others. It recently signed an agreement to invest Rs 580 crore in TI Clean Mobility.

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