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Pune man’s waterless car wash earns Rs 2.5 crore annually

Inshorts · 1y ago

Pune man’s waterless car wash earns Rs 2.5 crore annually

Pune-based startup Go Waterless, set up by Nitin Sharma, has developed eco-friendly high-lubricity sprays that clean car interiors and exteriors without water. With a presence in 22 states, the company has been profitable since its inception in 2019 and saves 12 lakh litres of water daily

Related News

MBA dropout disrupts car wash market with 100% waterless solution

Internet

Internet · 1y ago

MBA dropout disrupts car wash market with 100% waterless solution

Nitin Sharma, a Pune-based MBA dropout, developed an organic waterless car cleaner during the acute water crisis in India in 2016. He transformed his family car wash business into a waterless innovation, saving 12 lakh litres daily. Despite challenges, GoWaterless expanded to 200 franchises in 22 states, partnering with Indian Oil Corporation. Nitin's vision now aims for global water conservation.

Uber India FY23 revenue jumps to Rs 2,666 crore, net loss widens

Economic Times

Economic Times · 1y ago

Uber India FY23 revenue jumps to Rs 2,666 crore, net loss widens

Uber India has reported a 54% YoY increase in operating revenue for the year ending March 31, 2023, reaching Rs 2,666 crore ($360 million). However, the net loss during the same period expanded to Rs 311 crore ($42 million). The financials include earnings from Uber India Research and Development and Xchange Leasing India, which have been consolidated. UISPL earns revenue from various sources, including service fees, car advertisements, and support services to its parent company. In FY22, Uber India Systems Pvt Ltd's standalone revenue was Rs 396 crore ($53 million).

Loantap secures $6.2 million in fresh funding from July Ventures and existing investors

Economic Times

Economic Times · 2m ago

Loantap secures $6.2 million in fresh funding from July Ventures and existing investors

Loantap, a Pune-based digital lending platform, secured $6.2 million in equity funding led by July Ventures with participation from existing investors, bringing its total capital to $26 million. Pivoting from consumer lending to focusing on small businesses, Loantap has significantly reduced its unsecured consumer lending book. The company disburses about Rs 600 crore in loans annually and aims to reach Rs 900 crore by FY26. They have also developed a software stack for financial institutions.

StarBigBloc Building gets shareholders' nod for IPO

Economic Times

Economic Times · 1m ago

StarBigBloc Building gets shareholders' nod for IPO

StarBigBloc Building Material, a subsidiary of BigBloc Construction, has received shareholder approval for an initial public offering (IPO) to raise growth capital and enhance parent company valuation. The IPO will aid in expansion and strengthening the company's market position in India. StarBigBloc aims to boost production capacity from 2.5 lakh cubic meters to over 1.2 million cubic meters annually within 4-5 years and targets revenues of Rs 428 crore by FY28, with an estimated Rs 80 crore profit.

Rainmatter-backed Fittr turns profitable in FY25, revenue stood at Rs 128 crore

Economic Times

Economic Times · 3m ago

Rainmatter-backed Fittr turns profitable in FY25, revenue stood at Rs 128 crore

Pune-based online fitness startup Fittr, supported by Rainmatter, achieved profitability in FY25 with revenues surging to Rs 128 crore and a profit before tax of Rs 11 crore. The startup offers online fitness coaching, a fitness ring, and nutritionist training. A sizable Rs 122 crore was generated from subscriptions. Seeking sustainable growth, Fittr plans to expand into healthcare services, including a physical centre in Pune, and aims for a Rs 25 crore funding boost to support these initiatives.

8X Ventures announces first close of Rs 200 Cr DeepTech fund

YourStory

YourStory · 1y ago

8X Ventures announces first close of Rs 200 Cr DeepTech fund

8X Ventures has successfully closed its Rs 200 crore DeepTech Fund, with an option for an additional Rs 100 crore. The fund aims to invest in 18-20 deeptech startups in the next three years, providing initial cheques ranging from Rs 2-5 crore each and total investments of up to Rs 20 crore each in selected startups. The fund focuses on sectors such as WASH, Industry 4.0, Advanced Computing, BioTech, and B2B Enterprise SaaS. 8X Ventures aims to invest in companies that introduce new technologies and demonstrate a clear strategy for commercial success.

Voler Car Limited’s Rs 27 Cr SME IPO opens on February 12

Entrackr

Entrackr · 6m ago

Voler Car Limited’s Rs 27 Cr SME IPO opens on February 12

Voler Car Limited is set to launch its SME initial public offering (IPO) on February 12, 2025, aiming to raise Rs 27 crore (approximately $3.2 million). According to the press release, the IPO comprises 30,00,000 shares with a face value of Rs 10 each, priced in the range of Rs 85-90 per share. The lot size for the IPO is 1,600 equity shares, requiring a minimum investment of Rs 1,44,000 for investors looking to participate. The SME IPO will be processed through the 100% book-building method. The IPO comprises 50% of the net issue for QIB, 35% for retail investors and 15% of the net issue for the NII segment. GYR Capital Advisors Private Limited is the Book Running Lead Manager of Voler Car IPO, while KFin Technologies Limited is the registrar to the issue. The IPO will be open from February 12, 2025 to February 14, 2025. The issue proceeds will be utilized for funding working capital requirements, general corporate expenses, and IPO-related costs. Founded in 2010 by Pawan Parasrampuria and Vikas Parasrampuria, Voler Car specializes in providing employee transportation services for large MNCs, IT, and ITeS companies across major Indian cities. As per its investor memorandum, the company operates a fleet of over 2,500 vehicles, completing 425,000 trips annually across nine cities in India. During the first six months of the ongoing fiscal year (H1 FY25), Voler Car Limited registered an operating revenue of Rs 21.49 crore with a positive bottom line of Rs 2.48 crore. However, they recorded a revenue of Rs 30.89 crore with a profit of Rs 3.56 crore during the previous fiscal year (FY24).

Exclusive: On-Demand Driver Aggregator DriveU In Talks To Raise $10 Mn Funding

Inc42 · 1y ago

Exclusive: On-Demand Driver Aggregator DriveU In Talks To Raise $10 Mn Funding

Bengaluru-based on-demand driver aggregator, DriveU, is in talks to raise $10 million in a Series B funding round. The startup plans to use the capital to expand into new cities and offer supplementary services like car wash and maintenance. DriveU is also piloting an on-demand valet service. The company aims to close FY24 with a net profit of approximately INR 1.1 crore, after incurring a net loss of INR 2.2 crore in FY23. DriveU has already raised over $8 million in funding and currently operates in major metro cities in South India.

With over 650K customers and Rs 61 Cr in GMV, DriveU is on path to profitability

YourStory

YourStory · 2y ago

With over 650K customers and Rs 61 Cr in GMV, DriveU is on path to profitability

DriveU, a private driver aggregator and car servicing platform, has achieved profitability by focusing on its car servicing segment. The company's strategy to prioritize car servicing over the driver aggregation business has resulted in improved financial performance. DriveU has successfully reduced costs and increased revenues by tapping into the growing demand for car servicing services, allowing it to attain profitability. On-demand driver and car servicing startup DriveU generated a revenue of Rs 61 crore in FY23, and aims to grow 2X at Rs 120 crore by next year.

Spinny cuts FY24 net loss to Rs 590 crore; revenue up 14% on year to Rs 3,275 crore

Economic Times

Economic Times · 9m ago

Spinny cuts FY24 net loss to Rs 590 crore; revenue up 14% on year to Rs 3,275 crore

Gurugram-based used car sales startup Spinny managed to significantly narrow its net loss during FY24 to Rs 590 crore from Rs 820 crore in the previous year. The company reported a 14% year-on-year increase in operating revenue to Rs 3,275 crore for FY24. Spinny achieved this by implementing rationalization measures and increasing tech-product intervention. The company plans to further grow its topline by 25-30% in FY25 and expand its ancillary services such as car financing and servicing. Spinny competes with Cars24, CarDekho, and CarTrade in the used car sales industry.

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