🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

VoltUp raises $8 Mn in seed funding round

EntrackrEntrackr · 9m ago
VoltUp raises $8 Mn in seed funding round
Medial

VoltUp, a mobility-as-a-service (MaaS) platform and battery-swapping startup, has raised $8 million (Rs 67 crore) in a seed funding round, comprising equity and debt, which was led by EM Impact Capital. The Mumbai-based company had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage. Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Operating in 14 cities, VoltUp’s technology-first approach integrates AI and data analytics to optimize station locations, monitor battery performance in real-time, and predict user demand, offering a safer, more efficient, and time-saving alternative to traditional charging. With a core focus on safety, health, and efficiency (SHE), VoltUp claims to deliver a more sustainable mobility experience, making densely populated cities smarter and more connected. Through its Mobility-as-a-Service (MaaS) network, the startup empowers delivery agents, gig workers, and small businesses with reliable electric 2-wheelers powered by proprietary swappable battery technology. VoltUp plans to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. It claims that its revenue has grown by over 4 times in the last 12 months and plans to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption and reducing range anxiety. Over the next two years, VoltUp aspires to invest in assets worth over $85 million, including swapping stations, batteries, and expanding the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.

Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

EntrackrEntrackr · 1y ago
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Medial

Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.

Funding and acquisitions in Indian startup this week [03-08 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [03-08 Jun]
Medial

As many as 17 Indian startups raised around $402.34 million in funding this week. These deals count 4 growth-stage deals and 11 early-stage deals. Moreover, two early-stage startups kept their transaction details undisclosed. In the previous week, about 39 early and growth-stage startups cumulatively raised close to $387.23 million capital. [Growth-stage deals] Among the growth-stage deals, 4 startups raised $317 million in funding this week. Eyewear retailer Lenskart led the list with its $200 million secondary funding followed by a digital lending startup Fibe with $90 million, electric two-wheeler manufacturer Ather Energy with $15 million, and Small and medium enterprises-focused digital lending platform LendingKart with its $12 million debt funding. [Early-stage deals] Subsequently, 11 early-stage startups secured funding worth $85.34 million during the week. Spun off from Polygon, blockchain startup Avail spearheaded the list followed by online astrology platform AstroTalk, AI-based low-code test automation platform Testsigma, fintech platform iPiD, and robotics startup Botsync. The list of early-stage startups also includes two startups that kept the funding amount undisclosed: IoT-driven green robotics solution provider Aegeus Tech and D2C nutrition brand Greenday (Better Nutrition). For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 7 deals followed by Delhi-NCR, Lucknow, Pune, Ahmedabad, and Chennai. Segment-wise, e-commerce and fintech startups grabbed the top spot with three deals each. Robotics, SaaS, Blockchain, ClimateTech, and EV startups followed this list among others. [Series-wise deals] During the week, Series A funding deals led the list with 5 deals followed by 4 Seed and 3 pre-Series A deals. Further, the list includes Debt, Secondary, Series E, and Series F funding deals. [Week-on-week funding trend] On a weekly basis, startup funding barely increased 3.9% to $402.34 million as compared to around $387.23 million raised during the previous week. The average funding in the last eight weeks stands at around $326 million with 28 deals per week. [Key hirings] Among key hirings, Hardeep Singh has been appointed as CFO by Stride Ventures, Good Glamm Group appointed Lauren Bloomer as International OPS, while Abhaya Hota has been appointed as the Independent Director by Cashfree Payments. [Layoffs] Simpl, a Bengaluru-based fintech startup, has undergone its second round of layoffs in less than a month, cutting around 30 employees. This move follows a previous layoff of around 100 employees. Ashish Kulshrestha, head of communications at Simpl, explained that these layoffs are part of the company’s efforts to achieve profitability by mid-2025 and to enhance operational efficiency. The affected employees will receive a severance package including a pro-rated fixed salary up to the effective date and a two-month notice period salary as per the employment agreement. [M&A] Last week, Entrackr reported that Times Internet-owned MX Player is nearing an acquisition by Amazon. Amazon has now confirmed the acquisition of certain assets from MX Player, although the transaction isn’t yet complete. An Amazon spokesperson mentioned their continuous efforts to enhance customer experiences with local content available on Prime Video and miniTV in India. Additionally, Absolute Sports, the parent company of Sportskeeda.com and ProFootballNetwork.com and a subsidiary of Nazara Technologies is set to acquire all assets of SoapCentral.com, a leading entertainment content source in the US. The all-cash deal is valued at $1.4 million (approximately Rs 11.6 crore) and is expected to close within the next 30 days. [ESOP buyback] Leverage.biz, the company behind the study abroad platform Leverage Edu, Fly.Finance, and Fly Homes, has completed its second ESOP buyback exercise. This initiative benefited over 50 employees across various functions, although the exact amount of the stock buyback was not disclosed. Leverage Edu previously concluded its first ESOP buyback in June 2022. [Potential deals] Scimplify, a platform for sourcing and manufacturing specialty chemicals, is raising a new $5 million round led by Omnivore with participation from existing investors, just six months after its previous round. Meragi, an online platform for wedding-related services and products, is set to raise $8 million in a new round led by Accel, with existing investors Surge and Venture Highway also participating. The deal is in the final stages. Statiq, an electric vehicle charging network operator, is in discussions to raise $50 million in its Series B round, with existing investors Shell Ventures and Y Combinator, along with new investors. InsuranceDekho, the insurance arm of CarDekho, is in the final stages of acquiring a majority stake in wealth tech startup BankSathi through a share swap deal, allowing BankSathi shareholders to receive a stake in InsuranceDekho. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [Financial results this week] After 4X growth in FY23, Ather Energy’s revenue declines in FY24 After Rs 215 Cr profit in FY22, Molbio reports Rs 3 Cr loss in FY23 [News flash this week] UPI in May: PhonePe maintains domination, Paytm sees marginal growth Amazon says it has purchased some assets of MX Player, not entire company No hurry to sell, indefinite horizon on Zomato: Sanjeev Bikhchandani Trading app Investmint halts services; explores M&A deal Baron Capital marks up Swiggy’s valuation to $15.1 Bn [Conclusion] The weekly funding increased 3.9% to $402 million, driven mainly by Lenskart’s $200 million secondary funding. Additionally, the week saw a layoff as fintech startup Simpl has undergone its second round of layoffs in less than a month, cutting around 30 employees. PhonePe maintained its lead in the Unified Payments Interface (UPI) ecosystem with a market share exceeding 48% in May 2024, processing 6.8 billion of the 14 billion UPI transactions recorded by the National Payments Corporation of India (NPCI). Google Pay and Paytm processed 5.2 billion and 1.14 billion transactions, respectively. Info Edge, renowned for its recruitment portal Naukri, has seen significant success with its investments in Zomato and Policybazaar, with Zomato’s market cap increasing 2.3 times since its IPO. Under the leadership of founder and chairman Sanjeev Bikhchandani, the company remains patient with its profitable investments while nurturing its brands. Read here for more. Investmint, a signal-based trading app, has ceased operations due to challenges in establishing a reliable business model despite having decent traction and funds. The company is now exploring acquisition opportunities with wealth management firms. Baron Capital has increased Swiggy’s valuation to $15.1 billion, a 25% rise from the previous $12.1 billion valuation in December 2023. Following Baron’s lead, Invesco also raised Swiggy’s valuation to $12.7 billion in April.

Funding and acquisitions in Indian startup this week [27 May-01 Jun]

EntrackrEntrackr · 1y ago
Funding and acquisitions in Indian startup this week [27 May-01 Jun]
Medial

As many as 39 Indian startups raised around $387.23 million in funding this week. These deals count 13 growth-stage deals and 20 early-stage deals. Moreover, six early-stage startups kept their transaction details undisclosed. In the previous week, about 24 early and growth-stage startups cumulatively raised close to $444 million capital. [Growth-stage deals] Among the growth-stage deals, 13 startups raised $309.7 million in funding this week. Auto parts and powertrain controls manufacturing firm SEDEMAC led the list with its $100 million secondary and primary funding followed by B2B and retail outlets (D2R) firm in the construction material Infra.Market with $50 million, EV company Ather Energy with $34.5 million in debt and equity funding. Commercial electric vehicle manufacturer Euler Motors, building materials firm RDC Concrete, pharmaceutical product development company Orbicular Pharmaceutical, and B2B delivery and shared mobility startup Zypp Electric are next on the list among others. [Early-stage deals] Subsequently, 20 early-stage startups secured funding worth $77.53 million during the week. D2C sports apparel maker Technosport spearheaded the list followed by fast fashion omnichannel ethnic wear brand Libas, digital lending and card management platform Vegapay, Commercial EV distribution and financing platform Turno, and robot automation solutions provider DiFACTO among others. The list of early-stage startups also includes six startups that kept the funding amount undisclosed: Yali Aerospace, Solinas, TechEagle, Aprecomm, Devigere, and Kidbea. For more information, visit TheKredible. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 15 deals followed by Delhi-NCR, Mumbai, Hyderabad, Pune, Chennai, Jaipur, and Thanjavur. Segment-wise, e-commerce, fintech, and EV startups grabbed the top 3 spots with nine, six, and five deals respectively. This list was followed by foodtech, SaaS, agritech, cleantech, and, dronetech startups. [Series-wise deals] During the week, Seed funding deals led the list with 8 deals followed by 7 Series A and 6 Pre-Seed deals. Pre-Series A and Series B startups saw 5 and 3 deals, respectively while Debt, Series C, and Series B are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding shrank nearly 13% to $387 million as compared to around $444 million raised during the previous week. The average funding in the last eight weeks stands at around $289 million with 28 deals per week. [Key hirings and departure] Among key hirings, Vikaram Agarwal has been appointed as COO by InCred, Paytm Insider appointed Varun Khare as COO, while Anil Mehta has been appointed as the Independent Director by Yubi (CredAvenue). Puneet Kumar also joined Nexus Venture Partners as a venture partner. Meanwhile, Cashaa Founder Kumar Gaurav stepped down as CEO and Paytm’s CHRO Swati Rustagi reportedly quit the company and is likely to join Adobe. [Fund launches] The week also witnessed seven fund launches. 360 ONE Asset introduced a Rs 4,000 crore Secondaries Fund to invest in late-stage startups, while Avendus launched a Rs 3,000 crore fund for similar investments in financial services, technology, and healthcare. Sorin Investments closed its maiden fund at Rs 1,350 crore, focusing on tech. RPSG Capital Ventures and Sauce VC raised Rs 550 crore and Rs 250 crore, respectively, for early-stage consumer ventures. Holani Consultants marked the first close of its maiden venture capital fund at Rs 184 crore. Additionally, the Massive Earth Foundation, in collaboration with UNEP, launched the fourth edition of the Low Carbon Earth Accelerator program. [M&A] Y Combinator-backed BNPL fintech startup BharatX has acquired Zenifi, a healthcare finance startup offering zero-cost and low-cost EMI solutions. Honasa Consumer Ltd, the parent company of brands like Mamaearth, the Derma Co, and BBLUNT, has acquired the assets of Thane-based skincare company CosmoGenesis Labs to enhance its R&D and manufacturing capabilities. Additionally, Times Network has acquired Digit.in from 9.9 Group to expand its digital publishing portfolio and footprint in the technology and gaming sectors. [ESOP buyback] Enterprise SaaS firm AiDash has launched its first Employee Stock Ownership Plan (ESOP) buyback program following its $58.5 million Series C funding round, bringing its total fundraising to $91.5 million. This buyback scheme targets full-time employees with over three years of tenure, allowing them to capitalize on the value of their vested shares. [Potential market moves] Atlys, an online visa application platform, is in early discussions to raise $15-18 million in a Series B round, a year after its Series A fundraise. Backers include Peak XV and others. Meanwhile, Bengaluru-based healthtech startup Medibuddy is raising $8.4 million in debt funding from investors like Innoven Capital and Alteria Capital. Additionally, Amazon is reportedly close to acquiring MX Player from Times Internet. This marks Amazon’s second attempt at acquiring the video streaming platform, with a term sheet already offered. Previous talks in 2023 fell through, but the current negotiations are in the late stages. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. [New launches] Flipkart-owned Shopsy forays into kids’ space Razorpay launches ‘Q-Zap’ to reduce billing time at offline stores BluSmart rolls out an app to help users locate nearby EV charging stations [Financial results this week] Vedantu posts Rs 153 Cr revenue in FY23; cuts losses by 46% Oxyzo posts Rs 903 Cr revenue and Rs 291 Cr PAT in FY24 Travel Boutique Online’s PAT crosses Rs 200 Cr in FY24 Oziva records flat growth under Hindustan Unilever in FY24 [News flash this week] Karnataka HC maintains a 5% service charge cap on app-based autos BharatPe and PhonePe settle all trademark disputes over the ‘Pe’ suffix Zomato revives lending biz, in talks with NBFCs for merchant lending Proptech firm Awfis’ stock list at a 14% premium PhonePe ventures into secured lending space, partners with banks, NBFCs [Conclusion] The weekly funding surged 85% to $444 million, driven mainly by Flipkart’s $350 million funding in its ongoing $1 billion fundraise. Additionally, the week saw the launch of five new funds: IVY Growth, Finvolve, ThinKuvate, Databricks Ventures, and Caret Capital. Awfis Space Solutions debuted on the exchanges on Thursday, listing at Rs 435 per share on NSE, a 13.6% premium over its issue price of Rs 383. Before the listing, the company’s shares had a grey market premium (GMP) of Rs 125. The issue received a strong response from investors, with an overall subscription of over 100 times. Zomato is in talks with several non-banking financial companies to offer working capital loans to its partner restaurants, marking a return to lending services. As an LSP (loan service provider), Zomato will facilitate loans from its partners to potential borrowers and manage the collection of repayments. Meanwhile, PhonePe has introduced secured lending products on its platform in collaboration with banks, NBFCs, and other fintech firms. Customers can access lending solutions in six major categories through the PhonePe app. The company has partnered with 15 NBFCs and fintechs for this initiative. Additionally, Classplus, an edtech SaaS startup based in Delhi NCR, has launched its first engineering college, Polaris School of Technology (PST), in Bengaluru. PST will offer a four-year BTech program focused on classroom learning and industry experience, providing students with access to top global tech companies for internships and exposure.

Download the medial app to read full posts, comements and news.