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BluSmart raises Rs. 200 Crores ($25M)

TechCrunch · 1y ago

BluSmart raises Rs. 200 Crores ($25M)

BluSmart, an Indian electric ride-hailing startup, has secured $25 million in fresh funding from impact fund ResponsAbility to expand its electric vehicle (EV) charging infrastructure. The Gurugram-based company plans to increase its charging stations from 35 to around 95–100 in the coming months. BluSmart, founded in 2019, operates an all-electric fleet of 6,000 EVs, including MG Motor's ZS SUVs and Tata Tigor sedans. The additional funding will support BluSmart's goal of having 10,000 EVs by mid-2024 and further contribute to India's aim of electrifying 30% of four-wheelers by 2030.

Related News

BluSmart raises ₹200 crore from MS Dhoni's family office, others

Internet

Internet · 1y ago

BluSmart raises ₹200 crore from MS Dhoni's family office, others

Ride-hailing EV startup BluSmart has raised $24 million (₹200 crore) in Series B funding round led by former India cricket captain MS Dhoni's family office, ReNew Chairman Sumant Sinha and responsAbility. The fund will be used to expand operations and build EV charging infrastructure and assets, the company said. BluSmart has reportedly raised ₹710 crore so far since December 2023.

Exclusive: Infra.Market raises $27 Mn in equity and debt

Entrackr

Entrackr · 11m ago

Exclusive: Infra.Market raises $27 Mn in equity and debt

Construction goods and services platform Infra.Market is raising up to Rs 150 crore (approximately $18 million) in its Series E2 funding round. The new money hit the company’s coffers just three months after the announcement of $50 million from the Mars Fund. The board at Infra.Market has passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213438.7 each to raise Rs 150 crore or $18 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Out of the total sum of Rs 150 crores, the company has already received Rs 76.3 crores. Amit Vijaysinh Barad and Barad Sanjay Amarsinh have invested Rs 45 crores together, with the remaining funds contributed by various individual shareholders. Importantly, the Tiger Global-backed company also secured Rs 75 crore ($9 million) in debt funding from Innoven Capital. The firm also closed its Rs 150 crore debt round Yubi In July. According to TheKredible estimates, the company has been valued at around $2.6 billion post-allotment. The new funding seems to be part of a $150-200 million round that the company is eyeing. The firm is also preparing for an initial public offering (IPO), and may file its draft red herring prospectus (DRHP) soon. Infra.Market has raised around $540 million across equity and debt To date. According to the startup intelligence data platform TheKredible, Tiger Global remains the largest external stakeholder followed by Accel and Nexus Ventures after the allotment of the fresh infusion. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Its profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix, and Zetwerk, MetalBook, among others. Notably, OfBusiness is also eyeing to get listed on stock exchanges in the next fiscal year (FY26).

Monumental Raises $25M in Funding

Finsmes · 1y ago

Monumental Raises $25M in Funding

Monumental, a robotics startup based in Amsterdam, has secured $25 million in funding. The round was led by Plural and Hummingbird, with participation from Northzone, Foundamental, NP-Hard Ventures, and angel investors. The company plans to use the funds to expand its team of hardware and software engineers, increase the number of robots deployed across Europe, and enhance the capabilities of its robots in managing construction tasks. Founded in 2021, Monumental specializes in building construction robots that can autonomously work alongside human workers.

ONDC’s CBO Shireesh Joshi quits after 3.5-year innings

Economic Times

Economic Times · 5m ago

ONDC’s CBO Shireesh Joshi quits after 3.5-year innings

Shireesh Joshi, the Chief Business Officer of the Open Network for Digital Commerce (ONDC), resigned after over three years, during which ONDC demonstrated its successful concept. Joshi, also the founder CEO of Priism Consulting, had previous stints at Bharti Airtel, PepsiCo International, and Procter & Gamble. ONDC reported 188 million cumulative transactions since its inception, aiming for over 200 million by the month-end. The organization’s wage bill for FY 2023-24 was Rs. 44.22 crores.

Litigation funding firm LegalPay launches credit line for small business owners to settle legal disputes

Economic Times

Economic Times · 1y ago

Litigation funding firm LegalPay launches credit line for small business owners to settle legal disputes

Legal technology startup LegalPay has launched a zero-interest credit line called Quick Settle, which aims to help enterprises, startups, business owners, and freelancers settle legal disputes without depleting their working capital. The firm plans to disburse around Rs 200 crore in 2024 through its own non-banking finance company (NBFC) and other partner NBFCs. LegalPay has funded over 44,000 commercial cases and is currently managing claims worth over Rs 2,800 crores. They aim to bridge the gap between legal disputes and quick resolutions with this structured financing option.

Niron Magnetics Raises $25M in Funding

Finsmes · 1y ago

Niron Magnetics Raises $25M in Funding

Minneapolis-based Niron Magnetics has secured $25m in funding to expand its production facilities and scale manufacturing capacity for its rare earth-free permanent magnets. The funding round was led by Samsung Ventures, with participation from Allison Ventures, Magna, Shakopee Mdewakanton Sioux Community, and the University of Minnesota. The company's Clean Earth Magnet technology, based on Iron Nitride, allows for the production of high magnetization magnets without the use of rare earths or other critical materials, offering new possibilities in the design of electric motors and generators.

Daalchini doubles revenue in FY24, aims for an encore in FY25

VCCircle

VCCircle · 1y ago

Daalchini doubles revenue in FY24, aims for an encore in FY25

Daalchini Technologies, a retail startup supported by investors like Artha Venture Fund and Unicorn India Ventures, has achieved significant revenue growth in the financial year ending March 2024. The company's revenue almost doubled, reaching Rs 42 crores compared to Rs 22 crores in the previous year. Daalchini Technologies aims to continue this growth trajectory in the following year.

EV ride-hailing company BluSmart raises $24 million in funding

Economic Times

Economic Times · 1y ago

EV ride-hailing company BluSmart raises $24 million in funding

Electric vehicle ride-hailing startup BluSmart has secured $24 million in a funding round led by existing investors ResponsAbility Investments, cricketer MS Dhoni's Family Office, and ReNew founder Sumant Sinha. The funding will be used to expand operations and build EV charging infrastructure. BluSmart currently operates 7,500 EVs and aims to turn profitable on an EBITDA basis by March 2026. The company faces competition from Uber, Ola, Rapido, and Namma Yatri in the ride-hailing space. BluSmart previously struggled to raise external capital and received smaller funding instances totaling $66 million in previous years.

BluSmart raises $24 Mn from existing investors, founders and leadership team

Entrackr

Entrackr · 1y ago

BluSmart raises $24 Mn from existing investors, founders and leadership team

BluSmart Mobility, an EV ride-hailing service, has raised $24 million in a recent equity round. The funding round included participation and oversubscription from existing investors, founders, and the leadership team. BluSmart aims to expand its zero ride denials, on-time service, and clean mobility to more areas. The company currently operates in Delhi-NCR and Bengaluru and plans to increase its fleet size to nearly 8,000 EVs across these regions by next year. BluSmart claims to own and operate over 4,000 EV chargers across 34 charging hubs.

Shaan Patel Asset Management Launches AIF, Targets INR 200 Cr Corpus

StartupTalky

StartupTalky · 1m ago

Shaan Patel Asset Management Launches AIF, Targets INR 200 Cr Corpus

Shaan Patel Asset Management has launched an open-ended Category III Alternative Investment Fund (AIF), targeting a corpus of INR 200 crores. Initially, it has secured commitments of INR 25 crores from investors. The AIF employs a flexi-cap strategy, investing in large, mid, and small-cap stocks with a 10% cap per stock. Utilizing a quant-driven model for dynamic valuations, the fund aims to outperform the NIFTY 500 Index while focusing on sectors like AI and renewable energy.

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