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Clean Electric raises $6 million in funding from Info Edge Ventures, others

Economic TimesEconomic Times · 10m ago
Clean Electric raises $6 million in funding from Info Edge Ventures, others
Medial

Clean Electric, a company specializing in fast-charging battery technology for electric vehicles and grid battery solutions, has secured $6 million in a funding round led by Info Edge Ventures, Pi Ventures, and Kalaari Capital. The funds will be used for research and development, expanding sales and operational teams, and developing new products focused on faster charging and renewable energy storage. Clean Electric's proprietary rapid charging technology can fully charge electric vehicles in under 12 minutes, addressing convenience and cost challenges in the adoption of electric vehicles. The company aims to extend its technology to electric four-wheelers and commercial vehicles in the next 12 to 18 months.

Exclusive: Info Edge, Pi Ventures lead Clean Electric’s Series A round

EntrackrEntrackr · 10m ago
Exclusive: Info Edge, Pi Ventures lead Clean Electric’s Series A round
Medial

Energy storage solutions startup Clean Electric has raised Rs 48.5 crore (approximately $6 million) from existing and new investors. This is the second round of investment for the firm in the past 20 months. The board at Clean Electric has passed a special resolution to issue 31 equity and 12,328 Series A preference shares at an issue price of Rs 39,243 each to raise Rs 48.5 crore or $6 million, its internal documents accessed through Registrar of Companies (RoC) shows. Info Edge and Pi Ventures co-led the Series A with Rs 14.16 crore each while existing backer Kalaari Capital has pumped in Rs 14 crore. Angel investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital cumulatively have put in Rs 6.18 crore. Clean Electric will use proceeds for working capital requirements, expansion, capital expenditure, and general corporate purposes. According to TheKredible’s estimates, the company has been valued at around Rs 176 crore or $21.2 million post-allotment. Clean Electric has raised around $9 million to date including its $2.2 million seed funding led by Climate Angles and Kalaari Capital in 2022. According to the startup data intelligence platform TheKredible, Kalaari Capital is the largest external stakeholder with 20.7% followed by Info Edge and Pi Ventures which command 8.02% each, respectively. See TheKredible for the complete shareholding pattern. Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric develops and manufactures advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping, along with energy storage and infrastructure services. The company was in its pre-revenue stage until FY23 as its revenue from operations stood at Rs 34 lakh in the said fiscal year. Cean Electric is yet to file its annual results for the fiscal year ending March 2024.

FarMart bags $10 Mn through equity and debt funding

EntrackrEntrackr · 2m ago
FarMart bags $10 Mn through equity and debt funding
Medial

FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore. SaaS-based food supply platform FarMart has raised Rs 84 crore (approx $10 million) through a mix of equity and debt funding. FarMart allotted 977 Series C CCPS at Rs 4,52,182 per share, with GC India Investment Holdings leading the round with Rs 43 crore, followed by Matrix Partners India (Z47) contributing Rs 1 crore, its regulatory filing sourced from the Registrar of Companies (RoC) shows. Besides equity funding, FarMart has issued non-convertible debentures to Stride and Trifecta Venture, totaling Rs 40 crore, the filing shows. The company will use the funds for growth, expansion, and general corporate purposes, as per filings. Entrackr estimates that FarMart has been valued at around Rs 1,800 crore (around $210 million) post-allotment in the latest funding round. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce, connecting nearby buyers and sellers to reduce logistics costs associated with long-distance transportation. The company has a strong retailer network across central and northern India, though its presence remains limited in southern states and Jammu & Kashmir. The company has raised over $60 million to date, including its $32 million Series B round led by General Catalyst, with participation from existing investors, Z47, and Omidyar Network India. According to TheKredible, FarMart’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it reported a net loss of Rs 68 crore for the same period. GC India Investment Holdings Group, Z47, and ON Mauritius are among the company’s lead investors. Farmart directly competes with Info Edge-backed Gramophone, Kalaari-backed Agrim, Krishify, and others.

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