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Equirus InnovateX Fund leads seed round in PointO

EntrackrEntrackr · 1y ago
Equirus InnovateX Fund leads seed round in PointO
Medial

Lithium battery startup PointO has raised Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF). “At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Riki Biswas, founder and CEO of PointO. Launched by Biswas and Gaurav Jindal, PointO is on a mission to build a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries. With an initial focus on adoption and financing of lithium batteries for e-rickshaw owners in tier-II and beyond cities, the company is targeting the problem of low adoption in this segment due to operational and financial complexities. The company claims that it grew 7x in the last 12 months and plans to expand its physical centres to include more than 10 cities over the next 12 months. The market for e-rickshaws is projected to deliver a staggering 32% compound annual growth rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. With lithium batteries comprising 60-70% of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO aims to capture significant market share and drive industry-wide transformation.

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Equirus InnovateX Fund announces final close of B2B tech fund at Rs 166 Cr

EntrackrEntrackr · 12d ago
Equirus InnovateX Fund announces final close of B2B tech fund at Rs 166 Cr
Medial

**Equirus InnovateX Fund announces final close of B2B tech fund at Rs 166 Cr** Equirus InnovateX Fund (EIF), the early stage venture arm of the Equirus Group, has announced the final close of its maiden B2B tech fund at Rs 166 crore. The fund’s first close was announced in February 2024. According to EIF, it backs seed and pre-Series A companies building in deep tech, SaaS, and fintech, typically teams that are post-product and working toward product-market fit. The fund aims to partner with founders solving hard problems with clear distribution and defensibility, and who are building for long-term sustainability. The close attracted both domestic and global investors who bring operational experience and market access in addition to capital. EIF counts a number of founders and operators among its backers, including Girish Gaitonde, M.R. Jyothy, Dhimant Bhayani, Raj P., Shankar Vailaya, and Nitin Seth. The fund is led by Krishna Jha, Sunder Nookala, and Sadhika Agarwal, founders and investors with strong operational backgrounds, who are responsible for driving investments and managing the portfolio across the fund’s focus areas. EIF states that it has deployed over one-third of the corpus, backing seven startups from Fund I, with a target portfolio of up to 15 companies. Active investments include Pointo, Datazip, GreenStitch, CtrlB, Consuma AI, RSPL, and NeverInstall. The remaining capital is expected to be deployed over the next 12 to 18 months. Beyond capital, EIF partners with founders on enterprise access, regulatory navigation, senior hiring, and capital raising preparedness. The fund emphasises strong governance and long-term value creation. With the maiden fund now fully closed, it will focus on scaling its existing portfolio, selectively adding new companies, and deepening relationships with founders and long-term capital partners as it lays the groundwork for its next fund.

Zee invests in Flutrr; Datazip, three others pocket early-stage cheques

VCCircleVCCircle · 1y ago
Zee invests in Flutrr; Datazip, three others pocket early-stage cheques
Medial

- Zee Akaash News Pvt. Ltd is investing Rs 3.75 crore in Flutrr Digimate Pvt. Ltd, a vernacular social media website and mobile app. - AI startup Wokelo has secured $4 million in seed funding from Array Ventures and KPMG Ventures. The funding will support the development of its technology that streamlines due diligence. - Data engineering startup Datazip raised $1 million in seed funding from Equirus Innovatex Fund. Their platform offers data ingestion, storage, transformation, and visualization solutions. - Social Hardware, a startup specializing in assistive devices and field robotics, raised Rs 3.2 crore in a seed round led by Inflection Point Ventures. - Onlygood.ai, a platform simplifying carbon management and sustainability reporting, raised Rs 4 crore in a seed funding round from IITMIC, Goel Group, and Daimler India Commercial Vehicles. The platform plans to expand its operations across India, the Middle East, and Europe.

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