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Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn

EntrackrEntrackr · 19d ago
Exclusive: EV charging startup Statiq in talks to raise $15-18 Mn
Medial

Founded in 2020 by Akshit Bansal and Raghav Arora, Statiq builds and operates EV charging infrastructure and runs a consumer app for locating and booking charging points. EV charging network startup Statiq is in advanced talks to raise around $15 to 18 million in a new funding round from new and exiting investors, according to two people familiar with the potential deal. “Statiq was earlier exploring a much larger round, but the company has now decided to settle for a smaller cheque in the range of $15–18 million,” said one of the people cited above, requesting anonymity. “A new institutional investor is likely to lead the round, with participation from other new and existing investors.” Statiq last raised $25.7 million in a Series A round led by Shell Ventures in mid 2022. The firm was later reported to be in talks for a $50 million Series B last year but the round did not materialize at that scale. The startup offers a mix of hardware and software led services, with its hardware segment including chargers and related infrastructure contributing the majority of its revenue. Statiq also runs a financing program for EV charging stations in partnership with State Bank of India to accelerate infrastructure expansion. As per sources, Statiq’s valuation will remain flat in the Series B round, at around $100 million post-money. The flat valuation isn’t surprising, as Statiq’s Indian entity (Sharify Services Pvt Ltd) saw its revenue from operations decline 40% year-on-year to Rs 40.9 crore in FY24 from Rs 67.53 crore in FY23. At the same time, the company’s losses ballooned 3.1X to Rs 44.52 crore in FY25. It’s yet to disclose FY25 numbers. “The company is likely to deploy the fresh capital toward network expansion and product development to strengthen its position in the EV charging space,” said the source quoted above. Terms of the deal may change. Entrackr reached out to Statiq’s founders and Shell Ventures for comment but did not receive a response until the time of publication. In the EV charging infrastructure sector, Statiq faces competition from well-funded startups such as Charge Zone, ElectricPe, Bolt.Earth, and IPEC.

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B

EntrackrEntrackr · 5m ago
Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B
Medial

Exclusive: Electric mobility platform Kazam to raise $6 Mn in Series B Electric mobility startup Kazam is raising Rs 51 crore (around $6 million) in its Series B round, led by Vertex Ventures, with participation from Avaana Capital and Chakra Growth Capital. The board at Kazam has passed a special resolution to issue 36,410 Series B compulsory convertible preference shares at an issue price of $165.06 each to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies (RoC) shows. IFC VVSEA Co-Invest LP and Vertex Ventures SEA Fund, representing Vertex Ventures, will jointly invest $4.9 million, while Avaana Capital and Chakra Growth Capital will contribute $1.01 million and $0.9 million, respectively. According to Entrackr’s estimates, the company will be valued at around $51 million post-allotment. Kazam plans to deploy the funds towards business growth, expansion initiatives, and general corporate purposes. After this funding round, Vertex Ventures and IFC VVSEA Co-Invest together will hold a 22.89% stake, while Avaana Capital and Chakra Growth Capital will own 17.02% and 1.51% stakes, respectively. Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform that develops smart and affordable charging networks. Its technology supports a wide variety of vehicles, including two-wheelers, commercial electric vehicles (CEVs), three-wheelers, and city buses. It claims to power over 25,000 charging points. The Bengaluru-based firm works with the likes of BigBasket, Zypp, Mahindra, Bajaj, Ather, TVS, Hero MotoCorp, and Ultraviolette. The company is yet to file its annual results for FY25. According to the startup data intelligence platform TheKredible, its revenue from operations surged 3.3X to Rs 12.19 crore during the fiscal year ended in March 2024 while its losses stood at Rs 10.2 crore in the same fiscal year.

Exclusive: DailyObjects raises $8.6 Mn in new round

EntrackrEntrackr · 1y ago
Exclusive: DailyObjects raises $8.6 Mn in new round
Medial

Direct to Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised Rs 72 crore (approximately $8.6 million) in a new funding round from 360 One Ventures. This fresh investment has come after a gap of 30 months for the Gurugram-based firm. The board at DailyObjects has passed a special resolution to issue 8,118 compulsory convertible preference shares at an issue price of Rs 88,688 each to raise Rs 72 crore or $8.6 million, its regulatory filming accessed for the Registrar of Companies (RoC) shows. As per the filing, the company will use these proceeds for funding requirements including working capital, future expansion and other general corporate purposes. Meanwhile, DailyObjects also expanded its Employee Stock Option Plan (ESOP) by adding 1,450 options, bringing the total pool to ESOP 2,780 options. This increase has raised the overall value of the ESOP pool to Rs 24.65 crore. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 382 crore or $46 million post-allotment. Following the fresh proceeds, Roots Ventures remains the largest external shareholder with 27.8% followed by new investor 360 Ventures which holds 18.84% of the company. Its co-founders Pankaj Gard and Saurav Adlakha cumulatively owned 43.07% of the company. Check TheKredible for the complete shareholding pattern. Founded in 2012, DailyObjects is a lifestyle accessories brand that caters to a range of products including bags, wallets, charging solutions, stationery, and other accessories. The company also opened its first offline store in December last year. The Pankaj Garg-led firm posted over two-fold growth to Rs 83 crore during the fiscal year ended March 2023 with a positive bottom line. The company is yet to disclose its annual results for FY24. DailyObjects’ major competitor is Chumbak, which was acquired by e-commerce roll up firm G.O.A.T Brand Labs in January last year.

Exclusive: Trading app Investmint halts services; explores M&A deal

EntrackrEntrackr · 1y ago
Exclusive: Trading app Investmint halts services; explores M&A deal
Medial

Signal-based trading app Investmint has halted its services as the company found it difficult to figure out a reliable business model, sources aware of the development told Entrackr. In October 2022, Investmint raised $2 million in Seed round led by Nexus Venture Partners, with participation from other angel investors. As per sources, the firm had decent traction with substantial money left from the last fundraise but the team couldn’t translate them into monetization. “Investmint has been exploring acquisition opportunities with well capitalized wealth management companies,” said one of the sources requesting anonymity. Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed signals. “If the acquisitions talks won’t materialize, the company may return remaining capital to its backers,” said another source who also requested anonymity. The company’s spokesperson confirmed that the team has discontinued Investmint as a product and is re-evaluating its offerings. “We’re in late-stage talks with a few big players for M&A,” the spokesperson said. A clutch of startups have returned or are in the process of returning investors’ money after their startup failed to find a product market fit (PMF) or sustainable business model. Earlier this year, Nintee, a digital health startup launched by Wingify founder Paras Chopra, announced shutting down its operations. The firm also announced that it will return the majority of funding it raised from the investors. As per an ET report, fashion startups Virgio and Fashinz are planning to return most of the capital they raised from the investors after a failed pivot. Virgio has raised nearly $40 million while Fashinza has scooped up over $150 million in funding to date. While the majority of investors don’t like to exit out from a portfolio company with a slice of their original investment, the trend of returning capital by founders seems to be a progressive one. After all, there is no point in being stuck when things aren’t working out for long.

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