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Exclusive: EV startup Qucev raises $15 Mn in Series B

EntrackrEntrackr · 1m ago
Exclusive: EV startup Qucev raises $15 Mn in Series B
Medial

Exclusive: EV startup Qucev raises $15 Mn in Series B Qucev has raised Rs 131.25 crore ($15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. Electric commercial vehicle startup Qucev has raised Rs 131.25 crore (approximately $15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. According to its regulatory filing with the Registrar of Companies (RoC) in September 2025, Qucev’s board issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share to raise the said amount. Singularity AMC led the tranche with an investment of Rs 25.76 crore (nearly $3 million), followed by Lotus Family Trust, which put in Rs 18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each invested Rs 17.98 crore. The remaining amount was contributed by other investors, including angel investors Lakshay Singhal, Anubhav Gupta and company’s founder Naresh Rawal. According to Entrackr’s analysis, the company is currently valued at around Rs 538 crore or $61 million post-money. Founded in 2022 by Naresh Rawal, Qucev is a next-generation electric commercial vehicle company in partnership with China-based EV manufacturer BYD, designs and manufactures electric tractors, trucks, buses, and three-wheelers, focusing on sustainable and cost-effective mobility. Beyond manufacturing and sales, Qucev also offers financing, charging infrastructure, and fleet solutions. According to startup data intelligence platform TheKredible, Qucev has previously raised around $4 million from Singularity AMC, Barclays and Maa Creations. For the fiscal year ended March 2025, the company did not report any product sales and generated Rs 2.08 crore from the sale of services. During the same period, it recorded a loss of Rs 9.35 crore. Qucev competes with players like Euler Motors, Altigreen, as well as established names such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

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Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B

EntrackrEntrackr · 1m ago
Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B
Medial

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. Commercial electric vehicle (EV) distribution and financing platform Turno is raising Rs 50 crore or $5.5 million in its pre-Series B round from Stellaris Ventures and with the participation of B Capital, Quona Accion Inclusion Fund, and BII. Turno members at the extraordinary general meeting (EGM) have approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, aggregating to a total fundraise of Rs 50.01 crore, according to its regulatory filings accessed from the Registrar of Companies (RoC). Existing investor British International Investment will invest Rs 20 crore, followed by Stellaris Venture Partners with an investment of Rs 15 crore, while B Capital and Quona will invest Rs 10 crore and Rs 5 crore, respectively. As per Entrackr’s estimates, the company will be valued at around Rs 492 crore ($55 million) post-money. The fresh capital will be utilised to support the company’s growth and expansion plans, meet operational requirements, and fund general corporate purposes. Following the pre-series B round, Stellaris Venture Partners will hold a 19.49% stake in Turno, while B Capital, British International Investment, and Quona Accion Investment will hold stakes of 8.63%, 7.03%, and 6.79%, respectively. Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, and Maharashtra. Turno has raised around $28 million to date, including $5.5 million in May last year and $13.8 million in its Series A round in February 2023. The company is yet to file its FY25 financials. For the fiscal year ended March 2024, Turno posted Rs 3.67 crore in revenue in FY24, while its losses expanded by 18.5% to Rs 31.87 crore.

Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

Snap-E Cabs raises $2.5 Mn in bridge round led by IPV

EntrackrEntrackr · 4m ago
Snap-E Cabs raises $2.5 Mn in bridge round led by IPV
Medial

Snap-E Cabs raises $2.5 Mn in bridge round led by IPV Snap-E Cabs, an electric mobility startup, has raised $2.5 million in a bridge round led by Inflection Point Ventures, with participation from ah! Ventures and angel investors including Shish Kharesiya, Praveen Chand, and Jaspreet Kaur. Earlier in February last year, the startup had raised $2.5 million in pre-Series A funding from Inflection Point Ventures, which supported its entry into Delhi through a partnership with Rapido, deploying 200 cars in the last three months. The proceeds will be used for product development, leasing more EV cars, and expanding operations in Delhi NCR. Founded in 2022 by Mayank Bindal and Mahendra Bindal, Snap-E Cabs operates as an EV-first ride-hailing platform while also leasing EV cars to fleet operators. Snap-E owns 100% of its fleet and has set up its own EV charging infrastructure. It currently runs 1,112 EV cars and serves more than 1.2 million paying users. Over the next year, Snap-E plans to add another 1,000 cars to bridge the supply gap in EV ride-hailing. The company claims to have achieved EBITDA profitability in January 2025. Snap-E operates in a competitive EV mobility market, going up against players like Uber, Ola, Rapido, Evera Cabs, and BluSmart. Unlike demand aggregators, Snap-E is pursuing a supply-led infrastructure model with exclusive charging hubs and full fleet ownership.

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

EntrackrEntrackr · 3m 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.

D2C luggage brand uppercase raises $9 Mn led by Accel

EntrackrEntrackr · 1y ago
D2C luggage brand uppercase raises $9 Mn led by Accel
Medial

D2C luggage brand Uppercase (Acefour Accessories) has raised $9 million in a Series B round led by venture capital firm Accel. As per uppercase, it has raised the new round at a post money valuation of $60 million. In 2022, the company had raised $7 million in apPre-Series A funding round led by Sixth Sense Ventures, with participation from Volrado Venture Partners. The funding will support business expansion, aiming to increase its customer base across India, uppercase said in a press release. Founded by Sudip Ghose, uppercase sells travel gear online and through 1,800 multi-brand stores across India. Its products are priced in the range of Rs 3,500-5,000. The Mumbai-based company aims to achieve its Rs 500 crore goal by adding 250 exclusive retail stores over the next three years. Earlier this year, luggage brand Mokobara raised $12 million in a Series B funding round led by Peak XV Partners. Besides Mokobara, uppercase also competes with Assembly, Nasher Miles and EUME. While Nasher miles raised $4 million in July, EUME bagged $1.7 million in June. As per startup data intelligence platform TheKredible, uppercase reported an operating revenue of Rs 10.65 crore in FY23 with Rs 21 crore loss. The company is targeting to more than double its revenue to Rs 150 crore by FY25, up from Rs 70 crore in FY24.

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