News on Medial

Related News

Euler Motors raises Rs 638 Cr in Series D funding round

EntrackrEntrackr · 1m ago
Euler Motors raises Rs 638 Cr in Series D funding round
Medial

Euler Motors raises Rs 638 Cr in Series D funding round Commercial electric vehicle manufacturer Euler Motors has raised Rs 638 crore (approximately $75 million) in its Series D round, led by Hero MotoCorp, along with participation from existing investor British International Investment (BII). This latest infusion will be instrumental in expanding the company’s sales and service network, while advancing new product development to accelerate India’s commercial EV adoption. Last month, the company announced a $60 million investment from Hero MotoCorp. Entrackr also reported that British International Investment and Caladium Investment (GIC) contributed Rs 96 crore ($11.3 million) and Rs 32 crore ($3.76 million), respectively, in the Series D round. According to Entrackr’s estimates, Euler Motors' valuation remains flat at $176 million. Euler Motors has secured investments from prominent backers such as Blume Ventures, Athera Partners, Asian Development Bank Ventures, and the Piramal Alternatives India Access Fund. With the latest funding round, the company's total capital raised stands at approximately Rs 1,420 crore. Launched in 2018, Euler Motors specializes in the production of EV three-wheelers. The company has seen strong adoption across the e-commerce, retail, and logistics segments, backed by a growing portfolio of electric vehicles, including the HiLoad EV and the StormEV. “This is a strong vote of confidence both in India’s commercial electric mobility future and in Euler Motors’ execution and products. With this fresh capital and strategic backing from new and existing investors, we are poised to accelerate our scale, continue innovating to deliver superior products, and come a few steps closer towards becoming India’s No. 1 commercial EV brand,” said Saurav Kumar, founder and CEO of Euler Motors. Euler Motors reported a more than threefold increase in operating revenue year-on-year to Rs 189 crore in FY24 from Rs 62 crore in FY23. Despite this growth, the company posted a loss of Rs 227 crore during the same period. Euler competes with players like Altigreen, Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

Four-year-old Wiz Freight posts Rs 1,243 Cr revenue in FY23

EntrackrEntrackr · 1y ago
Four-year-old Wiz Freight posts Rs 1,243 Cr revenue in FY23
Medial

Digital supply chain startup Wiz Freight’s growth has been explosive in the last two reported fiscal years as its scale skyrocketed to Rs 1,243 crore in FY23 from Rs 18 crore in FY21. However, the Tiger Global-backed company needed to power it with higher expenses to chase scale and posted a loss of Rs 90 crore in FY23 against Rs 8 crore profits in FY22. On a year-on-year basis, Wiz Freight’s revenue from operations surged 3.8X to Rs 1,243 crore in FY23 from Rs 327 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2020, Wiz Freight provides a platform for exporters and importers to book and manage their cross-border shipments. Income from freight forwarding and warehousing was the sole source of revenue for the company. The firm also made Rs 18 crore from interest income tallying its total income to Rs 1,261 crore in FY23. Wiz Freight’s direct cost which includes freight and warehousing charges formed 82% of the overall expenditure. To the tune of scale, this cost surged 3.8X to Rs 1,103 crore in FY23 from Rs 288 crore in FY22. Its employee benefits, legal/professional, traveling, finance, advertising, and other overheads took the overall expenditure up by 321% to Rs 1,347 crore in FY23 from Rs 320 crore in FY22. Check TheKredible for the complete expense breakdown. Expense Breakdown Total ₹ 320 Cr https://thekredible.com/company/wiz-freight/financials View Full Data To access complete data, visithttps://thekredible.com/company/wiz-freight/financials Total ₹ 1347 Cr https://thekredible.com/company/wiz-freight/financials View Full Data To access complete data, visithttps://thekredible.com/company/wiz-freight/financials Cost of material consumed Cost of material consumed Employee benefit Employee benefit Legal professional Legal professional Travelling conveyance Travelling conveyance Finance cost Finance cost Advertising Advertising Others To check complete Expense Breakdown visit thekredible.com View full data In pursuit of expansion, the Chennai-based company incurred a loss of Rs 90 crore in FY23, contrasting with profits of Rs 8 crore in FY22. Its ROCE and EBITDA margin stood at -21% and -2.3% respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin 3% -2.3% Expense/₹ of Op Revenue ₹0.98 ₹1.08 ROCE 5% -21% WizFreight has raised around $55 million to date including its $34 million round led by Tiger Global in March 2022. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 14.15% followed by Axilor and Foundamental. In January, Nippon Express Holding also acquired a minority stake in the firm, indicating the strong interest it has been able to generate and the possibility of ready access to future funding. As we mentioned after their FY22 results, Wix Freight has a lot going for it in terms of experience of the team, their specific niche and potential market. The high growth has probably made losses acceptable for investors, even as the firm is probably not done with the fund raising yet. With a clear focus on using acquisitions to support growth where possible, it will want the dry powder to move where such an opportunity presents itself.

Reefer container shipping platform Citrus Freight raises bridge round

EntrackrEntrackr · 1m ago
Reefer container shipping platform Citrus Freight raises bridge round
Medial

Reefer container shipping platform Citrus Freight has raised Rs 2.5 crore in a bridge funding round, bringing its total funding to Rs 5.25 crore to date. The round saw participation from Caret Capital, Indigram Labs Foundation, and other investors. The proceeds will be used to strengthen the team and scale the company’s technology stack, including enhancements to its mobile-first platform, Citrus Freight said in a press release. Co-founded in 2016 by Biplob Barik and Ricky Goyal, Citrus Freight focuses on perishable logistics, particularly in the agricultural sector. The company offers a digital platform for booking refrigerated containers, providing end-to-end solutions including customs clearance and surface transport. It is known for its expertise in handling fresh produce, meat, marine products, and flowers, facilitating their export to global markets. Citrus Freight specializes in perishable logistics, offering services for a wide range of commodities such as fruits, vegetables, meat, marine products, and flowers. It provides a comprehensive suite of services, including container booking, customs clearance, surface transport, and dedicated customer support. The company utilizes temperature monitoring devices and real-time data to ensure the integrity of perishable goods during transportation. According to the Bengaluru-based company, it facilitates the export of Indian produce to various global destinations, including Europe, the Middle East, and Southeast Asia. The startup addresses export inefficiencies through an integrated mobile app that offers booking, compliance, temperature tracking, and predictive analytics. Citrus Freight states that it has focused on solving the perishable export challenges faced by SMEs, empowering them with the tools and infrastructure required to scale globally. The company claims to have reduced booking times from 72 hours to just 10 minutes and has helped clients minimize spoilage while expanding market reach by over 40%. Over the next 12–24 months, Citrus Freight aims to generate Rs 4.5 crore in revenue, with a target of moving 1,500 containers. It faces competition from other companies in the space, such as Wiz, Cogoport, and Intercont.

Infra.Market raises $125 Mn led by Tiger Global

EntrackrEntrackr · 5m ago
Infra.Market raises $125 Mn led by Tiger Global
Medial

Infra.Market raises $125 Mn led by Tiger Global Building materials platform Infra.Market is raising Rs 1,049 crore (around $125 million) in its Series F funding round. This follows the completion of the final tranche of its Series E round in September 2024. The board at Infra.Market has passed a special resolution to issue 49,149 compulsory convertible preference shares at an issue price of Rs 2,13,439 each to raise Rs 1,049 crore or $125 million, its regulatory filing sourced from the Registrar of Companies shows. The Rs 1,049 crore Series F funding round appears to be a pre-IPO initiative, structured in two tranches: Rs 498 crore (Series F) and Rs 551 crore (Series F1), respectively. According to the filings, the first tranche of Rs 498 crore ($60 million) is led by Tiger Global, contributing Rs 211 crore, with additional participation from Evolvence Group and Fundamental Fund, which invested Rs 168 crore and Rs 119 crore, respectively. This marks a significant investment from existing investor Tiger Global, especially given its relatively low activity in recent times. For context, Tiger Global made only two investments in 2024—Wiz Freight and Jupiter’s NBFC arm—both as an existing investor. The second tranche of Rs 551 crore is yet to be completed. Capri Global, Eudora Ventures, Kangaro Industries, SVV Limited, Premratan Exports, and Verity Knowledge, along with individual investors Ashish Kacholia, Nikhil Kamath, Abhijit Pai, Sumeet Kanwar, Nuvama, Dimpy Kanwar, and Sapna Vig, are expected to participate. Tiger Global, Evolvence, and Fundamental Fund may also contribute to this tranche. According to Entrackr’s estimates, the company has been valued at around Rs 24,000 crore or $2.8 billion post-allotment. Infra.Market, through its platform, offers a range of building material products, including Structural Products (Concrete, Steel, Construction Chemicals), Finishing Products (AAC blocks, MDF, Plywood, Pipes and Fittings), and Lifestyle Products (Tiles, Sanitaryware, Laminates, Paints, Fans, Lights, Appliances, Modular Kitchens, Consumer Durables). Infra.Market generates revenue from the sale of the aforementioned products. Its consolidated gross revenue rose to Rs 14,530 crore in FY24 from Rs 11,847 crore in FY23. The firm also reported a 2.4X jump in its profit to Rs 378 crore in the last fiscal year.

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

EntrackrEntrackr · 9m ago
Exclusive: Infra.Market raises $27 Mn in equity and debt
Medial

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).

Download the medial app to read full posts, comements and news.