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Matel raises $4 Mn in Series A round

EntrackrEntrackr · 1y ago
Matel raises $4 Mn in Series A round
Medial

Mobility and energy solutions startup Matel has raised $4 million in its Series A round, led by Transition VC. The round also saw participation from Gruhas and Haresh Abichandani. Founded in 2017, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and HVAC sector. Specialised in designing and manufacturing high-efficiency electric motors and controllers, it offers a full-stack powertrain solution to OEMs of EVs and the industrial sector. The startup offers application in all kinds of EVs including 2-wheelers, 3-wheelers, 4-Wheelers, buses and off-road vehicles. It started the mass production of powertrains in April 2024 after receiving successful validation and certification by various EV OEMs. Later this year, it will start supplying products for traction and auxiliary application in the CV segment, which is in the 350V segment and up to 100 KW power. In addition, Matel will also start delivering products in 600V and 200 KW power range in FY26, which are currently under the design phase. Over the next two years, it Matel plans to foray into electric motors required in the defence sector. With an order book already in hand and firm plans for product portfolio expansion, Matel is looking forward to exceeding Rs 100 crore in annual sales by next year.

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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.

IndiGrid raises $4 Mn led by Cactus Venture Partners

EntrackrEntrackr · 3m ago
IndiGrid raises $4 Mn led by Cactus Venture Partners
Medial

IndiGrid raises $4 Mn led by Cactus Venture Partners Electric vehicle (EV) component maker IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. Electronics systems design and manufacturing startup IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. The proceeds will be allocated towards expanding production capacity and offerings, enhancing automation, ramping up hiring and broadening presence both in India and other global markets, IndiGrid Technology said in a press release. Co-founded in 2015 by Sameer Narang and Rishab Puri, IndiGrid Technology is a full stack electronics component manufacturer with in-house design and manufacturing capabilities. The electronics system design and manufacturing (ESDM) startup makes battery packs, motor controllers, vehicle control units, components for EV drivetrains, among others. “Having matured in the automotive industry, we have diversified to increase our product portfolio by acting on the evidently growing market traction in the consumer goods sector where we began acquiring some key clients,” said Sameer Narang, co-founder of IndiGrid Technology. The latest round comes more than a year after Cactus Partners led IndiGrid’s $5 million Series A round in June 2024. Since then, the company has diversified into consumer electronics and now also caters to companies like Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, among others. IndiGrid reported a revenue of Rs 108.5 crore in the fiscal year 2024-25 (FY25) and it is targeting a top line of Rs 350 crore to Rs 380 crore in FY26. It claims to operate at high single-digit EBITDA margin and projects to clock double-digit EBITDA margin growth in the next couple of years.

Ace Turtle raises $5 Mn in bridge round led by Vertex Holdings

EntrackrEntrackr · 11d ago
Ace Turtle raises $5 Mn in bridge round led by Vertex Holdings
Medial

Tech-led retail firm Ace Turtle has raised $5 million in a bridge funding round led by its existing investor Vertex Holdings. The company’s co-founders Berry Singh and Nitin Chhabra also participated in the round. The new round has come after a gap of two years for the Bengaluru-based company. It has raised $48 million to date, including a $34 million round led by Vertex Ventures in May 2023 and a $4 million pre-Series B round in July 2019. The proceeds will be used to support working capital needs, expand the company’s offline retail presence, and extend runway as Ace Turtle prepares for a larger fundraising round next year. Ace Turtle operates and distributes global apparel brands in India, including Lee, Wrangler, and G-Star Raw, across online and offline channels. The firm has been expanding its physical store network while tightening costs amid slower demand in discretionary retail. The company is targeting EBITDA breakeven by December 2025 and aims to turn EBITDA positive over the next few financial years as it scales its omnichannel retail operations.

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