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Bharat Forge-backed Tork Motors raises $6 Mn in new round

EntrackrEntrackr · 1y ago
Bharat Forge-backed Tork Motors raises $6 Mn in new round
Medial

Electric vehicle manufacturing startup Tork Motors has raised Rs 50 crore or $6 million from Maxis Capital. It will be the second institutional round for the Pune-based company after a gap of two-and-a-half years. The board at Tork Motors has passed a special resolution to issue 1 equity and 6,912 CCPS at an issue price of Rs 72,425 each to raise Rs 50 crore or $6 million, its regulatory filing accessed from the Registrar of Companies shows. Each preference share issued to the new investor (Maxis Capital) will convert into 1 equity share subject to the relevant conversion period, the filings further added. Established in 2010, Tork Motors is an electric two-wheeler manufacturer renowned for its flagship product, Kratos R. The company initially launched its units in Mumbai and Hyderabad and currently boasts a monthly production capacity of 4,000-5,000 units. The company had plans to broaden its geographical reach and target 70–100 cities by 2023 end. In October, Tork Motors announced its partnership with EV software and charging infra provider Bolt.Earth to provide 30,000 charging points to its customers. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 370 crore or $45 million post-allotment. Tork Motors has raised around $16 million across rounds. Bharat Forge is the largest stakeholder with 52.46% followed by Maxis Advisors which owns 13.51%. Its founder and chief executive officer Kapil Shelke commands 19.42% of the company. Head to TheKredible for the complete shareholding pattern. Tork Motors’ operating revenue jumped sevenfold to Rs 35.5 crore in FY23 from Rs 4.5 crore in FY22. During the period, the company’s losses saw a 5.7X spike to Rs 47.9 crore in FY23 from Rs 8.34 crore in FY22. Tork Motors competes with the likes of Ultraviolette Automotive, Revolt and Pure EV.

Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

How Tata turned TaMo into a global auto powerhouse

LivemintLivemint · 10m ago
How Tata turned TaMo into a global auto powerhouse
Medial

- Ratan Tata transformed Tata Motors from a domestic truckmaker into a global automotive powerhouse. - He spearheaded the creation of the Tata Nano, the world’s cheapest car, which redefined affordable mobility for the Indian consumer. - Under his leadership, Tata Motors launched the Indica, India's first indigenously developed passenger car, showcasing India's emerging capabilities in car manufacturing. - Despite its commercial failures, the Tata Nano exemplified Tata's visionary approach and his desire to solve real-world problems through innovation. - Ratan Tata's most celebrated move was the acquisition of Jaguar and Land Rover (JLR) from Ford, which turned JLR into a significant contributor to Tata Motors' revenue. - He positioned Tata Motors as a leader in the electric vehicle (EV) revolution, making them a frontrunner in India's green mobility movement.

How Ratan Tata transformed Tata Group — a timeline | Mint

LivemintLivemint · 10m ago
How Ratan Tata transformed Tata Group — a timeline | Mint
Medial

- Ratan Tata, former chairman of Tata Sons, has been instrumental in establishing Tata as one of India's most recognizable brands. - Ratan Tata passed away at the age of 86 after being in critical condition at a Mumbai hospital. - He joined the Tata Group in 1962 and became the Chairman of Tata Industries in 1981, where he played a key role in promoting new ventures in high-tech businesses. - Ratan Tata introduced Tata Salt as India's first national branded salt in 1983, revolutionizing the market. - He became the Chairman of Tata Sons and Tata Trusts in 1991, succeeding Jehangir Ratanji Dadabhoy (JRD) Tata. - Under his leadership, Tata Motors acquired Jaguar-Land Rover from Ford Motors in 2008, making a successful foray into the luxury car segment.

Ratan Tata's impactful investments in 9 start-ups

YourStoryYourStory · 1y ago
Ratan Tata's impactful investments in 9 start-ups
Medial

As Ratan Tata turns 86, here's a look at nine startups he has invested in: 1. Goodfellows: Promotes inter-generational friendships by connecting seniors with empathetic young companions. 2. Ola/Ola Electric: Ratan Tata has invested in both the cab aggregator service and its electric mobility venture. 3. Paytm: A digital payments platform where Tata's investment secured him a strategic advisory role. 4. Snapdeal: An online marketplace with a diverse array of products, where Tata holds a stake. 5. CarDekho: An auto search platform revolutionizing the car-buying experience. 6. Cure.fit: A health and fitness startup with a holistic approach to wellness. 7. Zivame: An online lingerie startup known for its engaging marketing campaigns. 8. Lenskart: An eyewear retailer where Tata acts as a mentor and advisor. 9. YourStory: The first media organization to receive funding from Ratan Tata. Tata's investments are driven by admiration for the mission and vision of these startups.

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