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EV charging infra startup Charge Zone scoops up $19 Mn

EntrackrEntrackr · 1y ago
EV charging infra startup Charge Zone scoops up $19 Mn
Medial

Electric vehicle (EV) charging network Charge Zone has received a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. In March last year, the Vadodara-based startup scooped up $54 million in its Series A1 funding round led by BlueOrchard Finance. Charge Zone will use the funds for expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India, the company said in a press release. It also plans to roll out more than 1,500 supercharging stations over the next 18 months and reach a portfolio of over 10,000 charging stations by 2027. Led by Kartikey Hariyani, the six-year-old Charge Zone provides super-fast EV charging with more than 3,200 points across more than 400 locations in India and UAE. The firm has tied up with several OEMs and e-mobility companies including Hyundai, Mahindra & Mahindra, Ashok Leyland, Volvo Eicher, Tata Motors, Marriott, Hyatt, Fortune, and Landmark Group. Charge Zone added that the investment from BII is a part of their long-term plan to create a network of one million charging points for all 4W categories of vehicles including cars, buses and trucks by 2030. It will focus on key markets such as Delhi, Ahmedabad, Mumbai, Pune, Hyderabad, Bengaluru and Chennai. For the fiscal year ended in March 2023, the company reported nearly three fold jump in its operating revenue to Rs 46.93 crore, according to startup data intelligence platform TheKredible. During the period, its losses surged two fold to Rs 9.89 crore. In the rapid EV charging space, it competes with ElectricPe, Bolt.Earth, Ather Energy, BluSmart, Magenta Power, among others.

Business and political leaders pay tribute as Ratan Tata passes away | Mint

LivemintLivemint · 9m ago
Business and political leaders pay tribute as Ratan Tata passes away | Mint
Medial

- Former chairman of the Tata group, Ratan Tata, passed away at the age of 86, leaving behind a profound impact on India Inc. - Prime Minister Narendra Modi expressed his condolences, praising Tata as a visionary business leader and an extraordinary human being. - Fellow business tycoons, including Mukesh Ambani, Gautam Adani, Sundar Pichai, and Uday Kotak, also mourned the loss and acknowledged Tata's contributions to India. - Tata had previously clarified rumors about his health on social media, stating that he was undergoing age-related medical check-ups. - Various political leaders, such as Rahul Gandhi, Nitin Gadkari, Mamata Banerjee, and Amit Shah, and corporate figures like Anand Mahindra and Kumar Mangalam Birla, paid their respects to Tata and his impact on the Indian economy. - The public was invited to pay their last respects and homage to Tata at the NCPA Lawns in Mumbai.

Toothsi parent MakeO set to raise funds at 50% valuation cut

EntrackrEntrackr · 2m ago
Toothsi parent MakeO set to raise funds at 50% valuation cut
Medial

MakeO, the parent of dental tech startup Toothsi and skincare brand Skinnsi, to secure Rs 54.7 crore (around $6.43 million) fresh funding round led by existing investors Siddharth Shah (Co-founder & CEO of Pharmeasy) with the participation of Mahendra Shah. Existing backers including 360 One, Eight Roads Ventures, Paramark Ventures, Ashish Kacholia and others also joined the round. The board at makeO passed a special resolution to approve the issuance of 5,80,072 CCPS at an issue price of Rs 943.7 each to raise the sum, which is around 57% lower than its previous round of funding, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Siddharth Shah will lead the Rs 20 crore investment round, followed by Mahendra Shah and 360 One, who will each contribute Rs 10 crore. Paramark Ventures and Eight Roads Ventures will invest Rs 4.35 crore each, while the remaining amount will be covered by Ashish Kacholia, Siddhant Partners, and R.B.A Finance & Investment Co. The company has already received Rs 10 crore from Mahendra Shah, with the remaining amount expected to follow soon. The filings further noted that the company plans to utilize the fresh capital for general corporate purposes. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi. In September 2022, it merged its flagship brands, Toothsi and Skinnsi to launch MakeO, offering dental, skin, and hair treatment solutions under a single platform. The Anushka Sharma and Virat Kohli-backed company will be valued at Rs 1,055 crore ($124 million), marking a valuation cut of over 50% compared to its previous $16 million funding round in January 2024 led by 360 One, which valued the company at around Rs 2,231 crore or $ 265 million. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $90 million to date including $40 million raised in Series C round in May 2022. While the company is yet to disclose its FY25 figures, its operating revenue in FY24 saw a marginal increase to Rs 179 crore. However, it reduced its losses by 32% to Rs 150 crore during the same period.

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