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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.

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Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz

EntrackrEntrackr · 4m ago
Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Medial

Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.

EV financing startup Perpetuity Capital raises Rs 7 Cr

EntrackrEntrackr · 1y ago
EV financing startup Perpetuity Capital raises Rs 7 Cr
Medial

Perpetuity Capital, a fintech platform specializing in clean-tech mobility, has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. Perpetuity Capital plans to utilise these funds to enhance its lending capabilities and expand its loan book, particularly focusing on the regions of East India. This strategic move is aimed at promoting the adoption of environmentally friendly mobility solutions in these states. Led by Karamveer Dhillon, Perpetuity Capital helps delivery drivers and autorickshaw drivers avail finance to purchase electric vehicles for commercial use. In October 2023, Perpetuity Capital raised Rs 5 crore in debt from Clime Finance. In the electric vehicle financing space, Perpetuity Capital competes with Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Revfin raised $14 million in Series B round led by Omidyar Network in December whereas Vidyut raised $10 million in February this year.

EV financing startup Vidyut raises $5 Mn in Series A

EntrackrEntrackr · 1y ago
EV financing startup Vidyut raises $5 Mn in Series A
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $5 million or Rs 40 crore in its Series A round. This is the first round of investment for the Bengaluru-based company this year. The board at Vidyut has passed a special resolution to issue 6,185 Series A CCPS at an issue price of Rs 64,690 per share to raise $5 million or R 40 crore, its regulatory filing accessed from the Registrar of Companies shows. 3one4Capital spearheaded the round with Rs 22.2 crore while Zephyr Peacock India Fund and Saison Capital pumped in Rs 7.1 crore and Rs 8 crore respectively. LetsVentures, Angellist, and high-profile angles including Sujeet Kumar and Rajiv J Chaudhri cumulatively poured Rs 2.7 crore during the round. As per the data intelligence platform TheKredible, the company has been valued at around Rs 148 crore or $18 million post-allotment. Following the fresh proceeds, 3one4Capital became the largest external stakeholder with 15% followed by Zephyr Peacock India Growth Fund and Saison Capital which commands 13.96% and 5.41% respectively. Head to TheKredible for the complete captable. Vidyut has further passed a resolution to expand its ESOP pool by adding 768 fresh options which increased its pool size to 1,879 Esops. As per TheKredible estimates, its ESOP pool is now worth Rs 12.1 crore. The company had closed its seed round of $4 million in a mix of equity and debt led by Force Ventures, Veda VC, and a group of marquee angles including Sujeet Kumar, Kunal Shah, Shriharsha Majety, and others. Founded in 2021, Vidyut focuses primarily on serving commercial vehicle fleet owners. The company offers electric vehicle (EV) financing and ownership plans designed to mitigate the risks associated with owning a battery. The two years old company is in the pre-revenue stage which posted an income of Rs 68 lakh with a loss of Rs 3 crore during the previous fiscal year ended March 2023. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. Recently, Revfin raised $14 million in Series B round led by Omidyar Network.

Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital

EntrackrEntrackr · 1d ago
Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital
Medial

Exclusive: R for Rabbit to raise $27 Mn in primary and secondary capital D2C baby products brand R for Rabbit is raising Rs 110 crore (around $13 million) primary capital in a Series B round led by Filter Capital, with participation from 3one4 Capital. As per the company’s regulatory filings sourced via the Registrar of Companies, the board passed a special resolution to issue 1,839 Series B CCPS at an issue price of Rs 5,98,202 per share to raise the above sum. Filter Capital will lead the primary round with an infusion of Rs 70 crore, while 3one4 Capital will chip in with Rs 40 crore in the new round. Alongside the primary round, the company also facilitated a secondary transaction, enabling early investor Xponentia Capital to fully exit with Rs 120 crore, according to regulatory filings reviewed by Entrackr. The exit was led by 3one4 Capital. As per estimates, Xponentia earned a 3X return on its investment in 2021. Prior to the Series B round, R for Rabbit has secured a total of Rs 40 crore from Xponentia Capital partners. In 2023, Negen Capital also invested in the direct-to-customer baby care brand. R for Rabbit declined to comment on the story, while queries sent to 3one4 Capital remained unanswered at the time of publishing. The company will use the funds for the expansion of the business, the filing further added. According to Entrackr’s estimates, R for Rabbit has been valued at approximately Rs 850 crore ($100 million) post-money. Post this round, 3one4 Capital has emerged as the largest external stakeholder with a 14.12% stake, followed by Filter Capital at 10.6%. Co-founders Kunal and Kinjal Popat collectively retain 69.2%. Founded by husband-wife duo Kunal and Kinjal Popat, R for Rabbit caters to the baby products segment with a wide range of offerings, including strollers, car seats, high chairs, and more. According to its website, the company has more than 2,000 offline channel partners and has a customer base of more than 5 million parents. While R for Rabbit has yet to file its FY25 number, its revenue from operations grew 31% year-on-year to Rs 170 crore, with net profits of Rs 2.21 crore during the fiscal year ended March 2024 (FY24).

Exclusive: Kapiva raises $10 Mn from existing investors

EntrackrEntrackr · 9m ago
Exclusive: Kapiva raises $10 Mn from existing investors
Medial

Homegrown D2C ayurvedic nutrition brand Kapiva has raised Rs 83.5 crore (approximately $10 million) led by OrbiMed Asia with the participation of 3One4 Capital and Vertex Ventures. The board at Kapiva has passed a special resolution to issue 5,62,631 compulsory convertible preference shares to raise the aforementioned sum, its regulatory filing sourced from the Registrar of Companies shows. OrbiMed Asia led the round with Rs 52.2 crore, while 3One4 Capital and Vertex Ventures participated with Rs 11.96 crore and Rs 19.33 crore, respectively. The fresh funding appears to be part of Kapiva’s Series C round, in which the firm is aiming to raise a total of Rs 250 crore. Entrackr exclusively reported about Kapiva’s Series C round in Nov 2022. With the fresh tranche, the firm has raised Rs 132 crore in the ongoing round. It had already raised Rs 48.75 crore ($6 million) in Series C from OrbiMed and other existing investors back in October 2022. Kapiva has also increased its ESOP size by adding 1,415,00 new employee stock, bringing the total ESOP pool to 4,47,741, separate filing shows. As per the Entrackr estimates, its ESOP pool size is now worth Rs 66 crore. Kapiva will use these funds for the expansion and development of the company. Kaviva has raised over $30 million to date and has notable investors including Jetty Ventures, Fireside, OrbiMed, 3One4Capital, and others. According to the startup data intelligence platform TheKredible, the company has been valued at around $80 million post-allotment. Founded in 2015, Kapiva is an ayurvedic nutrition brand that offers natural and organic health and skincare products for hair fall, weight loss, digestion, diabetes in the form of juices, tea, oils, shakes et al. During the fiscal year ended March 2023, Kaviva registered 87% year-on-year growth to Rs 116.48 crore with a loss standing at Rs 64.5 crore in the same period. Kapiva is yet to file its annual results for FY24. While the D2C ayurveda space is crowded with plenty of organized brands, Upakarma Ayurveda, and Dr. Vaidya’s, Varalife, among others are Kapiva’s notable competitors.

Jobizo raises $1.4 Mn led by Alkemi Growth Capital

EntrackrEntrackr · 4m ago
Jobizo raises $1.4 Mn led by Alkemi Growth Capital
Medial

Jobizo raises $1.4 Mn led by Alkemi Growth Capital Healthcare HRtech firm Jobizo has raised $1.4 million in its pre-series funding round led by Alkemi Growth Capital. This investment follows the $500,000 seed funding round led by AROA Ventures in 2022. The proceeds will be used to create 100,000 healthcare jobs in India and 3,000 jobs abroad within the next 18 months and aims to complete 10 million job hours over time. Co-founded by Naveen Trehan and Avishek Agarwal, Jobizo is an AI-powered platform that connects employers with skilled professionals. The platform has contributed to over 10 million additional patient care hours in India. By using its expanding investor network and market expertise, Jobizo aims to create a welcoming environment for the workforce and tackle skill gap issues. Post seed round, Jobizo's growth claims to have grown over 500%, facilitated over 20,000 jobs in India and international countries, and helped fill over 10 million job hours.

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