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VoltUp raises $8 Mn in seed funding round

EntrackrEntrackr · 5m ago
VoltUp raises $8 Mn in seed funding round
Medial

VoltUp, a mobility-as-a-service (MaaS) platform and battery-swapping startup, has raised $8 million (Rs 67 crore) in a seed funding round, comprising equity and debt, which was led by EM Impact Capital. The Mumbai-based company had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage. Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Operating in 14 cities, VoltUp’s technology-first approach integrates AI and data analytics to optimize station locations, monitor battery performance in real-time, and predict user demand, offering a safer, more efficient, and time-saving alternative to traditional charging. With a core focus on safety, health, and efficiency (SHE), VoltUp claims to deliver a more sustainable mobility experience, making densely populated cities smarter and more connected. Through its Mobility-as-a-Service (MaaS) network, the startup empowers delivery agents, gig workers, and small businesses with reliable electric 2-wheelers powered by proprietary swappable battery technology. VoltUp plans to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. It claims that its revenue has grown by over 4 times in the last 12 months and plans to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption and reducing range anxiety. Over the next two years, VoltUp aspires to invest in assets worth over $85 million, including swapping stations, batteries, and expanding the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.

MapMyIndia accuses Ola Electric of copying data; sends legal notice

EntrackrEntrackr · 11m ago
MapMyIndia accuses Ola Electric of copying data; sends legal notice
Medial

CE Info Systems, the parent company of MapMyIndia, has sent a legal notice to Ola Electric for allegedly copying the former’s data as the Bhavish Aggarwal-led firm launched its own mapping service in India. In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter. As per MapMyIndia, Ola was prohibited from co-mingling the licensed product with another similar competing product and indulging in any reverse engineering or making any attempt to extract/ copy the source code from any API of the licensed product or any related software. Ola Maps cached, saved our data which is a violation of the licensing agreement signed in 2021, asserts MapMyIndia in the notice. The Delhi-based firm also added that it will initiate appropriate legal action, both civil as well as criminal, against Ola Electric. Entrackr has reviewed the notice and reached out to Ola and MapMyIndia for comments. Forbes India reported the development first. Earlier this month, the Bengaluru-based firm launched Ola Maps as an alternative to Google Maps. The firm also shifted its operations to its in-house mapping service by transitioning from Google Maps. As per Aggarwal, this measure is expected to save Rs 100 crore a year his company. In response to Ola Maps’ free offerings, Google also slashed the pricing of Google Maps platform for developers in India by as much as 70%. The tech giant also said that it will give a 90% discount to developers working with the Open Network for Digital Commerce (ONDC). MapMyIndia was listed on the stock exchange in December 2021. The company reported a 35% surge in its net profit to Rs 38.2 crore in the last quarter of FY24 with an operating revenue of Rs 106 crore. Ola Electric is also set for the stock market debut on August 2.

Eternal Capital and Mamaearth’s Ghazal Alagh back Dressfolk

EntrackrEntrackr · 5m ago
Eternal Capital and Mamaearth’s Ghazal Alagh back Dressfolk
Medial

Dressfolk, a handloom clothing brand, has secured a fresh round of undisclosed funding led by Eternal Capital, along with D2C founders Ghazal Alagh (founder, Mamaearth) and Dhruv Koli (founder, Boba Bhai), with participation from Nobody Ventures and Eagle Wings Ventures. The round also saw participation from 3 Peaks Ventures joined the round with existing investors All In Capital, Sidhant Keshwani (of Libas) and Vidur Kataria (of Master Chow). The proceeds will be used to enable it to rapidly expand its offerings beyond sarees and build a broader portfolio of contemporary Indian wear. Earlier in October 2023, the brand had raised Rs 3.3 crore in its seed round led by All-In Capital and others. Founded by Nitin Mehrotra in 2017, Dressfolk focuses on empowering local artisans and sustainable fashion. Having grown close to 200% in FY24, Dressfolk claims to have an AOV (average order value) of over Rs 7,000. Currently, it collaborates with a network of over 800 weavers and 120 artisans across six states. Besides its website, the brand has scaled its distribution through leading marketplaces such as Aza Fashions, Nykaa, and Myntra, while also hosting pop-ups across India.

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