Tag: Startups

Pune-based EV startup Matel raises $4 million in Series A to proprel expansion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a boost to India’s burgeoning electric vehicle (EV) and energy solutions sector, Pune-based startup Matel has successfully secured $4 million in Series A funding. The investment round was led by Transition VC, with notable contributions from Nikhil Kamath’s Gruhas and Haresh Abichandani, Founder of Millenium Semiconductor. This financial infusion, facilitated by Steer Advisors as the sole Transaction Advisor, is set to propel Matel’s innovative endeavors in the mobility and energy landscape.

Established in 2017, Matel has carved a niche for itself in the design and manufacture of synchronous machines and motor controllers. These products find extensive applications across various domains, including e-mobility, industrial operations, agricultural pumping, and the HVAC sector. Leveraging its expertise in high-efficiency electric motors and controllers, Matel has emerged as a full-stack powertrain solution provider for Original Equipment Manufacturers (OEMs) in the EV and industrial sectors.

Matel’s product line includes motors, motor control units, vehicle control units, transmissions, and battery management systems, catering to a wide range of EVs from two-wheelers to buses and off-road vehicles.

Speaking on this milestone, Founder Mahesh Toraskar highlighted Matel’s commitment to driving positive change and delivering value through their products and partnerships. The company plans to utilise the raised capital for scaling up production, new product development, and expanding its R&D capabilities over the next three years. With ambitious plans for product expansion and a strong order book, Matel is poised to exceed ₹100 crore in annual sales by next year.

Transition VC’s Co-founder & Managing Partner, Raiyaan Shingati, expressed confidence in Matel’s leadership and its critical role in the EV value chain. Nikhil Kamath of Gruhas lauded Matel’s unique position in powering the EV movement with their sustainable electric drivetrains and motor controllers.

Also read: Blockchain gaming startup OneTo11 looks at global expansion

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Swiggy IPO: A ‘confidential’ filing is already on SEBI’s table

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian food and grocery delivery giant Swiggy filed for its much-awaited initial public offering (IPO) through the confidential route more than two weeks ago.

Norwest Venture, one of the investors in Swiggy, confirmed the filing in an interview with CNBC-TV18.

The Bengaluru-based startup has the shareholder approval to raise ₹10,414 crore ($1.2 billion), of which shares worth ₹3,750 crore will be fresh issue and the remaining ₹6,664 crore will be stake sale by existing investors.

The ten-year-old startup is now awaiting the approval from the market regulator i.e. the Securities and Exchange Board of India (SEBI).

🚨 @Swiggy files its #IPO papers with Sebi via confidential route. The move took place two weeks ago, sources confirmed to @CNBCTV18News. #Swiggy in April received the approval from shareholders for a $1.2Bn IPO, according RoC filings. pic.twitter.com/aB6MO6mJJn

— Young Turks (@CNBCYoungTurks) May 15, 2024

Swiggy’s last reported valuation was $12.7 billion in April 2024. ” It is an anticipated IPO, and it’s a household name. I am waiting for this blockbuster to come out,” Niren Shah, Managing Director and India Head at Norwest Venture Partners, told CNBC-TV18.

You can watch the interview here:

Sriharsha Majety, Nandan Reddy and Rahul Jaimini, who started Swiggy on August 1, 2014, hold 4%, 1.6% and 1.2% stake, respectively, according to data from Tracxn. It took nearly a decade years for the company’s first venture, the food delivery unit, to turn profitable.

The decacorn reported ₹8,265 crore in revenue in FY23. More than 82% of the revenue came from food delivery and the remaining from the quick commerce venture called Instamart.

These are some of Swiggy’s biggest shareholders: 

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exploring AI’s impact on policy, innovation, and industry at AI Alliance NCR Chapter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s artificial intelligence (AI) market is experiencing unprecedented growth, poised to reach $17 billion by 2027, with an annual growth rate of 25-35% from 2024 to 2027. This surge is propelled by innovative applications across healthcare, customer service, and more, underpinned by advancements in AI chips and edge computing. Integrating blockchain and IoT continues to push the boundaries of technological innovation, solidifying AI’s role in India’s digital transformation.

And Delhi-NCR is central to this revolution, emerging as a major tech and startup hub. With over 7,000 startups, including 10 unicorns, and a thriving ecosystem conducive to AI adoption and innovation, the region is ideally positioned to host the CNBC-TV18 and Moneycontrol AI Alliance NCR Chapter on May 17 in Gurugram. This vibrant ecosystem’s potential is further underscored by TiE’s Vision 2025, which projects Delhi-NCR to be among the top 5 global startup hubs, with more than 12,000 active startups, 30 unicorns, and a total valuation exceeding $150 billion, signalling a promising future for innovation in the region.

Following the remarkable success of previous chapters in Bengaluru and Pune, the AI Alliance NCR event is set to delve deeper into AI’s transformative impact across various sectors. This gathering in NCR will bring together industry leaders, innovators, and visionaries to discuss AI’s extensive implications for sectors such as healthcare, finance, education, and more.

Esteemed speakers, including S Krishnan, Secretary of the Ministry of Electronics & Information Technology, and Abhishek Singh, Additional Secretary, will offer insights into the strategic integration of AI within national frameworks and its role in policy and economic development. Alongside them, tech leaders like Rajan Anandan and Kunal Bahl will share their expertise on leveraging AI for entrepreneurial growth and startup scalability.

Additionally, the event will feature Rafee Tarafdar, Chief Technology Officer at Infosys, discussing AI’s potential to disrupt or enhance the IT industry, and Prateek Maheshwari from Physics Wallah, alongside Mayank Kumar from UpGrad, who will explore AI’s transformative effects on education. Hemant Mohapatra, a partner at Lightspeed, will discuss building scalable AI solutions that cater to India’s vast demographic needs.

As Delhi-NCR continues to ascend as a global innovation hub, the AI Alliance NCR chapter will represent an invaluable opportunity for professionals to engage with the forefront of technological innovation. You will leave with actionable knowledge and insights that could shape the future of your enterprises and the broader tech ecosystem.

For more details visit: https://www.moneycontrol.com/msite/global-ai-conclave/gurugram

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

D2C companies big bet on omnichannel route to grow their business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s retail market presently stands at a staggering $1 trillion, representing almost a third of the nation’s GDP. Projections indicate that 2030 this value is expected to exceed $2 trillion.

A report by Accel, Fireside and Redseer predicts that 90% of consumption will continue to occur offline. Surprisingly, online penetration will only increase marginally from 7% to approximately 10% by the decade’s end.

So is the era of click-and-order fading in the face of brick-and-mortar’s long-standing reign? Not at all, asserts the report. It’s not about “online versus offline” but rather a shift towards “online and offline,” where the shopping journey—uniquely Indian — is characterised by a mix of traditional values and modern conveniences.

A prime example of this model in action is seen in omnichannel jewellery brands like BlueStone or CaratLane. Customers discover designs online and then evaluate fit and comfort in-store.

This new market expects you to be where the consumer is. The leaders of India’s D2C revolution — Nykaa, Mamaearth, Lenskart, FirstCry — have embraced this concept and are leading by example.

From fast fashion to pet care and smart mattress makers, D2C startups that raised funding in 2023 and 2024 have all outlined a strategic offline expansion roadmap. And now they must walk a more agile, flexible, and responsive journey than their predecessors. And at what cost? What is the playbook for taking your business offline in many cases these young companies are competing with legacy brands and conglomerates. And importantly at a time when we have seen the focus on profitability – how much cash burn is kosher?

To discuss this, CNBC-TV18, spoke to Prashanth Prakash, Partner at Accel, Kanwaljit Singh, Managing Partner and Founder of Fireside Ventures, and Gaurav Singh Kushwaha, Founder & CEO, Bluestone.

Watch this video for more.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Elon Musk’s xAI nears funding at $18 billion value soon as this week

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk’s artificial intelligence startup X.AI Corp. is set to close its funding round at a valuation of about $18 billion as soon as this week, according to people familiar with the matter.

The size of the round hasn’t been finalised, the people said, asking not to be identified as the information isn’t public. The maker of AI chatbot assistant Grok was set to raise $6 billion in the round, whose participants include Sequoia Capital, Bloomberg News has reported.

Deliberations are ongoing and details such as the valuation and timing could still change, the people said. Representatives for Musk’s social network X, formerly known as Twitter, didn’t immediately respond to requests for comment.

The funding round for the OpenAI rival was being marketed via a pitch deck highlighting potential selling points for investors, touting Musk’s track record at Tesla Inc. and SpaceX, and noting that xAI will be able to train on the high-quality data from X, a person familiar with the matter has said.

Having access to data is crucial for building large language models, the technology that powers AI chatbots, an area where xAI aims to compete with other well-funded businesses such as OpenAI.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stride Ventures wraps up $165 million India Fund III, eyes diverse investments across key sectors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Venture debt firm Stride Ventures has announced the closure of its India Fund III at $165 million, achieved within a year of the first close in 2023. This third fund has a diverse mix of investors, that includes insurance companies, family offices, corporate treasuries and high networth individuals.

Discussing the strategic direction for Fund III, Apoorva Sharma, Managing Partner at Stride Ventures said, “The idea is to invest in about 50 to 60 companies across the length and breadth of the startup ecosystem. In terms of sector focus, for US consumer has been a primary sector for us and around 40% of our earlier two funds has also been consumer. So it will still remain one of our priority sectors. I would say consumer financial services and clean tech which encompasses whether it’s companies in the solar space or EV space, etc. So these three sectors will be priority to us and about 55 to 60 companies that we intend to invest over the course of next one year out of Fund III.”

Retail tech startup, Daalchini Technologies, through its smart vending machines, is offering 24/7 convenience to customers. The firm extended its reach to over 200 brands. Since its inception, the company has grown about 22% to 24% on a quarterly basis.

Daalchini which provides instant meals through IoT-enabled physical vending machines has a presence across 100 sites which include startups, co-working spaces, MNCs, hospitals and more. CNBC-TV18 spoke to Prerna Kalra, Co-Founder & CEO of Daalchini Tech to find out more about their growth plans.

If you are thinking of jumping a traffic junction, think twice! Artificial intelligence will capture your violation and track you down for a challan. But, who is enabling the police? Well, it’s a Hyderabad-based and T-hub incubated startup called Pushpak AI, which is not only helping the police, it has another technology that will help you stay less irritated on the Indian roads. CNBC-TV18’s Akhil Vishwanath gets more details.

Watch this video for more.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Steve Wozniak’s space firm, Privateer, buys Orbital Insight, raises $56.5 million

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Apple co-founder Steve Wozniak’s space data startup, Privateer, has raised $56.5 million and also acquired the analytics firm Orbital Insight, a merger that will add mapping and intelligence services to Privateer’s space data offerings, Privateer’s CEO told Reuters.

Privateer, founded in 2021 to help satellite operators navigate in Earth’s increasingly crowded orbit, closed its Series A funding round in April, led by space-focused venture capital firm Aero X Ventures with other investors including Luxe Capital, Boca, Starburst, and the Winklevoss twins. The news is expected to be announced later on Monday.

Orbital’s TerraScope Earth observation platform, designed to be a vast search engine based on recently captured satellite imagery from other companies, will combine with Privateer’s satellite-tracking software.

The new funding allowed Privateer to close a deal to buy Palo Alto-based Orbital Insight on April 14, Privateer’s CEO, Alex Fielding, said. Orbital, which fuses various sources of data such as cell phone location and satellite imagery as its intelligence offerings to customers, had been backed by Sequoia and Google Ventures.

Fielding declined to disclose the value of the combined entity or the price of Orbital Insight.

Privateer’s acquisition will expand its offerings after revenue prospects in the space situational awareness (SSA) market were limited, Fielding said. SSA is a nascent corner of the space industry akin to air traffic control but for satellites in space. Such services are deemed crucial for satellite navigation given there are no international norms to control a soaring amount of space traffic.

“It’s not really a market, it’s actually a bunch of companies that have been providing a stopgap for the fact that the government hasn’t provided a service for space traffic management,” Fielding said in an interview last week.

Privateer is offering its SSA services to satellite imagery companies to help them task targets on Earth and manoeuvre their satellites around space junk in exchange for the hordes of satellite imagery ordered by their customers that could make for a near real-time mapping and intelligence service.

That imagery will funnel into a new platform that Fielding expects to release publicly in the next six months or so.

“You take the image once, you should be able to sell it a million times, for a fraction of the acquisition price,” Fielding said, referring to the satellite imagery companies with whom Privateer is working to integrate their data.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

A Delhi couple with ₹16 lakh govt grant to make biodegradable pens is now inviting bigger peers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saurabh and Shivani Mehta’s startup, NOTE (No offence to Earth), began research on biodegradable pens in 2019 and made a breakthrough this year.

Now, they have a ₹16 lakh government grant, under the Startup India programme, and a product ready for launch on World Environment Day (June 5). “We need to collaborate with bigger players. If ball pen makers with bigger manufacturing capacities and distribution collaborate with us, we can solve the problem faster,” Saurabh, an engineer from Bharatiya Vidyapeeth in New Delhi, said. 

Shivani, the co-founder and product designer at NOTE, has another startup called Daakroom, aiming to revive the art of handwritten communication, which was featured on an episode of Shark Tank earlier this year.

A pen with (almost) no plastic

Conventional pen manufacturing involves a significant amount of plastic, which hurts the environment. While there are sustainable alternatives for the pen’s body, NOTE’s research focused on a more challenging aspect: the refill. They have replaced the plastic in the refill with a biodegradable barrier made from vegetable oil, ensuring the refill’s longevity for up to 18 months. 

The latest breakthrough, made in 2024 after four years of research, addressed the problem of longevity by using vegetable oil as a barrier inside the refill, stopping the ink from leaking. 

Is it better to use wood instead of plastic when making pens? “Plastic came as a replacement for wood. Replacing plastic with wood will only create another problem. It’s not a solution,” Mehta explained. 

“Due to limited capacity, we aim to sell 1-2 million pens this year,” said Saurabh, adding that their bootstrapped venture would need more money to scale up capacity. 

The pen industry in India

Globally, the market size for pens is estimated at $20 billion. Crisil estimated the Indian pen market at ₹10,000 crore, 80% of which is organised, as of October 2023.

Raw materials make for 60-65% of the cost, most of which goes into polypropylene, and the operating profit for the financial year ending March 2024 was estimated at 13%. 

NOTE’s biodegradable pens are priced between ₹25 and ₹500, but the founders believe the cheapest pen can be made available at ₹5-10 once the volumes pick up in the future. 

While the price of pens have largely remained largely the same for over a couple of decades, their sales have grown. Up until 2018, 60% of all pens sold in India were priced under ₹10. 

“However, post 2018 with the launch of Pentonic (made by Linc Pens), the industry witnessed a change in mix with the contribution of pens cheaper than ₹10 reducing to 40%, pens in the price range of ₹10-50 forming 35-40% of the market (vs 20-25% earlier), while the remaining share coming from premium and luxury pens which are priced over ₹100,” Systematix, a Mumbai-based broking firm, said in a September 2023 report. 

With inputs from Local18

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Anthill seeks $100 million for private credit cross fund

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian-based firm Anthill Ventures plans to launch a hybrid fund focused on the startup sector as investors flock to the Asian nation amid a slowdown in the Chinese economy.

The company plans to raise $100 million for a cross private credit and equity fund to finance Indian startups geared toward consumer experiences, wellness, and entertainment, Founder and Chief Executive Officer Prasad Vanga said in an interview Monday.

The US dollar-denominated portfolio will be composed of technology startup companies and consumer brands, said Vanga. Financing for the brands will likely be in the form of debt, with the option to convert it into an equity stake once the company successfully scales up, he added.

The $1.7 trillion global private credit market has become a serious rival to mainstream lending, attracting investors by offering higher rates of returns. India has become a hotbed for private credit activity, as global firms including Cerberus Capital Management LP and Varde Partners LP seek to tap into what’s viewed as Asia’s largest growth market.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Deep Tech, Gen AI and Climate Tech to be the big focus for early stage investors in 2024: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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About 77% of Indian investors expect higher deal flow in 2024 with a closer focus on DeepTech, Gen AI and Climate Tech. This, after early-stage investments, saw the lowest deal volumes in four years, but with increased ticket sizes and valuations, according to a report by leading venture lending platform InnoVen Capital.

According to the report, B2B platforms, consumer tech and AI saw the highest interest in 2023 and agritech, e-commerce and gaming saw slower deal activity.

“In 2024, we anticipate the early-stage funding environment to improve, with higher focus on emerging sectors like Gen AI, Deep Tech, and Climate Tech. However, investors will have a bias for sustainable business models, experienced founding teams and will do more extensive due diligence”, said Tarana Lalwani, Partner at InnoVen Capital India

The valuation for seed and pre-A rounds saw an increase in 2023 and 41% of deals were valued at more than $10 million, which is 20% higher than in 2022. About 45% of funding had a 100% domestic capital base compared to 20% in 2022.

Investors continue to bet on experienced founding teams. Close to 27% of investors made over 30% of new investments in companies with repeat founders compared to 20% in 2022.

The main reason for governance failures in startups over the last couple of years was insufficient oversight and monitoring by the board. “Over-indexing on being founder friendly, ignoring red flags, lack of a strong CFO and weak management teams were among the other key reasons cited”, said the report.

Early-stage deal flows continue to be the highest in Bengaluru and Delhi NCR, followed by Chennai, Pune and Hyderabad.

Also Read: Elevating India’s Startups: The journey from vision to unicorn with Leap to Unicorn Season 2

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow