Here’s a lowdown of the top deals in the startup space
Ola Electric said to raise $200 mn at over $5 bn valuation
Ola Electric has raised $200 million, or about Rs 1,500 crore, from a clutch of investors in a fresh funding round, valuing the electric vehicle maker at more than $5 billion, sources said.
The fresh funding comes days after the Bhavish Aggarwal-led company raised $200 million at a post-money valuation of $3 billion. The latest funding round saw participation of existing investors and some US-based bluechip tech funds, sources said. The capital will be used to accelerate vehicle development, including mass-market scooters, electric motorcycles and electric cars, as well as other form factors.
On September 30, Ola had announced raising more than $200 million from Falcon Edge, SoftBank Group Corp. and others. While that round was closed around June, the official announcement was made recently. The company has previously raised over $600 million from investors, including Tiger Global and Matrix India. This included a $100 million debt from Bank of Baroda that was announced in July.
Ola has completed the first phase of the construction of its 500-acre manufacturing plant near Krishnagiri in Tamil Nadu. The company had announced an investment of Rs 2,400 crore towards the facility. The factory will be run entirely by women and employ more than 10,000 women at full scale.
PolicyBazaar subsidiary Docprime invests $7.5 mn in Visit Health
Docprime Technologies, a fully owned subsidiary of PB Fintech - the parent company of PolicyBazaar and Paisabazaar, has invested around $7.5 million in telehealth and wellness platform Visit Health.
According to Docprime, this is the brand’s first investment in an end-to-end telehealth and wellness platform. Visit Health enables corporate employees to manage their healthcare needs using their smartphone. The platform allows enterprises to enhance healthcare experience and optimise medical costs for all their employees.
“Our goal with this investment is to back Visit Health in their vision to build a strong Digital Health Ecosystem with outstanding customer service and new ways to help customers navigate a healthcare system. We are proud to back Visit as they approach their next phase of growth,” said Yashish Dahiya, Chairman & CEO, PB Fintech.
With this investment, the startup is looking to grow its platform and network capabilities and expand teams across technology, sales and network functions.
Log 9 Materials raises $2 mn in funding from Petronas Ventures
Advanced battery-tech startup Log 9 Materials said it has raised $2 million (around Rs 14 crore) in a funding round from Malaysia-based global energy and solutions company Petronas' venture capital arm Petronas Ventures.
In August the platform had raised $8.5 million (Rs 63 crore) in Series A+ funding round led by Amara Raja Batteries. With the fresh capital raise, Log 9 Materials said it has concluded Series A+ capital raise round of $10-million.
This Series A+ funding round of Log 9 has been led by India's battery major Amara Raja Batteries besides the participation of Exfinity Ventures and Sequoia Capital India's Surge Programme along with a clutch of strategic angel investors, the startup said.
The funds raised from Petronas Ventures as a part of this round along with the funds previously raised will be used to launch and scale up the InstaCharge Network of electric vehicles, it said.
Log 9 has integrated its fast-charging RapidX batteries with various 2/3-wheeler OEMs to create RapidEV variants of their existing vehicles, the startup stated, adding, it plans to deploy around 5,000 vehicles in the next six months within its InstaCharge Network.
“In the future, the company has ambitious plans to work with the Petronas business units to accelerate renewable energy adoption with its advanced battery solutions for grid-level energy storage,” Akshay Singhal, Founder-CEO, Log 9 Materials said.
Ishitva raises over $1 mn in Pre-Series A round
Robotics startup Ishitva has raised Pre-Series A round of over $1 million (Rs 7.4 crore) led by Inflection Point Ventures.
Ishitva said it uses Artificial Intelligence and machine learning, IoT Industry 4.0 to build efficient solutions which help in sorting complex waste. The company aims to focus on leveraging industry 4.0 tools to systematically sort out waste and assess the quality of recyclable waste.
The company said the funds raised will be used in growing sales and expanding the R&D team.
Ishitva currently offers solutions including SUKA (AI-powered air sorting), YUTA, (AI-powered robotic sorting), and Netra AI Vision system which helps in identifying waste and smart bins.
Ather Energy raises Rs 130 Cr from existing investor Hero MotoCorp: Report
Electric two-wheeler manufacturer Ather Energy has raised Rs 130 crore in funding from existing investor Hero MotoCorp.
This is the first fund infusion in the Bengaluru-based company this year, according to a report by Entrackr. It had raised $35 million in its Series D round in November 2020.
As per the report, regulatory filings show that Ather Energy has received a letter from Hero FinCorp Limited (an associate company of Hero MotoCorp) sanctioning a loan amount of Rs 130 crore. The Hero FinCorp group owns a nearly 35% stake in the company and was the primary investor in Ather Energy’s Series B fundraise in 2016.
The report states that the fresh round of funding comes at a time when Ather Energy is planning to augment its charging stations and expand its presence in other cities. Ather Energy faces competition from Ola Electric which is going to start delivery of its electric scooters S1 and S1 Pro in October.
Accel-backed Bounce is also in the fray and had recently acquired Gurugram-based 22 Motors. It is likely to start delivery of scooters by the end of this fiscal, the report adds.
ForeignAdmits raises Rs3.45 Cr in seed round
Edtech startup ForeignAdmits, which offers personalised study abroad guidance to aspirants, has raised ₹3.5 crore in a seed round led by Unicorn India Ventures.
The round also saw participation from angels like RiDiK Technology from Singapore, Manoranjan Mohapatra, Kumar Siddhartha (CEO, Greytrix), Chandra Shekhar Sharma (HoD, Physics, Reliable Institute, Kota, A division of Allen), Sudhanshu Mishra, Sagar Gandhi, Mayank Sharma (India Head of Prodigy Finance).
“We want to transform and disrupt the $90 billion global higher education industry by creating the largest online student community to make study abroad accessible and affordable to all high potential students,” said Nikhil Jain, co-founder & CEO, ForeignAdmits.
Over the next 12 months, ForeignAdmits aims to guide over 25,000 students in their foreign education cycle through tech enabled counselling process. It plans to empower over 500 counselors to help students with proper guidance through our admission counselling products. The company is aiming to enable 100 million students in India with quality mentorship.
Started in 2020, ForeignAdmits is a data-driven platform providing authentic study abroad guidance to aspirants using data-backed counseling process and peer-to-peer mentorship by international graduates and alumni networks.
(Edited by : Aditi Gautam)