Author: startnet
In a significant development for India’s electric mobility sector, Zypp Electric, a leading EV-based last-mile delivery startup, is in advanced talks to raise $35 million (approximately ₹300.67 crore) in a fresh funding round. The development comes as the company continues to strengthen its position in the rapidly evolving quick commerce and last-mile delivery space.Sources close to the matter reveal that the company has already secured $20 million of the targeted amount, with $10 million coming from Nuwama Private Wealth and another $10 million from a US-based venture capital firm. The remaining $15 million is expected to be raised from a…
Chennai-based agritech startup WayCool has successfully raised ₹38.2 crore ($4.4 million) in a Series B funding round, led by Trifecta Capital with participation from Alteria Capital and Stride Ventures. The funding, structured as optionally convertible redeemable preference shares (OCRPS), was finalized through a resolution passed on December 30, 2024.This investment comes as part of WayCool’s broader financial strategy, following recent debt funding of ₹110 crore from Grand Anicut. The latest round sees Trifecta Capital contributing ₹21.2 crore, Alteria Capital investing ₹9.3 crore, and the remainder coming from Stride Ventures.”This funding round represents a strategic pivot in our growth journey,” states…
In a significant development for Tamil Nadu’s food delivery landscape, Swiggy has launched SNACC, a dedicated quick-service food delivery app promising 15-minute deliveries. The app, which went live on January 7, 2025, represents Swiggy’s latest effort to capture the rapidly growing quick commerce market in the region.This launch marks Swiggy’s first venture into a separate app-based service, departing from its traditional all-in-one platform approach. The move comes as part of the company’s broader strategy to strengthen its presence in Tamil Nadu, where the quick commerce market has shown remarkable growth in recent months.Operating distinctly from Swiggy’s existing Bolt service, SNACC…
In a bold move to strengthen India’s position in the global deep tech landscape, Nasscom has proposed establishing a ₹10,000 crore Deep Tech Fund aimed at supporting early-stage startups seeking Series A and B investments. This initiative represents a significant step toward fostering innovation in critical technological domains and enhancing India’s competitive edge in the global market. The proposed fund is strategically designed with a dual-focus approach, addressing both commercial viability and national strategic interests. This comprehensive framework aims to bridge the funding gap that often hinders deep tech startups from scaling their innovations effectively. The primary segment of the…
In a significant development for India’s electric mobility sector, BluSmart, the electric vehicle ride-hailing platform, is raising $50 million in its Series B funding round at a pre-money valuation of $335 million. The company has already secured half of the targeted amount, with the complete round expected to close by next month.The funding round has attracted a diverse group of investors, including existing backers such as responsAbility Investments AG, BP Ventures, and notable additions like the MS Dhoni Family Office. The round also sees participation from high-net-worth individuals (HNIs), family offices, and new venture capital funds, demonstrating strong investor confidence…
In a significant development that could reshape Tamil Nadu’s agricultural technology landscape, Bengaluru-based electric tractor startup Moonrider has successfully raised $2.2 million (₹19 crore) in seed funding. The round was co-led by AdvantEdge Founders and Micelio Technology Fund, with participation from several angel investors, marking a major milestone in India’s agritech electrification journey.Founded in August 2023 by industry veterans Anoop Srikantaswamy and Ravi Kulkarni, Moonrider brings together expertise from Volvo Group, Ola Electric, and Olectra BYD. The startup’s mission aligns perfectly with Tamil Nadu’s agricultural modernization goals, potentially offering farmers across the state access to cost-effective and environmentally friendly farming…
In a landmark announcement that could significantly impact Tamil Nadu’s burgeoning tech ecosystem, Microsoft CEO Satya Nadella has unveiled plans for a $3 billion investment to enhance the company’s cloud and AI infrastructure across India. This represents Microsoft’s largest-ever expansion in the country and positions Tamil Nadu, with its robust IT corridor, to potentially benefit from this massive technological uplift.The investment comes at a crucial time when Tamil Nadu is actively positioning itself as a prime destination for AI and cloud computing innovations, with Chennai’s IT corridor already hosting several major tech companies and data centers. The state’s established IT…
Paytm, a leading player in India’s fintech landscape, has announced the allocation of 148,313 equity shares to eligible employees through its Employee Stock Option Plan (ESOP) schemes, demonstrating its commitment to employee retention and value creation despite recent regulatory challenges.The company disclosed in an exchange filing that the majority of shares (148,243) were allotted under the ESOP 2019 scheme, while 70 shares were distributed through the ESOP 2008 scheme. This fresh issuance has increased Paytm’s total paid-up capital from INR 63.73 crore to INR 63.75 crore.At an exercise price of INR 9 per share and based on Tuesday’s closing price,…
Chennai-based OTT streaming platform Ullu Digital has reported a 16% decline in profits for FY24, even as its revenue surpassed the INR 100 crore milestone. The company, which had filed for an IPO on the BSE SME platform, is now navigating regulatory challenges related to its content, potentially impacting its public listing timeline.Ullu Digital’s profit after tax (PAT) fell to INR 12.68 crore in FY24 from INR 15.14 crore in the previous fiscal year. However, the company managed to grow its operational revenue by 7%, reaching INR 99.67 crore, up from INR 93.15 crore in FY23. Including other income of…
In a significant development for India’s technology sector, Amod Malviya, cofounder of B2B marketplace Udaan, has announced his latest venture, Pre6, marking his return to entrepreneurship just two months after stepping down from Udaan’s board. The Bengaluru-based startup, while still in stealth mode, is positioned to operate in the technology, information, and internet space. Malviya made the announcement through LinkedIn, sharing a photograph of the founding team with the caption “New beginnings!” The venture brings together Malviya and former Udaan Chief Financial Officer Rishi Kedia, suggesting a potentially powerful combination of technical and financial expertise at the helm. While specific…