Author: startnet
EMO Energy, a Chennai-based clean technology startup specializing in electric vehicle charging solutions, has successfully raised $6.2 million in Series A funding. The investment round was led by Subhkam Ventures, with participation from existing investor Transition VC, marking a significant milestone in the company’s growth trajectory.The fresh capital injection comes at a crucial time as EMO Energy plans to expand its innovative two- and three-wheeler energy solutions to serve over 100,000 vehicles in the next 24 months. Additionally, the company aims to advance the deployment of 1 gigawatt hour (GWh) of energy storage, positioning itself as a key player in…
The Department for Promotion of Industry and Internal Trade (DPIIT) has announced a strategic partnership with venture debt firm Stride Ventures, marking a significant development for Tamil Nadu’s startup ecosystem. This collaboration aims to provide comprehensive support to high-growth potential startups through funding, mentorship, and market access opportunities.The partnership comes at a crucial time when startups, particularly in tier-2 and tier-3 cities of Tamil Nadu, are seeking diverse funding options and strategic guidance to scale their operations. This initiative is expected to create a more robust support system for emerging businesses in the region.DPIIT Joint Secretary Sanjiv emphasized the partnership’s…
In a remarkable display of growth in the competitive D2C fashion space, Chennai-based Snitch has reported a stellar financial performance for FY24, with its revenue surging 127.89% to reach INR 243 crore. The men’s fashion brand has successfully maintained its profitability, with net profits climbing 1.3X to INR 4.4 crore from INR 3.1 crore in the previous fiscal year.The impressive financial results underscore Snitch’s successful transition from a purely offline retail brand to an omnichannel powerhouse in the men’s fashion segment. Founded in 2019 by Siddharth Dungarwal, the company has emerged as a significant player in Tamil Nadu’s burgeoning startup…
In a significant development for India’s drone delivery sector, Skye Air has announced the completion of 150,000 deliveries in Gurugram during December 2023, marking a new benchmark in urban aerial logistics. This achievement highlights the growing viability of drone-based delivery systems and offers valuable insights for Tamil Nadu’s metropolitan areas exploring similar solutions.Operating in the National Capital Region (NCR), Skye Air’s success demonstrates the scalability of drone delivery networks in high-density urban environments. The company’s record-breaking performance comes at a time when Tamil Nadu’s major cities are actively developing their smart city infrastructure and exploring innovative last-mile delivery solutions.”We are…
In a significant shift reshaping Tamil Nadu’s retail landscape, quick commerce platforms are revolutionizing how urban consumers shop, particularly in Chennai, Coimbatore, and Madurai. The sector, projected to exceed $6 billion in nationwide sales in 2024, is witnessing unprecedented growth as consumers embrace rapid delivery services for everything from daily essentials to premium electronics.Chennai’s quick commerce market has seen a remarkable transformation, with average order values (AOVs) climbing from Rs 300-350 to Rs 450-600 in the past year. This surge reflects changing consumer behaviors, particularly among the city’s tech-savvy young professionals who prioritize convenience over cost.”The Tamil Nadu market, especially…
In a significant development for India’s digital commerce ecosystem, the Open Network for Digital Commerce (ONDC) has successfully onboarded more than seven lakh sellers and service providers, marking a substantial milestone in its mission to democratize digital commerce. The announcement, made by the government on Thursday, underscores the platform’s rapid growth since its launch in 2021. The achievement reflects ONDC’s commitment to making digital commerce more accessible to smaller players, particularly in regions like Tamil Nadu where the startup ecosystem is flourishing. This government-backed initiative has been instrumental in creating a more inclusive digital marketplace, challenging the traditional dominance of…
In a significant move that underscores continued investor confidence in India’s startup ecosystem, venture capital powerhouse Accel has successfully raised $650 million for its eighth India fund. The fund, which attracted participation from 131 investors, mirrors the size of its seventh fund raised in 2022, demonstrating sustained institutional interest in Indian technology ventures despite global market uncertainties.The new fund’s announcement comes at a crucial time for India’s startup landscape, as the country maintains its position as the world’s third-largest recipient of startup funding, following the United States and the United Kingdom. According to Tracxn’s ‘Geo Annual Report – India Tech…
In a groundbreaking development that could reshape emergency medical services across India, quick commerce platform Blinkit has launched a 10-minute ambulance service in select areas of Gurugram. The pilot project, which integrates emergency medical response directly into the Blinkit app, represents a significant step toward addressing urban healthcare accessibility challenges.This innovative service launch comes at a crucial time when major cities, including those in Tamil Nadu, are grappling with emergency response challenges in their rapidly growing urban landscapes. The initiative marks Blinkit’s strategic entry into healthcare services, potentially creating a blueprint for similar services in other states.Blinkit CEO Albinder Dhindsa…
In a significant development for India’s electric vehicle (EV) sector, Bengaluru-based Ather Energy has received the green light from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The approval marks a crucial milestone for the company, which is set to become only the second EV manufacturer in India to go public after Ola Electric. The proposed IPO comprises a fresh issue of equity shares worth Rs 3,100 crore and an offer for sale (OFS) of up to 2.2 crore equity shares by existing shareholders. This move comes at a time when India’s EV market…
In a significant turnaround story from Tamil Nadu’s technology corridor, Exotel, the cloud telephony and contact-centre technology provider, has demonstrated strong financial discipline by reducing its net losses to Rs 39 crore in FY24, down from previous year levels. The company’s strategic pivot towards operational efficiency, while maintaining steady growth, signals a maturing phase for one of South India’s prominent SaaS players. The Bengaluru-based company, which maintains significant operations in Tamil Nadu, reported an operating revenue of Rs 444 crore for the fiscal year ended March 31, marking a 6% increase from the previous year. While this growth rate represents…