The Week that Was: Indian Startup News Overview (27th May - 31st May)
The Indian startup ecosystem has set a new record by bagging another round of funding in a few sectors like Cleantech, Fintech, Insuretech & EV marking another win for the startupreneurs by raising funds and updating the growth probability and standardizing the products and services. The week went by successfully witnessing funds in every stage of funding from Pre- Seed Funding to Seed to Pre-Series A to Series C.
Sector: Cleantech
Funding Round: Pre-Seed
Startup: EcoRatings
Established Year: 2023
Funding News: EcoRatings wins $1 million in Pre-seed Funding round to hit Sustainability goals
A spearheading cleantech startup, EcoRatings has effectively raised $1 million – 
8.3 crore in a pre-seed Funding round.
8.3 crore in a pre-seed Funding round.
Investors: We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation and Google
Established in 2023 by Balbir, Aqeel Ahmed, and Shruti Anand, EcoRatings use Artificial intelligence/Machine Learning and Big data advanced technologies to evaluate the ecological effect of products, services and administrations.
The startup's approach is established in the United Nations’ 17 Practical Improvement sustainable development goals and ESG standards, lining up with the developing buyer interest for transparency in item supportability.
EcoRatings’ foundation processes broad datasets to convey exact, real-time insights by decoding logically important information from both internal and outside sources.
Aditi Balbir, Co-Founder and CEO of EcoRatings shares the firm’s plans to elevate new funding by stating, “The funding will be used to acquire paid data sources, increase the number of tokens and introduce multi-modal capabilities.”
Sector: Fintech
Funding Round: Seed Funding
Startup: Vegapay
Established Year: 2022
Funding News: Vegapay lifts $5.5 million Seed Fund from Elevation Capital & Eximius Ventures
Mumbai-based Fintech startup Vegapay has successfully raised $5.5 million in a Seed Funding round. This latest round comes very next after the startup lofted $1.1 million in a Pre-Seed Funding round driven by Eximius in the year 2023.
Investors: Elevation Capital and saw additional participation from Eximius Ventures
The fresh raised funds will be utilized to amplify the product portfolio of Vegapay, concentrate on developing products and updating the regulatory compliances. Also, the company intends to allot a vital share of the raised funds to deploy high-ended designers, developers and engineers to foster innovation.
Through this, it aims to aid banks, NBFCs – Non-Banking Financial Companies and other financial institutions in introducing and handing the product innovations with extremely configurable, stretchy and personalized credit solutions.
Expressing the company’s commitment, Gaurav Mittal, CEO, Vegapay states, “Empowering financial institutions with cutting-edge technology isn’t just a vision; it’s a revolution. At Vegapay, we’re not just changing the game; we’re rewriting the rules, ensuring that innovation in financial technology isn’t a luxury for the few, but accessible to all”.
Sector: Insure-tech
Funded Round: Pre-Series A
Startup: CoverSure
Established Year: 2023
Funding News: Consumer-centric Insure-tech Startup CoverSure gains $4 million in Pre-series A
CoverSure, a consumer-centric insurance innovation startup, has successfully elevated $4 million in a Pre-series A funding round
Investors: Enam Holdings, a key financial backer in both private and listed entities
Established in January 2023 by Saurabh Vijayvergia, Mayank Mishra, Rohan Gaikwad, Prakash Dubey, and Harshit Jain, CoverSure intends to computerize the management of insurance for the for clients by giving bits of key insights into inclusion advantages, gaps, restorations, claim assistance and many more.
As per the press released disclosed by the company, the start-up works across user-wellbeing, risk management, and travel protection segments.
By utilizing information knowledge and AI abilities CoverSure plans to utilize the raised funding $4 million to construct a user-driven insurance protection platform. The platform will use data and information insights and AI to upgrade the risk management and protection experience of users. This investment from Enam Holdings will likewise uphold the new company’s development across India.
Sector: EV
Funding Round: Series C
Startup: Euler Motors
Established Year: 2018
Funding News: Commercial EV Startup Euler Motors bags $24 million in Series C Funding Round
Euler Motors, a manufacturer of commercial electric vehicles, has secured an additional 200 crore or $24 million in its Series C funding round.
200 crore or $24 million in its Series C funding round.
Investors: India Access Fund, with participation from existing investors British International Investment and Blume Ventures.
Euler Motors announced in a press release that it will utilize the new funds to expand its presence across India and enhance its EV servicing infrastructure in 40 cities by March 2025. Additionally, the Delhi-based company stated that it has successfully raised 570 crore ($68.6 million) in its series C round.
570 crore ($68.6 million) in its series C round.
The company secured 120 crore which is equal to nearly around $14.5 million, in a prolonged Series C funding round jointly led by British International Investment and Blume Ventures in November of the previous year. Up to now, it has amassed 770 crore ($92 million). According to startup data intelligence platform TheKredible, Euler was valued at approximately $160 million in an extended Series C round in November 2023.
120 crore which is equal to nearly around $14.5 million, in a prolonged Series C funding round jointly led by British International Investment and Blume Ventures in November of the previous year. Up to now, it has amassed 770 crore ($92 million). According to startup data intelligence platform TheKredible, Euler was valued at approximately $160 million in an extended Series C round in November 2023.
Euler Motors reported that their fleet of commercial electric vehicles successfully covered a distance exceeding 45 million kilometers. The HiLoad EV, their flagship model, stands out as the most robust electric cargo three-wheeler, boasting an impressive range of 170 kilometers.
During the financial year ending in March 2023, Euler reported revenue from operations amounting to 61.53 crore, a significant increase from 17.57 crore in FY22. According to TheKredible, the company's losses surged nearly fivefold to 174.73 crore in FY23 compared to 36.33 crore in the preceding year. These substantial losses may be attributed to Euler's investments in developing infrastructure and facilities.
61.53 crore, a significant increase from 17.57 crore in FY22. According to TheKredible, the company's losses surged nearly fivefold to 174.73 crore in FY23 compared to 36.33 crore in the preceding year. These substantial losses may be attributed to Euler's investments in developing infrastructure and facilities.
Sector: EV
Funding Round: Series C
Startup: Zypp Electric
Established Year: 2017
Funding News: EV mobility startup Zypp Electric successfully lifts up $14 million in Series C round
B2B delivery and mobility startup and charging infrastrure providing brand, Zypp Electric has successfully secured 116 crore ($14 million) in its Series C funding. This funding round will be first round of investment.
116 crore ($14 million) in its Series C funding. This funding round will be first round of investment.
Investors: Japan-based petroleum firm, ENEOS Oil & Energy Asia.
The managerial board of Zypp Electric, has claimed a special resolution to allot 1,372 Series C CCPS at an issue price of Rs 8,43,750 each to raise 116 crore or $14 million, according to company’s regulatory filing accessed from the Registrar of Companies.
116 crore or $14 million, according to company’s regulatory filing accessed from the Registrar of Companies.
Previously, Zypp electric was engaged to raise $40 million in its new round at a $350 million valuation led by Tribe Capital. Ther is a wide possibillity that, the company can raise more money in the near future.As per the estimation given by startup intelligence platform, TheKredible, the company is valued at around 2,253 crore or $271 million post-money.
2,253 crore or $271 million post-money.Read More News :
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