The Week that Was: Indian Startup News Overview (22th Jan -27th Jan)
India's startup ecosystem has been continuously growing and is now home to over 100 unicorns, making it one of the largest in the world. The number of startups in the country has been increasing, and the valuation of the ecosystem has also risen significantly, reaching a total of nearly 3 trillion Indian rupees, due to a large number of investments and funding.
The Indian startup ecosystem is full of potential and there is a strong sense of anticipation for what the future holds. One of the most significant benefits of startups is the technological innovation they bring to the country. Startups often work with cutting-edge technology, which can bring significant value to the economy. Many established companies are recognizing the potential of these startups and investing in or partnering with them.
Another stormy week in this month saw several new businesses receive funding for their innovative startups. Here is a list of a handful of these startups that received investments. However we saw Rigi has secured Rs 100 crore ($12.3 million) in a funding round, a FuelBuddy has raised $20 million from multinational corporations, and $1 billion from TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ, an Indian startup that helps digital companies acquire end customers.
Rigi has secured Rs 100 crore ($12.3 million) in a funding round led by Elevation Capital. Accel India, Stellaris Venture Partners and Sequoia Capital has also participated in the latest funding round of the online content broadcasting and mentoring platform provider. Rigi has also added new angel investors to its cap table.
These also consider India’s former cricket captain Mahendra Singh Dhoni, Cred founder and CEO Kunal Shah, NoBroker founder and CEO Amit Kumar Agarwal, Country Delight founder Chakradhar Gade, and personal finance content creator Sharan Hegde. The startup said it planned to extend overseas using the fresh capital. Bengaluru-based Rigi expanded its operations to Indonesia, its first overseas market, three months ago, founder and chief executive Swapnil Saurav said.
Myelin Foundry, a deep tech business based in Bengaluru, has raised $3 million in an early fundraising round headed by Visteon Corporation, a Detroit-based automotive supplier. The round also included investments from returning investors Endiya Partners, Beyond Next Ventures, and Pratithi Investment Trust. The family office of Kris Gopalakrishnan, co-founder of Infosys, is called Pratithi Investment Trust.
According to Sachin Lawande, president and CEO of Visteon Corp., which supplies components for car cockpits and also has technical and production teams based in India, "as shareholders, we look forward to contributing to Myelin's commercial progress in Mobility."
FuelBuddy, a mobile energy distribution network, claimed to have raised $20 million from multinational corporations. FuelBuddy claimed that with the help of these funds, it is prepared for an aggressive expansion in South-East Asia, India, and the MENA region's international markets.
They have served about 10 crore liters of diesel to partners across the country, including Varun Beverages Ltd., Coca-Cola, Amazon, DLF, Infosys, Taj, Hitachi, Amazon, Flipkart, Mahindra Logistics, and Delhivery, to name a few. They have over 45,000 happy customers and operations in more than 130 cities.
D-Nome, a business in synthetic biology, received $1.5 million in seed money from Ankur Capital, Campus Fund, and additional investors. D-deviceless Nome's PCR technology aims to democratize molecular diagnostics.
The startup, founded in July 2021 by scientists Divya Sriram and Sujoy Deb from Telangana's Atal Incubation Centre-The Centre of Cellular and Molecular Biology, focuses on developing quick point-of-care diagnostics for infectious diseases affecting humans as well as other applications using genomics and synthetic biology.
Now over a year after receiving $1 billion from TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ, Tata Motors is in discussions with international investors to raise at least $500-600 million more for its rapidly expanding electric vehicle business, according to people with knowledge of the situation. According to the sources, Tata Motors is anticipating a premium of 15% to 20% over the last round's valuation of $9.1 billion for Tata Passenger Electric Mobility Ltd. That would result in the business, which it had established as a subsidiary in late 2021, having a valuation of up to $10.9 billion.
According to top executives familiar with the matter, the action is a part of an ambitious plan by the market leader in electric passenger vehicles to raise sizeable sums of money from both internal and external sources to support its growth plans through product innovations, particularly of EV platform. The business has contacted a number of prestigious investors, impact funds, sovereign wealth funds from the Middle East, Korea, and Singapore, as well as Canadian pension funds for the money while working with its adviser, Morgan Stanley.
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