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Battery Smart Secures $45 Million in Funding Led by Acacia Inclusion: A Major Boost for Battery-Swapping Services

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Battery Smart - Funding

In a significant development for the electric vehicle (EV) sector, Battery Smart, a leading battery-swapping service provider, has successfully raised Rs 376 crore ($45 million) in a funding round led by Acacia Inclusion Ltd. This fresh influx of capital comes as Battery Smart aims to expand its innovative battery-as-a-service model across India.

Major Investment from Acacia Inclusion and Other Investors

Acacia Inclusion Ltd led the funding round with a substantial investment of Rs 125 crore. Other notable new investors include MUFG Bank and PC-SBI Kurashi Fund, contributing Rs 94 crore and Rs 25 crore respectively. Existing investors Blume Ventures, British International Investment, and Ecosystem Integrity Fund have also increased their stakes, investing Rs 42 crore, Rs 49 crore, and Rs 42 crore respectively, according to filings with the Registrar of Companies.

The company issued 87,113 Series B compulsorily convertible preference shares to the investors at an issue price of Rs 43,203 each, reflecting the strong confidence in Battery Smart’s growth potential and market position.

Expanding Beyond the Northern Belt

Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart has made impressive strides in the EV market. Currently operating in 25 cities from Rajasthan to Eastern Uttar Pradesh, the Delhi-based company is poised to expand into major cities like Mumbai, Bengaluru, Pune, and Kolkata. This geographic expansion is part of their strategic plan to establish a nationwide network of battery-swapping stations, making EV adoption more convenient and widespread.

Innovative Battery-Swapping Solutions

Battery Smart has carved out a niche by offering two-minute battery-swapping facilities for two- and three-wheeler electric vehicles. This service has been particularly popular among commercial drivers of electric three-wheelers, who make up the majority of the company’s revenue base. The rapid, efficient battery-swapping service enables drivers to minimize downtime and maximize productivity, a crucial advantage in the commercial transport sector.

Previous Funding Success

This latest funding round follows a successful $33 million raise in July last year, which included investments from Tiger Global, Blume Ventures, Ecosystem Integrity Fund, and British International Investment. At that time, co-founder Pulkit Khurana hinted at a larger funding strategy, which has now come to fruition with the latest $45 million investment.

Future Prospects and Strategic Goals

With this substantial capital boost, Battery Smart is well-positioned to enhance its service offerings and expand its footprint across India. The company’s innovative approach to battery-swapping, combined with strong investor confidence, underscores its potential to revolutionize the EV landscape in India.

Conclusion

Battery Smart’s recent $45 million funding round, led by Acacia Inclusion Ltd, marks a significant milestone in the company’s journey. As it gears up for nationwide expansion and continues to innovate in the battery-swapping space, Battery Smart is set to play a pivotal role in accelerating the adoption of electric vehicles across India.

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Funding

Centre Injects ₹50 Lakh Each into 7 Startups for Innovation in Technical Textiles

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Centre Injects ₹50 Lakh Each into 7 Startups for Innovation in Technical Textiles

In a groundbreaking move to drive innovation and sustainability, the Centre has approved ₹50 lakh grants for seven promising startups in the technical textiles sector.

Centre Injects ₹50 Lakh Each into 7 Startups for Innovation in Technical Textiles

Massive Boost for Technical Textiles Startups

On Thursday, the Centre announced a significant boost to the technical textiles industry by approving ₹50 lakh grants for seven startups. This initiative, part of the National Technical Textiles Mission (NTTM), aims to foster innovation and sustainability within the sector, according to a statement by the Ministry of Textiles.

Expanding Innovation Horizons

The Ministry of Textiles has ambitious plans to support 150 startups to drive innovation in technical textiles. This recent approval brings the total number of supported startups to eight, with the ministry previously approving one startup. The initiative was first reported by Mint on June 4, highlighting the ministry’s plan to grant up to ₹50 lakh to each startup engaged in technical textiles without seeking any profit share.

Royalty Cap Relaxation

In a move to further ease the growth of these startups, the textiles ministry has relaxed the royalty cap on this scheme. Traditionally, fund providers claim a percentage of profits as ‘royalty’ for their investment, but this relaxation will enable startups to retain more of their earnings, facilitating faster growth and innovation.

Focus Areas and Approved Projects

The approved proposals emphasize sustainability, composites, high-performance textiles, meditech, and smart textiles, promising substantial advancements in these critical areas. The Empowered Programme Committee (EPC), chaired by Textiles Secretary Rachna Shah, sanctioned these projects.

Transformative Innovations

The grants, distributed under the NTTM’s Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) scheme, are set to catalyze transformative innovations. Among the approved projects are initiatives focused on developing braided composites for military applications, Radmone integrated IFF antennas, surgical simulation models made of composites for doctor training, and nano-fiber infused textiles for energy generation and sensing.

Strengthening Technical Education

Beyond startup funding, the EPC has approved a ₹6.4 crore grant to IIT Guwahati. This funding will be used to introduce new subjects in technical textiles and enhance the Civil Engineering Department’s laboratory infrastructure, further bolstering India’s position in technical textile research and education.

India’s Growing Technical Textiles Market

Launched in 2020, the NTTM aims to position India as a global leader in technical textiles by promoting research, innovation, and widespread application across various sectors. According to a KPMG report, India’s technical textiles market is the 5th largest globally, valued at $21.95 billion in 2021-22. The market has been growing at 8-10% per annum over the past five years, and the government aims to accelerate this growth to 15-20% over the next five years.

Global Market Projections

The global technical textiles market, estimated at $212 billion in 2022, is projected to reach $274 billion by 2027, growing at a CAGR of 5.2% during this period. This growth is driven by increasing demand across industries and rapid development of new applications.

Expert Insights

“The synthetics eco-system in India needs a big boost in both textile and apparel. Technical textiles are one part of the synthetics ecosystem, so the government recognizes this gap,” said Rahul Ahluwalia, co-founder of the Foundation for Economic Development. “Startups have a role to play, but the government will also need to focus on big investors that can bring scale to synthetics.”

What are your views for the same?

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Skye Air Secures $4 Million to Revolutionize Drone Delivery in India

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Skye Air Secures $4 Million to Revolutionize Drone Delivery in India

In a significant move for the drone delivery industry, Skye Air has raised $4 million in a funding round led by prominent investors, signaling a new era for last-mile logistics in India.

A Game-Changing Investment

Drone delivery startup Skye Air has successfully secured $4 million in its latest funding round. The round was spearheaded by Mount Judi Ventures, Chiratae Ventures, Venture Catalysts, Windrose Capital, and Tremis Capital. Additional participation came from Faad Capital, Misfits Capital, Hyderabad Angels, Soonicorn Ventures, and other existing investors.

Expanding the Last-Mile Network

The fresh capital will be strategically used to expand Skye Air’s last-mile delivery network in Gurugram and other major cities. The focus areas include healthcare, e-commerce, and quick-commerce deliveries. This expansion aims to enhance the efficiency and speed of logistics, crucial for industries that rely on timely delivery.

Founder’s Vision

“We are excited to embark on a growth journey along with our existing and new partners who believe in our vision. This is a testament to our amazing team and the relentless hard work they put in every day to create real change in making last-mile logistics faster and more efficient,” said Ankit Kumar, founder and CEO of Skye Air.

Innovative Solutions and Technological Edge

Founded in 2019 by Ankit Kumar and Chandra Prakash, Skye Air is a SaaS-based company that specializes in sustainable last-mile logistics solutions using drones. The company operates across various sectors, including healthcare, e-commerce, quick-commerce, and the food industry. A notable innovation from Skye Air is the Skye UTM, an unmanned traffic management system. This system regulates drone traffic, ensures safety, and enables efficient communication between drones and air traffic control.

Previous Funding and Market Impact

Skye Air’s journey of innovation and growth was previously supported by a $1.7 million funding round led by Chiratae Ventures in November 2022. The company’s consistent progress and technological advancements position it as a leader in the drone delivery space.

Investor Confidence

Ali Shariff, partner at Mount Judi Ventures, emphasized Skye Air’s pioneering role: “Skye Air commands the first-mover advantage in the hugely disruptive drone delivery industry. It is revolutionizing the last-mile logistics space in India through their end-to-end autonomous navigation capabilities.”

Apoorva Ranjan Sharma, founder and managing director at Venture Catalysts, highlighted the sector’s potential: “With India’s drone industry projected to soar from ₹2,900 crore in 2020 to an impressive ₹81,600 crore by 2025, we at Venture Catalysts are extremely optimistic about the sector’s potential. Our investment in Skye Air aligns with our strategy of backing sunrise sectors. We are confident that Skye Air’s SaaS-based logistics services will profoundly transform the logistics landscape over the next 2-3 years.”

The Future of Last-Mile Delivery

With this substantial funding, Skye Air is set to transform last-mile delivery, making it faster, more efficient, and sustainable. The company’s innovative approach and technological advancements are poised to reshape the logistics industry in India and beyond.

What are your thoughts on the future of drone delivery? Do you think Skye Air’s innovative approach will revolutionize last-mile logistics? Share your insights in the comments below!

 

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Clodura.AI Secures $2 Million in Pre-Series A Funding to Revolutionize Sales Prospecting

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Secures $2 Million in Pre-Series A Funding

In a remarkable leap forward for the sales technology sector, Clodura.AI, a pioneer in AI-driven sales prospecting solutions, has successfully raised $2 million in its pre-Series A funding round. This significant investment was led by the Bharat Innovation Fund, with additional backing from Malpani Ventures.

The fresh capital infusion will be utilized to enhance Clodura.AI’s cutting-edge platform, which harnesses the power of Large Language Models (LLMs) and generative AI to streamline the entire sales process, from prospecting to closure.

Founded by the innovative entrepreneur Kapil Khangaonkar, Clodura.AI is revolutionizing the sales landscape by equipping sales professionals with the tools they need to identify decision-makers, gather actionable sales intelligence, automate outreach campaigns, and create a 10X sales pipeline. The platform’s ability to deliver consistently updated, high-quality data ensures precise targeting and effective communication, setting it apart from traditional sales tools.

One of Clodura.AI’s standout features is its email cadence capabilities, which significantly boost interaction rates and meeting bookings. By automating the creation and sending of sales outreach emails and follow-ups, Clodura.AI eliminates the tedious, time-consuming tasks that often burden sales professionals, allowing them to focus on closing deals and driving growth.

With this new injection of capital, Clodura.AI is poised to further innovate and expand its platform, continuing to empower sales teams worldwide with advanced AI-driven tools.

Which AI startups do you think are currently growing as a boom?

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