Clean Electric raises $6M in funding

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September 10, 2024

Clean Electric raises $6M in funding — L-R: Clean Electric CTO Abhinav Roy, cofounder and CEO Akash Gupta, and CPO Ankit Joshi

Clean Electric, which creates fast-charging battery technology for electric vehicles and grid solutions, has secured $6 million in funding. Info Edge Ventures, Pi Ventures, and Kalaari Capital co-led this round, with Lok Capital and other investors also participating.

The company will use the funds to boost research and development, expand its sales and operations teams, and develop new products focused on faster charging and renewable energy storage.

“Our innovations are primarily focused on advancing battery technology to solve the critical roadblocks in the adoption of electric vehicles. From single-digit EV penetration, the goal is to figure out what is needed to achieve a majority of vehicle sales being electric, rather than petrol or diesel,” cofounder and chief executive Akash Gupta said.

Founded in 2016 by IIT-BHU graduates Gupta, Abhinav Roy, and Ankit Joshi, this Pune-based startup offers rapid charging technology. Their solution fully charges electric vehicles in under 12 minutes, compared to 40 minutes to over an hour.

According to Gupta, convenience and cost remain key challenges for advancing the EV revolution.

The company is collaborating with about 12 electric vehicle OEMs and aims to extend its technology to electric four-wheelers and commercial vehicles.

“We have commercialized the electric two-wheeler battery pack at scale. We are doing the same for electric three-wheelers, and the plan is to scale the electric four-wheeler solution, along with commercial vehicles, in the next 12 to 18 months,” he said.

Clean Electric’s annual revenue is around $1.2 to $1.5 million, and Gupta expects this to grow to nearly $10 million by next September.

So far, the startup has raised nearly $9 million in total.

Commenting on the investment, Chinmaya Sharma, partner at Info Edge Ventures, said, “Our thesis is that there still remain pivotal unsolved parts in the value chain of electric mobility, both passenger and commercial. Reliable batteries that can be charged quickly without decline in cycles and range is a key example. Clean Electric’s current suite of products and technical prowess make them a key contender to solve this at a national, possibly global, scale.”

Spree Hospitality signs tenth property in Maharashtra

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September 9, 2024

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Spree Hospitality, a travel tech platform EaseMyTrip.com subsidiary, has announced the signing of a new property, Spree Resort Khalapur, in Maharashtra. This strategically located resort will serve leisure and business travellers and will open in March 2025. The Khalapur resort will be Spree Hospitality’s tenth property in Maharashtra.

Spree Resort Khalapur will feature 59 luxurious and comfortable rooms designed to offer a holistic guest experience. The resort will include premium amenities like a resto bar, a banquet hall, and a large lawn area. Adventure seekers can enjoy various adventure games, while indoor and outdoor games will cater to guests of all ages.

“Spree Resort Khalapur is a significant addition to our growing portfolio of properties, and we are excited to bring our signature hospitality to this picturesque location. With its unique location on the outskirts of Maharashtra, this resort is ideally suited for leisure travellers, residential conferences, weddings, and corporate day outings. We are confident that Spree Resort Khalapur will set a new standard in hospitality for the region,” said Sagar Khurana, COO of Spree Hospitality.

Spree Hospitality, founded by Keshav Baljee in 2010, is India’s leading boutique and mid-market hospitality operator, focusing on full-service, high-quality hotels in key destinations. With the “Do More” tagline, Spree aims to transform regular stays into memorable experiences. Spree manages over 30 properties across India, with many more on the way.

Creador-backed iValue Infosolutions files IPO papers with SEBI

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September 9, 2024

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Creador-backed iValue Infosolutions Ltd, a Bengaluru-based company, has submitted draft papers to SEBI to launch an initial public offering (IPO).

The IPO will be an Offer for Sale (OFS) of up to 1.87 crore equity shares by promoters and investor shareholders, as per the Draft Red Herring Prospectus (DRHP) filed with SEBI.

Under the OFS, Sundara (Mauritius) Ltd, an affiliate of Creador, will sell 1.11 crore equity shares. Since the IPO is entirely an OFS, all proceeds will go directly to the selling shareholders, not to the company.

The company explained that it is going public to gain the benefits of listing its equity shares on stock exchanges and to execute the OFS for the selling shareholders.

iValue Infosolutions, a specialist in enterprise technology solutions, focuses on securing and managing digital applications and data. It primarily helps large enterprises in their digital transformation journey by offering tailored solutions that ensure digital assets’ performance, availability, scalability, and security.

Founded in 2008, the company operates from eight locations in India and six international locations, including Singapore, Bangladesh, Sri Lanka, the UAE, Cambodia, and Kenya.

IIFL Securities and Motilal Oswal Investment Advisors serve as lead managers for the IPO. The equity shares will be listed on the BSE and NSE.

Toniq Retail Brands acquires Ayesha Accessories™

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September 9, 2024

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Toniq Retail Brands acquires Ayesha Accessories™ — Sonali Bulchandani, CEO and Founder, Sohel Lalvani, COO and Co-Founder of Toniq Retail Brands

Bangalore, 6th September 2024: Toniq Retail Brands, a multi-brand fashion accessories company, has acquired Ayesha Accessories™, an award-winning brand known for its in-trend and affordable fashion accessories. This acquisition strengthens Toniq Retail Brands portfolio to 7 distinct brands and expands its retail footprint to 140 store-in-store (SIS) formats in Lifestyle and Shoppers Stop outlets. It also enhances its digital presence on major e-commerce platforms like Myntra, Nykaa Fashion, and Tata Cliq.

Founded in 2010 with the vision to democratize fashion accessories—making them available and accessible for young people everywhere—Toniq Retail Brands is uniquely one of the few fast fashion accessories companies with a robust distribution network spanning both offline and online channels. The acquisition of Ayesha Accessories™ aligns with Toniq Retail Brands’ strategy to scale up its distribution, extend Ayesha’s core signature design to a broader audience, and establish it as a full-range accessories label catering to the Gen Z and Gen Alpha demographics.

Sonali Bulchandani, CEO and Founder of Toniq Retail Brands shared her thoughts on this milestone, stating, “Acquiring Ayesha Accessories™ is an important step for us and a moment of pride for my team and me. This acquisition perfectly aligns with our growth strategy, allowing us to reach a wider audience with contemporary, high-quality fashion jewelry. Ayesha has always been a fun, playful brand with a strong identity and loyal customers. Our aim is to extend the brands core signature design to a much larger landscape by becoming a full-range accessories label, offering premium fashion jewelry with contemporary design and functionality at the core of the customer experience for young Gen Z and Gen Alpha audiences.”

Ayesha Accessories™ has now been launched in 45 Shoppers Stop stores across India within a record time of two months. Sohel Lalvani, COO and Co-Founder of Toniq Retail Brands added, “This acquisition not only broadens our offerings but also provides our customers with a wider selection. Our teams have done an exceptional job launching the brand in 45 stores, and we are planning to expand Ayesha’s footprint to 100 stores in the coming months. The past few months have been a period of consolidation for us, allowing us to leverage our strengths in our product portfolio and our distribution network across offline and online channels. We are confident we can leverage these capabilities across all our brands.”

Toniq Retail Brands is proud to be a women-led company, with women making up 80% of its key management. With a portfolio catering to various segments—including fashion accessories, hair accessories, ethnic jewelry, and men’s accessories—Toniq Retail Brands continues to lead the market. Over the years, Toniq Retail Brands has built a reputation for its customer-centric approach and commitment to quality.

With the acquisition of Ayesha Accessories™, the company is furthering its mission to provide on-trend products that resonate with its growing customer base, explicitly targeting Gen Z and Gen Alpha. This move is part of a broader strategy to establish Toniq Retail Brands as a next-gen fashion accessories company. With a robust supply chain, inventory management, and data analytics, Toniq Retail Brands is well-positioned to scale its operations, plan exclusive brand stores in select cities, and partner with quick commerce companies to expand its reach.

About Toniq Retail Brands

Founded in 2010, Toniq Retail Brands is an award-winning fashion accessories company known for delivering stylish, high-quality fashion accessories to consumers across India via its omnichannel presence in 140 store-in-store formats and on e-commerce platforms, delivering over 19,000 pin codes. The company is privately held, bootstrapped, debt-free, and has maintained a 20% annual CAGR growth rate over the past two years. Toniq Retail Brands is the exclusive licensee for Barbie™ fashion jewelry in India.

Devrana announces new Express Outlet in Imphal

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September 9, 2024

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Imphal, 09th September 2024: Devrana, a renowned culinary destination serving authentic Indian flavors, is pleased to announce the opening of its new express outlet in Imphal. Strategically located, this outlet reflects Devrana’s commitment to providing convenient access to its high-quality vegetarian cuisine.

Following the success of the Meerut outlet, Devrana’s Imphal establishment signifies the brand’s continuous expansion strategy. This new venture represents an investment of approximately INR 80 lacs, showcasing Devrana’s dedication to serving the Imphal community efficiently and unwavering culinary authenticity.

Mirroring the Meerut outlet, Devrana’s Imphal menu boasts a diverse range of vegetarian dishes, catering to various tastes and preferences. Diners can expect the same high standards with a 10% discount on every order. The menu features all your favorites, including the Executive Thali, remaining the most luxurious option at INR 300. Devrana, the express outlet caters to individual dietary needs by offering options without onion and garlic.

“The new Imphal outlet signifies Devrana’s ongoing mission to broaden our reach and make our authentic cuisine more accessible,” said Abhinav Singh, MD and CEO of Devrana. “The express model caters to the fast-paced lives of urban residents who crave a quick yet flavorful dining experience. This aligns perfectly with the evolving preferences of today’s consumers who prioritize both speed and quality.”

Devrana’s menu is designed to tantalize taste buds. From traditional Indian appetizers like Paneer Pakoda and Choley Bhature to South Indian specialties like Masala Dosa and Idli Sambar, there’s something to satisfy every visitor. The beverage selection, ranging from INR 40 to INR 160, caters to all budgets and taste preferences, offering hot and cold options.

The strategic location of the Imphal outlet ensures convenient access for residents and visitors alike; Devrana offers a delightful dining option for those exploring the city or residing nearby. The introduction of the Imphal Express outlet strengthens Devrana’s presence in the region, providing a perfect blend of traditional flavors and contemporary convenience. This expansion exemplifies Devrana’s unwavering commitment to adapting to customer needs while preserving its rich culinary heritage.

About Devrana

Devrana meticulously curates a multi-location, multi-cuisine Restaurant & resort. It fosters a harmonious blend of nature, local heritage, and contemporary luxury, igniting the senses and creating lasting memories for every occasion. The brainchild of Mr. Harendra Singh, currently run under the able guidance of its CEO, Abhinav Singh, offers a relaxing retreat for both national and international travelers with its traditional food, village art, and culture. Devrana caters to a diverse clientele, from intimate family gatherings to grand weddings and corporate retreats. Each location upholds the same exceptional standards of hospitality and meticulous attention to detail, ensuring a consistent and memorable experience. Devrana properties are structured into two distinct models: the Highway model and the Express model.

Brigade Enterprises raises Rs 1,500-Cr by selling shares through QIP

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September 6, 2024

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Bengaluru-based Brigade Enterprises raised Rs 1,500 crore by selling equity shares to institutional investors as part of its business expansion strategy.

The company launched its qualified institutional placement (QIP) on September 2 to gather funds, closing the issue by September 5.

In a regulatory filing on Friday, Brigade Enterprises announced that a committee of directors approved the allotment of 1,30,43,478 equity shares to qualified institutional buyers.

The shares were allotted at Rs 1,150 per share, raising Rs 1,500 crore through the QIP process.

The shares were issued at a 1.26% discount to the floor price of Rs 1,164.70 per share.

In March, Brigade Enterprises received shareholder approval to raise up to Rs 1,500 crore by issuing securities.

Brigade Enterprises is India’s leading real estate developer with a strong presence in the southern region.

Last month, the company reported a more than two-fold increase in consolidated net profit to Rs 83.72 crore for the June quarter of the current fiscal year.

In the same quarter last year, its net profit was Rs 38.53 crore.

The company’s total income for April-June of the current fiscal year rose to Rs 1,113.44 crore, compared to Rs 685.43 crore in the corresponding period last year.

IIM Bangalore and DailyRounds partner for healthcare incubation programme

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September 6, 2024

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NSRCEL, the top incubation center for startups and women entrepreneurs at IIM Bangalore, has partnered with DailyRounds to launch a Healthcare Incubation Programme.

As part of DailyRounds’ CSR initiative, this program aims to support early-stage startups by fostering innovations that address unique challenges in health care system.

The programme will guide healthcare innovators from lab-tested concepts to market-ready products. It provides founders full support, including design thinking, mentorship from industry experts, business development help, go-to-market strategies, B2B and D2C sales training, networking, funding opportunities, and access to hospitals and labs for clinical trials and pilots.

In medical industry, significant challenges include data management, operations, logistics, and improving customer engagement. This program focuses on early-stage startups ready to solve problems in these critical areas.

DailyRounds, known for its expertise in medical education and technology, contributes industry insights and resources to the program.

The selected startups work across various fields, including Medical Devices, HealthcareTech, Biotechnology, Health & Wellness, Assistance Tech, and Aerospace & Defense.

Six Marriott Hotels in India shift from Franchise to Managed Operations

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September 5, 2024

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Six Marriott Hotels in India shift from Franchise to Managed Operations — Ashish Jakhanwala, CEO of SAMHI Hotels

Marriott International Inc. announced that six properties owned by SAMHI Hotels Ltd will shift from franchise to managed entities, strengthening Marriott’s managed portfolio in key Indian business cities.

The transition of Fairfield by Marriott Mahindra World City, Four Points by Sheraton Chennai OMR, Four Points by Sheraton Jaipur, Four Points by Sheraton Pune, Fairfield by Marriott Hyderabad, and Fairfield by Marriott Ahmedabad is set to be completed by October 2024.

With Marriott’s management expertise and global sales channels, these managed properties will reach a broader audience, boosting visibility and revenue potential. Access to Marriott’s 210 million Bonvoy members worldwide also provides a loyal customer base, ensuring consistent business growth.

Pranay Verdia, Area General Manager at Marriott International, commented – “This strategic transition marks a pivotal step in our commitment to elevating guest experiences. Over the years, we have laid a strong foundation for success with SAMHI Hotels and are now poised to build upon that legacy.

“We have a long-standing relationship with Marriott, and integrating these hotels further strengthens that. We are very excited about the prospects of these hotels as they reposition, taking advantage of Marriott’s strong management capabilities,” commented Ashish Jakhanwala, CEO of SAMHI Hotels.

The Fairfield by Marriott brand is renowned for offering value-driven accommodations, blending seamless workspaces with restful stays for modern travelers. Meanwhile, Four Points by Sheraton delivers functional guest rooms that balance work and relaxation, highlighted by its ‘Style via Comfort’ approach.

Guests at these six hotels will benefit more through Marriott Bonvoy, Marriott’s award-winning travel program, offering access to unique local and global experiences. These properties will also undergo upgrades to meet Marriott’s high standards for quality and service, ensuring a consistent and memorable guest experience.

This transition emphasizes Marriott’s commitment to delivering exceptional guest experiences. Visitors can expect top-tier comfort, service, and innovation at these newly managed hotels.

LiaPlus AI raises Rs 2-Cr in a seed round

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September 5, 2024

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LiaPlus AI raises Rs 2 Cr in seed round — (L-R) Smridhi Seth (Co-Founder & COO), Shailesh Jaiswal (Founder & CEO)

AI-driven customer support solutions provider LiaPlus AI has raised INR 2 Crore in a seed round led by Inflection Point Ventures, with co-investors Chandigarh Angel Network (CAN) and Growth91.

The company will use the funds to advance its product and technology, expand its team, and improve sales and marketing strategies.

Lia, an AI Call Assistant for Sales and Customer Support, performs tasks like a human. The AI platform supports 18 languages, manages millions of calls per hour, and operates 24/7 with emotional understanding capabilities.

LiaPlus AI operates globally, allowing businesses to hire AI-driven sales and customer support employees with just three clicks. The platform leads the future of AI in the workforce, enabling businesses to delegate short- and long-term tasks to AI employees. Lia is just one of 100 AI employees, and the team is developing to revolutionize AI usage worldwide.

“The conversational AI market is booming, with expectations to reach $14 billion by 2025. LiaPlus AI, under the leadership of Smridhi and Shailesh, is helping businesses enhance efficiency and customer experience. This funding milestone is a testament to the growing demand for advanced AI solutions in the global market. We’re excited to see where LiaPlus AI goes next, and we’re proud to have been a part of their journey,” Growth91 said in a press release.

LiaPlus AI trains its models using high-quality data, prompts, and engineering to improve accuracy. With a 95% task completion rate, far exceeding competitors’ 12-20%, it showcases exceptional efficiency. The platform provides real-time interactions with less than 400 milliseconds of latency and integrates smoothly with existing B2B systems, making adoption quick and easy. LiaPlus AI also offers competitive pricing while maintaining high quality, ensuring a cost-effective solution.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, said, “Many businesses struggle with managing high volumes of customer inquiries, especially across multiple languages and time zones, leading to customer dissatisfaction and lost revenue. LiaPlus addresses these challenges by providing AI-driven customer support in multiple languages across different time zones, thus helping businesses grow. IPV is confident in LiaPlus’s growth potential and remains committed to supporting the company as it continues to expand.”

The conversational AI market is rapidly growing and is projected to reach $14 billion by 2025. Led by Smridhi and Shailesh, LiaPlus AI is helping businesses boost efficiency and improve customer experience. This funding milestone highlights the increasing demand for advanced AI solutions globally.

By August 2024, LiaPlus AI has established a strong presence and formed strategic partnerships in India, Africa, the Middle East, and Australia. The platform tailors its services to meet regional needs, offering support in local languages to provide personalized customer service. This localization strategy allows it to meet unique market demands and succeed in diverse regions.

Shailesh Jaiswal, Co-Founder & CEO of LiaPlus AI, said, “LiaPlus AI is not merely a product; it signifies the evolution of customer support solutions. Supported by IPV, CAN, and Growth91, we are uniquely positioned to revolutionize the industry. With our innovative approach, we are set to transform how businesses engage with their customers. Our focus on cutting-edge technology and efficiency will redefine industry standards and set new benchmarks in AI-driven customer service.”

Smridhi Seth, Co-Founder & COO of LiaPlus AI, said, “LiaPlus AI isn’t just automating calls; we’re transforming the way businesses connect with their customers, making every interaction smarter, faster, and more meaningful.”

Recycling startup RecommerceX raises $3.6M in seed funding

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September 5, 2024

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Recycling startup RecommerceX raises $3.6M in seed funding — (L-R), Ajay Gupta, Shobhit Goel, Mohit Gulyani, founders, RecommerceX

RecommerceX, a chemical recycling and sustainability startup, has secured $3.6 million in seed funding led by venture capital firms Accel and Kae Capital.

The company plans to use the funds to grow its team, enhance its technology platform, invest in research and development for advanced material recovery, and scale its operations in India and international markets.

Founder and CEO Shobhit Goel highlighted that this sector is highly unorganized, with no significant players managing these categories.

“We are building a brand in this space, aiming to be the go-to entity that can procure waste, segregate it, recover valuable components chemically, and supply the recycled output for use as raw materials,” Goel said.

Founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, the startup focuses on processing industrial waste to recover valuable materials and by-products. These materials are then used as raw inputs by its customers. The company handles waste from multiple categories, including plastics, metals, and electronics.

“We started with India because our head office is here, but we will definitely expand to other geographies, including the UAE and the USA, over the next year,” said Goel.

The Noida-based startup primarily serves medium to large manufacturing companies and engineering, procurement, and construction (EPC) firms.

The company is currently processing around 1,000 tonnes of waste per month. “In a year, we will be doing almost 10x from here. We target to do around 10,000 metric tonnes in terms of volume per month, which would make us a Rs 300-400 crore company,” he said.

Commenting on the investment, Prayank Swaroop, partner at Accel, said, “Driven by factors like rising consumer eco-consciousness and the need to reduce industrial dependency on raw materials, supply chain decarbonization, traceability, and innovation have become top priorities for businesses.”

“Their innovative technology and commitment to transparency are set to revolutionize how industries approach waste recovery, making RecommerceX a critical player in the global shift towards more responsible resource management,” said Abhishek Srivastava, general partner at Kae Capital.

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