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ElectricPe raises $3mn in pre-Series A funding

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ElectricPe founders Avinash Sharma and Raghav Rohila

EV charging aggregator startup ElectricPe has secured $3 million in a pre-Series A funding round led by early-stage VC fund Green Frontier Capital.

Existing investors, including Blume Ventures, Micelio Fund, and NB Ventures, participated in this round.

Bengaluru-based ElectricPe will use the funds to strengthen its position in the industry and extend its services to new areas.

The startup’s app helps users locate, access, and pay for EV charging points of any type. Additionally, the startup operates stores offering various electric two-wheelers and provides EV financing, servicing, and subscription plans.

“Green Frontier Capital is committed to backing innovative companies that are shaping a sustainable future. ElectricPe’s comprehensive approach to addressing the challenges in EV adoption aligns perfectly with our investment thesis,” said Sandiip Bhammer, Managing Partner of Green Frontier Capital. 

Founded in 2021 by Avinash Sharma and Raghav Rohlia, ElectricPe raised $5 million in 2023 during a seed funding round with Green Frontier Capital and Blume Ventures.

“Our goal is to drive EV adoption by consolidating everything in one place—charging, EV buying, and servicing. We have always believed in stage-by-stage funding, and this $3-million investment marks the closure of our pre-Series A round at $8 million, which began last year with $5 million,” said Avinash Sharma, Co-founder and CEO of ElectricPe. 

“ElectricPe will continue to address the gaps in the sector and build ‘the defacto’ single platform to cater to all EV needs for our customers,” he added.

The company is collaborating with Google to enable users to check the availability and status of charging points in real-time via Google Maps and Google Search. This feature will soon be available in other regions as well.

Wedding services startup Meragi raises $9.1M in funding 

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(L-R) Meragi founders Mukund Mohan Raj, Abhinav Chandran and Lakshminarayan B

Wedding services startup Meragi has secured $9.1 million in its latest funding round, led by venture capital fund Accel.

Existing investors, including Peak XV Partners and Venture Highway, joined the round. Venture Highway, an early-stage fund acquired by General Catalyst in June, used capital from its original fund to invest in Meragi.

The funds will help Meragi expand into new cities and establish partner venues and experience centers.

“We are also expanding deeper into newer categories, like venues and catering. We’re going to spend our money on building more advanced tools,” cofounder and chief executive Abhinav Chandran said.

“Having successfully delivered over 3,000 events in just two years, we’re eager to grow Meragi into a household name,” he said. 

Founded in 2021, the Bengaluru-based startup provides comprehensive wedding services. These include planning, decoration, photography, and catering, among other offerings.

“Our customers are typically 25 to 35 years old. These are mostly working professionals who are short on time and high on aspiration,” he said. 

Currently, Meragi operates in Bengaluru, Hyderabad, and Goa. This year, it plans to expand to Gurgaon and Jaipur.

“We are looking to double our business. Last year, we ended with a revenue of Rs 48 crore. We aim to reach a revenue of Rs 100 crore by the end of the current financial year,” Chandran added.

Pratik Agarwal, principal at Accel, commented on the investment, saying, “Weddings in India are celebrated with deep cultural significance. With rising aspirations, couples today are seeking memorable experiences but within their budgets… Meragi’s innovative, full-stack, all-in-one customer experience is transforming the wedding industry, and we are confident their vision will resonate nationwide, creating lasting memories for families.” 

In 2023, the startup raised $4.4 million in a round led by Peak XV Partners’ Surge scale-up programme, with participation from Venture Highway.

White Matter Advisory acquires 90% stake in Fairexpay 

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White Matter Advisory, a treasury risk consulting firm, announced on Monday that it had acquired a 90% stake in the fintech startup Fairexpay. The exact amount of the acquisition remains undisclosed. According to the release, this move will help White Matter Advisory expand its portfolio in cross-border remittance and fund collection services.

White Matter Advisory operates under the name SaveDesk (White Matter Advisory India Pvt Ltd) and specializes in treasury risk advisory. The company manages $8 billion in funds and provides advisory services to a broad range of clients.

Based in Bangalore, White Matter Advisory assists businesses with complex treasury and risk management issues.

Fairexpay, authorized by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalized Remittance Scheme (LRS) Regulatory Sandbox, offers top-notch FX rates, 24-hour processing times, and strong security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technological platform and regulatory approvals to enhance its client services,” the release said.  

Adding Fairexpay’s technology will give White Matter Advisory a competitive advantage in the cross-border remittance and fund collection market.

By integrating Fairexpay’s advanced solutions, White Matter Advisory aims to deliver seamless, cost-effective international payment options and ensure secure money transfers for clients.

Real sports gaming platform Game Theory secures new funding

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(From left) Game Theory team - COO Sukrut Gejji, CEO Sudeep Kulkarni and CTO Saket Gejji

Real sports gaming platform Game Theory has received funding from several prominent figures. This includes Padma Bhushan awardee and former India No. 1 badminton player Pullela Gopichand, former world squash No. 10 Saurav Ghosal, and Khel Ratna Awardee and current India No. 1 table tennis player Sharath Kamal. The exact amount of funding remains undisclosed.

“The funding will primarily be used to develop the technology for our programming infrastructure, enabling us to deliver high-quality coaching programs effectively,” founder Sudeep Kulkarni said.

Based in Bengaluru, Game Theory helps people who regularly play physical sports connect with skilled players and organize games.

Kulkarni added that the badminton and swimming programs are seeing the most interest.

“We are planning to expand city-wise across India fairly quickly within the next year,” he said. The company has 15 venues in Bengaluru, with five more expected to open soon.

“A big portion of our users are kids who we want to train at a very consistent level at the grassroots, and we want to fortify the idea that sports education needs to be delivered. Technology will aid in identifying different tenets and provide consistent feedback to parents on an ongoing basis, which will drive more interest towards the sports cell when visible progress is established,” Kulkarni added.

Commenting on the investment, Gopichand, the chief national coach for the Indian badminton team, said, “Our country has seen significant growth in badminton over the last few years, with aspirants from across all economic strata wanting to participate in the sport. To generate a large talent pool for the future, a strong grassroots program is a necessity. By investing in this venture, I hope to contribute to building a robust sports ecosystem that nurtures talent from the grassroots level.” 

In October 2023, Game Theory secured $2 million in funding. This investment came from Rainmatter (a startup accelerator fund initiated by Nithin Kamath’s Zerodha), Indian tennis player Rohan Bopanna, WEH Ventures, Prequate Advisory, and angel investors like Balakrishna Adiga.

AI firm C5i acquires marketing analytics firm Analytic Edge 

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Artificial intelligence and analytics service provider C5i has acquired marketing analytics company Analytic Edge. This acquisition marks its second in 12 months, although the purchase amount remains undisclosed. Sources close to C5i mentioned that Analytic Edge is valued at $30-40 million.

C5i, based in the US, aims for a turnover of Rs 1,000 crore in the coming fiscal year. According to chairman Ashwin Mittal, the company plans one more acquisition before considering an India listing in 12-18 months.

“We acquired Incivus in 2023, and its visual AI platform has helped us build and scale various product IPs. With Analytic Edge, we are adding more to that, such as marketing spend optimisation, real-time pricing intelligence, promotion optimisation, etc. Plus, they are close partners to top social media platforms,” Mittal said. 

He added that Incivus accurately predicted the winning ads for the Cannes Lions International Festival of Creativity.

Specializing in generative AI solutions and MLOps, the company believes synthetic data creation will significantly impact the data analytics and insights landscape.

“With synthetic data, organisations can overcome data scarcity, address biases, and enhance predictive accuracy. Synthetic data created by GenAI also provides significant cost savings and high return on investment,” Mittal said. 

Founded in 2000, C5i has backed by investors like 360 One Asset, Nuvama, and Carnelian. It serves top technology, consumer packaged goods, and pharmaceutical companies. Almost 98% of its revenue comes from the US, Europe, the Middle East, and Asia, while only 2% is from India.

Furthermore, 90% of C5i’s 1,800 employees work in India.

Tamara Leisure Experiences launches Lilac Hotels in Kumbakonam, Tamil Nadu 

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Tamara Leisure Experiences announced the grand opening of Lilac Hotels in Kumbakonam, Tamil Nadu, as part of its strategic expansion into pilgrimage destinations. This addition enhances Tamara’s portfolio in South India, marking its third property in the state. Kumbakonam, known for its 188 temples, offers guests a serene and culturally rich setting.

Shruti Shibulal, CEO and director of Tamara Leisure Experiences, lit a ceremonial lamp at the inauguration ceremony, followed by a brand presentation by hotel manager V. Unnikrishnan. This launch highlights Tamara’s commitment to providing affordable yet exceptional hospitality experiences.

On the occasion of the launch, Shruti Shibulal, CEO of Tamara Leisure Experiences, said, “As a group, we have remained highly optimistic about the travel market in India. We have especially invested in consistently developing new properties across the South. We are presently committed to growing our presence in key pilgrimage towns. Lilac Hotels, the mid-segment brand of properties in our portfolio, are well suited to serve traveling families and large groups visiting these religious and historic sites. It is, therefore, a pleasure to unveil Lilac Hotels Kumbakonam as the most recent addition to this ongoing expansion. It is Tamara Leisure Experience’s third property in Tamil Nadu and ninth property in India.”

Located in the heart of Kumbakonam, the hotel is just 1 km from the railway station and close to renowned temples like Navagraha Temple, Kalgarudan Temple, and Kasi Vishwanatha Temple. It features 27 executive rooms, 13 premium rooms, 4 elite rooms, and 1 suite. The rooms are designed to be spacious and family-friendly.

The local heritage inspires architecture and interior design. The hotel also offers a banquet space for around 60 people.

Tamara Leisure Experiences takes pride in its predominantly local workforce, fostering strong community relationships and boosting the local economy. This ensures guests enjoy a warm, authentic experience and savor the cultural nuances of their stay.

The opening of Lilac Hotels in Kumbakonam is a significant milestone for Tamara Leisure Experiences, marking the fourth Lilac property in South India. According to an official release, this launch reinforces the company’s commitment to delivering exceptional hospitality in key spiritual and cultural destinations across the country.

Ola Electric IPO to open for retail subscription on Friday

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Ola Electric’s initial public offering will open for retail subscription on Friday, the company announced in a filing with the stock market regulator on Saturday.

The company’s stock market debut next month will be one of India’s biggest IPOs this year.

Despite still being loss-making, Ola has captured a 46% market share in e-scooters within three years of its founding, even after reducing its sales goals last year due to reduced industry incentives from Prime Minister Narendra Modi’s government.

The electric vehicle firm, led by Bhavish Aggarwal, expects to raise Rs 5,500 crore in fresh capital through the IPO, in addition to the offer-for-sale (OFS) component.

Initially aiming for a $6-7 billion valuation, Ola Electric has since adjusted its expectations. According to its draft red herring prospectus filed in December, the company is facilitating an OFS of 95.2 million shares.

The Blue Kite expands to Nainital, boosting North India presence

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Caroline Mulliez, CEO of The Blue Kite

The Blue Kite, a rental management arm of Vianaar—a luxury holiday home developer in Goa—announces its expansion into Nainital, marking a significant milestone in its growth strategy beyond Goa, Delhi, Kasauli, and Shimla. Founded in 2017, The Blue Kite by Vianaar has become a top provider of premium and affordable apartments and villas across India.

Located just an hour from Nainital, The Blue Kite by Vianaar’s initial offerings include the Buransh Terrace Villas, featuring 3 and 4 BHK accommodations. These premium properties have fully equipped kitchens, breathtaking mountain views, and access to a clubhouse. Each villa comes with attentive caretaker services and optional on-call chef service, ensuring a seamless stay for guests. Guests can enjoy trails with expansive plains on one side and majestic flora on the other. The villas are also close to the renowned Kainchi Dham-Shri Neeb Karori Baba Ashram, a tranquil retreat visited by celebrities like Virat Kohli and Anushka Sharma, adding a touch of spiritual exploration just half an hour away.

The expansion into Nainital highlights The Blue Kite’s strategic vision to cater to corporate groups and discerning travelers seeking exclusive home stays. The properties are designed to offer privacy, spaciousness, and personalized services, setting them apart from traditional hotel accommodations.

“We are thrilled to bring our professional property management and guest services to Nainital, a cherished hill station that perfectly complements our vision. The response to our expansion has been overwhelmingly positive, reaffirming our commitment to providing unparalleled holiday experiences in diverse and picturesque locales across India. This exciting venture allows us to continue delivering the high standards that our guests have come to expect from The Blue Kite,” said Caroline Mulliez, CEO of The Blue Kite.

Looking ahead, The Blue Kite by Vianaar plans to align with Vianaar’s growth by adding 115 more villas in Goa this year. Goa remains a stronghold for the brand as its home base. Additionally, The Blue Kite by Vianaar is exploring opportunities in major cities like Mumbai, Delhi, and Bengaluru, recognizing a significant gap in these markets.

Gola Sizzlers announces plan for nationwide expansion 

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Gola Sizzlers announced an ambitious expansion plan to increase its culinary presence across India and beyond. The expansion already includes Delhi-NCR and states like Maharashtra, Punjab, Madhya Pradesh, Uttarakhand, Uttar Pradesh, and Haryana. Gola Sizzlers aims to strengthen its presence in these markets while exploring new areas.

Gola Sizzlers has 24 outlets in prime locations such as Khan Market, Connaught Place, Ambience Mall Vasant Kunj, and DLF Avenue Saket in Delhi NCR. The restaurant will also open a new outlet at Elante Mall in Chandigarh, highlighting its commitment to delivering exceptional dining experiences nationwide.

Gola Sizzlers’ expansion strategy relies on a well-planned roadmap and a thorough market identification process. Post-COVID socio-economic growth, optimized supply chain efficiencies, and a growing market environment drive this expansion. These factors create an ideal situation for the brand to expand its operations and reach a wider audience of discerning diners.

The brand’s diverse menu of signature dishes shows its strong commitment to culinary excellence. From the savory Chicken Shashlik to the indulgent Ice Cream Sizzler, each dish is carefully crafted to offer a unique blend of flavors that captivate the senses. It stands out in the competitive sizzler market by innovating while staying true to its roots, ensuring an unmatched dining experience that appeals to patrons across demographics.

Looking ahead, Gola Sizzlers plans to introduce new culinary innovations that blend traditional Indian flavors with international influences and health-conscious elements. This approach meets evolving consumer preferences and strengthens the brand’s position as a leader in the sizzler dining segment. With a steadfast commitment to quality, innovation, and customer satisfaction, Gola Sizzlers is set to redefine the sizzler dining experience and expand its influence nationally and internationally.

Manik Kapoor, director of Gola Sizzlers, said on the plans for the future, “Through this expansion, we envision Gola Sizzlers not only growing its footprint but also solidifying its impact on the culinary landscape. Our goal is to enrich our brand’s future by bringing our unique blend of tradition and innovation to more discerning palates worldwide.”

Rajat Kapoor, director of Gola Sizzlers, added, “We are excited about the prospects that lie ahead as we embark on this journey of growth. Our commitment to quality, innovation, and customer satisfaction will continue to drive our expansion efforts.”

Unimech Aerospace raises Rs 250-Cr in funding 

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Anil Puthan, chairman and managing director, Unimech Aerospace

Unimech Aerospace raised Rs 250 crore in a funding round led by Steadview Capital, ValueQuest Scale Fund, and Evolvence India, resulting in a post-money valuation of Rs 3,250 crore.

This funding is part of the Bengaluru-based space startup’s private placement round.

Unimech Aerospace specializes in making high-precision tooling for aero-engines and airframes. It also manufactures components, assemblies, and electro-mechanical turnkey systems for the aerospace, defense, energy, and semiconductor industries.

Preparing to go public, the startup plans to use the funds for both organic and inorganic growth. It aims to strengthen operations and enhance its “build to print and build to spec solutions,” according to a statement.

“From our humble start in 2016 as a bootstrapped team of five, we’ve grown to over Rs 200 crore in revenue with 380 employees for FY 2023-24, all without external funding,” chairman and managing director Anil Puthan said. 

The company collaborates with energy, defense, and semiconductor OEMs. As an export-oriented company, it has a presence in the US, Europe, and the UK.

This development comes after the NDA government boosted space tech startups in its first budget of its third consecutive term. Finance Minister Nirmala Sitharaman announced a Rs 1,000-crore venture capital fund to invest in India’s space economy.

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