Start-Ups

Bounce, which pivoted to become an electric scooter manufacturer at the start of the ongoing fiscal (FY22) with the acquisition of 22Motors was a scooter rental platform in FY21. The pivot and the pandemic on fiscal year (FY21) has wiped out its scale. Bounce’s operating revenue fell by 83 percent during the year, to around Rs 15 crore in FY21 from Rs 87.5 crore in FY20. Approximately 96 percent of the company’s operating revenue came from motorcycle and bicycle rentals in the six cities where it currently operates. This revenue…

Bhanzu, an edtech startup, has raised $2 million (approximately Rs 15 crore) in a seed round led by Lightspeed Venture Partners. Maninder Gulati (Global Chief Strategy Officer at OYO), Gaurav Munjal (CEO of Unacademy), and Kunal Shah (CEO of Cred) were among those who took part in the round. The Hyderabad-based startup intends to use the new funds to expand its live classes across the United States, Canada, the United Kingdom, and the Middle East, as well as to increase hiring in tech and product operations. Bhanzu, founded in 2020…

Hasura, a software company that speeds up web app development, announced that it has raised $100 million from Greenoaks Capital at a valuation of a billion dollars, demonstrating investor interest in pure software startups that burn less money and have a large market as the world becomes more digital. Hasura, founded by Tanmai Gopal and Rajoshi Ghosh in 2017, reduces the time and expertise required to create GraphQL APIs for data access. GraphQL is a query language that was created by Facebook and is open-source. It makes APIs — software…

Vegrow, a fresh farm produce supply chain business, has created a new Employee Stock Ownership Plan (ESOP) pool worth Rs 26 crore ($3.5 million). This arises as many early and growth-stage companies create and extend their ESOP pools, as well as buy back shares from employees. According to the company’s regulatory filings with the MCA, Vegrow has approved a special resolution to adopt an ESOPs Plan with 16,308 options, each option exercisable into one equity share of the company. The newly accepted ESOP pool is valued at about Rs 26…