Start-Ups

Hero MotoCorp Ltd. is investing Rs 420 crore in Ather Energy, an electric scooter maker, at a time when India’s largest two-wheeler manufacturer is preparing its own product for the domestic EV market. According to a regulatory filing Friday, the company’s board of directors has approved the investment in one or more tranches. Hero MotoCorp owned 34.8 percent of the Bengaluru-based startup prior to the proposed investment. “Following the investment, the shareholding will increase, and the exact shareholding will be determined when Ather completes the capital raise round.” This is…

Groww, an online investment platform, is expanding its offerings to include lending. According to its mobile app, the Bengaluru-based company has begun offering credit lines to select users based on their transaction history. This follows a massive fundraise in October, which valued the company at $3 billion. Groww’s decision is a significant step toward increasing revenue, which has been low thus far. While the company has yet to release its fiscal year 21 annual report, Groww’s lending feature is similar to CRED’s Stash, which also provides consumers with an instant…

Prime Minister Narendra Modi will use video conferencing to meet with more than 150 startups from various sectors, including agriculture and health on saturday. This interaction will include startups from a variety of industries, including enterprise systems, space, industry 4.0, security, fintech, and the environment, in addition to agriculture and health, according to the PMO on Friday. According to a press release, more than 150 startups have been divided into six working groups based on themes such as “growing from roots,” “nudge the DNA,” “from local to global,” “future technology,”…

Nodwin Gaming Pvt. Ltd., a subsidiary of Nazara Technologies Ltd., India’s first publicly traded gaming company, has acquired direct-to-consumer retailer Planet Superheroes to expand its merchandise offering. While Nodwin Gaming did not disclose the financial terms of the transaction, Nazara Technologies stated in a regulatory filing that it was worth Rs 4.9 crore. “The board of directors of Nodwin Gaming has approved the acquisition of 27,987 equity shares of Rs 10 each of Superhero Brands Pvt. Ltd. from existing shareholders, in one or more tranches, aggregating to 100% equity stake…

Turnip, a mobile-focused gaming community platform, has raised $12.5 million (Rs 92 crore) in a new Series A funding round to expand its presence across geographies, hire talent, and develop new products. Greenoaks and Elevation Capital, both based in the United States, led the new round. Other investors included SEA Capital, Vibe Capital, and leading founders such as Andrew Chen (Partner, a16z), Harshil Mathur and Shashank Kumar (Razorpay), Akshay Kothari (Notion), Geige Vandentop (Streamyard), Vidit Aatrey and Sanjeev Barnwal (Meesho), Gaurav Munjal and Roman Saini (Unacademy), Lalit Keshre, Ishan Bansal…

Start-up based in Delhi ElectiVa has been won the contract to install and operate 100 electric vehicle charging stations throughout the state. According to the company, the contract, which was awarded by local urban bodies, targets key locations in the city such as Green Park, Hauz Khas, Saket, defence colony, South Ex, Lajpat Nagar, RK Puram, and Vasant Vihar, among other commercial areas. Sumit Dhanuka, the company’s founder, stated that he intends to install over 50,000 electric vehicle charging stations across the country over the next four years. India currently…

Thrasio, the US company that pioneered the model of acquiring and scaling up private brands on Amazon.com, plans to invest $500 million in India because it sees the country as a significant market in the long term. According to Carlos Cashman, CEO of Thrasio Thrasio has made its first acquisition in India, acquiring a majority stake in Lifelong, a consumer durables brand. Even though the terms of the transaction were not disclosed, Thrasio is said to have paid $150-200 million for the stake. Lifelong, which is backed by Tanglin Venture…

ORAI, a conversational AI platform, announced today that it has raised Rs 6.5 crore in a pre-Series A funding round led by Gurugram-based angel investment firm Inflection Point Ventures. IPV has invested Rs 326 crore in 107 transactions so far. ORAI claims to provide 100% automation powered by artificial intelligence (AI) with all advanced features in a single bot that handles all customer support, customer outreach, customer engagement, marketing, sales support, and post-sales services. The startup recently launched a WhatsApp commerce feature that uses artificial intelligence to automate business conversations…

Tooljet, a San Francisco-based open-source low-code platform provider, has raised $1.55 million in a Seed funding round led by Nexus Venture Partners, Ratio Ventures, Better Capital, and Alan Rutledge. Individual investors who participated in the round included Rohan Murty (Founder of Soroco), Sony Joy (Head of Enterprise at Truecaller), Vipul Amler (Founder of Saeloun), Mohammed Hisamuddin (Founder of Entri), and Abhi Kumar of M12 Ventures. Tooljet will use this round of funding to expand its team and accelerate the development of its core platform. It currently has a 12-person team….

Mensa Brands, a Bengaluru-based technology-led ‘House of Brands’ built for the e-commerce industry, announced today the acquisition of a majority stake in Florona, a personal care brand that primarily targets customers in the United States and Canada. So far, Mensa Brands has acquired 16 brands. Mensa Brands had previously acquired Estalon, High Star, Lilpicks, Folkulture, and Ishin, among others. Notably, when it raised $135 million in a Series B funding round in November last year, the startup became India’s fastest and the world’s second-fastest unicorn. Florona, founded by Aayush Gupta,…