Start-Ups

Spinny, a pre-owned car retailing platform, announced the completion of a $12 million (approximately Rs 90 crore) ESOP buyback for its current and former employees on Tuesday. Spinny, which recently added former cricketer Sachin Tendulkar as a strategic investor, has facilitated the first ESOP (employee stock ownership plan) buyback. ESOP is an employee benefit plan that gives workers ownership interest in the company. “It is imperative to nurture a working culture that inspires each and every team member to do the best work and have a say in all internal…

Jumbotail, a business-to-business e-commerce startup that distributes groceries to mom-and-pop retailers, stated that it has secured a Series C investment of $85 million. The funding was led by Artal Asia Pte. Ltd., an affiliate of Invus, a global equity investment firm with over $10 billion of evergreen capital under management. The round was also attended by Ajax Capital, the family office of renowned FMCG entrepreneur Ajay Gupta. This Series C round included both primary and secondary investments, with early investors Nexus Venture Partners and Kalaari Capital participating in the secondary…

Zepto, a two-teenager-founded immediate grocery delivery business, has secured $100 million in a fundraising round led by Y Combinator, bringing its valuation to $570 million just five months after launching services in India’s brisk quick commerce industry. The startup’s latest fundraising comes 45 days after a prior capital round of $60 million at a valuation of $225 million, according to Aadit Palicha, co-founder and CEO, in an interview. In addition to Y Combinator’s Continuity Fund, the current round included investments from new and previous backers such as Glade Brook Capital…

Flo Mobility, a vision-based autonomous technology company, has raised $400,000 in funding from DevX Venture Fund, Venture Garage Angels, Blume Founders Fund, and other prominent angel investors. Manesh Jain and Mohan Kumar founded Flo Mobility in 2019 with the goal of creating a platform that can bring autonomous capabilities to vehicles across industries and form factors. The startup claims to be deploying its stack on a variety of vehicles, including electric scooters, delivery bots, agri-weeders, surveillance bots, golf carts, and lawnmowers. Flo Mobility intends to use the funds raised to…

OfBusiness, a platform for industrial goods and services procurement, has raised $325 million in a Series G round led by Alpha Wave Ventures II, Tiger Global Management, and Softbank Vision Fund 2. Norwest Venture Partners, Matrix Partners India, Zodius Technologies, Pantherea Growth Fund, and Marshall Wace are also investors in the company. The current round also includes a secondary sale for $140 million. According to OfBusiness, the new funds were raised at a valuation of around $5 billion. In the last eight months, the Gurugram-based company’s valuation has increased by…

Atomberg Technologies, best known for its smart fans, has raised $20 million in a fundraising round led by Jungle Ventures. The funds will be used to build a new manufacturing facility, according to the corporation. According to an official release, the round, which brings the company’s total capital garnered to $45 million since its creation in 2012, also included participation from Inflexor Ventures, as well as current investors A91 Partners and angel investor Ramakant Sharma. The company intends to expand its presence in kitchen appliances with the launch of a…

Chinese artificial intelligence startup SenseTime Group is attempting to raise up to $767 million by pricing its shares between HK$3.85 to $HK3.99 each in its second attempt at a Hong Kong IPO, according to regulatory papers on Monday, . After being placed on a US investor blacklist, SenseTime’s first attempt for listing was shelved last Monday. According to the filings, SenseTime wants to offer 1.5 billion shares in the IPO, with the exact price to be determined on Thursday. The US Treasury added SenseTime to a list of “Chinese military-industrial…

AI-based teaching assistant startup ByteLearn has raised $9.5 million in its seed round and is no longer in stealth status. According to the startup’s website, early access to the platform is now available. Vedantu, an edtech startup, bought the doubt-solving platform InstaSolv in February 2021 to expand its test prep and K-12 teaching sectors. Aditya Singhal and Nishant Sinha, two of InstaSolv’s founders, left to start a new company called ByteLearn. The funds will be used for product development, global expansion, and technological advancements by the startup. The company also intends…