Deal Street: India’s Second-Largest Carmaker Backs Self-Driving Startup Revv
Here’s your weekly dose of startup deals.
Six Indian startups raised nearly Rs 180 crore, or about $28 million, in angel, seed, or venture capital funding across sectors such as mobility, beverages and education.
South Korea-based Hyundai Motor Company led the funding pack last week with its investment in self-drive car rental startup. The automaker joins U.S.-based Ford Motor Co. and India’s Mahindra & Mahindra Ltd. in investing in Indian self-drive car rental companies. Both Ford and Mahindra have backed car rental startup Zoomcar.
Hyundai Backs Car-Sharing Platform Revv
Car sharing platform, Revv, raised Rs 100 crore, or about $14.3 million, in a fresh round of funding led by Hyundai.
Existing investors Edelweiss and Beenext also participated in the round. Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment were new investors, the company said in a statement.
As part of the strategic partnership, Hyundai and Revv will work together to develop new mobility service platform and car-sharing products, the companies jointly said ins a statement.
They expect the market for shared vehicles in India to expand to $2 billion by 2020, with number of shared cars in India projected to grow to 50,000 by 2020 from 15,000.
Endiya Partners Backs Solar Power Solutions Firm
Hyderabad-based Cygni Energy, working in the solar energy solutions space, raised Rs 43 crore, or about $6.4 million, in a mix of equity and debt.
Early stage venture capital firm Endiya Partners led the equity funding. The company raised Rs 30 crore as debt from IndusInd Bank, it said in a statement.
Founded in 2014, Cygni, which manufactures solar controllers and provides micro-grid solutions, will use the funds to expand capacity, strengthen research and development capabilities and increase market reach. The company also specialises in inverter-less technology and rooftop solar solutions.
Raw Pressery Raises Funds From Alteria Capital
Cold-pressed juicemaker RAW Pressery raised Rs 33.5 crore (around $5 million) in a mix of debt and equity from venture debt firm Alteria Capital.
“This investment is aligned with our belief that strong, Indian consumer brands backed by venture capital are going to create massive outcomes in the medium- to long-term,” Vinod Murali, co-founder and managing partner, Alteria Capital, said in a statement.
Founded in 2013, RAW Pressery is operated by Rakyan Beverages Pvt. Ltd. Juices and smoothies form the core business of the company. It will use the capital to scale new categories, including nut milk, soups and probiotic dairy drinks, the company said. A part of the investment will also be used to expand distribution both in domestic and international markets like Middle East and South East Asia, it said.
Others
Online education platform, Imarticus Learning, raised $2 million (Rs 13.9 crore) in fresh round of funding from venture capital fund CBA Capital. The company said it will use the funds to expand international operations and strengthen its presence in Mumbai, Delhi, Hyderabad, Bengaluru, Chennai and Pune.
Kota-based medical healthcare record platform, MedCords, raised an undisclosed amount in fresh funding from WaterBridge Ventures, along with InfoEdge, the company said in a statement. The funds will be used to expand MedCords’ team, further develop the technology and improve the scope of operations to newer geographies,
Male grooming brand Bombay Shaving Company raised an undisclosed amount in a funding led by consumer goods major Colgate-Palmolive. The company’s existing investor Fireside Ventures also participated in the round, a company statement said.