Indian startups to dictate the game!
FinMach Daily
TVS seeks $ 300 million for EV
Private equity giants TPG Capital and KKR & Co. are in talks with TVS Motor Co. Ltd to invest at least $300 million to fund the expansion of its electric vehicle business.
TVS Motor Company on its recent launch of variants of its electric two-wheeler iQube, the company now has an order book of 15,000 units and is looking at ramping up its presence to most of the cities in the country.
TVS Motor on May 18 had launched three avatars of the iQube, with an on-road range of 140 km on a single charge, along with a host of features. By the end of this fiscal, the company had extended the iQube’s presence to around 33 cities.
Source: Mint
Arzooo wishes to bring best of indian e-commerce to retail stores
Arzooo, an Indian startup that is attempting to bring the “best of e-commerce” to physical stores, has raised $70 million in a new financing round as it looks to scale its retail platform across the South Asian market.
SBI Investment and Trifecta Leaders Fund led the Bengaluru-headquartered startup’s Series B funding. Tony Xu, founder of DoorDash, Celesta Capital and 3 Lines VC also invested in the new round, which values it at $310 million.
But what does Arzooo exist for?
Millions of retail stores in India are struggling to compete with large retail chains and e-commerce giants Amazon and Flipkart because they don’t offer a wide selection of items and they are unable to provide customers with best prices.
Founded by two Flipkart alums, Arzooo is attempting to solve this by working with big brands to secure large inventories and selling and delivering them to retail stores at better prices.
The startup, which currently operates in the consumer durables and electronics category and provides stores with access to over 10,000 different products, says it works with over 30,000 retail stores across 22 Indian states.
Bertelsmann India announces $500-million fund for startups
Bertelsmann India Investments (BII), the venture capital arm of German media company Bertelsmann, has announced a $500-million fund for new companies as well as follow-on investments.
The fund, a part of the group-wide “Boost 25” strategy, will focus on Series A to D investments. It comes at a time when early-stage funding seems to be gathering momentum in India even as late-stage funding is slowing.
For 2022 and 2023, BII would focus investments in healthtech, enterprisetech, future of work, fintech, and agritech, while exploring disruptive technologies like Web3 and deeptech. The fund was also planning to open more offices in India and the region.
Source: Moneycontrol