Electric two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors. The funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement. The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added. "We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months," Pure EV Co-Founder & CEO Rohit Vadera stated. The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units.
Dry powder refers to the cash reserves maintained by corporations, private equity funds, and individual investors for strategic investments or during an economic downturn
In January last year, Swiggy raised $700 million in a funding round that was led by Invesco and saw participation from a host of investors including Baron Capital Group
This year, start-ups have collectively raised around $4.1 billion so far
Founder and CEO of the Hiranandani Group Niranjan Hiranandani has made an investment in Goodfellows, a start-up offering senior citizens companionship
Favourite haunts of start-up community in Bengaluru and Gurugram reflect the sombre mood
The firm now has an AUM of Rs 3,800 crore across its three debt funds, raised from domestic investors
Tansim is the nodal agency for start-ups in Tamil Nadu and is working on a new start-up policy to boost the new investor eco-system in the state.
The money was raised in a series A round which also saw participation from existing investors -- actor Alia Bhatt and IAN Fund
Share of VC deal value in PE-VC space above 50% for the first time: Bain & Co
Existing investor Sequoia India also participated in the Series B round
Byju's is rapidly narrowing the gap to become the most valuable startup in the country after digital payments firm Paytm, which is valued at around $16 billion
Start-ups must have a clear path to profitability
Companies with safe balance sheets and clean governance have benefited disproportionately from elevated stock specific risks
Convertible debentures & preference shares have emerged as options of choice for new ventures because, apart from deferring valuations, they allow founders to retain a hold over their companies
Starting with travel aggregation and ride hailing, it is quickly evolving across categories like furniture rentals, bike sharing, and peer-to-peer lending
But they are writing bigger cheques