Ola Electric's Big Funding🛵, Jio Launches JioSpaceFiber📡
Zepto's Growth Challenges, OfBusiness' Profit Surge, Shipsy's Strategic Move, Funding Deals and more.
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Tech Updates
Ola Electric Secures $385 Mn Funding from Temasek and State Bank of India⚡️
Ola Electric, the electric vehicle manufacturer, has successfully raised Rs 3,200 crore (approximately $385 million) in a funding round comprising a mix of equity and debt. The funding was led by prominent investors including Temasek and State Bank of India (SBI), strengthening Ola Electric's position in the growing electric vehicle market. 🚗
Zepto’s revenue grew 14X to Rs 2,024 Cr in FY23, with losses up by 3X 🛍️
Quick commerce aka 10-minute grocery delivery service Zepto has grown 14x in the fiscal year ending March 2023. The Mumbai-based company’s losses also surged more than three-fold during the last fiscal year. With a 14-fold growth, Zepto registered Rs 2,024 Cr in revenue in FY23.🍅
OfBusiness Achieves Impressive FY23 Performance with Rs 463 Cr Profit💰
B2B ecommerce platform OfBusiness demonstrated robust financial performance in the fiscal year ending March 2023. The company reported a significant increase in operating revenue, more than doubling to Rs 15,342.57 crore. Moreover, OfBusiness achieved a notable milestone by posting a net profit of Rs 462.76 crore, indicating a strong financial position and operational efficiency. 💼
Shipsy Expands Portfolio with Acquisition of Stockone🚢
Logistics software provider Shipsy has bolstered its product portfolio through the acquisition of Stockone, a cloud-based Warehouse Management System (WMS) and inventory management solution provider. This strategic move enables Shipsy, a Software as a Service (SaaS) logistics platform, to enhance its offerings and further streamline warehouse and inventory management processes for businesses. 📦
Reliance Jio Launches JioSpaceFiber: India's First Satellite-Based Gigafiber Broadband Service🌐
Reliance Jio has unveiled JioSpaceFiber, marking a significant milestone as India's first satellite-based gigabit broadband service. Showcased at the India Mobile Congress, this innovative service provides high-speed broadband connectivity to previously unreachable areas across the nation. JioSpaceFiber is set to become accessible nationwide.🚀
Funding Deals
India's largest electric bus manufacturer PMI Electro Mobility has raised Rs 250 crore in a funding round from Piramal Alternatives, Piramal Group's fund management business.
Fintech startup Escrowpay has signed a definitive agreement to raise an additional $4 Mn via the issuance of warrants, taking its total fundraising till date to $6 Mn.
Manastu Space, a space tech company has raised $3 million in Pre-Series A funding round led by Indian Angel Network.
Indian industrial deeptech IoT (Internet of Things) startup for OEMs Datoms has raised $1.2 million (about Rs 10 crore) in a pre-Series A round led by Yournest Venture Capital.
Drone tech startup UrbanMatrix Technologies has raised Rs 6 crore in a pre-series A round led by Inflection Point Ventures.
Flexible workspace provider Qdesq has raised undisclosed capital in a fresh funding round led by Gruhas, a PropTech and ClimateTech-focused VC.
Tweet of the day🐥
“Sometimes you just need to relax and have faith that things will work out. Let go a little and just let life happen.”
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