You are currently viewing Startup news and updates: daily roundup (August 10, 2023)

Startup news and updates: daily roundup (August 10, 2023)

Funding News

EV fleet startup BluWheelz raises $500K

Faad Network, a prominent Indian early-stage fund, has cut a seed cheque of $500,000 for Bluwheelz, an emerging electric vehicle (EV) fleet-as-a-service company.

LetsVenture, along with High-Net-Worth Individuals (HNIs), a notable family office, and key angel investors from both India and the United States also participated in the round.

BluWheelz said it will use the funding to expand into other regions across the country over the next six months, and invest in advanced technology and innovations, enhance its service offerings.

Founded in 2022, Bluwheelz is a provider of EV Fleet as a Service in India. It caters to clients across various sectors including ecommerce, logistics, FMCG, food delivery, pharma, etc.

Klub invests Rs 40 crore in Indian brands

Klub has invested Rs 40 crore in brands such as Naagin Sauce, Ustraa, Illuvia, Kraasa, Jaipur Watch Company, and more, said the company in a statement.

The majority of the Rs 40 crore investment went to the fashion and apparel sector, closely followed by personal care and beauty.

The funds raised by these brands will provide them crucial resources like working capital, inventory management, performance marketing, store financing, and opportunities to collaborate with celebrities and brand ambassadors, said Klub.

Arka Credit Fund invests in Everest Fleet

Arka Credit Fund I said it has invested in the non-convertible debentures (NCDs) issued by Everest Fleet, a large fleet supplier in India that works with the likes of Uber and Ola.

The investment value was not disclosed.

Everest will use the capital to expand its fleet portfolio to exceed 17,000 vehicles by March 2024.

Based in Mumbai, Everest Fleet was established in 2016 and has around 10,000 cars in its fleet across seven major metropolitan areas in India.

“The investment in Everest Fleet aligns with our investment philosophy of partnering with credible mid-market players, by providing them access to sustainable capital in their overall growth journey,” said Sonit Singh, Director at Arka Investment Advisory Services Private Limited, which manages Arka Credit Fund.

Gaming startup MetaShot raises $400K

Gaming startup MetaShot said it has raised $400K in a pre-seed found from Inflection Point Ventures.

An early-stage fund focused on gaming, as well as notable angel investors, including Dineout’s founders – Ankit Mehrotra, Sahil Jain, and Khalid Qazi, among others, also invested in the round.

MetaShot will use the funds for team expansion, growth-oriented marketing initiatives, and research and development endeavors, it said.

Headquartered in Bengaluru, cricket gaming platform MetaShot was founded by Prince Thomas, Ranjit Behera, and Ajith Sunny. It plans to expand its operations to other cities in the second quarter of the current FY.

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Other news

Content agency Mixed Route Juice to collaborate with ThinkROI

Content and social agency Mixed Route Juice has signed a deal with digital media agency ThinkROI to offer services in international markets.

The companies, via the deal, hope to harness each other’s to facilitate business growth, expand consumer outreach, and enable geographic expansion across India, the US, Singapore, and Malaysia.

Mixed Route Juice and ThinkROI will jointly handle sales and marketing endeavors, as part of the deal.

Spearheaded by Rupinder Singh, Sarada Prasad, and Suraj Talaulikar, ThinkRO operates across Gurugram, Mumbai, and Mysore. Its portfolio includes brands such as A23, Lotus Herbals, Ajmera Realty,, and DivIHN.

“It is a very important strategic partnership for us as this will further strengthen our goal of expanding and growing multifold in both domestic and international markets,” said Amrita Sharma, Co-founder and creative head at Mixed Route Juice.

Logistics platform Shipyaari joins ONDC

Shipyaari, a provider of logistics and ecommerce solutions, said it has joined ONDC (Open Network for Digital Commerce), intending to equip sellers, regional courier partners, and consumers with its hyperlocal and inter-city logistics offerings.

The company is looking to extend its services to around 25,000 new sellers, it said.

As a member of the ONDC platform, Shipyaari will help fellow ecommerce sellers and brands get onboarded seamlessly.

“ONDC brings together sellers, buyers, and enablers under standardised SOPs, leading to lower prices, wider selection, and better customer service,” said Vishal Totla, Co-founder and COO of Shipyaari.

“To help sellers win with ONDC, we have set up a dedicated 15 members cross functional team initially that would be working in an integrated fashion to ensure customer success,” he added.

Naman Jhawar appointed Head of India, Partner at Picus Capital

Naman Jhawar has joined Picus Capital as Partner and Head of India and Southeast Asia, the early-state technology investment firm said in a press release on Thursday.

Jhawar will be tasked with identifying promising startups, aiding the growth of the current 20 portfolio firms in the area, and reinforcing Picus Capital’s commitment to increased investment in the region.

Picus Capital said it is looking to invest up to 30% of its capital in the APAC region. Its portfolio companies include Invact Metaversity, WeRize, Arda, Buildd, InkleInkle, and others.

Jhawar will be responsible for key regions including India, Indonesia, Vietnam, Thailand, Singapore, and the Philippines, Picus said.

(The copy will be updated with the latest news throughout the day)

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