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Funding

EV ride-hailing firm Snap-E Cabs raises $2.5M in pre-Series A round

EV Ride-hailing platform Snap-E Cabs has raised $2.5 million in a pre-Series A Round led by Inflection Point Ventures.

An electric vehicle ride-hailing platform, Snap-E Cabs provides 100% electric, sustainable, efficient, affordable, and reliable mobility solutions. The capital raised will be directed towards talent acquisition to bolster growth, investing in technological upgrades, introducing new tech-enabled services, and expanding operations into additional geographical areas.

Mayank Bindal, Founder and CEO of Snap-E Cabs, said, “India’s transition to electric vehicles not only disrupts global oil markets but also positions the country, with its 1.4 billion population and rapidly growing economy, as a key player in the global EV market, marking a substantial step toward sustainable development.”

SportVot raises Rs 9.4 Cr pre-Series A funding

Sports broadcast and talent discovery platform SportVot has raised Rs 9.4 crore in a pre-Series A round led by Omidyar Network India, with participation from Anicut Capital, StartupLynk, Ventana Ventures, as well as existing investors Capital A, Ankur Capital, SucSEED Indovation Fund, and Marwah Sports. 

Sportvot provides a full suite of online services to stream sports events and help discover sports talent from the grassroots of India. The financial infusion will enable SportVot to amplify opportunity generation for emerging sports talent and elevate sports participation at all levels throughout India.

Talking about the funding, SportVot’s Co-founder Sidhhant Agarwal said, “With this substantial investment, we aim to expand our technology and product offerings, not just within India but also internationally. Our goal is to make sports and advanced sports technology accessible to millions of athletes and sports organisations across India and beyond.”

Merak Ventures makes its first investment in Rupyz

Merak Ventures, a sector-agnostic early-stage venture capital (VC) firm, has announced its first investment as seed funding to Rupyz—an integrated SaaS platform that enables B2B commerce and omnichannel distribution for FMCG and consumer brands. The firm has invested $1.2 million as the lead investor, alongside other angel investors.

Manu Rikhye, Partner at Merak Ventures, said, “Rupyz is addressing a critical need by enhancing omnichannel distribution by digitally transforming the B2B businesses of India. These businesses are essential for the economy and for providing access to their products to last-mile consumers.”

Indian SMBs often struggle with limited digital commerce capabilities, hindering their growth potential. Rupyz offers an omnichannel commerce interface, especially beneficial for distribution-led B2B businesses in sectors like food, FMCG, personal care, and lifestyle. This solution automates and scales offline and online distribution, enhancing sales, and fulfilment channels.

Aarogya Tech raises $1.8M in seed funding

An innovative healthtech startup, US-based Aarogya Tech has raised a $1.8 million seed funding round, with $1.5 million infused by Hasu P Shah, Founder and Chairman Emeritus of Hersha Hospitality Trust. He will be joining the startup’s Board. 

The specialised startup, with an office in Bengaluru, offers scalable, clinician-led, data-driven personalised health management services at home and within communities. Its primary focus is on disease prevention and early disease diagnosis.

The infusion of new funds will accelerate product development, fortify the analytics, and machine learning team, and scale-up the company’s product and growth teams to 20+ in Bengaluru.

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Other news

8Bit Creatives partners with Rooter

Gaming influencer talent management agency 8Bit Creatives has partnered with Rooter, a gaming and esports content platform.

This collaboration will see 8Bit Creatives—as well as notable gaming influencers, PC gamers, and GTA roleplay creators such as Tanmay Singh aka ScoutOp, Parv Singh aka Regaltos, Raj Varma aka Snax, Salman Ahmad aka 8Bit Mamba, and Mithul Nayak aka 8Bit Binks—stream and curate engaging content on the Rooter platform.

The partnership seeks to substantially broaden the availability of diverse and captivating gaming content for audiences nationwide. Concurrently, they will explore various channels for brands and advertisers to establish meaningful connections with India’s enthusiastic gaming community.

Rapido collaborates with ONDC

Commuting app Rapido has collaborated with the government-backed Open Network for Digital Commerce (ONDC) platform for seamless booking of Chennai Metro Rail Corporation (CMRL) metro tickets.

CMRL experienced an impressive daily average of 2.66 lakh passengers, totalling a remarkable 9.11 crore passengers on Chennai metro trains in 2023.

Rapido’s commute planning feature includes the integration of various transportation modes, such as bike taxis, cabs, and autos, alongside metro ticket bookings. Expecting a substantial impact, Rapido foresees a minimum 15% increase in metro ticket purchases through its app, capitalising on its established customer base. While metro ticket booking is currently available for Android users, the iOS version is underway and is expected to be introduced shortly.

Databricks acquires Einblick

Data and AI company Databrricks has acquired Einblick, an AI-focused data platform that provides data teams with an agile workflow to swiftly explore data, build predictive models, deploy data apps and enable users to solve data problems using natural language.

The Einblick team has innovated advanced methods for translating natural language questions into the necessary code, charts, and models for generating insights. These capabilities will play a crucial role in supporting Databricks’ mission of facilitating organisations to democratise data intelligence and develop the next generation of data and AI applications with an emphasis on quality, speed, and agility.

“When we founded Einblick, our goal was to empower companies to do more with data, by creating the easiest and most collaborative data platform,” says Emanuel Zgraggen, CEO and Co-founder of Einblick. “Today marks a significant milestone as we join forces with Databricks to further our mission. I am thrilled to embark on this new journey with a company whose mission is to simplify and democratise data and AI.”

Pantomath Capital Advisors appoints Ajay Jain as Managing Partner, Investment Banking

Pantomath Capital Advisors Private Limited, a mid-market investment bank and financial services house, has appointed the former Executive Director of Centrum Capital, Ajay Jain, as Managing Partner, Investment Banking.

In this strategic role, Ajay Jain will lead Business Development vertical of the Investment Banking Division at Pantomath, bringing over two decades of experience to drive the group’s strategic initiatives.

Jain, a chartered accountant with an Executive MBA and Independent Director certification, boasts over 25 years of leadership experience. His extensive expertise covers various sectors including BFSI, FMCG, auto and auto ancillaries, education, real estate and infrastructure, energy, logistics, metal, textiles, pharma, chemical, and building materials.

Commenting on the appointment, Mahavir Lunawat, Managing Director, Pantomath Capital Advisors said, “We are glad to welcome Ajay Jain to lead Business Development vertical of the Investment Banking Division at Pantomath. His extensive experience in diverse financial functions shall be a guiding force for the team.”

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