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[YS Exclusive] Swiggy elevates Phani Kishan to co-founder in “ode to a Swiggster” who helped enable the foodtech startup’s journey

Foodtech unicorn Swiggy elevated Phani Kishan, an early employee of the startup since 2015, to Co-founder role in a move that founder Sriharsha Majety termed “an ode to (a) Swiggster… who’s been one of my biggest sources of energy” and the outcome of some deep reflection over the last few months about the startup’s seven-year-long journey, according to an internal memo seen by YS.

Ola Electric raises $100M long term debt from Bank of Baroda (Funding)

Ola Electric and Bank of Baroda today signed a 10-year $100 million debt towards the funding and financial closure of Phase 1 of the Ola Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers, according to a press statement from Ola. This is one of the largest long-term debt financing agreement in the Indian electric vehicle industry.

We Founder Circle invests in three agri-tech startup deals worth $2.5M

Mumbai-based startup investment platform We Founder Circle (WFC) on Monday said it participated in three agritech startup investment deals worth $2.5 million.

These agri-tech portfolio startups include — Anveshan, an organic food startup with traceability tech; Humus, a farm to kitchen retail brand; and Hesa, a rural distribution startup that uses a phygital model and last-mile connect to villages to buy and sell.

Hero Electric vehicles to invest Rs 700Cr for business expansion by 2025

Hero Electric Vehicles will invest Rs 700 crore by 2025 to rev up its business expansion, including setting up of a new manufacturing unit, for which it has raised Rs 220 crore to part-fund the activities, according to a top company official.

The company is planning to set up a new manufacturing facility with an annual capacity of 10 lakh units besides increasing production at its current plant at Ludhiana to 3 lakh units per annum from 75,000 units at present, as it targets to sell around 10 lakh units a year by 2025-26.