Electric intercity bus startup Fresh Bus raised Rs 87.5 crore ($10.5M) in Series A funding led by Maniv, with participation from Shell Ventures and others. The funds will support expanding routes, deploying 150 new buses, enhancing technology, and scaling operations. Fresh Bus aims to reach 1,000 electric buses nationwide in four years.
Rhinestone, a startup offering tools for developers to enhance smart account features, raised $5M in seed funding led by 1kx, with support from CoinFund, Circle Ventures, and others. The funds will be used to expand operations and its smart account infrastructure, enabling developers to create customizable onchain products.
Alaska Airlines has invested in JetZero, a Long Beach-based company developing a blended-wing body (BWB) aircraft. The investment supports Alaska’s sustainability strategy. JetZero’s BWB aircraft aims to reduce fuel burn and carbon emissions by up to 50%, with plans to enter commercial service by 2030.
Gurugram-based Prudent Equity has launched its first growth strategy Portfolio Management Service (PMS) aimed at long-term capital appreciation. With a minimum investment of Rs 50 lakh, the fund targets HNWIs and UHNWIs, leveraging a value investing approach. Prudent Equity aims to reach Rs 250 crore in AUM by 2025.
Singapore-based investment platform Syfe secured $27 million in funding led by Valar Ventures and Unbound, bringing its total raised to $79 million. The funds will drive growth across Asia, with a focus on new products and expanding the tech team at its Gurugram headquarters.
Gaming and sports media company Nazara Technologies saw a marginal 6.06% decline in operating revenue to Rs 250 crore in Q1 FY25. However, the firm’s profit surged by 38.53% to Rs 23.62 crore, largely due to reduced expenses and lower deferred tax.
IPO-bound hospitality firm Oyo reported a Rs 230 crore profit in FY24, a significant turnaround from Rs 1,286 crore losses in FY23. Despite the profit, Oyo’s revenue slightly declined by 1.4% to Rs 5,389 crore compared to the previous fiscal year.
Logistics firm Ecom Express has gained board approval for an IPO worth Rs 2,600 crore, comprising a Rs 1,284 crore fresh issue and a Rs 1,316 crore offer for sale. Major investors like Warburg Pincus are expected to participate. The company previously delayed an IPO in 2022.
Ola Electric’s Q1 FY25 revenue increased by 2.9% to Rs 1,644 crore, with losses reduced by 16.6% to Rs 347 crore. The company’s revenue primarily came from electric scooter sales. Cost-cutting measures contributed to the improved financials, while Ola maintained a leading 39% market share in the electric two-wheeler sector.
Online travel aggregator Yatra saw a 6.4% revenue decline in Q1 FY25, dropping to Rs 100.8 crore from Rs 107.67 crore in Q4 FY24. Profits plunged 27.5% to Rs 4.4 crore. The company spent heavily on employee benefits and other costs, impacting its overall financial performance.
