API infrastructure platform M2P Fintech is close to securing $80 million in new funding led by a new investor, with existing investors like Insight Partners joining. The funds will enhance tech infrastructure and growth in India and overseas. The new round values M2P at approximately $880-$900 million.
CE Info Systems, parent company of MapMyIndia, issued a legal notice to Ola Electric for allegedly copying data to launch its own mapping service, breaching their license agreement. MapMyIndia claims Ola cached its data, violating terms. Legal actions, both civil and criminal, are being considered against Ola Electric.
Ola Electric gained SEBI approval for its IPO, aiming to raise Rs 6,146 crore ($740 million) Aprox, including a fresh issue of Rs 5,500 crore and an offer for sale of Rs 646 crore. The IPO, priced at Rs 72-76 per share, open for retail investors on August 2 and closes on August 6, 2024.
Apollo Tyres has closed its doorstep car service, Trumigo, just six months post-launch due to lack of market traction. Nearly 100 employees, including 75 ground staff, were laid off without full severance pay. Launched in Gurugram with expansion plans, Trumigo’s website has been non-functional for days amid ongoing financial audits.
Electric vehicle startup Simple Energy secured $20 million in Series A funding from high-net-worth individuals and family offices. The funds will boost production of its flagship products, Simple One and Simple Dot One, and support expansion across India. Founded in 2019, Simple Energy manufactures 95% of its scooter components in-house.
D2C haircare brand Moxie Beauty secured Rs 17.3 crore ($2.1 million) in a round led by Fireside Ventures, with angel investors also participating. Founded by Nikita Khanna and Anmol Ahlawat, Moxie Beauty will use the funds for product innovation, talent acquisition, and expanding distribution channels.
ToyStack.ai, a cloud deployment platform for developers, raised $325,000 in pre-seed funding from angel investors. Founded in 2023, the platform automates server setup, CI/CD pipelines, and security configurations. The funds will be used for product development, talent acquisition, sales, and marketing.
InsuranceDekho has received the composite insurance broking license from IRDAI, allowing it to offer reinsurance services in addition to broking. The platform, integrated with 48 insurance companies, aims to leverage technology for competitive reinsurance pricing and plans to increase its processed premium from Rs 3,300 crore to Rs 5,000 crore next year.
Google has partnered with ElectricPe to improve the EV charging experience in India. Google Maps and Google Search users can now view real-time availability and status of charging points. ElectricPe, founded in 2021, operates over 25,000 public chargers in Bengaluru and has raised $8.29 million.
Go Digit General Insurance saw an 8% drop in net premium revenue to Rs 1,824 crore in Q1 FY25. Despite this, their gross premium was Rs 2,660 crore. Profits rose by 90.6% to Rs 101 crore, reflecting cost control efforts.
