Everest Fleet Raises $30 Million in Series C Funding from Uber

Everest Fleet, a mobility startup based in Mumbai, has raised Rs 251.7 crore (approximately $30 million) in its Series C funding round. This investment was led by global ride-hailing giant Uber, marking Uber’s second investment in the company. Everest Fleet operates a fleet of cabs, primarily for Uber in India.

Details of the Funding Round

According to a regulatory filing accessed from the Registrar of Companies (RoC), Everest Fleet raised the funds by issuing 13,726 Series C preference shares. After this round of funding, the company has been valued at around $425 million, according to TheKredible, a startup data intelligence platform.

The fresh capital will be used for general operations, working capital requirements, capital expenditure, and to expand business operations, according to the company.

Uber’s Growing Stake

With this investment, Uber has become the largest external shareholder in Everest Fleet, now holding an 11.37% stake in the company. The company’s founder, Siddharth Anand Ladsariya, remains the majority stakeholder, owning 52% of the company. Additionally, Everest Fleet has an Employee Stock Option Pool (ESOP) that accounts for 4.76% of the company.

Future Investments and Growth Plans

In August, the International Finance Corporation (IFC) announced a plan to invest $20 million in Everest Fleet. If this deal goes through, the total amount raised in the Series C round would reach $50 million. This additional funding would further boost the company’s growth and allow it to expand its fleet and operations.

Founded in 2016, Everest Fleet operates in the shared mobility space in India and is a key partner for both Uber and Ola. The company claims to be Uber’s largest professionally managed fleet supplier in India. Everest Fleet has been growing rapidly and aims to continue its strong partnership with ride-hailing platforms.

Previous Funding and Expansion

This isn’t the first time Uber has invested in Everest Fleet. In June 2022, Uber led a $20 million funding round for the company, which provided a partial exit to its early backer, Artha Venture. Earlier in 2024, Everest Fleet secured Rs 100 crore ($12 million) in debt from Axis Bank to help it purchase electric vehicles (EVs). The company is focusing on expanding its EV fleet to reduce costs and meet growing demand for sustainable transportation options.

Financial Performance

Everest Fleet has seen strong growth in recent years. For the fiscal year ending in March 2024 (FY24), the company’s revenue surged 2.2 times to reach Rs 1,015-1,020 crore, up from Rs 466 crore in FY23. In FY23, Everest Fleet reported a profit of Rs 41 crore, demonstrating its ability to grow while maintaining profitability. The company has not yet reported its profits for FY24, but the substantial increase in revenue suggests continued growth.

Conclusion

With Uber’s backing and additional potential funding from IFC, Everest Fleet is well-positioned to continue its rapid expansion in the shared mobility space. The company’s focus on electric vehicles and its strong partnership with Uber make it a significant player in India’s growing ride-hailing market.

M2P Fintech Raises $50 Million from Taj Investment Holdings

M2P Fintech, a company that provides API infrastructure for businesses to offer their own branded financial services, has raised Rs 417.5 crore ($50 million). This funding comes from a new investor, Taj Investment Holdings. M2P Fintech, formerly known as Yap, helps companies create financial services while making sure they follow regulatory rules. The company operates in countries like Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.

Recent Growth and Acquisitions

M2P is backed by Tiger Global and has made six acquisitions so far, including companies like Goals101, Syntizen, and BSG ITSOFT. These acquisitions have helped M2P grow its presence in the fintech industry.

In the financial year FY23, M2P’s operating revenue more than doubled, growing 2.26 times to reach Rs 440.7 crore, up from Rs 194.74 crore in the previous year, FY22. However, the company’s losses also grew by 3.35 times, amounting to Rs 134.26 crore in FY23. M2P has not yet released its financial results for FY24.

New Funding and Future Plans

To raise the Rs 417.5 crore, M2P’s board passed a resolution to offer Series D preference shares, as noted in regulatory filings. The company plans to use the funds for expansion and to support its working capital needs. M2P Fintech’s valuation has now reached about $800 million after this funding round.

Interestingly, Taj Investment Holdings has not previously invested in any Indian startup before this. There is limited information available about this fund, and M2P Fintech has been contacted for further comments.

Employee Stock Options (ESOP) Increase

Along with the new funding, M2P has also expanded its Employee Stock Option Pool (ESOP). The company added 38,700 new stock options, bringing the total number of stock options to 1,29,140. This gives employees more opportunities to own a share of the company.

Previous Investors and Ownership

Before this funding round, Beenext was the largest external investor in M2P, holding 10.23% of the company. Tiger Global owned 9.22%, and Insight Partners had 6.44%. The company’s three co-founders—Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R—collectively own 34.03% of the company.

Future Funding Plans

M2P Fintech was also reportedly in talks for a larger funding round, aiming to raise $80 million. Out of this, $30 million was expected to come from secondary sales. This means that some existing shareholders might sell their shares as part of the funding deal.

In conclusion, M2P Fintech is rapidly growing, with increased revenue and several successful acquisitions. The new funds will help the company expand further, although it still faces challenges with rising losses. With a strong lineup of investors and big plans for the future, M2P is set to become a significant player in the fintech industry.

Vahan.ai Raises $10 Million in Series B Funding to Expand AI Recruitment Technology

Vahan.ai Raises $10 Million to Grow Its AI-Powered Recruitment

Vahan.ai, a company that helps people find blue-collar jobs, has just raised $10 million in its Series B funding. This round of funding was led by Khosla Ventures, with participation from Y Combinator, US-based venture capital firm Gaingels, and Vijay Shekhar Sharma, the founder of Paytm.

A Quick Look at Vahan.ai

Vahan.ai is a startup based in Bengaluru, India. It was started in 2016 by Madhav Krishna with the goal of making it easier for companies to find workers for blue-collar jobs, like delivery drivers, warehouse workers, and factory staff. The company uses artificial intelligence (AI) to help match job seekers with employers.

Past Funding and Support

This isn’t the first time Vahan has raised money. Back in September 2021, the company raised $8 million in a Series A round, also led by Khosla Ventures. In addition, Vahan is part of Airtel’s Startup Accelerator Program, which helps promising startups grow. Airtel, one of India’s biggest telecom companies, bought an 8.82% stake in Vahan back in October 2019.

What Will the New Funds Be Used For?

The $10 million raised in this new round will be used to make Vahan’s AI technology even better. Right now, Vahan’s AI recruitment tool can conduct interviews in both English and Hindi, but the company wants to expand its language capabilities. It plans to add support for eight major Indian languages. This will make the platform more accessible to a wider range of job seekers across the country.

Vahan also has plans to move into new industries. So far, the company has mainly focused on industries like food delivery and logistics, working with companies like Zomato, Swiggy, Flipkart, Blinkit, and Uber. Now, Vahan wants to expand into sectors like manufacturing and retail.

Vahan’s Success So Far

Since its launch, Vahan has helped recruit over 500,000 workers across more than 480 cities in India. With over 25,000 people recruited every month, the company has made it easier and faster for companies to find workers, cutting down on recruitment costs and the time it takes to fill positions.

Financial Performance

For the fiscal year ending in March 2023, Vahan reported operating revenue of Rs 29.7 crore (around $3.6 million). However, the company also reported a loss of Rs 17.71 crore (around $2.1 million). Despite these losses, Vahan is optimistic about the future. The company expects to double its revenue in the next fiscal year (FY24) and continue growing in the years to come.

Competition in the Blue-Collar Job Market

Vahan operates in a competitive market. Early on, it faced competition from companies like Baba Jobs and Aasaan Jobs, but both of these competitors struggled to grow and eventually merged with Quikr and OLX in 2017 and 2019, respectively. Today, Vahan’s biggest competitor is Apna, another job recruitment platform focused on blue-collar workers. Apna, which is backed by Tiger Global, became a unicorn (a startup valued at over $1 billion) in 2021 after the pandemic boosted demand for its services.

Looking Forward

With its latest round of funding, Vahan.ai is well-positioned to continue growing and improving its services. The company’s focus on AI-powered recruitment and its plans to expand into new industries and languages could help it maintain a competitive edge in the blue-collar job market.

As Vahan continues to grow, it hopes to make job recruitment easier, faster, and more efficient for both employers and job seekers.

Nazara Technologies Raises $108 Million in Funding, Expands Stake in Sportskeeda

Gaming firm Nazara Technologies is raising Rs 900 crore (approximately $108 million) in a new funding round led by SBI Mutual Fund. The round also saw participation from Juno Moneta Finsol, Think India Opportunities Fund, Discovery Global, and other prominent investors.

Funding Round Details

Nazara’s board has approved a resolution to issue 94,31,294 equity shares at an issue price of Rs 954.27 per share. This move will raise Rs 900 crore ($108 million) for the company. The information was disclosed in a filing with the National Stock Exchange (NSE).

The funding round was led by SBI Mutual Fund, which contributed Rs 220 crore to the total. Other major investors include Juno Moneta Finsol and Think India Opportunities Fund, both of which contributed Rs 150 crore each. Notably, Caratlane co-founders Siddharth and Mithun Sacheti also participated, investing Rs 155 crore. Additional funds came from Discovery Global, Cohesion MK, Chartered Finance, Ratnabali Investment, Meenakshi Mercantiles, and Aamara Capital.

The issuance of shares is pending shareholder approval, with a meeting scheduled for October 12 to finalize the preferential allotment.

Strategic Expansion: Nazara Increases Stake in Sportskeeda

In addition to the funding round, Nazara Technologies has made a significant strategic move by increasing its stake in Absolute Sports, the parent company of Sportskeeda. The company has acquired an additional 19.35% stake for Rs 145.47 crore. Out of this, Rs 72.73 crore will be paid in cash, and the remaining amount will be settled through a share swap of Nazara’s equity.

With this acquisition, Nazara now holds a 91.03% stake in Absolute Sports, further solidifying its control over Sportskeeda, a leading sports media platform. This acquisition is a part of Nazara’s broader strategy to strengthen its presence in the sports content and gaming sector.

Over the past few months, Absolute Sports has been expanding its portfolio by acquiring assets such as SoapCentral.com and DeltiasGaming, which enhances its position in the sports and gaming media industry.

Nazara’s Market Performance

The funding round and strategic acquisition have boosted investor confidence in Nazara. The company’s stock reached its 52-week high at Rs 1,098 today and ended the trading day at Rs 1,095. This surge in stock price highlights Nazara’s strong market position and growth prospects.

As of September 18, Nazara Technologies’ market capitalization stands at Rs 8,381 crore, according to estimates by Entrackr. The company’s continued growth in both gaming and sports media, along with the fresh influx of capital, positions Nazara as a leading player in India’s gaming ecosystem.

Conclusion

Nazara Technologies’ successful Rs 900 crore ($108 million) funding round, led by SBI Mutual Fund, underscores its strong standing in the gaming industry. Alongside this, its increased stake in Sportskeeda’s parent company, Absolute Sports, further strengthens its foothold in the sports content market. With a robust investor lineup and strategic acquisitions, Nazara is poised for continued growth and expansion in the competitive world of gaming and sports media.

Proxgy Raises $2.2 Million to Boost Growth and Innovation

Deeptech startup Proxgy has successfully raised $2.2 million in a funding round led by Manish Patel. Several notable investors, including Nikhil Kamath, actor Suniel Shetty, and Kuldeep Mathur, also participated in this round.

In this latest funding round, Proxgy issued 13,998 compulsory convertible preferred shares at Rs 13,230 each, raising a total of Rs 18.51 crore (approximately $2.2 million). According to the regulatory filing accessed by Entrackr from the Registrar of Companies (RoC), Manish Patel contributed Rs 13.23 crore, while the rest was provided by Kamath, Shetty, and other individual investors.

How Proxgy Plans to Use the Funds

Proxgy intends to use the raised capital for various purposes, including capital expenditures, day-to-day operations, working capital, and meeting growth objectives. This influx of funding is expected to support the company’s strategic goals and expansion plans.

Proxgy’s Market Valuation

According to startup intelligence platform TheKredible, Proxgy’s valuation has risen to Rs 140 crore (approximately $16.86 million) post-funding. This marks a significant increase for the Gurugram-based company, which has rapidly gained attention in the deeptech and IoT (Internet of Things) sector.

Proxgy had previously raised Rs 16 crore ($2 million) in a pre-Series A funding round led by LetsVenture, Planify Angel Fund, and Mach Tech Fund in October of last year. After the latest funding round, lead investor Manish Patel now holds a 3.12% stake in the company.

Proxgy’s Focus and Products

Founded in 2020 by Pulkit Ahuja, Proxgy is a deeptech startup focused on developing cutting-edge IoT solutions. The company is dedicated to creating innovative products that enhance workplace safety and efficiency, particularly for blue-collar workers.

Proxgy’s product lineup includes a range of smart wearables and safety devices, such as the SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox. These products are designed to improve safety conditions and boost productivity in industries where physical labor is prominent.

Financial Performance and Future Outlook

In the fiscal year 2023 (FY23), Proxgy generated Rs 72 lakh in revenue, marking a shift from its pre-revenue stage. However, the company also posted a loss of Rs 3.2 crore during the same period. Proxgy is yet to release its financial results for FY24, which will provide further insight into its ongoing growth and performance.

The latest round of funding, coupled with its rising market valuation, places Proxgy in a strong position to expand its product offerings and scale its operations. With a focus on deeptech and IoT innovation, the company is poised to address key challenges in workplace safety and efficiency, positioning itself as a significant player in the industry.

The backing from high-profile investors and the continued interest in its cutting-edge technology underscore Proxgy’s potential for future growth.

USA- AIR COMPANY Raises $69M in Series B Funding to Scale Carbon Conversion Technology and Drive Aviation Sustainability

AIR COMPANY, a leader in carbon conversion technology, has announced raising $69 million in its Series B funding round. The financing will help advance the company’s innovative technology, promoting energy security and reducing emissions in hard-to-decarbonize sectors, especially aviation. This round was led by Avfuel, a global supplier of aviation fuel, which will also provide distribution, logistics, and environmental attribute tracking for AIR COMPANY. Other participants included Lowercarbon Capital, IQT (In-Q-Tel), Alaska Airlines, Connecticut Innovation’s Climate Tech Fund, and Duncan Aviation, among others. Previous investors such as Carbon Direct Capital, JetBlue Ventures, and Toyota Ventures also took part in this funding.

Avfuel’s involvement signifies a crucial partnership for the company as it aims to scale its sustainable aviation fuel (SAF) production. Avfuel will join AIR COMPANY’s board of directors, bringing their industry expertise to drive the development and adoption of SAF. The funds raised will be directed toward expanding AIR COMPANY’s research and development capabilities, pushing forward the deployment of their technology to meet the rising demand for clean, sustainable fuels in both the commercial and governmental sectors.

AIR COMPANY, co-founded by Gregory Constantine and Dr. Stafford Sheehan, has developed a cutting-edge process that converts carbon dioxide into sustainable fuels. Their streamlined and energy-efficient technology can produce scalable SAF, which integrates seamlessly into current aviation infrastructure. This innovation positions AIR COMPANY as a key player in the effort to reduce aviation emissions, a sector notoriously difficult to decarbonize. Through partnerships with airlines and a $65 million contract with the Defense Innovation Unit, the company has already demonstrated the viability of its SAF solution.

Avfuel’s Executive Vice President, C.R. Sincock, highlighted the importance of SAF as a pathway to decarbonization, praising AIR COMPANY’s innovative approach. “The aviation sector faces a critical challenge in meeting the growing demand for sustainable aviation fuel,” Sincock said. “By partnering with AIR COMPANY, Avfuel is committed to accelerating the widespread adoption of this high-performing fuel and driving meaningful emissions reductions across the industry.”

Co-Founder and CEO Gregory Constantine emphasized that AIR COMPANY’s technology is designed to be modular and scalable, allowing it to adapt to various fuel supply chains. Co-Founder Dr. Stafford Sheehan further noted that this flexibility strengthens energy security and encourages domestic job creation. The backing from prominent investors underlines the trust and confidence in AIR COMPANY’s vision for a sustainable and resilient future.

AIR COMPANY’s proprietary AIRMADE™ technology is an adaptable platform that converts CO₂ into high-demand, fully-formulated synthetic fuels and chemicals. The company has established partnerships with airlines like JetBlue and Virgin Atlantic and secured contracts with government agencies, including NASA and the Department of Defense.

The company’s efforts have garnered numerous accolades, including the Green Chemistry Challenge Award from the U.S. Environmental Protection Agency and recognition from the World Economic Forum for its contributions to sustainable aviation. AIR COMPANY’s success in carbon conversion technology is not only transforming energy sectors but also providing a crucial solution to global carbon emissions. With this new funding, the company is poised to further scale its operations and make a lasting impact on sustainable aviation and beyond.

Bluecopa Raises $1.8 Million in Pre-Series A Round to Boost FinOps Automation

Bluecopa, a finance operations (FinOps) automation platform, has secured $1.8 million in a pre-Series A funding round. This round was co-led by Blume Ventures, Dallas Venture Capital, and Venture Catalysts. The company plans to use the funds to expand its market reach, enhance its AI capabilities, and drive product development.

Founded in 2021 by Nilotpal Chanda, Raghavendra Reddy, and Satya Prakash Buddhavarapu, Bluecopa harnesses AI and data analytics to automate financial processes for the CFO’s office. Its cloud-native platform streamlines operations, enabling modern finance teams to work more efficiently by automating manual processes. The company’s solution caters to a wide range of industries, including eCommerce, financial services, travel, logistics, and gaming.

Bluecopa has gained traction in the market over the last year, adding numerous high-profile customers to its roster. With the global FinOps market valued at over $40 billion, Bluecopa is positioning itself as a key player in driving financial efficiency through technology.

By leveraging the new funding, Bluecopa aims to continue evolving its platform, offering more value to finance leaders across various sectors while solidifying its presence in the expanding FinOps space.

Kaleidofin Raises $13.8M to Expand Lending and Credit Services

Fintech startup Kaleidofin has secured $13.8 million in a funding round led by Rabo Partnerships B.V., with participation from existing investors, including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish. This brings the total funds raised by Kaleidofin to $37 million since its inception.

Founded by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers a range of financial products aimed at the informal economy, including KaleidoGoals a goal-based savings solution; KiScore an automated credit health-checking platform using machine learning; KaleidoCredit a credit platform for lending and debt markets; and KaleidoPaya suite of payment solutions focused on financial inclusion.

The newly raised funds will be used to scale Kaleidofin’s lending portfolio and expand services in credit scoring, middleware, and risk management through strategic partnerships. These enhancements aim to improve credit access and financial services for underserved communities and small businesses in the informal sector.

Since 2020, Kaleidofin claims to have facilitated loan disbursals totaling over $2.7 billion, serving more than 4.7 million customers and small enterprises. The company’s focus on creating tailored financial solutions for the informal sector has positioned it as a significant player in the fintech ecosystem, addressing the financial needs of a largely underserved market.

With this latest funding round, Kaleidofin is set to deepen its impact by enhancing its technology and broadening its service offerings, furthering financial inclusion across India.