In the last five years, India’s online dating sector has experienced explosive growth on the back of various tech-based platforms, especially apps, entering the ecosystem. The proof of this is a staggering 293% increase in users, with the sector reaching 82.4 Mn in 2023. 

However, despite this growth, dating app platforms in the country are faced with a unique set of challenges, including a skewed male-to-female ratio and an untrustworthy or unverified base of suspicious users. In addition, dating apps have lately become breeding grounds for criminal activities.  

Moving on, many dating platforms in the country are struggling to generate revenue and retain users due to the limited presence of women on these platforms. To keep this at bay, platforms generally overlook the quality of users they onboard, leading to an increase in imposters and fraudsters on the platforms.

To assuage the Indian online dating ecosystem, the father-son duo of Kaushik and Anirban Banerjee are building flutrr, a vernacular dating app that is laser-focused on women’s safety. It also addresses common issues faced by dating platforms, such as gender imbalance and user security, by using its proprietary safety technology developed to ensure women’s protection.

“We have implemented several safety features based on feedback from women. For example, after a woman from Jhansi raised concerns about her cousin finding her on the app, we introduced a ‘block contact’ feature to prevent anyone from a user’s phonebook from seeing their profile. Similarly, we added a feature called ‘ghost mode,’ which allows women to display only their initials and hides their exact location. We also added a private mode messaging feature to prevent cyber harassment,” Kaushik told Inc42.

However, the platform’s unique value proposition lies in serving women from Tier II and Tier III towns and cities. The founders, with their app, claim to provide a safe alternative to both casual dating and arranged marriages. Per the founders, the startup’s brand messaging has been carefully crafted to foster long-term, meaningful relationships. 

The app supports English, Hindi, Bengali, Tamil, Telugu, Malayalam, and Kannada, and is looking to add Northeastern languages such as Garo, Khasi, and Assamese. The founders claim to have over 5 Lakh monthly active users (MAU) on the dating app and more than 9 Lakh app downloads. 

fluttr’s turnover jumped to INR 2.5 Cr in the financial year 2023-24 (FY24) from INR 99 Lakh in FY23 and INR 17 Lakh in FY22.

Meanwhile, the dating platform is all set to raise INR 3.75 Cr as part of a strategic funding round from Zee Akaash News, a wholly-owned subsidiary of the media conglomerate.

The Idea Of flutrr

Before launching flutrr, Kaushik, an IIT Lucknow alumnus, spent three decades in the corporate world working across sectors like FMCG, consumer durables, media, telecom, building materials, and fashion. 

In 2014, he took a sabbatical to focus on consultancy, helping SMEs with digital transformation. Floating a startup wasn’t on his mind until 2020, when his son, Anirban, came up with the idea.

Back then, Anirban, a mass communication graduate from St Xavier’s College, was all set to go to the UK to pursue his MBA. However, the plans were impacted due to the arrival of the Covid-19 pandemic. Anirban decided to pursue a startup instead.

Next, Anirban, along with his GenZ friends, inspired by their heartbreaks, came up with the idea of launching a dating app.

“I initially turned down the idea, pointing out that there are already many dating apps in India, and questioned their unique selling proposition,” Kaushik said.

His son then went back for further research and spoke to many youths. This time, he returned with the concept of building a vernacular dating app, particularly for non-English audiences. Kaushik found the idea interesting, more because English can be a barrier for many in the country.

After three months of research, the Father-Son duo started developing an app to cater to Tier II and II cities like Assam, Siliguri, Varanasi, Lucknow, and Jaipur. In December 2021, the startup launched the platform in Hindi, Bengali, and English. 

According to the cofounder, while Covid-19 did not significantly impact the launch, working remotely was a big challenge for the team. 

Another major challenge the brand faced was onboarding women on the platform, Kaushik said. The duo spent the initial four to six months understanding the motivation behind women’s decisions to join the platform. 

The brand’s first milestone of approximately 10,000 users was also achieved during these initial months, particularly after they decided to introduce a campus ambassador network, which helps the startup promote its app’s services, among college students. 

It involves collaborations with student influencers to spread awareness about flutrr and engage the youth. These ambassadors enhance the app’s visibility through social media and word-of-mouth marketing.

flutrr’s Monetisation Strategy

From the start, the founders were clear about their focus — tapping into the potential of non-English-speaking individuals from Tier II and III cities and suburban areas. 

Given that the platform was made for audiences living in the real Bharat, the founders resisted floating a subscription-based model. They knew that these consumers were unlikely to pay INR 700-800 for dating app subscriptions. 

Their initial plan was to monetise the app through advertisements. However, this model didn’t work as expected as they started receiving complaints about excessive ads on the platform. Consequently, the founders shifted to a microtransaction model, allowing users to access the app for free but pay for specific services. 

“For instance, users could boost their profile for six hours by paying INR 30. This change led to a significant shift in revenue, and today, 95% of our earnings come from microtransactions,” Kaushik said.

Additionally, they prioritised women’s privacy and safety, especially considering the dynamics of smaller towns. 

From the outset, the founders implemented proprietary safety features and continuously enhanced them over time. These features include face recognition to eliminate fake profiles, a no-screenshot policy, private mode messaging to prevent cyber harassment, profanity filters, the ability to block known contacts from the phonebook, location-hiding options for privacy, a blur filter during video calls, and allowing only Aadhaar-verified profiles to chat or match.

Kaushik added that women also have access to delete the chat of their match if they feel uncomfortable. 

Another realisation was that English-speaking dating apps were viewed as casual or hookup apps, while matrimonial apps were seen as geared toward arranged marriages. 

“Many young people in small towns were not interested in arranged marriages but also didn’t want casual dating. They were seeking long-term relationships that fit somewhere between the two. As a result, we repositioned flutrr as a relationship app rather than a dating app, with a focus on old-school romance,” the founders said.

All in all, the startup generates revenues from microtransactions, ads and its campus ambassador network.

What’s Next For flutrr? 

Currently, the app provides AI-driven features like a love coach and personalised music composer. Additionally, it plans to roll out conversational AI to help users craft replies based on the other person’s sentiments.

Going forward, Kaushik plans to elevate the dating app to a whole new level by introducing offline experiences.

“The vision for flutrr extends beyond being just a dating app; it aims to involve both online and offline experiences. After Diwali, we are planning to host singles meetups at local cafés in smaller towns. Users will be able to see where the events are happening and sign up through the flutrr app,” Kaushik said.

The initial launch will take place in cities like Jaipur, Kanpur, Lucknow, Patna, Allahabad, Bhopal, and Indore.

Besides, the startup is currently focussed on technology development and rolling out new AI features. For example, in September, it launched flutrr Tunes, which lets users compose their own songs using AI tools and send them to impress someone special. 

For FY25, the startup also aims to boost microtransaction revenue to hit profitability. “Our goal is to double our user base to 2 Mn downloads by mid-2025. We also aspire to become a 1 Mn MAU company with a profitable bottom line. Once we achieve this, we will consider a Series A funding round,” Kaushik said.

So far the company has raised $1 Mn (INR 8.3 Cr) funding from investors, including Zee Media Corporation, TOI, The Chennai Angels (TCA), Kiana Ventures, Huma Qureshi, StartupLanes, and certain CXOs of Fortune 500 companies.

Per the founders, the penetration of Indian dating apps in Tier II and III markets is only around 4-5%. The overall dating app market in India is valued at INR 3,600 Cr and is growing at an annual rate of 17%. 

Given that the market is set for significant expansion over the next decade, it will be interesting to see how the cofounders of flutrr take on Tinder, Bumble and other more established dating apps in the country with their Bharat-only thesis.

[Edited By Shishir Parasher]

The post flutrr’s Bharat Bet: Can It Outshine Tinder & Bumble In India’s Dating Space? appeared first on Inc42 Media.

The best part about being a kid is that your imagination is filled with countless possibilities, whether it is about landing among the stars in a small rocket ship or wandering off to far-off neverlands. However, for kid Vibha Tripathi, it has always been about bringing electricity and water to her native village in Uttar Pradesh’s Hardoi district.

Now, before we steal a glance at Tripathi’s journey — from becoming an IITian to developing technology that has helped tackle water and electricity crises in many areas, eventually leading to her founding a watertech startup (Boon) — let’s accustom ourselves to the seriousness of these two challenges.

For starters, the country has only 4% of the world’s freshwater reserves, which makes it one of the most water-stressed nations on the face of the planet. And, as far as the energy crisis is concerned, not many know that the country’s thermal power plants are heavily dependent on water to keep cool and run optimally. 

While 40% of the country’s thermal power plants were located in areas facing high water stress until 2018, about 70% of India’s thermal power plants are expected to face high water stress by 2030.

But it was not the dilapidated state of the country’s resources that bothered Tripathi the most, but the uneasiness of how to make her native village water and energy sufficient if not surplus. 

As the dots connected, her interests started leaning towards solar energy and how adept this source of clean energy is at handling other crises.   

She spent several years researching and studying solar materials and the electronic energies of solar power. With enough experience in the field, Tripathi, a PhD graduate and professor from IIT Kanpur, decided to create an ecosystem for solar energy with her husband in 2008-2009.

Beyond providing electricity, she wanted to harness the Sun to bring clean drinking water to underserved regions of the country. This made her quit her job as a research engineer at IIT Kanpur in 2008, and she began to develop a solar-powered water purification system.

“At the time, solar technology was still in its infancy, and the Internet of Things (IoT) was not yet widely recognised. I began developing a control panel for IoT on my own, feeling confident in my technological abilities,” Tripathi said, adding that the first machine came together quickly and later became a popular initiative named “Swajal”.

The project soon gained recognition and was supported by grants from organisations like the UNDP and the Energy Efficiency Partnership.

Currently, as many as 500 of Swajal’s water ATMs are deployed at around 150 villages. These water systems are also used by the UN in Africa, including Ghana and Zimbabwe.

However, what began as a social initiative evolved into a full-fledged business after Tripathi’s son Advait joined her cause and saw how her mother’s tech could help not just the deprived but also the well-to-do strata of society.

The result was Boon, a watertech startup which is focussed on addressing India’s water concerns with innovative, tech-driven solutions.

The Birth Of A Cleantech Startup, Boon

Founded in 2015 by the mother-son duo, the startup leverages IoT for sustainable water usage and conservation. Additionally, the startup specialises in water purification solutions. Using IoT technology, Boon delivers real-time assessments of drinking water quality and quantity. The company’s smart water system allows homes and businesses to track, customise, and analyse drinking water 24/7.

The Gurugram-based startup also claims to have saved 2 Lakh bottles and removed 10 Lakh kg of plastic, serving a diverse clientele including hospitality chains, multinational companies, and Fortune 500 enterprises.

The startup is present in all major Indian cities and works with around 400 hotels, including names like JW Marriott, Accor Hotels, IHG, Hyatt, Radisson, and Oberoi, among others. “Our water filter solutions hold an 80% market share in the hotel sector, primarily in Tier I cities,” Advait said.

With a current team size of 400 and total funding of $6.6 Mn, it counts Spanish Roca Group Ventures and Rajasthan Venture Capital Fund (RVCF) as its key investors. 

The startup’s unique selling proposition lies in its patented technologies that enable predictive filter maintenance using AI, ensuring high efficiency and reliability in its water purification systems.

On the financial front, Advait claimed that the startup reported INR 25.2 Cr in FY24 revenues, reflecting a 105% rise from the INR 12.25 Cr posted a fiscal year ago.

Boon’s Early Days & Tech Stack

As mentioned above, Boon is the byproduct of Tripathi’s vision and passion for creating a social impact. Speaking with Inc42, Tripathi said that while she was always confident about her technical skills, she often faced challenges on the business front. 

Then, as stars aligned, her son, Advait, who had earlier shown little to no interest, decided to fully commit to Tripathi’s endeavour and rebrand “Swajal” to Boon.

Before the incorporation of Boon, “Swajal” (between 2015 and 2018) was purely focussed on installing water ATMs at railway and bus stations, providing drinking water for just INR 1 or INR 2.

“A lot has changed since the Swajal rebranding. Now, instead of primarily providing WaterATMs, we have become mainly the providers of water tech, which comprises IoT to power and manage water ATMs. Our technology enables water quality and filter monitoring, which is crucial for remote areas,” the founders said.

As per Kumar, the Swajal initiative was focussed only on making a meaningful impact  on society by providing clean drinking water to underserved communities. “Our target from the start was simple, we just wanted to do something for the people,” the cofounder said. 

However, it was only in 2018 that Advait initiated discussions about expanding the brand’s reach, and the first thing was to rebrand the business and then view its offerings with a fresh perspective. 

Next, the cofounders began developing a purification management system (Boon Purify). Launched in 2018, Boon Purify is a smart purification system that is designed for commercial use. Per the founder, Boon Purify goes beyond traditional RO systems with its state-of-the-art water purification technology. 

The AI-based purifier provides hydration without generating plastic waste or carbon emissions, all at a cost lower than 20-litre plastic water bottles. Further, it allows users to monitor filters, track water wastage, and measure total dissolved solids (TDS) to ensure optimal water quality. 

Another significant development during that time was the cofounders’ growing concern about plastic waste. To address this, the cofounder duo of mother and son launched Boon Refill. Introduced in 2019, this refill system helps organisations produce sustainable packaged glass water in-house. It includes washing, filling, and sterilising systems, catering primarily to hospitals, schools, and hotels, allowing them to bottle their water on-site instead of getting water from outside.

The startup is currently working on a device, called Water Stick, which integrates Boon’s WaterIoT and WaterAI technologies to transform any standard purifier into a smart system. It collects and analyses data to improve water quality monitoring. The work-in-progress is yet to be launched in India.

Besides this, the founders leverage IoT and AI to monitor water health, TDS levels and filter maintenance. In areas like Greater Noida and Bengaluru, the startup’s AI recommends appropriate filters and predicts associated costs.

Its technology simplifies the management and upkeep of water systems, ensuring they function efficiently across different locations.

What’s Next For Boon?

Currently, the startup is focussed on affordability. Besides, its strategy is aimed at creating a sustainable business model centred around high-end clients, enabling them to reinvest profits into affordable water solutions for underserved communities.

“WaterATM has both upfront costs and operations and maintenance (O&M) expenses. While income from selling water covers some of these expenses, the initial setup still relies heavily on government tenders and CSR activities. As a company, we were economically dependent on external funding for our operational costs. However, by targeting the top of the pyramid, we were able to significantly reduce the cost of WaterATM units and lower the O&M,” Advait said.

Going forward, the company will focus on its refill solutions, particularly in sectors like hotels, hospitals, and universities, to reduce plastic usage. Its primary focus will also be on developing and refining its solutions. 

The startup is also planning to launch its Water Stick by FY26 in India, marking its entry into the consumer product space. The company also plans to launch this stick globally to make water purifiers smart.

Apart from this, Boon currently offers larger purifiers but is exploring smaller options to help users better track their water consumption. The founders project to reach a revenue of INR 75 Cr revenue by FY25. 

While the founders take pride in Boon’s tech stack, they also see several challenges related to the country’s depleting water quality and levels in India. Per the founders, it is getting challenging to manage the rising costs of filter replacements, leading to subdued quality water filters and devices creeping into this market.

[Edited By Shishir Parasher]

The post Can This IoT Startup Solve India’s Drinking Water Woes? appeared first on Inc42 Media.

The last couple of years have been rough for Indian startups — layoffs, a long funding winter, and even some unfortunate shutdowns. However, amid all these challenges, one positive shift has emerged — founders have started focussing on building sustainable, resilient businesses that prioritise profitability over chasing rapid, unsustainable growth. The world’s third-largest startup space has undergone a massive shift in mindset, which is all about long-term success, rather than celebrating quick wins.

However, amidst these challenges, there is a silver lining. While late-stage and growth funding have taken a hit, seed funding has seen an upward trend. This indicates that innovation is thriving at the grassroots level, with entrepreneurs continuing to develop breakthrough solutions.

This innovation spans various sectors. In this 51st edition of Inc42’s flagship series — ‘30 Startups To Watch’, powered by Google Cloud, we’re showcasing some of the most exciting young companies from across sectors like deeptech, SaaS, semiconductors, D2C, spacetech, AI, fintech, and healthtech. These startups are pushing boundaries and finding new ways to solve real-world problems.

As India’s startup ecosystem gears up to hit a cumulative $170 Bn in funding by 2025, the nation’s top three startup hubs — Bengaluru, Delhi NCR, and Mumbai — currently account for 88% of the total funding and 80% of deals. Reflecting this, 60% of the startups featured in this edition hail from Bengaluru, followed by Delhi NCR.

Moreover, of the startups featured in this 51st edition, only six have raised more than $2 Mn, while the majority are either bootstrapped or have raised under $1 Mn. This broader trend highlights the ability of Indian startups to thrive on limited resources.

So, in a bid to celebrate the perseverance and ingenuity of Indian founders who continue to push the boundaries of innovation, we present to you the 30 startups that caught our eyes in August.

Editor’s Note: The list below is not a ranking of any kind. We have listed the startups alphabetically.

Algorithmic Biologics

Tech For A Bountiful, Healthy World

Founded in 2021 by Manoj Gopalkrishnan, Algorithmic Biologics aims to transform the field of molecular diagnostics with its software solutions that integrate seamlessly into standard molecular testing workflows. The startup’s platform enables the execution of advanced computing applications, enhancing the precision and efficiency of molecular testing.

Their technology is agnostic to the type of molecular test, meaning it can integrate with any existing infrastructure without disrupting workflows. This flexibility positions Algorithmic Biologics as a pioneer in improving diagnostic capabilities across a wide range of medical and molecular applications.

The company’s vision is to create a healthier world by bringing scalability and efficiency to molecular discovery and diagnostics.

Algorithmic Biologics’ first product, Tapestry, is a regulatory-approved, award-winning solution designed to provide affordable, large-scale Covid-19 testing.

AltiusHub

Redefining The Future Of Supply Chain Tech

Having spent years in the life sciences and supply chain management ecosystems, Siddharth Reddy and Abiram Vijaykumar realised a pressing need for robust solutions to ensure the integrity of supply chains, especially in critical sectors like life sciences and pharmaceuticals.

In a bid to solve this problem, the duo developed a sophisticated platform called AltisHub. At the core of AltiusHub’s offerings is a state-of-the-art supply chain visibility system that provides comprehensive end-to-end visibility for all stakeholders involved in the supply chain, including manufacturers, third-party logistics providers (3PLs), distributors, warehouse operators, and brand owners.

The platform utilises advanced tracking and monitoring technologies, enabling stakeholders to gain real-time insights into product movement, inventory levels, and potential disruptions. AltiusHub primarily operates in India and the United States and is focussed on the expansive pharmaceutical ecosystem.
In the short term, the company aims to strengthen its presence among contract manufacturers, brand owners, 3PLs, and distributors in India, facilitating operational efficiencies and risk mitigation through its visibility system.

Looking ahead, AltiusHub intends to diversify its services to cater to other sectors, such as fertilisers, defence, tobacco, and alcohol.

Atomgrid

An R&D Platform For Specialty Chemicals

Atomgrid is an R&D-driven platform focussed on contract development, manufacturing, and sourcing of speciality chemicals. Founded by IIT-BHU alumni Lakshit Bansal, Siddharth Gupta, and Pratik Chowdhury, Atomgrid addresses key challenges faced by Indian speciality chemical manufacturers, such as limited R&D access, raw material sourcing, and global market connections.

Imperative to mention that China currently accounts for approximately 15-17% of the world’s exportable speciality chemicals, whereas India accounts for merely 1-2%, indicating that the country has a large scope for improvement and widespread opportunity.

However, with the global market shifting away from China, Atomgrid positions Indian manufacturers to become global players by enhancing production capacity and export potential.

Atomgrid’s larger mission is to establish a global footprint, starting from India, in the high-value speciality chemicals sector, ultimately driving the country’s role in the global supply chain.

BetterInvest

Easy Funding Solutions For Content Creators

BetterInvest addresses a critical challenge in India’s rapidly growing media and entertainment industry — the difficulty content producers face in securing timely and reliable financing.

Traditional funding methods can be slow and burdensome, delaying the production of movies, web series, and other content. BetterInvest solves this by offering fast, affordable, and hassle-free funding, bridging the gap between investors and the substantial financing needs of the entertainment sector.

Founded in 2022 by Pradeep Somu, Sethu Rajendran and Sriram Anax, BetterInvest specialises in invoice discounting by advancing funds against future receivables from OTT platforms, satellite channels, and audio rights. This innovative model helps content producers access capital swiftly.

The platform is powered by tailored data models specific to the entertainment sector, ensuring smarter investment decisions. With over 115 deals financed and backed by prominent angel investors, BetterInvest is driving growth in the media industry. By connecting investors with media projects, BetterInvest unlocks the potential of India’s entertainment industry.

BigEndian Semiconductors

Semiconductor Solutions For Surveillance

Founded earlier this year by Sunil Kumar, Renuka Prasad, Harpreet Wadhawan, Dinesh Annayya, Kanagaraju Ponnusamy, and Jansen Cheng, BigEndian is developing semiconductor solutions for the surveillance sector. The company is currently building its first System on Chip (SoC) for surveillance cameras, intended for both enterprise and consumer applications.

BigEndian specialises in designing integrated circuits, microprocessors, and custom semiconductors for an array of industries, including consumer electronics and automotive.

BigEndian Semiconductors recently raised $3 Mn in a round led by Vertex Ventures SEA & India. The startup plans to use the funds to develop new semiconductor intellectual property (IP), marking a significant milestone in its growth.

ClearTrust

New-Age Fraud Mitigation Platform For AdOps & Media Buying Teams

ClearTrust is a SaaS platform that offers robust protection against Invalid Traffic (IVT) for publishers and media buyers, ensuring compliance with media rating guidelines. Equipped with over 100 built-in filters, pre-configured filter profiles, transparent reporting, and dedicated support, ClearTrust has become a leading solution for SMEs and SMBs seeking reliable IVT protection.

The platform scans more than 100 Bn events monthly, positioning itself as a fast-growing leader in the space. Backed by Modulor Capital and Pentathlon Ventures, ClearTrust leverages a self-learning system, advanced intelligence, and an open filter framework that enables it to quickly adapt to emerging IVT threats.

Designed for businesses involved in revenue monetisation, media buying, or the advertising supply chain, ClearTrust offers a free trial, making it accessible and affordable without compromising on quality. Its rapid adaptability and cost-effective solution make it the go-to option for effective traffic scanning and protection at the right price.

Convrse.ai

AI-Driven 3D Mesh Optimisation

Founded by Anshul Padyal, Vikrant Singh, and Vishesh Khatri in 2021, Convrse.ai is a 3D mesh optimiser designed to transform how over 100 Mn 3D creators bring their content online and into real-time 3D environments.

Tackling long-standing issues such as mesh optimisation, format inconsistencies, interactivity, and deployment, Convrse.ai offers a user-friendly, AI-driven solution.

The platform streamlines the creation process for industries, including gaming, architecture, manufacturing, healthcare, and simulations, making 3D workflows more affordable, accessible, and configurable.

One of the standout features of Convrse.ai is its intelligent and automated polygon reduction, which improves with each use while preserving the intricate details of the original design.

It supports lightning-fast performance, enabling seamless interaction with optimised 3D models for efficient design workflows. Convrse.ai handles over 30 file formats, including FBX, GLB, GLTF, OBJ, and CAD files like DWG, DXF, and STL, ensuring smooth conversions across platforms.

Additionally, Convrse.ai supports over 16 CAD formats such as STP, SMF, IFC, and OCA, converting them into triangular mesh and optimising them for real-time applications. The platform prioritises the security and privacy of creators, ensuring that all creative assets remain confidential during optimisation.

DeepMatrix

An Integrated Platform To Ingest GIS Data

The drone industry in India is leveraging AI across sectors such as agriculture, defence, logistics, and surveillance. However, the adoption of AI in drones poses significant challenges due to poor infrastructure in the country, high development costs, and a lack of skilled professionals.

Naresh Soni encountered firsthand the difficulties businesses faced in effectively utilising AI within the drone industry. He teamed up with an IIT Kharagpur batchmate, Kaustubh Tripathi, to democratise AI technology. The result was DeepMatrix, a startup that specialises in offering geospatial data to a broad range of industries.

DeepMatrix provides AI-powered data analytics platforms for geospatial data analysis, photogrammetry, and platforms for utilities, mining, and urban mapping. It also offers data management and extensive storage solutions to sectors like mining, utilities, and urban mapping, ensuring high accuracy and quick turnaround times.

Recently, the startup raised $1.6M from YourNest, Arali Ventures, and angel investors, including Tracxn’s Abhishek Goyal. With funds in place, the deeptech service provider will now look to improve its product offerings and expand its presence in key markets such as the United States and Australia.

Elevate Now

Elevate Your Weight Loss Journey

Struggling with weight loss can feel like a never-ending battle for many individuals, especially when typical diets and fitness routines fail to address the root causes. This is where ElevateNow steps in, providing a solution that tackles weight management holistically by combining medical expertise with sustainable lifestyle changes.

ElevateNow’s programme is designed to help individuals achieve lasting weight loss through a doctor-led therapeutic plan that focusses on addressing the underlying factors contributing to weight gain. With personalised support, participants receive guidance on nutrition, fitness, and stress management, ensuring a well-rounded approach to health.

The programme offers two solutions — a 15-18% weight loss in six months plan and a 10-15% weight loss in 16 weeks plan with the Allurion Gastric Balloon — an innovative, non-surgical method for fast and effective results. ElevateNow prioritises long-term habit formation with precision nutrition and medicine-assisted interventions.

Backed by science and real results, ElevateNow helps participants not only lose weight but also build healthier, sustainable lifestyles.

Hyperbots

Automating Finance & Accounting Functions With AI

Hyperbots is an AI startup that focusses on automating finance and accounting functions. The startup has developed proprietary AI assistants, which have human-like intelligence, to automate manual, analytical, and strategic tasks in finance and accounting, reducing human involvement by 80%.

Founded in 2023 by Rajeev Pathak, Niyati Chhaya, and Ram Jayaraman, the leadership team brings deep expertise in AI and SaaS. Focussed on the US mid-market, Hyperbots targets companies with revenues between $50 Mn and $1 Bn, embedding AI into processes such as procure-to-pay, order-to-cash, and expense management.

The company recently secured $2 Mn in a seed funding round led by Kalaari Capital, with participation from Sunicon Ventures and Athera Venture Partners. This funding will accelerate Hyperbots’ go-to-market strategy and further develop its proprietary generative AI models for finance and accounting.

Kaatil

Desi Hot Condiments

Kaatil is an Indian chilli-focussed hot condiments brand, offering a range of products that highlight the heat and flavour of Indian chillies.

Founded by Sagar Merchant and Arjun Panwar under Smerc food and beverages, Kaatil’s product line includes hot sauces, hot ketchups, and chilli oils, all crafted using a variety of Indian chillies. The brand emphasises creating bold, spicy condiments that cater to those who enjoy authentic, fiery flavours in their food.

The brand’s products are available on its direct-to-consumer website, Amazon, Big Basket, Nature’s Basket, and at offline retail stores in Mumbai, Pune, and Hyderabad. Additionally, Kaatil has expanded its footprint internationally, with products now sold on Amazon USA and in stores in Canada and New Zealand.

The startup recently raised an undisclosed amount in its seed round led by Mumbai-based Prajay Advisors. Kaatil plans to use the funds to expand its product lines and distribution channels both nationally and internationally.

The brand is also focussing on building a dedicated B2B supply chain aimed at serving restaurants, hotels, and cafés. With its roots in Indian spices and a commitment to exploring new avenues for distribution, Kaatil is positioning itself as a growing player in the hot condiment space.

Kommunicate

AI-Powered Customer Service Automation Platform

Kommunicate was born out of a clear problem that its founders, Devashish Mamgain and Adarsh Kumar, experienced while running their previous venture, Applozic, where they managed customer support.

They noticed the inefficiencies in traditional support systems and the lack of effective automation. This challenge sparked the idea to create Kommunicate in 2020, a customer service automation platform that combines AI and human support to improve customer interactions.

Kommunicate is a Gen-AI-powered platform designed to automate over 80% of customer service processes, enabling businesses to deliver seamless 24/7 engagement across websites, mobile apps, and messaging platforms. Trusted by over 400 companies worldwide, the platform serves industries such as education, banking, ecommerce, insurance, and healthcare. Kommunicate helps businesses drive superior customer experiences by improving operational efficiency and reducing costs.

The company’s flagship products include Kompose, an NLP bot builder, a Gen AI chatbot, and a fully integrated live chat solution. Kommunicate stands out with its low-code, no-code platform that simplifies both building and maintenance. Its AI-agnostic nature allows businesses to choose the AI model that works best for them, while features like bot training, webhooks, and custom APIs enable seamless integration with existing support tools.

Operating on a flexible subscription-based model, Kommunicate offers tailored plans to meet varying business needs. With a presence across the US, the UK, Canada, India, Australia, the Middle East, and Europe, Kommunicate continues to scale its AI capabilities and expand globally.

Kwei

Simplifying Live Streaming Infrastructure

Founded in April 2024 by Khush Chandawat, Kwei.io simplifies live streaming for businesses by removing the complexity of setting up infrastructure. With its hybrid mesh architecture, it eliminates the need for complicated server setups, allowing companies to focus on creating great content.

Kwei.io supports a variety of applications, including video conferencing, live event streaming, conversational AI, and even robotics. Kwei.io has been built to reduce latency, enhance stream quality, and simplify scalability, making high-quality live streaming accessible to a broader audience. Users can launch their streaming services in three easy steps: connect with Kwei’s team, integrate their SDK, and go live.

With real-time analytics and multi-cloud support, Kwei.io offers a powerful and affordable solution for businesses of any size.

Maidaan

A Social Gaming & Competitions Platform For Students

Maidaan, founded in 2022 by Judhajit Bal and Shashank Awasthi, delivers a unique learning experience to school students through social gaming.

Growing up as Army kids in small cantonments, the founders only faced real competition during college entrance exams. They realised that Indian students belonging to middle-class families needed exposure to competition much earlier, which led to the creation of Maidaan.

Positioned as India’s largest inter-school contests platform, Maidaan enables students to engage in competitions focussed on subjects such as English, mathematics, science, and general knowledge. The goal is to make learning fun and competitive for students across the country.

The platform partners with schools to host multi-round tournaments that test critical thinking and problem-solving skills of students. The candidates can compete with peers beyond their school and city, receiving detailed performance analyses after each round. Merit rankers win awards, and the cycle continues throughout the year, providing students with ongoing opportunities for growth.

Launched in 2023, Maidaan has quickly grown, amassing over 10,000 users and partnering with 30+ schools, particularly in Pune. Backed by Inflection Point Ventures and We Founder Circle, Maidaan is focussed on expanding its reach and innovating its game formats to make learning more practical and engaging.

Meri Bhakti

All-In-One Hindu Devotional App

Founded in 2024 by Rachit Jain, Meri Bhakti aims at making faith and devotion more accessible in today’s digital world. The idea came during Jain’s solo trip to Ayodhya, where he saw the deep emotional connection people had during the Pran Pratishtha Ceremony. Jain realised, unlike many aspects of life, digitisation had yet to reform how people worship.

His research confirmed the need for more comprehensive digital services for devotees, leading him to launch the startup. Today, the platform offers a range of services designed to cater to your spiritual needs. The platform offers features like astrology consultations via call and chat, a global temple locator, daily religious stories, personalised greetings, and a pocket mandir feature for on-the-go pooja.

Currently, Meri Bhakti generates revenue through astrology consultations, but there are plans to expand into other areas such as religious tourism, pooja booking services, and an online shop for spiritual needs. With short-term goals of achieving product-market fit by the end of 2024, Meri Bhakti’s long-term vision is to serve over 1 Cr devotees worldwide by 2026.

Mitra

Nutrition-Focussed FMCG Startup

Founded by Abhishek Kaushik in 2023, Mitra is an FMCG brand offering nutrition-focussed products made using a 300-year-old stone grinding method. Its product line includes flours, gram flour, edible oils, millet-based goods, and spices.

With a 1.5-acre manufacturing unit in Mathura, Mitra caters to Tier II and III city consumers who want affordable, high-quality branded products.

The startup’s flagship offerings include pearl millet, corn flour, black wheat flour, and keto flour, all stone-ground, rich in fibre and roughage, and packaged to meet modern affordability standards.

In a market where premium goods are often out of reach, Mitra bridges the gap by providing reasonably priced alternatives that don’t compromise on quality. The brand operates through a strong offline distribution network of 500 distributors and 15,000 retail points in Delhi NCR and western UP.

Recently, the brand achieved significant milestones, including launching a mustard oil plant with 3 Lakh litres of monthly capacity, reaching a 78% repeat purchase ratio, and securing a funding of INR 11 Cr. Looking ahead, Mitra plans to expand exports to the Middle East and Europe and aims for an IPO by 2026.

Nautical Wings Aerospace

Electric Propulsion Solutions For Aviation

As the world shifts towards electric aviation, Nautical Wings Aerospace is tackling the dearth of domestic solutions for electric propulsion in India.

The startup focusses on developing state-of-the-art electric propulsion systems, specifically integrated electric propulsion units (iEPU). These systems are designed to be versatile, reliable, and safe, providing a complete solution for UAV and eVTOL manufacturers.

By offering plug-and-play iEPU options, Nautical Wings simplifies the integration process, allowing aircraft manufacturers to concentrate on other critical aspects of their designs while ensuring they have access to cutting-edge propulsion technology.

Founded in 2016 by Shiv Varun Singh Rajput during his college years, the company initially aimed to create India’s first submarine-launch aerial vehicle. However, recognising the pressing need for advanced propulsion technology in 2020, Shiv pivoted the company’s focus. With the help of college friends Praveen and Vikas, Nautical Wings is now committed to leading the electric aviation transition in India.

Currently, the company holds several patents pending in India, particularly for propeller technology, and operates on a B2B revenue model, collaborating with leading UAV and air taxi companies both domestically and internationally.

In the short term, Nautical Wings aims to redefine the medium and heavy-lift unmanned aerial propulsion market, while by 2026, it plans to introduce a 750 kW propulsion system, facilitating India’s first electric aircraft and eVTOL.

ORIGHT

Building Highly Efficient Supply Chain For The Dairy Industry

Cofounded in 2019 by Utkarsh Kapoor and Rame Kachroo, ORIGHT is a Gurugram-based dairytech startup. The company recently raised $1 Mn in a seed round led by Aeravti Ventures, following an earlier raise of $847K from Loyal and others. ORIGHT aims to transform the dairy supply chain with its IoT-driven milk traceability solutions.

Its IoT devices monitor key factors like temperature, humidity, water content, FAT, SNF, and potential adulterations in milk. The technology tracks the milk throughout its journey — from farm to chillers, transport vans, and the packing stage — sending real-time data to a blockchain network for secure and transparent recording.

By leveraging cutting-edge technology, ORIGHT seeks to create an efficient and synchronised supply chain in the dairy industry. ORIGHT’s solutions focus on ensuring transparency, quality, and sustainability from the point of production to the consumer’s table, empowering farmers, processors, and distributors alike.

plutosONE

Digital Bill Payment Solutions

Founded by Rohit Mahajan and Rajjat Gulati, plutos ONE is a licenced and empanelled Technical Service Provider (TSP) for the Bharat Bill Payments System (BBPS). The startup aims to enhance digital transaction capabilities for banks and improve the accessibility of digital bill payments.

Armed with a comprehensive suite of products and services, plutos ONE specialises in innovative solutions such as conversational AI for bill payments via WhatsApp and web interfaces. The company also provides incentives and engagement strategies for every transaction, along with complete billing solutions, including onboarding, settlements, refunds, and customer support.

In addition, plutos ONE operates the largest merchant-funded offers platform in India, featuring over 400 online brands. It manages card activation and offers platforms for various banks, networks, and large brands, partnering with key players like NPCI, Visa, HDFC, and Kotak Mahindra Bank.

The company is PCI-DSS and ISO 27001:2013 certified. Its application stack operates on MeitY-certified data centres by Google, reinforcing its status as a preferred partner for Google Cloud.

Schmooze

India’s First Meme-Based Dating App

Founded by Vidya Madhavan and Abhinav Anurag in 2021, Schmooze wants to transform the dating experience by tapping into the way Gen Z and millennials communicate and express themselves — through memes.

Madhavan recognised a shift in how younger generations seek connection, Schmooze connects people based on their meme taste rather than just physical appearances. While at Stanford, Vidya saw that Gen Z was tired of the conventional photo-swiping model and wanted something deeper and more authentic in their dating experiences. Memes, being universally consumed and expressive, became the perfect medium for this connection.

Schmooze’s flagship product is an AI-powered meme-based dating app that uses humour to bring people together. The app presents a stream of memes, and based on user interactions, it builds a personality profile.

This data is then used to find “vibe matches”— other users who share similar humour or personality traits. Beyond dating, Schmooze helps users combat loneliness with its AI-powered “Roast and Rant” features.

Roast AI mimics the experience of chatting with a stand-up comedian, while Rant AI acts as a comforting diary that listens and responds to users. Additionally, the app’s resident AI assistant, Genie, supports users throughout their dating journey by offering pick-up lines, conversation starters, and guidance.

Trainn

Accelerate Product Adoption & Customer Retention

Customer education for B2B SaaS companies often faces significant challenges due to fragmented tools and inefficient processes that waste valuable time and resources. Trainn addresses this critical issue by providing a comprehensive platform that changes how businesses educate their customers.

Founded by engineers Vivekanandhan Natarajan and Sumana Abirami Ammaiyappan, Trainn enables organisations to create, distribute, and measure training content effortlessly, transforming the landscape of customer education. With AI content authoring capabilities, users can generate engaging videos, interactive walkthroughs, and support documents with AI assistance.

Additionally, Trainn offers a help centre that allows organisations to scale a self-serve resource hub for all training materials. The platform also provides detailed analytics on engagement, retention, and feedback, giving businesses valuable insights into their training efforts.

By helping organisations save time, boost support productivity, and create brand advocates through personalised training experiences, Trainn eliminates the need for clunky tools and siloed programmes.

Tuco Intelligent

Intelligent Skin & Hair Care For Kids

Founded in 2023 by Aishvarya Murali, Tuco Intelligent aims to address the growing personal care needs of kids, from managing grime and sun exposure for younger children to tackling pre-adolescent concerns like body odour and oily skin.

The product line includes soaps, lotions, creams, makeup, and deodorants made from natural, time-tested ingredients like beetroot, turmeric, saffron, and rosehip. These formulas, inspired by traditional Indian remedies, provide effective, safe solutions for young skin and hair.

What sets Tuco Intelligent apart is its commitment to sustainability. All products are packaged in 100% landfill- and ocean-reclaimed plastic, emphasising the brand’s mission to create a greener future for children.

With a growing base of repeat customers and availability on platforms like Amazon, Flipkart, Nykaa, and Firstcry, Tuco Intelligent is poised for rapid expansion, aiming to reshape the future of kids’ personal care.

The startup recently raised $2 Mn in a seed funding round led by Fireside Ventures and Whiteboard capital.

Umrit

AI-Powered Health Companion

A lot has changed after the pandemic, especially when it comes to people giving priority to their health and well-being.

Founded in 2024 by Subhendu Panigrahi, along with Akash Gehani and Sanmaya Dhal, Umrit offers an AI-based health companion designed to empower users to maintain their health.

By creating a digital twin for each individual, it generates a health score based on assessments of various functional systems, providing personalised recommendations and timely nudges for enhanced longevity.

Its flagship product, MO, analyses blood reports and assigns health scores across eight systems of human health using systems biology concepts. This holistic approach helps users better understand their health and receive tailored protocols to improve their scores, guiding them toward better health.

Operating on a freemium model, Umrit offers a free version with limited features and subscription plans for enhanced access. Recently, the platform has enabled over 50 users to identify chronic conditions and begin their journey to improved health. In 2024, Umrit plans to test its product with over 5,000 beta users, aiming for a user base of 5 Lakh by 2026, with 1% subscribing to premium plans.

Unscript.ai

Create Studio-Quality Videos In Minutes

AI startup Unscript aims to transform video creation by making it accessible and effortless for everyone. Founded in 2021 by Ritwika Chowdhury, Akhil Menon and Apurv Jain, Unscript wants to democratise video production, eliminating the need for expensive equipment or time-consuming editing processes.

The platform leverages advanced AI technology to simplify the entire process, allowing users to create professional-looking videos with lifelike AI presenters, personalise video marketing at scale, and unlock a range of creative possibilities.

Unscript aims to empower individuals, businesses, and content creators to produce compelling video content quickly and affordably. With video becoming the dominant medium for communication and marketing, Unscript is at the forefront of making this essential tool available to everyone. By removing technical barriers, the platform enables storytellers to focus on their creativity, not the complexities of video production.

The startup’s vision is to transform the future of content creation by allowing anyone, from individuals to large companies, to narrate impactful stories through video.

Valyx

Automating Revenue Management For B2B Companies

While serving Stripe, a multinational financial services and SaaS company, Avishek Ray and Anirudh Bhargava discovered that Indian B2B startups face significant challenges in managing receivables. They also found that most of these companies were stuck with outdated manual processes like Excel and emails, leading to further inefficiencies.

This led to the inception of Valyx in 2023. The startup aims to shape the future of finance for fast-growing businesses. Valyx makes revenue management error-free. It eliminates tedious and repetitive tasks by automating billing, invoicing, and collections.

Through its integration with banks, payment gateways, and ERPs, the startup provides businesses with a real-time, comprehensive view of their cash flows.

The platform simplifies complex billing scenarios, such as usage-based pricing, tiered structures, and volume discounts. Tasks that traditionally consume hours using Excel can also be automated.

The platform also helps businesses automate their receivables process by enabling customised collection strategies. It can send out invoices with embedded payment links, run collections on autopilot, and ensure faster payments.

Valyx also automates reconciliation by matching payments to outstanding invoices, integrating with payment gateways and ERP systems to eliminate manual posting, ensuring faster and more accurate financial reporting.

Venttup

Pioneering Industries 5.0

Venttup is an Industries 5.0 startup focussed on building a global network of scalable manufacturing and engineering capacities, with India as its central hub.

Founded by Sandeep Nair, M. Wasim Ankli, and Joseph Panakkal, the company aims to transform the manufacturing landscape by bringing millions of MSMEs onto a single digital platform, improving supply chain efficiency and enabling localised production of critical engineering components.

The startup focusses on sectors such as energy, electric vehicles (EV), aerospace, and defence, offering customised, complex engineering solutions. Venttup’s platform allows large enterprises to outsource their engineering needs while reducing carbon footprints through cloud manufacturing and sustainable practices. This localised production model helps businesses enhance operational efficiency and meet sustainability goals.

Since its inception in 2023, Venttup claims to have achieved INR 2 Cr in annual recurring revenue (ARR). It boasts an order pipeline of INR 20 Cr. With recent seed funding from Unicorn India Ventures, Venttup plans to accelerate its business growth and technology development for its Indigenisation Program Management. The company aims to increase its revenue fivefold in the next year by securing 50 new clients, positioning itself as a key player in the future of global manufacturing.

Vidyo.ai

AI-Curated Short Clips

The social media and content creation industry faces several challenges, from ideation and creation to publishing and management. Many businesses and professionals struggle with managing diverse platforms, maintaining quality content, and keeping up with fast-evolving trends. Traditional tools often require multiple applications to handle various tasks like video editing, scheduling, and analytics, creating inefficiencies and bottlenecks.

Vidyo.ai aims to solve these challenges with an AI-first solution that streamlines the entire social media process. Founded by Vedant Maheshwari & Kushagrs Pandya in content creation and AI development, Vidyo.ai simplifies ideation, video creation, editing, publishing, analytics, and automation. Its flagship products include an AI-powered video editor and smart social media publishing tools that allow automatic video creation, editing, and distribution across multiple platforms.

With a freemium SaaS model, Vidyo.ai has already gained traction globally, especially in the US, with a $2 Mn ARR within 18 months of launch. They recently onboarded three major entertainment companies as enterprise clients and launched a dedicated offering for teams and agencies.

Short-term goals for 2024 include launching four new products and closing their seed funding round. By 2026, the company aims to hit $10 Mn ARR and offer a comprehensive platform for social media marketing that covers every aspect in depth.

Wundrsight Health

Revolutionising Mental Healthcare With AI, VR

Wundrsight Health aims to revolutionise mental healthcare by integrating Virtual Reality (VR) and AI to address the problem of therapy adherence.

Traditional therapy can be dull and ineffective for many patients, leading to missed sessions and incomplete treatment. Wundrsight offers clinician-led care management with immersive, tailored virtual worlds, delivering evidence-based therapies for various mental health conditions like anxiety, stress, and substance use disorders.

Using data and analytics, therapy is personalised, and progress is tracked in real time. Wundrsight’s flagship products — ReviveXR for substance use disorders, ReliefXR for stress management, and BoostXR for neurodiverse learners — provide patients with a more engaging, accessible form of care.

Founded by Raunak Swarnkar and Nishtha Budhiraja in 2022, Wundrsight aims to bridge the gap in quality care by using cutting-edge technology. Nishtha’s psychology background and experience in the UK’s National Health Services, combined with Raunak’s product expertise, have led to the creation of this platform.

With a B2B platform-as-a-service revenue model, Wundrsight is already operational in India and South Asia. Recent milestones include seed funding, onboarding hospitals, and conducting clinical trials.

Zippee

Enabling Same-Day Deliveries For D2C Brands

Zippee was founded in 2021 by Madhav Kasturia after he faced ecommerce delivery delays during the pandemic lockdown in Delhi.

Kasturia claims Zippee to be India’s first quick commerce logistics-as-a-service platform for over 1 Lakh ecommerce brands. The solution allows brands to offer two-hour or same-day delivery directly through their websites and channels. It has an extensive network of dark stores and last-mile fleets across the country.

Zippee’s flagship product, Zippee Blaze, enhances web conversions, reduces RTO rates, and boosts customer loyalty for participating brands. While the company does not hold any patent, it has developed a proprietary tech stack to support its operations.

The startup recently launched quick delivery services for notable brands like ITC, Mondelez, and Haagen Dazs. Zippee’s short-term plan includes expanding to 20 cities, while it wants to become India’s largest enabler of quick commerce across 50 cities by 2026.

Zivy

An AI Tool To Prioritise Workplace Messages & Tasks

The overwhelming influx of notifications, emails, and messages has become a universal bugbear for professionals, who often find themselves drowned in the sea of alerts and notifications.

This resonated deeply with Prashanth YV and Vivek Karna during their time at leading startups Razorpay and Flipkart, respectively.

Despite their best efforts, the constant barrage of communication made it nearly impossible to focus on what truly mattered. They realised that this struggle was not unique to them.

Determined to address this pervasive issue, they launched Zivy to empower managers and team leads. Zivy serves as a personalised copilot, filtering through various work applications, starting with Slack, to curate only the most relevant conversations and tasks.

By adapting to users’ changing priorities, Zivy simplifies workflows and enhances productivity. Currently, the platform features a priority inbox for Slack messages, specifically designed to help managers focus on what truly matters and break free from the chaos of modern work life.

Going forward, Zivy aims to manage communication overload for managers across all the work tools, including Slack, WhatsApp, Teams, Discord, Gmail, Jira, Linear, Notion, and Google Docs. By 2026, Zivy plans to develop an AI copilot that automates tasks like report generation, survey management, and performance data collection.

[With Inputs From Anne Florentyna, Edited By Shishir Parasher]

The post 30 Startups To Watch: Startups That Caught Our Eyes In September 2024 appeared first on Inc42 Media.

When Hrishav Bhattacharjee, a dedicated gamer and esports enthusiast, started a platform to host esports competitions, WarMania, in 2018, little did he know that he would one day have a D2C clothing brand that would operate at the intersection of his passion for gaming and the country’s increasing demand for streetwear. 

Nearly six years later, Bhattacharjee now owns and runs Rizzzed, a gaming-inspired streetwear D2C brand that offers a unique blend of graphics and designs reflecting the intensity and artistry of the gaming universe. 

However, per the founder, this is just one of the many facets of the brand (Rizzzed) that takes inspiration from The Souled Store, a brand that germinated from its founders’ passion for pop culture.

Another interesting part of Bhattacharjee’s journey has been his connection with the founders of The Souled Store, who have supported the founder’s journey from behind the scenes.

The founder is in the process of signing term sheets with gaming publishers for 2 years. Once this is done, you may see Rizzzed’s founder making an appearance on Shark Tank India.

Now before we dive deeper into exploring the contours of the brand, here’s a look at Bhattacharjee journey to incorporating Rizzzed.     

A Journey From WarMania To Rizzzed

Bhattacharjee’s quest began in 2018, when the Indian gaming sector got an overhaul with games like PUBG. Back then, the founder was 17 years old. Given his extreme knack for gaming, it was only natural for him to explore avenues aligned to his interests. Therefore, he joined GodLike, one of India’s top esports organisations, where he sharpened his skills and gained competitive experience. 

However, after facing challenges with sponsorships and payments, he recognised a gap in the market for organised gaming tournaments in India, which led him to start WarMania.

“WarMania quickly emerged as a significant player in the Indian gaming landscape. Within just three months of launching the platform, we organised India’s first international third-party tournament, showcasing teams from 11 countries. This helped us garner substantial viewership, attracting around 80,000 subscribers,” Bhattacharjee said.

However, something was still missing and the founder was not satisfied. Even though Bhattacharjee generated significant revenues with WarMania, he decided to put the project on hold.

“Maybe, subconsciously, I wanted to create something that focussed on selling products rather than providing services,” the founder said.

And, as luck would have it, Bhattacharjee, who has a thing for T-shirts printed with gaming jargon or characters, made a small discovery.  

“At gaming events, people would appreciate the collection of my T-shirts. It was then I realised that there was much demand for gaming-inspired garments but people do not know where to buy quality stuff from,” the founder said.

The very thought hit him, and that’s when he reached out to The Souled Store cofounders, Vedang Patel and Harsh Lal. Notably, Bhattacharjee has known them since his days of events.  

The curious Bhattacharjee got validation when the already-established cofounders of The Souled Store concurred with his vision. “At the time, everyone was either doing Anime, Marvel or DC, and gaming was a new realm waiting to be broken into. And I could feel it in my bones,” the founder said.

So, with little knowledge of the textile industry, the founder made a leap of faith and spent most of 2022 doing extensive market research. In 2023, Bhattacharjee hired a few ex-senior designers of The Souled Store and launched Rizzzed with 11 designs in February 2024.

The brand sells through its website and via pop-up stalls in Mumbai, Pune, and Delhi. It has plans to be available on Amazon soon.

Each piece in Rizzzed’s collection showcases iconic gaming elements, from retro pixel art to modern esports aesthetics. The designs capture the essence of various gaming genres, characters, and cultures while maintaining the cool, understated vibe of streetwear. Some of its top designs are inspired by games like GTA San Andreas, Call of Duty, Cyberpunk 2077, God of War, Red Dead Redemption, The Witcher, and Mortal Kombat.

Besides offering T-shirts, the brand actively participates in gaming events, sponsorships, and collaborations. So far, the brand has collaborated with 20 influencers and aims to reach 100 by the end of FY25.

Rizzzed’s Early-Stage Hiccoughs 

While launching Rizzzed, the founder envisioned that his idea would resonate well with a larger audience and not just gamers alone. However, this assumption was quickly proven wrong within the first month itself.

“In the first month, the brand managed to garner sales of INR 2.5 Lakh. However, contrary to my vision of serving a broader target audience, all customers were from the gaming community,” the founder said.

After this, the founder connected with an ad agency, which promised him sales of INR 10-12 Lakhs and a return on ad spend (ROAS) of 4X to 5X.

However, in the first month with the agency (March), the startup yielded a ROAS of a mere 0.4, followed by 0.68 in the second month (April) and 0.8 in the third (May). By this time, the founder had already paid INR 5 Lakh to the ad agency. 

The agency suggested that the designs may not be resonating with the audience, triggering Bhattacharjee to question the market for his brand. 

Unwilling to give up, the founder changed his strategy and decided to try his hands offline. This strategy proved crucial for the brand as Bhattacharjee was now on the ground and could get feedback in real time to further tweak his product line or add new ones. Around this time, he also learned about a flea market in Pune where they could set up a pop-up stall. 

“In just two days, the brand achieved sales of INR 1.5 Lakh. The interesting part was that 90% of the buyers were non-gamers, proving that there was indeed a market. Now, it was just a matter of how we promoted the brand,” the founder said.

By mid-June, he completely paused all advertising and began to learn about Meta ads. During this month, the brand did zero sales. However, in July, courtesy the founder’s learning, the brand achieved a ROAS of 5X, raking in INR 7.5 Lakh in sales. Per the founder, the brand has seen continued growth since then.

After solving the revenue paradox, the next challenge was to identify which products resonated well with his target audience. For this, he launched 11 products initially, featuring a mix of four aggressive designs, two funny ones, one merchandise item, and three quirky pieces. 

“One of the best-sellers was a funny design that became so popular its cheaper knock-off was selling at Delhi’s Chor Bazaar, revealing that humour resonated well with customers. Another major hit for us was an aggressive ghost design, showing that bold, assertive themes had strong appeal, although not everyone connected with the aggressive style,” Bhattacharjee said.

To broaden its reach, the brand then introduced a GTA-inspired design, blending both aggressive and non-aggressive elements, to attract a wider audience. Additionally, the founder observed that female gamers preferred oversized and regular T-shirts over crop tops, leading the brand to focus more on those styles.

Building on these learnings, the brand expanded its offerings to 22. Currently, its two best-sellers are the ghost design and a Witcher-inspired design from the series, with the ghost accounting for 23% of its sales, merchandise at 21%, and the Witcher design at 16%. 

Many of its designs use puffed vinyl printing, known for its anti-wrinkle properties and natural water absorption, making them ideal for any season. All designs are screen-printed, ensuring durability for up to 100 washes.

Road Ahead For Rizzzed 

Rizzzed currently offers products at an accessible price point starting from INR 750, compared to other brands like Rush by Kira, which charge anywhere between INR 1,200 and INR 5,000 apiece. He added that many brands today still source designs from Pinterest, whereas Rizzzed focusses on in-house ideation, design and manufacturing with superior quality. 

Recognising that not everyone resonates with gaming themes, the brand also integrates relatable quotes into each design to create a connection with a wider audience. For instance, one of the designs features the quote, “Gamers don’t die, they respawn,” prompting curiosity among non-gamers about the gaming culture. 

“By incorporating catchy phrases that resonate beyond gaming, we aim to make our products accessible to both gamers and non-gamers alike,” the founder shared.

To engage non-gamers, the brand is actively collaborating with influencers. It aims to connect with nearly 100 influencers by the end of this fiscal.

Further the brand provides 240 GSM fabric at INR 770, while others, offer lower-quality fabric (180 to 220 GSM) at higher price points, the founder added.

In addition, the founder highlighted, brands like Redwolf currently lack gaming-themed products. The founder plans to incorporate popular characters like Spiderman in its upcoming launches, distinguishing Rizzzed’s offerings from competitors. It will also be launching designs inspired by mainstream games such as Ludo, Candy crush, and Road Rash.

Bhattacharjee has also set his eyes on a winter collection for this season. The collection will be made from 100% recycled fabric. The brand is also in the process of launching a streetwear kurta. Besides, it aims to introduce gaming-inspired innerwear by January 2025. 

The founder’s long term vision is to open a unique experiential store in Pune, spanning 1,200 square feet, which will include a 100-square-foot clothing section and a gaming zone. This concept will allow customers to wear T-shirts and engage in gaming, enhancing the overall shopping experience.

With a current monthly recurring revenue (MRR) of INR 6 Lakh and a projection of INR 1-1.5 Cr for FY25, the founder is optimistic about meeting this target.

The startup is also in discussions with several venture capitalists, including Fireside Ventures and Brand Capital, to secure funding. The founders aim for a post-money valuation of INR 18 Cr to support their growth plans. So far, Rizzzed has received an investment of INR 20 Lakh from investor Virasat Swami.

Going forward, the main challenge the founder sees for the brand is the rapid shift in fast fashion. With new brands emerging every day, it could become difficult for Rizzzed to maintain its market position and remain a go-to streetwear brand for both gaming and non-gaming GenZ or millennials.

[Edited By Shishir Parasher]

The post How Rizzzed Is Turning Gamers’ Style Into Mainstream Streetwear Fashion appeared first on Inc42 Media.

For decades, the British company ARM dominated the intellectual property (IP) market in the semiconductor industry. However, the arrival of RISC-V, the open standard instruction set architecture (ISA), a few years ago, challenged ARM’s monopoly in the market, giving a much-needed shift to the global semiconductor ecosystem.

Many leading fabless design companies, such as Qualcomm and NVIDIA, and even Samsung and Google, which were earlier dependent only on SoftBank-owned ARM’s IP offerings, also started developing their own RISC-V processors for varied applications.

Back home, IIT Madras brought in a major revolution with the country’s first home-grown microprocessor, SHAKTI, which was open-source and built on top of RISC-V. 

Started around 2012, the SHAKTI programme was led by current IIT Madras director, professor Veezhinathan Kamakoti, who was soon joined by G.S. Madhusudan, Neel Gala, Arjun Menon, and others. 

After collaborating for several years, Madhusudan, Gala, and Menon decided to apply their insights from the SHAKTI programme to develop scalable, commercial-grade IPs. Besides, what fuelled their motivation was a growing semiconductor IP market, expected to breach the $15 Bn mark by 2032.   

Realising that more semiconductor companies would need vertically integrated customisable IP cores in the not-so-distant future, given the growing market of consumer electronic devices, automotive, AI, and various computing devices, they founded InCore Semiconductors in 2018.

Today, the startup is focussed on developing semiconductor processor IPs based on RISC-V open-source architecture. Its suite of offerings can be integrated into chips for a variety of embedded applications, including wearables, smart IoT devices, PoS terminals, and more. Notably, Gautam Doshi, a seasoned industry expert, joined the initiative later.

InCore’s Inception

InCore is not a fabless chip maker, it is an IP company, which caters to system-on-chips (SoC) companies and helps them design chips as per their varied customer requirements.

For the uninitiated, in semiconductor parlance, IPs are a set of specifications, source codes, and other such information that are required to manufacture a given semiconductor. 

Back to the story, after working on building the SHAKTI processor, the founders realised that scaling the programme had its challenges as there were requirements for more independent research and efforts to give it a shape that could work as a plug-and-play IP for SoC companies. 

“We realised open source, beyond a point, at least in hardware, is not scalable. It has a lot of nuances and ecosystem constraints that a commercial entity, like InCore, would want to do,” cofounder and CTO, Gala, said.

However, only four years after incorporating the startup, in 2022, InCore became confident that RISC-V was there to stay as some of the top semiconductor companies started betting on the technology and the community behind it was growing.

After almost five years of staying bootstrapped, InCore bagged $3 Mn in its seed funding round from Peak XV in 2023 to make its dream a bigger reality.

Today, InCore has its own proprietary offerings, which include its Azurite and Calcite cores.

Speaking on how the startup has differentiated itself from the academic research of SHAKTI, Gala said, “We are more focussed on the productisation, getting the last mile engineering and optimisations done so that the actual processors are shippable. They address real workload, the need of the hour problems… We don’t specifically push back to SHAKTI or adopt SHAKTI beyond a particular point, rather SHAKTI has been the ground for all things that InCore is today.”

He added that despite the dependency on SHAKTI, the overlap is minimal (5-10%). The company claims to have rewritten a majority of the codes and added new processors to the offerings.   

What Comprises InCore’s Core?

Gala noted that when it comes to IPs, InCore has to be fab agnostic so that its SoC customers can choose any fab for the final chip manufacturing.

This also necessitated InCore to spend significant time characterising its IPs for specific target segments.

“So, we don’t build one processor at a time. What we build is a code generator or a processor generator that is configurable and customisable. From a single line of code or from the generator, you can give in a specification and say that you want the tiniest code possible, or you want a high-performance code possible, or you want a balance of them, and the generator would spit out the required IP,” Gala explained.

InCore’s Azurite is a tiny core, equivalent to that of ARM’s Cortex M0 and Cortex M4 processors. It targets applications like energy meters, smart metering systems, and smart card applications to operate at 50-250 megahertz of computing operations.

Its Calcite is a Linux capable core. Its target segments are computes that require up to 1-1.4 gigahertz of operations, which include point-of-sale terminals, wearables, and networking systems.

Currently, InCore is piloting its IP offering with a few companies in India and globally. The startup is still in the pre-revenue stage and aims to start generating revenue by the end of 2024 itself.

Meanwhile, the founders have set their eyes on keeping their product line minimal. However, this does not mean compromising on the ability to address multiple segments or providing more solutions beyond cores. 

Over the last few months, InCore has also started working on other design components, such as network on chips, interconnects, and fabrics, which is expected to boost its revenue stream in the long run.

The Way Ahead For InCore

Gala highlighted that the gestation period for semiconductor players is too long and for IP providers it usually takes six months to a year for any deal to materialise. This is because every process goes through a rigorous evaluation process, legal procedures, and testing.

Meanwhile, Indian semiconductor startups are faced with an uphill task of building trust in the global market. This particular issue stood out as a sore thumb when Gala and other founders were trying to raise funds. 

Later, the founders understood that the semiconductor industry is beyond the comprehension of many, therefore the flow of patient capital in this ecosystem is skewed. 

Despite the hurdles, the startup aims to forge ahead and is currently working on building its next core offering – Dolomite, which will be suitable for mobile devices, storage, and other high-performance embedded devices.

By mid 2025, this offering would be ready to be deployed. With this, InCore claims to be able to cover all the core offerings provided by ARM.

The startup claims to have already built a pipeline of 10-12 customers. Currently, InCore is more focussed on capturing players in the Bay area.

Also, the startup is not keen on raising funds immediately. However, it would raise another round only sometime next year to support its next level of growth after achieving a few milestones such as getting the proof of its technology on silicon chips and rolling out a few more product offerings.

With major plans on the anvil, it now remains to be seen how InCore will spearhead the country’s dream of becoming a semiconductor hub, all while working in the not-so-decorated segment of building IPs, especially when there is much attention being given to building semicon fabs and bolstering design companies in India’s semiconductor market projected to cross $150 Bn by 2030.

[Edited By Shishir Parasher]

The post How This Indian Startup Is Taking On Global Semiconductor Giants With Scalable Processor IPs appeared first on Inc42 Media.

What do shoppers want most if all the world is a virtual shopping cart? There is no need to ask around. It is all about instant gratification, buying what one wants online and getting it delivered in minutes. The business of quick commerce (q-commerce) thrives on this tenet, taking consumer convenience and impulsive buying to new heights.

Despite initial scepticism, q-commerce in India is rapidly growing. The market is projected to reach $9.9 Bn by 2029 from the current $3.3 Bn at a CAGR exceeding 4.5%. 

Hence, businesses in this space are experimenting with newer categories and faster deliveries to amp up their growth. What started with groceries has now forayed into myriad segments like home and living, beauty and personal care, consumer electronics, kitchen essentials, sports and lifestyle, toys and games and more.

The race to the top is also heating up. Startups like Zepto, Blinkit (formerly Grofers and now a Zomato subsidiary) and Swiggy Instamart currently lead the market, but deep-pocketed ecommerce giants are catching up fast. Flipkart Minutes and BigBasket’s BB Now are making rapid strides, while Amazon India is eyeing a foray into this burgeoning market early next year.

Bengaluru-based Slikk, a one-month-old startup on the quick commerce block, is not daunted, though, in spite of the cut-throat competition. Instead, it has picked up fashion ecommerce, set to surpass $112 Bn by the decade’s end, and aligned its delivery window with quick commerce to ensure instant gratification. This practice is currently not in vogue in fashion ecommerce, a category with high return rates.

Launched in August 2024 by Akshay Gulati, Om Swami and Bipin Singh, Slikk is now delivering fashion items within 60 minutes in select locations of Bengaluru and serving about 100 users per day. It also offers a try-and-buy option and a seven-day return policy to bring down high returns and earn consumer trust.

It also raised INR 2.5 Cr in a pre-seed round led by Better Capital, with participation from Untitled Ventures. Although the funding was disclosed shortly after the startup’s launch in late August, cofounder and CEO Akshay Gulati said the capital infusion happened about three months ago. 

Slikk is not the only startup betting big on new categories in quick commerce. A few weeks ago, Inc42 featured another newcomer, Swish, trying to usher in the 10-minute model in the food delivery space. It operates a cloud kitchen called Pod in Bengaluru’s HSR Layout and delivers to areas within a 1.5 km radius. 

Why Slikk Opted For The Road Less Taken

Before setting up Slikk, the founders worked for retail tech startup Perpule, which offered a platform-independent PoS (point of sale) machine and cloud-based services to help small offline businesses manage their inventories, billing and overall customer experience for enhanced operations. 

When Amazon India acquired Perpule, the trio was absorbed and held managerial roles in product and software development. During the stint, they also understood that UI/UX (user interface and user experience) personalisation was a critical prerequisite for online fashion shoppers, resulting in a fast and hassle-free experience. 

Their idea to launch a curated marketplace and time-sensitive delivery model stemmed from an observation that shoppers usually abandoned their search if they had to browse too long to find what they wanted. In contrast, onboarding selective brands based on the latest fashion trends might keep shoppers intrigued and lead to better conversion rates, Slikk’s cofounder and CEO Akshay Gulati told Inc42.  

Initially, the founders wanted to launch a hyper-personalised ecommerce platform for young people, especially Gen Z and young millennials. “We define Slikk as a curated fashion marketplace that delivers in 60 minutes. But when we picked this idea, the focus wasn’t on quick commerce. It was more about personalising and curating fashion that was better suited for young shoppers,” said Gulati. 

Fashion curation as a concept seemed promising, but doubts lingered over its viability and competitive advantage. Further brainstorming led to another unique value proposition – a delivery window of 60 minutes or less.

Slikk implemented the q-commerce model and started selling exclusive collections from ‘top-notch but undiscovered’ D2C fashion labels such as RIGO, Zaccai, Soul Store, Untung and more. It has also integrated artificial intelligence (AI) technology into its UI/UX design to ensure the startup’s offerings match its target customers’ preferences and shopping behaviours (more on that later).

However, major players are not lagging. Per media reports, fashion ecommerce giant Myntra (owned by the Flipkart group) piloted a four-hour delivery service, signalling a shift towards faster delivery. Similarly, Nykaa, a beauty and personal care giant that has forayed into online fashion, will introduce express delivery service in metro cities and reduce delivery timelines. 

Again, Blinkit and Swiggy Instamart were reportedly in talks with Arvind Fashions, Fabindia, Woodland and PUMA about featuring their products on the q-commerce platforms. Although nothing much has materialised on those fronts, the U.S. Polo Association and Decathlon India have partnered with q-commerce platform Zepto to offer premium fashion products and sporting goods. 

A Deep Dive Into Slikk’s Playbook To Ace Fashion Q-Commerce 

Ask industry experts why quick commerce has yet to take off in the e-fashion segment, and they would blame it on key challenges such as unpredictable demand and the lack of an agile restocking system. High return rates and delayed reverse logistics also hinder the quick reselling of ‘returned’ products and affect the bottom line. 

Despite these hurdles, Slikk’s numbers are growing. Since the launch of its website and the app on August 25, it has seen more than 10K downloads, even though its service is now limited to a few Bengaluru pin codes such as MG Road, Church Street, Bellandur and HSR Layout.  

The CEO further claims a steady rise in orders and consumer base, projecting an order run rate of 4-5K per month within the first full month of operations (September 2024). He aims to achieve an average of 8K orders in October. Until mid-September, its daily orders varied between 300 and 400 and were delivered by a combination of in-house drivers and riders from logistics partners like Porter and Shiprocket. 

But these developments are not a natural extension of q-commerce growth. Instead, Slikk has carefully analysed the scenario and adopted three winning strategies. 

It woos fashion-forward young professionals. They are the aspirational buyers willing to spend on fashion. So, it pays to be as close as possible for visibility and service excellence. Consider this. Slikk has set up a dark store in southern Bengaluru, close to its active pin codes. But Gulati did not choose the location merely to meet delivery deadlines. The aim is to be present in areas with a high density of young shoppers. 

“The median age of our customers is 26 as we want to attract fashion-conscious young people looking for high-quality products and premium brands. Hence, we focus on major areas in Bengaluru where the population is more or less under 30,” he said.

To emphasise its Gen Z focus, the startup offers curated styles and collections featuring what the youth finds hip and trendy. As fashion is a fast-paced industry, Slikk intends to refresh its stock keeping units (SKUs) regularly and aims to onboard 75 brands by September from the current 50. 

It uses AI for hyper-personalisation. Slikk’s key differentiator lies in tailoring one’s shopping experience. The startup uses artificial intelligence to curate the items displayed based on their previous purchases, search queries, interactions, demographic data and other key criteria. As a result, when users open the app/website, they are shown a select range of brands and products that match their preferences and buying behaviours.

Gulati says this AI-driven approach has been designed to encourage impulse buying and reduce browsing time.

“When you land on our page, we aim to personalise the buying process and use AI to understand consumer behaviour better. It has led to much higher conversion rates than other ecommerce platforms, as we offer curated products that our target audience is more likely to purchase,” he added. 

It aims to control inventory for fast & reliable deliveries. Finally, supply chain gaps can affect business banking on q-commerce, according to Gulati.

“Many ecommerce companies now offer same-day delivery, but it hasn’t really improved customer experience. That’s because they rely on a drop-shipping model, where part of the inventory is stored in their warehouses and the rest comes directly from the brands. This can create delivery delays and make it difficult to respond to shifting consumer preferences. We believe fashion shoppers will soon demand faster deliveries and a business model like ours will grow manifold in the coming years,” he said. 

To steer clear of this pitfall, Slikk wants to take complete control of its inventory as it expands its offerings. It wants to set up four warehouses in Bengaluru in the next six months and scale its operations across seven major Tier I cities in the next two years. 

Is Slikk Here For The Long Run? 

Slikk has ambitious growth plans for a month-old startup, but Gulati is bullish on expansion for a reason. The CEO says that the new venture’s three-pronged strategy – warehousing near the customer base, in-house logistics and using new-age technology for better UX – has helped reduce operational costs and resulted in better unit economics.

In essence, Slikk’s founders think that the sustainability of its business model will hinge on optimising unit economics to support future scaling. “If we continue to trim down other expenses and build our entire supply chain in-house, the business will be sustainable in the long run,” said Gulati. True to this principle, the startup has minimised its marketing expenditure and solely relies on word-of-mouth and social media channels to drive engagement. 

Nevertheless, it will require significant capital investments to set up the necessary infrastructure (warehousing, logistics and a technology network to run the business pan-India). However, the CEO declined to divulge the costs and said he had no plans to raise institutional funding at this point. 

Slikk has seen investor interest but is holding out on the opportunity to raise a larger round. Gulati said that further capital infusion would only make sense if the startup’s playbook works out, helping it gain a strong foothold in Bengaluru.

Another way to impact one’s bottom line is to increase customers’ average order value (AOV). Currently, this amount hovers around INR 1,800, helping net INR 550-600 per order. Slikk is now looking to increase its AOV, adding more revenue to each sale. Gulati also foresees a rise in average order volume as the venture scales. 

Industry insiders are not so optimistic. AOV is undoubtedly a critical success metric representing customer experience. In brief, the more engaged customers are, the more likely they are to spend. So, it is not surprising that major q-commerce players like Blinkit and Swiggy Instamart have added high-value premium products like electronics and fashion to their portfolios to grow their average basket size. But will it work equally well for a newcomer like Slikk?

A case in point is Zepto. Despite a $5 Bn valuation and $1.6 Bn funding in its kitty, the q-commerce platform is experimenting with ‘affordable’ solutions to capture a bigger market share. Rather than jumping off the deep end, Slikk needs to study all market trends and competitor moves to stay in the race for the longer term and create ‘value’ for customers.

[Edited by: Sanghamitra Mandal]

The post Can Slikk Crack The Quick Commerce Fashion Game? appeared first on Inc42 Media.

India has historically been at the forefront of global agricultural productivity, given the vast agro-ecological diversity the country has been blessed with. 

According to statistics from the Food and Agriculture Organization (FAO) of the United Nations, India is the largest producer of milk, jute and pulses and the second-largest producer of rice, wheat, sugarcane, cotton, groundnuts and fruit and vegetables.

While agriculture came to India thousands of years ago, it was the Green Revolution led by agricultural scientist MS Swaminathan that supercharged the country’s farm sector.

Today, with the emergence of the agritech space, India is standing on the cusp of a fourth revolution. Imperative to mention that the country’s agritech ecosystem is a juggernaut in the making. Having embraced IoT-enabled agricultural practices to now AI-enabled machines and tech, this burgeoning sector is writing the next chapter of the country’s farm story.

As tech penetration continues to rise through one of the world’s largest agricultural industries, Indian agritech startups are sitting on multi-billion-dollar opportunities. In fact, according to an EY report, India’s agritech startups are looking at a total market opportunity worth $24 Bn by 2025. And this potential is also being recognised by Indian and global investors, as these startups have secured more than $2.4 Bn since 2014, as per Inc42’s analysis.

The fourth agricultural revolution is at India’s doorstep, ready to disrupt the world’s food basket. With that said, we have compiled a list of some of India’s noteworthy agritech startups, showcasing the innovative strides they are making in transforming the agricultural landscape.

(Note: We have listed Indian agritech startups in alphabetical order. The list is not meant to be a ranking of any kind and will be updated from time to time.)

Agritech Startups In India

1. AgroStar

Founded by Shardul Sheth and Sitanshu Sheth in 2013, AgroStar offers an app and interactive voice response-based agriculture solutions to farmers. 

The startup has built a multilingual content-led commerce platform for farmers, who can use its mobile application to read and watch agronomy content, post pictures of their crop problems to get advice, interact with fellow farmers and use voice search to look for agri products and transact on the platform. 

It claims to be India’s largest digital farmer network and agri-inputs platform, which serves over 5 Mn farmers across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh. 

Since its inception, the startup has raised more than $111 Mn from a host of investors, including Aavishkaar Bharat Fund, Accel India, and Bertelsmann, among others. The Pune-based startup’s net loss zoomed 89% to INR 141.7 Cr in FY22 from INR 74.8 Cr in the previous fiscal year despite a rise in its top line.

2. Agrizy

Founded in 2021 by Vicky Dodani and Saket Chirania, Agrizy is a B2B agri-processing platform that connects processors with potential buyers dealing in non-perishable farm products across both food and non-food categories, such as oilseeds, cereals, pulses, jute, and others. 

Besides, the startup offers a digital marketplace for agri-products, custom sourcing of agri-food products for buyers, demand aggregation for small processors and working capital support through partnerships with NBFCs. 

It also offers networking, logistics, and warehousing services and automates payment cycles. The startup claims that its client list includes the likes of Reliance Retail, Patanjali, Adani Wilmar and Cremica. 

The startup has raised over $17 Mn to date and counts the likes of Accion, Ankur Capital, Capria, and Omnivore as its investors. 

3. BigHaat

Founded by Raj Kancham, Sachin Nandwana and Sateesh Nukala in 2015, BigHaat is a farmer-centric digital marketplace, which offers technical guidance and accessibility to a wide range of high-quality inputs to farmers.

It is a full-stack data-based platform, which sources data through 7-8 channels to monitor consumer behaviour, sales patterns and cropping patterns. The data helps BigHaat analyse and predict how much produce will be generated by a particular farmer and how it will be affected by other external factors such as pests and weather patterns. 

The startup, which counts JM Financial, Ankur Capital and BlackSoil as its investors, claims to have onboarded more than 4 Mn farmers. The startup has so far secured more than $13.4 Mn in total funding.

4. BharatAgri

India’s agricultural revolution has employed more scientific methodologies to boost crop yields, yet smaller farmers often struggle to access agritech innovations.

To address this issue, Siddharth Dialani and Sai Gole launched the ecommerce platform BharatAgri in 2017. The startup provides AI-based agronomy services designed to help farmers achieve higher yields.

BharatAgri’s ecommerce portfolio includes over 1 Lakh agricultural products, such as fertilisers, seeds, pesticides, insecticides, and farming equipment. These products are delivered across more than 20,000 pin codes in India, aiding farmers in increasing their incomes through systematic scientific farming techniques.

In October 2023, BharatAgri raised $4.3 Mn in a Series A funding round led by Arkam Ventures, with participation from Capria Ventures and existing investors such as India Quotient, 021 Capital, and Omnivore.

5. CropIn

CropIn is a SaaS-based agritech platform, which helps farm-to-fork businesses digitise their operations and improve their decision-making process by providing real-time data and insights. 

Founded by Krishna Kumar and Kunal Prasad in 2010, CropIn claims to have partnered with over 250 organisations across the globe, helped them digitise more than 16 Mn acres of farms and impacted the livelihood of nearly 7 Mn farmers, according to its website.

The startup helps farmers with advisories and suggests best practices for using water efficiently, including the kind of seeds that should be used. 

Cropin also helps predict weather patterns and build early warning systems to warn farmers about factors such as fluctuations in the cost of fertilisers and complaints of infestations.

In 2018, the Karnataka government partnered with CropIn to start a programme to help farmers create more value for their crops and foster their socio-economic development. 

6. DeHaat

Founded by Shashank Kumar in 2012, DeHaat offers end-to-end agricultural services to farmers, including distribution of high-quality agri inputs, customised farm advisory, access to financial services, and market linkages for selling their produce.

The startup claims that since inception, it has served over 2 Mn farmers across 11 states in India through its digital network of over 11,000 ‘DeHaat Centres’. 

The startup boasts a network of over 1,500 stock-keeping units and delivers more than 15,000 orders per day to more than 15 countries. So far, DeHaat has secured more than $270 Mn in total funding from Peak XV Partners, Sofina Ventures and other investors. Recently, the startup acquired the fruit export business of Freshtrop Fruits in an all-cash deal.  

7. Eeki Foods 

Founded by IIT Bombay graduates Abhay Singh and Amit Kumar in 2018, Eeki Foods aims to make farming sustainable and climate-proof with the use of its growing chambers. These chambers provide plants with the ideal conditions to grow. 

The startup makes use of its homegrown technology, which controls the farm’s climate, allowing vegetables to be grown all year without being affected by seasonal variations. 

According to the startup, this technology helps in ensuring that the nutrient solutions deployed to the roots of the plants are continuously recirculated till all the water has been used up. Eeki claims that this allows crops to grow with 80% less water compared to traditional methods. 

The agritech startup is backed by names such as Avaana Capital, Better Capital and Icebreaker VC. The company secured $6.5 Mn last year, to scale across hundreds of acres, expand its team, and invest in technology.

8. Ergos

Established in 2012 by Kishor Kumar Jha and Praveen Kumar, Ergos offers farmers a nine-month storage service for their harvest. Moreover, the platform provides credit for up to 70% of the stored grains.

It connects farmers to potential buyers, provides secure warehouse storage for grains and facilitates affordable financial solutions via partnering lenders. According to the startup, this approach helps farmers to transform their produce into digital assets that can be traded. 

At present, the startup claims to be aiding over 1.6 Lakh farmers through its platform, boasting a vast Grainbank network of warehouses in over 200 locations across Bihar, Karnataka and Maharashtra. It also claims to have assisted farmers in boosting their annual income by 30-35% over the years.

According to Inc42’s findings, the startup has secured more than $23 Mn in four rounds. It counts Aavishkaar Capital, Chiratae Ventures, Trifecta Venture Debt Fund and Abler Nordic as its investors.

In September last year, the startup secured $10 Mn through a mix of equity and debt in its Series B funding round led by Abler Nordic. 

9. FarMart

Launched by Alekh Sanghera and Mehtab Singh Hans in 2016, Farmart operates as a micro SaaS-led agritech platform, which helps large food businesses source quality produce by using its network of agri-retailers.

It makes use of tech and data to source at scale and uses under-utilised assets in the food value chain to build a high-growth and contribution margin profitable business. 

Since its inception, the startup has raised more than $44 Mn. It counts Omidyar Network India, Avaana Capital, 500 Startups and Matrix Partners India as its investors. 

The startup’s output linkage offerings, disseminated through its app users, now extend to over 600 districts. 

The startup also has a mobile application, SaudaBook, which aims to facilitate the digitisation of the entire workflow for food processors. 

10. Farmtheory

Established in 2019 by Arpit Agarwal and Sakshi Agarwal, Farmtheory is an innovative agri-waste management startup committed to mitigating waste at its source, empowering farmers to enhance their income, mitigate food loss, and combat climate change.

With a dual focus on elevating farm yields and delivering premium ingredients to commercial kitchens, Farmtheory has successfully onboarded over 3,000 partner farmers and served more than 1,500 kitchens to date.

Looking ahead, the company aims to expand its partner network and geographical reach, extending the benefits of its pioneering model to numerous farmer communities nationwide.

Recently, Farmtheory secured seed funding of $1.45 Mn (around INR 12 Cr) from Merak Ventures. The startup said that the funds would be deployed to scale up its operations, expand its supply arm, and enhance its tech infrastructure. It also plans to reach out to more farmers, ensuring a robust and sustainable source of produce.

11. Fasal

Established in 2018 by Shailendra Tiwari and Ananda Verma, Fasal operates as a precision horticulture platform. It facilitates resource optimisation (water, pesticides, etc.) and enhances farm productivity, all while ensuring the procurement of high-quality, traceable produce. 

The agritech startup orchestrates an end-to-end optimised value chain by leveraging AI, crop sciences, and IoT to offer farm-level, crop-specific, and crop-stage-specific intelligence.

Fasal has secured more than $17 Mn in total funding to date and counts ITI Growth Opportunities Fund, Navam Capital, 3one4 Capital, Omnivore, Wavemaker Partners and Genting Ventures as its investors.  

Last month, the startup secured $12 Mn funding in a Series A funding round led by TDK Ventures and British International. The company plans to use the proceeds to scale its B2B brand Fasal Fresh and expand its India and Southeast Asia operations.

It also aims to invest money in developing its proprietary farm IoT-crop intelligence technology and developing a carbon-negative horticulture value chain.

12. Fyllo

While farming has traditionally been a labour-intensive endeavour, advancements in new equipment have been making farmers’ lives easier. However, a significant challenge remains — the lack of proper education on using these machines, leaving farmers uncertain about their precise application.

To address this issue, Sudhanshu Rai and Sumit Sheoran founded Fyllo in 2019. This Bengaluru-based company provides both software and hardware products designed to assist farmers with precision farming solutions.

Fyllo’s hardware solutions, Nero and Kairo, are installed on farms to collect data on soil, climate, and crop canopy, which is then sent to the Fyllo server. Utilising this data, the company’s software products deliver live farm data, irrigation and fertiliser scheduling, disease and pest predictions, and weather forecasts.

Since its inception, Fyllo has raised $6 Mn in funding and claims to support over 8,000 farmers, boosting their income by 30%. In its B2B business vertical, the company’s clientele includes notable names such as Dhanuka, Iffco Kisan, Euro Fruits, and Mahindra Agri Solutions, among others.

13. Gramophone

Founded in 2016 by Tauseef Khan, Nishant Vats, and Harshit Gupta, Gramophone is an Indore-based full-stack agritech platform. It facilitates activities ranging from sourcing raw materials to warehousing. 

The startup sells agri inputs like seeds, fertilisers, nutrients, pesticides and farming equipment. It also provides standalone services such as warehousing and inventory management.

The startup additionally assists farmers by offering crop advisory and weather information. Simultaneously, it provides agronomic intelligence and solutions to farmers through image recognition, soil science, smart crop selection, and personalised information-led cropping systems. 

The startup has secured close to $19 Mn in total funding across five rounds. It is backed by investors like Info Edge, Z3 Partners, Asha Impact and Siana Capital. 

Last year, Info Edge announced that it would increase its stake in the company by investing  INR 9.3 Cr ($1.1 Mn) in Gramophone’s parent Agstack Technologies. 

14. Intello Labs

Launched by Milan Sharma, Nishant Mishra Himani Shah and Devendra Chandan in 2016, the Gurugram-based startup uses AI and image recognition tools to perform grading and quality checks of agri products.

The startup manufactures several sorting, grading and packaging machines, which eliminate manual labour at various steps of agricultural production and streamline the process. For instance, Intello Labs manufactures IntelloFlow, an all-in-one machine which weighs, packs and labels agricultural goods. 

Other products include Intello FruitSort (a fruit sorting machine), Intello Sort (a vegetable sorting machine), Intello Pack (an automated weighing and packing machine for fresh produce), Intello Grade (a produce grading machine), Intello Track (quality inspection machine) and Intello ShelfEye (a stock management platform).

The startup raised $2.82 Mn last year at a post-money valuation of $77 Mn. The round was led by Saama Capital, with participation from existing investors – Avaana Capital, Omnivore, Nexus Ventures and AgFunder. The company has secured a total of $15.72 Mn to date.

15. Jai Kisan

Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan is a rural India-focussed neo bank that offers credit solutions in online and offline rural commerce environments. Through its app, the company helps farmers secure loans in 10 minutes. It claims to be present in 5,000 pin codes in India, where it supports the financial needs of over 1 Lakh rural businesses. 

Since its inception, the startup has netted over $88.7 Mn in funding and counts the likes of Blume Ventures, Arkam Ventures, Mirae Asset and Northern Arc as its investors. 

Recently, the agritech neobank obtained a non-banking finance company (NBFC) licence after picking a majority stake in supply chain financing company Kushal Finnovation Capital. Shortly after securing the licence, the startup took its BNPL app BharatCredit, specifically for rural businesses, in August. 

Besides, the startup also launched a digital lending platform for rural businesses, Bharat Khata, back in 2020. Under this offering, Jai Kisan allows farmers to sell their farm inputs on Jai Kisan BNPL and receive payments within 24 hours. It sells the produce to local farmers via its Jai Kisan Farmer app. 

16. KisanKonnect

Launched during the pandemic in 2020 by Vivek Nirmal and Nidhi Nirmal, KisanKonnect now boasts a network of 5,000 farmers. The startup directly sources food from these farmers through its village-level collection centres.

It sells sourced products in the markets of Mumbai and Pune and offers its services to customers directly through its mobile app and farm stores. 

KisanKonnect claims that it manages over 1.75 Lakh acres of cultivated land and provides access to more than 200 types of vegetables and 100 types of fruits through its online platform. The startup also claims to deliver approximately 1.5 Lakh boxes of vegetables and fruits every month.

According to the startup, it serves more than 1 Lakh consumers in Pune and Mumbai. In May, the startup secured an undisclosed amount of funding from actor Shilpa Shetty.  

17. Ninjacart

The Bengaluru-based startup procures groceries, fruits and vegetables from farmers and delivers them directly to supermarkets and other retail stores. Founded by Nagarajan, Sharath Loganathan, Sachin Jose, Kartheeswaran KK and Vasudevan Chinnathambi in 2015, Ninjacart claims to source over 1,400 tonnes of fresh produce daily from farmers hailing from over 20 states. It then supplies the produce to over 17,000 retail stores.

The startup has secured more than $396 Mn since its inception. It is backed by names like Tiger Global, Walmart, Accel India and Trifecta Capital Advisors. 

Ninjacart saw its operating revenue cross the INR 1,000 Cr mark in the financial year ended March 31, 2023. The B2B agritech startup reported sales of INR 1,153.4 Cr in FY23, up 19% from INR 967.3 Cr in FY22. Despite the rise in sales, the startup’s loss grew 6% to INR 326.3 Cr in FY23 from INR 307.9 Cr in FY22.

18. ONO 

To enhance the connection between farmers and mandis, Rama Rao Kancharapu launched the discovery platform ONO in 2021.

This agritech startup offers a range of services, including ONO Connect, a price and market discovery platform; ONO Cash, a credit facilitation platform; and ONO Click, a SaaS platform for commission agents and traders. The startup also provides price and market intelligence, payment processing, collections, and digitisation of market operations. Additionally, it features ONO Mandi, a mid-mile trading platform.

The startup claims to be active in over 45 mandis across six states, with a network of over 30,000 partners and seven commodity transactions hosted on its platform.

In its latest seed funding round, ONO secured $1.3 Mn, led by Aeravti Ventures with participation from Indigram Labs.

19. Orbit Farming

After concluding his role as the vice president of operations at Swiggy, Kedar Gokhale partnered with Aishwarya Ramakrishnan to launch Orbit Farming.

Orbit Farming is dedicated to providing farm solutions specifically tailored for mid-sized Indian farmers who own 2 to 10 hectares of farmland. The founders aim to assist these farmers in boosting their farm income by offering a platform that provides farming mechanisation solutions, thereby enabling them to achieve greater profitability.

The startup’s vision, as outlined on its LinkedIn page, is to bridge the gap between traditional farming practices and modern, technology-driven solutions.

Currently, Orbit Farming is in its early stages of development and is actively engaged in assembling a founding team that shares its mission of empowering mid-sized farms.

20. Otipy

Founded in 2020 by Varun Khurana and Prashant Jain, Otipy is a part of agritech startup Crofarm Agriproducts. Otipy operates as a B2B2C social commerce platform for fresh produce, including vegetables, fruits, dairy, and other grocery items.

The startup uses its proprietary technology to procure fresh produce from farmers based on the demand calculated by its prediction engines. Then, it delivers the goods to customers within 12 hours of harvest. 

It claims to have the lowest wastage rate in the industry at 3%.

According to Inc42 data, the startup has secured $44 Mn in total funding since its inception. It counts Westbridge Capital, SIG and Omidyar Network India among its investors. 

Otipy last raised $32 Mn in a funding round led by Westbridge Capital. Back then, it said it would use the capital to expand its geographical reach across India and strengthen the supply chain. 

21. Salam Kisan

Founded in 2022 by Dhanashri Mandhani, Salam Kisan is an end-to-end agritech startup, which offers services like drone-based soil testing, procurement, and marketplace offerings to farmers.

The startup primarily earns its revenues from soil testing and drone services with which it claims to have covered over 15,000 acres of land, aiding 7,500 farmers. Currently, the startup is only operational in Maharashtra across 22 districts of the state, with a user base of 58,000 farmers. 

Interestingly, 15% of its total farmer base today is women. It also offers a DGCI-certified drone pilot training course valued at INR 50,000 per pilot. However, in the coming financial year, Salam Kisan also plans to enter the drone manufacturing segment, targeting the production of 250 drones by the end of March. The in-house drones are expected to serve the purposes such as spraying chemicals, pesticides, and seeds.

While the manufacturing unit will be located in Jalna, Maharashtra, the R&D centre will be established in Bengaluru. The startup is also focussing on recruiting new pilots.

As a bootstrapped startup, Salam Kisan commenced operations with a preliminary investment of $2 Mn. It aims to secure its first external funding round in the upcoming financial year.

22. Vegrow

Founded by Praneeth Kumar, Mrudhukar Batchu, Kiran Naik and Shobhit Jain in 2020, Vegrow operates a B2B fruit marketplace. It offers farmers a range of tech solutions such as crop advisory, grading, packaging, logistics and sales support.

The agritech startup claims to leverage data and tech to maximise farmers’ income by accurately grading the produce and efficiently matching it with the most suitable demand channel.

Vegrow has raised a total funding of over $80 Mn to date. In December 2023, the startup secured $46 Mn in its Series C funding round in a mix of primary and secondary infusions. The funding round was led by GIC and also saw participation from existing investors Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed. It also provided a partial exit to its investors Ankur Capital, Titan Capital and Better Capital. 

At the time of the fundraise, Vegrow claimed to have witnessed a five-fold rise in its revenue in the last year and achieved operational profitability.

23. WayCool

Founded by Karthik Jayaraman and Sanjay Dasari in 2015, Waycool operates a full-stack agritech platform that connects farmers looking to sell produce to retailers, traders and processors, among others. 

The startup leverages technology to operate the supply chain from soil to sale. It works with over 85,000 farmers and deals in products ranging from fresh fruits and vegetables, staples, nuts and spices, to dairy and other value-added products

WayCool also offers SaaS products for clients across domains such as procurement, processing, warehousing, and distribution. 

According to Inc42 data, the startup has raised over $231 Mn in funding to date. It is backed by the likes of LightRock, LightBox, FMO, Lightsmith, IFC and Redwood Equity Partners.

This is a running article, we will keep adding more names to the list.

Last updated: September 27, 2024 

[Edited by Shishir Parasher]

The post 23 Agritech Startups Disrupting Agricultural Landscape In India appeared first on Inc42 Media.

With fashion apparel and accessories taking the second spot in the country’s high-octane ecommerce space (expected to surpass the $112 Bn mark by 2030), there is a reason why everyone — from international brands to homegrown players — wants to ride this tide. 

Besides growing at a compound annual growth rate (CAGR) of 25%, the long-term prospects in the space, too, continue to remain solid on the back of a growing middle class, rising disposable incomes, and the increasing influence of social media on fashion trends. 

However, while everything appears flashy on the consumer end of the table, the supply side of fashion in India has several loose ends. For starters, the Indian fashion market is highly unorganised and relies heavily on small-scale manufacturers, who are often seen grappling with inefficiencies in production and inconsistent fabric quality. Further, rising transportation costs and labour shortages make it difficult for manufacturers to meet demand in a timely and cost-effective manner.

It is precisely this challenge that the trio of Mayank Narain, Pushpendra Singh, and Naresh Dhaka are trying to solve with Fabrito. Founded in 2022, Fabrito is a B2B fabric marketplace that simplifies fabric sourcing for brands & garment manufacturers.  

The startup does this by making available a wide variety of fabric options to apparel manufacturers, ensuring fast turnaround times and accommodating even small order quantities. The founders’ proactive approach helps smaller brands keep pace with market demands and swiftly evolving fashion trends.

According to the founders, Fabrito was able to garner more than INR 6 Cr in sales in its first fiscal of operations. As simple as it sounds, the inception story of Fabrito starts with Dhaka’s keen observation of the state of fabric supply chains in India.

It is pertinent to mention that Dhaka comes with a decade-long experience in the fashion industry. He has headed supply chain, customer care, and various other functions at Chennai-based fashion ecommerce platform eShakti. He has also worked with B2B marketplace Fashinza. 

During his stints at these startups, he noticed that fashion brands were often required to launch new collections within a month or 45 days but faced issues with existing fabric supply chains. 

He also found that traditional supply chains were reluctant to handle low order quantities and incapable of offering fast turnaround times and a wide range of fabric options. The realisation became the bedrock for the inception of Fabrito, which today boasts of addressing the fabric supply chain challenges in a unique fashion. 

“For customers who require a fast turnaround, low order quantities, and a wide variety of fabrics, we aggregate surplus fabric that is available across the country. Many mills produce export-quality fabrics that remain unused, and we bring these onto a single platform. We also provide a mobile application to fabric suppliers, allowing them to easily upload photos and fill in key details such as fabric content, width, and weight. This helps them swiftly find manufacturers looking for fabric,” Dhaka said.

How Is Fabrito Helping Smaller Fashion Brands?

Currently, Fabrito targets a diverse range of customers within the fashion ecommerce segment. However, the startup’s focus is not just specific to fashion brands and manufacturers that sell through online marketplaces like Myntra and Ajio. 

The startup’s customer base also comprises D2C fashion brands, small to medium-sized retailers, and even larger brands that frequently launch new collections in response to changing consumer trends.

“Essentially, any fashion brand looking to adapt quickly to market demands, minimise inventory risks, and enhance their fabric sourcing capabilities would be a potential customer for Fabrito. We also support those who may not have established supply chains to cater to changing trends in the fashion industry,” Dhaka added.

However, beyond this, the startup is toiling to assuage small manufacturers from the trouble of minimum quantity order (MQO).

With this approach, the startup has helped many small and medium manufacturers reduce the risk of excess inventory.

Sometimes to monitor the sales performance of certain styles, brands have no option but to resort to the strategy of ordering smaller quantities per style. In such cases, brands are often hit with the barrier of minimum order quantities when sourcing fabrics. 

However, Fabrito allows brands to order fabric in smaller quantities. This flexibility enables brands to experiment with styles and reduce the risk of overproduction, the founder said.

Fabrito’s Key Offerings

Currently, Fabrito offers a large collection of ready-made fabrics on its platform. Customers can order as little as 100 metres of fabric, which is enough to produce about 40 to 50 pieces for most brands.

The platform also offers “never out of stock” fabrics from various mills across the country. If a customer wants a custom print on base fabric, Fabrito delivers that within a week.

Hence, it caters to both ready-to-order fabrics and custom-made requirements. In terms of ready-to-order fabrics, Fabrito claims to have a large collection of nearly 3K fabrics on the platform.

For custom or “made-to-order” fabrics, the startup works with printing and weaving units to whom it regularly provides orders. Fabrito has around 40-50 suppliers, including both traders and mills. Of these, 10-15 are specifically for made-to-order fabrics, while the rest provide ready-made fabrics.

Fabrito’s Future Outlook

As of now, Fabrito’s expansion plan involves increasing its fabric offerings on the platform. It has set its eyes on featuring 3,000 fabrics by the end of the month to nearly 10,000 by next month.

On the demand side, the company has collaborations with 60 brands and 40-50 garment manufacturers in India. 

Now, Fabrito wants to onboard small brands from the UK, the US, and Dubai. In its first financial year, it achieved over INR 6 Cr in sales, with a net loss of around INR 1 Lakh. Although the founder did not reveal the revenue projection for FY25, he expects the revenue run rate to grow 4-5X.

Fabrito is capitalising on the growth of India’s fashion industry to scale up its fabric sourcing business, but it faces challenges like complex supply chain management, uniformity in fabric quality, and competitive pricing pressures. 

It is due to these demons that Fashinza, a B2B marketplace in this space, failed to sustain and returned most of its funds ($152 Mn) to investors earlier this year. 

Other major players in the fabric sourcing and apparel manufacturing sector include Genie Mode, Groyo, and Zyod, as well as smaller startups like Fabriclore and Locofast.

“In this space, Fabrito has differentiated itself by setting up its fabric supply chain that brands and manufacturers can directly access. Instead of merely facilitating apparel production, the company offers ready-to-use fabrics directly through the platform,” Dhaka said.

All in all, the Indian fashion industry is growing at 6% year-on-year, while fashion ecommerce is experiencing a remarkable 30% annual growth. This rapid expansion creates a need for more sources to support the evolving demands of online fashion retail.

This is where Fabrito fits perfectly in providing brands with easy access to a diverse range of fabrics and enabling them to launch smaller collections quickly.

[Edited by Shishir Parasher]

The post How Fabrito Is Solving Supply Chain Woes For Indian Garment Makers appeared first on Inc42 Media.

Before November 2022, OpenAI was a little-known startup in the US. However, that very month, the company unveiled a chatbot, ChatGPT, which in just two months crossed 100 Mn monthly active users, making it the fastest-growing consumer application in history. 

OpenAI’s GPT-3, a large language model (LLM), has since paved the way for GPT-4 and $11 Bn+ in funding for OpenAI, mostly from Microsoft.

At the time when OpenAI was making waves across the globe, India’s GenAI ecosystem was still very much in its infancy.

However, the country’s GenAI space seems to have made massive strides since then. Not only have we been able to mint India’s first AI unicorn, Krutrim, but also attracted major interest from investors and entrepreneurs to cause a stir in this space.   

Consequently, India is home to more than 100 GenAI startups and these startups have raised more than $600 Mn since 2019.

Spearheading this transition are names like SarvamAI and Krutrim, which are focussed on building Indic LLMs, while others like ObserveAI, having secured $214 Mn, are leveraging AI to offer customised customer and operational support to businesses. 

Today, a large number of startups across sectors and industries, from OYO to Unacademy, are seen using this emerging technology to streamline user experience and operations.

According to Inc42, India’s GenAI market is expected to see a major boom in the coming years and is projected to cross the $17 Bn mark by 2030. 

In line with the growing market opportunity in this space, we have endeavoured to collate a list of Indian startups that are causing a stir in the rapidly evolving Indian GenAI space.

(Note: The startups below have been listed in the order of the amount of funding raised since their incorporation. This is not an exhaustive list, we will be updating it periodically. If you would like to refer a GenAI startup to be featured in this list, write to us @ editor@inc42.com)

Meet The GenAI Startups Putting India On The Global AI Map

1. Observe AI

Founded in 2017 by Sharath Keshava Narayana and Swapnil Jain, Observe AI is a conversational intelligence platform for contact centres. 

Observe.AI has raised a total of $214 Mn in funding over 6 rounds. It bagged 125 Mn in its last funding round in 2022. 

The platform is supported by marquee investors such as Zoom, Bossanova Investimentos, Y Combinator, Menlo Ventures, and Nexus Venture Partners. It competes with the likes of companies like Noogata, TUNGEE, Osense Technology, Slang Labs, etc.

2. Pixis

Founded in 2020 by Harikrishna Valiyath, Shubham A Mishra, Vrushali Prasade, Pixis provides a codeless AI infrastructure platform for brands to monitor and orchestrate their marketing campaigns.

Since its inception, the startup has raised $209 Mn in capital. It raised $85 Mn in its last funding round in 2023. 

Pixis is backed by startups like Grupo Carso, General Atlantic, Celesta Capital and Chiratae Ventures. It competes with the likes of Utilidata, HeadSpin, and Navikenz in the larger AI-powered technology space.

3. Ola Krutrim 

Founded in 2022 by Ola and Ola Electric founder Bhavish Aggarwal, Krutrim is experimenting with GenAI to develop an India-specific LLM. The startup’s family of LLMs is said to be capable of working with 10 Indian languages. However, Krutrim has yet to release any publicly-available products.

The startup made headlines in January 2024 when it became the first pure-play AI startup in India to hit a unicorn valuation over its recent $50 Mn funding round. So far, it has secured $74 Mn in funding, becoming one of the most well-funded AI startups in the country, from backers such as Matrix Partners India.

The startup competes with the likes of Sarvam AI, Mistral AI, and DeepMind.

4. SarvamAI

Founded in 2023 by AI4Bharat creators Vivek Raghavan and Pratyush Kumar, SarvamAI aims to develop custom-made LLMs, specifically designed for India-centric use cases.

Backed by names such as Peak XV Partners and Khosla Ventures, the Bengaluru-based GenAI startup raised a Series A funding of $41 Mn (around INR 342 Cr) led by Lightspeed Venture Partners in December 2023.

5. Avaamo

Founded in 2014 by Ram Menon and Sriram Chakravarthy, Avaamo is a deep-learning software company that specialises in conversational interfaces to solve specific, high-impact problems in the enterprise tech realm. 

Avaamo is building fundamental AI technology across a broad area of neural networks, speech synthesis and deep learning to make conversational computing for businesses a reality.

Over the years, Avaamo has raised more than $30 Mn from the likes of Intel Capital, Ericsson Ventures, Streamlined Ventures, WI Harper Group and Mahindra Partners. It raised 7 Mn in its last funding round in 2021. 

Avaamo counts PolyAI, Zira, Odeza, and wrnchAI as its competitors.

6. InVideo

Founded in 2019 by Sanket Shah, and later joined by Anshul Khandelwal, InVideo initially operated a web-based video editing platform that allowed users to convert existing pieces of static content into videos.

However, it has come a long way since then. Currently, the startup operates a full-fledged AI-powered video editing platform that leverages GenAI to create videos with just text prompts. Users just have to input the topic and the platform generates a script, adds scenes and voiceovers, among other things. 

The startup has raised capital to the tune of $52.5 Mn to date and is backed by marquee names such as Peak XV Partners, Tiger Global, Hummingbird, RTP Global and Base. It competes with the likes of Kapwing, Synthesia, Veed, and Rephrase.ai, among others.

7. Senseforth

Founded in 2017 by Krishna Kadiri, Ritesh Radhakrishnan, and Shridhar Marri, Senseforth is a leading Conversational AI solutions company that enables automated human-like conversations between organisations and people.

Since its inception, Avaamo has raised more than $16 Mn from the likes of Tenity and Fractal Analytics. It secured its last funding round of $14 Mn in 2021.

It competes with the likes of MoonShot AI, Locofy, and Suki.

8. Rephrase AI

Founded in 2019 by Ashray Malhotra, Nisheeth Lahoti and Shivam Mangla, Rephrase AI leverages GenAI to create professional videos with the ease of writing text within minutes. 

The growth-stage startup has raised a total funding of $12 Mn. In its last funding round, it raised $10.6 Mn in 2023.

The company counts Techstars, Silver Lake, 8VC, Red Ventures and AV8 Ventures among its investors. It competes with the likes of Imaginario AI, VideoDubber, MURFAI, etc. The Bengaluru-based AI video creator was acquired by Adobe in 2023.

9. Murf AI

Founded in 2020 by IIT-Kharagpur graduates Sneha Roy, Ankur Edkie, and Divyanshu Pandey, Murf AI uses AI to create high-quality voiceovers without recording equipment for its users in minutes. 

The growth-stage startup has raised a total funding of $11.5 Mn. In its last funding round, it raised $10 Mn in 2022. 

It is backed by investors like Matrix Partners, and Elevation Capital. It counts Imaginario AI, VideoDubber, and Rephrase AI as its competitors.

10. DhiWise

Founded in 2021 by Vishal Virani, DhiWise is an AI-enabled programming platform where developers can convert their designs into developer-friendly code for mobile and web apps. 

It automates and fastens the application development lifecycle and instantly generates readable, modular, and reusable code.

The growth-stage startup has raised a total of 9 Mn since its inception. It raised 7 Mn in 2022. DhiWise is supported by marquee investors like Accel, AngelList India, Storm Ventures, Abhishek Deo, and Pentathlon Ventures. It competes with the likes of Observe AI, Pixis, QpiAI, and Kombai.

11. Spyne

Founded in 2018 by Deepti Prasad and Sanjay Kumar, Spyne is helping businesses and marketplaces create and upgrade high-quality product images and videos at scale with AI. 

The growth stage company has so far raised $7.6 Mn from Accel Partners, Storm Ventures, and other investors. It raised $7 Mn in its last funding round in 2022. 

The Gurugram-based startup competes with companies like zapero.ai, Dresma, Ayna, Blend, and Orbo AI.

12. LimeChat

Founded in 2020 by Aniket Bajpai and Nikhil Gupta, LimeChat leverages AI to enable a brand to instantly respond to its customer queries throughout the buying journey across mediums such as WhatsApp, Meta Messenger and Instagram.

When it comes to WhatsApp commerce, it is working with 300+ brands like HUL, ITC, Mamaearth, Wow Skin Science, Neemans Shoes, and Snitch.

Backed by investors like Stellaris Venture Partners, Google, IFC, and Pi Ventures, the Faridabad-based company has raised a total funding of $5 Mn to date.

The seed-stage company competes with Noogata, TUNGEE, Osense Technology, Slang Labs,  etc.

13. QpiAI

Founded in 2019 by Dr Nagendra Nagaraja, QpiAI is a Bengaluru-based AI startup working in the areas of both AI and quantum computing. The startup’s key product, QpiAI Pro, helps deploy AI solutions at the production stage.

The startup also manufactures hardware solutions for quantum computers, including compute architecture, quantum processors and cryogenic controllers, and also offers quantum computing as a service (QCaaS) software. In 2021, it tied up with IISc Bengaluru to offer certification courses in AI and quantum computing.

QpiAI has yet to raise any funding.

14. Kombai

Founded in 2022 by Dipanjan Dey and Abhijit Bhole, Kombai is an AI model trained to understand and code UI designs like humans. It offers developer tools for web app developers, which helps them do away with mundane automatable tasks like writing and maintaining CSS and other boilerplate JS code. 

It has so far raised a total of $4.5 Mn from Foundation Capital and Stellaris Venture Partners.

Kombai competes with Locofy.ai, Adobe XD, Figma and Relume, which have a similar approach towards web design.

15. Contlo 

Founded in 2021 by Ishaan Bhola and Mukunda NS, Contlo is a GenAI-powered martech platform that helps businesses run and optimise end-to-end marketing campaigns. 

The seed-stage SaaS platform claims to help brands build personalised campaigns and automate customer journeys across all major channels including email, SMS, as well as social media platforms. 

The US-headquartered startup has raised $4.3 Mn in funding to date. It is backed by the likes of names such as Kae Capital, Better Capital and Titan Capital as well as angel investors such as Mamaearth’s Varun Alagh as well as Harshil Mathur and Shashank Kumar of Razorpay, among others.

16. Scalenut 

A brainchild of Mayank Jain, Gaurav Goyal, and Saurabh Wadhawan, Scalenut was founded in 2020. The startup is an artificial intelligence (AI)-powered SEO and content marketing platform.

Its AI co-pilot handhelds businesses through the entire content lifecycle, from keyword planning and content creation to SEO optimisation and competitive analysis.

The California-based startup has raised $3.5 Mn in funding till date and is backed by the likes of names such as Titan Capital, First Principles VC, AngelList, among others.

It claims to have so far catered to more than 200 businesses including homegrown startups such as PharmEasy and LeapScholar. 

17. Blend 

Founded in 2021 by Vaibhav Prakash, Vishwanath Kollapudi and Jamsheed Kamardeen, Blend is a GenAI-powered design tool that helps ecommerce sellers create social media graphics, product photos and SEO-optimised content. 

Incubated by Peak XV Surge and Google For Startups, the Bengaluru-based SaaS platform has raised $3.14 Mn in funding till date. Catering largely to ecommerce sellers, Blend is backed by names such as 3one4 Capital, Blume Ventures, PointOne Capital, among others.

The startup boasts of 15 proprietary AI models that have been trained on more than 80 Mn visuals and keywords.

18. Zocket

Founded in 2021 by second-time entrepreneurs – Karthik Venkateswaran, Nandha Kumar Ravi, Sundar Natesan, and Mukund Srivathsan — Zocket, with Gen AI, helps businesses launch their digital ads in less than 30 seconds. 

It has secured 3.1 Mn in its overall funding with support from investors like Surge Ventures, Surge, and PointOne Capital. 

It competes with the likes of Hexo, Metabrix, Predis.ai, and PostifyAI in the digital ads space.

19. Alltius 

Founded in 2022 by Vibhanshu Abhishek and Siddhant Mishra, Alltius’ no-code platform enables businesses to seamlessly create, train and deploy AI assistants within a day. These AI assistants can then be leveraged by enterprises to transform sales and support journeys.

The company claims that these AI assistants can be trained on a slew of company resources, including documents, images, PDFs, among others. Subsequently, these assistants can be deployed to answer queries, create pitches, compare insurance plans, create tickets, draft emails, among other things. 

The Bengaluru-based horizontal AI startup has raised $2.4 Mn till date and is backed by the likes of names such as Stellaris Venture Partner, Blume Ventures, Gemba Capital, peercheque, among others.

20. Vodex

Founded in 2022 by Anshul Shrivastava and Kumar Saurav, Vodex enables companies to deploy AI-powered sales agents, which can engage in human-like conversations and automate sales processes.

The company claims to eliminate the need for traditional call centres and allows businesses to streamline operations and improve efficiency while interacting with end customers.

The startup has raised $2.2 Mn in funding till date and is backed by the likes of Unicorn India Ventures, Pentathlon Ventures and 100X.VC. It competes with names such as Drift, SquadStack and Homebot among others.

21. vPhrase

vPhrase offers a SaaS tool that leverages AI, machine learning and natural language processing (NLP) to help businesses derive insights from huge swathes of complex datasets. 

It has two products – Phrazor and Explorazor. While Phrazor is a report automation tool that converts complex graphs into actionable taking points, Explorazor helps users perform root cause analysis across multiple datasets via a No-SQL interface. It claims to have three granted patents under its kitty. 

The New York-headquartered startup was founded back in 2015 by Neerav Parekh and Naimisha Neerav Parekh. vPhrase has raised $2 Mn in funding till date and counts Falcon Edge Capital, Bharat Innovation Fund, Alpha Wave Global, among others as its backers. 

Its clientele includes giants such as Danone, GSK, Sanofi, Hindustan Unilever Limited, Fidelity, Abbott, Motilal Oswal, among others

22. Dubdub AI

Founded in 2021 by Anubhav Singh, Rahul Sankhwar, Rahul Garg and Anchal Jaiswal, Dubdub.ai is an online tool which leverages AI for making multilingual video content. It supports audio and video dubbing.

The growth stage startup has raised a total funding of $1.8 Mn since its inception. In its last funding round, it raised $1 Mn in 2022. 

Waveform Ventures, Accel Atoms, Forward Capital Fund, and Force Ventures are among the investors backing the company.

Dubdub.ai competes with the likes of names such as Pieces, Noogata, and ClearCOGS.

23. Gnani AI

Founded in 2017 by Ganesh Gopalan and Ananth Nagaraj, Gnani.ai offers a full-stack conversational AI product suite to help businesses automate and enhance customer support across all digital and conventional communication channels.

It also caters to the fraud detection market with its voice biometrics product, which is largely centred on its clients in the BFSI sector. 

The B2B platform claims to have a customer base of over 100 companies including multiple Indian lending companies such as TVS Credit, Muthoot Finance, and Fibe (formerly Early Salary). It also boasts more than 12 patents in its kitty.

The Bengaluru-based startup has raised $4 Mn in funding till date and counts the likes of names such as Samsung Ventures and angels such as Lakshmi Narayan, and BVR Mohan Reddy as its investors. 

It competes with the likes of names such as Rezo.ai, Haptik and Verloop.io. 

24. Floworks

Founded in 2022 by Sudipta Biswas and Sarthak Shrivastava, Floworks offers an AI assistant that helps sales personnel effectively utilise Customer Relationship Management (CRM) software from the confines of their Slack accounts.

Sales teams can just instruct the AI assistant in plain natural language to send CRM updates, send emails, raise escalations and get reports, without having to go through multiple applications.

Incubated by Y Combinator, the startup raised $1.5 Mn in seed funding in August last year. The US-based GenAI startup also counts names such as Sense AI, Gaingels, Entrepreneur First and ThinKuvate as investors. 

25. GoodMeetings

A brainchild of Srinivasan Narayan and Abhijeet Sahoo, GoodMeetings is a remote sales platform that leverages video, AI and analytics to help teams sell effectively. 

The startup’s proprietary platform helps users automate processes, generate human-level summaries and derive insights and actionable pointers from a real-time video. It also nudges the sales person about what to say and when during the video call itself.

Founded in 2020, GoodMeetings has raised $1.7 Mn in funding till date. It is backed by marquee names such as Chiratae Ventures, FortyTwo.VC, First Check, Adept Ventures, 100X Entrepreneurs, among others.

26. VisualDub

Founded in 2021 as NeuralGarage, VisualDub.ai is the brainchild of IIT Kanpur alumni Mandar Natekar, Subhabrata Debnath, Anjan Banerjee and Subhashish Saha. The GenAI startup is developing a proprietary tool, VisualDub, which syncs recorded voice overs with lip movement and visual cues. 

It claims to provide visual lip-sync delivered at 2K to 4K resolution with zero artefacts. VisualDub claims to transform the face under the eyes, including jaws, mouth, chin, smile lines and micro muscles in the cheeks and upper neck to offer a glitch-free video.

VisualDub claims to cater big-ticket clients such as Amazon, Coca-Cola, Britannia, Microsoft, GSK, and Ultratech Cement. Backed by Exfinity Venture Partners and AWS, it has raised $1.5 Mn in funding till date.

27. Orbo AI

Orbo leverages AI and augmented reality (AR) to help consumers virtually try-on products in real-time without stepping foot outside their homes. 

Catering to the ecommerce and retail sectors, the startup’s flagship product, Beauty GPT, offers immersive solutions such as makeup try-ons, deep skin analysis, embedded hairstyle, hair colour augmentation, among others. 

Founded by Manoj Shinde, Abhit Sinha and Danish Jamil, Orbo AI also featured on the third season of the popular TV show Shark Tank India and went home with an INR 1 Cr deal from SUGAR Cosmetics cofounder Vineeta Singh.

The startup has raised $1.5 Mn since its inception and counts names such as Venture Catalysts, YourNest Venture as investors.

28. Phot.AI

Founded in 2022 by Venus Dhuria and Aneesh Rayancha, Phot.AI is a full-visual design platform that leverages GenAI to enable users and brands to generate images from just text.

Catering to both B2B and B2C users, Phot.AI allows customers to generate photos, create design concepts and visualise them with GenAI. It also leverages this emerging technology to help users enhance their images and turn their “PDF” documents into any format.

Another key product of the startup is its AI training module, which allows end-users to train their AI models. It caters to businesses operating in areas such as ecommerce, packaging and branding, advertising and marketing, media, and BFSI, among others. 

Its clients include names such as Shiprocket, Fashinza, and Dukaan, among others. The two-year-old startup is bootstrapped and is yet to raise capital from external investors.

29. Wokelo

Founded in 2022 by Siddhant Masson and Saswat Nanda, Wokelo leverages OpenAI’s GPT and open source models such as LLaMA to produce detailed due-diligence reports for enterprises in a matter of minutes from publicly available data. 

Its proprietary “cognitive engine” sifts through the tonnes of data to build concise and customised reports and presentations without hallucinations. 

Backed by investors such as Untapped Capital, SeaChange Fund, Pack Ventures, Array Ventures, and Upsparks Capital, the Seattle-based startup has raised $1.5 Mn in funding since inception. 

Its solutions cater to clients in private equity, venture capital, investment banking, and management consulting. It counts names such as Tata Group, Deloitte, Seven Seven Six, among others as its customers. 

30. NeuroPixel.AI

Founded in 2020 by Arvind Nair and Amritendu Mukherjee, NeuroPixel.AI is a GenAI platform that allows online marketplaces to offer AI-enabled fashion cataloguing, synthetic model generation, and virtual try-ons. 

Leveraging advanced AI and ML as well as computer vision and image processing, the startup helps small online retailers with offerings such as automated cataloguing, improving customer experience, and reducing the time spent on clicking photos manually and editing images.

The Bengaluru-based startup has raised $1.2 Mn in funding till date and is backed by the likes of ecommerce major Flipkart, Inflection Point Ventures, Entrepreneur First, Huddle, DLabs, Dexter Angels, among others. 

NeuroPixel competes with the likes of OSlash, Vue.ai, Chargebee, and SaaS Labs in the broader Indian deeptech SaaS space.

31. Beatoven.AI 

Founded In 2021 by Mansoor Rahimat Khan and Siddharth Bhardwaj, Beatoven.ai’s genesis lay in the vast demand for original, royalty-free music suitable for commercial use. 

Beatoven.AI addressed this issue by simply leveraging GenAI to create background music for video, podcast, and game creators. Riding on the AI wave, the startup now boasts close to 1 Mn registered users worldwide, majority of them outside India.

Backed by the likes of Capital2B (Info Edge), IvyCap ventures, Upsparks Capital, the Bengaluru-based startup has raised more than $2.4 Mn in funding till date. 

32. Expertia AI

Founded in 2020 by Akshay Gugnani and Kanishk Shukla, Expertia AI is an AI-powered HR Tech platform that offers end-to-end hiring solutions from talent discovery to decision.

The B2B platform’s AI tool goes beyond the resume and understands the skills, personality and background of the candidate to offer a certain Expertia score. Not just this, it also identifies skill gaps in an applicant and actively engages with candidates on various fronts and makes them offer-ready. 

It caters to names such as Cognizant, Decathlon, Tech Mahindra, Reliance Jio, Justdial, among others. 

Incubated by Google For Startups, Expertia AI is backed by Chiratae Ventures and Endiya Partners. It has raised more than $1.2 Mn in funding till date.

33. Hypergro.ai 

Founded in 2022 by Rituraj Biswas, Neha Soman, Abhijeet Kumar and Arijit Mukhopadhyay, Hypergro.ai leverages AI to help brands conceptualise and create compelling video ads using user-generated content (UGC).

The startup’s proprietary AI platform helps its clients in understanding market trends and behaviour of their target customers, thereby optimising campaign performance. The platform then connects brands with creators who can craft videos that resonate with their target audience. 

The SaaS startup’s platform also offers its clients visibility into the entire video creation process and to monitor campaign results. 

Backed by the likes of Silverneedle Ventures, Huddle, TDV Partners, HME Ventures, Dholakia Ventures, among others, the martech startup last raised $1 Mn in funding in 2023. 

34. Dubverse.ai

Founded in 2021 by Varshul Gupta and Anuja Dhawan, Dubverse.ai harnesses the power of GenAI to help brands and video producers dub their video content. The platform helps its clients convert text into “natural-sounding” voice overs in multiple languages and generate subtitles. 

It currently claims to offer the functionality in 60 Indian and other global languages. Dubverse.ai’s text-to-speech engine also offers a broad range of AI voices as per the tone and style needs of its customers.

The SaaS platform claims to have so far worked with 5 Lakh brands including the likes of Mahindra FInance, Zupee, BluSmart, Ullu, among others. 

The startup last raised $800K in seed funding from Kalaari Capital in June 2022. 

35. SilcoFix

Founded in 2023 by Rajesh Jajodia, SilcoFix is a GenAI startup that helps brands generate images based on a text input. SilcoFix’s proprietary technology offers its clients the option to access multiple AI models including Stable Diffusion as well as other custom models. 

The startup has raised $770K in funding from the likes of IvyCap Ventures and 8i Ventures since its inception.

It competes with the likes of names such as Unstudio, Rephrase.ai, DhiWise, among others.

36. Vitra.ai

A brainchild of Satvik Jagannath and Akash Nidhi PS, Vitra is an AI-powered startup that helps creators and businesses leverage the emerging technology to translate videos, images, podcasts and text to 75+ languages in just one click.

Founded in 2020, Vitra.ai was incubated by Google India and was part of the tech major’s seventh cohort of Google for Startups Accelerator. The startup can be integrated with 250+ apps and services including Adobe Photoshop, Figma, Shopify, HubSpot, Google Drive, among others to offer a seamless experience to the end users. 

The startup has raised $571K in funding till date and is backed by the likes of 100X.VC and Inflexor Ventures. 

37. Slang Labs

Founded in 2017 by Satish Chandra Gupta, Giridhar Murthy, and Kumar Rangarajan, Slang Labs allows brands to deploy voice assistants within their apps. 

Its flagship in-app voice assistant platform (CONVA.ai) allows businesses to enable multilingual, voice-based interactions on their respective platforms. It can understand user queries in a number of languages, including Hindi, Kannada, Tamil, Malayalam, Spanish, and Vietnamese.

Backed by the likes of Google, Endiya Partner, 100X Entrepreneur, the startup has raised $2.39 Mn in funding till date. It competes with the likes of major players such as Observe.AI, Senseforth.ai, Yellow.ai, and ConveGenius.

38. Boltzmann

Founded in 2019 by Sarath Kolli, Boltzmann harnesses the power of GenAI for drug discovery and enhances the success rates of clinical trials.

The Bengaluru-based startup uses both open-source and proprietary models to design novel drugs and optimise R&D processes for Indian drug manufacturers. Alongside this, Boltzmann’s technology stack includes four platforms that aid in clinical trials, disease diagnosis, and the design and discovery of vaccines and antibodies.

Backed by AngeLlist India, the startup has raised $200K in funding since inception. Boltzmann currently competes with global companies such as Insilico Medicine, Recursion AI, and Exscientia.

39. Superjoin.ai

Founded in 2023 by Vinayak Jhunjhunwala and Abhinav Das, Superjoin.ai is a codeless SaaS platform that leverages artificial intelligence (AI) to help users import live data into spreadsheets and perform actions on top of this data. 

Users can create complex formulas and generate charts with simple text commands on the platform to accelerate data analysis.

Backed by Better Capital, the Bengaluru-based startup counts names such as Truecaller, CallHippo among others as its clients. 

40.Highperformr.ai

Founded in 2023 by former Freshworks executives Ramesh Ravishankar and Srivatsan Venkatesan, Highperformr.ai taps into generative AI (GenAI) to offer a one-stop-shop social media management platform for businesses.

Its flagship offering, Highperformr for Teams, helps B2B companies streamline their social media workflows, manage social publishing at scale, enable team collaboration, drive social selling, and monitor performance with social AI-driven analytics and insights.

In May 2024, the martech SaaS startup raised $3.5 Mn in a seed funding round led by Venture Highway, with participation from The Neon Fund, Matrix Partners-anchored DeVC and others.

41. Kroop AI

Founded in early 2021 by Jyoti Joshi, Kroop offers a suite of AI tools that enable users to detect whether an image, video, or voice is AI-fabricated, AI-generated or real. The startup’s proprietary platform is trained on high-quality synthetic data with a diverse set of identities to help decipher what content is fake. 

Kroop also operates a platform to enable users to animate avatars and create videos in various languages simply by inputting text. The video generation platform supports over 25 languages, including English, French, Korean, Arabic, Hindi, Tamil, Telugu, and Malayalam.

So far, it caters to clients in the ecommerce and pharma industries as well as the Banking, Financial Services and Insurance (BFSI) sector. 

Backed by 100X.VC and LetsVenture as well as other angel investors and family offices, the Gujarat-based Kroop AI has secured $230K in funding to date. 

42. Intellemo

Founded in 2018 by Saurabh Gupta, Tusha Agrawal and Shivam Gupta, Intellemo is a martech platform that claims to be building AI Agents to automate manual workflow of creative, marketing and sales teams within enterprises.

Its AI-powered products enable businesses to launch marketing campaigns on the fly, generate product images and publish the campaign on multiple online advertising platforms.

Additionally, brands can also gather insights and seek recommendations from its AI Agent to fine tune their media campaigns.

The company claims to have so far worked with names such as UrbanCompany, Virohan, Neetprep, Footprints, among others.

Backed by the likes of Inflection Point Ventures, CRED founder Kunal Shah, among others, Intellemo has raised more than $350K in funding till date.

43. Jarvislabs.ai

Founded in 2021 by Vishnu Subramanian, Jarvislabs is a Coimbatore-based AI infrastructure startup that offers GPU compute solutions to data scientists, businesses and researchers.

It offers GPUs on rent for training, fine-tuning, and deploying AI models. Jarvislabs claims to keep its costs down by not pursuing expensive GPUs like NVIDIA’s H100s, but, instead, provide alternatives that offer similar capabilities.

As per its website, it uses GPUs such as Nvidia’s RTX5000, A5000, RTX6000 Ada, among others, to offer competitive rates to small startups looking to fine-tune their AI models.

The bootstrapped startup claims that its offering is used by more than 30,000 researchers across 30 countries. As per its website, it has also catered to names such as Zoho, upGrad, Tesla, among others.

[This is not an exhaustive list, we will be updating it periodically. If you would like to refer a GenAI startup to be featured in this list, write to us @ editor@inc42.com]

[Edited by Shishir Parasher]

The post Indian GenAI Startup Tracker: 60+ Startups Putting India On The Global AI Map appeared first on Inc42 Media.

Moving from traditional school programmes to online/remote learning propelled the edtech sector during the Covid-19 pandemic. Now, a new learning choice rooted in immersive technologies like augmented and virtual reality (AR and VR) is making its way into mainstream education. 

AR-VR-powered edtech solutions are totally different from routine teaching and learning. Simply put, students interact with their virtual surroundings (true-to-life simulations presenting specific topics) for enhanced engagement, experimentation and collaboration. As education becomes hands-on and experiential, it also supports personal learning styles, an approach rarely adopted by traditional classrooms.

Pure-play virtual reality schools do not pop up in India every day. But Nikhil Bhatnagar and Sakshi Pawar were aware that VR learning would be a huge and growing industry in the near future. They launched SparkVR in 2022, determined to take problems out of textbooks and put them in the virtual space for an immersive experience and thorough understanding. 

“Imagine a student putting on a VR headset and instantly getting inside a human heart. They can see the blood flow, watch the valves open and feel the heartbeat. This leap from static images to fully immersive experiences is what SparkVR envisions for the future of education,” Bhatnagar pointed out.  

With a degree in computer science and exposure to artificial intelligence and virtual reality, Bhatnagar had first-hand experience in the education space for more than a decade. So, he decided to build various tailored solutions for academic learning, customised modules for corporate training and realistic simulations for the army. The mission is to boost skill acquisition through lifelike learning environments.

The startup now works with five schools and two universities, majorly based in Rajasthan. It clocked revenue of INR 15 Lakh in FY24 through B2B subscriptions and eyes a 40x leap to reach INR 6 Cr in the current financial year. It also aims to build a 1K-strong network, including government partnerships, to bring advanced technologies to the education landscape.     

SparkVR is backed by iStart Rajasthan, a state-led initiative to empower local startups through funding, mentoring and infrastructure support. It also raised INR 50 Lakh from Royal Scottish Investment.

Beyond Smart Classes: How SparkVR Upped Tech Play To Boost Learning 

Smart classrooms with whiteboards (displays loaded with text, images, pre-recorded audio-video lessons and more) are not a novel concept. But the SparkVR founder focussed on designing a system beyond existing solutions. He wanted learning to be fast and effective, accessible and affordable so that parents would not have to pay a premium.

“We noticed how countries like the UK, the US and Russia rapidly adopted VR. It sparked the idea – why shouldn’t we bring this innovation to the Indian education system? VR can significantly enhance the learning experience for both students and teachers,” said Bhatnagar.

The model is pretty simple. Users only need VR headsets and strong internet connections to access top-notch learning experiences. The startup collaborates with school teachers to develop and update its educational content quarterly, ensuring that students and educators can always access the latest study materials. 

What sets it apart from similar ventures is its use of 6DoF (six degrees of freedom) technology, offering a high level of realism and interactivity. This advanced tech enables users to move and interact naturally within the VR space for better communication, deeper understanding of the topic and improved learning.

Corporate employees can also create personalised avatars to attend virtual training for professional upskilling. Students, too, can interact with virtual guides to explore campus facilities and courses at universities and communicate with administrators. 

SparkVR has integrated analytics tools to track user engagement and performance that help enhance training processes and optimise learning outcomes. Its software and content modules are fully compatible with the Meta VR headsets it currently provides. However, the startup will manufacture the hardware when semiconductor production (along with advanced chips) begins in India.

To deepen the immersive learning experience in schools, it will set up dedicated VR labs, each costing around INR 6 Lakh. It is also working on AR-based learning models to make learning even more immersive and meaningful.

Talent Woes And iStart’s Hand-Holding 

“As a fast-growing startup working in AR-VR education space and focussing on Metaverse technologies, it is a constant struggle to find professionals with the right technical expertise and creative vision,” observed Bhatnagar.

It is not surprising. Tech startups often face a significant talent crunch, as the demand for skilled professionals far exceeds the available supply. India ranks seventh globally in terms of talent shortage, with 81% of employers struggling to find qualified workers, according to a 2024 ManpowerGroup Employment Outlook survey.

To bridge the talent gap, SparkVR invests in internal training to upskill its existing teams and help them excel in more advanced roles. It also connects with edtech platforms and industry networks to identify top talent at an early stage for targeted recruitment.

Talent shortage also leads to hurdles in scaling up, making it difficult to maintain quality standards and innovation momentum. However, the Jabalpur-based startup who also has its team in Rajasthan got extensive support from iStart Rajasthan to overcome these challenges. 

“iStart mentored us, provided resources and offered networking opportunities. Its hand-holding and our strategic focus on team building and recruitment allowed us to navigate these problems,” said Bhatnagar.

Will AR-VR Integration Drive Indian Edtech?     

Adopting immersive technologies at scale can benefit India in more ways than one. As the country races towards 100% literacy, a core theme of the National Education Policy (NEP) 2020, schools are gearing up for a tech makeover to empower students. 

According to a recent ResearchGate report, 75% of public school students in India want VR to replace existing teaching methods. On the other hand, 86% of private school students are keen to use it as a supplementary learning tool. Given this shift in focus from rote learning, around 50% of Indian schools may soon adopt immersive technologies. It also means homegrown extended reality (XR) startups like SparkVR, ClassVR and the rest will witness growth opportunities as never before.

Although India-specific numbers are not available yet to quantify this growth, the global AR-VR market in the education space is estimated to reach $14.2 Bn by 2028 from $3.8 Bn in 2023, at a CAGR of 29.6%.

A leap towards immersive technologies will have its challenges, though. For starters, traditional courseware has to be spun on its head and simulations of complex concepts will have to be developed, focussing on spatial thinking.

A robust internet infrastructure, advanced software, and affordable headsets and visors are equally crucial for seamless content streaming and constant dialogue between users and educators. After all, AR-VR education is more than putting users into headsets for the long term with zero human interventions. It is all about identifying critical areas of learning (say, STEM education) and reconceptualising those as supplemental programmes to ensure equitable, inclusive and quality education.

Educational institutions in India have been laggards in adopting new technologies and learning systems. Now that several AR-VR startups spearhead the change, will they adopt these cutting-edge edtech solutions at scale minus the downsides?

The post How SparkVR Is Using Virtual Reality To Transform Traditional Classrooms appeared first on Inc42 Media.

Entertainment consumption trends in India have swung like a pendulum in the past five years. While the Covid-induced lockdowns put a dampener on India’s flourishing movie theatre businesses, it proved to be a blessing for over-the-top (OTT) streaming platforms.

While many of these platforms were already operational in the country for some years by then, what exacerbated the influx of users to these streaming platforms were strong tailwinds such as affordable high-speed internet, a sharp uptick in the number of internet users and increased adoption of digital payments.

Since then, these players have barely looked back. The OTT streaming market in India reached an all-time high in 2023, with about 707 Mn internet users having been actively engaged in OTT audio and video services, as per ‘Internet in India Report 2023’.

Realising that there was a huge pent-up demand for such services, global giants such as Netflix, Amazon and Disney+ Hotstar aggressively poached users with expansive content libraries, discounted pricing (in some cases 70-90% lower than their US plans), and bundled plans in partnerships with telecom operators.

On the other hand, homegrown platforms like Zee5, TVF Play and Stage tapped into the growing demand for vernacular content that catered to India across the board. 

Later on, the entry of JioCinema disrupted the ecosystem to such an extent that Disney+ Hotstar had to set in motion its $8.5 Bn merger with the Reliance-backed streaming platform.

And this dogfight in the Indian streaming market is not without reason. As per reports, the Indian subscription video on demand (SVOD) market in India is projected to grow at a compounded annual growth rate (CAGR) of 11.1% to become a $2.77 Bn opportunity by 2027.

Glaring at this huge market, we thought of curating a list of the top OTT players shaping the Indian streaming landscape. So, without further ado, here is the full list:

Note: This is not a ranking of any kind, and the companies are listed in alphabetical order.

Aha!

Founded by film producer and distributor Allu Arvind in 2020, Aha streams content in two regional languages – Telugu and Tamil. The platform is owned by Arha Media and Broadcasting Private Limited, which is a joint venture between Geetha Arts and My Home Group.

The platform claims that it has a paid subscriber base of 2.5 Mn. Its app has over 1 Cr downloads on the Google Play Store. The platform’s subscription plans vary from INR 99 for three months to INR 899 a year.

In 2023, Aha’s promoter Allu Aravind and CEO Ajit Thakur said that the platform would receive an investment of over INR 1,000 Cr in the next three years. Aha will be deploying the fresh capital towards consolidation of its current languages and expansion into new languages and genres.

Addatimes 

Addatimes, an OTT platform that primarily streams Bengali content, was launched in 2016 by Rajiv Mehra. The platform expanded to Bangladesh in 2020 and was later acquired by Surinder Films, a production house focusing on Bengali content, in 2023. 

The platform produces original series as well as full feature films adding to its 6000 hours of content, which is available in over 170 countries.

Although popular with its Bengali audience, the platform also offers content in Hindi and Odia. The current subscription plans are 799 and 1199 per year  for one and two screens respectively. 

ALTBalaji

ALTBalaji, a subscription-based video-on-demand platform launched in 2017 by Ekta Kapoor’s Balaji Telefilms, primarily caters to the Hindi-speaking audience in India. With an annual subscription fee of INR 693, it competes with both domestic rivals like MX Player, SonyLiv, Disney+ Hotstar, Zee5, and international giants like Amazon Prime Video and Netflix.

Despite facing stiff competition, ALTBalaji’s parent company, ALT Digital, has shown signs of improvement. In the first nine months of FY24, the platform’s EBITDA loss narrowed by 69% to INR 17.2 Cr compared to INR 56.1 Cr in the same period of the previous fiscal year.

Amazon Prime Video

Amazon entered the Indian ecommerce market in 2013 but later diversified its business and launched Prime Video, its video-on-demand and OTT platform, in India in 2016.

Prime Video has over 230 Mn subscribers worldwide, with 59.8 Mn users in India. To the Indian audience, the platform offers movies, TV shows and original series in multiple Indian languages.

Akshay Sahi heads Amazon Prime, delivery and returns experiences for India and emerging markets. Earlier this year, Prime Video and Amazon Studios Senior VP, Mike Hopkins, said that for the last several years India has given Prime the highest number of subscribers and signups outside the US.

More recently, Abhinav Agarwal, director and head of Amazon India Prime, told Inc42 that the company will launch two new cheaper annual membership plans — Prime Lite and Prime Shopping Edition.

Apple TV+

Tech major Apple launched its OTT service Apple TV+ in 2019 in India. Apple TV+ offers three subscription options which include a three-month free subscription on the purchase of an Apple device, a INR 99 per month plan after a 7-day free trial or a free 1-month trial with Apple One, bundling Apple TV+ with three other services at a low monthly rate.

Since its launch, Apple TV+ has bagged many awards and generated hits but hasn’t launched any original content in the Indian market. To compensate for this, the company has been partnering with other entities to piggybank its platform in the country. 

In 2023, Apple TV+ partnered with Tata Play Binge to make its content accessible across mobile devices, smart TVs, desktops, laptops and tablets, the web, connected to Binge+ set-top box, Tata Play. 

Earlier in August, Apple partnered with Airtel to bring exclusive offers of Apple TV+ and Apple Music to its customers. The partnership will see Airtel Xstream customers gain access to Apple TV+ content as part of Airtel’s premium Wi-Fi and postpaid plans. The Apple Music and Apple TV+ offers will be available exclusively to Airtel customers in India soon.

Arre

Launched in October 2015 by former Network 18 and TV 18 executives B Sai Kumar, Ajay Chacko, and Sanjay Ray Chaudhari, Arre creates original content for its own platforms and for other video streaming services, including Netflix.

Arre Studio, a dedicated wing within the company, creates large format shows and mini-series for leading OTT platforms in India. It offers content across video, audio, text, formats and across various genres, including fiction, factual entertainment, documentaries, social experiments, and more.

The Mumbai-based startup earns revenue through a mix of branded content, advertising and syndication to other platforms.

Chaupal

Chaupal is a multi-regional OTT platform launched in 2021, offering content in Punjabi, Haryanvi, and Bhojpuri languages. It was founded by Sandeep Bansal, who is also the CEO of the platform.

The platform produces original films and web series, and acquires theatre-released films. Chaupal is accessible in 244 countries on smartphones, PCs, and smart TVs.

Just like other OTT platforms, it also operates on a subscription model. The platform focuses on high-quality production and collaborates with known actors. By targeting regional content, Chaupal has established itself in the competitive Indian OTT market.

Disney+ Hotstar 

Launched in 2015, Disney+ Hotstar is an online video streaming platform owned by Novi Digital Entertainment Private Limited, a wholly owned subsidiary of Star India Private Limited.

The platform houses 1 Lakh hours of content and movies in nine languages.

Its Mobile (Ad-Supported) plan costs INR 149 for 3 months or INR 499 per year and allows access on one device. The Super (Ad-Supported) plan, at INR 299 for 3 months or INR 899 per year, supports two devices. The Premium (Ad-Free) plan, priced at INR 299 per month, INR 499 for 3 months, or INR 1499 per year, permits access on four devices.

Parent Walt Disney is set to merge its India unit with Reliance as part of a joint venture (JV). Pegged at over $8.5 Bn, the deal will create India’s biggest media conglomerate spanning properties of Star India as well as Viacom18. 

The OTT platform shed 5 Lakh subscribers in the June quarter of 2024 (Q3). As per parent Walt Disney’s financial statements for the quarter, the OTT platform saw its paid user base decline nearly 1.4% to 3.5 Cr in Q3 from 3.6 Cr in the previous quarter. 

Hoichoi

Hoichoi, a subscription-based OTT platform focussing on Bengali content, was launched in 2017 by SVF Entertainment. It was co-founded by Shrikant Mohta, Mahendra Soni, and Vishnu Mohta.

The platform hosts over 600 Bengali movies, 150+ original web series, short films, and documentaries. Popular original series include Eken Babu, Byomkesh, and Mandaar.

Hoichoi has approximately 13 Mn subscribers in over 100 countries. It aimed for a 50-75% revenue increase in FY23, with about 40% of its direct revenue coming from international markets. 

In 2023, Vishnu Mohta said that the Bengali OTT platform had seen a 40% year-on-year increase in direct subscriptions and a 60% rise in individual watch-time per subscriber. 

The company has partnerships with Vodafone and smart TV brands such as Samsung, Amazon Fire Stick and Roku. Moving forward, it plans to expand its content library and explore other regional languages like Tamil, Telugu, and Malayalam.

Hungama OTT

Launched in 2011, Hungama OTT app provides users with a combination of songs, movies, original shows, music videos, online radio, audio books, games and podcasts. Its music library contains over 3 Cr songs in English, Hindi, Punjabi, Kannada, among 13 languages. The app is available in India, US, Pakistan and has over 5 Cr downloads on the Google Play Store. 

Its Gold subscription comes with price tags of INR 99 for one week, INR 199 for a month, INR 299 and INR 449 for quarterly and annual membership. With the subscription, users get ad free music streaming, movies, among other aforementioned offerings. 

Users can still stream music and other audio offerings with ads for free. Besides, it also has a library of rental movies as well priced at INR 179 for one time watch.

JioCinema

Reliance Industries Limited (RIL) forayed into the OTT arena in 2016 in conjunction with Viacom18. It operates on a freemium model, offering a free tier with ads and a premium tier at INR 999 annually.

To capture public interest, the platform has been introducing a slew of mass IPs that garnered it a subscriber base of over 421 Mn as of September 2023. Popular content hosted by JioCinema includes Indian Premier League (IPL), Bigg Boss, Splitsvilla, and a host of foreign content from HBO, Paramount Plus, and American streaming service provider Peacock, among others. 

As of now, the platform is all set to merge with Disney+ Hotstar to become the leading OTT platform in India in terms of content library. 

In March this year, JioCinema joined hands with short-video social media platforms Sharechat and Moj to showcase its sports content, including the Indian Premier League (IPL), the Women’s Premier League (WPL), the Indian Super League (ISL), and the 2024 Olympics.

ManoramaMax

Marking its foray into the OTT space, regional Malayali network Manorama TV launched ManoramaMAX in 2019. The app combines the offerings of Mazhavil Manorama and Manorama News. 

It hosts a collection of over 400 Malayalam films, daily news shorts and exclusives.

It is available on Android, iOS, LG Smart TV (WebOS), Samsung TV (Tizen) , Apple TV, Fire TV and Google Chromecast.

ManoramaMAX’s annual combo plan is priced at INR 1,299 and gives unlimited access to all premium and non-premium articles and exclusive content with an ad-lite experience.

Netflix

One of the biggest names in the OTT arena globally, Netflix entered the Indian market in 2016. On the back of a robust content catalogue in the country, India emerged as the second biggest market for the streaming giant in terms of paid subscriber additions for the quarter ended June 2024. Indian shows and movies clocked more than 1 Bn views on streaming platform Netflix between July and December 2023. 

Fuelling the surging numbers has been the growing subscriber base of the OTT streaming platform globally. In addition, Netflix’s diverse content library, spanning multiple countries, has also been an attractive proposition to woo new users, amid mounting competition. 

Netflix has been strategically cutting subscription prices, cracking down on password sharing, and expanding its library in India over the past few years. As a result, the company’s India arm was able to register a 75% year-on-year (YoY) increase in profit to INR 35 Cr in its last disclosed financial results for the financial year 2022-23 (FY23).

Planet Marathi

Founded in 2020 by Akshay Bardapurkar,  Planet Marathi bids to fill in the gap of high quality Marathi language content in the bustling Indian OTT ecosystem. Since launch, the OTT platform offers Marathi content, from original web series, to short films, talk shows, events, music videos. It claims over 24 Mn video plays since launch. 

Planet Marathi is available on Android and iOS platforms globally. It has over 1 Mn downloads on Google’s App Store. 

The startup has diversified into brand and celebrity management through Planet Talent. It has also launched initiatives like Planet Bharat and Planet Goem to expand into different languages and regions.

Saina Play

Saina Play, launched in January 2019, is an Indian OTT streaming platform specialising in Malayalam content. Founded by P.M. Bava and his son Aashiq Bava, the platform evolved from Saina Audio & Video, a video distribution business established in 1985 in Chennai.

It offers a diverse library of movies, web series, and music, available in resolutions up to 1080p. The service is accessible across multiple platforms, including Google Play Store, App Store, Android TV, and Fire TV. Since its launch, the platform has gained substantial traction, surpassing 2 Mn app downloads.

With a focus on making regional content more accessible, Saina Play provides both free and premium content. Subscription plans were initially priced at INR 119 per month or INR 999 per year. The platform aims to support regional content creators while catering to a global audience interested in Malayalam entertainment.

SonyLIV

SonyLIV was launched in 2013 by Sony Pictures Networks India. It quickly became popular for its live sports and original content in multiple Indian languages. 

As of 2023, SonyLIV enjoyed a global user base of 33.3 Mn paid subscribers, which has grown substantially from 700K in 2020.

SonyLIV’s library contains 40,000 hours of TV content, 25+ satellite channels and 700+ movies. It offers exclusive sports content, including cricket tournaments and US Open. The platform creates original series in Hindi, Tamil, Telugu and other languages.

Content is available in 11 Indian languages. SonyLIV supports 4K streaming for some titles and allows multi-device access.

The platform is expanding into international markets like the US and the UK. It focusses on B2B bundling to increase subscriptions in India and other regions.

SunNxt

SunTV Network launched OTT platform SunNXT in June 2017, quickly gaining traction in the Indian OTT market. The platform acquired 1.1 Mn users within four days and reached 7 Mn users by November 2017. The platform streams content in six Indian languages. 

Its library of 4,000 movies and 30 live TV channels appeals to viewers of multiple languages. The platform’s focus on regional content sets it apart in the competitive OTT landscape.

With 3.73 Mn monthly active users and 8.4 Lakh+ daily active users, the platform garners strong engagement. Kalanithi Maran leads Sun TV Network with a 75% stake. 

STAGE

Launched in 2019, STAGE is an entertainment platform that focusses on regional content in Haryana and Rajasthani. It was founded by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal. Recently, Harsh Tripathi joined the platform as a cofounder and chief product officer.

In 2021, STAGE raised $2.5 Mn in a Series A round led by Blume Ventures, valuing the company at $10 Mn. The platform is in final talks to raise a Series B round for an undisclosed amount.

The platform offers web series, films, and short films in Haryanvi and Rajasthani languages and dialects. In the short term (by March), STAGE is planning to introduce content in more regional regional languages — Awadhi, Bhojpuri, and Maithili.

Operating on a subscription video-on-demand (SVOD) model, STAGE is a professionally generated content platform and not a user-generated content one.

The founders’ background in content creation guides the platform’s strategy. Notably, the founding team has also played a crucial role in building the content platform WittyFeed, which was shut down in 2018.

TVF Play

The Viral Fever (TVF) launched TVFPlay in 2015. TVF, founded by Arunabh Kumar in 2012, creates content for millennials. The platform streams shows like ‘Permanent Roommates’ and ‘TVF Pitchers’ for free in India, while international viewers pay subscription fees.

TVF Media Labs Private Limited reported operating revenue under INR 1 crore for the financial year ending March 31, 2023. 

EBITDA decreased by 20% and net worth by 14.90%. In FY22, TVF turned profitable with INR 5.73 Cr profit after tax, up from a INR 14.73 Cr loss in FY21. 

Total income for FY22 was INR 79.22 Cr, a 117% increase from FY21.

On May 22, 2019, TVF raised $4.97 Mn from Tiger Global in a Series D round, valuing the company at $82 Mn. Total funding now stands at $26.9 Mn across seven rounds. TVFPlay had 1.5 Mn monthly active users in Q3 2023.

The platform’s library includes ‘Kota Factory’, ‘Gullak’, and ‘Aspirants’. For 2024, TVF announced 16 new shows, including new seasons of its popular shows.

Arunabh Kumar serves as founder, with Vijay Koshy as president. TVF partnered with ZEE5 in 2021 to expand its reach. In April 2022, the company launched a motion picture division.

TVF’s growth from a YouTube channel to a content studio with multiple funding rounds shows another evolution of Indian digital entertainment.

Ullu Digital

Founded by Vibhu Agarwal and Megha Agarwal in 2018, Ullu Digital is a Mumbai-based OTT platform that is engaged in the distribution, promotion, exhibition, marketing and delivery of various content on its digital platform and app.

Its membership plans are priced at INR 693, INR 396, INR 225, and INR 99. The platform filed its draft red herring prospectus (DRHP) in February this year. Via the IPO, Ullu Digital plans to raise INR 135-INR 150 Cr, which, if approved, would become the biggest SME IPO to date.

Ullu posted an operating revenue of INR 93.1 Cr in FY23, which doubled from INR 46.8 Cr in the previous fiscal year. Its profits also jumped to INR 15.1 Cr from INR 3.9 Cr in FY22. 

Zee5

ZEE5 was launched in 2018 by Zee Entertainment Enterprises Limited (ZEEL), part of the Essel Group. The platform is led by Punit Goenka, the CEO of ZEEL, along with chief business officer Manish Kalra.

In August 2024, the OTT platform claimed that it reaches over 600 Mn users globally every week. Besides, it said that it also saw content consumption jump threefold through partnerships with leading TV brands since 2022. 

The platform produces 500 hours of content weekly and has a library of over 2.7 Lakh hours, which includes movies, TV series and original web content. It also features 90+ live TV channels.

The platform’s key features include multi-device access, content in 20 languages, and HiPi, a short-video sharing platform. ZEE5 utilises cloud-native technology and supports 4K streaming for select titles.

This is a running list, and we would love to add more OTT platforms disrupting the future of streaming. To nominate write us at editor@inc42.com.

Last updated: September 23, 2024

The post 21 OTT Platforms Disrupting India’s Streaming Market appeared first on Inc42 Media.

The D2C paradigm of India’s beauty and personal care (BPC) space is filled with success stories of brands like Mamaearth, mCaffeine, WoW Skin Science, and SUGAR Cosmetics. Not to mention, these brands started humbly but quickly evolved into industry giants.

In line with this, we also hear of BPC brands reaching INR 100 Cr in revenue in less than a year. A notable example is Minimalist, which is on the verge of becoming a unicorn. And, of course, we can’t forget Nykaa, one of the most iconic names in the sector that is home to several successful new-age skincare brands like Hyphen, RENEE Cosmetics, and Foxtale.

Interestingly, while the founders of many of these companies were focussed on writing the growth story of their respective brands, Dr Renita Rajan, coming from a non-business background, was charting her own unique 0-1 journey. 

Today, she leads CHOSEN by Dermatology, a D2C skincare brand that leverages her expertise in dermatology to offer effective, tech-led skincare solutions. Founded in 2020, CHOSEN is the result of Rajan’s two decades of experience in cosmetic and laser dermatology.

With CHOSEN, Rajan aims to redefine skincare standards by tackling challenges specific to Indian skin tones, such as pigmentation and ageing. At CHOSEN, she selects ingredients with medically proven benefits and uses innovative drug delivery methods.

“We focus on addressing specific skin concerns and building trust in our brand before expanding to long-term skincare needs, always prioritising effectiveness and safety. Our products are clinically tested for Indian skin rather than just following trends,” said Rajan.

The brand offers 88 SKUs across skincare, haircare, body care, and a vegan range. CHOSEN is also working on a melanin lab and developing IoT-driven personalised skincare technology.

With a user base north of 50K, the brand sells primarily through its website and has a retail store in Chennai. Most of its traffic comes from Chennai and Bangalore. According to the founder, the startup generated INR 20.8 Cr ($2.5 Mn) in revenue for FY23. In terms of funding, it has raised $1.2 Mn (INR 10 Cr) from family and friends, and earlier this year, the brand secured a $100K equity-free grant from Peak XV Partners through the SPARK programme.

How CHOSEN Came Into Being

While CHOSEN’s official journey began in 2020, the idea had been brewing in the founder’s head for a long time. Rajan, who has been leading RENDER Skin and Hair Clinic since 2011, reminiscenced that practising dermatology in India a decade ago was challenging. 

“The first injectable aesthetic procedures started around 2000, followed by the introduction of lasers in 2004-2005. I began practising in 2009, after a brief stint abroad as a medical volunteer, I was among the first generation of dermatologists performing laser procedures in India. Back then, laser dermatology was still in its infancy, and there were no plug-and-play options available,” Rajan said

Around 2010-2011, she noticed many post-procedure issues, particularly with pigmentation, as most products were formulated for the Caucasian skin type. In 2016, she introduced the Picosecond laser, the most advanced pigment laser, to India. However, there were no established guidelines for its use on Indian skin tones. 

It was precisely this event that marked the start of Rajan’s journey as an entrepreneur. As a Key Opinion Leader (KOL) for this device in the Asia-Pacific region, she recognised the need for effective post-procedure skincare solutions.

“The new device had a significant impact but lacked proper representation and guidelines, so I began developing my own product samples and protocols, working with compounding pharmacies to create effective solutions,” the founder said.

During this time, her clinic, which specialises in pigmentation and laser dermatology, grew into a prominent regional centre and became a referral hub for pigmentation issues.

Throughout this period, the founder’s focus was on creating smaller, more accessible versions of the products and technologies she had been using in her clinic. The development of these compact versions ultimately led to the creation of CHOSEN in January 2020.

At the outset, CHOSEN was launched as a retail experience centre in Chennai, with just three SKUs — an antioxidant called Pycnogenol, a topical melatonin for the scalp, and a DIY home peel. 

Just when the brand started to gain traction, the Covid-19 pandemic hit the world. Interestingly, with no plans to launch the brand online, the founder had no other option but to pivot. Therefore, it transitioned to online channels and ecommerce platform Shopify in April 2020.

The Pandemic Hustle

Just like any other entrepreneur, Rajan, too, faced challenges during the lockdown, with deliveries primarily limited to Chennai. However, this period allowed her to focus on manufacturing and experiment with new formulations. This led to the addition of 10-11 new SKUs. 

“We focussed on hygiene products, launched several new items, including serums and sunscreens, and established our R&D team in 2020,” the founder said.

In its second year of its operations, CHOSEN set up its pilot manufacturing plant. Initially, the brand was working with contract manufacturers, but to ensure stringent quality control, the founder decided to launch its own unit.

There has been no looking back ever since. Per the founder, every product that CHOSEN has on offer caters to a specific problem or condition experienced by Indian skin. 

Currently, the brand’s top selling products include its Re(d)covery Serum, which is best known for its effectiveness in treating steroid-abused skin damage. Another product is the Peptide Therapy Intense Repair Gel for post-laser procedures. The non-mutagenic product is safe for those undergoing treatments like chemotherapy or skin burns.

Safescreen is another product that the founder made after 800 formulation trials. The brand also offers an LED Mask to provide a convenient home alternative to clinical LED treatments. It holds a design patent for it.

According to the founder, CHOSEN sets itself apart by focussing on the real impact of its formulations rather than offering just clean, green labels. Unlike many brands that highlight their eco-friendly credentials, CHOSEN prioritises ingredient efficacy and sustainability.  

Currently, the brand operates in the premium segment and has priced its products between INR 1,000 and INR 2,500. It competes with dermo-cosmetic brands such as Heliocare, Obagi Medical, Bioderma, The Derma Co, Cetaphil and Dr. Sheth’s.

Road Ahead For CHOSEN

The brand has mainly concentrated on its ingredients, formulations, and creating research-driven products but has fallen behind in marketing and scaling efforts. Now, the founder is focussing on marketing, scaling production and enhancing the supply chain.

In FY 2024, the brand toiled to enhance production capacity and manufacturing capabilities, which is expected to reflect in its top line growth, per the founder. 

“The primary issue in 2023 was production capacity constraints, we were running out of stock on all our products, which the company is addressing by acquiring more production facilities. This effort will help alleviate stock shortages and support scaling,” she added.

Currently operating one store in Chennai, the D2C startup plans to expand into metro cities through pilot retail projects. These projects will include store-in-store concepts or experience stores, similar to their Chennai location. 

“These new stores will offer a more experiential and interactive environment, allowing consumers to touch and feel the products and ask as many questions as they like,” the founder said.

In addition to this, the startup is concentrating on building a team, IOT skincare solutions and LED technology for FY25.

Although the founder did not disclose much about the upcoming LED devices, she highlighted that they will be customised for Indian skin. Prototypes are in the testing and refinement stages, and the final product is anticipated to be launched by the end of the year.

Besides, the startup has several projects in the pipeline, including a melanin lab and IoT-driven personalised skincare technology. 

The founder is also developing a portable tech to address issues such as pigmentation in real-time. This tech will provide insights into how skin reacts to various environmental factors, such as UV exposure, and how long it takes for certain products to be effective. This technology is being designed to help users manage skin health more precisely, by providing data on factors like sunburn intensity and pigmentation changes.

While the expansion plans look promising, it will be interesting to see how CHOSEN’s technology is received by Indian consumers, who may not prefer to associate themselves with anything remotely associated with dermatological endorsements.

[Edited By Shishir Parasher]

The post Can CHOSEN Rewrite India’s Beauty Playbook With Its Patented Skincare Solutions & LED Tech? appeared first on Inc42 Media.

India’s EV landscape is undergoing a paradigm shift as the nation moves beyond electric two- and three-wheelers to embrace heavy-duty electric vehicles. 

For context, electric buses are slowly becoming more common on Indian roads. In addition, thanks to the country’s growing EV infrastructure and the government’s policy initiatives, electric truck manufacturers are also entering the picture.

Besides, heavy-duty electric commercial vehicles for sectors like construction and agriculture are soon to become a common spectacle in the Indian EV space estimated to breach the $110.74 Bn mark by 2029.

In his recent interview with Inc42, Kunal Khattar of AdvantEdge, one of the top EV investors in India, said that it is the B2B and commercial use cases, more than personal mobility, that will prompt the adoption of EVs in the country.

At this crucial stage, Delhi NCR-based AutoNxt Automation wants to spearhead the country’s EV revolution with its electric tractors that can be used for agricultural purposes, like farm tilling and carrying agricultural products, as well as for industrial use.

AutoNxt, with its electric tractors, not only aims to aid the country in getting rid of pollution-causing, diesel-guzzling tractors but also help farmers lower their farming costs. 

Currently, in its portfolio of offerings, the startup only has one electric tractor, with more innovative tractors on the anvil.

With its range of electric tractors, AutoNxt has set its eyes on capturing the Indian tractor market. Notably, as per the Tractor and Mechanization Association (TMA), the apex body representing tractor and agricultural equipment manufacturers in India, data total sales of tractors, including exports, stood at over 6 Lakh units in the first eight months of 2024. 

While demand in this market fluctuates each year due to seasonal factors, it remains largely robust, driven by exports and non-agricultural sectors. All in all, AutoNxt’s larger aim is to lock horns with legacy players, including Mahindra & Mahindra, John Deere India, and Swaraj Tractor.

Now, before diving into the startup’s plan of action, let’s take a look at its origin story.

AutoNxt’s Inception Story 

AutoNxt was founded in 2016 by Kaustubh Dhonde, who was then a fresh electronic engineering graduate from Dr. D. Y. Patil Vidyapeeth, Pune. 

As an engineer with a passion for robotics and autonomous technology, Dhonde found himself at a career crossroads after graduation. Rather than pursuing a conventional path, he chose entrepreneurship.

Coming from a farmers’ family, Dhonde knew that operating old tractors was a big challenge for farmers due to costs and difficulty in finding labourers to operate them. This made him focus on electric tractors, paving the way for the birth of AutoNxt.

While AutoNxt was founded particularly to solve the issues that farmers face with diesel tractors, the initial years of the startup were difficult as the EV wave had yet to gain significant traction in the country.

At the time, the venture was unique, so raising external funding was difficult for the founder. In a bid to survive, AutoNxt began producing GPS tracking devices and securing MSMEs as customers.

In 2021, AutoNxt was back to its original goals and started working on building electric tractors. The startup picked up momentum when Pankaj Goyal joined AutoNxt as the cofounder and chief operating officer, bringing with him decades of experience from his stints at companies like Schneider Electric, Maruti Suzuki, and others.

“Pankaj was the missing piece in the puzzle that I needed to get the concept and R&D to a product level. We had already developed an R&D prototype, but that was not enough for us to make it commercially viable,” founder and CEO Dhonde said. 

The duo then worked on building a 45 HP tractor, which is a popular choice in India. Finally, after two years, in August 2024, the startup launched its tractor, securing all certifications, including from iCAT.

Currently, AutoNxt’s electric tractors are deployed at 10 sites, per the founders. They added that while their 45 HP tractor is suitable for both agricultural and non-agricultural use cases, the startup is witnessing more traction from enterprise customers who want to use its tractors for various commercial purposes.

In the current fiscal, FY25, AutoNxt is aiming to clock INR 15 to INR 20 Cr in revenue by selling around 150 electric tractors.

Recently, the startup raised about $3 Mn (around INR 24 Cr) in a funding round led by Saama Capital. Google’s Amit Singhal and KKR Capstone’s Suveer Sinha also participated in the round. The startup has raised INR 30 Cr since its inception.

At The Core Of AutoNxt’s EV Tractor

According to its founders, the startup has mastered the entire value chain for building and manufacturing its electric tractors. Although AutoNxt has designed all the parts of its tractor, it does not have in-house manufacturing and leverages a network of Indian manufacturers for tractor components. AutoNxt holds the copyright for its design and has filed patent applications for its technology.

Currently, the startup sells only one electric tractor, X45H2, which comes with a 32 KW motor and produces 45 horsepower. Priced at INR 16.5 Lakh, the tractor is capable of pulling 10-12 tonnes of weight. 

It takes five to six hours to get fully charged and offers a work time of eight hours. With a three-phase power supply charger, X45H2 can be fully charged in about three hours. The tractor is also capable of conducting crop health analysis.

On the contrary, the tractor costs more than a diesel one. However, the machine is quite economical in the long run. In fact, the tractor can do three-four acres of farm work on one charge, reducing diesel costs.

What’s Next For AutoNxt?

Currently, AutoNxt is working on two additional variants of its electric tractor — one with a larger power capacity of 60-65 HP and another smaller model with 20-25 HP. These new vehicles are expected to launch within the next six months. It is also working on building an autonomous electric tractor.  

In sync with its orderbook and growing traction, AutoNxt aims to double or triple its production capacity from the current 75 tractors per month at its phase zero facility.

“We believe the way the traction for our vehicle is growing, we will need to expand to 500 tractors a month capacity in the next three to four years,” Goyal said.

The startup is also planning to build a new production facility in the Delhi NCR region. Besides, AutoNxt is also exploring opportunities in the export market with a sharp eye on some Asian, African, East European, and South American countries. 

To support these ambitious growth and expansion plans, AutoNxt is planning another fundraising round.

For now, as India charges forward with its EV goals to become a clean energy superpower, AutoNxt’s journey will be one to watch closely.

[Edited By Shishir Parasher]

The post With Hi-Tech Tractors In Shed, Can This Startup Bring The Next Big EV Revolution In India appeared first on Inc42 Media.

Getting adequate nutrition is a real problem in India and extends beyond impoverished communities, affecting all strata of Indian society. However, what’s alarming is that many wealthy urban individuals face significant nutritional deficiencies and aren’t even aware of it.

The issue lies in the fact that there is little awareness about nutrition among a majority of Indian families, especially when it comes to the specific nutritional needs of children. In addition, the country’s heavy reliance on overly processed foods and highly saturated oils, coupled with sedentary lifestyles, is only bringing shame to India on the global pulpit.

According to the United Nations’ State of Food Security and Nutrition in the World (SOFI) report, India had 194.6 Mn (13.7% of the total population) undernourished people between 2021 and 2023.

Recognising this and the significant impact of undernutrition on children’s growth and their future potential, the husband-wife duo of Aditya Mukherjee and Mansi Baranwal founded Troovy in 2021 but launched their first product, tomato ketchup, in May 2023 after extensive research and several iterations and testings.

Today, Troovy claims to be the first in the race to make chemical-free, nutrition-loaded sauces, healthy milk mixes, and healthy high-protein pasta and munchies in the Indian market. Troovy offers clean, nutrition-packed products for children.

Their first offering, tomato ketchup, quickly became a favourite among parents for adding healthy and tasty elements to meals. Later, Troovy recently expanded with a nutritious milk mix, developed over 12 months of R&D.

Troovy has secured INR 10.5 Cr ($1.25 Mn) in its seed funding round, which was led by Sharrp Ventures and Earlyspring and saw participation from existing investor Veltis Capital. The round comprised INR 9 Cr in equity and INR 1.5 Cr in debt, raised from Stride Ventures.

The founders wish to use the funds for new product development and to scale operations to meet the growing demand for healthy packaged foods.

“We’ve been growing incredibly fast since our launch in May 2023. We started with our healthy sauces, which have become a hit in homes, spreading quickly through word of mouth. In fact, the brand has grown bigger in sales in a very short time. We have also launched our milk mix, which is also doing extremely well. Now, we’ve expanded our offerings to include healthy munchies and protein pasta,” Baranwal said.

Troovy’s Early Story

Way before starting their venture, Baranwal and Mukherjee were batchmates at IIM Bangalore and then colleagues at Bain & Company. Having known each other for long, the duo later decided to get married.

At the time, Baranwal was managing projects in areas of growth strategy, market entry, distribution, in-store execution, portfolio optimisation, organisational structuring, and mergers and acquisitions for FMCG majors in India. Her expertise primarily spans the food and personal care sectors within consumer products.

After serving Bain, Mukherjee founded a startup in the kids’ sector. He later served as the head of product and growth at LimeRoad and led Zomato’s venture into nutrition, gaining significant expertise in the space.

The inspiration to start Troovy came from their personal experience as parents. Just like a lot of kids out there, their son, too, was a picky eater, which made the couple deeply concerned about his health and nutrition.

As they delved deeper, they found that many children in India, even in affluent households, were not receiving adequate nutrition. To their surprise, several factors contribute to this, including soil depletion, which reduces the nutritional quality of crops, and the lack of diversity in Indian diets.

“A clear indicator of this nutritional gap is the noticeable difference in the average height of children in India compared to second-generation Indian American children, with a nearly 10 cm disparity. This gap highlights how nutrition plays a critical role in physical development. Research consistently links proper nutrition not only to height but also to cognitive development (IQ) and the prevention of lifestyle diseases like diabetes, high blood pressure, thyroid issues, and even cancer,” Baranwal said.

After securing product approval from hundreds of parents, conducting multiple tasting sessions, completing nutritional profiling, and passing shelf-life tests, Troovy finally came to life with all the pieces of the puzzle in place.

Troovy Cashing In On Increased Consciousness For Nutrition

Troovy’s core consumer base remains children, though its primary buyers are parents, particularly mothers, who make up around 90% of the customer base. However, there’s a rising trend of young adults, about 10-15%, purchasing Troovy products.

“This trend is increasing as more young men and women become health-conscious. What sets our products apart is that they are best-in-class when it comes to cleanliness and nutrition, while also being incredibly tasty. There aren’t many options on the market that offer both,” Baranwal added.

Also, Troovy’s early adopters, referred to as ‘conscious moms,’ are no longer limited to urban areas. We were told that the company is witnessing an increasing number of buyers from Tier II and Tier III cities, highlighting broader demand for its health-focussed offerings.

The startup’s product range includes 100% chemical-free, nutrient-rich sauces and spreads. Its milk mix boasts 13 mg of iron, 23 essential vitamins and minerals, and complete plant-based protein, with the lowest sugar content in the market, sweetened with jaggery, the cofounders said.

In addition to these, Troovy has expanded its offerings to include protein pasta and protein munchies, both of which have been well received. While the company doesn’t manufacture in-house, it controls the R&D process and collaborates with manufacturing partners to bring its products to market.

What’s The Way Forward For Troovy

Given the increasing trend for conscious nutrition among Indians, especially mothers, the founders are confident that Troovy will become a leading name among brands trying to solve the country’s nutrition problem with their products.

The cofounders’ larger plan includes expanding Troovy’s product range to cover every category that children consume today, including sauces, breads, munchies, pasta, breakfast cereals, and milk mixes.

“Our promise is to deliver the tastiest healthy food families have ever enjoyed, building on the success we’ve already achieved in our current categories,” the founders said.

In the next year, Troovy plans to ramp up growth to meet the substantial demand it currently can’t fulfil. While the company sells on Amazon and via its website, onboarding quick commerce platforms will also be a key focus in the short term.

Per the founders, even though Troovy’s FY24 revenues have not been impressive, the startup has gained significant traction in the past six months. They aim to reach an annual run rate of over INR 30 Cr by the end of FY25.

All in all, Troovy is a D2C brand, which is focussed on FMCG products such as sauces, milk mixes, pasta, and munchies, among other food items. However, what’s interesting is that it projects and believes itself to be a brand that has set foot in the nutrition market for kids in India.

What’s more surprising is that it considers startups like TruVital and Little Joys, which are trying to address the clean nutrition space, as its competitors and not players like MasterChow that claim to offer no added flavours, handcrafted sauces and high-quality instant noodles and pasta.

Come that as it may, it would be interesting to see how the brand finally pivots to fully embrace the kids’ nutrition market, which was valued at approximately INR 4,000 Cr last year.

[Edited By Shishir Parasher]

The post This Startup Has A Saucy Solution For Nutrition Deficiency In Indian Kids appeared first on Inc42 Media.

First-time entrepreneur Prateek Kedia’s story of starting a D2C brand in India’s burgeoning fitness space may not be unique, but it is sure to inspire founders looking to try their hand at D2C.

Uncertain of what he would do next after leaving his corporate job in 2019, Kedia, a chartered accountant, began reading avidly. Behind his restless mind was one thought — how to satiate his entrepreneurial urge. He spent days and nights reading the stories of millionaires and multimillionaires, trying to understand and relate to their journeys, their vision, and what had sparked their passions.

Then the unexpected happened. The pandemic forced people into the confines of their homes, taking a toll on mental and physical health and claiming lives. During this time, many Indians embraced yoga, and Kedia and his family also became inclined towards discovering and adopting the science of healthy living.

However, more than the rising trend of home workouts and yoga, what truly inspired Kedia was that every book he read mentioned yoga and meditation. Even the personalities he idealised had incorporated yoga as a major discipline in their lives.

“I used to read a lot of books during the pandemic — from Sadhguru’s Inner Engineering: A Yogi’s Guide to Joy and Robin Sharma’s The 5 AM Club to books on management and startups. Yoga and meditation were recurring themes. This was my eureka moment, and the icing on the cake was that the home fitness industry was already on the rise,” Kedia told Inc42.

Once he decided to enter the home fitness market, things were straightforward from there. For starters, while following his yoga regime, Kedia identified a gap in the market, which was the limited availability of quality yoga mats in the country. From there on, there has been no looking back.

Today, Kedia is the founder of WiseLife, a D2C home fitness brand piloted in 2020. With a total user base of over 3 Lakh, the startup’s FY23 revenues stood at INR 3 Cr. As per the founder, the company has been able to garner INR 9 Cr in FY24 revenues.

WiseLife has also appeared on Shark Tank India and raised INR 1.2 Cr for a 4% equity stake from Namita Thapar, Aman Gupta, Anupam Mittal, and Ritesh Agarwal.

Now, before we dive deeper into what sets the startup apart from its competition or explore the company’s road ahead, let’s take a glance at the founder’s initial journey and understand what has made the brand worthy of Shark Tank fame.

WiseLife’s Humble Beginnings

During the pandemic, Kedia and his wife were repeatedly disappointed every time they ordered yoga mats or related accessories. Cheap mats and products reeked of burnt plastic and were poorly made, while the more expensive options were no better.

“Additionally, local vendors were focused on metrics like 10mm or 12mm thickness without paying attention to quality. Most of these mats were made of PVC, which is neither environmentally friendly nor safe for health,” Kedia said.

Seeing this, Kedia gathered data from Amazon and discovered that yoga mats worth INR 10 Cr were being sold monthly. This led him to realise that the market was promising, and it was time to change the game in the home fitness sector. At the time, few startups were selling yoga mats or accessories. The only players in the market were major sports brands like Decathlon, Nivia Sports, and Cosco.

To test the market’s response, Kedia piloted WiseLife with 400 quality yoga mats on Amazon. He invested INR 5 Lakh in the project, pricing his China-imported mats between INR 1,000 and INR 1,200. The inventory sold out within weeks, validating his thesis of a significant quality gap in the market.

Encouraged by this early success, WiseLife officially launched in January 2021. Today, 85% of WiseLife’s products are made in India, with its warehouse located in Gurgaon.

With a team of over 20, the startup sells its products through its website, Amazon, and Flipkart, and it was recently listed on Blinkit. WiseLife also has an offline presence in sports stores, yoga studios, and gyms across India, with most traffic coming from Rishikesh, Mumbai, Bangalore, Hyderabad, Mysore, Pune, and Ahmedabad.

Online sales account for approximately 90% of the startup’s total sales, with the remainder coming from offline channels, according to the cofounder.

What Sets Wiselife Apart?

While building WiseLife, Kedia’s only determination was to fill the quality gap in the market. With this in mind, he differentiated his products in terms of durability and design. With this, he posed a challenge to the ones who were selling generic mats with uninspiring colour options on Amazon across the country. Notably, this inspiration came from the high-quality mats that are sold outside India. 

“Unlike ordinary mats that lose shape or lack rebound, WiseLife mats stay flat, offer excellent grip, and have cushioning that’s easy on the knees. The prints are durable and don’t fade even after washing,” the cofounder said.

The brand uses TPE instead of PVC material in its mats due to the environmental and health effects of PVC. For context, PVC production involves harmful chemicals and emits toxic substances, whereas TPE is more ecofriendly and free from harmful chemicals. Additionally, TPE mats offer better durability, performance, and comfort compared to PVC mats.

WiseLife mats also feature in-house developed patterns like Surya Namaskar motifs, mandalas, mountain peace, and Bohemian designs. It also sells foldable mats with Surya Namaskar poses, mats made of exclusively cork, and mats for skipping.

Not just this, the founder said that the startup’s products are designed with customer needs in mind. Based on customer feedback, they created travel bags, small mats, and yoga bags with compartments for bottles and cash. Apart from this, the brand innovates regularly to introduce new products or designs every three months.

While most mats in the market range from INR 300-500, WiseLife positions itself as a premium brand, with mats priced starting at INR 1,200 and going up to INR 5,500. It competes with brands like Boldfit, TEGO, Kosha Yoga Co, Proyog, Decathlon and Cult.

Initially started with just four SKUs, the startup currently has 44 SKUs, including yoga cushion pads, small-sized exercise mats, meditation cushions, and acupressure mats. Its top sellers include belts, blocks, yoga mat bags, and yoga wheels. As per the Kedia, the startup was the first to innovate in the yoga wheel space. 

Wiselife’s Next Big Steps

According to Kedia, while WiseLife products were receiving good reviews and the material quality was being appreciated, sales weren’t picking up as expected. Profitability was another concern, with Amazon taking 35% of the earnings.

Also, while the demand for yoga products was growing, the real challenges lied in building customer trust, raising awareness, and establishing a strong brand presence. But then, as luck would have it, WiseLife’s first big breakthrough came after appearing on Shark Tank India Season 3.

“Before Shark Tank, the company was getting around 300 orders a day. After the episode aired, sales surged fivefold to 1,500 daily orders, and we quickly ran out of stock on nearly all products. Since then, revenue has grown by more than 2.5X,” Kedia said.

Following the spike, WiseLife garnered INR 9 Cr in FY24 revenues. According to the founder, much of that investment went towards brand building, including collaborations with over 500 influencers to raise brand awareness.

Going forward, the founder wants WiseLife to offer more than yoga mats to become the go-to brand for all yoga accessories. 

To expand WiseLife’s market share, the founder is planning to launch an entire women’s yoga wear range in the next 15 days. “With this move, we can increase our market presence, enhance brand premiumisation, and improve customer experience. We are also working on a new website and our packaging,” Kedia said.

Besides, the move will place the brand in direct competition with players like BlissClub and Nykaa. To stand out, the brand will be focussing on subtle prints and perfecting the 5 Fs: fabric, fit, feel, functionality, and flexibility. Per the founder, their fabric will include 27% spandex, offering superior stretch and durability compared to its competitors that use 15% spandex.  

Following this launch, the founder has set eyes on netting INR 27 Cr in FY25 revenues. However, major players like Decathlon still pose a challenge to the brand, which is still in the making. However, what would bode well for the brand is early adoption of changing lifestyle trends to cater to the swiftly changing preferences of its customers.

[Edited By Shishir Parasher]

The post Can This Startup Stand Up To Decathlon & Cosco In India’s Growing Fitness Products Market? appeared first on Inc42 Media.

With sustainability becoming one of the top priorities for countries and businesses alike, the narrative around increasing the usage of electric vehicles (EVs) has taken centre stage in the past few years. Though the electrification of vehicles started a bit late in India compared to some European countries, the US, China, and Japan, the country’s EV adoption has grown exponentially on the back of more startups joining the segment and government policies.

Many Indian EV startups such as Ather Energy, Altigreen, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility. The Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029.

Indian EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to the general masses and enterprises. Besides, they are also helping reduce carbon emissions and offering a cheaper alternative to fossil fuels.

To push the adoption of EVs in the country, the Centre introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-India) in 2013. Its first phase, FAME-I, commenced in 2015. The next phase, FAME-II, came into effect in April 2019 with an outlay of INR 10,000 Cr. It concluded in March 2024.

After the FAME-II fiasco in 2023 and a tug-of-war between several EV OEMs and the government over the violation of localisation norms, there were doubts and debates around the Centre announcing a new EV scheme.

However, with FAME-II ending, the Centre launched the Electric Mobility Promotion Scheme (EMPS) with an allocation of INR 500 Cr as a stop-gap measure. In September 2024, the union cabinet approved the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ with an outlay of INR 10,900 Cr for a period of two years.

Let’s take a look at some of the Indian startups that are helping keep the earth healthy and green through their technology and products. The list below is not meant to be a ranking of any kind. The Indian EV brands have been listed in alphabetical order.

Startups In The EV Segment 

1. 3EV Industries

• Founded In: 2019
• Founders: Peter Hartmut Voelkner, Suman K. Mishra
• Funding Raised To Date: $2 Mn
• Investors: Credence Family Office
• Headquarters: Bengaluru

3EV Industries was founded in association between RUGGED Solar Products Pvt Ltd and ReBatt Limited in 2019. It offers last-mile hyper-local connectivity to customers across India. 

In November 2021, 3EV Industries raised $2 Mn in its seed funding round from several family offices including Credence Family Office. The startup originally aligns with the Indian government’s ‘Make in India’ ambitions.

It manufactures vehicles across cargo and passenger segments, along with kits to convert conventional vehicles to electric. It aims to use renewable energy and off-grid power systems to optimise last-mile logistics. 

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2. Altigreen Propulsion Labs

• Founded In: 2013
• Founders: Amitabh Saran, Shalendra Gupta 
• Funding Raised To Date: $40 Mn 
• Investors: Reliance New Energy Limited, Xponentia Capital, Accurant International and Momentum Venture Capital
• Headquarters: Bengaluru

Altigreen offers last-mile transportation through two-wheeler, three-wheeler and four-wheeler EVs for commercial use.

In February 2022, Altigreen raised INR 300 Cr ($40 Mn) in a Series A funding round led by Sixth Sense Ventures. The round saw participation from Reliance New Energy Limited (RNEL), Xponentia Capital, Accurant International and Momentum Venture Capital.

The startup has a presence in 60 countries, along with 26 global patents. It had a turnover of INR 1.04  Cr in FY21 against INR 61.62 lakh in FY20.

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3. AMO Mobility

• Founded In: 2018
• Founders: Sushant Kumar
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Noida

AMO Mobility is an MSME-registered and ICAT-certified electric mobility startup. It is also certified by the Department for Promotion of Industry and Internal Trade (DPIIT). 

The original equipment manufacturer follows a business model for both B2C and B2B customers. Besides selling its electric two-wheelers through dealerships, AMO also has partnerships with OEMs, sub-dealerships, channel partners, and B2C partners to distribute its products. 

Some of its most noteworthy B2B partnerships include JustDial, Indiamart, the ecommerce platform of Paytm, and BikeDekho.

Recently, AMO Mobility signed a pact with EV-as-a -service platform, Trigo Electric, to provide its advanced electric mobility solutions to the company.

AMO Mobility has a range of escooter models, including Jaunty, Feisty, and Inspirer. Its customer base comprises corporates, ecommerce players, and CSR segments.

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4. Ather Energy

• Founded In: 2013
• Founders: Tarun Mehta, Swapnil Jain
• Funding Raised To Date: $500 Mn+
• Investors: Hero Motocorp, Department of Science and Technology, IIT Madras, Binny Bansal, Sachin Bansal, Tiger Global, NIIF Limited
• Headquarters: Bengaluru

Ather Energy is one of the leading Indian two-wheeler EV manufacturers. It also manufactures its own battery packs and operates its own charging network.

After building its market on its 450 series of escooters, which comprises Ather 450S, Ather 450X, and Ather 450 Apex, the startup launched a family escooter series Rizta and also forayed into the smart helmet category.

In May, Ather secured $128 Mn in its Series E funding round from sovereign fund NIIF Limited and existing investor Hero MotoCorp. With this round, it also closed its Series E round. In September 2023, it raised INR 900 Cr from existing shareholders Hero MotoCorp and GIC through a rights issue.

In August 2024, it also joined the unicorn club by raising $71 Mn from existing investor National Investment and Infrastructure Fund (NIIF) at a post-money valuation of  $1.3 Bn.

Ather has also filed its DRHP for an INR 3,100 Cr+ IPO in September 2024.

Its operating revenue declined 1.5% year-on-year (YoY) to INR 1,753.8 Cr in FY24, while net loss widened over 22% to INR 1,059.7 Cr.

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5. Baaz Bikes

• Founded In: 2019
• Founders: Karan Singla, Abhijeet Saxena, Shubham Srivastava 
• Funding Raised To Date: $10.3 Mn
• Investors: BIG Capital, Kalaari Capital, AdvantEdge, 9Unicorns, Sumant Sinha
• Headquarters: New Delhi

Baaz Bikes, a subsidiary of ElecTorq Technologies, offers micro-mobility solutions to gig workers. It helps gig workers earn money by using its electric scooters for deliveries for companies such as Zomato, Amazon and Grofers.

Baaz Bikes raised $2 Mn in Pre-Series A funding round from Kalaari Capital along with the participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha. In November 2023, the EV startup raised $8 Mn in its Series A funding round.

Baaz Bikes has built a full stack EV ecosystem that provides the delivery executives of companies, including Zomato, Zepto, and Amazon, access to its low-speed ebikes (Baaz Bikes) as well as battery swapping stations (Baaz Swap) under a subscription model.

With more than 500 vehicles on the road, the startup claims to earn around INR 5,000 per month from each delivery executive.

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6. Battery Smart

• Founded In: 2019
• Founders: Pulkit Khurana and Siddharth Sikka
• Funding Raised To Date: $65 Mn
• Investors: Blume Ventures, Orios Ventures, Green Frontier Capital, TradeCred, Baring Private Equity India, Srinivas Anumolu, K Ganesh, Niraj Singh, Amit Bhasin  
• Headquarters: New Delhi

Battery Smart allows customers to swap their EV batteries at its stations, called Swap Stations. It currently offers its services to e-rickshaw owners. 

Battery Smart claims to operate more than 850 Swap Stations across Delhi-NCR and says it has completed more than 220 lakh battery swaps. Currently, it has 35,000 active vehicles on its platform and makes 80,000 swaps on a daily basis as of November 2023.

In November 2021, Battery Smart raised $7 Mn in a Pre-Series A funding round led by Blume Ventures and Orios Ventures. The round saw participation from investors including Green Frontier Capital, TradeCred, Baring Private Equity India, and angel investors such as Bluestone’s Srinivas Anumolu, and GrowthStory.in’s K Ganesh, Spinny’s Niraj Singh and GoMechanic’s Amit Bhasin.

Prior to this, Battery Smart raised an undisclosed amount of investment in a seed funding round from Orios Venture Partners in February 2021. The startup has further raised $25 Mn in its Series A round in June 2022 led by Tiger Global, Blume Ventures and Orios Ventures and two debt rounds from Stride Ventures and BlackSoil.

In its pre-series B funding round in July of 2023, Battery Smart raised $33 Mn led by investors Tiger Global and Blume Ventures, with participation from the Ecosystem Integrity Fund and British International Investment.

Battery Smart claims to have live swap stations across 27 cities and it works with 35,500 vehicles.

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7. BGauss

• Founded In: 2020
• Founders: Hemant Kabra
• Funding Raised To Date: $7 Mn
• Investors: Darshan Patel
• Headquarters:  Mumbai

BGauss, which is promoted by RR Global, offers sustainable mobility solutions. The startup manufactures two EVs – BGauss B8 and BGauss A2 – which are sold on its website as well as in offline stores. It is currently expanding its product portfolio by launching two new EV scooters in 2022. 

According to an Inc42 report, BGauss’ new EV scooter D15 will be launched in May 2022, while the other scooter will be launched later this year. The startup claims that these scooters will be 100% ‘Made in India’ at its production facility located in Chakan near Pune.

Recently, the EV startup got $7 Mn in funding from Vini Cosmetics’ Darshan Patel to expand retail and manufacturing capacity in India, perform R&D and develop in-house products across various EV components. It claims to have 100 dealer networks across India and is planning to enter Tier 2 and Tier 3 cities by the end of 2022. It is further looking to scale up operations and focus on the export market.

As per its website, it has a presence in more than 85 countries. It also has 13 manufacturing facilities and over 25K retail stores. ______________________________________________________________________________________________

8. BLive

• Founded In: 2018
• Founders: Samarth Kholkar, Sandeep Mukherjee
• Funding Raised To Date: Approximately $3 Mn
• Investors: LetsVenture, Mumbai Angels, Ankit Agrawal
• Headquarters: Goa

BLive is a multi-brand EV store that offers a wide range of EV products and services on its digital platform as well as in retail stores. It’s a one-stop shop for EV products and solutions.

BLive’s EV Store features a lineup of electric two-wheelers from brands like TVS, Ola, and Ather. In August 2023, the startup collaborated with electric bike manufacturer Revolt Motors to support its sales, service and spares pan India.

BLive also offers customised EV financing solutions.

Recently, the startup expanded its collaboration with Zomato to deploy escooters for last-mile deliveries in more southern cities, including Bengaluru. As part of the partnership, the startup is deploying TVS iQube scooters for Zomato’s last-mile deliveries.

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9. BluSmart 

• Founded In: 2019
• Founders: Anmol Singh Jaggi, Punit K Goyal
• Funding Raised To Date: $110 Mn+
• Investors: Stride Ventures, Alteria Capital, BlackSoil, UCIC, BP Ventures, Green Frontier Capital, Mayfield India Fund, 9Unicorns, Suvan Partners,  Mumbai Angels, Inflection Point Ventures, Venture Catalysts
• Headquarters: Gurugram

BluSmart offers electric ride-hailing mobility services through its mobile-based app. It primarily provides sustainable mobility solutions to urban customers.

In May 2022, BluSmart secured $25 Mn through equity and debt financing in its Series A funding round. Investors who participated in the round include BP Ventures, Green Frontier Capital, Stride Ventures, Alteria Capital, BlackSoil and UCIC. It raised over $66 Mn in two rounds in 2023. 

BluSmart claims to have completed over 10 Mn rides so far. It also owned and operated over 4,000 EV chargers, across its 34 EV charging superhubs as of 2023 end. The startup is looking to raise around INR 200 Cr in a pre-Series B funding round.

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10. BOLT

• Founded: 2017
• Founders: Jyotiranjan Harichandan and Mohit Yadav
• Funding Raised To Date: $4 Mn 
• Investors: ITI Growth Opportunities Fund, SUN Mobility, Union Square Ventures, Prime Venture Partners
• Headquarters: Bengaluru 

BOLT, previously known as REVOS, is an AI-based IoT platform that helps people operate EVs. It essentially tracks and monitors motor controllers as well as batteries on the platform. 

In September 2021, BOLT raised $4 Mn in its Series A round led by Union Square Ventures (USV) and Prime Venture Partners. It claims to have sold about 1,000 devices, including EVs and chargers in 30 original equipment manufacturers (OEMs), across India, China, Nepal, Egypt and Vietnam to date. The startup claims it has installed 10,000 EV charging stations in India in the past six months. 

BOLT is reportedly aiming to deploy 100K charging stations in the coming six months to meet the demand in cities like Jaipur, Ahmedabad, Lucknow, Nagpur, Nashik, Chandigarh, Surat, and Bhubaneswar, among others.

Recently, BOLT also partnered with the Delhi Capitals cricket team for the IPL.

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11. Bounce

• Founded In: 2014
• Founders: Anil G, Varun Agni, Vivekananda Halleker
• Funding Raised To Date: $214 Mn
• Investors: Peak XV, Accel Partners, B Capital Group, Chiratae Ventures

Initially, Bounce started its operations as a bike/scooter rental platform. In 2022, it pivoted to become an escooter manufacturer. 

Currently, Bounce manufactures and sells Bounce Inifinity escooters. It also gives its escooters on rent.

The EV maker currently has three escooter variants – E.1, E.1 LE, and E.1+ – with their prices ranging from INR 1.09 Lakh to INR 1.12 Lakh.

Bounce last raised $105 Mn in 2020 from Accel Partners and B Capital Group. The company is trying to raise more funding.

In FY23, its net loss narrowed 19% YoY to INR 197 Cr and operating revenue jumped 510% to INR 90.9 Cr.

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12. Cell Propulsion

• Founded In: 2017
• Founders: Nakul Kukar, Paras Kaushal, Supratim Naskar
• Funding Raised To Date: $4 Mn
• Investors: growX ventures, Micelio, Endiya Partners, CIIE.CO, Sangam Ventures
• Headquarters: Bengaluru

Cell Propulsion offers sustainable mobility solutions and charging infrastructure. The startup develops high-voltage powertrains technology for commercial vehicle applications. Besides this, it manufactures electric commercial vehicles – Oryx Electric and Beluga Electric. While Oryx Electric is available for sale, Beluga Electric has not been officially launched yet by the startup. 

As per its website, GrowX Ventures, Endiya, Micelio and CIIE.CO and Sangam Ventures are among its investors. It has covered over 200K emission-free distance and onboarded five fleets to date. It is currently managing over 10 fast-charging stations.

In 2021, it reportedly secured $2 Mn of funding from a cohort of private equity investors including Endiya Partners, GrowX Ventures, Huddle Accelerator and Micelio. Prior to this, it raised $1 Mn in a pre-Series A funding round in September 2020. 

In 2019, it was also a part of Huddle and growX Ventures’ EV accelerator program.

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13. CHARGE+ZONE

• Founded In: 2018
• Founders: Kartikey Hariyani and Pavan Bakeri
• Funding Raised To Date: $17 Mn
• Investors: Venture Catalysts, Mumbai Angels, Keiretsu Forum, Ramakrishnan Family Office
• Headquarters: Gujarat

CHARGE+ZONE offers an OEM charging network through its app-based charging stations. Its app provides an array of services to EV drivers, such as finding charging points, and booking them in advance. 

In December 2021, CHARGE+ZONE raised $10 Mn in a bridge funding round led by Venture Catalysts. Prior to this, it raised $4 Mn in the same round. CHARGE+ZONE currently aims to raise another $50 Mn in a Series A funding round in 2022. 

In November 2021, CHARGE+ZONE raised $3 Mn in a Pre-Series funding A round led by Venture Catalysts. The round saw participation from Mumbai Angels, Keiretsu Forum and Ramakrishnan Family Office. Earlier in May 2021, it raised an undisclosed amount from Mumbai Angels. 

CHARGE+ZONE is reported to have started the distribution of AC-Type2 EV charging networks and intercity fast DC charging networks for 1,500 new points over the next 150 days.

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14. Chargeup

• Founded In: 2019
• Founders: Varun Goenka and Ankur Madan
• Funding Raised To Date: $2.5 Mn
• Investors:  Capital A, Anicut Capital, MapmyIndia,  Sameer Mehta, Aman Gupta, Tiger Shroff, Shraddha Kapoor  
• Headquarters: New Delhi

Chargeup offers battery swapping services for three-wheeler EVs in India. 

In February 2022, Chargeup reportedly raised $2.5 Mn in Pre-Series A funding round led by Capital A and Anicut Capita. 

The round also saw participation from angel investors including boAt’s Sameer Mehta, Aman Gupta, Tiger Shroff and Shraddha Kapoor. The startup claims to have expanded to 100 stations and onboarded 800 drivers on its platform. It further says that it has 100 dealers working with the platform.

As per its website, Chargeup has an AI and ML-based platform that provides services such as subscription-based usage, delivers 5,000 MwHr, forecasts demand hotspots, predicts energy demand, and operates 10K charging stations. The startup claims to have 800 satisfied users and 100 dealers associated with it. It also aims to power 1 Mn EVs by 2027.

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15. Clean Electric

• Founded In: 2020
• Founders: Akash Gupta, Abhinav Roy, Ankit Joshi 
• Funding Raised To Date: $8.2 Mn
• Investors: Info Edge Ventures, pi Ventures, Kalaari Capital 

Pune-based Clean Electric is developing batteries for two- and three-wheeler EVs that can be charged rapidly in under 12 minutes. 

It uses nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) cells to build its batteries that have the potential to solve one of the major bottlenecks in EV adoption globally – high charging time.

Clean Electric promises to have designed EV batteries that can deliver consistent performance across all public charging stations.

After raising $2.2 Mn in a seed funding round led by Kalaari Capital in 2022, the startup raised another $6 Mn in its Series A funding round co-led by Info Edge Ventures, pi Ventures, and Kalaari. 

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16. Corrit Electric

• Founded In: 2020
• Founders: Mayur Misra
• Funding Raised To Date: $9 Mn 
• Investors: SphitiCap
• Headquarters: Noida

Corrit Electric offers sustainable mobility solutions to consumers and B2B customers. It sells three electric bikes – Hover 1.0, Hover 2.0 and Hover 2.0+. The company has recently launched an electric bike, Transit, for B2B deliveries. It has a top speed of 70 kmph and payload capacity of 200 Kg. 

In November 2022, it secured $9 Mn in funding from venture capital fund SphitiCap to ramp up its production facility and manufacture electric bikes to resolve issues related to last-mile connectivity.

Earlier, it had shared plans to build 1.5 Lakh electric bikes in the next three years.

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17. eee-Taxi 

• Founded In: 2015
• Founders: Vipul Nanda, Nishant Saini
• Funding Raised To Date: NA
• Investors: NA

eee-Taxi is a tech-enabled platform offering EV ride-hailing management solutions working in a B2B model. It helps businesses reduce their employee logistics costs while also promoting the use and adoption of EVs.

The company develops modules including employee dashboards, employee applications, budget tracking, and others. The EV company also offers airport transfers, self-drive, and spot rentals.

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18. ElectricPe

• Founded In: 2021
• Founders: Avinash Sharma, Raghav Rohila
• Funding Raised To Date: $8 Mn
• Investors: Blume Ventures, Micelio Fund, Anshuman Bapna, Anupam Mittal, Arjun Ravi Sheth, Ashish Goel, Bhuvan Gupta, Green Frontier Capital, NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels
• Headquarters: Bengaluru

ElectricPe offers charging infrastructure to customers. Through its app, EV owners can locate charging stations near them.

In November 2021, ElectricPe raised $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund. The round saw participation from Terra.do’s Anshuman Bapna, Shaadi.com’s Anupam Mittal, Anchorage Capital’s Arjun Ravi Sheth, Urban Ladder’s Ashish Goel, and OfBusiness’ Bhuvan Gupta, among others.

Recently, Hero Electric partnered with ElectricPe to set up charging points pan-India for its customers. The charging infrastructure would be built in residential complexes, offices, malls, and other establishments. The partnership aims to strengthen the charging network and support EV adoption across India.

Prior to this, NoBroker had also partnered with ElectricPe to set up 1 Lakh electric charging stations in residential communities across India in 2022.

In January 2022, ElectricPe raised $5 Mn in its pre-series A round led by Green Frontier Capital, Blume Ventures and Micelio Fund, with participation from NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels.

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19. Electrifi Mobility

• Founded In: 2023
• Founders: Kunal Mundra and Nikhil Aggarwal
• Funding Raised To Date: NA
• Investors: NA
• Headquarters: Delhi-NCR

Founded in 2023 by former Cars24 CEO Kunal Mundra, Electrifi Mobility is a full-stack EV leasing startup. It offers an end-to-end asset management solution covering asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets. 

The startup is built in partnership with Grip Invest and its founder and CEO Nikhil Aggarwal. In just a few months of its operations, Electrifi announced multiple partnerships and developments.

In December, BluSmart and Electrifi Mobility partnered to deploy over 1,000 four-wheeler EVs.

Recently, the startup also announced the opening of Electrifi Labs, where detailed testing of EVs and batteries will be conducted so that they can be rebuilt from scratch or refurbished as required.

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20. Emflux Motors 

• Founded In: 2016
• Founders: Ankit Khatry, Varun Mittal, Vinay Raj Somashekar
• Funding Raised To Date: $648K
• Investors: Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Nitish Singh and Risabh Gupta
• Headquarters: Bengaluru 

Emflux Motors offers sustainable mobility solutions and other tech solutions for EVs. It sells an electronic bike Emflux One that has a maximum speed of 200 kmph and can cover up to 200 km on a single charge. Besides this, it sells technology stack such as battery management system, motors, motor controller, charger circuit, EVSE, master controller, and battery pack. 

In 2017, Emflux Motors raised $648K in an angel funding round. The round saw participation from Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Jugnoo’s Nitish Singh, and Risabh Gupta.

The EV startup aims to create 10 Mn two-wheeler EVs in India by 2027. It primarily focuses on building brand and loyalty by creating high-performance electric vehicles.  It also plans to build an ecosystem of partner OEMs and become their tech and component supplier. 

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21. EMO Energy

• Founded In: 2022
• Founders: Sheetanshu Tyagi and Rahul Patel
• Funding Raised To Date: $1.5 Mn
• Investors: Transition VC, Gruhas
• Headquarters: Bengaluru

With its integrated tech stack for two- and three-wheeler EVs and heavy-duty vehicles, deeptech startup EMO Energy is addressing two challenges adversely affecting EV adoption in India – safety and charging efficiency. 

The startup calls its technology platform ZEN, which comes with different applications such as ZEN PAC (swappable battery packs for two- and three-wheelers), ZEN Ctrl. (battery management system and connected software), ZEN Rig (battery packs for heavy-duty vehicles), and ZEN Wall (fully integrated battery inverter system for residential and light commercial use).

EMO Energy has successfully conducted pilot programmes with nearly 10 electric vehicle (EV) companies in the country, deploying approximately 100 batteries to date. The startup is rapidly expanding its network of partnerships. While most of its offerings are still in the pilot phase, EMO Energy has already started generating revenue by selling its battery packs, ranging from 2 kWh to 3 kWh, for two- and three-wheelers.

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22. EMotorad

• Founded In: 2020
• Founders: Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, Sumedh Battewar
• Funding Raised To Date: $23.2 Mn
• Investor: Basant Lohia from TaraSafe, Green Frontier Capital, LetsVenture, Ivy Growth associates, Panthera Growth Partners, Mahendra Singh Dhoni  
• Headquarters: Pune
• EMotorad sells electric cycles for daily commuting and casual rides. The startup uses local sourcing and manufacturing facilities in India to build electric cycles.

In October 2022, the Pune-based startup secured $2.9 Mn (INR 24 Cr) in its Pre-Series A funding round. During that time, it asserted that it sold more than 16K electric cycles in India since its inception. In November 2023, EMotorad raised $20 Mn (INR 166.8 Cr) as a part of its Series B funding round led by Panthera Growth Partners.

In early 2024, EMotorad also roped in former Indian skipper Mahendra Singh Dhoni as an equity investor.

Its cap table also includes Green Frontier Capital (GFC), LetsVenture, Alteria Capital, Ivy Growth associates and Basant Lohia from TaraSafe. 

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23. ETrio 

• Founded In: 2016
• Founders: Sathya Yalamanchili, Deepak M V 
• Funding Raised To Date: $3 Mn
• Investor: Janardhan Rao
• Headquarters: Hyderabad

Etrio offers commercial and non-commercial electricity mobility solutions. Its product portfolio includes electric kits, retrofitted electric light commercial vehicles (eLCVs), a three-wheeler EV named Touro, and two bicycles – Ashva and iSwitch. eLCVs have been launched to transform and electrify the logistics segment, while bicycles were launched to meet the demands of cargo and personal segments. 

In 2020, ETrio raised $3 Mn in a Series A funding round led by Triumph Global’s Janardhan Rao. The round saw participation from a cohort of Singapore-based HNIs. 

As per its website, ETrio has partnered with various companies including Amazon, BigBasket, Flipkart, DIAGEO, Lightning Logistics, Amplus Solar, and ZYPP Electric. 

It has also received certifications from various government bodies such as ARAI, the Ministry of Road Transport and Highways, and the Ministry of Micro, Small and Medium Enterprises, among others. 

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24. Euler Motors

• Founded In: 2018
• Founders:  Saurav Kumar
• Funding Raised To Date:  $100 Mn+ 
• Investors: Blume Venture, Emergent Ventures, Andrew Lee, Inventus India, Jetty Ventures, Srinivas Anumolu, K Ganesh, Sujeet Kumar, QRG Investments and Holdings, ADB Ventures,
• Headquarters: New Delhi 

Euler Motors offers commercial electrical mobility solutions through three-wheeler EVs, energy infrastructure, app and web-based software solutions. Its three-wheeler EV, Euler HiLoad, has the capacity to hold up to 688 Kg. The company claims it can get charged in 15 minutes and cover a distance of 151 Km on a single charge.

In the charging infra, the EV startup offers three types of chargers – Flash2, onboard charger, and Charge on Wheels. In the software segment, its app provides an array of services such as real-time GPS tracking, learning analytics, geo-fencing, and battery temperature, among others. 

In October 2022, Euler Motors raised about $60 Mn in its Series C round led by Singapore’s sovereign fund GIC. In November 2023, the startup raised about $14.4 Mn in its ongoing Series C extension round from British International Investment (BII) and Green Frontier Capital.  Existing investors, including ADB Ventures, Blume Ventures, Athera Venture Partners, Alteria Capital, GIC Singapore, and QRG Holdings, also participated in the round.

In early 2024, the startup concluded its Series C funding round by raising an additional $24 Mn.

It claims to have supplied more than 250 three-wheeler EVs to various companies including Ecom Express, BigBasket and Udaan.

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25. EVage

• Founded In: 2014
• Founders: Inderveer Singh, Pulkit Srivastava, Harnoor Kaur
• Funding Raised To Date: $28 Mn
• Investors: RedBlue Capital
• Headquarters: Chandigarh

EVage offers commercial solutions for sustainable mobility. It plans to supply electric commercial vehicles to the delivery fleets of logistics companies. 

Recently, Evage raised $28 Mn in a seed funding round from RedBlue Capital. Its first model, X, is a one-tonne truck built for the commercial delivery market.

The startup claims to be the supplier to Amazon India’s delivery partners. 

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26. Evera

• Founded In: 2019
• Founders: Nimish Trivedi, Vikas Bansal, Rajeev Tiwari
• Funding Raised To Date: $7 Mn
• Investors: Westova Capital, Devonshire Capital, IEG – Investment Banking Group
• Headquarters: New Delhi

Evera is a New Delhi-based electric cab services provider that operates in both B2B and B2C verticals. Founded in 2019, the startup claims to have taken more than 40,000 rides, with a network of 43 charging stations in the national capital region. Its parent entity is Prakriti E-Mobility.

Unlike many ride-hailing companies, Evera employs full-time drivers rather than working with gig workers. The startup says the drivers can’t cancel rides since they’re paid by the startup.

In early 2023, Evera raised $7 Mn in multiple tranches as part of its Pre-Series A funding round, led by IEG Investment Banking Group, Direct Capital, and Westova Global.

Evera competes directly with BluSmart, which raised $42 Mn in May 2023.

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27. Exponent Energy

• Founded In: 2020 
• Founders: Arun Vinayak, Sanjay Byalal
• Funding Raised To Date: $18 Mn 
• Investors: YourNest VC, 3one4 Capital, AdvantEdge VC, Motherson Group, Rajesh Yabaji, Pushkar Singh
• Headquarters: Bengaluru 

Exponent Energy offers energy solutions to EV owners. The startup claims that its lithium-ion battery and charger combo can charge EVs up to 100% within 15 minutes.  

In December 2021, the EV startup raised $5 Mn in a Pre Series A funding round led by existing investor YourNest VC. The round saw participation from other investors including 3one4 Capital, AdvantEdge VC and Motherson Group. 

As per an Inc42 report, it also raised an undisclosed investment in September 2021 from investors including YourNest, 3one4 Capital, AdvantEdge, BlackBuck’s Rajesh Yabaji, and LetsTransport’s Pushkar Singh among others.

Before launching Exponent Energy, its cofounder Arun Vinayak worked with Ather Energy for seven years, while the other cofounder Sanjay Byalal had earlier worked with Ather Energy as well as HUL.

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28. Finayo

• Founded In: 2020
• Founders: Brajendra Singh Tomar and Yogesh Prakash
• Funding Raised To Date: ~$2 Mn
• Investors: F Mec International Financial Services Limited, Choice Finserv
• Headquarters: Delhi NCR

Finayo is an EV financing startup that connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform.

With a dedicated web dashboard for its lending partners, the platform allows them to see and manage borrower profiles and automate loan processing end-to-end. 

For EV borrower-facing entities, the startup provides a dashboard and mobile application for their executives to process loan applications and generate real-time loan offers for customers with multiple lenders. 

In December 2023, Finayo raised INR 16 Cr (approximately $1.9 Mn) in a mix of debt and equity funding from NBFCs and angel investor Manish Mehta.

Till November 2023, the EV lending startup had disbursed INR 20 Cr. In the forthcoming fiscal year, it plans to disburse INR 100 Cr with 60-70% of funds to be disbursed in the advancement of three-wheeler L3 and L5 EVs.

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29. Fresh Bus

• Founded In: 2022
• Founders: Sudhakar Reddy Chirra
• Funding Raised To Date: 8 Mn+
• Investors: ixigo, Kunal Shah, Sudarshan Venu, Deepak Garg
• Headquarters: Bengaluru

Founded by former AbhiBus founder Sudhakar Reddy Chirra, Fresh Bus is an electric bus (ebus) platform that operates in the intercity bus travel market.

The startup, backed by traveltech major ixigo, launched its ebus service in early 2023 by unveiling its first route between Bengaluru and Tirupati in Andhra Pradesh. Currently, the bus service is also functional on the Hyderabad-Vijaywada route while the startup plans to start its intercity ebus service on newer routes like Bengaluru-Chennai, Mumbai-Ahmedabad, and Goa-Pune.

Fleet operator Fresh Bus has collaborated with EV manufacturer Olectra to procure its buses. 

In the growing ebus market, Fresh Bus competes with NueGo, Zingbus, and other major intercity bus platforms in the market. The startup has also built its own charging station network. In July 2024, Fresh Bus raised about $5.3 Mn as part of its Series A funding round.

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30. Fyn Mobility

• Founded In: 2013
• Founders: Visakh Sasikumar
• Funding Raised To Date: $2.4 Mn 
• Investors: Eagle10 Ventures, Bluehill Capital, Sattva Group, Nanavati family, Sincere Syndication, Conscience Multi-Family Office, GAIL (India) Ltd,  Arshad Sayyad, Vijay Ratnaparke, Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.
• Headquarters: Bengaluru

Fyn Mobility, which was earlier known as Pi Beam, offers micro-mobility EV solutions and data analytics services for the EV ecosystem. Its product portfolio includes PIMO Utility two-wheeler, E-Trike, E-Kart, and E-Auto.  

In March 2022, Fyn reportedly raised $1.7 Mn in a Pre-Series A round led by Inflection Point Ventures. 

The round saw participation from investors including Sattva Group and Nanavati family, Sincere Syndication and Conscience Multi-Family Office, and angel investors Fidelity Investments’ Arshad Sayyad, Robert Bosch’s Vijay Ratnaparke, Royal Enfield’s Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.

Prior to this, the EV startup raised $705K in a bridge funding round from GAIL (India) Ltd. Currently, it has a presence in Bengaluru and Chennai. It plans to add 2,000 EVs by FY23. 

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31. goEgoNetwork

• Founded In: 2021
• Founders: Sayantan Chakraborti, Dheeman Kadam, Pravin Kumar 
• Funding Raised To Date: $2 Mn
• Investors: Olivier Guillaumond, Rishi Bagla
• Headquarters: Pune

goEgoNetwork offers energy solutions to customers. With its goME app, EV owners can locate the nearest charging stations and use them. 

In August 2021, goEgoNetwork raised $2 Mn (nearly INR 15 Cr) in seed funding to expand its existing electric charging network. The round saw participation from Bagla Group’s Rishi Bagla and Global Innovation Labs’ Olivier Guillaumond.

In 2021, goEgoNetwork is reported to have partnered with TVS Motor to promote EV infra in Himachal Pradesh. Following this, it set up an EV charging facility at Kaza in Spiti Valley to cater to the needs of EV scooters and cars in the region.

The EV startup has got certifications from various government bodies including ARAI and OCA.

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32. Grinntech 

• Founded In: 2013
• Founders: Nikhilesh Mishra, Puneet Jain
• Funding Raised To Date: $2 Mn  
• Investors: V Sumantran, Lakshmi Narayan, KS Manian
• Headquarters: Chennai

Grinntech offers energy storage solutions to customers. It claims to provide an array of lithium-ion batteries such as IC Engine starter batteries, e-cycle and robotics batteries, two-wheeler batteries, three-wheeler batteries, small commercial vehicle batteries, light commercial vehicle batteries, and MHCV batteries, among others.

In 2020, Grinntech raised $2 Mn in an angel funding round. The round saw participation from investors including Ashok Leyland’s V Sumantran, Cognizant’s Lakshmi Narayan, and NAPC’s KS Manian. During the same year, the startup also graduated from the IIT Madras Incubation Cell.

In 2020, Grinntech inked an MoU with the Tamil Nadu government involving an investment of INR 100 Cr. In the following year, it established a manufacturing facility in Chennai that can meet the demand of up to 400 MWh.

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33. Kabira Mobility

• Founded In: 2019
• Founders: Jaibir Siwach, Akash Siwach, and Sagar Siwach
• Funding Raised To Date: $52 Mn
• Investors: Al-Abdulla Group, Classic Group
• Headquarters: Goa

Kabira Mobility is a Goa-based electric motorcycle manufacturer, which started a fledged sales of its ebikes in April 2022. It targets young bike enthusiasts. 

The startup has so far launched two models of its flagship bikes – KM3000 and KM4000. While its KM3000 bike model comes with a 4.14 kWh battery capacity and a range of 120 km per charge, the KM4000 model has a battery capacity of 4.60 kWh and offers a range of 150 km. 

Kabira Mobility also has plans to launch pro variants of its KM3000 and KM4000 models this year. Next year, the ebike startup is expected to launch a new model – KM5000 – in the cruiser bike category.

Earlier this year, the startup raised $50 Mn (around INR 412 Cr) in its Series A funding round Qatar-based Al-Abdulla Group, taking its total funding received to INR 430 Cr.

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34. Kazam EV

• Founded In: 2020 
• Founders: Akshay Shekhar, Vaibhav Tyagi
• Funding Raised To Date: $4.53 Mn
• Investors: Inflection Point Ventures, We Founder Circle 
• Headquarters: Bengaluru

Kazam EV offers software solutions for energy infrastructure. Besides aligning with its own charging stations, the startup’s software supports charging stations of other EV companies as well. It additionally helps micro-entrepreneurs earn money by setting up charging stations in their parking areas. 

In 2021, Kazam raised INR 7 Cr ($0.93 Mn) in a seed round led by Inflection Point Ventures. Besides, it raised an undisclosed amount of investment from We Founder Circle. Earlier in May 2023, the startup picked up $3.6 Mn in a round led by Avaana Climate Fund.

As per its website, Kazam has set up over 7,000 charging stations in India. It has a presence in Karnataka, Maharashtra, Delhi-NCR, Telangana and Tamil Nadu. Its products are essentially utilised by EV OEMs, EV fleet operators and micro-entrepreneurs.

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35. Lithium Urban Technologies

• Founded In: 2014
• Founders: Sanjay Krishnan
• Funding Raised To Date: $58 Mn
• Investors: IFC, EverSource Capital 
• Headquarters: Bengaluru 

Lithium Urban offers sustainability solutions and charging infrastructure to business organisations. The startup essentially offers transport service through its fleet of EVs and associated charging stations.

As per its website, the startup is certified by ISO for implementing guidance on social responsibility. It presently has a fleet size of 2,000 vehicles and operates in over 15 cities, including Bengaluru, NCR, Hyderabad, Pune, Chennai and Mumbai. 

Through its tech stack, the startup claims to deliver 2X productivity, reduce carbon footprint and cut down transportation costs by 40%. As per Tofler, its revenue from operations stood at INR 53.6 Cr in FY20 as against INR 41.8 Cr in FY19. However, its loss widened to INR 21.1 Cr in FY20 as compared to INR 15.3 Cr in the previous fiscal year. 

A few days ago, it reportedly partnered with Tata Motors to deploy 5000 XPRES T Electric Sedans across India for employee transportation.

In March 2022, EverSource Capital, which manages India’s largest climate impact funds, acquired a majority stake in the startup for about $50 Mn. Prior to this, the startup raised $8 Mn from World Bank’s investment arm, International Finance Corporation (IFC), as an equity investor. It raised additional capital from other investors as well. 

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36. Log9 Materials

• Founded In: 2015
• Founders:Akshay Singhal, Kartik Hajela and Pankaj Sharma
• Funding Raised To Date: $65 Mn
• Investors: Amara Raja Batteries, Petronas Venture, Oxyzo Financial Services
• Headquarters: Bengaluru

Incubated at IIT-Roorkee, deeptech startup Log9 Materials manufactures batteries for EVs and energy storage. The startup is also one of the few Li-ion cell manufacturers in the country.

In April 2023, Log9 Materials launched the country’s first commercial cell manufacturing facility at its campus in Bengaluru with an initial capacity of 50 MWh. The startup is working on both lithium titanate oxide (LTO) and lithium iron phosphate (LFP) cell technologies.

Log9 Materials’ batteries have powered vehicles of EV manufacturers like Quantum Energy and Hala Mobility, along with the electric fleet of last-mile logistics companies such as Maersk, Blue Dart, and BluWheelz.

In January 2023, the startup raised $40 Mn in its Series B funding round led by Amara Raja Batteries. 

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37. Lohum

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon, Gazanfar Safvi
• Funding Raised To Date: $20 Mn+
• Investors: Baring Private Equity Partners, Talbros Automotive Components, Stride Ventures
• Headquarters: Noida

Lohum is a producer of lithium-ion battery raw materials, which it achieves by recycling, repurposing, and low-carbon refining.

Working in a closed-loop recycling model, Lohum acquires used lithium-ion batteries from electric vehicles, stationary storage, and consumer electronics. These batteries are then tested and, if deemed reusable, they are given a second life. If the batteries reach their end-of-life, Lohum recycles the battery materials and sells the resulting metals and chemicals to various customers across the supply chain.

Since its inception, the startup has raised over $20 Mn in funding. Lohum recently said that it has collaborated with insurtech unicorn ACKO to optimise the battery insurance and financing costs for the customers.

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38. Magenta Mobility

• Founded In: 2018
• Founders: Maxson Lewis, Darryl Dias
• Funding Raised To Date: $35 Mn
• Investors: bp Ventures, Morgan Stanley India, JITO Angel Network, HPCL, Indian American philanthropist Dr Kiran Patel
• Headquarters: Mumbai

From being a solution provider in the EV charging ecosystem, Magenta Mobility has pivoted to becoming an end-to-end integrated emobility solution provider. 

Currently, it operates over 2K electric three-wheelers and four-wheelers in the L5 and N1 category for last-mile delivery, which it is planning to expand to 5K vehicles by the end of FY24. Magenta Mobility runs its cargo delivery and logistics services in 18 cities, including Bengaluru, Mysuru, Pune Mumbai, Delhi NCR, and Hyderabad. The startup is not a manufacturer and sources its three-wheeler EVs from Altigreen Propulsion Labs, Euler Motors, Mahindra, and Bajaj, and four-wheeler EVs from Tata Motors and Switch Mobility.

In its charging ecosystem, Magenta Mobility manages 72 charging depots to cater to the charging needs of its EV fleet.

Besides, it also develops software technology to enable this entire emobility ecosystem.

In April 2023, Magenta Mobility raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from bp Ventures and Morgan Stanley India infrastructure.

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39. Matter

• Founded In: 2019
• Founders: Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu
• Funding Raised To Date: $45 Mn+
• Investors:  Info Edge’s Capital 2B Fund 1, Climate Angel Fund
• Headquarters: Ahmedabad

Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli and Saran Babu, Matter is an electric mobility and energy storage-focussed startup. 

The startup boasts a fully functional electric motorcycle AERA, which it launched earlier this year. The ebike has two variants – AERA 5000 and AERA 5000+ – which come with a range of up to 125 km.  

Not just this, Matter, last year, also unveiled what it claims is the country’s first active liquid-cooled two-wheeler EV battery MatterEnergy 1.0. It also closed a $10 Mn in an initial funding round in 2022.

In July 2024, it raised $35 Mn (about INR 290 Cr) in its ongoing Series B funding round, from US-based Helena, Japan Airlines & Translink Innovation Fund, and other existing investors. Matter will raise $65 Mn-$70 Mn overall in the Series B round.

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40. Metastable Materials

• Founded In: 2021
• Founders: Shubham Vishvakarma, Saurav Goyal, Manikumar Uppala
• Funding Raised To Date: Undisclosed 
• Investors: Sequoia Capital’s Surge,  Speciale Invest, Theia Ventures, Akshay Singhal, Sanjeev Rangrass
• Headquarters: Bengaluru

Metastable Materials has developed a one-of-its-kind mechanism, a chemical-free integrated carbothermal reduction process, for extracting and recycling materials from lithium-ion batteries in a more economical and efficient manner. 

The startup was part of the eighth cohort of Sequoia’s Surge accelerator program.

In April 2023, the cleantech startup raised an undisclosed amount of funding in its Seed round from Sequoia Capital’s Surge and other venture capitalists like Speciale Invest and Theia Ventures. 

Metastable Materials is now setting up a 21,000 sq ft battery recycling facility on the outskirts of Bengaluru.

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41. MoEVing

• Founded In: 2021
• Founders: Mragank Jain, Vikash Mishra
• Funding Raised To Date:  $10 Mn 
• Investors:  D.S. Brar, Anshuman Maheshwary, Srihari Raju Kalidindi, Ashish Goel, Krishnadeva Veerareddy, BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain
• Headquarters: Gurugram

MoEVing offers intra-city last-mile delivery solutions, energy infrastructure and fintech solutions. It provides delivery services to companies operating in ecommerce, e-grocery, FMCG, logistics and D2C. Besides, it also works along with OEMs, drivers and financial institutions to address the problems of EV owners when they adopt EVs.

In May, the EV startup secured $5 Mn through equity and debt financing in its ongoing seed funding round. Investors like BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies participated in the round. 

MoEving has a presence in 10 cities in India including Delhi-NCR, Pune, Mumbai, Chandigarh, Bengaluru, Hyderabad and Kolkata. It aims to add 10,000 EVs and 100 charging hubs in 30 cities by 2023. 

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42. Motovolt Mobility

• Founded In: 2018
• Founders: Tushar Choudhary 
• Funding Raised To Date: $1.9 Mn 
• Investors: Wami Capital, PPAP Automotive, Vikrampati Singhania, Ankur Agarwal, Vikas Bagaria
• Headquarters: Kolkata

Motovolt offers sustainable mobility solutions to consumers. Some of its electric bikes are URBN e-Bike, Kivo Easy, Ice, and Kivo 24. 

Recently, the startup also launched an electric bike called URBN for its consumers. The new electric bike has removable twin batteries, weighing about 10 kg each.

In November last year, it bagged $1.9 Mn in Pre-Series A funding round led by Wami Capital. Earlier, it had shared plans to invest INR 200 Cr into its business (in 2023) to enhance product offerings and expand its facility as well as sales network. It claims to have more than 100 POS across the country.

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43. Oben Electric

• Founded In: 2020
• Founders: Madhumita Agrawal, Dinkar Agarwal, and Sagar Thakkar
• Funding Raised To Date: $10.7 Mn
• Investors: Stride Ventures, Indian Renewable Energy Development Agency, Mumbai Angels, We Founder Circle
• Headquarters: Bengaluru

Currently, the electric two-wheeler market is predominantly dominated by escooter manufacturers. However, the electric motorcycle sector is relatively limited, with only a few companies operating in this space.

Oben Electric is one of those few startups that are manufacturing electric bikes to make a major shift in a market ruled by the stalwarts like Bajaj Auto, TVS Motor, Hero MotoCorp, and Eicher Motors.

Its flagship electric motorcycle Oben Rorr comes with a top speed of 100 km per hour and a 4.4 kWh battery capacity that can fully charge in two hours.

In the electric motorcycle manufacturing space, Oben Electric currently competes with Revolt Motors, Ultraviolette, Matter, Odysse, Hop Electric, Kabira Mobility, and Orxa Energies.

The startup has raised around $10.7 Mn (over 88 Cr) in total funding so far. In its extended Pre-Series A funding round, it raised $4.88 Mn (INR 72 Cr) in June 2023.

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44. Odysse Electric

• Founded In: 2020
• Founders: Nemin Vora
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Mumbai

Electric mobility startup Odysse is a part of the Vora group of companies that has a vast line of businesses with a primary focus on automobile-based products. As a two-wheeler EV manufacturer, Odysse makes both electric scooters and motorcycles.

In the motorcycle category, the startup has two models – Evoqis and Vader. In the escooter category, Odysse’s main two-wheeler models are E2go, Hawk, and V2.

Odysse also manufactures a last-mile delivery escooter electric scooter, TROT.

Hence, the startup competes with the major players across the EV two-wheeler market, including Revolt, Oben Electric, Ola Electric, TVS Motor, Hero Electric as well as the likes of Yulu.

The company has set up its EV manufacturing facility in Ahmedabad, Gujarat.

In July 2023, Odysse announced a strategic partnership with Flipkart to help customers pre-book and purchase Odysse’s EVs more seamlessly from the marketplace.

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45. Ohm Mobility

• Founded In: 2020
• Founders: Nikhil Nair
• Funding Raised To Date: $400K
• Investors: Antler India, Blume Founders Fund, Catalyst Fund, Kunal Shah
• Headquarters: Bangalore

Ohm Mobility is an end-to-end EV-focussed financing platform, which aims to help EV players to get easier access to institutional capital while enabling lenders to discover, verify, and deploy capital to EV companies. It is building a technology platform to connect EV buyers with capital providers.

In May 2023, Ohm Mobility raised INR 3 Cr in a pre-seed funding round led by Antler India. The funding round also saw participation from Blume Founders Fund and angels like Sagar Gubbi, Anshuman Bapna Mathew Chako, and Karishma Menon.

Its current client portfolio includes Race Energy, Eveez, and Hala Mobility, among others. The startup competes with the likes of Vidyut and Turno in the space.

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46. Okinawa Autotech

• Founded In: 2015
• Founders: Jeetender Sharma 
• Funding Raised To Date: Bootstrapped 
• Investors: NA
• Headquarters: Gurugram

Okinawa offers sustainable mobility solutions. The startup offers EV vehicles–RIDGE+, PRAISE PRO, IPRAISE+, R30, Okinawa R30 and LITE. Its high-speed scooters hold various features such as detachable batteries, fast charging, central locking, app connectivity, etc. Its EV vehicles are priced at INR 50K-INR 1.14 Lakh.

As per LinkedIn, it has over 350 dealerships across India so far. It has received a FAME II subsidy from the Indian government and also, got IATD certification for design and manufacturing. It also partnered with the Indian Navy, Delhi Transport Corporation and Tirupati Smart City.

It claims to have sold more than 1 lakh EV scooters since its inception. It has two manufacturing plants in Rajasthan; one plant with a capacity of more than 1 lakh units is in Bhiwandi while the other with 0.5 Mn units is in Alwar. 

Since It’s a bootstrapped venture, the startup has not got external financing so far. However, it is reportedly looking at raising INR 400-INR 500 Cr from American and European private equity players.

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47. Ola Electric 

• Founded In: 2017
• Founders: Bhavish Aggarwal
• Funding Raised To Date: $1 Bn  
• Investors: Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, Tiger Global and Matrix India, SoftBank, Hyundai, Kia Motors, Bank of Baroda, Falcon Edge, IIFL PE, Cars 24, Moglix, Dealshare, VSS Investco, Pawan Munjal, Ratan Tata, Rahul Mehta
• Headquarters: Bengaluru

Bhavish Agarwal-led Ola Electric offers two-wheelers EVs and energy infrastructure. Founded in 2017, the EV startup manufacturing facility, Ola Future Factory, has a production capacity of 10 Mn two-wheeler EVs per annum and deploys over 3000 robots. 

Recently, Ola Electric was also selected for receiving incentives from the Indian government under the $2.4 Bn PLI scheme to manufacture advanced chemistry cell batteries. A few days later, it also invested in Israel-based battery technology company StoreDot to have access to its XFC battery technology that charges batteries in five minutes. 

In January 2022, Ola Electric had completed its $200 Mn Series C funding round at a valuation of $5 Bn. The round saw participation from investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others. In October 2023, the company announced closing a $384 Mn funding round in a mix of equity and debt led by Temasek and the State Bank of India.  

Ola Electric got listed on the Indian bourses in August 2024.

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48. Omega Seiki Mobility

• Founded In: 2018
• Founders: Uday Narang
• Funding Raised To Date: Bootstrapped 
• Investors: NA
• Headquarters: New Delhi

Omega Seiki Mobility is an EV manufacturer working across multiple vehicle categories including two-wheelers, cargo and passenger three-wheelers, and trucks tailored for commercial use. Its EV models include Rage+, Stream, and Mopido. 

With an investment of $75 Mn in total, the company has established R&D facilities in India and across other global locations – Thailand, South Korea, Europe, and Latin America. Omega Seiki has manufacturing facilities in Faridabad and Pune.

The company is a part of the Anglian Omega Group, which consists of more than 20 companies.

 Omega Seiki Mobility claims to have sold more than 8,000 EVs so far and operates a vast network of more than 190 dealerships across India. As per Vahan data, Omega Seiki Pvt Ltd’s total EV registrations were 3,579 units in 2023.

The company claims that it is also foraying into the premium electric two-wheeler segment soon – a category that Ola Electric, Ather, and TVS Motor currently dominate.

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49. Pure EV 

• Founded In: 2015
• Founders: Rohit Vadera, Nishanth Dongari
• Funding Raised To Date: $40 Mn+
• Investors: VC Nannapaneni, Bennett Coleman, Hindustan Times Media 
• Headquarters: Telangana

PURE offers sustainable mobility solutions and energy storage systems. It manufactures five EVs models including eTryst 350, epluto, epluto7G, ETranceNEO and ETrance+.   

Its electric bike, eTryst 350 is powered by 4.0 KW peak and 3.0 KW nominal motors. The EV bike’s top speed is 85 kmph and has a load capacity of 160 kg. The epluto scooter is powered with 250 Watt brushless hub motor, and has a top speed of 25 kmph. The epluto7G is powered by 2.2 KW peak and 1.5 KW nominal motors and has a top speed of 60 kmph. 

The startup graduated from IIT Hyderabad. In February 2024, the startup raised $8 Mn in a fresh funding round led by Bennett Coleman, Hindustan Times Media Ventures, with participation from Ushodaya Enterprises and some HNIs.

The EV maker claims to have sold over 70,000 vehicles through a network of 140+ outlets so far, operating across India and exporting to South Asian countries. 

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50. RACE Energy 

• Founded In: 2018
• Founders: Arun Sreyas, Gautham M
• Funding Raised To Date: $6 Mn
• Investors:  Huddle, Prophetic Ventures, Micelio, growX Ventures
• Headquarters: Hyderabad

RACE Energy builds retrofit kits for transforming conventional three-wheeler vehicles into EVs. It also provides energy infrastructure via its battery-swapping stations.

The startup raised $1.3 Mn in a seed funding round led by Micelio Fund and growX ventures in 2021. The round saw participation from Huddle, Prophetic Ventures and BITSian Angels, among others. 

The capital, raised from the round, was infused in research and development (R&D), enhancing the startup’s swapping technology and infrastructure. Prior to this, it raised $500K in a seed funding round from growX ventures, Prophetic Ventures and some angel investors.

The company raised $3 Mn in a pre-series A round led by growx Ventures with participation from Micelio Mobility, Huddle and other angel investors in 2023. The funds will be used for market expansion and for building a new facility.

It aims to set up an extensive battery-swapping network in India and foray into other continents by ​2023.

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51. Revfin

• Founded In: 2018
• Founders: Sameer Aggarwal
• Funding Raised To Date: $30 Mn+
• Investors: DFC, Lets Venture, Green Frontiers Capital, Dheeraj Jain
• Headquarters: Delhi

Revfin is a Delhi-based startup that is trying to make EV financing easier. It provides loans for two-wheelers, three-wheelers, and other small EVs.

The startup is focussed on helping individual drivers in Tier II and III towns get loans for commercial EVs. It largely provides financing for passenger transportation, ecommerce, and cargo delivery EVs.

Revfin has its own NBFC to issue loans. In June 2023, the startup raised $5 Mn in debt from the US International Development Finance Corporation (DFC). In December last year, it raised $14 Mn in its Series B funding round, led by Omidyar Network. 

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52. Revolt Motors 

• Founded In: 2017
• Founders: Rahul Sharma 
• Funding Raised To Date: $20 Mn+ (approx)
• Investors: RattanIndia Group
• Headquarters: Haryana

Revolt offers sustainable mobility solutions across India. The startup manufactures AI-enabled EV bikes – RV 400 and RV 300. Its EV bikes are equipped with onboard charging and portable charging features. The RV 400 has a 3.24 kWh lithium battery while RV 300 has a 2.7 kWh lithium battery. 

The startup also offers app-based battery swapping stations named Revolt Switch Stations where EV bike owners can exchange their batteries for a charged one. It has retail stores in multiple cities of India, including Jaipur, Surat, Bengaluru, Delhi, Pune, Ahmedabad, Kolkata, Noida, Hyderabad, Chennai, Mumbai, Coimbatore, Madurai, Visakhapatnam, Lucknow, Kochi and Hubli. 

In April 2021, it secured INR 150 Cr (around $20.12 Mn at then exchange rates) from RattanIndia Group to expand its footprint in India and the South Asian market. With this investment, RattanIndia acquired a 43% stake in the Haryana-based EV startup, while Rajiv Rattan, chairman of RattanIndia Enterprises, joined its board as a non-executive chairman.

Earlier this year, RattanIndia acquired Revolt entirely, making it a wholly-owned subsidy.

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53. River

• Founded In: 2021
• Founders: Aravind Mani and Vipin George
• Funding Raised To Date: $68 Mn
• Investors: Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Yamaha Motor Corp
• Headquarters: Bengaluru

River is an electric two-wheeler manufacturer that launched its first escooter model India in February 2023. The startup ran operations in stealth mode for the last two years while working on its product development and R&D.

River’s Indie comes with a motor that has a peak power of 6.7 kW and can reach a top speed of 90 km per hour. The current vehicle model has a 4 kWh battery with a range of 120 km. 

River throws direct competition to the escooter majors like Ola Electric, Ather Energy, TVS Motor, Pure EV, and others.

In June 2023, River raised $15 Mn (INR 124 Cr) and in February 2024, it raised another $40 Mn in its Series B funding round. So far, the startup has raised $68 Mn in three funding rounds.

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54. SmartE 

• Founded In: 2015 
• Founders: Goldie Srivastava 
• Funding Raised To Date: $18.3 Mn 
• Investors: Mitsui and Co, Ecotransit Investments International, Shell Foundation
• Headquarters: Delhi

SmartE offers last-mile connectivity to commuters. The startup operates a fleet of electric vehicles in more than 10 cities in India, including Faridabad, Noida, Gurugram, Delhi, Lucknow, Kolkata, Mumbai, and Bengaluru. 

In January 2022, SmartE along with Revfin, an EV-focused lending startup, got an undisclosed amount of investment from the Shell Foundation to extend new loans to three-wheelers EVs on its platform. In July 2019, it raised INR 100 Cr in a Series B funding round from Mitsui and Co. Prior to this, it had raised $5 Mn in Series A round from Ecotransit Investments International.  

According to its website, SmartE has partnered with 17 companies such as Kinetic Green, NTPC, SBI, HSIIDC, ACME, Sun Mobility, Exicom and AMARA RAJA. It further claims to have worked with more than 25 clients, including BigBasket, Flipkart, SpicXpress, Milkbasket, and Blowhorn.

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55. Snap-E Cabs

• Founded In: 2022
• Founders: Mayank Bindal and Jaydip Mukherjee
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Kolkata

The 2022-founded Snap-E Cabs is an electric ride-hailing business that competes with the likes of BluSmart as well as Uber and Ola in the fast-evolving Indian ride-hailing market.

The bootstrapped startup initiated its operations in August 2022 and achieved a total fleet size of 600 electric cars by November 2023. 

Currently running in Kolkata only, Snap-E plans to deploy 2,000-3,000 more cars in the city in the next two years. However, instead of expanding its operations further in Tier-I cities, Snap-E aims to bring its electric cab services to cities in Raipur and Bhuvaneshwar.

It achieved a gross merchandise value (GMV) of INR 11 Cr in just six months till October 2023. Snap-E is in talks with some VC firms and angel investors to raise some external funding.

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56. Sheru

• Founded In: 2019
• Founders: Ankit Mittal, Nakul Mehan, and Shikhar Sharma
• Funding Raised To Date: $2 Mn
• Investors: Micelio, Smile Group, AdvantEdge
• Headquarters: Delhi

A brainchild of Ankit Mittal, Nakul Mehan and Shikhar Sharma, Sheru is a new-generation energy storage startup that has integrated vehicle-to-grid (V2G) technology with battery swapping infrastructure. 

The startup initially operated battery swapping infrastructure for e-rickshaws. In 2023, Sheru launched a virtual cloud storage network, NetBat, which aggregates idle EV batteries to create energy storage facilities for utility companies. 

Power producers can simply tap into Sheru’s platform to store energy virtually as per their demand and on a pay-per-use basis. 

Sheru’s range of products and services also cater to battery manufacturers, financiers, resellers, and distribution companies. 

In June 2023, Sheru announced a partnership with intercity bus service provider, zingbus. Recently, Sheru also launched EnergyBox, a battery charging dock designed to charge detachable electric two-wheeler batteries at home, while also providing power backup for homes.

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57. Statiq

• Founded In: 2019
• Founders:  Akshit Bansal, Raghav Arora 
• Funding Raised To Date: ~$26 Mn
• Investors: Shell Ventures, Y Combinator

Statiq is an EV charging network provider that provides both hardware and software solutions. Its wide range of hardware solutions includes Statiq DC CCS charger, Statiq Circle, and AdWall.

Through its app, users can avail charging services installed by Statiq, as well as other prominent charging network providers, including E-Fill, Sunfuel, and GLIDA. 

Over the years, Statiq has joined forces with multiple government bodies, automaker companies and major hospitality players covering more than 65 cities, comprising over 7,000 chargers. In July this year, the startup partnered with Bharat Petroleum Corporation Limited (BPCL).

Statiq plans to install 20,000 charging points across the country by 2025. In 2022, it raised $25.7 Mn in its Series A round led by Shell Ventures.

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58. SUN Mobility 

• Founded In: 2016
• Founders: Chetan Maini, Uday Khemka
• Funding Raised To Date: $50 Mn 
• Investors: Vitol
• Headquarters: Bengaluru

SUN Mobility, a joint venture of Maini Group and Sun Group, offers energy infrastructure. It manufactures lithium-ion batteries, named Smart Batteries, for two-wheelers, three-wheelers, and buses. 

Through its app, EV drivers can locate its battery swapping stations and Quick Interchange Solutions, and swap their batteries. 

As per its website, the startup has partnered with various companies such as Omega Seiki, Vitol, Zypp Electric, Tata Power-DDL, Zyngo, Bosch, Piaggio, IndianOil, Uber, SmartE, Microsoft, and Ashok Leyland. It presently has 65 swapping stations in 15 cities in India, including Delhi, Noida, Faridabad, Chandigarh, Amritsar, Gurugram, and Bengaluru.

In October 2021, it reportedly secured $50 Mn in funding from Vitol to expand its footprint in India and abroad. 

It aims to set up 500 battery-swapping stations in the country by the end of the current year. It further plans to launch new products to improve the battery-swapping experience and strengthen its leadership.

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59. TORK Motors

• Founded In: 2010
• Founders:  Kapil Shelke
• Funding Raised To Date: $10 Mn+
• Investors: Ratan Tata, Maxis Capital, Bharat Forge, Bhavish Aggarwal

TORK Motors is an electric motorcycle manufacturer. Registered in 2010, the EV startup also claims to be the first electric motorcycle maker in the country.

In early 2024, TORK Motors raised $6 Mn in a fresh funding round from Maxis Capital. The startup claims to have filed over 50 patents and designs so far. It also manufactures powertrains for two- and three-wheelers.

In 2023, Log9 and TORK Motors partnered to promote interoperable charging infrastructure in the country under the Bharat Charge Alliance (BCA).

As per Vahan data, the EV bike OEM saw a total vehicle registration of 1,589 units in 2023, up almost 400% YoY.

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60. TSUYO

• Founded In: 2020
• Founders: Lalit Baid, Vijay Kumar 
• Funding Raised To Date: $12 Mn+
• Investors: Ramkrishna Forgings
• Headquarters: Delhi

TSUYO Manufacturing, a subsidiary of JYVA Engineering, makes powertrain solutions for electric vehicles (EVs) in India and other Asian nations.  

The startup produces BLDC motors and controllers for three-wheeler electric vehicles. It also builds customised EV solutions for companies, according to its website.

In December last year, Kolkata-based supplier Ramkrishna Forgings Ltd. acquired a 51% stake in TSUYO for around INR 100 Cr (around $12.07 Mn at the then exchange rates). 

Ramkrishna Forgings had said that it would invest heavily in TSUYO in the next five years to increase its turnover to around INR 500 Cr by the end of the fifth year. 

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61. Ultraviolette Automotive

• Founded In: 2016
• Founders: Narayan Subramaniam and Niraj Rajmohan  
• Funding Raised To Date: $20.56 Mn
• Investors: TVS, Zoho Corporation, Kumar Vembu, 
• Headquarters: Bengaluru

Ultraviolette Automotive offers sustainable mobility solutions and energy infrastructure to customers. The EV startup sells a zero-emission electric bike named F77 and batteries on its website. 

In December 2021, Ultraviolette Automotive raised INR 112.5 Cr (about $15 Mn) from TVS Motor and Zoho. While TVS invested INR 75 Cr, Zoho pumped INR 38 Cr into the startup.  

Prior to this, Ultraviolette Automotive got an investment of INR 30 Cr from TVS in Series B funding round. In October 2020, it got an undisclosed amount of investment from GoFrugal’s Kumar Vembu as a part of a Series B round. Vembu also invested in the EV startup’s Series A round.

In 2018, Ultraviolette Automotive raised $862K (INR 6 Cr) in Series A round from TVS Motor Company. Earlier in 2017, TVS invested $700K (INR5 Cr) for a 14.78% stake in the EV startup.

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62. Vecmocon

• Founded In: 2016
• Founders:  Peeyush Asati, Adarshkumar B and Shivam Wankhede 
• Funding Raised To Date: Funding: $5.2 Mn
• Investors: Tiger Global, Blume Ventures, Tessellate Ventures
• Headquarters: Delhi-NCR

Vecmocon offers battery management systems, vehicle intelligence services, chargers and instrument clusters. Its plug-and-play service integrates into electric vehicles’ OEMs. It is currently offering these services to electric two-wheelers, three-wheelers, forklifts and tractors.

According to its website, the EV startup will soon begin offering motor controllers and fleet management for electric vehicles. 

In October, the EV startup secured $5.2 Mn in its Pre-Series A funding round from Tiger Global, Blume Ventures and other angel investors. The startup said it powered 5K EVs to date and aims to power more than 500K electric vehicles by 2025.

In 2019, it secured $300K in its seed funding round led by Tessellate Ventures.

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63. Vidyut Tech

• Founded In: 2021
• Founders: Xitij Kothi and Gaurav Srivastava
• Funding Raised To Date: $14 Mn+
• Investors: 3one4 Capital, Force Ventures, Veda VC, Kunal Shah, Sahil Barua
• Headquarters: Bengaluru

Founded in 2021, Vidyut Tech is a commercial EV financing and vehicle lifecycle management platform, which aims to make commercial EV ownership more accessible and affordable.

The startup is trying to solve some of the biggest problems in the EV financing space by decoupling batteries from vehicles while underwriting loans for EVs. Given there is a gap in the longevity of EV batteries and vehicle chassis, Vidyut Tech believes that this approach works better for most customers in the L5 category of vehicles that it caters to.

Besides a traditional term loan plan, Vidyut provides buyers with a hybrid financing model for vehicle loans with a battery subscription. This brings down the upfront cost of the EVs by 40%-50%.

Using battery health data and its proprietary underwriting model, Vidyut extracts a high residual value for EVs, enabling customers to get an effective interest rate of 7% while buying the vehicles.

Recently, in February, it raised $10 Mn as a part of its Series A funding round led by 3one4 Capital. Vidyut now plans to expand its offerings in EV insurance, after-sales, servicing maintenance, and even charging and resale.

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64. Yulu

• Founded In: 2017
• Founders: Amit Gupta, RK Misra, Naveen Dachuri, Hemant Gupta
• Funding Raised To Date: $125 Mn+
• Investors: Blume Ventures, 3One4 Capital, Wavemaker Partners, Incubate Fund India, Magna, Bajaj
• Headquarters: Bengaluru

Yulu offers sustainable mobility solutions and charging infrastructure. It provides emobility solutions in cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad while also offering an AI-enabled battery-as-a-service (BaaS) to its electric vehicle users through the ‘Yuma Energy’ battery swapping stations.

The startup offers Yulu Miracle for urban commuters and Yulu DeX for last-mile delivery. Besides, in 2023, the company also launched Yulu Wynn to provide its customers with the experience of owning its bikes.

In 2022, Yulu raised $82 Mn in its Series B funding round led by the Magna, with participation from Bajaj Auto. In February 2024, the startup secured another $19.25 Mn from the same strategic investors.

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65. Zen Mobility

• Founded In: 2018
• Founders: Namit Jain
• Funding Raised To Date: Bootstrapped
• Investors: NA

Zen Mobility designs, engineers, and manufactures custom light electric vehicles (LEVs) with an aim to transform logistics and urban mobility. 

Zen Mobility is currently piloting the delivery of grocery and dairy products for startups, including BigBasket and Country Delight, via its newly launched mobile refrigeration unit, Micro Pod ThermoFlex. 

Its Micro Pod ThermoFlex can store products in a range of 15 to -15 degrees Celsius, depending on the needs. 

The startup is aiming to raise $10 Mn in its maiden funding round from a strategic partner.

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66. Zypp Electric

• Founded In: 2017
• Founders: Akash Gupta, Rashi Agarwal
• Funding Raised To Date: $12 Mn
• Investors: Northern Arc, 9Unicorns, Anthill Ventures, Nanavati Family Office, We Founder Circle, Riso Capital Fund, Dholakia Ventures, Venture Catalysts, IAN Fund, Tarun Saraf, Rahul Khera, Arjun Seth, Mark Joseph
• Headquarters: Gurugram

Zypp Electric offers B2B delivery and shared mobility services to consumers. It provides electric scooters for last-mile delivery to more than 50 companies, including Zomato, Swiggy, BigBasket, Amazon, Flipkart, Myntra, PharmEasy, Delhivery, and Spencers, among others. 

Earlier, it had shared that with 6,000 electric vehicles on the road, it helped its partners complete more than 5 Mn deliveries in the financial year 2021-22.

In September 2021, it bagged $7 Mn in a Series A funding round led by 9Unicorns and Anthill Ventures. 

It has a headcount of 400 employees and plans to double its employee base by September 2023. 

This is a running article, we will keep adding more names to the list.

Last updated on September 18, 2024

The post 66 EV Startups That Are Helping Keep The Earth Healthy And Clean appeared first on Inc42 Media.

India has big plans for a sustainable tomorrow. For starters, the nation has set its sight on net zero emissions by 2070. Also, the pace at which the country is adopting electric vehicles is astonishing, and the government’s role in subsidising the industry and end users is just the icing on the cake.

All in all, the country’s fight against air pollution is as serious as it gets, given that India is home to one of the five most polluted cities in the world. 

Even more concerning is that, of the 99 cities tracked last year for the worst air pollution globally, 83 were from India. 

This is happening despite the government’s strong push to phase out diesel engines and eventually petrol ones. On top of that, a significant percentage of vehicles in India already run on CNG, a clean fuel introduced in the early 2000s as an alternative.

Besides all that is being done, the National Green Tribunal (NGT) is doing everything in its power to preserve the environment from various miscreants, including construction and mining dirt and dust, which, surprisingly, account for 59% of air pollution in India. 

Amid all the brouhaha around curbing air pollution, it’s important to note that the traditional brick industry has been a major contributor to air pollution for a long time. Reports indicate that around 300 Bn bricks are produced annually in South Asia, with India contributing to 75% of this total. This high production level not only leads to increased coal consumption but also substantially raises CO2 emissions.

While that is true, brick manufacturing impacts 8% of the air pollution in Delhi and nearby districts. A research paper stated that brick kilns are “a major contributor to ambient air pollution and are responsible for up to 91% of total PM emissions in some cities”.

The problems caused by traditional clay brick manufacturing are numerous. It not only leads to higher fossil fuel consumption but also contributes to pollution of air, water, and land. Although there have been discussions and various efforts to make brick production more sustainable, including the growing popularity of fly ash bricks, many of these methods still fall short of being fully sustainable.

From the array of problems that contribute to the growing challenge of environmental degradation, including plastics, Udaipur-based Angirus has vowed to make the construction sector sustainable with its ecofriendly bricks that are made of non-recyclable waste material, including plastics.

Founded in 2020, the startup, using its patented technology, works to upcycle non-recyclable waste materials into functional and ecofriendly building materials such as bricks and paver blocks.

The startup’s name takes inspiration from an Indian sage, who is also considered the inventor of clay bricks. The cofounders call their startup the Angiras sage of modern times.

The startup has so far received INR 80 Lakh in grants and awards from different organisations, including IIT Madras, Pernod Ricard India Foundation, and Ministry of Housing and Urban Affairs. Angirus has also raised INR 36 Lakh in equity from IIM Ahmedabad Ventures and a few angel investors.

Angirus’ Early Days

Although Angirus was founded in October 2020, its story began much earlier, in 2019, when cofounder and CEO Kunjpreet Arora was pursuing civil engineering from Rajasthan Technical University.

Growing up in Udaipur, Arora was deeply troubled by the sight of plastic waste scattered across the city. Even though the government was doing its bit to raise awareness, Arora realised it wasn’t enough.

As a civil engineering student, Arora started researching whether single-use plastics can be upcycled to make bricks for construction. 

Around the same time, Lokesh Puri Goswami, now the cofounder and CTO of Angirus, was working on a marble slurry project.

As Arora moved ahead with her research, she found that one can easily make construction bricks by melting plastic waste and mixing it with marble slurry. The bricks of this compound are stronger and more durable than the traditional ones.

The findings were mind-boggling, and the two joined forces not to solve the broader issue of waste management and make sustainable bricks for a greener and cleaner tomorrow.

During this time, the Covid-19 pandemic struck the world, forcing people behind the walls of their homes. This period proved to be beneficial for the cofounders, and they kept doing secondary research to understand the potential demand for its upcoming products. 

In 2021, Angirus signed an MoU with a local municipal corporation in Udaipur, which had a construction and demolition recycling plant under its jurisdiction. Angirus started using the plant to recycle the construction and demolition mix into recycled aggregates to be used in concrete, recycled bricks, and more.

Soon after, the cofounders started working on building a machine of their own that could use various recycled waste to make bricks. 

“The traditional brick kiln industry contributes heavily to carbon emissions and relies on manual labour. With stricter government regulations, we saw an opportunity to bridge the gap between outdated practices and modern technology,” the cofounders said.

By 2023 end, the startup also began a few pilots with local contractors and builders. From here, Angirus started getting orders. Currently, its pilot facility in Udaipur has a capacity of producing 12,000 bricks per month.

Currently, the founders are in talks with some of the top builders and architects in Chennai, Bengaluru, Hyderabad, Indore, Srinagar, and some areas in Rajasthan. Angirus has already secured INR 50 Lakh worth of orders.

Angirus Imagines A Society Made Of ‘Wricks’ 

The startup’s bricks, called wricks, are made from 25-30% plastic waste and the rest from industrial byproducts. Also, these wricks are waterproof due to the plastic used in them.

According to the founders, the wricks are also 80% damp-proof, offer 20% more thermal insulation than clay bricks, and are twice as strong. 

“While traditional bricks have a strength of 4-6 megapascals (MPa), ‘wricks’ boast a strength of 12-18 MPa,” Arora said, adding that these parameters are lab-tested at IISc Bangalore, NABL Labs and Shriram Institute for Industrial Research.

“In fact, one of our Chennai clients has said that he’s witnessing at least a 15-degree temperature difference from outside the building versus inside of the building that is being built with our product,” the cofounder said.

Behind this innovation is the startup’s technology and machines. The bricks are made in a three-step process, which includes mixing, melting, and moulding. Given a large part of the process is automated, the brick-making process is also less labour-intensive.

In December 2023, Angirus received the first patent for its technology. The proprietary tech has helped the startup match the prices of traditional bricks.

For instance, clay or cement bricks may cost around INR 12 to INR 20 a block in Tier 1 cities while Angirus’ wricks are priced at INR 15 to INR 20 per block.

“Earlier we were paying INR 9 per kg when we collected the plastic waste from Mumbai and Jaipur, but now we are paying INR 3 per kg from local cities, so that has also drastically reduced our manufacturing cost as well,” Arora said. 

The startup expects to improve its unit economics and reduce manufacturing costs when it starts to produce at scale.

Where Is Angirus Headed?

Since launching commercial sales in August 2023, Angirus has achieved INR 7 Lakh in revenue in FY24. Notably, it garnered around INR 4 Lakh revenue in just the May-July period, according to the founders. Looking ahead to FY25, Angirus is aiming for INR 70 Lakh in revenue. 

To support this expansion, the company is seeking INR 1.5 Cr in equity and an additional INR 1.5 Cr in grants. It is building a new facility in Bengaluru, which will have a production capacity of 1-1.2 Lakh wricks a month.

However, despite the promising opportunity, there are challenges ahead. For one, the awareness of sustainable construction practices among individuals and builders is still limited. 

Per the founders, while large builders are starting to embrace sustainability due to government green building initiatives and ESG goals, widespread adoption of Angirus’ wricks and sustainable building materials in general will still take time.

“Once the builders see the environmental benefits of adopting our bricks, it will bring about a revolution. But this will take some time,” Arora said.

Meanwhile, the startup is receiving active interest from global markets like Europe, Australia, and the UAE. However, Angirus plans to address challenges in the Indian market first.

While that is the startup’s long-term goal, it will be interesting to see how Angirus stirs up the debate around sustainable construction practices with its environmentally friendly wricks. 

[Edited by Shishir Parasher]

The post Can Angirus’ Eco Bricks Replace Traditional Building Materials In India? appeared first on Inc42 Media.

Turning 30 is scary, yet it marks a significant transition in any person’s life — from a more impulsive and reckless youth to a responsible adulthood. While for many it is a time of reflection, growth, and newfound maturity, for childhood friends Dipalie Bajaj and Nidhi Panchmal, turning 30 was a ticking clock, with family demanding they get married and have kids before it was too late.

The irony? They had spent years hearing stories of other women grappling with the same pressures but could hardly relate until they found themselves in those same shoes.

It was probably time for the friends to sit and have a chat, but little did they know that a general tête-à-tête between the two old friends would have a snowball effect so massive that, in just a few years, they would be playing a key role in addressing the complex, often unspoken drama around infertility in the country.

Years later, the duo of childhood friends are the cofounders of Arva Health, a Bengaluru-based femtech startup founded in May 2022. Currently, the fertility-care startup offers a range of services, including fertility assessments, education, advanced treatments, egg-freezing consultations, and PCOS care.   

On the technological front, the company currently runs a website and an app, which helps users also gain access to live Q&As with experts, and 24/7 support from counsellors, doctors, and health coaches. Additionally, it assists with fertility treatments like egg freezing, IVF, and IUI. 

Arva Health operates in major cities like Mumbai, Delhi and Bengaluru, as well as some remote areas of Madhya Pradesh and Rajasthan. The startup’s larger aim is to raise India’s awareness when it comes to fertility issues among men and women. 

According to the cofounder duo, the startup’s revenues have seen a 680% rise since its inception, with a steady monthly growth of 38%. It has already helped over 2,000 women.

Arva Health — A Startup That Wasn’t On The Cards 

Peeved by the family pressure to get married and tired of listening to how their body clocks are ticking, the childhood friends decided to venture out to understand the extent of the infertility problem they would have if they delayed getting married.

At the time, both of them were working professionals. While Bajaj was working as a UX designer, Panchmal was a practising CA.

With zilch knowledge in the medical field, both Bajaj and Panchmal started visiting IVF and gynaecology clinics to seek answers to their long list of queries related to infertility and slowing fertility clocks. During this time, they also got the opportunity to speak with several women. They found themselves in the midst of heartbreaking stories of women who wanted to start their families but couldn’t due to reasons unknown.   

“From how much time one has before the body loses its fertility to why a couple is not getting pregnant, there are several questions that shroud individuals on their family way. What came as a shocker to us was that there were not many reliable places, and we couldn’t just sit around and do nothing about it,” Bajaj said, adding that thus began their mission to help women and couples with fertility problems, advanced treatments, and PCOS care. 

“There was no initial plan to build Arva. We began Arva’s journey with a pilot in 2022 to validate the actual problems women were facing. We listened to women and their problems, and as we gathered information, we kept refining our approach, which led us to where we are now,” Bajaj said.

While the startup was founded in 2022, but it officially initiated operations in 2023 with a pilot project to build their presence on social media first, which helped them spark discussions around fertility. 

The cofounders decided that the only way consumers can relate to the brand is by a founder-led approach, so they focussed on showing up personally, with all their content being delivered directly by either Bajaj or Panchmal. 

The cofounders use social media as an educational tool to address various topics and struggles related to fertility. To this date, social media plays a crucial role for the brand, which currently has 15.4K followers on Instagram. 

As per Panchmal, the strategy proved effective, as within the first month of launching their content, they went viral. 

“The brand’s educational positioning and our personal involvement resonated with many, leading to millions of views on some of our videos. We spoke about fertility as a natural aspect of life rather than a disease or something inherently wrong, which contributed to the widespread engagement with our content,” the cofounder said.

From there, the cofounders transitioned to forming a medical panel, as neither had a medical background.

This panel, which was envisioned to focus on ensuring a holistic approach to fertility care, comprised gynaecologists, reproductive endocrinologists, fertility specialists, and a functional medicine doctor from India and abroad.

From there, it was pretty much a natural transition to Arva Health, which the cofounders started with the launch of a fertility test in January 2024. The next thing on the cards was to provide consultations, which started in March of the same year.

Based on customer feedback, the cofounders introduced additional services, including in-house fertility counsellors to guide and educate clients throughout their journey, expert consultations with fertility specialists, and fertility coaching for those trying to conceive naturally. 

The startup has also established partnerships with select clinics for advanced treatments like egg freezing and IVF. Besides, it enjoys partnerships with a range of diagnostic centres, including Thyrocare, Redcliffe, Orange Health, Tata 1MG, and Healthians. The startup is accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).

Opportunities & Challenges Ahead For Arva Health 

While the startup’s biggest strength lies in its online-first approach, this also presents a big challenge. This is because certain services, like basic ultrasounds and egg freezing, require offline presence. Consequently, the startup plans to foster an omnichannel approach rather than remaining solely digital. 

According to Bajaj, their business has predominantly been online for the past eight months, except when referring clients to partner clinics for fertility treatments. 

“In the next phase of our journey, while we will maintain our online services, as they make fertility care more accessible to working women, we will also expand offline to enable more direct service delivery,” Bajaj said. 

In addition, the cofounders said, the startup will expand its presence on the ground. Currently, the startup works with partner clinics in Bengaluru and Mumbai, but it plans to launch its own fertility centres this fiscal only.

“Besides this, we will be expanding into men’s vertical in FY25, so that it’s more about family building rather than just about women,” the cofounders said, adding that the startup will garner up to INR 5 Cr in FY25 revenues, which will be officially the first full financial year for the brand. 

In India, the tide of IVF treatments is on the rise, and the market is projected to breach the $5 Bn mark by 2033. Supporting this growth is a growing middle class and rising disposable incomes.

Also, an increasing number of millennials today want to delay the pleasure of parenthood due to the rising cut throat in the job market, falling savings, and expensive healthcare and education. Amid the current scheme of things, startups like Arva offer options like egg freezing, which gives new-age couples the freedom to delay family planning by a few years.

However, high treatment costs remain a significant barrier, especially for couples in rural areas. More affordable options and wider insurance coverage are needed to make fertility care accessible. In addition, the industry faces complex regulatory challenges, particularly around the ethical aspects of assisted reproductive technologies (ART), requiring providers to balance international standards with local regulations.

Also, while awareness is increasing, the stigma surrounding infertility, particularly for men, continues to hinder timely treatment and affect the mental health of those undergoing care.

Therefore, the need of the hour is to normalise conversations around fertility. “We want fertility to be as normal as discussing a skincare routine, but there’s a lot to be done,” the cofounders concluded.

[Edited by Shishir Parasher]

The post This Startup Is On A Mission To Transform India’s Fertility Care Landscape appeared first on Inc42 Media.

There’s something special about the chatpata (deliciously tangy) candies that will never fail to tickle Indian taste buds. Many of us are still besotted with mango and imli (tamarind) delights, so much so that these timeless flavours have found their way into chutneys, juices, curries and countless other dishes.

Nostalgia hit him when Vinay Kothari, an FMCG professional, stumbled upon some jackfruit candies at a roadside stall on a trek to the Western Ghats in January 2018. The familiar taste flooded his mind with long-forgotten childhood memories, and he left the place with bags full of those savoury candies. 

Upon his return, he booked a stall at a flea market and sold the entire stock in half a day. Overwhelmed by the response, he joined forces with his sister Raksha (an engineer by profession) to set up a new venture. The duo launched the direct-to-consumer (D2C) food brand GO DESi before the year was out.

As its name suggests, the brand encourages consumers to embrace their desi roots and buy traditional candies in a variety of flavours, all made from fruit pulp and brimming with the natural goodness of jaggery used as a sweetener. 

GO DESi runs a 40K sq. ft manufacturing facility in Sira village and Bidadi near Bengaluru and collaborates with farmers, self-help groups, co-operatives and rural businesses to ensure a steady product flow. These tie-ups are critical for a food brand that thrives on local flavours and must have a thorough knowledge of the landscape for best-in-class procurement and excellence in production. 

The brand has 40 SKUs on offer across four categories. These include its flagship DESi PoPz (candy bar on a stick), traditional Indian sweets, snacks and mouth fresheners. 

GO DESi clocked INR 60 Cr in revenue in FY24 and targets INR 75 Cr in FY25.

Inside GO DESi’s ‘Sweet’ Bet: Old Classics Made New

“GO DESi isn’t just one thing. It’s not just about the products or the stores. It is about crafting a unique experience that our consumers can connect with,” said Vinay. 

So, it incorporates a whole range of regional flavours and natural ingredients in its products. The focus is more on exploring varieties not readily available in urban markets. For instance, DESi PoPz is made from tamarind, mango or guava pulp. 

It has also introduced yummy but healthy snacks like baked ragi chips, guava bytes, spicy mango bytes and more. 

But the best part of its product journey is a bold leap to reimagine traditional sweets. Classic Indian treats like kaju katli, laddu and barfi are made cool and contemporary, breathing fresh life into these long-cherished confections.

“You may give your partner a popular chocolate bar on Valentine’s Day, but do you consider giving them a kaju katli? Not ever, but why? The challenge lies in making traditional sweets cool enough for that. We are working on a product line that resonates with Gen Z and Generation Alpha,” Vinay sounded confident.

How does GO DESi achieve this? By reshaping traditional barfis as barfi bars resembling chocolate bars. This innovative twist preserves the essence of the treat and aligns with today’s consumer preference. The packaging complements the modern approach and stylish gift boxes are rolled out during Diwali and Raksha Bandhan to add to the ‘cool’ quotient.

From Offline To Online, How GO DESi Has Mastered Omnichannel

If product development is an essential criterion for business success, so is distribution and sales. Brand discovery and reaching customers en masse are challenging for new brands. To cope with it, the founders kept the pricing pocket-friendly. Their flagship product, DESi PoPz, is sold at INR 5 a piece. More importantly, they prioritised offline distribution instead of an online-first approach that most D2C brands choose to minimise intermediary costs.

For Vinay, offline distribution comes naturally, given his prior experience, but it was also a strategic move despite the high costs of brick-and-mortar retail. 

“To achieve a certain top line, we had to reach a much larger audience, which was initially daunting. Hence, the offline-first approach. Nevertheless, we decided not to rely on a single route and gradually adopted a multi-channel strategy. This worked well, as we did not put all our eggs in one basket. Today, we are truly an omnichannel brand, and this broad distribution approach has driven our success,” explained Vinay.

Covid-19 lockdowns in early 2020 further bolstered the decision to diversify the brand’s distribution from offline to online. Its digital journey started with DESi PoPz assortment boxes and the founders saw an opportunity to expand the product line minus the hassles of offline marketing. GO DESi entered the Amazon marketplace and set up its D2C website, followed by quick commerce and offline kiosks. It currently runs 31 kiosks in Bengaluru and claims a presence in 50K offline stores.  

Vinay says he always starts with DESi PoPz (due to its low price point and innovative format) whenever exploring a new distribution channel. The success of the flagship paves the way for the introduction of other products.

Currently, about 40% of the D2C player’s sales come from offline, nearly 20% from marketplaces like Flipkart and Amazon, 30% from quick commerce and just 10% from its website, typically through bulk orders. 

Rukam Capital: The Catalyst Behind GO DESi’s Growth

Breaking into an overcrowded retail space and creating a niche is no small feat, especially in a segment ruled by legacy giants like Haldiram’s and Bikanerwala. But the founders did not waver. 

“The traditional sweets market in India presents a considerable opportunity, as nearly 85% remains unorganised. Only a handful of players have transitioned to the packaged sweets segment, but the unorganised sector dwarfs the combined confectionery and chocolate markets. It is at least eight to 10 times larger,” observed Vinay.

The domestic market for packed sweets reached INR 6,229.7 Cr in 2023, per a Research and Markets report, and it is projected to surge to INR 25,970.8 Cr by 2032, at a CAGR of 17.19%. Although consumers prefer established brands, no single entity can fill this void.   

“The rising demand for packaged sweets is driving growth across platforms, and this is the gap we aim to address,” said Vinay.

Delhi-based Rukam Capital, known for investing in early stage consumer brands, has played a crucial role in this endeavour. GO DESi secured one of its first institutional rounds from Rukam in 2018, and the VC firm has consistently supported the business. It had invested INR 79 Cr across three rounds and recently joined another round of INR 41 Cr, led by Avishkaar Capital.

Vinay also lauded the VC’s support even during challenging times like the Covid-19 pandemic. “What stands out about Rukam is its thorough understanding of the ground reality. It knows what it takes to build and scale a business and understands startups’ unique challenges.”

“The unorganised to organised play is a very important point for an emerging market like India. There are many much loved recipes and food products which appeal to the Indian palette. In the couple of decades prior to our investment in Go DESi with the exception of brands like PULSE, no real startup was created in the impulse category. It is a no-brainer that a high-quality product like Imli PoP would appeal to consumers all over the country,” said Archana Jahagirdar, managing partner at Rukam Capital.

She acknowledged that the founders’ backgrounds and their commitment to building a healthy yet tasty product made this investment decision fairly easy. 

“Our approach with our portfolio is to be there in a non-intrusive way and help with thinking through an appropriate solution for such problems. So, from emphasising on in early days on keeping a close eye on business fundamentals, brand building and adding heft to the leadership team we have been there with the founders every step of the way,”  Jahagirdar added.

GO DESi’s Vision: More Twists To Indian Sweets, Overseas Expansion 

According to industry estimates, around 82% of Indians prefer traditional sweets to Western desserts, chocolate and ice cream. Keeping in mind the evolving market and consumers, GO DESi plans to dive deep into traditional sweets.

It will also launch new flavours and explore new product categories. The focus is to ensure widespread consumption of Indian sweets and snacks.

The brand aims to double its kiosks from 31 to 60+ across major Indian cities by FY25, achieve a valuation of INR 500 Cr by 2028 and expand the global reach of packaged traditional foods. 

“We want to become one of those packaged food brands that make Indian cuisine truly global. Just as Korean cuisine has gained huge popularity and everyone is talking about it, we aspire to achieve the same for Indian sweets,” the founders said.

There are glitches, of course, as Indian brands need to adopt healthy ingredients, follow global quality standards and offer a broad range of dietary choices for the diabetic, the vegan, the vegetarian and more. But new-age players like GO DESi and its peers are all set to innovate and cater to the modern palate.

The post How D2C Brand GO DESi Is Adding Modern Twist To Traditional Sweets & Candies appeared first on Inc42 Media.

India’s flourishing tech landscape is no longer the sole domain of elite business school graduates. The past decade has seen celebrities capitalise on the growth of the world’s third-largest startup ecosystem. 

Leading the pack are imminent names like Deepika Padukone and Alia Bhatt, who are founding startups, particularly in the booming omnichannel D2C space. Even cricketers are joining the game, with established ventures from MS Dhoni and Deepak Chahar’s recent launch of a fantasy gaming platform.

Celebrities are actively building businesses, embracing the core principles of entrepreneurship and investing heavily. The year 2023 witnessed a record year for celebrity investors, with Inc42 reporting over 19 personalities infusing capital into 26 startups, including prominent figures like Akshay Kumar and Sunil Shetty.

At a time when angel investment is on the rise, let’s steal a glance at the list of Indian celebrity founders who’ve become the talk of the Indian startup town in recent years.

Note: This is not an exhaustive list or ranking of any kind.

1. Alia Bhatt

An avid startup investor, Alia Bhatt solidified her footprint in the Indian startup ecosystem with the launch of Ed-a-Mamma, a kidswear D2C brand, in 2020.

Unlike most celebrity brands, which are either co-created or have a revenue-sharing model, Ed-a-Mamma was initially fully funded by Bhatt.

The startup has been operating on an omnichannel model, selling across ecommerce platforms, its website, and offline retail chains, including Lifestyle and Shoppers’ Stop. In September 2023, Reliance Retail Ventures Limited (RRVL) acquired a majority stake in Ed-a-Mamma.

Besides her entrepreneurial journey with Ed-a-Mamma, as an investor, Bhatt’s startup portfolio includes the personal styling platform Style Cracker and biomaterial startup Phool. She also has investments in beauty and fashion ecommerce major Nykaa. 

2. Deepak Chahar

Indian cricketer Deepak Chahar announced his entry into the Indian startup space with the launch of a fantasy gaming platform, Trade Fantasy Game (TFG), in February 2023. The startup, cofounded by Jaya Chahar (Deepak’s wife), was incorporated with an internal investment of INR 10 Cr in March 2022.

The parent entity of TFG, JCDC Sports Pvt Ltd, offers a premium experience of playing collectable and card-based fantasy games on its platform. At the time of its launch, TFG aimed to foster 1 Mn users by FY24 and generate revenues of INR 18 Cr by FY25.

It is pertinent to note that the Chahars are trying to make waves in the Indian fantasy gaming arena dominated by the likes of Dream11, Mobile Premier League (MPL) and others. 

In addition, the cricketer owns a D2C sportswear brand DNINE Sports. Launched in September 2023 with an investment of INR 2.5 Cr. The brand sells sports apparel, shoes, accessories, and dietary supplements via its website. Chahar and his father Lokendra Singh Chahar serve as the cofounders of the brand. 

3. Deepika Padukone

Bollywood actress Deepika Padukone entered the Indian startup ecosystem as an investor. Spacetech startup Bellatrix Aerospace and electric rise-hailing platform Blusmart have been able to lap up Padukone’s interest.

Taking the entrepreneurial leap of faith, Padukone founded personal care brand 82°E, along with Jigar Shah, in 2021. 

The D2C brand was launched in November 2022 with a core focus on skincare products. Currently, 82°E has products in skincare and fosters a separate personal care line for men (82°E Man).

In December 2022, the startup raised $7.5 Mn in seed funding from DSG Consumer Partners and IDEO Ventures, along with multiple ultra-high-net-worth individuals (UHNIs) and Padukone’s family office. 82°E is now raising around $6 Mn as a part of its extended seed funding round with Deepika Padukone and her father Prakash Padukone’s investment entity, Ka Enterprises, increasing its stake in the startup.

Meanwhile, Padukone has also increased her investment portfolio with startups like Epigamia, Furlenco, Atomberg, Mokobara, and Nua. 

4. Hrithik Roshan 

The actor turned into an entrepreneur in 2013 with the launch of his lifestyle brand HRX, which sells a range of products, including sportswear, footwear, casualwear, and accessories for men and women. In 2016, Flipkart-owned Myntra bought a 51% stake in HRX.

With time, HRX has diversified into selling gym equipment and wearables. In 2017, the brand joined hands with Cult.fit (which is now a fitness unicorn) and launched the first-ever celebrity-designed HRX workout regime across Cult centres in India.

5. Katrina Kaif

Bollywood actress and model Katrina Kaif forayed into the beauty and personal care space with the launch of makeup brand Kay Beauty in 2019.  

Striking the right balance between glamour and skincare, the brand sells products like hydrating foundation, creme blush, liquid highlighter, and lip oil gloss, among other beauty products. 

Following the launch of the brand, Kaif also infused an undisclosed amount in Nykaa through a secondary transaction in 2020. With the investment, Kay Beauty became an in-house brand of the listed beauty and personal care major. 

Now, Nykaa owns a 51% stake in Kay Beauty. Recently, at the Startup Mahakumbh, Nykaa’s founder Falguni Nayar said that the company was expecting to generate INR 200 Cr from Kay Beauty in FY24. 

6. Kriti Sanon

Kriti Sanon joined the startup bandwagon by cofounding fitness brand ‘The Tribe’ in 2022, along with Anushka Nandani, Karan Sawhney and Robin Behl

The Tribe offers virtual and ‘in-studio’ products including training workshops and tailor-made nutrition plans.

Last year, Sanon also joined hands with PEP Technologies, the parent company of mCaffeine, to launch skincare brand Hyphen. 

Hyphen offers 21 SKUs for comprehensive facial care, including cleansers, moisturisers, serums, sunscreens, lip balms and anti-pigmentation products. The startup claims to have clocked INR 14 Cr in FY24 and INR 100 Cr in annualised gross sales in July 2024.

7. MS Dhoni

Former Indian cricket team Indian cricketer MS Dhoni is the brand ambassador and partial owner of the lifestyle brand SEVEN. The brand was launched in 2016 by RS Seven Lifestyle (P) Ltd, which is a part of Rhiti Group.

Apart from this, Dhoni is also a big-time startup investor. He has investments in more than eight Indian startups. Some of the noteworthy startups in his investment portfolio include Tagda Raho, Rigi, Shaka Harry, Garuda, HomeLane, 7ink Brews, Khatabook and Cars24. In 2012, Dhoni also started a gym chain in India, SportsFit World Pvt Ltd.

More recently, in April 2024, EV Startup EMotorad roped in Dhoni as an equity investor. Founded in 2020, EMotorad sells electric cycles for daily commuting and casual rides. It aims to offer travel alternatives through premium electric cycles and promote a healthier lifestyle. Apart from having his investment in the startup, Dhoni is also the brand ambassador of EMotorad. 

8. Preity Zinta

The iconic Bollywood actor began her entrepreneurial journey in 2008 as a co-owner of Indian Premier League (IPL) team Punjab Kings.

Despite being on a long acting career break, Preity Zinta shined as an entrepreneur with the growing popularity of IPL. 

Most recently, Zinta gave a new boost to her entrepreneurial career by signing up as a cofounder of a member-based gym facility DRIVE FITT. Cofounded by Zinta, along with cricketer Shubman Gill, and Australian businessmen Mark Sellar and Deke Smith, DRIVE FITT aims to provide cricket training facilities. It will offer high-tech bowling machines, yoga studios, comprehensive strength, conditioning, and cardio training with gym amenities.

DRIVE FITT plans to open its flagship facility later this year.

9. Priyanka Chopra Jonas

Indian actor Priyanka Chopra Jonas launched her haircare brand named Anomaly in 2021 starting with the US market. Anomaly’s range of products, including dry shampoos, shampoos, hair masks and conditioners, was first available across US-based retail giant Target’s online and offline stores.

In 2022, Nykaa tapped Anomaly for an exclusive launch of its products in India. Currently, the brand’s products are available across Nykaa, Amazon, and Flipkart.

Jonas has also been an investor for a long time. In 2018, she had invested in two US-based startups – Holberton School and dating app Bumble. 

10. Rakul Preet Singh

Indian actress Rakul Preet Singh forayed into the Indian startup space in 2021 when she launched a LinkedIn-like talent discovery platform, Starring You, along with her brother Aman Preet Singh. 

With the app, the actress aims to bridge the gap between aspiring talent and talent hunters in the entertainment field. The app has over 10,000 downloads on Google’s Play Store.

After making her first entrepreneurial leap with Starring You, Singh focussed on a vertical outside of the entertainment business for her next endeavour.

With an aim to make baby care safe, effective and ecological, she joined hands with Shreya Chadalavada and Jahnavi Reddy Dorigallu to launch D2C startup NewBoo in 2023. The brand sells reusable baby diapers that use soft material and are liquid absorbent. 

Besides, the actress invested in Wellbeing Nutrition in 2022. She is also the startup’s brand ambassador. 

11. Rana Daggubati

Actor Rana Daggubati, who gained nationwide fame after the meteoric success of the movie ‘Bahubali’, is an active investor in the startup ecosystem. Besides having a stake in startups like the Ghost Kitchen, the actor also dawned the entrepreneurial hat in 2021, when he ventured into the then-blooming Metaverse and NFT space to start IKONZ. He partnered with Abinav Varma Kalidindi to launch the startup.

In 2022, IKONZ raised an undisclosed amount of seed funding from early-stage VC firm Village Global, which is backed by the life of Microsoft’s Bill Gates, Amazon’s Jeff Bezos, Meta’s Mark Zuckerberg, and technology investment firm Woodstock.

The platform helps IP owners and artists in the space monetise their digital assets by providing access to crypto communities worldwide. Since its inception, the startup has collaborated with brands like Amar Chitra Katha and Tinkle to bring entertainment IPs to the metaverse. 

Besides this, he also set up a fan engagement startup Socialswag with actor Akshay Kumar as his cofounder. The startup offers a skill and talent development platform with celebrity-led courses. Soon after the launch in April 2021, Socialswag bagged close to $1 Mn in its seed funding round from multiple angel investors.

12. Ranveer Singh 

Actor Ranveer Singh became one of the cofounders of D2C sexual wellness startup Bold Care after he invested an undisclosed amount in the startup in December 2023. Singh is also the face of the brand. 

Apart from Bold Care, the actor also serves as an investor for other startups. He recently invested in Aman Gupta’s bOAt and Vineeta Singh’s D2C brand Sugar Cosmetics in 2022. 

13. Samantha Ruth Prabhu

Samantha Ruth Prabhu, a well-known figure in the South Indian movie industry, began her entrepreneurial journey even before she gained fame as a leading actress in multiple Bollywood films. Her involvement in the Indian startup ecosystem started in September 2020, when she partnered with former Miss India contestant Sushruthi Krishna to launch the D2C fashion and lifestyle brand Saaki.

Saaki specialises in Indian women’s fashion, including kurtas and sarees. Prabhu serves as the cofounder and ‘chief style editor’ for the brand, which competes with other well-known names such as BIBA, Indya, Fabindia, Nykaa Fashion, and various D2C fashion brands.

In addition to her role at Saaki, Prabhu is also an investor in the ecommerce marketplace SustainKart and the D2C superfoods brand Nourish You.

14. Shraddha Kapoor 

From donning heavy jewellery onscreen to taking up the cofounder office in a prominent jewellery startup, actress Shraddha Kapoor took the entrepreneurial leap of faith earlier this year. 

Pune-based jewellery startup Palmonas roped in Kapoor as its new cofounder in March 2024. Incorporated by Pallavi Mohadikar and Amol Patwari in 2021, the startup sells affordable premium quality jewellery to their users. 

Their range of jewellery options, including necklaces, rings, bracelets, and earrings, are priced between INR 800 and INR 5,500 and sold with a one-year warranty.

It is pertinent to note that Kapoor made headlines last year when she appeared in a TV commercial of Melorra, which is Palmonas competitor in the jewellery space. Post this, Kapoor commented on one of Palmonas’ posts on Instagram and said she “was just blown away by their products”.

With Kapoor on board, Palmonas’ founders aim to leverage her popularity to expand the reach. The startup has launched a collection called Shraddha’s Stack, which includes necklaces, rings, and earrings. 

This isn’t Kapoor’s first jaunt in the Indian startup ecosystem though. She turned into an investor for beauty commerce unicorn The Good Glamm Group in 2021. She also invested in startups Shunya and Chargeup in 2021 and 2022, respectively.

15. Sonu Sood

Having garnered a reputation for being an accomplished actor as well as a philanthropist, Sonu Sood is also well known for his entrepreneurial ventures outside of the spotlight. Sood launched Pravasi Rojgar, a job portal for migrant workers, in collaboration with Schoolnet India in July 2020. 

The aim to help millions of migrant workers find jobs & a steady source of income. The startup also trains workers with the requisite skills to increase their chances of obtaining good jobs. The startup secured INR 250 Cr in funding from Temasek Holding-backed Goodworker.

Apart from Pravasi Rojgar, Sood launched an AI-enabled social media app Explurger in 2022. Explurger, which is a freemium app, helps users interact with their friends and family. It creates automatic travelogues using artificial intelligence (AI), gamifies the user experience, and rewards users for being socially active on the app. Earlier this year, the startup raised $4.5 Mn in its Series A funding round led by Affle (India) Ltd. 

Apart from his entrepreneurial ventures, Sood also turned an investor in 2020. Through his company Sood Informatics LLP (SIL), he purchased over 8.69 Lakh shares of rural fintech firm Spice Money at a price of INR 10 per share. With the investment, he turned brand ambassador and a non-executive board member for the startup.

The post From Investors To Office Bearers: Meet The Indian Celebrities Winning The Indian Startup Game appeared first on Inc42 Media.

How often do we see a new sport entering India? The answer is, not very often. It’s because any new sport takes quite a while to establish itself and gain traction to finally create headlines. 

Similar has been the journey of pickleball in India. For the uninitiated, the sport operates at the intersection of tennis, table tennis, and badminton and is played with a hard plastic wiffle ball on an arena similar to a badminton court (also in dimensions).

While the sport (pickleball) originated in Washington in 1965, it was introduced in India in 2008 by Sunil Valavalkar. The sport even has a governing body in India — The All India Pickleball Association (AIPA).

Meanwhile, many may not know the popularity of pickleball has been pivotal in aiding the growth of its distant cousin, Padel, which is also a racket sport but a hybrid of tennis and squash. Padel has been played in India with the formation of the Indian Padel Federation (IPF) and since the set up of the first padel court in Bengaluru in 2017. The country today has over 100 padel courts.

While it took several years for pickleball to gain prominence in a nation deeply devoted to cricket, padel achieved the same popularity in just a few years. All in all, Hudle, a sportstech platform, has seen a 159% increase in the growth of Pickleball and Padel between 2019 and 2022.    

It was precisely the period during which Nikhil Sachdev, Ronak Daftary, and brothers Jigar Doshi and Pratik Doshi pivoted from their original turf and court construction and leasing business to get the most out of the growing popularity of padel, a sport that finds its roots in Mexico.

Incorporated in 2020, Padel Park aims to foster the sports of padel in the country by building a complete ecosystem around it — ranging from constructing courts to teaching the sport and organising championships.  

Speaking with Inc42, the cofounders said that the startup, Padel Park, is the by-product of their first interaction with the sport during the pandemic. 

The Inception Of Padel Park

When the pandemic hit, Sachdev and the Doshi brothers were running Astro Park, a company specialising in developing turfs for futsal and box cricket. Meanwhile, Daftery was in the same field, operating his own business, TurfPark. Sharing a common line of work, the four founders connected and envisioned collaborating on a project when the right opportunity arose.

The opportunity came when the Astro Park team sought to build a sports booking app to boost their revenues. However, their plans came to a standstill when both turf businesses were forced to shut down during the government-imposed lockdown.

As they looked for ways to stay in the sports business post-pandemic, Sachdev and his team began exploring the global landscape of turf-based sports. At the time, padel tennis was making waves in Europe, attracting a lot of attention from both athletes and celebrities.

Once the founders experienced the game themselves and were captivated by it, their plans for a booking app were set aside. Their new focus became making padel more accessible to Indians.

“We were intrigued by the ease of the game even though it was just a combination of tennis, squash and badminton. It just made sense for India, as the very social nature of the game was exactly what we needed after being locked up for almost two years,” Sachdev said.  

He added, “It was also an opportunity, as India had only a few padel courts at the time.” Towards the end of 2022, the cofounder squad started working on constructing their first padel court in Mumbai city.  

In a matter of weeks, the facility was fully booked, and by 2023, Padel Park’s first turf was sitting on a waiting list of more than three weeks. Inspired by the overwhelming reception, especially from Mumbai’s affluent areas, the founders started laying out plans to establish a comprehensive padel ecosystem in India.

At the time, Sachdev noticed that there wasn’t much competition in the space, and they could get the first-mover advantage with the sport only if they were able to cover all aspects of the padel sport in the country.

Therefore, with a vision to build padel courts, establish an academy for aspiring athletes, and offer self-managed “pay and play” facilities, Padel Park began its journey. 

This has helped the startup harvest INR 2.5 Cr in FY24 revenues, and the company is EBITDA positive, the cofounder (Sachdev) said. He added that the startup is witnessing a 20% month-on-month (MoM) rise in revenues. 

Padel Park’s Early Hiccup & Opportunities

One of the early hiccoughs in Padel Park’s journey has been concerns related to its cost. For instance, Padel Magazine UK finds that the average cost of playing the sport is about 33% higher than tennis.

“Padel is viewed as a premium sport when compared to other sports. Padel requires special infrastructure, a high-quality turf, and its equipment is also expensive. Hence, there was always a doubt if the game would be a hit in the long term,” Sachdev said.  

But, as luck favours the brave, the founders now run a grid of ten padel courts at four locations in Mumbai, namely Bandra, Malabar Hills, Cooperage, and Worli. In the short term, largely by the end of this year, Padel Park has set its eyes on running a cluster of 35 more courts across India. 

As of now, about 60% of the startup’s revenue is driven by people booking courts in the city. Sachdev asserts that the 10 courts that are operational in the city see bookings 2-3 weeks in advance. Padel Park’s courts see an average footfall of 5K users per month. 

Moving on, the company runs a Padel academy, which is headed by a Spanish player, Victor Perez, who brings in over 15 years of experience. Perez, who has joined Padel Park as a full-time technical director, is also in-charge of training other coaches. 

The training sessions are divided into three categories: beginners, pro, and kids. Coaches can be booked on-site. The startup charges between INR 8,000 and INR 9,000 per month from coaches. However, private lessons cost more. As the business is still in its early stages, training currently accounts for about 10% of the startup’s total revenue.

“We are looking to train over 250 players before the end of the year. Also, we are in the process of creating a player pool in India with participation in an international tournament in September,” Sachdev said. 

As the startup continues to train more players, the real driver of interest in any sport is spectator attention. According to the founders, for a sport to gain traction, competitive events at the amateur level are crucial to building excitement. With this in mind, the startup has been actively working on creating more IPs for tournaments.  

On the back of the sport’s growing popularity, especially after its first tournament last month, the startup is receiving increasing advertising interest from several new-age, premium brands. Consequently, the events business now contributes around 30% of Padel Park’s overall revenue.

“Our last tournament, held on August 24, saw participation from over 88 teams. We’re also attracting more premium brands eager to engage directly with their target audience through these events. For example, luxury vehicle dealership Infinity Cars was our title sponsor for the last tournament. Looking ahead, we’re on track to establish a pan-India league as we continue expanding our court network,” said Sachdev.

The cofounders added that several companies, like Fast & Up Reload, Babolai, Plant Power, Stay Vista, Craycol, S Raheja Realty and OG Samosa, have sponsored its events so far.

What’s The Plan, Padel Park?

Padel Park is also engaged in the construction, leasing, and selling of Padel courts via its subsidiary, Sky Padel India. Earlier last year, it entered into a joint venture with Sky Padel Spain for manufacturing (in India) and selling high-quality Padel courts in India and Asia to hotels, housing societies, sports clubs, and schools, among others. 

“We are manufacturing under the guidance of Sky Padel and hope to cater to orders coming in from around Asia soon. For Padel courts, we engage in building the infrastructure via the procurement of raw materials (steel, glass and lightning) locally. The turfs are still imported but we look to indigenise that process soon,” Sachdev said. 

Sachdev said that the court segment of the business was what drew JSW Sports’ founder, Parth Jindal, to invest an undisclosed amount in the startup in August.  

Beyond court sales, the cofounders’ ambitious plan to expand its court count to 200 in the next 2-3 years heavily involves franchise-operated centres.

On the company’s growth outlook, Sachdev emphasised his interest in exploring non-metro regions of India. He believes that expanding beyond the traditional Tier I cities is more appealing due to lower land costs and a stronger propensity for people in these areas to spend on value-for-money experiences. 

The cofounder said that the company sees 30% of its franchise inquiries come from such cities, and cities like Chandigarh, Ahmedabad, Kochi, Surat, and Jaipur are already on their radar. 

While the sport has gained some traction in the country, Sachdev remains cautious due to the fast-paced nature of trends, which could change overnight.

For now, as per Sachdev, a major hurdle for padel’s growth in the country is gaining recognition from the government, which he believes will be pivotal for driving the adoption of this sport.  

Once padel is recognised as an amateur sport, the startup anticipates schools and other sports facilities upgrading their infrastructure to include padel courts. Though recent trends have provided a tailwind for the startup, it remains uncertain whether padel will evolve beyond a fad and achieve widespread popularity across India.

[Edited by: Shishir Parasher]

The post This Startup Is Bringing Padel Mania To Indian Courts appeared first on Inc42 Media.

The adoption of smart home technology in India is increasing, driven by factors such as technological advancements, enhanced consumer awareness, and a rise in disposable income and discretionary spending of individuals, just to count a few. 

As more households embrace the convenience and efficiency of these devices, the Indian smart home market is expected to grow into a $9.2 Bn market opportunity by 2028, growing at a CAGR of 9.14%.

Leading the charge in this space are players like Haier, Samsung, Crompton Greaves Consumer Electricals, and Havells Group, among others. 

Not only this, the sector has also attracted significant investor interest. For instance, earlier this year, smart home automation startup Keus Smart Home raised INR 100 Cr ($12 Mn) in a round led by OAKS Asset Management. Similarly, Aliste Technologies, another startup specialising in smart home solutions, secured $1 Mn in December last year. 

Notably, Reliance Jio launched its Jio Smart Home Services in August 2023 to offer users the luxury of having seamless control over their home appliances. 

However, if we were to delve deeper into this segment, we would observe innovations such as bladeless fans, robotic vacuum cleaners, and smart air purifiers, which have started to gain significant traction. Notably, in this highly attractive market, there are players that have pushed the boundaries of innovation to completely transform the face of the smart home industry.

One such example is Jaipur-based KARBAN Envirotech, which has developed a versatile product that integrates a bladeless fan, air purifier, and chandelier into a single unit.

Founded in 2021 by Karan Bansal and Tanya Goyal, KARBAN Envirotech is a consumer electronics brand that specialises in IoT-enabled, energy-efficient climate control solutions for modern homes.   

“We couldn’t find any major players offering integrated solutions, like ours, in this space. There were many air purifier companies and a few manufacturers of bladeless fans. Recessed ceiling fans, often called caged fans, exist but have inadequate airflow and are less appealing. No one was combining a fan, air purifier, and chandelier into a single multi-utility product. Noticing this gap, we patented our product,” Bansal said.

Currently, the consumer electronics brand sells its products via its website and on Amazon, which accounts for a majority of its sales. It also has a selective offline dealership process, with around 10 dealers in Pune, Bangalore, Hyderabad, Chennai, Coimbatore, and Jaipur.

The startup currently offers six SKUs, including two prototypes of its 3-in-1 product: the Airzone and a more compact version, the Airzone Lite.

According to the cofounders, the company sold over 1,000 products and achieved net sales of INR 1 Cr+ in FY24. So far, the startup has raised INR 9.3 Cr from All in Capital, Titan Capital, Rainmatter, Urban Company, and the JK family office.

The Genesis Of KARBAN

KARBAN’s story began with cofounder Bansal’s early fascination with mechanical engineering during his school time. Later, while studying mechanical engineering at IIT Guwahati, he developed a keen interest in aerodynamics and computational fluid dynamics (CFD). This led him to pursue his Master’s in aerospace engineering from Purdue University.

After completing his education, he worked as a CFD research engineer in the US with Convergent Science, where he spent about six years (from 2015 to 2021). During this time, the cofounder worked on various advanced projects, including new compressors, rocket components, and battery cooling technologies.

This was the first time Bansal realised the need to do something unique with CFD solutions. Therefore, he quit his job to focus on this technology.

However, along the way, witnessing several gaps in the consumer appliances market, he decided to use his expertise in aerospace, which led him to develop a bladeless fan.

In 2021, Bansal began working on the first prototype of a bladeless fan. However, as he designed it, he realised it could be more than just a fan. He thought that instead of focussing on a single product, he should combine multiple functions into one device. 

With this one device, he also aspired to achieve maximum space efficiency, reduce costs, and eliminate the need for separate devices. 

This led him to create a product that combined a fan, air purifier, and chandelier into one unit, a feature that was relatively rare in the market.

By November 2022, Bansal completed the first prototype, the Airzone. He spent the next 3-4 months refining the design to make it market-ready. The product was officially launched on Amazon in June 2023. In January 2024, they introduced the Airzone Lite, a smaller version of the Airzone.

Notably, while Bansal started KARBAN’s journey in 2021 and officially registered the startup in December 2021, he commenced operations only in January 2023.

“Before January 2023, the focus was on laying the groundwork, and the startup was not yet fully operational,” said the cofounder.

KARBAN’s Tech At Play

The startup leverages Computational Fluid Dynamics (CFD) and aerospace engineering to optimise air circulation within a room. For context, CFD is a computer-based method for simulating and analysing fluid flow, including liquids, gases, and plasmas. 

It uses complex mathematical equations to provide detailed insights into fluid behaviour. CFD is used in fields like aerospace engineering to optimise aerodynamics, weather forecasting to predict conditions, and visual effects to create realistic fluid simulations.

By using CFD, the KARBAN team creates detailed computer models of prototypes to simulate performance, airflow, and purification before physical production. This approach allows for rapid adjustments and precise final designs.

Moving on, the startup’s Airzone, installed on the ceiling, expands air inflow and boosts efficiency, serving as an alternative to traditional air purifiers and ceiling fans.

Its bladeless design prioritises safety by reducing the risk of accidental injuries, while Forever Pure Technology stabilises AQI levels, providing continuous, high-quality air with minimal energy consumption. 

The Road Ahead For KARBAN

Everything said and done, Bansal’s journey to KARBAN has not been easy. From building the hardware product to managing limited production and setting up a manufacturing unit, each step posed a significant challenge, the cofounder said.

However, the hard work paid off, and in the first month of its operations, the startup generated around INR 3 Lakh in revenue, followed by INR 6 Lakh in the second month, INR 10 Lakh in the third, and INR 20 Lakh in the fourth month of operations. 

“Our growth has been limited by production capacity. Due to the handcrafted nature of our products, we are unable to make more than 100 units a month. This is also the reason why our products are also priced higher than the ones that are mass-produced,” the founders said.

The initial product line was made of wood because using plastic would have required an upfront investment of at least INR 3 to 4 Cr, which the startup didn’t have. “Figuring out how to manufacture with wood was a game-changer,” Bansal said.

Another significant challenge was finding the right vendors. With small minimum order quantities (MOQs), the team faced high rates and resistance from vendors hesitant to work with smaller players. “It took a lot of convincing to get people on board,” Bansal said.

Despite these hurdles, the startup recently secured $1.07 Mn in seed funding, co-led by All in Capital, Titan Capital, and Rainmatter.  

Besides, the cofounder is working on the next version of their product, which is expected to launch within the next four months.

“The main essence of the product will remain the same. But it will be an upgrade. A major upgrade on the current product. It will be made out of plastic,” said Bansal.

The product, as per the founders, will be launched aligned with the startup’s sustainability goals. It will be available in two versions: one made entirely from recycled plastic for environmentally conscious consumers and another using 50% less plastic than existing products. 

Additionally, in the short term, they plan to partner with distributors and dealers across India for offline expansion. In the medium term, the cofounders aim to scale production by 30 to 40 times.

While the startup is currently on the right path, it will have to constantly evolve to introduce a new range of innovative products in the market. This becomes even more imperative as trends related to consumer electronics keep on changing every few years. Plus, the era of smart homes has just started, and to stay ahead in the race, a strong appetite for innovation will be the key to long-term survival.

[Edited by Shishir Parasher]

The post Can This Jaipur-Based Startup’s 3-In-1 Bladeless Fans Take Over Indian Homes? appeared first on Inc42 Media.

Green hydrogen, often called the fuel of the future, is quickly becoming a reality across the globe. India, too, is working to keep up with the shift towards alternative fuels. 

Amid this, green hydrogen is being touted to have a wide range of applications, from road transport and aviation to industrial processes.

For the uninitiated, green hydrogen is produced using renewable energy sources, like wind and solar power, to split water into hydrogen and oxygen through electrolysis. The result is hydrogen without a carbon footprint, with water as the only by-product.

While hydrogen research began in the 19th century, practical applications didn’t take off globally until the 20th century. 

The focus on green hydrogen is a more recent development, driven by the worldwide push to lower CO2 emissions and meet net-zero targets.

With India aiming to achieve net-zero emissions by 2050, the government approved the National Green Hydrogen Mission in 2023, allocating INR 19,744 Cr. The mission aims to develop the capacity to produce at least 5 Mn metric tonnes (MMT) of green hydrogen annually by 2030.

Sensing the shift in the global energy market, Bengaluru-based cleantech startup Newtrace has entered the scene at just the right time.

Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace has built an electrolyser technology that can enable green hydrogen production and its application at a lower cost.

While a few other top conglomerates, including Adani Group, Reliance, and L&T Electrolysers, are also aiming to build green hydrogen electrolysers, Newtrace claims that its proprietary, patent-pending membrane-less electrolyser technology gives almost 99.9% pure hydrogen at the lowest capex (60% reduced cost).

It is pertinent to mention that if the startup can maintain this benchmark while scaling up, it could become one of the leading names in the country’s domestic hydrogen market, as well as the export market, in the coming years. Also worth mentioning is the fact that the global demand for green hydrogen is expected to cross the 100 MMT mark by 2030.

How Newtrace Came Into Being

Sarkar and Sinha, both PhD scholars from prestigious global universities, had no intention of settling in India. However, when the first wave of the Covid-19 pandemic hit in 2020, they found themselves stuck in the country. As fate would have it, they eventually crossed paths for the first time at an event organised by Entrepreneur First in Bengaluru. 

The scholar duo synced on the fact that both were driven by the motivation of tackling climate change problems. However, riding the trend of India’s IT services market, the two started working on building a software company, a material informatics platform.

Within a year, the duo chose to pursue their true calling and started working on the electrolyser technology for green hydrogen in June 2021. After building the technology, they incorporated Newtrace in October 2021. 

“When we started building our first electrolyser from our apartment in Bengaluru, everybody had only heard about hydrogen from Elon Musk, and the first question was Gaadi kitni kilometres chalegi? (How much mileage can hydrogen cars give?),” cofounder and CEO Sarkar said. 

He, however, added that they were looking beyond mobility. “We were looking at applications at refineries — for the processing of steel or cement, and ammonia for fertilisers.”

There were not only misconceptions and a lack of knowledge around the role of hydrogen as a molecule but also inhibitions around a startup’s ability to enter this space, he added.

By the end of 2021, the Newtrace founders found their first home in IIT Madras. After doing a proof of concept (PoC) for its first electrolyser, MARK 1, Newtrace started working on a lab prototype of the electrolyser with the help of Dr Satyanarayanan Chakravarthy at the university. Since then, there has been no looking back.

In the last three years, the startup has made significant progress in coming out with three versions of its electrolysers — MARK 2 (a 1kW stack), MARK 3 (a 10-100 kW fully automated system), and MARK 4 (a 100-500 kW system).

For context, a 10 kW electrolyser produces around 4 kg of hydrogen per day. Notably, the startup’s MARK 4, with a 10 kW stack (which can be increased to 500 kW as per requirement), is already being piloted by Bharat Petroleum Corporation Ltd. (BPCL).

Sarkar explained that there is a growing demand among refineries for hydrogen to process crude oil. Besides, everybody in the oil and gas industry is looking to produce hydrogen in a decentralised manner and then supply it as fuel for the next generation of mobility solutions, he said.

Hence, Newtrace is currently looking to largely tap the players in the oil and gas industry. It is soon making its next commercial deployment with ONGC Energy Center.

The startup is also exploring the deployment of its electrolysers in the steel sector. Sarkar believes that it will take long before hydrogen becomes popular in mobility; hence, it is not a major focus for the company yet.

Helped by its innovation and technology, Newtrace has also garnered significant investor attention. It became a part of Peak XV’s Surge 09 cohort in 2023. 

The startup raised $5.65 Mn in its Seed funding round from Peak XV, Aavishkaar Capital, Speciale Invest, Micelio Fund, and a few other angel investors last year. Besides, it’s also one of the beneficiaries of the Indian government’s production-linked incentive (PLI) for setting up 30 MW/year electrolyser manufacturing.

It started generating operating revenue in FY24. So far, Newtrace has deployed and secured orders worth $300K. 

What’s In The Newtrace Technology Stack

Before we dive deeper, it’s important to understand that using hydrogen in industrial processes in India isn’t new. According to government data, around 5 MMT of grey hydrogen is used annually in the country, with 99% of it going towards petroleum refining and making ammonia for fertilisers.

Grey hydrogen is produced by burning fossil fuels like natural gas and coal. A report by the International Renewable Energy Agency (IRENA) showed that by the end of 2021, about 47% of global hydrogen production came from natural gas, 27% from coal, 22% from oil (as a by-product), and only 4% was made using electrolysis.

One of India’s key goals in its Green Hydrogen Mission is to replace grey hydrogen with green hydrogen to lower carbon emissions and reduce reliance on fossil fuels. However, the high cost is a major obstacle.

Newtrace’s technology aims to solve this. While traditional electrolysers (such as alkaline water, anion exchange membrane, proton exchange membrane, and solid oxide electrolysers) cost between $1,200 to $3,000 per kW, Newtrace’s membrane-less electrolyser brings that down to just $1,000 per kW.

While Newtrace develops its own electrocatalyst, different vendors manufacture the other parts of the electrolyser based on Newtrace’s design. The final assembly is done by Newtrace, with each electrolyser costing between INR 1 Cr and INR 3 Cr, depending on its size.

Newtrace’s Action Plan

As the startup’s commercial deployments pick up pace, it is now focussing on larger industrial applications with mega-sized electrolysers rather than smaller projects. 

The startup is building a 1 MW electrolyser system, which it plans to start deploying early next year, followed by even larger units, which will include 5 MW and 10 Mw systems.

Soon, as the company scales and with the PLI in place, it will have a capacity of 30 MW per year. To support this growth, the founders are planning to set up a new manufacturing facility in Bengaluru next year, which will enable large-scale production of electrolysers. In addition to this, the startup is looking at global expansion starting next year. 

“There’s a lot of appetite in the Middle East for electrolysers and green hydrogen production. Then there are countries like Japan also that have started looking at it. We want to complete the development cycle and demonstration cycle in India first, and then go out to explore other geographies,” Sarkar said.

To fund its global expansion and manufacturing, Newtrace has set its eyes on raising a “substantial amount” in the next six months. 

However, the startup is currently faced with a few challenges, including reducing the current two- to three-month timeline for deploying commercial orders. Also, the cleantech startup could face headwinds from fluctuations in demand and rising competition from large enterprises. 

For now, with access to India’s first industrial-scale demonstration of membrane-less electrolyser technology, can Newtrace lead India’s green hydrogen ambition?

The post Can Newtrace Turbocharge India’s Push For Green Hydrogen Dominance? appeared first on Inc42 Media.

Driven by an ever-expanding fleet of new brands, the Indian frozen food industry has undergone a complete metamorphosis in recent years. However, the expansion of this segment, fuelled by a range of factors, including the pandemic, a surge in global culinary trends, and increased urbanisation, has not been easy.

Topping the list of challenges for companies in this line of work are the substantial capital investments needed to establish and maintain freezing facilities, storage infrastructure, and distribution networks.

Moreover, despite improvements in the cold chain infrastructure, significant gaps remain, posing ongoing challenges in ensuring the consistent quality and safety of frozen products throughout the supply chain.

Amid this, Mira Jhala, a third-time entrepreneur, is hell-bent on solving the cold storage supply chain challenges for frozen foods with her B2B supply chain startup, FroGo.

Founded in March 2022, FroGo provides tailored fulfilment infrastructure for ice cream and frozen food brands, allowing them to start online operations in a few days.

Notably, Jhala comes with a ton of experience in the food industry. Before moving back to India in 2009, she worked in the US for several years. Her previous startup in the food services space was acquired by Curefit, and she wanted her next venture to remain within the food industry but address an underserved market.

“Over the years, I have observed the growth of the frozen food sector, noticing a significant increase in exposure from 2009 to the present. I have also identified gaps throughout the entire supply chain. The rapid growth of this category is evident, with the domestic retail market valued at INR 50,000 Cr and expanding at a 17% CAGR. The strong demand and growth potential in this sector make it an attractive opportunity for addressing the current market needs,” Jhala said.

Where Does FroGo Fit Into The Supply Chain Equation?

Speaking with Inc42, Jhala shared that her goal with FroGo is to streamline how food brands connect with consumers by leveraging its network of dark stores, which also forms the core of FroGo’s operations. These dark stores hold the inventory, process orders, and handle deliveries, allowing brands to serve customers swiftly.

Currently, Frogo operates over 50 dark stores in Delhi, Noida, Faridabad, Chandigarh, Panchkula, and Mohali.

Per Jhala, the company is rapidly expanding its reach by adding two new dark stores each week to keep pace with the growing demand. Further, the startup simplifies how food brands deliver their products to consumers through a network of dark stores and third-party warehouses.

It also enjoys its partnerships with three external warehouse companies to manage the storage of products for various brands. FroGo also takes care of logistics, ensuring that products are efficiently moved from these warehouses to its dark stores.

Jhala told Inc42 that while the market includes quick commerce players offering 10-minute delivery and large platforms like Amazon with 1 to 3-day delivery, FroGo occupies a unique niche between these two extremes.

“We focus on providing 30 to 90-minute deliveries, offering a middle ground where brands can maintain control over their demand while achieving fast delivery times,” the founder said.

Besides fast delivery, brands that partner with FroGo can showcase their full product catalogue and manage demand themselves, rather than depending on the platforms where they may have limited SKUs. Hence, this provides a parallel channel to both quick commerce and traditional ecommerce, catering to specific needs without overlapping with existing solutions.

The Road Ahead For Frogo

Currently, FroGo operates on a revenue-sharing model with the brands that use its dark store network. The startup claims to be working with 70+ FMGC and D2C brands. However, the founder denied to share FY24 numbers.

By the end of FY25, FroGo aims to work with around 150 brands, expanding beyond just frozen foods to include a broader range of food products.

“Customer acquisition has not been a challenge for us. As a B2B company, our clients are food brands, and we already work with over 70 of them. Word spreads quickly in our industry, and we even have a waiting list of 22 brands eager to onboard,” Jhala said.

In addition, FroGo’s annual gross merchandise value (GMV) stands at approximately INR 18 Cr. As it is expanding its dark store network, it is targeting a 5X increase in GMV in FY25.

The startup is also focussed on adding two dark stores every week in North India and has plans to expand into southern cities like Bangalore, Hyderabad, and Chennai soon.

“This expansion will impact our expenses, but we have structured our business model to ensure that we achieve contribution margin positivity in each city within six months. This approach allows us to grow quickly but sustainably,” Jhala added.

According to a market study, the India Supply Chain Management (SCM) market, valued at $3.42 Bn in 2023, is set to grow at a CAGR of 11.1%, reaching $6.43 Bn by 2030.
On a different note, FroGo’s competitors like JustDeliveries and Indicold have recently grabbed a lot of investor interest.

In March, JustDeliveries secured $1 Mn in a funding round led by NABVENTURES Fund, with participation from FAAD Network, Anay Ventures, Caret Capital and the Mahansaria family office.

With the capital, the cold chain solutions startup plans to deepen its logistics networks across key cities, including Bangalore, Mumbai, Pune, and NCR, and launch operations in Hyderabad. Similarly, supply chain startup Indicold received raised funds from Fundalogical Ventures and Everstone Group to expand its footprint.

With this kind of investor interest and growth in the segment, the entry of more players is inevitable. For now, to secure its market position from existing players and new entrants, FroGo may have to be on its toes until it becomes a go-to name in the industry.

[Edited By Shishir Parasher]

The post Can FroGo’s 30-To-90-Minute Delivery Playbook Disrupt India’s Frozen Food Supply Chain? appeared first on Inc42 Media.