The Weekly Funding in India

We hope this newsletter finds you well. We have some exciting updates from the tech and startup world that we want to share with you.

#1. EVIFY raises $200,000 in the seed funding round

EVIFY, the largest EV fleet service provider in Gujarat, has raised $200,000 in a seed funding round led by We Founder Circle, with participation from several angel investors. The funds are for the expansion of the company's operations in Ahmedabad. The development of a full-stack tech platform and the deployment of a fleet of 2,000 vehicles will begin in Surat, Ahmedabad, Vadodara, and Rajkot by the end of 2024. EVIFY plans to revolutionize the unorganized logistics market through telematics device-enabled fleet management.

#2. ChargeZone raises $54 million in Series A1 funding round

CHARGE+ZONE, an electric vehicle charging infrastructure platform, has raised $54 million in a Series A1 funding round led by BlueOrchard Finance. The company plans to raise $75-100 million in equity as part of Series A2 during 2023-2024. The funds will support high-speed charging network expansion plans, which are part of a planned capex investment of $300 million. CHARGE+ZONE aims to build 3,000 high-speed DC charging stations by 2025 to enable e-mobility across the fleet and EV segment.

#3. Kabira Mobility secures $50 million in Series A funding

Indian electric two-wheeler maker Kabira Mobility has secured $50 million in funding from Qatar-based Al-Abdulla Group in a Series A round. The funds will ramp up production capacity at its existing facility, launch new products, and enhance sales infrastructure across the country. Kabira Mobility also plans to build a new manufacturing plant with an installed capacity of 125,000 units per month, which create employment opportunities for about 7,000 people.

#4. AccuKnox raises $6 million in seed prime funding

AccuKnox, a cloud-native application protection platform, has raised $6 million in seed prime funding to fuel the growth of its Zero Trust CNAPP and KubeArmor OpenSource Project. The funds will accelerate product development and customer acquisition. AccuKnox aims to deliver the industry's first cloud-native application protection platform with native Kubernetes integration.

#5. @Doqfy a SaaS platform, has secured Rs 7.5 crore in a Pre Series A round of funding. Pentathlon VC and Turbostart led the round with Lead Angels, SilverNeedle VC, LetsVenture, and Angel, joining as additional investors. The company plans to use the funds for business expansion through partnerships and platform technological improvements. According to Aditya Padranki, Founder of Doqfy, the platform aims to help companies stay compliant and ease the burden of complex compliances to facilitate smooth business operations.

#6. Neobanking startup StashFin has raised $100 million in a debt funding round from InnoVen Capital, Trifecta Capital, and domestic lenders. The funds will optimize the company's portfolio for potential securitization as it scales its business. StashFin also witnessed positive developments as ICRA upgraded the startup's rating to BBB (Stable) / A3+ for its group company Akara Capital Advisors Private Limited (ACAPL). StashFin plans to enable access to funds for underserved segments by defining a new category in fintech.

#7. Homegrown vegan skincare brand AKIHI raised Rs 1 crore in its series A funding round led by Virender Sharma and Devendra Dagar. The funds will expand its product line by launching sunscreen and face masks among other products, and increase its online presence. Co-founders Tulsi Gosai and Savita Sharma expressed their excitement about securing the investment and their mission to make natural skincare accessible. The investors believe that Akihi has the potential to disrupt the skincare industry.

#8. NoCap Meta , a web3 company, has raised INR 2 crores from Sunicon Ventures to enhance its growth in the metaverse and digital technology sectors. The funds accelerate the adoption of Metaverse and Web 3.0 technologies by helping traditional businesses migrate to these protocols, increasing transparency and efficiency. NoCap Meta has collaborated with numerous high-profile clients known for its premium projects like Femina Miss India, Toms, Metastar Media, Breathe ESG, and Yaap Digital & Neo Asset Management.

#9. Sukino Continuum Care , the first comprehensive continuum of care provider for long-term health care management in India, has secured a Series-A private equity investment of Rs 50 crore from Stakeboat Capital. Sukino has established itself as a pioneer in the healthcare industry by offering a range of services that cater to the long-term healthcare needs of patients. The funds will expand to newer geographies and newer areas of rehabilitation using technology and the best of business processes that it has mastered over the years.

#10. IndusGo , a self-drive car rental platform, has raised Rs 100 crore in its second round of funding from its parent company, Indus Motors. The funds will expand its fleet of vehicles by 1,000 cars, employ advanced cutting-edge technology, provide a seamless booking process, and hire additional staff to improve customer service. IndusGo operates on a self-drive car rental business model, where customers can reserve a car for a few hours, days, or even months through the IndusGo app and website. Fretbox, a Noida-based SaaS platform for hostels, has raised a Pre-Seed of Rs 10 million funding round led by JSS STEP and India Accelerator, with participation from a group of angel investors. The funding will fuel the company's growth, expand its product offerings, and scale its operations.

That's all for now. We hope these updates inspire you and keep you informed about the latest happenings in the startup world. Until next time, stay curious and keep innovating.