Funding Round up this week: In a strong show of support for innovative startups, this week saw a surge of investment from startup investors into FretBox, IndusGo, DogFy, and Charge+Zone. The funding rounds, which raised significant capital for each of the companies, reflect a growing interest in cutting-edge technologies and promising new ventures. With the backing of these investors, these firms are poised to make waves in their respective markets and drive innovation forward.
These three startups from various sectors raised funding from various investors. Self-drive car rental platform, IndusGo bagged funding of Rs 100 crore from the parent company, while FretBox raises pre-Seed funding of Rs 10M from JSS STEP, India Accelerator, and Angel investors, Doqfy raises Rs 7.5 Cr in Pre Series A from Turbostart and Pentathlon VC and EV charging startup Charge+Zone raises $54 million in its Series A1 funding round.
Indus Motors: The company plans to use the funds to expand its fleet of vehicles by 1,000 cars in addition to the existing fleet of 480 cars, employ advanced cutting-edge technology, provide a seamless booking process, and hire additional staff to improve customer service.
Founded in 2018, IndusGo operates on a self-drive car rental business model, where customers can rent a car for a few hours, days, or even months through the IndusGo app and website. The company is planning to launch in metro cities in South India like Bangalore and Hyderabad.
Also this week, Noida-based SaaS platform for hostels, Fretbox 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 be used to fuel the company’s growth, expand its product offerings, and scale its operations.
FretBox , the company makes student proof of presence simple, seamless, and at the fingertips of the warden. On the other side, it brings convenience to students to raise complaints, and leave requests, and stay tuned to hostel information 24X7. With the help of this platform, university and college hostels can upgrade security, communication, assistance, and fund collection tools with the help of digital transformation.
Contract execution SaaS platform Doqfy also raised Rs 7.5 crore in a Pre Series A round led by Turbostart and Pentathlon VC. Other investors who participated in the round are Lead Angels, SilverNeedle VC, LetsVenture, and Angel.co, led by Archana Priyadarshini. The funds raised will be used for tech enhancements of the platform and business growth through building partnerships.
Funding Round Up – Startupstars of the week
Founded in 2019 by Aditya Pandranki, Manjula Rao, and Vilaas BV, Doqfy is a contract execution platform with contract creation, negotiation, stamp duty payment with digital signatures, and milestone management capabilities, supporting enterprise and SMB customers. The Company works with marquee customers like HDFC Bank, Bajaj Finserv, Ujjivan Small Finance Bank, Axis Bank, DBS Bank, Xiaomi, Swiggy, Meesho, Unacademy and JLL, Colliers. The Company currently has a team strength of nearly 40 people.
EV charging startup Charge+Zone also raised $54 million in its Series A1 funding round, comprising debt and equity led by BlueOrchard Finance, a member of the Schroders Group and a global impact investment management firm, along with existing and new institutional investors. As part of the funding, it raised $8 million in debt from an infrastructure strategy managed by BlueOrchard. The Ahmedabad-based startup will use the funds to finance an immediate roll-out of 286 charging stations, serving 1,130 e-buses and e-trucks and over 1,250 e-car fleets. Over the long term, this funding will create at least 500 direct and indirect jobs.
The EV charging market in India is expected to grow at a CAGR of 19.4% from 2020 to 2027. According to a report by IBEF, the Indian electric vehicle market is expected to reach Rs 9.4 lakh crore by 2030 from the current Rs 72,000 crore. The Indian government is also pushing for more electric vehicle adoption in the country, making the market attractive for investors. Under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, the government provides incentives for the purchase of electric vehicles.
This week Funding Round up scenario is a sign of the potential for startups to create value in today’s fast-paced business landscape. As these companies continue to innovate and grow, they will create new jobs, drive economic growth, and push the boundaries of what is possible in their fields. With the support of forward-thinking investors