Startup Street: Electric Vehicle Startup Gets Hero MotoCorp’s Backing
India's startup industry is basking in the attention of eager but discerning investors. Our home-grown startups are coming up with new technology innovation, increasing focus on customer experience and in turn getting rewarded for their efforts. Here's what's up this week, on Startup Street.
Hike Launches Video Calling Feature
Hike's Android app will now feature its one-on-one video calling, with their own version of a caller ID.
The feature called ‘Live Preview' will allow users to look at what the other person's camera is streaming before they accept the call.
We believe India is what we call a Sight & Sound market. People prefer visual or auditory ways of communication because of how natural it is especially given the troubles with local language inputs and literacy rates in the country. Hike believes that communication needs to be made simpler, richer and as real and seamless as possible, and Video Calling is one of the things that fits this vision. Additionally, with 4G coming in, we believe the timing couldn't be better.Kavin Bharti Mittal, Founder & CEO, Hike in a media statement
Hike received $175 million in funding from Tencent and Foxconn on August 16, 2016, making them one of the fastest unicorns (startup valued at $1 billion) in India, Mittal said in an emailed response to BloombergQuint. The funding raised in that round is expected to keep them going for the next three years, he added.
Electric Vehicle Startup Gets Funded By Hero MotoCorp
Bengaluru-based startup Ather Energy bagged Rs 180 crore worth of funding from India's largest two-wheeler maker, Hero MotoCorp, by diluting 26-30 percent stake.
The investment will be used to advance the infrastructure and ecosystem for electric vehicles in the country, the startup said in a statement.
The funding is a strong validation of our product roadmap and technology capabilty, endorsed by one of the biggest global automotive players. We believe smart, connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience.Tarun Mehta, Co-founder, Ather Energy
What's in for Hero MotoCorp? The two-wheeler maker said it wants to support budding entrepreneurs and adopt a clean-green outlook and this collaboration allows them to do both, a company spokesperson told BloombergQuint in an emailed statement.
In fact, the startup received endorsement from Hero chief Pawan Munjal in no uncertain terms.
Hero MotoCorp intends to enhance its participation in the electric vehicle (EV) space by pursuing its internal EV program in addition to partnering with Ather. Ather is the best startup in the two-wheeler EV space and we firmly believe that they are on the way to become one of the leaders in India, potentially even globally.Pawan Munjal, Chairman, MD and CEO of Hero MotoCorp, said in a press statement
Hero is looking to invest in more startups in the future as and when they come up on their radar, the spokesperson added. However, it does not have any such investments in the pipeline as of now.
Ather's first product is the S340 electric scooter, which has been completely designed and made in India.
Box8 Raises Rs 50 Crore
Meal delivery startup Box8 raised Rs 50 crore from IIFL Seed ventures Fund & Mayfield according to PTI.
The money raised will be used to strengthen its supply chain, enhance products and technology, and foray into 3-4 cities, Co-founder of Box8, Amit Raj said.
Our strategy of establishing ourselves in certain key markets, instead of spreading wide and thin has helped us scale fast and develop a loyal customer base in a capital efficient manner. With the growing working class and changing lifestyle preferences, there is immense potential to be tapped.Amit Raj, Co-founder, Box8
The startup has so far not responded to an email query from BloombergQuint.
Abhinav Bindra Invests In Specialty Tea Startup, The Kettlery
This tea startup raised$1 million seed funding from Olympic champion Abhinav Bindra's investment fund Shooting Star Sports LLP and Franchise India Brands, according to a VcCircle report.
The investment was made through The Kettlery's parent company CPK Food and Beverages.
“We plan to open around 100 stores in five years", said founder Sandeep Kotecha, taking about the specialty tea maker's plans to foray into Mumbai.
The Kettlery could not be reached for additional comments or details.
Also Read: After AskMe Breakup, Two Other Astro-Funded Firms In Troubled Waters
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