BiofuelCircle wins NTPC startup challenge for biomass digital marketplace
Digital marketplace for biomass and biofuels, BiofuelCircle, wins the NTPC startup grand challenge. Through the challenge, NTPC wanted to identify a startup company that it will collaborate with as it now readies to fulfil its ambition to co-fire biomass in its thermal power plants. A pilot project will begin with two of NTPC power plants to help create a farm to furnace ecosystem. BiofuelCircle started as a bootstrapped company and has raised US$ 1.75 million since inception. Its co-founder and CEO Suhas Baxi said, “Our model has been recognised for its focus on rural enterprises and farmer participation, in creating a viable supply chain. At maturity, Indian power sector can consume farm waste from more than 5 million farmers across the country. We are excited to be at the cusp of a major green energy revolution in India.”
BiofuelCircle’s digital platform has set up a three-sided e-marketplace connecting buyers and sellers along with service providers for transportation, warehousing, and other supply chain services.
EMotorad raises ₹24 crore in pre-series A funding
Electric vehicle company EMotorad has raised ₹24 crore in pre-series A led by Green Frontier Capital (GFC), LetsVenture and Ivy Growth associates. EMotorad aims to utilise the funds to accelerate business growth, hire top industry talent and scale the business. Founded by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza and Sumedh Battewar, the company also plans to integrate advanced technology to transform the way consumers look at cycling. EMotorad also plans to build a layer of tech on top of the existing e-bike that will grant users access to a one-of-a-kind platform for the cycling community focusing on health and community benefits.
Kunal Gupta, co-founder, EMotorad, said, “We wish to design products and technology in such a way that it places itself in the user’s journey to becoming healthy. GFC’s solution-driven approach and the expertise they bring to the table made them an obvious match.”
LenDenClub Alpha launches programme to invest in rural fintech startups
To encourage and support innovative startups in semi-urban and rural India, LenDenClub Alpha has launched ‘The Bharat Fintech Program’ in association with startup Reseau. A corpus of ₹2 crore for investment has been set up for this programme.
Rajat Sinha, principal, LenDenClub Alpha, said, “Bharat Fintech Program is an attempt by LenDenClub to promote innovation and inclusivity. Most startups, especially from the non-metro cities and remote towns, do not have access to capital, the right support and guidance to develop a new product and launch it; we aim to address this issue through the programme. And we hope that our investment corpus will contribute to nation-building by boosting the fintech startup ecosystem.”
LenDenClub Alpha will focus on fintech startups across domains such as payments 4.0, regtech, wealthtech, insurtech, digital lending, banking solutions and emerging technologies (AI/ML/IoT). LenDenClub Alpha, in association with Startup Reseau, will host nationwide activation sessions and hackathons to raise awareness about the initiative. LenDenClub Alpha will run startup engagement drives in Maharashtra, Telangana, Gujarat, Karnataka, Tamil Nadu, Kerala, and Rajasthan, along with Delhi.
No-code platform Hubbler raises ₹12.5 crore in seed round
No-code platform ‘Hubbler’ that makes app development has raised ₹12.5 crore in seed round from LenDenClub Alpha, Artha Venture Fund and Unicorn India Ventures. With Hubbler’s first round of funding, the company aims to use these funds to enter new markets globally and increase its user base.
The company currently has over 50 enterprise customers, including three unicorns, and wants to increase it by 5 times by the end of 2023. The platform handles over a million monthly transactions and has built over 1,000 applications for enterprises and partners; plans to increase the number of transactions by 10 times in the next 12 months.
Vinay Agrrawal, founder of Hubbler said, “According to a Nasscom report, in an optimistic scenario, India’s Low-Code and No-Code (LCNC) market will generate $4.0-$4.2Bn revenues by FY25, accounting for ~10% of the global market. We plan to expand in the international market and process 10 times higher transactions by 2023. The funds we have raised in the seed round will enable us to do just that.”
Kinetic Green, IndusInd Bank roll out finance scheme for electric vehicles
Kinetic Green Energy and Power Solutions Limited has partnered with IndusInd Bank to offer easy and affordable financing for their range of electric two-wheelers. Through this partnership, Kinetic Green aims to penetrate in deep rural parts of the country by providing access to digitally enabled loans from IndusInd Bank across Kinetic Green dealerships across India.
Customers will get up to 100 per cent LTV (loan to value), at attractive interest rates and flexible tenures. The program enables financing options for both salaried and self-employed customers.
Sulajja Firodia Motwani, founder-CEO, Kinetic Green, said, “The company’s vision is to provide green mobility to the masses. In line with our vision, we are delighted to onboard IndusInd Bank as our trusted partner to bring affordable and easy financing options to our customers.”