Startup news and updates: daily roundup (April 10, 2024)

Funding

AutoNxt Automation raises $3 M pre-Series A funding

Electric powertrain maker AutoNxt Automation has raised $3 million in a pre-Series A funding round led by Saama, Google search division's Amit Singhal, KKR Capstone India head Suveer Sinha, and Bluehill Capital.

Keirestsu Forum, Soonicorn Ventures, and other marquee investors also participated in the round.

The startup plans to use the funds to launch an electric tractor with self-driving options, designed for commercial use, later this year.

“The latest funding from Saama and all our investors enables us to fast-track engineering efforts and promptly establish our brand as a dependable, global, cutting-edge mobility platform, with 'India for India' as our guiding mantra," said AutoNxt's Founder and CEO, Kaustubh Dhonde.

"We’re thrilled to back AutoNxt, where our conviction is underpinned by our belief in Industry 5.0 as a core driver of India’s economic growth," said Hemant Asher, Partner at Saama.

"The company’s technology platform built in India for the Indian market and the founding team’s sharp focus on the commercial segment in the current phase of their business further strengthens our conviction," he added.

Other news

Bounce, Clean Electric launch liquid-cooled battery tech

EV scooter maker Bounce Infinity has launched a new portable liquid-cooled battery technology in partnership with Clean Electric Private Limited, which will provide a range of 80 kilometres on a 50-minute charge.

The portable battery can be charged at home using a 5-ampere socket, eliminating the need for drivers to travel to specific fast charging points to top up their vehicles.

The new battery tech has been incorporated into the Bounce Infinity E1 model, which costs Rs 99,210, ex-showroom.

"Our liquid-cooled batteries are portable and can be conveniently charged at any standard 5 amp socket and fast charged at 15 Amp socket found in every household, just like the ones used for appliances such as refrigerators and heaters," said Vivekananda Hallekere, CEO and Co-founder of Bounce Infinity.

"This, combined with fast charging, affordability, and sustainability, empowers individuals to embrace EVs and experience the freedom of electric mobility," he added.

The new liquid-cooled batteries employ a fire-retardant liquid, which absorbs heat from the battery and efficiently transfers it to external metal components. These components are designed to rapidly dissipate heat to the surrounding ambient air, ensuring effective cooling, the companies explained.

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ESKEYN Ventures founder pledges $9.6 M to IIT Hyderabad

IIT Hyderabad's Centre for Healthcare Entrepreneurship (CfHE) has received a grant of $9.6 million from Sushant Kumar, Founder of Tanushree Foundation and ESKEYN Ventures, a financial firm.

CfHE plans to use the funds to expand its innovation in healthcare technologies, indigenise technologies critical in the healthcare sector, and create solutions to address unmet needs and improve patient outcomes.

"This pledge not only represents a significant financial contribution but also exemplifies a shared commitment to driving positive change through innovation and entrepreneurship," said Professor Renu John, head of CfHE at IIT Hyderabad.

"The investment will empower CfHE to expand its initiatives aimed at nurturing aspiring healthcare entrepreneurs, providing them with the resources, mentorship, and networking opportunities necessary to translate innovative ideas into impactful solutions," said Sushant Kumar, in a statement.

Zypp makes key leadership appointments

EV-as-a-service platform Zypp has appointed ex-Olx Autos and Snapdeal executive Ricky Singh as the senior vice president of its electric two-wheeler operations.

Rahul Yadav, who has worked with Radio Mirchi, Airtel and Times Internet Ltd, was named the company's vice president of technology, while Sudhir Sharma, an expert in fundraising, cash flow management, strategic planning, and shareholder management was named Zypp's senior vice president of finance.

In a bid to scale its electric three-wheeler offering, Zypp has named Sudipto Shome as vice president of its electric three-wheeler operations.