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<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

Bengaluru, July 7 (IANS) Homegrown short-form video app Mitron on Tuesday said it has achieved over 25 million downloads from Google Play Store and more and more content creators are making a beeline to join the app. Mitron emerged as an homegrown alternative to TikTok as anti-China sentiment rose in the country amid border tensions in Ladakh. The app, however, was briefly removed from Google Play Store apparently for "technical policy violations". After it fixed the issues raised by Google, the app reappeared on Google Play. With India deciding to ban TikTok late last month over national security concerns, the popularity of Mitron further increased. The Bengaluru-based app on Tuesday claimed that about 40 million videos are viewed on the platform per hour while nearly one million new videos are created per day. Founded by two computer science engineers, Shivank Agarwal who is an alumnus of Indian Institute of Technology Roorkee and Anish Khandelwal, an alumnus of Visvesvaraya National Institute of Technology in Nagpur, Maharashtra, the app was launched in April this year. "It is incredibly exciting to see nearly one million new videos created per day on the Mitron platform," Agarwal said in a statement. "With almost every one confined to their homes during the lockdown phase, our aim has been to provide a platform that offers digital entertainment through short videos posted by people, or create their own videos," he said. The app provides an easy interface for users to create, edit and share their videos and at the same time browse through a library of top videos on the platform. Mitron announced a seed funding round on July 1, led by 3one4 Capital and a LetsVenture syndicate led by Arun Tadanki. --IANS gb/na

TikTok rival Mitron hits over 25mn downloads from Google Play

New Delhi, Nov 20 () Co-working platform myHQ on Wednesday sait it has raised USD 1.5 million (around Rs 10.7 crore) from investors including India Quotient to fund expansion plan.
 The startup has been founded in 2016 by two IIT Delhi graduates - Utkarsh Kawatra and Vinayak Agrawal. It offers workspaces across 120+ locations in Delhi-NCR region at places like restaurants, cafes, co-working centre and office complexes that have excess inventory.
 "myHQ has raised USD 1.5 million in its pre-Series A round led by India Quotient. The round also saw investments from Singapore-based family office RB Investments, Ashish Goenka from Suashish, angels from the online platform LetsVenture and participations from existing investors (Anupam Mittal and Nitish Mittersian amongst others)," the company said in a statement.
 myHQ said it plans to utilise the funds to expand into new cities, introduce new product offerings and invest in their technology infrastructure.
 "This investment underlines our investors' confidence in our model that offers greater value to those who are looking for a workspace. Using existing excess real estate inventory available with third-parties, not only reduces our financial risks but also allows us to offer workspaces to our customer at an extremely affordable price," said Utkarsh Kawatra, Co-founder, myHQ.
 This fund raise not only reaffirms the business, but also reflects the growing demand for such spaces by the modern workforce, said Vinayak Agrawal, co-founder, myHQ.
 According to a report by global property consultant Cushman &amp; Wakefield, there are 1,000 operational coworking centres, with a capacity of over 4 lakh seats, across top six cities -- Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai.
 The number of flexible space operators has risen from single digits to about 350 over the last 3-4 years. MJH SHW
SHW

Co-working platform myHQ raises USD 1.5 mn to fund expansion

<ul><li>There are several founder-turned-investors in the Indian startup ecosystem too. </li><li>Here are the qualities that makes a startup founder a good investor. </li></ul>There are many like Sachin Bansal and Binny Bansal – who are extending the list of <keyword id="1303404" type="PERSON" weightage="20" keywordseo="startup-founders">startup founders</keyword> who are turning <keyword id="6359051" type="UNKNOWN" weightage="20" keywordseo="investors">investors</keyword>. Vijay Shekhar Sharma of Paytm who is still running his company, is also an active angel investor with over 20 investments. Being a celebrity founder like Sharma and the Bansal founders or even Kunal Shah of Freecharge fame, Kunal Bahl of Snapdeal, Bhavish Aggarwal of Ola, also adds weight to an investor’s journey. Having been through several rounds of funding while building a startup, a founder-turned-investor can see through the pros and cons of investing in a company. Manish Singhal who co-founded LetsVenture.com, is now running Pi Ventures – lived the life of an entrepreneur as well as an investor. Being a founder exposes you to issues that a startup faces, he believes. “You relate to the founder challenges a bit better. If you have built a deep technology product, it also becomes easy to appreciate their technology as well as value addition,” said Singhal. However, that’s not the only thing that can turn a founder into an investor. Mukul Arora of SAIF Partners believes that along with the unique perspective of running a business, a founder-turned-investor must bring more to the table. “That is 20% of what is needed to be an investor, so if founders come in with a mindset that there is an 80% left for which I will have to unlearn and relearn, they can become good investors. Just being a founder is not sufficient, you have to be hardworking and hungry to learn a lot,” said Arora. He added that while in the US there have been many such examples, the Indian startup ecosystem is not yet mature. Being a founder, one also tends to have the habit of creating new products. A VC enables products and not creates them. That is an understanding a founder needs to have before turning into a VC, adds Singhal. “Founders can have strong viewpoints but as an investor it’s also important to have flexibility,” said Singhal.

Here's how startup founders can become good funders

<ul><li>International racers Aditya Patel and Armaan Ebrahim are behind the <keyword id="6603402" type="UNKNOWN" weightage="20" keywordseo="X1-Racing-League">X1 Racing League</keyword>. </li><li>With an IPL like format, it will have 8 city based franchises which will feature international male and female racers.</li><li>The X1 Racing League will be investing ₹50 crores per season.</li></ul>It was in 2011, that the first <keyword id="29472" type="PERSON" weightage="20" keywordseo="F1-race">F1 race</keyword> made it to India. Eight years later, motor sporting is still a distant dream for many Indian racing enthusiasts. But now international racers Aditya Patel and Armaan Ebrahim want to change that. The duo is bringing an exclusive motor sporting event to India – the X1 Racing League. Patel and Ebrahim are both former national champions currently racing internationally representing Audi and Lamborghini India. The X1 Racing League will follow an IPL like format where 8 city based franchises will participate in the races which will feature international and Indian male and female racers. Patel and Ebrahim have both been racing for 15 years now. “We have been travelling together the last 5 years, looking at different sporting events particularly motor sporting events. We have been looking at how to help the sport grow in India, because we haven’t seen a large number of Indian drivers coming out of the country,” Patel told Business Insider. The X1 Racing League will be investing ₹50 crores per season on operations, marketing, production and promotions. It is backed by Mohit Burman of Dabur India, Raghunandan, founder, TaxiForSure, Shanti Mohan, CEO, LetsVenture), Anupam Mittal of People Group and others. Bringing in the 8 city-based franchisees, they hope to garner a following in the country. “It’s a lot of sportainment. Each race will be of 45 minutes duration and there will be 3 races per day, with innovative race formats,” said Ebrahim. Being the first of its kind in India, they are also claiming to attract brands. “We are commercialising motor sports in India. With city affinities, the reaction has been very welcoming. With e-sports we are tapping the grassroot level and it is taking us to a whole new market altogether,” said Ebrahim. While the race will be held in November, they are also organising an e-sports league. Considering motor sports is an expensive game, they are bringing in e-sports, which works like a simple video game. “We are taking our racing simulators to colleges and malls in 8 cities. The winner from all 8 cities will be put through a racing program and will be contracted to X1 Racing League,” said Patel.

These two international racers are trying to build an IPL for motorsports in India

Early stage start up companies struggling to raise funds in health care sector is the next bait for <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword>. The <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> co founders have recently invested <keyword id="3181379" type="UNKNOWN" weightage="20" keywordseo="Pandorum-Technologies">Pandorum Technologies</keyword>, which deals in -print experimental-stage human liver tissues in a laboratory. <keyword id="6442005" type="PERSON" weightage="20" keywordseo="Bansal">Bansal</keyword> duo are finalising another investment in a start up that makes implants. 
 
Bansals taking the risk of investing in disruptive innovation make them a rare breed of investors, courageous enough to take risky bets. 
 
"In India, core sectors like healthcare, education and supply chain will be disrupted (by emerging) technology... Those (startups) don't funding easily while consumer internet companies do," Binny Bansal told the ET. 
 
His observation bears out in the numbers. Of the 30 early-stage capital-raising deals struck by healthcare startups since 2014, half were in the form of government grants, according to startup data tracker Tracxn. On the other hand, in the same period, 1,166 consumer internet startups managed to raise seed and angel funding. 
 Industry experts concede it's tough for such deep technology ventures to secure funding. "It is not very easy because you need to understand more of technology when you (want to invest in) deeptech healthcare and robotics," said <keyword id="1617764" type="UNKNOWN" weightage="20" keywordseo="Shanti-Mohan">Shanti Mohan</keyword>, founder of Let'sVenture, one of India's largest funding platforms for startups. 
 
For potential investors not familiar with such technology, it becomes difficult to grasp the end uses of the products these startups are developing.

You Searched For "LetsVenture" and got 6 results

EV startup Magenta Mobility raises $40 million in equity and debt

IANS

TikTok rival Mitron hits over 25mn downloads from Google Play

IANS

Co-working platform myHQ raises USD 1.5 mn to fund expansion

PTI

Here's how startup founders can become good funders

Sanchita Dash

These two international racers are trying to build an IPL for motorsports in India

Sanchita Dash

Flipkart founders are taking risky bets

BI India Bureau

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