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<ul><li><keyword id="12006311" type="General" weightage="20" keywordseo="revos-plans" source="Orion">Revos plans</keyword> to set up a million <keyword id="6116214" type="General" weightage="20" keywordseo="ev-chargers" source="Orion">EV chargers</keyword> across 500 cities over the next three years.</li><li>Union Square Ventures and Bengaluru-based Prime Venture Partners participated in its Series A round.</li><li>It has deployed over 10,000 devices in 30 OEMs across India, China, Vietnam, Nepal and Egypt. <br /></li></ul>Bengaluru-based startup <keyword id="12003975" type="General" weightage="20" keywordseo="revos" source="Orion">Revos</keyword> on Thursday, September 2, announced that it has raised $4 million to build a million electric vehicles (EV) chargers across 500 cities over the next three years. The company will tap into expansion opportunities in both India and other emerging markets.<br /><br />Launched only two years ago in 2019, Revos has set up over 10,000 devices — especially electric two-wheeler and three-wheeler chargers — in 30 original equipment manufacturers (OEMs) across India, China, Vietnam, Nepal and Egypt. <br /><br />The company will use this capital to deploy these EV charging infrastructure across the country and also strengthen its technology team with more hires. <br /><br />Revos’ Series A funding round witnessed participation from US-based Union Square Ventures (USV) and Bengaluru-based Prime Venture Partners (PVP). This is Union Square Ventures’ first investment in India and Prime Venture Partners’ first investment in the EV space. <br /><br />“The move to EVs is essential and inevitable. India runs on two/three wheelers. Making recharging available “anytime, anywhere” was pivotal to the penetration of mobiles in India. We believe Revos is well positioned to trigger a similar inflexion in the EV market,” said Sanjay Swamy, managing partner of Prime Venture Partners.<br /><br />Revos was founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav. “Revos is not only creating the largest charging infrastructure to support EVs but also building a world class OS [operating software] to make EVs smart, safe, connected and ready for the future,” Harichandan said in a press note. <br /><br />The company’s name stands for Revolutionary EV Operating Stack (REVOS). It is an artificial intelligence (AI)-integrated platform that allows EVs to communicate with each other.<br /><br />It enables EVs to have connected features like on-bike navigation, diagnostics, smart alerts and anti-theft lock. The company relates itself to ‘Android for EVs’ and allows EV manufacturers to build smart mobility features on top of the software developed by Revos. <br /><br />Revos is also piloting a peer-to-peer (P2P) charging infrastructure named Bolt that will be compatible with any portable EV charger that comes with each respective vehicle. The charger will work with existing AC power supply at home and establishments. <br /><br />"This fundraiser is a very important step in our journey. We are focused on democratising the technology for EVs and chargers so that anyone can build a smart EV or participate in building the P2P charging network,” Yadav, co-founder of Revos, said in a press note. <br /><strong>SEE ALSO<br /></strong><a href="https://www.businessinsider.in/business/startups/news/uber-has-ola-zomato-has-swiggy-but-whos-urban-company-competing-with/articleshow/85835674.cms">Uber has Ola, Zomato has Swiggy but who’s Urban Company competing with?</a><br /><br /><a href="https://www.businessinsider.in/investment/news/doge-meme-nft-is-being-auctioned-off-in-17-billion-pieces/articleshow/85833023.cms">The most expensive meme NFT ever sold will be auctioned off in 17 billion pieces tonight<br /></a><br /><a href="https://www.businessinsider.in/business/corporates/news/icici-bank-becomes-the-sixth-valuable-firm-after-ril-tcs-hdfc-bank-infosys-and-hul-in-india/articleshow/85828220.cms">ICICI Bank becomes the sixth valuable firm in India with over ₹5 trillion mcap after RIL, TCS, HDFC Bank, Infosys, and HUL</a>

This Bengaluru startup is looking to set up 1 million EV chargers in next three years, raises $4 million

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="http://press.houseoffraser.co.uk/imagelibrary?category=717">House of Fraser</a></span></p><p class="caption">House of Fraser.</p></div><p></p></div></div></strong></p><ul><li><strong>The 169-year-old <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> department store House of Fraser has fallen into administration after failing to secure a rescue deal.</strong></li><li><strong>The Chinese-owned company has struggled with falling sales in recent years and now has debts larger than its assets.</strong></li><li><strong>Accountants EY has been appointed to find a buyer for a business. Sports Direct billionaire Mike Ashley is said to be a front-runner.</strong></li><li><strong>House of Fraser employs 17,500 people across the UK. Even if a buyer is found, some of these jobs could be at risk.</strong></li></ul><p><br />LONDON - Beleaguered UK department store House of Fraser on Friday called in administrators after failing in its attempts to negotiate a rescue package or sale of the business.</p><p>House of Fraser said in a statement on Friday that talks with investors and creditors had "not concluded in a solvent solution."</p><p>EY, one of the "Big Four" accountants, have been appointed as administrators. House of Fraser, which employs 17,500 people across nationwide, will continue to trade while EY tries to find a buyer for part or all of the business.</p><p>Companies fall into administration in the UK when they become insolvent, with debts larger its assets. Administrators are appointed to take control of the business and act in the best interest of creditors, realizing value by selling the business part or whole. <a href="https://news.sky.com/story/house-of-fraser-calls-in-administrators-11468168">Sky News reports that Sports Direct billionaire Mike Ashley is an early front-runner to buy the business.</a></p><p>House of Fraser said in its statement: "Significant progress has been made towards completing a sale of the Group's business and assets. The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment."</p><p>If a buyer cannot be found, EY will likely shutter the company and liquidate its assets. Even if a buyer can be found, jobs may be lost in the process.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Getty</span></p><p class="caption">Mike Ashley is reportedly an early front-runner to buy House of Fraser.</p></div><p></p></div></div></p><p>Richard Hyman, an independent retail analyst, told Business Insider: "Whatever happens, you can see that House of Fraser's staff are the last to be informed and this morning, don't really know what their future is. It's a very shabby way to treat people and bad news for the wider economy."</p><p>House of Fraser, which was founded in 1849 in Glasgow, has <a href="https://www.businessinsider.com/house-of-fraser-future-crisis-cash-crunch-2018-3">been at risk of toppling for several months.</a> The department store's Chinese owners tried to seal a rescue deal earlier this month that collapsed, leaving House of Fraser in a precarious position. The company also faced an extended battle with landlords to try and reduce its rents and buy more time.</p><p>House of Fraser was acquired by Chinese group Sanpower for £450 million in 2014, but the chain has struggled since then. House of Fraser lost £9 million last year and sales over the crucial Christmas period fell by 2.9%. The company has a £400 million debt pile.</p><p>Mark Williams, the president of retail property organisation Revo, said in a statement earlier this week: "House of Fraser is a business that has been under-invested in for many years and that's the ultimate reason for its failure."</p><p>The collapse of House of Fraser follows the demise of fellow department store BHS in 2016. The UK is facing an extended slump in retail sales this year and department stores have been particularly badly hit. Debenhams, another UK department store, <a href="https://www.theguardian.com/business/2018/apr/19/debenhams-profits-slump-52-beast-from-the-east-sales">announced an 85% collapse in profits in April.</a></p><p>Frank Slevin, chairman of House of Fraser, said in a statement: "This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan. Despite the very recent termination of the transaction between Cenbest and C.Banner [the collapsed rescue plan], I am confident House of Fraser is close to securing its future."</p><p>Hyman said: "There will be more retail casualties - we are only really in the early stages of a huge shake out."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/cigna-ceo-express-scripts-merger-and-problem-with-healthcare-2018-7">The CEO of one of the largest health insurers in the US explains the problem with healthcare in America</a></h3>        <div>                    </div>    </div>

One of the UK's biggest department stores has collapsed into administration, putting 17,000 jobs on the line

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This Bengaluru startup is looking to set up 1 million EV chargers in next three years, raises $4 million

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One of the UK's biggest department stores has collapsed into administration, putting 17,000 jobs on the line

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