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Business Standard
10 hours ago
- Business
- Business Standard
Climate technology startups stumble in a cold investment climate in India
Investment by private equity (PE) and venture capital (VC) funds in the country's climate technology (tech) startups has seen a sharp fall, despite the big focus of the government on reducing carbon emissions and pushing for cleaner fuels. The reason: There is a big gap between startup climate tech needs for long-term funding and what VCs find bankable. According to data by research agency Tracxn, PE and VCs in 2023 put in substantial $1.66 billion in over 157 climate tech companies, with an average deal size of $10.57 million. But that number nosedived to $910 million in 2024, with the average deal size falling by half to an average of $5.5 million. And in 2025 to date, PE/VCs have put in a mere $270 million in the first six months of the year, but in only 37 companies — a third of what they did in the last year. The value of the largest deal this year to date has been in Euler Motors, which raised $75 million from the UK government climate fund British International Investment, a development finance institution of the UK government, and Hero MotoCorp in May of this year. The top five deals (which collectively received $188 million) until now accounted for over 68 per cent of the total PE/VC investment. Explaining the trend, Vasudha Madhavan, founder and chief executive officer of Ostara Advisors — which has facilitated deals worth over $125 million in the climate tech space, where they have focused exclusively for the past four years — says that they get a lot of demand for organising investments from startups in this space — ranging from agritech firms working on smart regenerative practices, Internet of Things-based models to make places and buildings more energy efficient, electric mobility, and companies in the recycling space, etc. But, says Madhavan: 'Only a few make the cut. One of our key criteria is that the company should be in a position to raise $2-4 million. Only then do we take them to the larger fund audience and support them at a strategic level. We come in at the Series A level — when the company is generating $2-4 million in annualised revenue and has some visibility towards profitability, even if it is at the earnings before interest, tax, depreciation, and amortisation level.' She also points out that government policy support helps in making investors comfortable — for instance, Ostara is talking to companies in the solar space, where the government has a big role and a supportive policy. However, despite the problems, some of the key funds that have invested in the tech space include British International Investment (it has done two deals this year already), Zerodha founder Nithin Kamath's Rainmatter Foundation (two deals this year), UK-based EM Impact Capital, an independent investment firm focused on emerging markets (one deal this year), and Zurich-based responsAbility (one deal until now this year), which invests in climate finance and impact-driven startups, among others.
Entrepreneur
24-05-2025
- Automotive
- Entrepreneur
Startups Powering Ahead: This Week's Most Notable Investment Wins
Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's startup ecosystem continues to boom, with innovative ventures across mobility, cybersecurity, entertainment, climate tech, biotech, and fintech securing impressive funding rounds this week. Each of these companies is tackling a unique global challenge with bold solutions and visionary leadership. Here's a look at the standout startups that raised significant capital between May 17 and May 23. Euler Motors Founded by Saurav Kumar in 2018, Euler Motors is an automotive OEM headquartered in New Delhi. The company focuses on electric commercial vehicles, primarily three- and four-wheelers. Its flagship product, the HiLoad EV, is touted as the most powerful electric three-wheeler in India. The recent launch of the StormEV, a four-wheeled light commercial vehicle equipped with ADAS, shows Euler's push towards advanced, eco-friendly mobility solutions. Funding Amount: USD 77 Million Investors: Hero MotoCorp, British International Investment (BII) CloudSEK Launched in 2015 by cybersecurity expert Rahul Sasi, Bengaluru-based CloudSEK provides AI-powered threat intelligence tools. Its platform helps enterprises identify and mitigate cyber threats before they escalate, offering real-time risk intelligence. With a growing demand for cybersecurity solutions, CloudSEK's predictive tools are vital for digital security. Funding Amount: USD 19 Million Investors: MassMutual Ventures, Inflexor Ventures, Prana Ventures, Tenacity Ventures, and others Mythik Mythik, a Mumbai-based entertainment-tech company, was founded in 2025 by Jason Kothari. Positioned as the "Disney from the East," Mythik aims to modernise and globalise Eastern mythology, folktales, and historical stories. Leveraging immersive technology, the company targets a global audience of over 3.5 billion people with rich cultural content. Funding Amount: USD 15 Million Investors: Sakal Media Group, BITKRAFT, Shah Rukh Khan's family office, and others including notable individuals like Jaynti Kanani and Saif Saeed Ghobash Alt Carbon Founded in 2023 by Shrey Agarwal and Sparsh Agarwal, Alt Carbon is a Bengaluru-based climate tech company. It uses Enhanced Rock Weathering (ERW)—spreading basalt rock dust on farmlands—to capture CO₂ and improve soil health. This scalable solution not only addresses climate change but also boosts crop yields, offering environmental and agricultural benefits. Funding Amount: USD 12 Million Investors: Lachy Groom, Shastra VC, Tanmay Bhat, Nakuul Mehta, and others Biostate AI Founded by David Zhang and Ashwin Gopinath, both former professors from Rice and MIT respectively, Biostate AI is bringing generative AI to molecular medicine. The US-based startup has developed affordable, high-throughput RNA sequencing technologies (like BIRT and PERD) to fuel an AI platform capable of decoding human diseases. Funding Amount: USD 12 Million Investors: Accel, Gaingels, InfoEdge Ventures, Dario Amodei, Emily Leproust, and more Data Sutram Established in 2018 by Rajit Bhattacharya, Ankit Das, and Aisik Paul, Data Sutram is a Mumbai-based AI startup focused on fraud detection and risk analysis for financial institutions. Their proprietary Trust Score scans digital footprints to identify fraud, synthetic identities, and collusion, helping clients manage compliance and mitigate risk. Funding Amount: USD 9 Million Investors: B Capital, Lightspeed These startups showcase the depth and dynamism of the Indian and global tech ecosystem, with each venture addressing pressing issues—from sustainable mobility and climate change to storytelling and molecular diagnostics. Their successful funding rounds not only validate their innovative approaches but also set the stage for impactful growth in their respective industries.
Time of India
23-05-2025
- Business
- Time of India
ETtech Deals Digest: Startups raise $177.6 million this week; up 2.7 times on-year
Live Events Startups raised around $177.6 million between May 17 and May 23, marking a 2.7 time increase compared to the same period last also represents a 12.7% increase from last week's total of $157.7 week, startups across seed, early, and late stages raised funds through 15 deals, compared to 34 in the year-ago period, when they raised a total of $65.8 million, according to data from commercial vehicle maker Euler Motors raised around $75 million in a funding round led by Hero MotoCorp . Existing investor British International Investment (BII), the UK government's development finance arm, also participated in the hybrid healthcare platform, CureBay raised $21 million in a funding round led by Bertelsmann India Investments. The round also saw BII and existing investor Elevar Equity cybersecurity Cloudsek raised $19 million in a fresh funding round led by Tenacity Ventures and Commvault. Others participating in the round include Inflexor Ventures, MassMutual Ventures and Prana Ventures, along with some strategic technology company Mythik, founded by former and Freecharge CEO Jason Kothari, raised $15 million in a funding round from Sakal Media Group, Venture Catalysts-backed VC Grid, actor Shah Rukh Khan's family office, and Visceral Capital, among others.
Mint
19-05-2025
- Automotive
- Mint
Hero-backed Euler Motors eyes profitability by 2029 after aggressive expansion
Hero MotoCorp-backed electric commercial vehicle maker Euler Motors plans to double its revenue in 12-15 months and achieve profitability by 2029. The company, which makes electric three- and four-wheeler commercial vehicles, is planning an aggressive expansion of its sales and distribution network to 80-100 cities in the next 12-15 months, up from 40 cities currently. This came after the Delhi-based company closed a ₹638 crore Series D funding round led by Hero MotoCorp, which also marked the entry of the country's largest two-wheeler player in the electric three-wheeler segment. Also read: Hyundai Motor looks to accelerate speed with EV, hybrid car 'The fundraise will help us in solidifying our presence across the country and invest in better products for our customers," Saurav Kumar, founder and chief executive at Euler Motors, told Mint. Hero announced in March 2025 that it is investing ₹525 crore in the start-up to acquire a 32.5% stake. Previously, Hero had also invested in Ather Energy Ltd. and currently holds about 30% of the listed entity. 'Hero and Euler can create a lot of synergies together. But at this point, it is just an investment. We want to take some of their learnings and apply them to our own company," Kumar said. Other investors in the round included British International Investment (BII), the UK's development finance institution. According to Tracxn, the founder held a 9.82% stake in the company before the conclusion of this funding round. On the board At present, the company, founded in 2018, has not clarified whether a member of Hero MotoCorp will join the board of Euler Motors. In FY2024, its losses stood at ₹226 crore, while revenue was recorded at ₹189 crore. The company has not yet filed its FY2025 results with the corporate affairs ministry. 'Profitability and scale go hand in hand auto segment. It is still early in our journey, but profitability should come as we increase sales and improve gross margins," Kumar noted. Euler Motors sold about 3,226 electric three-wheelers in FY2025, largely catering to the commercial vehicle segment. Competitors in the space include Bajaj Auto Ltd, Mahindra and Mahindra Ltd, and Piaggio Group. Also read: Hero MotoCorp vs Eicher Motors: Which 2W stock looks better after Q4 performance? Its presence in the four-wheeler segment is still nascent and continues to get most of its revenue from the three-wheeler segment. The country's three-wheeler market is fragmented, with over 500 players. Euler has a single-digit market share in the overall market, which is led by Mahindra. Speaking about the investment in Euler, Hero management mentioned in a post-results earnings call on 14 May that its investments in these start-ups are part of a long-term strategy as it looks to collaborate with these companies. The electric three-wheeler market has been growing rapidly, with nearly 50% penetration in the overall market. In the financial year 2025, there were about 699,073 electric three-wheeler sales in the country. 'The expansion of big players in the segment is good as it will help grow the pie. We had to compete with CNG players and now have to compete with their variants in the electric space, so it's not a new thing for us," Kumar said. While Euler expands its bid, competition in the electric three-wheeler space is also expected to tighten. Bajaj Auto has already announced several new products in the segment and is looking to introduce more products in both the commercial and passenger segments. Also read: 'India to have 123 million EVs on the road by 2032 under best-case scenario' 'There are going to be a lot better products. The electric three-wheeler market will consolidate in favour of the large players. We were late entrants as we took time to develop a product customers would appreciate," Samardeep Subandh, president-Intracity Business Unit at Bajaj Auto, said in an interview in March.
Economic Times
19-05-2025
- Automotive
- Economic Times
Euler Motors raises Rs 638 cr in funding round led by Hero MotoCorp
Mumbai: Electric commercial vehicle startup Euler Motors on Monday announced that it has raised Rs 638 crore in a Series D funding round led by Hero MotoCorp. The round also saw participation from existing investor British International Investment (BII), the UK's development finance institution, Euler Motors said in a statement. With this round, Euler Motors has, so far, raised approximately Rs 1,420 crore in various funding rounds, it added. This fresh capital infusion will be utilised in expanding the company's sales and service network while advancing new product development, the statement said. Euler Motors said it has secured investment amid rapidly scaling operations and strengthening of leadership in the commercial EV segment. The company has seen strong adoption across the e-commerce, retail and logistics segments, backed by a growing portfolio, comprising the electric three-wheeler high-HiLoad EV and the recently launched four-wheeler LCV StormEV. "We welcome Hero MotoCorp as a strategic investor in Euler Motors. This is a strong vote of confidence both in India's commercial electric mobility future and in Euler Motors' execution and products," Euler Motors founder and CEO Saurav Kumar said. With this fresh capital and strategic backing from new and existing investors, the company is set to accelerate its scale and continue innovating to deliver superior products, he added. "As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows Hero MotoCorp to venture into a rapidly growing electric three and four-wheeler market, while unlocking adjacent business opportunities and continuing to cement its leadership in the future of sustainable mobility," said Pawan Munjal, Executive Chairman, Hero MotoCorp. Founded in 2018, Euler Motors investors include Blume Ventures, Athera Partners, Asian Development Bank Ventures, and Piramal Alternatives India Access Fund. "...Since our initial investment in 2023, Euler Motors has advanced e-mobility adoption and created better jobs. This aligns closely with our ambition to support India's net-zero emissions target and enables us to drive scalable impact in a sector vital to both economic growth and environmental progress," said Abhinav Sinha, Managing Director and Head of Technology, Telecoms and Sustainable Industrials at British International Investment.
