Bits and Bytes: Know about startup, business news in Pune
Pune-based financial institution for MSME’s, Electronica Finance Limited (EFL), inaugurated its new branch at AP Pinnacle in Lonikand on Ahmednagar road
Ecozen Raises $25 million in Series C round led by Nuveen and Dare Ventures
Ecozen announced it has raised $25 million of combined equity and debt capital. The Series C equity portion was led by Nuveen and Dare Ventures (Coromandel International), with participation from Export-Import Bank of India (India EXIM Bank), and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management). Omnivore and IFA, early investors in Ecozen, achieved partial exits in this round. The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
Headquartered in Pune, India, Ecozen was founded by three IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal, and Vivek Pandey. Gupta said, “We are looking beyond the agricultural sector to accelerate the broader energy transition through its deep-tech expertise in energy storage, motor controls, IoT and analytics. With the fresh funds, Ecozen will aggressively expand production capacity and product range.”
“Nuveen seeks out companies that mitigate climate change, build resilience to its impacts, and provide high quality, affordable products and services to the low-income consumer segment,” said Rekha Unnithan, Managing Director and Co-Head of Private Equity Impact Investing at Nuveen.
Electronica Finance Limited expands base in Pune
City based financial institution for MSME’s, Electronica Finance Limited (EFL), inaugurated its new branch at AP Pinnacle in Lonikand on Ahmednagar road. With this new branch, EFL has total 160 branches along with more than ₹2800 crore of assets under management.
The new branch was inaugurated by Shilpa Pophale, managing director, EFL. She said, “Pune has been a very strong market for EFL and we are happy that customers have been trusting us and have given us an opportunity to serve them. Lonikand has witnessed a surge in industrial development and is close to areas like Wagholi, Shirur, Shikrapur, etc. With an ever-expanding city like Pune, we always want to be closer to our customers. The Lonikand branch will help us serve our customers even better as we can expand our reach within 80 km radius of the branch. Our team here is dedicated to guide new as well as existing customer who are looking for raising finance for their businesses.”
Havmor Ice Cream setting up new manufacturing facility at MIDC Talegaon
HavmorIce Cream, a subsidiary of the South Korean company LOTT EConfectionary Ltd has committed to invest ₹450 crores over five years. The company will use this investment to set up a new manufacturing facility at MIDC Talegaon, Pune. This cutting-edge facility with high-end engineering and design innovation will be the brand’s first ever Korean technology-based facility in India.
The new facility will be made on a total area of 60,000 sqm leased from MIDC and will lead to a significant increase in its production capacity to meet future demand. The facility will be fully functional in 2024. With the new facility, HavmorIce Cream will generate employment opportunities for 1000 people from the communities around.
Komal Anand, managing director, Havmor Ice Cream, said, “LOTTE sees India as a strategic market & this investment decision demonstrates the confidence that the group has on the growth opportunity India has to offer. The head room to grow consumption is large given that the per capita consumption of ice creams is low when compared with other Asian countries. With this facility we aim to expand our footprint and stem our position for the long run.”
Rebel Foods invests in conventional offline F&B experience
City-based startup, internet restaurant company Rebel Foods has made significant investment to offer conventional offline F&B experience to customers. The company launched its flagship smart food court EatSure at Law College Road, Erandwane and plans to open 3 more near IT parks at Kharadi, Baner, Pimple Saudagar and Pimpri Chinchwad.
The store is spread across 3,000 square feet offering a complete digital customer experience. Sagar Kochhar, Co-Founder, Rebel Foods said, “The brick-and-mortar F&B space offers limited food options for customers. While the traditional food court features many brands, customers have to wait in long queues at each outlet where someone’s order in the group may arrive before others, hampering the entire experience. With the new EatSure food court, we tried solving this broken experience where the customers do not have to order each brand separately bringing in a queue-less completely digital ordering experience, easy to track the status of the orders, and enjoy together in a group. These tech enabled features backed by Rebel Foods’ Operating System under a roof with a unique digital ordering experience makes it India’s first smart food court.”
Godawari Electric Motors expand in Maharashtra
Godawari Electric Motors inaugurated its first showroom ‘Sourabh Wheels’ on Gangadham-Kondhwa road at the hands of Deputy Commissioner of Police (Traffic) Vijay Kumar Magar and Dr Ajit Shinde, RTO, Pune.
The showroom is spread across 1700 sq. ft. Customers will have access to 3S facilities offered by Godawari Electric Motors and the showroom also showcases the journey of the brand and become a single touch point for end-to-end EV needs of the customers. Godawari also has tied up with leading banks and NBFCs to provide loan facilities to customers.
Hyder Khan, CEO, Godawari Electric Motors, said, “We are delighted to foray into Pune which is the heart of the automobile hub in the country. Saurabh Dolas is the right partner to lead Godawari’s EV vision in the region. It is our first among many showrooms in Maharashtra and is aimed at providing a holistic experience of our brand and products. We will continue to expand our presence through more showrooms and products.”
BiofuelCircle developing digital enterprise for FPOs and farmers
BiofuelCircle, a digital marketplace for biomass and biofuels, is developing a digital enterprise for FPOs and farmers. Under the guidance of MNRE and GIZ, it has partnered with BAIF to set up 20 such enterprises in Maharashtra. A workshop was organized in Pune to showcase the model and demonstrate on-ground development of strengthening the biomass supply chain.
Suhas Baxi, Co-founder and CEO, BiofuelCircle said, “We are working towards demystifying and standardizing biomass to make it more accessible by providing value discovery for manufacturers and buyers. Challenges for the development of FPOs have been identified and we are now working towards addressing them by taking the mission forward which will contribute towards sustainability and green energy in India.”
Bharat Kakade, President and Managing Trustee, BAIF said “We are working on an integrated program by leveraging technologies to give a new direction to the rural program by creating a vibrant bioeconomy.”