Fintech Solutions 1Pay Aims to Digitize Logistics and Transportation

1Pay Latest Startup News

The Indian logistics sector is powering forward, projected to be worth a hugely impressive $380 billion by 2025. Part of that growth can be attributed to the rollout of FASTags - Radio Frequency Identification (RFID) technology made available for vehicle owners, which makes toll payments direct and hassle-free.

But Mumbai fintech start-up 1Pay is harnessing this technology for much more than just payments at tolls; they plan to use it to provide services tailored directly to fleet owners, such as assistance with parking payments, fuel bills and challan bills. This digitized process maximizes ease of use and helps transport operators quickly manage their payments.

At present, 500,000 commercial vehicles have already been activated on the platform, but 1Pay is confident that this number will increase to two million in a couple of years as more transport operators come on board. In 2021, revenue for 1Pay was expected to hit somewhere in the region of $15 - $20 million, and Sanjiv Singh, one of the start-up’s co-founders, said recently that last year they had achieved revenues of Rs 28 crore and now looking to reach between Rs 38-39 crore in the current fiscal year.

1Pay has so far been solely funded by its own funds but hopes to raise additional external investments within the next 2-3 months time frame. As well as an additional investment, they plan on expanding their service even further by employing salespeople across India so that they have an increased presence and more touch points.

It isn’t just startups investing in the fast-developing logistics sector, though; many larger companies are also packing their bags and hopping aboard the bus headed for success in this field, which has had a positive knock-on effect for those involved in fintech too - a field 1Pay wishes to make major strides in over 2021. 

Fintech is here to stay and is providing financial solutions not only within India but also abroad. Fastags are certainly helping bridge the gap between certain sectors within India exponentially. 

Also Read: Log9 Materials Raises $11 Million in Latest Funding Round

About Entrackr

Entrackr is a new-age media platform for entrepreneurs, startups and technology enthusiasts. It provides comprehensive coverage and analysis of the latest developments in tech startups across India, Southeast Asia and beyond. 

Entrackr offers unique stories that go beyond the normal everyday news, taking an in-depth look at the various trends in startup ecosystems. It publishes exclusive news features, interviews and stories on founders, investors, accelerators, products and more. Entrackr aggregates data-driven content to provide insights relevant to young entrepreneurs who are driving the growth of India's startup sector.

Log9 Materials Raises $11 Million in Latest Funding Round

Log9 Materials Startup Funding News - EV focused advanced battery platform

As the world moves towards adopting more eco-friendly alternatives, the electric vehicle industry is picking up speed. Thanks to advancing technology, several companies are emerging as go-to options for electric vehicle solutions. One of the leading lights in this industry is Log9 Materials, which recently closed an extended Series B fundraising round spearheaded by PTV International Ventures, raising over $11 million in the process.

Log9 Materials is known for its advanced battery platform which focuses on electric vehicles. In September 2022, the company raised Rs 77 crore ($9.4 million approximately) in a round led by Amara Raja Batteries which was exclusively reported by Entrackr. The bulk of the funds raised in the recent Series B round came from PTV International Ventures through the issuance of 44,194 Series B compulsory convertible preference shares (CCPS), along with 440 partly paid CCPS at an issue price of Rs 22,703 and Rs 100 per share respectively.

SiriusOne Capital, Cornerstone Ventures and other investors also contributed to the fresh infusion. To raise the total sum of Rs 91.26 crore or $11.4 million, Kube Opportunities’ LO Fund, Anicut Capital and IITMS Rural Technology and Business Incubator pitched in. The fresh fundraise has reportedly valued the company at Rs 1,786 crore or $223 million post-allocation. Log9 Materials has raised around $30 million to date, including a Series A+ round of $8.5 million in August 2021.

Log9 Materials is on a mission to make the future of electric vehicles and energy storage simpler, reliable and accessible to all. Its RapidX batteries are the fastest charging solutions in the industry tailored for three and two-wheelers. The company has also set out to create electric vehicle charging infrastructure ecosystems across the country.

In the last fiscal year, Log9 Materials has scaled rapidly, recording a 3.3x increase in its operating revenue. While the company’s losses widened two-fold to Rs 16.1 crore in FY22, this is expected to be negated by the immense growth opportunities in the electric vehicle industry in the coming years.

Also Read: Fractal Records Revenue of Rs 1,300 Cr in FY22, but Experiences Losses

Wrapping Up

It’s no surprise, then, that investors are interested in being part of the Log9 Materials story. The company’s successes are a testament to the electric vehicle industry’s immense potential, and with the backing of its venture capitalists and investors, Log9 Materials is all set to become an essential part of the world’s green revolution.

Your one-stop destination for the latest startup news in India - Entrackr

Entrackr is the ultimate news platform for start-ups and entrepreneurs focusing on the main areas like new business startups, investments, and funding. Entrackr tracks relevant news from the whole country and curates stories from a variety of sources, including leading newspapers, tech media, influencers, and more. 

If a new business startup is launching in India, the platform makes sure that its readers have timely access to the most relevant and accurate news. Entrackr also covers upcoming startups in India, startup funding news and investments news, giving readers quick access to the latest startup news related to their interests.