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.

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

Fractal Latest Startup News

Fractal, an Artificial Intelligence firm, became part of the unicorn club after raising $360 million from TPG in January this year. This resulted in the company being valued at $1 billion. In the previous fiscal year (FY21), Fractal's revenue had approached Rs 1,300 crore, and this number increased to Rs 1,295 crore in FY22, a 48.3% growth. 96% of the total revenue was from analytics and consulting services, which grew 44.1% to Rs 1,244 crore in FY22. Collection from subscription and licensing fees ballooned 4 times to Rs 51 cr in FY2022. Additionally, the company made Rs 19 crore from financial instruments.

Employee benefits accounted for 74 percent of overall expenses and surged 72.7 percent to Rs 1,088 cr in FY2022 from Rs 630 cr in FY2021. Legal and professional fees also shot up 73.5% to Rs 85 crore in FY22. Software maintenance charges and insurance each added Rs 28 cr, pushing the overall cost by 73.7 percent to Rs 1,461 cr during the last year. This resulted in the company slipping into losses (Rs 148 crore) in FY22, compared to a profit of Rs 36 crore in FY21. Its EBITDA and ROCE margin also turned negative with -4.91% and -9.26% respectively.

Fractal's flagship products include Crux Intelligence, Qure.ai, Eugenie.ai, Theremin.ai and Samya.ai. It competes with MuSigma, Tredence, and Quantiphi Analytics, and is eyeing an initial public offering at a $2.5 billion valuation. However, no specific timeline for the IPO has been disclosed yet.

Fractal Chief believes that India will be a major contributor to the upcoming AI revolution. To ensure that the country is able to provide enough talent for this revolution, Fractal has taken the initiative to create the talent present here. With their Imagineer program, they plan to hire talented individuals, teaching them the basics of AI. Furthermore, they have also partnered with Plaksha University, in order to train young individuals in data science and AI. Through these measures, Fractal is confident that it can bridge the talent gap in the Indian AI landscape.

You may also be interested in Uber India's Losses Decline 35% in Fiscal Year 2022

About Fractal

Founded in 2000 in Mumbai, Fractal has grown to become a global company with 3,500 employees across 16 locations, including the US, UK, Ukraine, India, Singapore, and Australia. Led by Group CEO Srikanth Velamakanni and Pranay Agrawal, CEO, Fractal has developed a range of products, such as Qure.ai, which helps radiologists make more accurate diagnoses.

About Entrackr

Entrackr is a digital newsroom devoted to providing incisive analysis and insights on the burgeoning technology and startup ecosystem in India. We cover breaking stories about startups, entrepreneurs and technology enthusiasts with a focus on inspiring and empowering these innovators. Our goal is to create an environment that will help to foster an entrepreneurial ecosystem in India. Through our storytelling, technology, and journalism we are building an innovative newsroom that will continue to remain ahead of the curve.

Uber India's Losses Decline 35% in Fiscal Year 2022

Uber India Latest Business News

Uber India's ride-hailing business saw decent growth in FY22, with its collection from the vertical reaching Rs 388 crore. However, the company's revenue for providing support services to group companies decreased by 87.7% to Rs 8.72 crore during the same period. Uber India's operating income was mainly derived from its ride-hailing biz, which grew 29.5% to Rs 388.23 crore in FY22 from Rs 299.7 crore in FY21. The local entity also earned non-operating income and interest on current investments of Rs 163.6 crore, taking its total revenue to Rs 560 crore.

On the expense side, Uber India booked 51% of its expenditure as the cost of materials consumed. Employee advertising cum promotional expenses and benefits declined 63.6% and 44.1%, respectively, to Rs 44 crore and Rs 151 crore during FY22. On the other hand, legal cum professional fees spiked 71.7% to Rs 28.84 crore in FY22 from Rs 16.8 crore in FY21. Uber also incurred Rs 36.28 crore in rent and utility costs. As a result, Uber India's annual expenditure declined 13.4% to Rs 853 crore in FY22 compared to Rs 985 crore in FY21. With controlled expenses, the company cut down its losses by 35.3% to Rs 216 crore last year.

The numbers for Uber India are shockingly unimpressive for the year concluding 2021, as evidenced by its EBITDA margin and return on capital employed (ROCE), which declined to -44.77% and -16.95%, respectively. This sharp decrease could be attributed to lowered employee benefits and promotional expenses on a unit level, as it took, on average, Rs 2.15 to generate a single rupee in operating revenue. 

Despite the growth in FY22, Uber India has failed to deliver on its promise of making personal vehicle ownership redundant. Its driver 'partners' and users seem unhappy with the services, and without a drastic change in approach, the suspicion remains high that the end of the road is never too far away for Uber India. Ultimately, Uber India will have to make significant changes to its approach to remain viable in the long run.

You may also like: Dailyhunt's Parent Company Has Reported a Loss of Rs 2,500 Cr and a Revenue of Rs 965 Cr for the FY22

About Uber 

Uber is a global technology company and platform that has revolutionized how people move. Uber offers a more efficient, reliable, and affordable way to travel than using traditional methods of transportation. Uber provides the convenience of ordering transportation from anywhere using a smartphone app. With just a few taps, users can order a ride from a driver who can take them to their destination safely and reliably. To date, Uber has provided billions of rides to millions of people in countries across the world, providing jobs to drivers and an efficient transportation option to many communities. In addition, Uber offers many other services, such as food delivery and boat and bike rentals. Uber has transformed the industry and changed the way people travel forever.

About Entrackr

Entrackr is an online startup news platform focused on start-ups. It covers the latest news, trends, developments and profiles of start-ups and entrepreneurs in India and across the globe. The platform also offers consulting services and helps in connecting investors and startups. Entrackr's news section covers interactions between entrepreneurs, investors and other talking of the start-up industry. It also includes a list of upcoming events and conferences so readers can stay updated on the happenings of the industry. Entrackr is a great way for startups to stay relevant and up-to-date with happenings in the start-up and venture capital world.

LeadSquared's Revenue Hits Rs 200 Cr in FY22, Losses Jump 5.4X

LeadSquared Startup News

LeadSquared, a software as service (SaaS) platform, has become a unicorn after it raised $153 million through a Series C financing round with WestBridge Capital and existing investors in June 2022. The company's admission into the $1 billion or more valuation club came on the heels of a two-fold increase in its size in FY22.

LeadSquared has continued to grow, and its revenue from operations increased to 193.5 crores for FY22, up from the previous figure of 99.5 million in FY21, according to its financial statements that were filed at the Registrar of Companies (RoC).

LeadSquared offers complete marketing, sales, as well as automation for onboarding to its clients. According to Fintrackr's analysis, the sale of these solutions is the sole source of operating income for the business in FY22. The company also earned Rs 7.1 million in FY22, mostly by selling its financial assets.

In terms of cost, Employee benefits are the most significant expense for the business accounting for approximately half of the total expenses and grew 2.3X to approximately Rs 142.2 crores in FY22.

As a SaaS business, the expense of technical services is significant, soaring 2.4X to around Rs 58 crore in FY22. Promotion and advertising costs and business support costs also increased by 2.6X in both 2.4X to approximately 9.76 crores and the equivalent of Rs 16.21 crore, respectively, during the previous fiscal year.

The company also spent an additional 1321 rupees 13.21 crore for professional and legal fees, which increased its total costs to 2.3X to 262.3 crores in FY22.

With all the major cost centres expanding faster than revenue growth in FY22, the company's losses also increased 5.4X to around 62 crores in the final fiscal year, up from 11.3 crores in FY 21. 11.3 million in FY21.

On a per-unit basis, LeadSquared spent Rs 1.36 for a single rupee. With a dramatic rise in its costs and its EBITDA ROI and margin, this business decreased to -28.58 percent and -42.73 percent for the fiscal year that ended March 2022.

Also read:

• Fast Food Chain Wow! Momo Raises $16 Million in Series D

• Top Benefits of Virtual Workspace You Must Know

LeadSquared said it has more than 2000 customers in its most recent fundraising. Apart from Bengaluru, the company has offices throughout New Jersey, the Philippines, South Africa, Australia, and Indonesia. In examining the company's revenue and profits, it can be seen that it has a 38X the revenue multiplier for its value, an amount that is sure to rise with growth in the coming years too. Nilesh Patel, CEO of LeadSquared, has recently stated that the company plans to earn the amount of $200 million (Rs 1600 crore) in revenues over the coming three to four years.

Follow one of the best platforms for the latest startup news, Entrackr to get all the latest happenings in the startup world.

Winzo File a Claim Against Google for Not Authorising Non-Rummy Games on Play Store

Winzo Games Latest Startup News

Winzo, the producer of Poker and Rummy like games application said on Tuesday it was filing a complaint against Google in Delhi High Court that "Google is discriminating and is not authorising Non-Rummy games on the Play Store. Winzo says that Google is partial and it only permits Rummy and unrealistic sports games on the app store. 

Winzo also claims that Google, which is not against gambling and betting in India is doing discrimination against them by not allowing real money-making apps on the play store. Google has declared recently that it was doing a one-year pilot with the Rummy and Dream Sports app. 

Why is Winzo so upset with Google? & What was the Major Issue that Caused the Rift Between Winzo and Google? 

All this started in March of this year. Winzo sued Google in March because of the warning that Google Chrome used to show every time on the cell phones, whenever someone attempts to download the Winzo application that says "Document may be destructive". This was the common warning that used to display among most of the individuals who were about to download this real money-making app, Winzo. 

Recently, Winzo again filed a claim against Google on 20th September for not authorising Winzo games and fantasy games on Play Store. Winzo is one of the numerous industry players like MPL and Zupee who have declared Google's pilot policy with Rummy and fantasy games erratic, biased and prohibitive. Winzo and the other organisations declared this in front of the media in its most recent suit.

If You are Wondering What was the Reaction of Google on Winzo's claim? Here it is;

Google refused to remark: The organisation has never restricted any of the real cash gaming applications on the Play Store. Another hearing of this case was on 22nd September (Thursday).

In the court records collected by Entrackr, the lawyers from Google's side told that this claim was "waggish, meaning-less and reductant" quarrelling that Google Chrome and all the other browsers display a similar warning for all the APK files that are being downloaded from the platforms other than Play Store. The lawyers from Google's side said that the IT Rules 2021 permitted it to show that brief as a safety effort.

Google presented the reviews from Winzo's iOS application, which is also accessible on the Play Store, where various customers claims about being deceived by the real money gaming apps or incapable to clear out their money or withdrawals.

What does the Co-founder of Winzo Comment about the Situation with Entrackr? 

Saumya Singh Rathore, the co-founder of Winzo told Entracker that Google's narrow scope for this pilot strengthens monopolies organised by fantasy game companies such as Dream11 and harms the producers like Winzo that have many real cash game ideas in their applications.

Rathore also told Entracker that the warning shown by Google Chrome while downloading this real money gaming app was making 75 out of 100 customers, who initiate to downloading the app yet change their mind after seeing the warning. 

You may also like: Fast Food Chain Wow! Momo Raises $16 Million in Series D

Wrapping Up 

Winzo has filed a claim against Google for allegedly breaching antitrust law by not allowing developers to use non-rummy card games in their Play Store. The court's final decision is yet to come. The battle between Winzo and Google is still fresh and will pose to be an interesting one. Be connected with us at Entrackr for the latest startup news and also about this hot topic in the market.

Entrackr - A perfect media platform for the latest startup news

Entrackr is an amazing media platform for startups, business visionaries and tech fanatic individuals. We cover all the latest startup news such as startup funding news and tech startup news.

Fast Food Chain Wow! Momo Raises $16 Million in Series D

Wow! Momo Latest Startup Funding News

Wow! Momo is a quick service restaurant chain founded in August 2008 by a group of entrepreneurs led by Kunal Bahl. They are expanded to over 19 cities and have 425 outlets in India. This startup basically provides everything related to momos only like momo-filled burgers and its desserts also. The company has raised close to $8 million in Series A round of funding led by an individual investor. This Series D round of funding is led by V’oceanInvestment and Oaksand India.

Wow! Momo is headquartered in Kolkata, India with operations in Mumbai, Chennai and more 16 cities. Wow! Momos aims to grow their fast food joint to be an IPO and compete with McDonald’s and Dominos like fast food restaurant chains. The company is rapidly expanding in the country. Mohit Bhargava, an IIT Bombay alumnus, co-founded and incubated the company before crossing the Rs1 crore revenue mark in just three months. 

This startup Wow! Momo has now raised a Series D round of funding. The current funding round is worth Rs 125 crore or $16 million. This most recent round of funding for Wow! Momo brings their total funding to $41 million. Wow! Momo is the first quick service restaurant chain in India to adopt a service-oriented design, which was introduced by Apple.

This startup has raised $16 million in a round led by Tree Line Investment Management. This latest round will take the company to a total of $70 million. In October, Wow! Momo Foods launched its newest range of products at the 35th China Food Expo. The company plans to use the amount to expand its outlets.

Wow! Momo is the first and only QSR serving the Chinese market. It has been established since 2008 and is based in Mumbai. Their food is a blend of East, East and East. Wow! Momo specializes in Chinese cuisine. It is mainly a QSR chain which prepares foods such as fried rice, pork buns, noodles, and wonton. This QSR chain is found in India and Nepal too. It has three QSR brands, Wow! Momo and Wow! China and Wow! Chicken. It is one of the leading QSR chains in India and Nepal.

On 26th March 2016, the startup announced that it has raised $16 million (Rs 100 crore) led by venture capital firm Accel and was seeking to raise another $10.6 million (Rs 70 crore) in the Series D round of funding. As per Fintrackr estimates, Wow! Momo has raised fresh investment at a valuation of $270 million or Rs 2,130 crore post allotment. As per Fintrackr's estimates, Wow! Momo's valuation grew more than 60% in the past year as it was valued at $165-170 million in its Series C round.

Also read: Top Benefits of Virtual Workspace

Wrapping Up

Wow! Momo raised ₹44 crore from Lighthouse funds in 2017, in 2018 they raised 300 crore (US$45 million) from Fabindia, In 2019 130 crore (US$23 million) from Tiger Global Management. So currently, this startup’s financial valuation has crossed 860 crore (US$120 million). Wow! Momo has not filed its financial statements for the last fiscal year but its revenue from operations shrank 36% to Rs 106 in FY21. Meanwhile, the company’s losses ballooned 17X to Rs 59.3 crore in the fiscal year marred with the pandemic.

Follow one of the best platforms for the latest startup news, Entrackr to get all the latest happenings in the startup world.

Mahindra Electric’s Op-Revenue Nears Rs 450 Cr in FY22, Losses Shrink 34%

Mahindra Electric Latest News

Mahindra Electric's revenues have grown rapidly in recent years on the back of the booming sales of electric vehicles in India. The company's revenues stood at Rs 450 crore in the financial year ended March 31, 2021, up from Rs. 204.41 crore in the previous financial year.

The company's losses have also shrunk significantly, from Rs 107 crore in FY2 to just Rs 70.5 crore in FY22. This is largely due to the growing sales of electric vehicles in India, which have helped offset the higher costs associated with manufacturing and marketing these vehicles.

Looking ahead, Mahindra Electric is well-positioned to capitalize on the growing demand for electric vehicles in India. With a range of new products in the pipeline and a strong distribution network, the company is poised for further growth in the coming years.

Mahindra Electric's operating revenue grew 2.17x to Rs 44.388 billion in FY 2022 from Rs. Electric vehicle sales were the main source of income. Accounting for 67% of operating profit, it increased by 2.8 times to Rs 296.8 crore in FY22 from Rs 106.39 crore in the previous fiscal year. Mahindra Electric's portfolio consists of 2 vehicles (eVerito and E20Plus) and 6 vehicles including e-pedicab and e-car (passenger and freight segments).

Product development and design fees were the other major source of revenue, increasing by 21.8% to Rs 83 Crore in FY2022. Sales of kits and spare parts earned Mahindra Electric Rs 63 crore in FY22.  Mahindra Electric witnessed material costs as the biggest cost center because of reasonable manufacturing rates. Material costs totaled Rs 256.5 cr in FY22, up 11.9% from Rs 231.2 cr in the preceding fiscal year (FY21). Material costs also constituted half of the overall costs in FY22, up from 50.1% in FY21. 

Mahindra Electric saw an increase in manufacturing costs for both capitalized and variable costs-- the increase in variable costs was likely a result of severe labor shortages which reduced the ability of development engineers and other manufacturing personnel to work.

Also read: Tiger Global Leads $15 Mn Round in Jodo at $90 Mn Valuation

Mahindra Electric spends more on advertising, promotion and transportation than on research and development. The company spends Rs 517.7 crore ($74 million) on everything from advertising, promotion and transportation. All this presumably helps the electric car maker to increase its sales, at least when it isn't subject to import tariffs or other government-imposed restrictions. However, keeping costs stable means harmful cuts to R&D, research and development, which is why the company's operating losses increased from 35 percent in the previous year to 64 percent this year.

Follow one of the best platforms for the latest startup news, Entrackr to get all the latest happenings in the startup world.

Tiger Global Leads $15 Mn Round in Jodo at $90 Mn Valuation

Latest Jodo Startup News

Tiger Global Management, one of the largest venture capital firms in the world, has led a $15 million investment round in Jodo, a social media platform for businesses which was participated by existing investors Elevation Capital and Matrix Partners India. The investment values Jodo at $90 million.

Jodo, an academic-focused fintech startup, creates payment solutions that make it easy and affordable to pay for education. It also simplifies fees collection for educational institutions.

This is a big vote of confidence in Jodo, which has only been in operation for a little over a year. The company is based in Bangalore, and was founded by Atulya Bhat, Koustav Dey, & Raghav Nagarajan.

The investment from Tiger Global will be used to help Jodo tweak its products, catalyse sales and expand its team according to a press statement by Jodo.

Fintrackr was able to decode the Series B round through regulatory filings. Jodo has not disclosed any details. According to filings, Tiger led the round with Rs 78.5 crore. Elevation and Matrix were existing investors and each contributed Rs 19.6 crore.

Jodo assists middle-income families with their academic expenses. The company also helps schools digitise the collection process, and offers multiple payment options. It is able to collect fees for more than 700 schools and facilitate fee payments for more than 15,000 students.

After two years, the Series A round has been completed for the Bengaluru-based firm. It raised $3.8million from Matrix and Elevation, as well as 15 angels, including Amit Rajan and Nithin Kamath (through Rainmatter Capital), Softbank’s Sarthak Mitra and CRED's Kunal Shaikh. Entrackr reported exclusively on Jodo's seed round.

After the Series A round, Tiger now holds 11.24% of Jodo's shares. Matrix and Elevation each own 13.35%. Atulya T. Bhat, Raghav Nagarajan and Koustav dey are the co-founders. They collectively hold 52.75%. It is worth noting that all three are ex-executives of Matrix Partners India.

This is a big win for Jodo, and it is sure to help the company attract more customers and grow its business.

Also read: Top Benefits of Virtual Workspace You Must Know in 2022

To get more related latest startup news and upcoming startup funding news, follow Entrackr.