India Inc. Gears Up: Tesla Eyes Telangana Plant, Rapido Seeks Funding, PhonePe Expands UPI to Singapore

Grab your cup of StartupChai! It's brewing with hot Desi startup news! The Telangana government is in talks with Tesla for a potential electric vehicle plant. Startup Rapido seeks fresh funding, while Tribe Capital recruits a new leader for its India fund. Wonderchef unveils a kitchen robot, and Centre Court Capital launches a sports and gaming focused fund. Fintech player Navi is reportedly in talks for a new funding round, and InShorts announces new leadership. PhonePe expands its reach to Singapore with UPI payments, while Holani Group launches a new fund dedicated to small and medium enterprises.

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What Matters

“Yunhi Chala Chal Raahi”: Telangana Govt In Talks With Tesla To Build EV Plant

Telangana's government is gearing up for some serious talks with Tesla about setting up shop in India. Word on the street is that Tesla's eyeing a hefty investment of $2 to $3 billion for a new electric car plant. And why now, you’d ask?

Well, India just sweetened the deal by slashing import taxes on select electric vehicles. The catch? Carmakers have to put at least $500 million on the table and kickstart local production within three years. Looks like Tesla's ready to roll, with plans to send a scouting team over this month to sniff out the perfect spot for their Indian chapter.

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“Jahan teri ye nazar hai”: Rapido Eyes $100 Mn Funding From Existing Backer WestBridge Capital, Others

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“Waah, Kya Scene Hai”: Centre Court Capital launches Rs 350 cr maiden fund for sports, gaming

Centre Court Capital just dropped a bomb by launching their first-ever fund dedicated to sports and gaming, with a whopping Rs 350 crore in the pot. With India boasting not one, not two, but three gaming unicorns under its belt, along with the world's second-largest population of gamers, it's game on for the investment world.

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“Paisa ho toh kya kuch nahi ho sakta”: Tribe Capital poaches Shiprocket co-founder for India fund

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“Twist and Shout”: Sachin Bansal’s fintech Navi in talks to raise new funding at $2 billion valuation

Sachin Bansal's fintech venture, Navi, is stirring up the investment waters with talks of raising the bar at a jaw-dropping $2 billion valuation. Rumor has it, Bansal's on the hunt for a funding injection ranging from $200 to $400 million, marking Navi's maiden external investment since its inception back in 2018. Let’s see what more twists and turns are to come with Bansal at helm.

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“Bahu Humari Rajnikant”: Wonderchef launches Chef Magic: An all-in-one kitchen robot that can help you cook

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“Ye Kya Hua, Kaise Hua”: Azhar Iqubal Becomes Chairman, Deepit Purkayastha The New CEO of InShorts

InShorts, the news aggregator platform, just shook things up by promoting Deepit Purkayastha to the role of CEO, while Azhar Iqubal takes the reins as chairman, stepping down from his 11-year stint as CEO.

Despite a 33% YoY jump in net loss to INR 310 Cr in FY23, the platform's revenue from operations saw a modest 9% rise to INR 181 Cr. Founded in 2013, InShorts provides short-version of mainstream news across various domains.

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“Majaani Life”: After UAE, PhonePe Users can now make payments through UPI in Singapore

PhonePe users can flex your payment prowess beyond borders, as PhonePe rolls out UPI payments in Singapore after its successful stint in the UAE. This expansion taps into the existing UPI linkage between India and Singapore, promising seamless transactions across borders.

With joint marketing efforts from STB and PhonePe in the pipeline, get ready to experience the convenience of UPI on a global scale.

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“Hum Kissi se Kam Nahi”: Holani Group Launches INR 400 Cr SME Focused Fund

The Holani Group just fired up the engines by launching a hefty INR 400 crore fund, geared towards empowering SMEs. With the SEBI giving the green light for its registration as an Alternate Investment Fund, Holani Venture Capital Fund is all set to dive into the vibrant Indian equity markets, with a potential additional ₹100 crore in its back pocket.

It's time for SMEs to shine brighter than ever before.

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Fundraising and Financials

1. Adventure learning startup Rocksport scores $3 million from Times of India arm Brand Capital, closing their Series A round at a $30 million valuation.

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2. Troovy, a startup tackling family nutrition, nabs Rs 5 Cr to fuel its tasty, healthy treats for kids.

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3. Mental health startup Mave Health scores Rs 6 crore pre-seed funding, led by All-In Capital and iSeed Fund. Backers include big names like Zomato's Deepinder Goyal and CRED's Kunal Shah.

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4. Hyderabad's SmartCheck, a SaaS facility management platform, secures its first funding round with debt financing from Incred Capital, facilitated by Lakhani Financial Services.

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5. Nivara, a 2015 startup offering affordable home loans (₹5-7.5 lakh) to underserved micro-entrepreneurs and salaried folks, secures $10 million to fuel growth.

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