Pepperfry's New CEO
Pepperfry, the omnichannel furniture store, has a new CEO. Ashish Shah, Pepperfry’s co-founder, took over the reins as its new CEO on Tuesday, following the passing of previous CEO Ambareesh Murty due to cardiac arrest in Leh earlier this month. Pepperfry, which is working towards launching an IPO hopes to raise $300mn through the sale of new stock.
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Hero MotoCorp Invests ₹550 Crore in Ather Energy
Hero MotoCorp, a major two-wheeler manufacturer, is investing ₹550 crore in Ather Energy, an electric two-wheeler company. Hero MotoCorp already holds a 33.1% stake in Ather. This investment coincides with Ather Energy's funding round before its planned IPO in 2024. Ather recently raised $50 million in equity funding, valuing the company at $700 million. Ather Energy has launched a new electric scooter model called 450S, priced at ₹1.29 lakh, featuring a 2.9 kWh battery and a 115-km range. The company has manufacturing facilities in Tamil Nadu and plans to increase its production capacity from 4.2 lakh units to 15 lakh units per year, aiming to double its market share to 30-40% in the coming years.
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Dunzo Faces Salary Delays Amid Challenges
Quick grocery delivery startup Dunzo is facing delays in salary disbursement for its employees due to fundraising challenges. Initially planning to pay August salaries on September 4, the company now intends to pay in batches due to procedural requirements, which are expected to be resolved shortly. Additionally, Dunzo has postponed salaries from June and July to the first week of October and has committed to an interest payment of 12% per annum on withheld salary components. The company is grappling with legal notices totaling over ₹11 crore in claims from multiple companies and vendors. Despite raising $500 million from investors like Reliance, Google, and others, Dunzo has faced financial difficulties, resulting in three rounds of layoffs and a reliance on shareholder support.
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Leadership Exodus Hits BharatPe Amid Funding Challenges
BharatPe, a fintech firm, is experiencing a leadership exodus, with several high-level executives resigning. The departures include the Chief Business Officer, Chief Technology Officer, and the CEO. One of the reasons cited for these exits is the company's struggle to secure fresh capital, despite efforts to raise $100 million in equity funding. Nalin Negi has been appointed as CEO to navigate the company's challenges.
Captain Fresh Secures $20 Million for Global Expansion in Fish and Seafood Delivery
Captain Fresh, a B2B fish and seafood delivery startup, has raised $20 million (₹166 crore) in an extended Series C funding round led by SBI Investment and Evolvence Capital, with continued support from internal investors. The funding will fuel the company's expansion into international markets, particularly in Europe and the USA, with Basola Valles appointed as CEO-Europe. Founded in 2019 by Utham Gowda, Captain Fresh sources its catch from the Indian Ocean and serves clients in over 30 countries, with operational offices in India, the USA, Dubai, and Madrid. This follows previous funding rounds of $50 million in March and $12 million in June 2021.
Hero MotoCorp Invests ₹550 Crore in Ather Energy
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