The investments are part of its ongoing efforts to build deep-tech know-how and manufacturing capabilities in India….reports Asian Lite News
Cloud software major Zoho on Saturday said it has invested an undisclosed amount in manufacturing startups Karuvi and Yali Aerospace which would create jobs in smaller towns and villages.
The investments, said the company, are part of its ongoing efforts to build deep-tech know-how and manufacturing capabilities in India.
“Manufacturing and technology capabilities are critical to a nation’s economic prosperity. For our country to gain in this area, conscious attention to building expertise that is currently scarce becomes necessary,” said Sridhar Vembu, CEO and Co-founder, Zoho.
“Karuvi and Yali are startups that are not only innovating in their respective fields but are also creating jobs and bringing technical skillsets to smaller towns and villages, which aligns with our philosophy,” Vembu added.
Established in 2022, Karuvi is a mechatronics startup that has launched 10 tools ranging from drills and power saws to angle grinders.
The company, currently established in Chennai, plans to open a manufacturing unit in Tenkasi this year.
The Karuvi products are manufactured with around 95 per cent locally sourced components.
“We will be adding more tools to our portfolio and plan to have at least 30 products by the end of 2025. We are also working to create a network of suppliers so that we can source all components locally,” said MSD Prasad, CEO, Karuvi.
Yali Aerospace is an aerospace startup based out of Thanjavur in Tamil Nadu.
Their current model can deliver emergency medical supplies, covering over 300 kilometres in 120 minutes.
“We are in talks with the Directorate General of Civil Aviation (DGCA) to get approvals to start a pilot project to create a network between hospitals, especially in the hills where transportation is a challenge,” said Dinesh Baluraj, CEO and Founder, Yali Aerospace.
Meanwhile, funding in the Indian startup ecosystem continued unabated this week despite volatility in stock markets over weak global cues.
At least 39 startups in the country secured more than $387 million, which included 13 growth-stage deals and 20 early-stage deals.
Within the growth-stage deals, 13 startups raised $309.7 million in funding, reports Entrackr.
Bengaluru-based startups led the tally with 15 deals, followed by Delhi-NCR, Mumbai and Hyderabad.
Deep-tech startup SEDEMAC raised $100 million which will be used to build a new manufacturing plant and expand its presence in India, the US and the EU. SEDEMAC builds auto parts and battery management systems.
While Infra.Market raised $50 million from MARS Unicorn Fund, electric vehicle company Ather Energy secured $34.5 million in debt and equity funding.
Founded in 2016, Infra.Market sells construction materials, infrastructure goods and technical equipment.
Another EV company Euler Motors closed its Series C funding round, securing $23.9 million.
Zypp Electric also raised $15 million this week to expand the company’s fleet from 21,000 to 2,00,000 electric scooters.
Last week, 24 Indian startups raised $444 million in funding, including five growth-stage deals.