New EV from PRAVAIG will KILL Tesla’s CYBERTRUCK in INDIA - Indian Startup News 134

This week in Indian Startup News, PRAVAIG announce their first EV, Ola launches Electric Car and S1 scooter, PhonePe building Grocery Delivery App, Cred’s acquisition of Smallcase falls through.

00:00 Introduction
00:20 PRAVAIG announce their first EV
02:21 Ola launches Electric Car and S1 scooter
04:32 Bird's Eye Segment
06:15 PhonePe building Grocery Delivery App
07:04 Cred’s acquisition of Smallcase falls through
08:02 Side Note

PRAVAIG announce their first EV: Pravaig Dynamics has officially announced their first production EV. Company has been developing this EV in stealth mode for sometime now however there is no fixed timeline on when this EV will hit the market. Watch Pravaig's announcement video: (https://www.youtube.com/watch?t=4607&v=EXgmUt-913Y&feature=youtu.be)

Ola launches Electric Car and S1 scooter: Ola has finally unveiled their Electric Car on the occasion of India’s Independence day. This car will be available to buy in 2024 and according to CEO, Bhavish Aggarwal, they are building the capacity to produce 1 million of these cars every year. Ola has announced that they will be making three big production plants - one each for their scooters, four-wheelers and for making batteries. So these factories, according to Bhavish, will produce 1 Mn cars, 10 Mn two-wheelers and 100 GWh of cell capacity every year. (Watch video where Bhavish announces Ola's car: https://www.youtube.com/watch?v=eJpoE5g4aqw&t=1082s&ab_channel=OlaElectric)

Funding this week: This week at least 9 Indian startups raised more than $122 Million.
Ecommerce Sector - Graas raised $40 Million
Logistics startups - Shiprocket raised $33.5 Mn
Creator-Economy startups - Phyllo raised $15 Million

PhonePe building Grocery Delivery App: Fintech Platform PhonePe is working on a hyperlocal grocery delivery app, and it is building this app under the government's ONDC scheme. PhonePe's new grocery delivery app is currently in it’s pilot stage, and they are doing it in Bengaluru currently. This app will be a separate app and not part of PhonePe’s main app, as the company wants to differentiate it’s payments and commerce offerings.

Cred’s acquisition of Smallcase falls through: Cred was in talks to acquire stock investment platform Smallcase for over 6 months now, and it seems now that this is not going to happen. Both parties couldn’t agree to Smallcase’s valuation. According to a report in ‘The Morning Context’, Smallcase wanted a $500 Million valuation and Cred didn’t agree to it and that’s why these talks have fallen through.

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