Drone startup Garuda Aerospace on Friday said it plans to expedite its initial public offering (IPO), while Stride Ventures has taken a strategic stake in MoEVing, India’s last-mile electric vehicle (EV) logistics platform. Separately, alternative investment firm Anicut Capital has invested in TAO Digital Solutions.
Garuda Aerospace expedites IPO plans
Drone startup Garuda Aerospace on Friday said it plans to expedite its initial public offering (IPO), following an initiative by the Indian government to allocate Rs. 1,261 crore to deploy 15,000 Kisan drones.
The infusion of substantial government investment into the agriculture sector has not only garnered national attention but has also piqued the interest of venture capital funds keen to support agri-drone companies.
Last month, Garuda Aerospace raised $3 million (Rs 25 crore) in a fresh bridge round led by Venture Catalysts and WeFounderCircle.
StrideOne takes stake in MoEVing
StrideOne has taken a strategic stake in MoEVing, India’s last-mile electric vehicle (EV) logistics platform, for an undisclosed amount.
StrideOne was established by the founders of venture debt fund Stride Ventures, Ishpreet Gandhi and Abhinav Suri.
The firm said it foresees the potential of Stride deploying Rs. 1,000 crore in the next 12-18 months towards EV financing.
“By combining MoEVing’s data-driven expertise with StrideOne’s financial acumen, we will expedite the adoption of electric vehicles more efficiently. We look forward to deploying 15,000 vehicles over the next 5 years as a result of this collaboration,” Vikash Mishra, Founder and CEO, MoEVing.
Anicut Capital invests $16m in TAO Digital Solutions
Alternative investment firm Anicut Capital has invested Rs. 133 crore in TAO Digital Solutions through its private credit fund GAF-4.
TAO Digital Solutions will use the funds to acquire TriGeo Technologies to expand its digitisation services.
Over the last 7 months, GAF-4 has successfully deployed over Rs. 220 crore in thriving industries like technology, ITeS, electronics manufacturing, and engineering services.
Launched in Q1 FY24, GAF-4 is Anicut’s third private credit fund with a size of Rs. 1,000 crore and a greenshoe option of Rs. 500 crore.