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topic: startup-india
author: Crashtech Editorial
covers: May 2025
published: Oct 16, 2026 · read: 22 min
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May 2025: Battery swapping, electric fleets and the cost of scale

Battery Smart, Euler Motors and Farmley show how May’s reported financings connect to networks, vehicles and consumer supply chains.

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Research snapshot · 16 October 2026. This evolving public-source retrospective has incomplete deal coverage and current-company verification. Provisional mentions are identified separately.

A battery network sells uptime

Battery Smart operates a battery-as-a-service network for electric two- and three-wheelers. Drivers swap a depleted battery for a charged one, shifting the customer proposition from owning a battery to accessing energy through a network. The May tracker records a $29 million Series B extension, with Rising Tide, Energy Ecosystem Integrity Fund, LeapFrog and responsAbility named. This is a financing form that can support an expanding network, although the supplied report does not specify a use of proceeds. The chronology needs an earlier caveat: in June 2024 Battery Smart announced a $65 million Series B led by LeapFrog, structured as a mix of primary and secondary capital with the allocation unspecified. The May 2025 $29 million extension is a separate reported transaction, so neither figure should be casually treated as fresh company proceeds. LeapFrog’s 2024 release describes the earlier structure. A later October 2025 signal reports ₹249 crore in FY25 revenue and EBITDA positivity. That later financial claim gives the May raise a useful chronological follow-up, but not proof that the funding created those results. Network density and utilization would matter to the business; neither is shown by the round announcement.

Commercial EVs bring a fleet economics problem

Euler Motors designs electric commercial vehicles, including cargo three-wheelers for last-mile logistics. The company’s May Series D is reported at ₹638 crore, with Hero MotoCorp and British International Investment among investors. This sits alongside an earlier signal in the profile that Hero MotoCorp approved a strategic investment of up to ₹525 crore for a 32.5% stake. The broader chronology suggests an automotive incumbent’s strategic interest in the company, but the sources should be read carefully for whether each reported amount is committed, approved or completed. An electric vehicle maker must coordinate vehicle engineering, manufacturing, charging and service; capital alone does not demonstrate fleet economics or customer retention. The tracker’s transaction label and linked story remain the basis for the reported terms.

Farmley’s route to scale begins with sourcing

Farmley sells dry fruits, nuts and healthy snacks, with the profile describing direct sourcing from farmers. Founders Akash Sharma and Abhishek Agarwal launched the business in 2017. Its May Series C reports $40 million from L Catterton and DSG Consumer Partners. Unlike vehicle and battery infrastructure, a consumer food brand must manage sourcing, quality, packaging, inventory and distribution while earning repeat purchases. The profile contains older company claims about FY23 revenue and an EBITDA-positive state, but those claims predate this round and should not be presented as a current financial picture. The later snapshot is not enough to say how May’s funding affected the brand portfolio or its economics.

Debt and equity are not interchangeable growth signals

Other May rows include a pre-Series E for Samunnati and separate debt and equity entries for [Dvara KGFS](https://lapaasvoice.com/startup/dvara-kgfs/). This makes it especially important not to treat the month’s totals as one pool of comparable startup equity. An equity extension changes ownership; debt adds repayment obligations; an operating company can use both at different times. Dvara’s profile signals also describe losses, rising NPAs and a proposed acquisition process, suggesting why its financing context deserves a balance-sheet lens. These dated reports are not a complete audit of the lender and should not be generalized to every company in the month.

A consumer soda brand can become a distribution test

Lahori, the Punjab-based ready-to-drink soda business, sells flavours such as zeera, nimboo and shikanji. Its May Series B is reported at $23 million from Motilal Oswal. Earlier coverage reportedly anticipated a larger range than the round that ultimately closed, a reminder that fundraising talk and completed transaction terms can diverge. Later in 2025, the Delhi High Court granted Archian Foods a permanent injunction in a trademark dispute involving a similar name. This is not evidence about the round’s deployment; it shows how brand protection can become a consequential part of a consumer company’s operating landscape.

Methods and limits

May’s tracker is an incomplete public-source union. The raw deal terms and instrument labels are kept as reported, and later milestones are secondary-source claims rather than verified causes or outcomes. The collection’s month context is not always an exact event date. Current operating status is unknown from this evidence.

Reported transactions in the monthly tracker

Every row below is retained from the extracted tracker, including debt, mixed, secondary and listed-company transactions. Amounts, labels and investor names are shown as reported; follow the source link for the underlying coverage.

CompanyReported amountReported round / instrumentInvestors as reportedSource
Chalo$6.1 MnSeries KBlacksoil Capital Caspian Impact Investments Filter Capital MGB Resources +3original report
Battery Smart$29 Mn (Series B extension)Series BRising Tide Energy Ecosystem Integrity Fund LeapFrog Investments responsAbilityoriginal report
Snitch$33M (₹278.9 Cr, primary tranche)Series B360 ONE Asset IvyCap Ventures SWC Globaloriginal report
Samunnati₹42.5 Cr (~$5 Mn)Pre-Series EAgri-Biz Capital Delaware LLCoriginal report
DroolsUndisclosedUndisclosedNestlé S.A.original report
Mother Sparsh₹50.6 CrStrategic InvestmentITC Limitedoriginal report
PierSight SpaceUndisclosedSeedCE-Ventures Nandan Reddy Natasha Malpani Oswal Sahil Lavingia +2original report
Euler Motors₹638 CrSeries DHero MotoCorp British International Investmentoriginal report
CloudSEK$19 MnSeries B1Commvault Exfinity Venture Partners Inflexor Ventures MassMutual Ventures +5original report
Oxyzo Financial Services₹533 Cr (~$62.4 Mn)DebtNeo Group Aditya Birla Sun Life AMC Hinduja Leyland Finance Northern Arc Capitaloriginal report
Dvara KGFS€3 Mn (₹28.26 Cr)EquitySparkassen International Development Trust GmbHoriginal report
Refyne₹35 CrDebtStride Venturesoriginal report
BlueStone$4.7 MnDebtBlacksoil Capital Caspian Impact Investmentsoriginal report
Stashfin₹78.8 Cr (~$9.3 Mn)DebtAlgoBulls Technologies Asvanta Financial Consultants Coinmen Special Opportunities Fund Infixin Technologies +1original report
Celebal Technologies$15 MnSeries BInCred Growth Partners Fund I Norwest Venture Partnersoriginal report
Farmley$40 MnSeries CL Catterton DSG Consumer Partnersoriginal report
Dvara KGFS₹42.50 Cr (~$5 Mn)Debtoriginal report
Propelld$30.5 MnSeries DWestBridge Capital Stellaris Venture Partnersoriginal report
Porter$200 MnSeries FKedaara Capital Wellington Management Vitruvian Partnersoriginal report
Lahori$23 MnSeries BMotilal Oswaloriginal report
InspeCity$5.6 MnSeedLucky Investment Anicut Capital Antler India DeVC India +3original report
Celcius Logistics₹250 Cr (~$30 Mn)Series BEurazeo Omnivore IvyCap Venturesoriginal report
BlissClub₹45 Cr (₹33 Cr equity + ₹12 Cr debt from Alteria Capital)Pre-Series BElevation Capital Alteria Capital Eight Roads Venturesoriginal report
Kaleidofin$5.3 MnUndisclosedIDH Farmfitoriginal report
Ultraviolette Automotive₹32.6 Cr ($3.85M)Series E1Dilip Anand Swadi Winever Industrial Enterprises Aprameya Radhakrishna Breathe Capital +3original report

Business, founder and profile classification

Profile fields below come from linked secondary metadata. Business descriptions are paraphrased from the supplied excerpt. “Not stated in packet” means the metadata is silent. Profile classification is a secondary valuation label; it is not operating status. Current operating status is unknown in this collection.

CompanyBusiness and sector (profile-based)FoundersFoundedProfile classificationOperating statusProfile
ChaloChalo is India’s #1 bus transport technology company, providing live bus tracking, digital tickets and passes, and contactless payments for public bus commuters, and fleet/digitisation tools for bus operators. (Travel Tech)Dhruv Chopra, Mohit Dubey, Nikhil Aggarwal, Priya Singh, Vinayak Bhavnani2014Soonicorn (secondary profile)Unknown in this datasetprofile
Battery SmartBattery Smart operates a battery-as-a-service (BaaS) network for electric two- and three-wheelers across India, letting drivers swap depleted lithium-ion batteries for fully charged ones in about two minutes at a part… (Battery Swapping)Pulkit Khurana, Siddharth Sikka2019Not stated in packet (secondary profile)Unknown in this datasetprofile
SnitchDirect-to-consumer (D2C) fashion brand specializing in fast fashion for men, offering apparel through its own website, mobile app, and offline retail stores.Siddharth Dungarwal2019Soonicorn (secondary profile)Unknown in this datasetprofile
SamunnatiChennai-based agri-value-chain enabler providing financial intermediation (working-capital and other credit), market linkages, and advisory services to Farmer Producer Organisations (FPOs) and agri-enterprises across … (Agri-value chain finance)Anil Kumar SG2014Investor (secondary profile)Unknown in this datasetprofile
DroolsDrools is India’s leading homegrown pet food manufacturer, producing dry and wet food, treats and supplements for dogs and cats under brands including Drools, Pure Pet, Meat Up, Canine Creek and Kitty Yum, sold across… (Consumer Goods)Fahim Sultan Ali, Bahadur Ali2010Unicorn (secondary profile)Unknown in this datasetprofile
Mother SparshD2C ayurvedic and natural baby and mother care brand, known for its 99% Pure Water Unscented Baby Wipes; initially focused on biodegradable baby wipes and has since expanded into baby skincare, haircare and mother-car… (Baby Care)Himanshu Gandhi, Rishu Gandhi2016Not stated in packet (secondary profile)Unknown in this datasetprofile
PierSight SpaceBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
Euler MotorsDelhi-based EV manufacturer that designs and builds electric commercial vehicles — chiefly the HiLoad EV cargo three-wheeler — for last-mile logistics and e-commerce fleet operators, alongside charging infrastructure …Saurav Kumar2018Not stated in packet (secondary profile)Unknown in this datasetprofile
CloudSEKCloudSEK is an AI-native predictive cyber intelligence platform, founded in September 2015, that identifies attack paths and initial access vectors before they are exploited. Its product suite (XVigil, BeVigil, SVigil… (Cybersecurity)Rahul Sasi, Mohan Lal Menon, Syed Shahrukh Ahmad2015Not stated in packet (secondary profile)Unknown in this datasetprofile
Oxyzo Financial ServicesRBI-registered NBFC and lending arm of B2B procurement platform OfBusiness, offering customized credit solutions (purchase finance, work order finance, invoice discounting, vendor finance, business loans, machinery fi… (Fintech)Ruchi Kalra, Asish Mohapatra, Vasant Sridhar2016Unicorn (secondary profile)Unknown in this datasetprofile
Dvara KGFSChennai-headquartered NBFC operating a branch-based rural financial-services network (the “Kshetriya Gramin Financial Services” / KGFS model) across underserved districts of Tamil Nadu and other Indian states. Offers … (Fintech)Bindu Ananth2008Not stated in packet (secondary profile)Unknown in this datasetprofile
RefyneBengaluru-based earned-wage-access (EWA) and financial wellness fintech, founded in 2020, that partners with employers so employees can access a portion of their accrued but unpaid salary before payday, without intere… (Earned Wage Access)Chitresh Sharma, Apoorv Kumar2020Soonicorn (secondary profile)Unknown in this datasetprofile
BlueStoneBlueStone is an omnichannel precious jewellery brand selling diamond, gold, platinum and studded jewellery through its website, mobile app and a pan-India network of physical stores. It went public on the NSE and BSE … (D2C)Gaurav Singh Kushwaha, Vidya Nataraj, Sudeep Nagar2011Listed (secondary profile)Unknown in this datasetprofile
StashfinBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
Celebal TechnologiesJaipur-headquartered enterprise IT services and consulting firm specializing in data engineering, AI/ML (including generative AI), cloud transformation, and business intelligence for large enterprises, with delivery o… (Artificial Intelligence)Anirudh Kala, Anupam Gupta2016Not stated in packet (secondary profile)Unknown in this datasetprofile
FarmleyFarmley is a D2C dry-fruits, nuts and healthy-snacking brand founded in 2017 by Akash Sharma and Abhishek Agarwal, sourcing directly from farmers to sell dried fruits, nuts, roasted makhana, trail mixes, date bites an…Akash Sharma, Abhishek Agarwal2017Not stated in packet (secondary profile)Unknown in this datasetprofile
Dvara KGFSChennai-headquartered NBFC operating a branch-based rural financial-services network (the “Kshetriya Gramin Financial Services” / KGFS model) across underserved districts of Tamil Nadu and other Indian states. Offers … (Fintech)Bindu Ananth2008Not stated in packet (secondary profile)Unknown in this datasetprofile
PropelldBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
PorterBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile
LahoriPunjab-based FMCG company that makes affordable, traditionally-flavoured ready-to-drink sodas (Zeera, Nimboo, Shikanji, Kacha Aam) under the Lahori/Lahori Zeera brand, sold mainly through retail/general trade in North… (Beverages)Saurabh Munjal, Saurabh Bhutna, Nikhil Doda2017Not stated in packet (secondary profile)Unknown in this datasetprofile
InspeCityIIT Bombay-incubated spacetech startup building autonomous robotic platforms, green propulsion, and RPOD (rendezvous, proximity operations and docking) technology for in-orbit satellite servicing, life-extension, and … (Aerospace & Defense)Arindrajit Chowdhury, Tausif Shaikh2022Not stated in packet (secondary profile)Unknown in this datasetprofile
Celcius LogisticsCold chain-focused third-party logistics (3PL) company operating an asset-light network of reefer trucks and cold storage facilities across India, connecting shippers and transporters through a proprietary TMS/WMS/IMS… (Cold Chain Logistics)Swarup Bose, Rajneesh Raman, Arbind Jain2020Not stated in packet (secondary profile)Unknown in this datasetprofile
BlissClubBlissClub is a Bengaluru-based D2C brand making functional, technical activewear and athleisure for Indian women (and more recently men) — leggings, sports bras, tops, jackets and swimwear built for movement and comfort (Activewear & Athleisure)Minu Margeret2020Not stated in packet (secondary profile)Unknown in this datasetprofile
KaleidofinKaleidofin is a Chennai-based fintech platform providing tailored financial solutions — savings, credit, investments and insurance — to underbanked, low-income customers and small businesses in India’s informal econom… (Credit Scoring)Sucharita Mukherjee, Puneet Gupta, Natasha Jethanandani, Vipul Sekhsaria2017Not stated in packet (secondary profile)Unknown in this datasetprofile
Ultraviolette AutomotiveBusiness description not stated in packetNot stated in packetNot stated in packetNot stated in packet (secondary profile)Unknown in this datasetprofile

Provisional weekly-report mentions

These rows are secondary-table mentions only. The table’s week/month heading is not an exact announcement date; rows are not verified extra deal claims. Exact company + raw amount + raw round matches to the tracker were removed, while variants may remain.

CompanySector / headquartersAmount as listedRound as listedInvestors as listedWeekly source
Euler MotorsEV / New DelhiRs 638 croreSeries DHero MotoCorpweekly table
CloudsekCybersecurity / Bengaluru$19 millionFresh FundingTenacity Ventures and Commvaultweekly table
CureBayHealthtech / Bhubaneshwar$21 MnSeries BSeries Bweekly table
MiraggioFashion / Gurugram$6.5 millionInstitutional RoundRPSG Capital Venturesweekly table
Tan90Deep-tech / ChennaiRs 20 CrSeries ANABVENTURESweekly table
MisfitsCommunity Platform / GurugramRs 5 CroreSeed RoundInfo Edge Ventures and Better Capitalweekly table
MythikMedia Technology / Mumbai$15 millionSeed RoundSakal Media Groupweekly table
Biostate AIBiotech / US$12 millionSeries AAccelweekly table
Data SutramFintech / Mumbai$9 MnSeries AB Capital, Lightspeedweekly table
ZocaAgentic AI / Gurugram$6 millionFunding RoundAccelweekly table
Promethean EnergyCleantech / Mumbai$2 MnPre-Series ATransition VCweekly table
ShuruSocial media / GurugramUndisclosedSeries AKrafton Indiaweekly table
ALT CARBONDeeptech / Kolkata$12 MnSeed RoundLachy Groomweekly table
BlackCarrotD2C dinnerware / MumbaiUndisclosedPre-seed fundingVenture Catalystsweekly table
OpenFXFX infrastructure / US$23MnSeed RoundAccelweekly table
KSKTAgri-commerce / Gurugram$1.3 MnEquity and Debt RoundKeiretsu Forum and Favcy’s 1stCheque Angel Networkweekly table
FarmleySnacking / Noida$40 millionSeries CL Cattertonweekly table
Avammune TherapeuticsHealthtech / Bengaluru$12 millionSeries ACapital 2Bweekly table
Celebal TechIT services provider / Jaipur$15 millionSeries BInCred Growth Partners Fund-I and Norwest Capital, LLCweekly table
Citrus FreightShipping / BengaluruRs 2.5 CrBridge RoundCaret Capital, Indigram Labs Foundationweekly table
M1xchangeSupply Chain Financing / Gurugram$10Mnsecondary dealFilter Capitalweekly table
HyperbotsAI / Mumbai$6.5MnSeed FundingArkam Ventures and Athera Venture Partnersweekly table
Biryani BluesQSR / Gurugram$5 MnPre-series CYugadi Capitalweekly table
Be ClinicalSkincare / MumbaiRs 2 CrSeed RoundTitan Capitalweekly table
JSW OneB2B e-commerce / MumbaiRs 340 Cr-Principal Asset Management, OneUp, JSW Steelweekly table
TIEA ConnectorsB2B ESDM (Electronic System Design and Manufacturing) / BengaluruRs 22 CrFunding RoundJamwant Ventures And Valour Capitalweekly table
FlamMixed Reality Content / Bengaluru$14MnSeries ARTP Globalweekly table
Adopt AIAgentic AI / Bengaluru$6 MnSeed RoundElevation Capitalweekly table
ReelSagaMobile-first entertainment / Mumbai$2.1 Mn$2.1 MnPicus Capitalweekly table
BlueStoneOmnichannel jewellery / BengaluruRs 40 CrDebt FundingBlackSoil and Caspian Impact Investmentsweekly table
VFlowTechVanadium redox flow battery / Kolkata$20.5 MnFunding RoundGranite Asiaweekly table
ContraVault AITender and RFP management / DelhiRs 5.1 CrSeed FundingTitan Capitalweekly table
Third BracketHiring Platform / BengaluruRs 5 CrSeed RoundHNIsweekly table
LUZOMarketplace for salons, spas, and wellness clinics / Mumbai$550KSeed FundingEnrission India Capitalweekly table
Complement1Healthtech / US$16 millionSeed FundingOwl Ventures and Blume Venturesweekly table
HoccoIce Cream Brand / Ahmedabad$10 MnSeries BChona family office and Sauce.vcweekly table
NapTapGoPod Hotel / NoidaRs 2 CrPre-Seed RoundIPVweekly table
MedVitalMedTech / New DelhiRs 8.4 crorePre-seed funding4point0 Health Venturesweekly table
1-India Family MartValue retail chain / Delhi$12 MnSeries DGulf Islamic Investmentsweekly table
ZenergizeEV / Gurugram$2 MnSeed FundingMohit Tandon, Himanshu Aggarwalweekly table
Nobel HygieneDisposable hygiene / Mumbai$20 MnFunding RoundNeo Asset Managementweekly table
Fyn MobilityEVaaS / Chennai$2.5MnFunding RoundVijay Kedia, Lloyd Balajadia, Rahul Bothraweekly table
Volt14Battery Tech / Bengaluru$1.87 MnPre-Series ABlume Venturesweekly table
Store My GoodsStorage Solutions / NoidaRs 4 CrGrowth Funding RoundJITO Incubation and Innovation Foundation (JIIF) and family officesweekly table
Alt DRXDigital Real Estate / BengaluruRs 23 CrFunding RoundQatar Development Bankweekly table
LifechartGut Wellness / Gurugram$360KSeed FundingPrajay Advisors, Prakash Mody, and Jayendra Shahweekly table
Celcius LogisticsCold chain aggregator / MumbaiRs 250 CrSeries BEurazeo, Omnivoreweekly table
91trucksCommercial vehicle marketplace / DelhiRs 43 CrFunding RoundArkam Venturesweekly table
TroovyKids-focused nutrition food brand / GurugramRs 20 CrPre-Series AFireside Venturesweekly table
NawgatiFuel aggregator / Noida$2.5 MnPre-Series AAjay Upadhyayaweekly table
KorinMiKorean skin clinic / GurugramRs 3 CrPre-SeedVikas Agarwalweekly table
The Good BugGut health-focused / MumbaiRs 100 CrSeries BSusquehanna Asiaweekly table
InspeCitySpacetech / Mumbai$5.6MnSeed FundingLucky Investment Managersweekly table
Insurance SamadhanInsurance / NoidaRs 8.5 CrStrategic Funding RoundInnovito Venturesweekly table
FlipspacesInterior design and contracting / Mumbai$35MnSeries CIron Pillarweekly table
RoutematicTransport-as-a-service / Bengaluru$40 MnSeries CFullerton Carbon Action Fund and Shift4Goodweekly table
ShiplogLogistics-Tech / GurugramRs 6.5 CrSeed RoundDeepak Bhagnani Family Officeweekly table
BlissClubWomen-focused direct-to-consumer / BengaluruRs 33 CrPre-Series BElevation Capitalweekly table
PoshaKitchen Robotics / Posha$8MnSeries AAccelweekly table
PB HealthcareHealthtech / Gurugram$218 MnEquity funding roundGeneral Catalyst, PB Fintechweekly table
VayaAI / New Delhi$1.5 MnFunding RoundAccel, Arkam Venturesweekly table
High Time FoodsFood-tech / Bengaluru$1.2 MnFunding RoundAvaana Capitalweekly table
ZebuDefense Tech / Hyderabad$1 MnPre-Series ABluehill VCweekly table
Feline SpiritsCraft alcoholic beverage / New DelhiRs 5.2 CrPre-Series AIPVweekly table
GoTrustPrivacy compliance / Noida$400KPre-SeedAevitas Capitalweekly table
Footprints Preschool & DaycareEarly childhood education and daycare / Noida$7.5MnSeries ATanglinweekly table

Sources

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