The capital infusion will enable Rays Power Experts Pvt. Ltd. to expand its footprint and undertake new solar projects both domestically and internationally.

The company has developed six solar parks and over 300 ground-mounted projects, making it one of India’s largest solar park developers with a 95% market share in Rajasthan’s open access market.

Rays Power Experts has successfully executed numerous Solar EPC projects for the C&I segment and has a presence across ten states in India, including Rajasthan, Madhya Pradesh, Haryana, and Delhi, along with an international presence in the UK and Sweden.

The company plans to expand into other European countries and the UAE with this new funding.

Sunil Nyati, Managing Director of Swastika Investmart Ltd., said, “It has been a privilege to facilitate this crucial funding for Rays Power Experts. Their impressive track record and ambitious plans for expansion make them a key player in the renewable energy sector. Their esteemed clients include specific properties of Taj Hotels Jaipur, Radisson Blu, Marriott Hotel, The Leela, NHPC, SJVNL, Borosil, Inox Air, Jaquar, Airport Authority, Delhi Metro, and many more. This funding will allow them to capitalize on new opportunities and further their mission of promoting sustainable energy solutions.” 

Rahul Gupta, Founder and Director of Rays Power Experts Pvt. Ltd, said, “We are thrilled to secure this funding at such a crucial time. This capital will accelerate our expansion into new projects and international markets. Swastika Investmart’s invaluable support and expertise were key in securing this investment. We aim to continue leading in renewable energy solutions with these funds.” With a vision of bolstering India’s vision of embracing a healthier energy mix, Rays Power Experts has successfully installed 800MWs of solar solutions across India.

The firm has a diverse portfolio of projects across the country. Their solar energy solutions have an LCOE (levelized cost of electricity) that is cost-effective, making it financially affordable than fossil fuels and other conventional sources of energy. Rays Power Experts offers bankable solar power solutions while incorporating technology, expertise, and services. Company has executed single largest project of 187 mw in Dhadla raj for its client Rising Sun. 

The Indian solar EPC (Engineering, Procurement, and Construction) industry has experienced a robust CAGR of 15.4% from 2016 to 2024. As the world’s 5th largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030. This government support is set to further propel the sector’s growth.

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The funds will be utilized for working capital to support the company’s ongoing operations and expansion initiatives.

Harnessing the power of robotics, artificial intelligence (AI), and machine learning (ML), Aegeus Technologies is revolutionizing the operation and maintenance (O&M) of solar plants. The company’s flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is already making a significant impact, being installed in solar plants with a combined capacity of more than 8GW across India.

Founded in 2017 by Suraj Vernekar and Nishith Shah, Aegeus Technologies has a focus on AI and IoT enabled robotics for automating the O&M of solar plants.

Commenting on the impact of their technology, they said, “The face of the solar sector in India is evolving dramatically with technology transforming its every facet. Waterless technology will save a lot of water and manual effort.  It thus will bring enhanced return on investments and efficiency in solar panel cleaning and predictive monitoring of health of modules for both utility scale and rooftop solar panel cleaning along with vegetation management.”

The transaction was introduced by Innoxpark Ventures Pvt Ltd, founded by Jyoti Prakash.

The Solar PV market is at the point of inflection and Aegeus Technologies is one of leading companies with reputed clients and is poised to scale.

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The funding led by Prime venture partners and Zephyr Peacock India will help Poshn create the largest distribution network in the food ecosystem.

The company was founded by Shashank Singh and Bhuvnesh Gupta and has raised around $8 million in equity since its inception in 2020.

The company leverages a full-stack approach to address inefficiencies across the entire food value chain, encompassing various stakeholders like food processing units, wholesale buyers, institutions, general trade, and retailers.

Poshn plans to use the fresh funds to build further its innovative stack of solutions that address the gaps in the system. Besides, it will use the funds to expand the business to global markets with imports/ exports in profitable categories to Southeast Asian and Middle Eastern countries.

Shashank Singh, Co-founder of Poshn, said, “Poshn has already cemented its position in the wholesale segment over the last three years. With the trust of investing partners and infusion of fresh equity, we aggressively integrate forward and backward in the chain and open foreign/export markets over the next 12 months while growing profitably.”

Over the past three years, Poshn has experienced remarkable growth while maintaining profitability. The company’s revenue has skyrocketed six-fold from FY22 to FY24. Poshn is one of the few startups that have been EBITDA profitable while supporting the growth trajectory. Since its inception, the startup has marked a presence in more than 16 states in India. In 2022, the startup raised USD 4 million in equity in a seed round with Prime Venture Partner and Zephyr Peacock. Additionally, it has partnered with Banks & NBFCs for its debt requirements. Some notable names include ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.

Prime Venture Partners added,” Poshn has led by being a supply-first company and has meaningfully solved for the B2B food value chain. The company has always been bottom-line focused with a remarkable ROCE and wants to continue expanding that further by going deeper into the supply chain while also pursuing some full-stack vertical integrations. We believe Poshn will be a category-defining company in the coming years, and we are excited to be their partners from day zero.”

In its journey, Poshn has built solutions to make the supply chain efficient for user onboarding, document collection and verification, and ledger matching. In the next phase, the company will integrate forward and backward in the food value chain to unlock further efficiencies via capacity planning, utilizations, and reaching directly to retailers.

Bhuvnesh Gupta, Co-founder, said, “Poshn boasts of best operational and capital efficiency in not just food tech but across B2B segments. With renewed capital and trust, we will continue to scale newer horizons with the same efficiency.”

The food supply chain market is over USD 800 billion and is highly fragmented on the supply side. The chain experiences inefficiencies due to a slew of intermediaries or middlemen, poor capacity planning, a lack of predictable demand, and a lack of technology. Poshn is working on bridging these gaps with technology.

 “Poshn is using technology to simplify and organize the fragmented food value chain in India. Both buyers and suppliers are adopting Poshn’s platform for convenient access to quality products at competitive prices.  We are excited to partner with Shashank and Bhuvnesh,” said Mukul Gulati, Managing Partner, Zephyr Peacock India.

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The funds raised in this round will be utilised towards expanding BuyEazzy’s presence to 40+ cities, onboarding 2M+ offline users, and continuing to disrupt the traditional supply chain in Bharat.

The company is currently operational in 10 Tier 2/3 cities in Karnataka and Tamil Nadu and plans to reach 40+ cities in the near future.

Founded in May 2021 by Rahul Aggarwal and Hariher B, BuyEazzy caters to consumers’ unfulfilled beauty and wellness needs in Tier 2+ cities, where access to a wide assortment of beauty products is limited. By leveraging the trust between neighbourhood store owners and consumers, BuyEazzy offers a convenient online shopping experience with access to a wide assortment, competitive prices, and reliable delivery.

E-commerce penetration for beauty in these regions is less than 5%, primarily due to the trust deficit between online platforms and offline users, long delivery times, and product authenticity and quality issues.

The startup earlier raised $1 Million in August 2022.

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The StartUp Mumbai Challenge named ‘Forever Planet’ signifies a forward-looking commitment to nurturing early-stage startups, specifically focusing on sectors like sustainability, entertainment, media, sports, and lifestyle enhancement. Beyond being a competition, it offers a transformative journey, providing selected startups with robust support, funding, mentorship, and market access through Turbostart’s extensive network. 

Participating startups would get the unique opportunity to receive mentorship from some of the brightest entrepreneurial minds and also funding up to USD 500000.

The panel of Mentors for the StartUpMumbai Challenge are some of the most inspirational leaders in business and innovation: Anand Mahindra, Chairman- Mahindra Group, Ronnie Screwvala, Chairman- Swades Foundation, Vikas Agnihotri, Director- InMobi and GlobalBees, Kaustubh Dhavse, Joint Secretary and OSD to the Deputy Chief Minister- Govt of Maharashtra and Harsh Jain, Founder-Dream11.

Highlighting the importance of StartUp Mumbai Challenge, Hon’ble Minister of Tourism and Rural Development, Shri Girish Mahajan said, “The launch of this ‘Forever Planet’ challenge will position Mumbai as a global nucleus for innovation and sustainable development. This ground-breaking StartUp Mumbai Challenge is a call to action for budding entrepreneurs to contribute their transformative ideas towards a sustainable future. Accompany us on this entrepreneurial journey as we strive to establish Mumbai as a worldwide hub of innovation, originality, and dedication to a robust and sustainable future”.

Wizcraft Entertainment Agency Pvt. Ltd., known for creating immersive experiences, is a key collaborator, ensuring that the Mumbai Festival 2024 celebrates business, culture and entrepreneurship and becomes a beacon of innovation and enterprise. 

The challenge is open to all startups, demonstrating a strong founding team, innovative technology, scalability, and impactful solutions. Top contenders stand to win up to USD 500,000 in funding and various other benefits, including mentorship, market access, and branding opportunities. 

Anand Mahindra, Chairperson, the Mumbai Festival Advisory Committee, renowned global entrepreneur and esteemed mentor, exclaimed, “The initiative’s dedication to nurturing environmentally impactful startups resonates with the principles I’ve always advocated in my own business. Fostering an ecosystem where these startups can thrive and meaningfully change the landscape of sustainable innovation is vital, and I am glad to play my part.”

Ronnie Screwvala, Chairman, Swades Foundation, one of the most active investors in innovation and startups, who will be present at the event as a mentor said, “Today, as we stand on the precipice of unprecedented environmental challenges, it is imperative that we empower the next generation of innovators to drive sustainable solutions forward. The Forever Planet Challenge is an invitation to make a difference. Together, we can create a lasting impact on our planet, and I am excited to witness the innovative solutions that will emerge from this transformative challenge.”

Emphasizing on government’s efforts and intent to build a sustainable future, Kaustubh Dhavse, Joint Secretary, Govt of Maharashtra, focused on innovation, investments and startups, said “Prioritizing sustainability is crucial for our collective future. The event aligns seamlessly with our vision for positive environmental impact. This initiative reflects the power of partnerships between the public and private sectors. Anticipating impactful solutions to emerge, shaping a greener and more sustainable future.”

“The startup landscape is evolving rapidly, and sustainable solutions are not just a necessity but a strategic imperative. The Mumbai Festival’s vision for the Forever Planet Challenge presents an exciting opportunity to support and catalyze the growth of startups that will redefine the future of sustainability. One must commend the pioneering efforts of Maharashtra’s Tourism ministry, Wizcraft and Turbostart.’ said Vikas Agnihotri, Director InMobi and GlobalBees, till recently Operating Partner of Softbank Vision Fund India, a mentor at the challenge.

Harsh Jain, CEO & Co-Founder, Dream11 & Dream Sports said,“Mumbai is one of the largest start-up hubs in India, and as the financial capital, offers unlimited opportunities for entrepreneurs. The Forever Planet Challenge provides founders with a fantastic platform and underscores the pivotal role that technology can play in addressing global climate challenges. As a Mumbai start-up, it is heartwarming for us at Dream Sports to see startups receive the support they need to turn their innovative ideas into scalable solutions.”

Ganesh Raju, Founder-Turbostart, expressed enthusiasm about extending Turbostart’s successful platform to the Mumbai Festival 2024. At Turbostart, we are excited to witness the fusion of innovation and sustainability at the Mumbai Festival 2024. “Launched in 2019, Turbostart is a global fund & accelerator specializing in handpicking outstanding early-stage startups through a unique cohort format. Over the last four years, Turbostart has invested in approximately 40 startups, nurturing them into industry trailblazers. This collaboration with the Mumbai International Festival 2024 aligns seamlessly with our vision, offering an unparalleled platform for eco-conscious startups to showcase transformative solutions and fostering a global movement towards sustainable entrepreneurship.”

Jayshree Bhoj, Secretary, Tourism, Government of Maharashtra said, “StartUps are the best opportunity to encourage entrepreneurship among our youth to become job creators and contribute to the country’s fast-growing economy. The StartUp Mumbai Challenge is particularly exciting with its focus on environment-friendly business ideas. We are grateful to the esteemed panel of mentors for shouldering the responsibility to guide our youth in this area. The Forever Planet Challenge not only provides a platform for these visionaries but also underscores the pivotal role that innovation plays in addressing global challenges. It is a unique opportunity for startups to receive the support they need to turn their innovative ideas into scalable solutions.”

Sabbas Joseph, Founding-Director, Wizcraft Group, emphasized, “We are not just creating an event; we are cultivating an ecosystem that thrives on innovation, resilience, and entrepreneurial spirit. Mumbai Festival 2024, with the StartUp Mumbai Challenge, is a testament to Mumbai’s unwavering commitment to progress and transformation. The StartUp Mumbai Challenge is being organised to drive attention to the need for innovation and technology to create businesses that can help align our lifestyle to being planet-friendly.” 

This challenge is more than an opportunity; it’s a call to action for all visionaries, disruptors, and change-makers. Mumbai invites the brightest minds globally to join this movement and contribute to shaping the future of a city that never sleeps.

Join us in celebrating innovation and entrepreneurship at the Mumbai Festival 2024.

For more information on the StartUp Mumbai Challenge and to participate, visit https://apply.turbostart.co/register.

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Java Capital aims to build a portfolio of startups specializing in deeptech, climatetech, and B2B solutions. Its focus on fostering technology innovation and sustainability aligns with the global demand for advancements in these domains.

The fund has already made five investments in companies, including AuditCue, Okulo Aerospace, Oorja, Pre-image, and Frigate. Java has previously invested in companies such as Agnikul Cosmos, The Eplane Company, Cynlr, KUKU FM, Eat Better, Codingal, and YellowMetal.

The fund has doubled down on some of these companies giving LP’s access to winners for attractive risk-adjusted returns.

Karteek Pulapaka, Co-founder and Partner at Java Capital, said: “We are deeply grateful for the trust and support of our esteemed investors and LPs, who share our vision for pioneering innovation and sustainability in the world of deep tech and climate tech startups. With the successful fundraise, we are well-positioned to continue identifying and supporting transformative companies in these sectors.”

Java Capital LP Nizam, Co-Founder, Where Is My Train (Acquired by google) said, “Java capital has a clear focus on long-term bets and invests in interesting companies in deep tech. Their super transparent team helps me feel close to the startup ecosystem as an LP. Trustworthy fund in the market.”

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The HPX initiative will collaborate with disruptors in the fintech and payments domain to deliver “superior payment experiences through groundbreaking innovation” for both businesses and consumers.

This programme will serve as a platform to unite diverse entrepreneurs who have been diligently crafting technology-driven solutions to shape the future of payments.

Participants in the HPX will get access to capital, an expedited path to commercialize innovative payment solutions, connections with key industry partners, and the opportunity to expand their reach beyond the borders of India.

As part of HPX, the company will concentrate on key segments, including core banking, banking as a service, embedded finance, Web3/CBDC, issuance, payments compliance, and AI/generative AI.
Hitachi Payment offers a range of payment solutions, including ATM services, cash recycling machines, white-label ATMs, POS solutions, toll & transit solutions, and payment gateway solutions.

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Launched five years ago, eské offers a premium range of handbags, briefcases, and accessories for the global modern consumer in the price range of Rs. 3,000 to Rs. 10,000.

The brand has a strong online presence through its own website and various e-commerce platforms, as well as offline stores in select cities across India. eské plans to use the fresh funds to expand its product portfolio, open experience centres, enhance its technology platform, and enter new markets.

Shivam Khanna, founder and CEO of eské, said – “Humbled to partner with Mistry Ventures this early in our journey. Their long-term approach and patient capital will allow us to build eské into a world-class brand, with robust unit economics. India has long been known as a product exporter and brand importer. We will change that. Leveraging our decades of manufacturing expertise producing for the world’s finest brands, we will unleash our manufacturing capabilities, combining it with technology, to build a globally recognized lifestyle brand from India.”

Zahan Mistry of Mistry Ventures said that they were impressed by eské’s vision and execution. “The product quality of eské stands well above anything we have seen in the market. Their innovative and integrated supply-chain enables them to turn around inventory, and new styles extremely fast. We believe that eské has the potential to become a beloved brand in this space, and we are excited to partner with them in their journey”.

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The funds raised will be utilized in expanding the team, improving the technology, developing new efficient products, Marketing and brand building.

ShipEase helps D2C brands and SME e-tailers to make their supply chain efficient. The company offers the best-in-class automated shipping services and seamlessly ships to 28000+ pincodes with smart courier allocation.  

Founded by a trio of accomplished professionals, ShipEase team has a collective experience in logistics, e-commerce, and technology. Pawan Kumar, the CEO, brings expertise from Xpressbees, Ecom Express, and Delhivery Ltd. Lalit Singh, the CRO, brings expertise from FedEx, Delhivery, and Reliance Industries. Ajay K, MD & CTO comes with tech experience working with RBS, Iris Inc, and Aricent.

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “Logistics play a pivotal role specially for D2C brands as managing supply chain is one of the biggest cost heads. For new and emerging brands, to build their own supply chain pan India, is a multi-crore commitment. However, ShipEase’s platform and their tech approach can help brands reach their customers faster while keeping logistics costs low.”

ShipEase’s technology-enabled logistics solution provides end-to-end automation for varied delivery requirements including tracking the products, NDR Management and so on. The cost-effective methods and robust technology position the company as one of the most preferred partners for brands and SMEs.

Pawan Kumar, Founder, ShipEase, says, “We would like to project ourselves as tech savvy organization for D2C community and offline brands right from managing the production, inventory control, supply chain followed by logistics. It has been a phenomenal experience so far with IPV for putting faith in us and believing in our team & vision.”

Few remarkable achievements include:

• ShipEase serves a wide seller base of 2000+ clients with the business quantum of 3.5 Lakhs+ shipments per month.
• The company operates on a double-digit positive EBITDA as per Jul’23 trends.

The company has accomplished this exceptional growth with a very lean team size and in a very short span of time.

The Supply Chain Management Market was valued at approximately US$ 26.8 billion in 2022. It is anticipated to achieve a valuation of around US$ 62.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.

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When a start-up founder or a business owner initially starts their business, they are accountable for doing several activities from long working hours to juggling between numerous tasks. They are typically considered a one-man army.

With careful planning and execution, startups have the potential to succeed and make a significant impact on the economy.

How to plan & run your Start-up?

Start small and grow gradually. Don’t try to do too much too soon. Start with a small product or service that you can deliver well, and then grow your business gradually as you gain traction.

Focus on your customers. Put the needs of your customers first and always be looking for ways to improve your product or service.

Be flexible and adaptable. Things don’t always go according to plan in the startup world. Be prepared to adapt your business model and strategies as needed.

Legal and Regulatory Compliance. Entrepreneurs must comply with a wide range of legal and regulatory requirements, including tax laws, labour laws, and environmental regulations. Failure to comply with these requirements can result in penalties, fines, and legal action against them.

Build a strong support network. Surround yourself with people who believe in you and your business. This could include family, friends, colleagues, or mentors.

Stay positive. No matter what challenges you face, stay positive and focused on your goals. Believe in yourself and your ability to succeed.

Don’t give up. Starting a startup is hard work, but it’s also incredibly rewarding. Don’t give up on your dream, even when things get tough.

Difficulties of Start-ups

Lack of supportive network. Though Indian entrepreneurs often have a strong network of family, friends, and colleagues but rarely get support from them in their entrepreneurial journey. This is due to the fact that there is a stigma attached to entrepreneurship in India, and many people believe that it is a risky and uncertain career path. Hence Indian entrepreneurs lack the emotional and financial support they need to succeed.

Lack of funding. Indian entrepreneurs often have limited financial resources. This can make it difficult to start and grow a business, and it can also lead to stress and anxiety. Startups in India often have difficulty raising capital, especially from traditional sources like banks. This is due to a number of factors, including the high risk associated with investing in startups, the lack of understanding of startups among banks and other financial institutions, and the regulatory hurdles involved in raising capital.

Lack of talent. India has a large pool of skilled workers, but it can be difficult for start-ups to find the right talent, especially in technical areas. This is due to the fact that many of the best and brightest engineers and other technical professionals are attracted to large, established companies that offer more stability and higher salaries.

Lack of access to information. Indian entrepreneurs often lack access to the information and resources they need to succeed. This is due to the fact that there is a lack of entrepreneurship support infrastructure in India, and it can be difficult for entrepreneurs to find the information and resources they need to get started.

Cultural barriers. Indian entrepreneurs often face cultural barriers that can make it difficult to start and grow a business. For example, Indian culture is often seen as being risk-averse, and this can make it difficult for entrepreneurs to take the risks that are necessary to succeed.

Competition. The Indian startup ecosystem is growing rapidly, and the competition is fierce. This can make it difficult for start-ups to stand out from the crowd and attract customers.

Regulation. The Indian government has a complex regulatory environment that can be a challenge for startups to navigate. This is especially true for start-ups that are working in industries that are heavily regulated, such as financial services and healthcare.

Some of the challenges in client management

Limited resources. Small startups often have limited resources to devote to client management. This can make it difficult to properly track and manage client relationships and to provide the level of service that clients expect.

Lack of experience. The majority of startups may not have the experience in-house to effectively manage clients. This can make it difficult to identify and meet client needs, and resolve issues.

Time constraints. Startups often have tight deadlines and limited time to devote to client management. This can make it difficult to stay on top of client relationships and to provide the level of service that clients expect.

Communication challenges. Startups may have difficulty communicating with clients. This can lead to misunderstandings and delays.

Client expectations. Startups often have to deal with high expectations from clients. This can be challenging for startups that are still trying to establish themselves and build their reputation.

Client churn. Startups are more likely to experience client churn than larger companies. This is because they may not have the resources to provide the level of service that clients expect.

Tips for Startups to overcome the challenges of client management:

Prioritize client management. Small startups need to make client management a priority. This means setting aside time and resources to properly track and manage client relationships and to provide the level of service that clients expect.

Outsource client management tasks. If startups do not have the resources or expertise to manage clients in-house, they can outsource these tasks to a third-party client management firm.

Use technology. There are a number of technology solutions available to help startups manage clients. These solutions can help to automate tasks, track client relationships, and provide insights into client behavior.

Build strong relationships with clients. Startups need to build strong relationships with their clients. This means communicating regularly with clients, understanding their needs, and working together to resolve issues.

Manage client expectations. Startups need to be realistic about their ability to meet client expectations. They should set clear expectations with clients and communicate regularly about progress.

Retain clients. Startups need to focus on retaining clients. This means providing excellent service and going the extra mile to meet client needs.

Despite these challenges, there are also a number of social and psychological factors that can help Indian entrepreneurs succeed. These include:

A strong work ethic. Indian entrepreneurs are known for their hard work and dedication. This is a key factor that has helped many Indian entrepreneurs succeed.

A positive attitude. Indian entrepreneurs are typically optimistic and have a strong belief in their ability to succeed. This positive attitude is essential for entrepreneurs, as it helps them to overcome challenges and setbacks.

A sense of purpose. Many Indian entrepreneurs are driven by a sense of purpose. They are passionate about their businesses and believe that they are making a difference in the world. This sense of purpose can help entrepreneurs stay motivated and focused on their goals.

However, entrepreneurs can overcome any challenge by nurturing the qualities like resilience, perseverance, patience, and taking action with hard work, dedication, and a positive attitude.

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