Mstack Raises Rs 335 Crore, ZEVO Secures Rs 16.6 Crore in New Funding
Two startups, Mstack and ZEVO, have raised a combined Rs 351.6 crore (around $42 million) to grow their businesses and expand their services.
Mstack, a company based in Houston and Bengaluru, has raised $40 million (about Rs 335 crore). This funding round was led by Lightspeed Venture Partners and Alpha Wave Global. Other investors, including HSBC Innovation Banking, also took part.
Founded in 2022 by Shreyans Chopra, Mstack helps companies in North America buy specialty chemicals from countries like India, South Korea, Saudi Arabia, Thailand, and Vietnam. These chemicals are used in areas such as oil and gas, coatings, water treatment, and personal care. Mstack plans to expand into agrochemicals and pharmaceuticals with this new funding.
The company will use the money to boost its research and development (R&D), hire more leaders, and expand in the US. Mstack also plans to grow in regions like the Middle East, South America, and Asia.
ZEVO, an electric vehicle (EV) platform, raised $2 million (about Rs 16.6 crore) in its pre-Series A round. This round was led by Pegasus India Fund, BizDateUp, JIIF, and a family office. The funds will help ZEVO deploy 5,000 EVs and build fulfillment centers.
Founded by Aditya Singh Ratnu and Dhruv Bhatia, ZEVO runs a fleet of EVs for delivery services. The company plans to improve its technology to make logistics and supply chains more efficient. It also plans to expand into tier II and tier III cities.
ZEVO aims to raise $20 million more by January 2025. The company wants to have 200,000 electric vehicles on the road by 2030.