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[Funding News] Pavestone VC Raises Rs 15 Cr from Colruyt Group India

By Viestories
New Update
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The first fund of Hyderabad-based Pavestone Venture Capital received INR 15 Cr, or approximately $1.8 million, from Colruyt Group India, the engineering division of Belgian grocery and food retailer Colruyt Group.

The Pavestone Technology Fund is an alternative investment fund (AIF) registered with SEBI, with a target corpus of INR 900 Cr.

Read also - Ethereal Machines Secures $13 Mn Funding Led by Peak XV and Steadview

With its initial fund, the Pavestone Technology Fund, Pavestone Venture Capital mainly invests in growth-stage firms in the deep tech and enterprise tech sectors.

Through the fund, which has a target corpus of INR 900 Cr, Pavestone VC will invest in 12–15 growth-stage firms.

The announcement comes with the extraordinary expansion of India's deep tech and enterprise tech startup scene, which is being fueled by favorable government policies, rapid digitalization, and widespread tech use.

Laxmikanth V, Managing Partner,
Pavestone VC, said: “We are delighted to welcome Colruyt Group India as a strategic investor. They invest heavily in-house, to accelerate the digitalization, automation, and robotization of their retail operations across their organization. Their extensive industry experience will undoubtedly enhance our ability to pursue and capitalize on promising investment opportunities,”

About Pavestone VC

Founded in 2021 by Sridhar Rampalli, Manikandan N, Sridhar Balasubramanian, and Srikanth Tanikella, Pavestone VC has experience in enterprise & deep tech investing, scaling enterprises and platform/product companies.

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Read the Next Article

ParkMate has Secured $1.2 Million in a New Funding

ParkMate is the ultimate hassle-free parking solution. Our app-based platform offers a seamless experience by allowing you to 'Order a Valet' at any location.

By Aryan Sharma
New Update
ParkMate has Secured $1.2 Million in a New Funding

Cactus Partners is an early growth-stage startup fund, is leading a fresh round of $1.2 million secured by ParkMate, a supplier of parking solutions. The financing also included participation from current backers including the Marwah Group Family Office and Venture Catalysts.

Funding Utilisation

ParkMate claims that the money will be utilized to accelerate its growth trajectory, make investments in its workforce to attract clients, simplify its business processes, and keep coming up with new ideas.

Read Also - Univest To Secured $16 Million in Funding 

ParkMate, which was founded by Dhananjaya Bharadwaj, provides intelligent parking solutions to government parking contractors as well as corporate hotels, office buildings, and retail centers.

Car owners who use the company's unique DaSH (Drop & Shop) service may park their vehicles at shopping centers, arcades, and business buildings in less than two minutes. It is recognized by the Telangana, UP, Fun Republic, Phoenix Mills, and DLF governments. Another big market for ParkMate is smart cities.

Among its immediate rivals are Park+, Get My Parking, Park Smart, and Parky.

The biggest participant in this market is Park+. The business launched Drive+ in June, establishing itself as a possible rival to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24 in the on-demand driver services market.

Since January 2021, this is Cactus Partners' ninth investment. The company has made investments in businesses including Rubix Data Science, AMPM Fashions, Auric, Indigrid Technology, Lohum Cleantech, Kapture CX, and Vitraya Technologies. 

About ParkMate

ParkMate, the ultimate hassle-free parking solution. Our app-based platform offers a seamless experience by allowing you to 'Order a Valet' at any location. Simply arrive at your destination, and ParkMate takes care of the rest. Our professional valets pick up and drop off your vehicle at the nearest parking facility, while you track its location in real time through the user-friendly app.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Startup Funding News: Stay updated with the latest news and trends in startup funding and investment.