Is Tesla Finally Coming to India? - Indian Startup News 249

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Welcome to the Backstage with Millionaires weekly Indian startup news show, hosted by Caleb Friesen. This week, Tesla might actually be coming to India, Uber has switched to a 0 commission model for autos, The ePlane Company has signed a $1 billion deal, the founders of Sirona have bought back their company from The Good Glamm Group, and Zomato has launched Nugget.

Notion database: meadow-pillow-7fa.notion.site/BwM-Startup-Funding-…

This week’s funding: meadow-pillow-7fa.notion.site/W8-Q4-FY25-19f08566a…

Funding over time: docs.google.com/spreadsheets/d/10-sWaL38VYz--CqQNM…

0:00 Tesla in India
1:47 Uber's 0 Commission Model
03:05 The ePlane Company Signs $1B Deal
04:30 Sirona Founders Buy Back Company from The Good Glamm Group
05:49 Zomato Launches Nugget
06:45 Indian Startup Funding News

Tesla in India

Tesla has posted 15 job listings in India and finalized locations for two showrooms in Delhi and Mumbai. Tesla could start selling electric cars in India within the next three months. Previous negotiations between India and Tesla failed due to disagreements over manufacturing requirements and high import duties. In 2024, India revised its policy, slashing import duties to 15% for electric vehicle companies willing to invest $500 million in local manufacturing. Tesla's vehicles will be manufactured at their Berlin factory, with prices starting at 21 lakh rupees. If demand meets expectations, Tesla could establish a manufacturing facility in India.

Uber's 0 Commission Model

Uber has moved to a zero-commission model for auto drivers in India, following Namma Yatri and Rapido. Auto drivers will pay a fixed subscription fee instead of commission. The fare shown in the Uber app will be a suggestion, with final prices negotiated between riders and drivers. Uber tested this model in six cities before nationwide rollout. Uber will no longer manage ride quality or cancellations. The move comes after years of driver protests over high commission rates at Uber and Ola.

The ePlane Company Signs $1B Deal

The ePlane Company has signed a $1 billion deal with ICATT to supply 788 eVTOLs for air ambulances across India. The ePlane Company's e200x aircraft can lift off from rooftops, fly at 200 kilometers per hour, and travel 200 kilometers on a single charge. The aircraft can carry a pilot, paramedic, patient, and medical equipment. ICATT is building India's largest medical transport network, focusing on organ transplants. The ePlane Company is the first private Indian company to receive Design Organisation Approval, with flight tests planned for mid-2025.

Sirona Founders Buy Back Company from The Good Glamm Group

Deep Bajaj and Mohit Bajaj have bought back Sirona from The Good Glamm Group, absorbing some brand debt. Sirona was originally sold to The Good Glamm Group in a 450 crore rupee deal in 2022. Under The Good Glamm Group, Sirona's monthly revenue dropped from 11.5 crore rupees to 2 crore rupees. Deep Bajaj stated their goal was never just to sell and move on, leading to the buyback decision.

Zomato Launches Nugget

Zomato has launched Nugget, an AI-powered customer support platform handling 15 million monthly interactions. Zomato's CEO Deepinder Goyal announced that Nugget was developed over three years as an internal tool for Zomato, Blinkit, and Hyperpure. The platform resolves 80% of customer queries automatically. Nugget is the first product from Zomato Labs, with 90% of companies signing up after demonstrations.

Indian Startup Funding News

Indian startups raised $149 million this week. Udaan raised $75 million at a $1.8 billion valuation. Spyne, an AI startup for car dealership photography, raised $16 million. Probus, an IoT utility monitoring startup, secured $5 million. Swish Club, a laptop rental platform, raised $4.5 million. Dynolt Technologies, developing efficient EV chargers, raised $1.7 million in seed funding.