DECEMBER 20239TOP STORIESSNITCH SECURES RS.110 CRORE IN ITS SERIES A FUNDING ROUNDOn Dec 13, the Snitch brand received Rs 110 crore in Series A funding led by SWC Global and IvyCap Ventures. The investment, backed by angel investors, will leverage Snitch's talent, technology and physical marketing strategy, Snitch said in a statement.Snitch opened its first store in Bangalore, and the online platform strengthened its digital presence with over 2 million app downloads. Most of Snitchand's sales come from its website and app, supported by offline activities and partnerships with popular online marketplaces."Snitch has served a vast array of pin codes across India, underlining its wide reach and commitment to quality and innovation," said the company in a press release.Snitch has successfully surpassed a turnover of over 100 crores in the fiscal year 2023, surpassing the anticipated growth of more than 100 percent in the fiscal year 2024. Additionally, Snitch is poised for further expansion with plans to inaugurate over 100 offline stores nationwide within the next 4-5 years.Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, said, "We invested in this exceptional company, recognizing their ability to not just stay on top of the trends but to create them, propelling them to the forefront of their industry." GOGORO TO LOCALLY MANUFACTURE EVS & SETUP ROBUST BATTERY NETWORKTaiwan's Gogoro plans to expand its investments in the Indian market, locally manufacturing electric two-wheelers and building a battery transfer network to support these vehicles in the coming years."We have invested $650-700 million in Taiwan so far to set up 12,000 swapping stations, which have in circulation 1.3 million batteries for us and our partners. The Indian market is 20X that. The investments will run into several billion dollars to set up a swapping network pan-India. We are not shy of making investments given the potential in the market here," said Horace Luke, Global CEO Gogoro.Gogoro, which listed on Nasdaq last year, has invested $1.5 billion in Maharashtra and has confirmed plans to build vehicles and set up transit stations in the state within 10 years. The company will work hard to increase its presence in other countries, Luke said, without sharing details.Gogoro, in partnership with Belrise Industries (formerly Badve Engineering), signed a strategic partnership with the Maharashtra government in January 2023 to invest $2.5 billion in developing smart energy infrastructure across the state.Luke said the company will pursue three strategies to accelerate India's transition to electric power. "We will manufacture electric two-wheelers for the B2B segment in India and introduce mobility-as-a-service from Goa later this month. We have also signed an agreement with the MG group to supply electric two-wheelers from here to Nepal.
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