Economy Process Solutions secures ₹100 crore in Series A funding to expand F&B solutions and manufacturing capabilities

This financial boost will enable the company to scale operations, diversify its product portfolio, and make strategic inroads into new market segments such as food and beverage (F&B) solutions. The company plans to allocate a substantial portion of the funding towards expanding its in-house manufacturing capabilities.

In an interview with CNBC-TV18, Rajesh Ahuja, founder and CEO of Economy Process Solutions, emphasised that around 50% of the funds will be directed towards its new venture in F&B solutions, set to begin operations by December 2024 through a joint venture with an Italian multinational corporation (MNC).

“With this fundraise, we plan to deploy about half of it in our F&B solutions. We have a joint venture with an Italian MNC and we expect that to start operations from December 2024, so half of the fundraise will go there,” said Ahuja.

In addition to strengthening its presence in the F&B segment, Economy Process Solutions plans to set up a manufacturing facility for vacuum pumps at its existing Pune plant. The company currently imports these pumps from Korea, but the new facility will enable in-house production, reducing reliance on imports.

The company is also gearing up for international expansion, with a focus on growing its business in the Middle East and African markets, where it already has a presence. Ahuja expressed confidence that the funding would not only help increase offerings in these regions but also strengthen the company’s global footprint.

“We have plans to expand our business internationally in the Middle East and African markets. With this fundraise, we expect that our offerings will increase,” he said.

In a separate development, UrjaMobility, a startup specialising in battery leasing solutions for commercial electric vehicles (EVs), has successfully raised ₹100 crore in its pre-Series A funding round. The round featured a combination of debt and equity financing and was co-led by Mufin Green Finance and Hindon Mercantil.

Founded in 2022, UrjaMobility focuses on providing innovative battery leasing options for a variety of commercial EV categories. These include L3 and L5 vehicles, as well as electric L2 models powered by lithium-ion batteries.

The newly raised funds will be utilised to enhance the company’s capabilities in energy consumption management and supply chain optimisation, areas that are critical for the e-mobility sector.

According to Pankaj Chopra, Founder and CEO of UrjaMobility, the financing will primarily be directed toward geographical expansion and strengthening the company’s supply chain. “We would utilise the funds to primarily expand our geographical presence across the country and also to strengthen our supply chain,” Chopra said.

Additionally, Early-stage focused micro-VC firm, Trillion Dollar Ventures (TDV), has officially launched its second fund, with a total corpus of ₹50 crore. The fund aims to back innovative founders with a global outlook, providing crucial support to companies in their pre-seed and seed stages. TDV plans to invest in startups with cheque sizes ranging from ₹1-2 crore per company, positioning itself as a first-mover in nurturing new ventures from day one.

Ujwal Sutaria, Founder and General Partner of TDV Partners, highlighted the firm’s unique investment philosophy, stating, “The investment thesis of TDV Partners is to be the first investor in any of the companies we invest in. We want to be part of the ‘minus 1 to 0’ journey, investing as early as possible, even if the startup doesn’t yet have a product or revenues,” Sutaria explained. In certain cases, TDV has gone so far as to become co-founders of startups, helping shape the founding team in its earliest stages, he added.

The second fund is expected to start investing later this month, with a deployment timeline of two years. Sutaria revealed that TDV already has enough commitments to commence operations, with plans to invest in 20 to 25 companies over the next two years.

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