Startup news and updates: daily roundup (Mar 1, 2022)

Simple Energy launches additional battery pack option for Simple One

Electric vehicle and clean energy startup Simple Energy launched an additional battery pack option for its flagship electric scooter, Simple One, to offer customers 300+ km of range on a single charge.  

Customers can opt for the additional battery pack option during the final payment, with deliveries beginning in June.

The Simple One, along with the advanced additional battery, is priced at Rs 1,44,999 ex-showroom. The original variant without the extra battery will continue to be available at Rs 1,09,999.

“When we conceived the Simple One, we had the aim of offering an electric scooter that could offer enough range for users to not have to worry about range or charging. Offering an extra battery will allow power users to reach destinations that no other electric two-wheeler in India can,” said Suhas Rajkumar, Founder and CEO, Simple Energy.

Recently, Simple Energy announced the scooter will come with an upgraded 8.5 kW motor capable of producing 72nm of torque.

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IIFL AMC acquires stake in OmniActive Health Technologies

IIFL Asset Management has acquired an undisclosed stake in OmniActive Health Technologies, which offers a wide range of nutraceutical ingredients.

The investment has been made through IIFL AMC’s Special Opportunities Fund series. 

Founded in 2005, OmniActive provides natural scientifically-validated ingredients for dietary supplementation and nutritional fortification. The company has R&D and manufacturing operations in Pune, Hosur, Hassan, and Thane in India, and sales and distribution operations in the US, Europe, India, Asia, Australia, and Latin America.

“I am pleased to welcome IIFL Asset Management Limited as a shareholder in OmniActive, and this transaction is a testament to the company’s strong growth and reinforces the private equity fraternity’s continued belief in the growth of the nutraceutical sector,” said Sanjaya Mariwala, Founder, MD and Executive Chairman, OmniActive. 

IIFL Asset Management, part of IIFL Wealth and Asset Management Group, is an India-focused global asset management firm and has been active in the private equity ecosystem since late 2015. 

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Instahyre goes on an expansion spree

AI-based hiring platform Instahyre announces plans to grow to 3X in employee strength and increase revenue by 4X in the next year. 

The expansion will be a part of the startup's strategic move to onboard 20,000 accounts from enterprises to mid-market SMBs, serving a candidate base of 80-90 million.

Instahyre helps internet companies with technology and non-technology hiring. It has launched pilots with Amazon, Walmart, Cargill, Freshworks, and 20+ companies for 700+ drives to test its technology.

“We are building a full suite of sourcing products to help our clients. Instahyre provides the ability for companies to conduct and manage hiring drives, an approach very popular among enterprises, and for which we’ve had substantial demand from existing customers,” said Sarbojit Mallick, Co-founder and CBO, Instahyre. 

The AI-based advanced hiring platform also strengthens the horizontal expansion strategy by acquiring more clients. 

“There is absolutely nothing in terms of the product or technology that prevents us from being a horizontal play. Our goal has always been to expand horizontally to all white-collar roles. We are already gearing up to start catering to the IT services industry, drastically increasing our good market for the next couple of years,” he added.