Self-drive car sharing platform Zoomcar is undergoing debt restructuring to reduce its outstanding debt of approximately $31 million as of June 30, 2024.

The company has negotiated with lenders and vendors to reduce 75% of their immediately payable debt, either allowing a deferred payment schedule of up to 24 months or reducing payouts by up to half in a short term.

It plans to finish its exercise by November 2024 to decrease cash outflow and invest in strategic initiatives for long-term sustainability and value for all stakeholders.

“Zoomcar’s business fundamentals are strong, and this debt restructuring is an important step towards positioning the company for long-term success. We are very grateful to all our partners who have stood by us and supported us in our debt restructuring endeavor showcasing their commitment towards our growth,” said Hiroshi Nishijima, CEO of Zoomcar.

“Our focus remains on sustainable growth and fulfilling our financial obligations, which is key to maintaining trust with our partners and customers,” he added.

Zoomcar, founded in 2013, offers car rental services in Bengaluru. It offers hourly, daily, weekly, or monthly rentals. The company has received investments from Peak XV, Ford Smart Mobility, Nexus Venture Partners, and Mahindra & Mahindra.

Recently, It launched a new app with over 100 new features for guests and hosts. The app offers faster booking experiences, top-rated cars, and guest favourites. Hosts can now control their listings, have flexible booking options, and automatically extend listings. New hosts can also use GPS trackers and keyless entry devices.

Biogas tech startup Sistema.bio has secured $15 million in funding to accelerate its international expansion.

This new funding, led by ElectriFI and supported by existing investors like Chroma Impact, KawiSafi Ventures, and AXA IM Alts, will drive the company’s growth in Asia, Africa, and Latin America.

Sistema.bio’s 100,000 biogas units installed in 35 countries convert animal waste into clean energy and fertilizer. The company makes digester tanks which can be connected directly to a gas stove. It claims to prevent over 1 million tons of CO2 emissions annually.

“The continued trust of ElectriFI and our coalition of investors allows us to focus on our work of engaging millions of farmers to help fight the climate crisis and deliver food security. We are now better positioned to reach our goal of empowering one million farmers by 2025, and reducing 1% of global emissions by 2030,” Alexander Eaton, CEO and Co-founder of Sistema.bio said in a statement.

In June 2023, the government moved towards its aim to further the adoption of biogas with the launch of the unified GOBARdhan registration portal, to streamline biogas plant setup and promote compressed biogas as a green fuel.

Everstage, an enterprise sales performance management software, has raised $30 million in a Series B funding round led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital. 

With this round, the Chennai and Delaware-based company has raised a total of $45 million in funding so far. It will use the new capital to expand its product capabilities and invest in in-house professional services. 

“Our Series B is not just about growth; it’s about a long-term commitment to our customers. This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before,” said Siva Rajamani, Co-founder and CEO of Everstage. 

Founded in 2020 by Rajamani and Vivek Suriyamoorthy, Everstage enables companies to boost the performance of their customer-facing teams through a no-code sales commission automation platform.

Before founding Everstage, Rajamani served as the head of Freshworks‘ global revenue operations team, where he oversaw the growth of annual recurring revenue from $30 million to $300 million.

“Everstage’s modular product helps organisations dynamically manage their evolving Sales Performance Management needs and align frontline teams with broader organisation goals. We are excited to partner with Siva and Vivek, who have assembled a strong team with extensive experience in Revenue Operations,” said Aditya Systla, Partner at Eight Roads Ventures. 

Eight Roads, a global investment firm backed by Fidelity, manages $11 billion in assets across Asia, Europe, Israel, and the US. Everstage now joins the investment firm’s expanding SaaS portfolio, which includes startups such as Moengage, SaaS Labs, and Icertis, among others.

Everstage also plans to launch an AI Agent Creation Studio to assist RevOps professionals in building and customising their own AI assistants. These agents will handle tasks like sales performance analysis, plan building, and providing modelling recommendations, further streamlining sales operations.

Some of its clientele include several global Fortune 1000, publicly-listed companies and large enterprises such as GrayTV, Wiley, Diligent, Trimble and Paychex. The company in a statement said it clocked a 300% YoY revenue growth last year.

The company recently appointed Kelly McGuire as VP of Customer Success, who has over 15 years of experience from companies like Glassdoor and Sisense.

Additionally, Everstage announced an Employee Stock Ownership Plan (ESOP) buyback valued at Rs 5 crore.