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Stellaris, Fosun and others fund Lithius Energy

“Making shared mobility work reliably at scale, while keeping it affordable and convenient, is a massive technology problem. We spent many months building the dynamic routing algorithm,” Gautam Patil, cofounder of Loca, said.

, ET Bureau|
Updated: Oct 24, 2019, 12.06 PM IST
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The firm, founded in April by Patil, a former Boston Consulting Group executive and Krishnakumar Ramachandra, who was previously with Amazon, LinkedIn and Microsoft, is a last mile-focused cab sharing service.
NEW DELHI: Lithius Energy, which owns and operates shared mobility platform Loca, has raised an undisclosed amount in its maiden funding round, led by Stellaris Venture Partners, Fosun RZ Capital, and some well-known startup entrepreneurs.

Aprameya Radhakrishna and Mayank Bidawatka, cofounders of peer-to-peer knowledge sharing startup Vokal, and Rohit MA, cofounder of maternity, women, childcare hospital chain Cloudnine Hospitals, have also backed the company, according to a senior executive of Loca. “Making shared mobility work reliably at scale, while keeping it affordable and convenient, is a massive technology problem. We spent many months building the dynamic routing algorithm and the initial results are encouraging,” Gautam Patil, cofounder of Loca, said. He, however, declined to share the deal’s financial terms.

The firm, founded in April by Patil, a former Boston Consulting Group executive and Krishnakumar Ramachandra, who was previously with Amazon, LinkedIn and Microsoft, is a last mile-focused cab sharing service, and operates from four metro stations in the city.

The company will use the proceeds from the funding round to expand to all major metro stations in Bengaluru and further build its technology and operations teams. It plans to expand to multiple cities, including New Delhi, by early next year.

“We view micro-mobility transit as a massive and largely unsolved problem in almost all cities in India. In China, we have witnessed new-age micro-mobility solutions being adopted by citizens at a rapid pace, with millions of rides being taken daily. Fosun’s portfolio company Hellobike has showcased the huge scale and adoption and we believe Loca can be at the forefront in India,” Tej Kapoor, co-executive president at Fosun RZ Capital, said.

Fosun RZ Capital is the venture capital arm of China’s Fosun International, and manages assets of about $1 billion globally, while Stellaris is a technology-focused early-stage investment firm, investing out of its maiden $100 million fund.

Additionally, both Radhakrishna and Rohit MA are also active angel investors in the country’s startup ecosystem, having backed a slew of startups, including Unacademy, DailyNinja, ParentLane and OfBusiness, among others.
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