India Roundup: Ola hires ex-Amazon exec to head new unit, and other news (Updated)

Update (October 7, 7:12 p.m.SGT): Adds news on Ola and Bounce

Ola hires ex-Amazon exec to head new vehicle commerce unit

• Ola has launched its vehicle commerce unit, Ola Cars, which will offer consumers services including purchase, vehicle finance and insurance, registration, maintenance, accessories, and resale of the vehicle back to Ola Cars. 
• The company has appointed Arun Sirdeshmukh, a former executive from Amazon India, to head the vehicle commerce unit. He will oversee the entire sales and distribution, service, marketing, customer support, and go-to-market strategy for the business.
• The company said it plans to expand aggressively over the next few months across India and international markets. It will also launch new verticals within Ola Cars.

Sequoia India joins US$140 million round of Twin Health

• Investors like Iconiq Growth, Perceptive Advisors, Corner Ventures, and LTS Investments also participated in the financing round.
• Twin Health will use the fresh funds to scale its flagship “whole body digital twin” service, which helps reverse and prevent chronic metabolic diseases.
• The healthtech firm offers an all-inclusive program that comes with glucose monitors and fitness watches, comprehensive blood tests, consultations with doctors, and health coaches.

Founders of BharatPe, Cred back VC firm’s equity management platform

• Trica, an equity management and private-market investments platform launched by LetsVenture, has raised US$3 million from Accel, LC Nueva AIF, and Secocha Ventures, among others.
• Notably, LC Nueva AIF, an alternative investment fund, is currently awaiting approval from India’s market regulator.
• Trica will use the latest investment to build its tech infrastructure stack to offer equity management services to startups and investors, scale its product, and ramp up hiring in the firm.

Sequoia-backed scooter rental startup Bounce enters EV manufacturing space

• Bounce is reportedly set to enter the electronic vehicle manufacturing space by acquiring 22 Motors for between US$7 million and US$10 million.
• The two companies have supposedly started working on the design and specifications of the new scooter, and are looking to roll out the first batch by March 2022.
• Bounce is also looking to raise fresh funding by pitching itself as a competitor to Ola Electric.  In Jan 2020, Bounce raised US$105 million in a financing round led by Facebook co-founder Eduardo Saverin’s B Capital Group and Accel. Omidyar Network India, Qualcomm Ventures, and Sequoia Capital India also participated.