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Cisco Launches Meraki India Region to Boost Cloud-First Strategy and Digital Infrastructure

Garima Bansal
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Cisco Launches Meraki India Region to Boost Cloud-First Strategy and Digital Infrastructure

Cisco has launched the Meraki India Region, a dedicated cloud service aimed at strengthening India’s digital infrastructure. This initiative underscores Cisco’s commitment to supporting the country’s digital-first agenda by offering robust local capabilities.

The Meraki platform, already trusted by over 8.1 lakh customers globally, simplifies IT operations and enhances secure networking through its suite of services including wired and wireless networking, SD-WAN solutions, and IoT capabilities like sensors. By centralizing visibility and control, Meraki enables businesses to lower operational costs and foster innovation.

Lawrence Huang, SVP/GM of Cisco Networking – Meraki & Wireless, highlighted the significance of the Meraki India Region, stating it ensures customers securely connect and scale their operations with the ease and security expected from Meraki.

This strategic move by Cisco aims to meet local data storage needs while adhering to stringent security standards mandated by the Ministry of Electronics and Information Technology, Government of India. By providing a compliant cloud platform equipped with advanced security features such as penetration testing and daily vulnerability scans, Cisco empowers Indian businesses to navigate modern IT challenges and drive sustainable growth in an increasingly interconnected world.

The launch of the Meraki India Region represents Cisco’s proactive approach in enhancing local capabilities to support India’s digital transformation journey.

EKA Mobility Expands Partnership with Mitsui & Co. with Second Investment Tranche

Garima Bansal
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EKA Mobility Expands Partnership with Mitsui & Co. with Second Investment Tranche

EKA Mobility, also known as Pinnacle Mobility Solutions, has announced a significant milestone in its partnership with Mitsui & Co., Ltd., a global trading and investment company.

Mitsui has executed a second tranche investment as part of their phased investment plan, signaling strong support for EKA Mobility’s growth in the electric vehicle (EV) sector. This investment is aimed at funding capital expenditures (Capex) and working capital, crucial for accelerating EKA Mobility’s expansion and innovation initiatives within the EV market.

Earlier investments by Mitsui have already supported EKA Mobility in establishing one of India’s largest R&D centers for electric commercial vehicles. The latest tranche will further bolster EKA Mobility’s manufacturing capabilities, accelerate new product development, expand market reach, and enhance operational efficiencies. This financial support is expected to strengthen EKA Mobility’s position as a key player in India’s transition to sustainable transportation solutions.

Dr. Sudhir Mehta, Founder of EKA Mobility, expressed gratitude for Mitsui’s continued confidence and investment, emphasizing their shared commitment to driving innovation in the EV sector. With a growing order book for electric buses and commercial vehicles, EKA Mobility is well-positioned to capitalize on the increasing demand for eco-friendly mobility solutions in India and beyond.

Zepto Raises $665 Million, Valuation Soars to $3.6 Billion Ahead of Potential IPO

Garima Bansal
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Zepto Raises $665 Million, Valuation Soars to $3.6 Billion Ahead of Potential IPO

Zepto, a rising star in India’s consumer internet sector, has recently completed a remarkable fundraising round, securing $665 million from a consortium of new and existing investors.

This influx of capital has propelled Zepto’s valuation to an impressive $3.6 billion, solidifying its position as a prominent player in the quick commerce space.

Founded in 2021, Zepto made waves last August when it achieved unicorn status after raising $235 million. Since then, the company has experienced explosive growth, with its Gross Merchandise Value (GMV) surpassing $1 billion annually. Notably, approximately 75% of Zepto’s stores have achieved positive earnings before interest, taxes, depreciation, and amortization (EBITDA) as of May 2024, a significant improvement from previous years.

Aadit Palicha, co-founder and CEO of Zepto, highlighted the company’s accelerated path to profitability, noting that stores now achieve EBITDA positivity in just six months, down from 23 months previously. This efficiency has enabled Zepto to expand rapidly while maintaining fiscal discipline, preparing the company for potential future milestones such as an initial public offering (IPO).

Kaivalya Vohra, co-founder and CTO, emphasized Zepto’s ambitious plans for enhancing customer experience through innovative projects like Zepto Pass and expanding into new product categories. To support these initiatives, Zepto plans to recruit top talent across various departments, further fueling its growth trajectory.

The funding round also marked the launch of Avra Capital, a growth equity fund led by Anu Hariharan, a former Managing Director at Y Combinator Continuity. Avra Capital’s investment in Zepto signifies its confidence in the company’s disruptive potential within the global e-commerce landscape.

As Zepto continues to innovate and expand its footprint, the company remains focused on delivering value to customers while pursuing sustainable growth strategies. With its latest valuation milestone and robust investor backing, Zepto is poised to redefine the future of e-commerce in India and beyond.

General Catalyst Acquires Venture Highway, Sets Sights on $1 Billion Deployment in India

Garima Bansal
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General Catalyst Acquires Venture Highway, Sets Sights on $1 Billion Deployment in India

Silicon Valley-based venture capital powerhouse General Catalyst has made a significant move by acquiring Venture Highway, an established early-stage investor focused on the Indian market. This acquisition is part of General Catalyst’s strategy to deepen its footprint in India, a country increasingly viewed as pivotal for global tech innovation and investment.

Venture Highway, founded by Neeraj Arora, former WhatsApp business head, has built a robust portfolio backing unicorns such as Meesho and Moglix. With this acquisition, Venture Highway will be rebranded as General Catalyst India, integrating its expertise in seed-stage investments with General Catalyst’s global network and capital resources.

The decision to merge under the General Catalyst India brand signals a broader trend of global VC firms seeking to capitalize on India’s burgeoning startup ecosystem. The country, with its large consumer base and growing digital economy, offers compelling opportunities across sectors from fintech to e-commerce and beyond. Neeraj Arora and Priya Mohan, Venture Highway’s general partner, will play pivotal roles in leading General Catalyst’s operations in India. Their experience and deep understanding of the local market dynamics position General Catalyst India to navigate and capitalize on India’s unique challenges and opportunities.

General Catalyst plans to deploy between $500 million to $1 billion through its newly formed General Catalyst India arm. This capital infusion will primarily target early-stage and growth-stage startups, aiming to foster innovation and entrepreneurship across the country. The strategy aligns with General Catalyst’s track record of backing transformative companies globally, including names like Airbnb, Canva, and Stripe. By leveraging Venture Highway’s local insights and General Catalyst’s global perspective, the merged entity aims to reimagine venture investing tailored to India’s diverse and rapidly evolving market landscape.

The acquisition comes amidst a broader reset in the global venture capital industry following the exuberance of the pandemic years. For General Catalyst, integrating Venture Highway into its fold represents not just a financial investment but a strategic alignment to harness India’s economic and strategic growth. This move is part of General Catalyst’s broader vision to contribute to India’s tech ecosystem by supporting startups that are poised to scale and innovate. With India now the third-largest startup ecosystem globally, after the US and China, General Catalyst’s commitment underscores the country’s rising prominence in the global tech arena.

Matrix and Stellaris-backed Dashtoon in Talks to Raise $10-12 Million

Garima Bansal
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Matrix and Stellaris-backed Dashtoon in Talks to Raise $10-12 Million

AI-assisted comic creation platform Dashtoon is in advanced discussions to secure $10-12 million in a new funding round. This round involves both new and existing investors, including Matrix Partners India and Stellaris Venture Partners. Sources familiar with the matter have disclosed this information to Entrackr, noting that the deal terms have been agreed upon and are expected to finalize within a few weeks.

Dashtoon, which has offices in San Francisco, London, and Bengaluru, previously raised $5 million in a seed round in November 2023, led by Matrix and Stellaris with contributions from notable angel investors. Founded in December 2022 by Sanidhya Narain, Lalith Gudipati, and Soumyadeep Mukherjee, Dashtoon leverages Generative AI through its product, Dashtoon Studio, to transform storytellers into comic artists.

The founders bring significant experience to Dashtoon. Narain and Gudipati were part of the founding team of Pocket FM, an audio entertainment startup, while Mukherjee has a background in building deep-tech teams for startups, including working on cancer diagnosis solutions at Morphle Labs. Dashtoon’s platform enables both published authors and aspiring writers to distribute and monetize their comics and graphic novels.

In its initial phase, Dashtoon began monetizing in October 2023, generating $15,000 in revenue in its first month. The company aims to increase this to $100,000 per month within two to three months. Looking ahead, Dashtoon aspires to become a global intellectual property powerhouse by collaborating with thousands of creators and readers.

The global comics market, dominated by Japanese Manga and Korean Webtoons, was valued at $15.5 billion in 2022 and is projected to reach approximately $27 billion by 2032, according to Allied Market Research. Dashtoon aims to capitalize on this growth, positioning itself as a major player in the industry.

eBikeGo Plans to Expand e-Two-Wheeler Fleet to 100,000 Units by FY26

Garima Bansal
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eBikeGo Plans to Expand e-Two-Wheeler Fleet to 100,000 Units by FY26

Electric vehicle rental service operator eBikeGo has announced its ambitious plan to expand its e-two-wheeler fleet to 100,000 units by the fiscal year 2026. This decision comes in response to the rapid growth of the last-mile and e-commerce delivery segments. As of the first quarter of 2024, the domestic last-mile delivery and e-commerce business has been growing at a rate of 6.4%.

The increasing demand for direct-to-consumer delivery has highlighted the need for affordable and efficient transportation solutions. eBikeGo aims to meet this demand by significantly expanding its fleet. Over the past three years, the company has established a strong presence in seven metropolitan cities. Moving forward, eBikeGo plans to extend its operations to tier I and tier II cities across India.

The hyperlocal delivery segment, which eBikeGo caters to, is expected to grow at a compounded annual growth rate (CAGR) of approximately 16.14% from 2024 to 2029. This growth trajectory is projected to result in a market volume of USD 92.50 billion by 2029. The company noted that hyperlocal delivery models are also gaining traction in tier II and III cities, as well as rural areas.

Irfan Khan, founder and CEO of eBikeGo, emphasized the company’s success in metropolitan areas and its readiness to expand into smaller cities. Established in 2019, eBikeGo currently operates a fleet of over 3,000 e-bikes, serving businesses like Zomato, Swiggy, and various FMCG brands in major metropolitan cities.

By broadening its reach and increasing its fleet size, eBikeGo aims to capitalize on the burgeoning demand for sustainable and cost-effective delivery solutions. This expansion aligns with the company’s strategy to strengthen its foothold in the rapidly evolving electric vehicle market and support the growing needs of the e-commerce and last-mile delivery sectors.

Healthtech Startup HealthPresso to Raise $1 Million in Pre-Series A Funding

Garima Bansal
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Healthtech Startup HealthPresso to Raise $1 Million in Pre-Series A Funding

HealthPresso, a burgeoning healthtech startup, is set to raise $1 million in its pre-Series A funding round. This capital injection is pivotal for the platform’s early growth phase. The investment community has shown significant interest in HealthPresso, recognizing the potential of its proprietary AI engine, Humeta™, and its extensive distribution network.

Co-founders Daleep Manhas and Dr. Swadeep Srivastava stated that the new funding will accelerate HealthPresso’s growth trajectory, enabling the company to scale operations and enhance its service offerings. HealthPresso leverages AI and innovative content strategies to assist healthcare providers with public relations, regulatory compliance, and physician engagement. The startup caters to individual doctors, hospitals, healthcare brands, and PR/media agencies, aiming to revolutionize healthcare communication and information dissemination.

A modern health tech company has also adopted HealthPresso for its exclusive communication needs, improving overall communication strategies. Since its inception with a small team of three, HealthPresso has grown to a team of 15 professionals, with offices in Delhi, Singapore, Canada, and Bengaluru.

This funding round is expected to further solidify HealthPresso’s position in the healthtech sector, driving forward its mission to bring well-informed healthcare solutions to a broader audience.

Brigade Group to Develop Third World Trade Center Tower in Kochi

Garima Bansal
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Brigade Group to Develop Third World Trade Center Tower in Kochi

Brigade Group, a leading real estate company based in Bengaluru, has signed a land lease agreement to develop a third tower of the World Trade Center (WTC) at Infopark Kochi. The new 16-storey building, which includes a six-deck car park, will span a total built-up area of 2.6 lakh square feet. This ₹150 crore project will be developed on a non-SEZ plot and is expected to be completed within three years.

The construction of the new tower is anticipated to create approximately 2,700 direct jobs. Brigade Group has already completed two WTC towers at Infopark Kochi, providing a combined built-up area of 7.7 lakh square feet, with all office spaces fully occupied. The addition of the third tower will further enhance the IT infrastructure in the region.

Kerala Chief Minister Pinarayi Vijayan, present at the agreement signing, emphasized the project’s significant impact on the state’s IT sector. Since 2016, 583 new companies have established offices in Infopark, generating 70,000 jobs. The third WTC tower is expected to further boost this development.

Brigade Group’s Executive Chairman, M R Jaishankar, highlighted the company’s commitment to expanding in Kerala and its active pursuit of viable land parcels to support this growth. In addition to the WTC towers, Brigade has developed the luxury business hotel Four Points by Sheraton Kochi Infopark and is currently working on Brigade Square in Trivandrum, a Grade A office building in Technopark Phase 1.

Brigade Group owns licenses for six World Trade Centers across South India, including Bengaluru, Chennai, Kochi, Hyderabad, Trivandrum, and Devanahalli. Over the past 38 years, the company has completed around 300 buildings, covering 90 million square feet across a diverse portfolio.

Following the announcement of the new WTC tower in Kochi, shares of Brigade Enterprises saw a 3.5% increase. The company’s stock has risen over 52% since the beginning of the year and gained nearly 133% in the past year, reflecting strong investor confidence and successful project execution.

The development of the third World Trade Center tower at Infopark Kochi by Brigade Group represents a significant step forward in enhancing Kerala’s IT infrastructure and job market. This project aligns with Brigade Group’s strategy of expansion and innovation in the real estate sector and is set to play a pivotal role in the state’s economic growth.

IOC and GPS Renewables Form Joint Venture for Sustainable Energy Solutions

Garima Bansal
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IOC and GPS Renewables Form Joint Venture for Sustainable Energy Solutions

Indian Oil Corporation (IOC) has announced a new joint venture with GPS Renewables Pvt Ltd to promote sustainable energy solutions across India. This strategic partnership aims to establish a 50:50 joint venture company that will focus on advancing the adoption of biofuels nationwide.

The official agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables, and Santanu Gupta, Executive Director of Alternative Energy at IOC. The new venture will leverage advanced biogas technologies to convert organic waste into compressed biogas (CBG), providing a cleaner and renewable energy source. This initiative is expected to significantly reduce greenhouse gas emissions while offering a sustainable alternative to traditional fossil fuels.

By combining their expertise, IOC and GPS Renewables plan to accelerate the deployment of CBG plants throughout the country. These initiatives align with IOC’s long-term low-carbon development strategy, helping the company achieve its goal of net zero carbon emissions by 2046. Additionally, the use of CBG will reduce dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.

IOC, the largest oil refining and fuel marketing company in India, partners with GPS Renewables, a comprehensive biofuels firm known for offering technology and project solutions for climate-positive biofuel projects. GPS Renewables has evolved from operating captive biogas plants to setting up some of the world’s largest CBG plants, including a flagship plant in Indore, Madhya Pradesh.

This joint venture represents a significant step forward in India’s efforts to adopt sustainable energy solutions and reduce its carbon footprint, showcasing the potential of public-private partnerships in addressing environmental challenges.

Morgan Stanley PE Asia Fund Injects ₹500 Crore into Omega Hospitals for Major Expansion

Garima Bansal
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Morgan Stanley PE Asia Fund Injects ₹500 Crore into Omega Hospitals for Major Expansion

Morgan Stanley Private Equity Asia has invested ₹500 crore in Hyderabad Institute of Oncology Private Limited, the company that operates Omega Hospitals. This significant investment marks Omega Hospitals’ first private equity fundraiser and results in Morgan Stanley acquiring a 23% stake in the hospital chain.

The funds from this investment will be used to expand Omega Hospitals’ network beyond its current 10 hospitals, which have over 1,400 beds. The expansion aims to position Omega as India’s largest oncology-focused hospital chain. Established in 2010 by surgical oncologist Dr. Mohan Vamsy, Omega Hospitals is currently the second-largest cancer treatment network in India. The hospital chain operates facilities in Banjara Hills and Gachibowli in Hyderabad, and in Karimnagar, Guntur, Vizag, Kurnool, Bhimavaram, Jabalpur, and Dehradun. The proposed expansion will extend its presence to Tamil Nadu, Karnataka, Maharashtra, Madhya Pradesh, and West Bengal, significantly broadening its geographical footprint.

The expansion plan comes in response to the rising incidence of cancer in India, with the goal of delivering comprehensive cancer care across the country. The partnership with Morgan Stanley PE Asia is expected to accelerate this journey, enabling Omega Hospitals to enhance their service capabilities and reach a larger patient base.

In related healthcare news, private hospitals in Kolkata have started using AI-powered remote monitoring systems. These systems monitor patients’ vital parameters such as heart rate, blood pressure, and oxygen saturation, providing real-time alerts to healthcare workers for early intervention. This technological advancement aims to improve patient outcomes through timely and efficient monitoring.

The investment by Morgan Stanley PE Asia represents a significant milestone for Omega Hospitals, setting the stage for extensive growth and improved cancer care services across multiple states in India. With this partnership, Omega Hospitals is well-positioned to become a leading player in the fight against cancer in the country.

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