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Essar Group’s Ambitious Green Energy Initiative: ₹30,000 Crore Investment in Gujarat’s Green Hydrogen Plant

By
Garima Bansal
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prashant ruia

Essar Group is embarking on a significant green energy initiative with a planned investment of ₹30,000 crore over the next four years to establish a green hydrogen plant in Jamnagar, Gujarat.

Prashant Ruia, director of Essar Capital, highlighted the conglomerate’s broader sustainability ambitions, including the decarbonization of its UK-based Stanlow refinery with a $3.6 billion investment.

Additionally, Essar aims to invest $4 billion in setting up a green steel plant in Saudi Arabia, underscoring its commitment to reducing carbon footprints across its global operations.

Essar Future Energy, a subsidiary, plans to develop a robust infrastructure capable of generating 1 gigawatt of hydrogen annually, alongside producing 1 million tonnes of associated green molecules. This ambitious project will leverage 4.5 gigawatts of renewable energy from Essar Renewables to electrolyze water and produce hydrogen sustainably.

The conglomerate’s strategy also includes expanding its electricity generation capacity, targeting 10,000 megawatts over the next 3-5 years. This expansion plan integrates coal-based power generation with a growing renewable energy platform, reinforcing Essar’s dual approach to energy sustainability.

Moreover, Essar is actively promoting green mobility solutions, particularly in the long-haul trucking sector, by developing LNG and electric ecosystems. This initiative aims to significantly reduce CO2 emissions from trucks, with LNG-powered vehicles offering a substantial reduction in pollutants compared to diesel engines.

With investments earmarked for expanding gas production and exploring shale gas potential, Essar aims to diversify its energy portfolio while contributing to India’s gas supply.

Overall, Essar Group’s ambitious investments in green hydrogen, renewable energy, and sustainable technologies underscore its commitment to environmental stewardship and positioning itself at the forefront of the global energy transition. These initiatives not only align with global climate goals but also reinforce Essar’s role as a leader in sustainable industrial practices.

SuperKalam: Revolutionizing Student Mentorship with AI Innovation

By
Garima Bansal
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superkalam founders

SuperKalam is an AI-driven personal mentorship platform for students preparing for competitive exams, harnesses advanced Artificial Intelligence to revolutionize learning experiences.

Founded in July 2023 by Vimal Singh Rathore and Aseem Gupta, SuperKalam harnesses advanced Artificial Intelligence to revolutionize learning experiences. The platform offers personalized guidance, real-time doubt resolution, and tailored learning pathways, ensuring each student receives the support they need to excel.

Vimal Singh Rathore  expressed enthusiasm for the funding, stating, “We are committed to reshaping education in the AI era, moving beyond traditional learning methods to deliver customized experiences that meet the unique needs of every student.”

Company has secured $2 million in its latest seed funding round. This funding infusion, led by renowned investors YCombinator and Fundersclub, along with contributions from YC Partner Puneet Kumar, GoodWater Capital, Nurture Ventures, SuperCapital, and Pareto Ventures, marks a significant milestone in the startup’s journey.

With a strong foundation built on Vimal’s prior success in the edtech sector, including his previous venture Coursavy, acquired by Unacademy, SuperKalam has rapidly grown its user base to over 60,000 students.

Boris Silver from Fundersclub highlighted, “SuperKalam exemplifies the potential of India’s edtech market. We are confident in the team’s vision and their ability to deliver exceptional value to students preparing for competitive exams.”

Moving forward, SuperKalam remains focused on enhancing its educational platform, expanding its user base, and driving innovation in learning services. Join SuperKalam on this transformative journey towards personalized, AI-driven education!

Bengaluru’s rampp.ai Raises $500K in Angel Funding Round

By
Garima Bansal
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0
rampp.ai founder

Bengaluru-based AI startup rampp.ai has successfully raised $500,000 in an angel funding round led by a group of seasoned executives and startup entrepreneurs from North America and India. The identities of the investors have not been disclosed.

Ajay Agrawal, co-founder and CEO of rampp.ai, expressed gratitude for the early investor support, citing it as validation of their core strategy to harness Generative AI (GenAI) for addressing transformative challenges. The funding infusion is earmarked to accelerate product development and bolster market expansion efforts.

Founded in 2023 by tech entrepreneurs Ajay Agrawal and Huzefa Saifee, rampp.ai specializes in developing an AI-led platform designed to facilitate real-time personalized transformation journeys for enterprises globally. The startup’s flagship product, the RADI Navigator Platform, delivers contextual insights crucial for organizations to navigate and execute their transformation initiatives across various business domains and functions.

Huzefa Saifee  emphasized their commitment to leveraging GenAI to tackle complex business problems, highlighting AI’s potential to revolutionize both personal and professional spheres. This marks their fourth entrepreneurial venture together, underscoring their technical prowess and vision for driving tangible outcomes through advanced AI technologies.

With aspirations to capitalize on GenAI’s evolving capabilities, rampp.ai aims to empower enterprises with agility, innovation, and scalable solutions, positioning itself at the forefront of AI-driven transformation.

Lotus Herbals Launches $50 Million Innovation Fund to Propel Beauty Startups

By
Garima Bansal
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nitin passi

Lotus Herbals, a prominent player in premium cosmetics, has unveiled a USD 50 million innovation fund aimed at nurturing beauty startups amidst India’s burgeoning market. The initiative responds to the country’s dynamic beauty and cosmetics sector, driven by its youthful demographic.

Nitin Passi, Managing Director of Lotus Herbals, emphasized the fund’s focus on patent-driven startups seeking capital. “We will invest in startups with an innovation plus growth mindset,” Passi stated, outlining plans to support two to three companies annually for five to seven years, with a strategic emphasis on the Indian market.

This fund marks the second of its kind in India, following the 2022 launch of a strategic early-stage investment fund by New Incubation Ventures, backed by Estee Lauder, and beauty retailer Nykaa.

India’s beauty industry is poised for substantial growth, with projections suggesting a potential fivefold expansion in the beauty and personal care sector over the next 15 years, and significant increases in specific categories.

Lotus Herbals has already made investments in several beauty and wellness brands, including Fixderma India, Conscious Chemist, Vanity Wagon, and Better Beauty. This initiative underscores a growing trend among established beauty firms to foster innovation and capitalize on emerging market opportunities through strategic investments in startups.

Slice Secures $20 Million Debt Financing to Strengthen Financial Position

By
Garima Bansal
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slice founder

Bengaluru-based fintech company slice has recently secured $20 million in debt financing from Neo Asset Management’s Credit Opportunities Fund, a move aimed at strengthening its financial footing. This funding forms part of a broader $30 million debt round, with slice set to receive the remaining $10 million shortly.

The newly raised capital will be strategically utilized to advance corporate objectives, enhance working capital, and sustain slice’s growth trajectory and operational efficiency.

Earlier this year, slice achieved approval from the Competition Commission of India for its merger with North East Small Finance Bank, pending clearance from the National Company Law Tribunal. This merger is anticipated to facilitate slice’s transition into a licensed bank, marking a significant evolution from its origins as a buy now pay later platform.

Founded in 2016 by Rajan Bajaj, slice initially operated as Slicepay, offering a buy now pay later service before adapting its business model in response to regulatory changes.

Neo Asset Management’s investment in slice aligns with its strategy to target profitable non-triple-A rated companies through its Special Credit Opportunities Fund. This funding round coincides with Neo Asset Management’s successful closure of its first fund at INR 2,575 crore, sourced from high-net-worth individuals and family offices.

As slice awaits regulatory approval for its merger, the fintech firm is poised to leverage its forthcoming banking license to expand its range of financial services. This strategic move is expected to redefine the fintech landscape and reinforce slice’s position as a prominent industry leader.

Foxconn to Build Plant Near Hyderabad, Set to Manufacture Apple’s AirPods

By
Garima Bansal
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Young Liu Foxconn

Foxconn, Apple’s prominent manufacturing partner, is establishing a new facility near Hyderabad, Telangana, poised to create substantial employment opportunities. Initially set to generate 25,000 jobs, the facility is projected to eventually employ over 100,000 individuals. This development marks Foxconn’s entry into audio device production for Apple within India, with manufacturing slated to commence as early as August.

Vishnu Reddy, the special secretary to Telangana’s Investment Promotion & NRI Affairs, revealed in a recent interview that two factory lines have already been completed in Hyderabad. Notably, the entire plant was constructed ahead of schedule, achieving completion in just one and a half years, surpassing Foxconn’s initial estimate of two and a half years.

The agreement to establish the facility was formalized during Foxconn Chairman Young Liu‘s visit to Hyderabad in March 2023. During this visit, a letter of intent was signed with the State government, outlining Foxconn’s commitment to the investment. Previously, Foxconn had announced investments totaling US$500 million for its operations in Hyderabad, underscoring its significant commitment to the region’s industrial growth.

When queried about the specifics of the products to be manufactured, particularly if they include Apple’s AirPods, Secretary Reddy refrained from explicit confirmation, citing Foxconn’s status as a contract manufacturer serving various brands. He emphasized that decisions regarding the brands served are internal to Foxconn.

While declining to specify Apple or any specific company, Reddy expressed satisfaction with the progress made, highlighting the positive feedback received from the vendor regarding their operations in Hyderabad.

The establishment of Foxconn’s new facility near Hyderabad represents a significant milestone for both the company and the state of Telangana, promising substantial economic benefits and reinforcing India’s position as a key hub for global manufacturing operations.

Mercedes-Benz to Invest Rs 3,000 Crore in Maharashtra, Boosting Job Prospects

By
Garima Bansal
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minister uday samant

Top executives from Mercedes-Benz have engaged in discussions with Maharashtra state officials regarding a substantial investment of Rs 3,000 crore in the state. This move, confirmed by Industries Minister Uday Samant via social media, is poised to significantly enhance employment opportunities and bolster industrial growth within Maharashtra.

Minister Samant, who recently visited Germany, shared details of the meeting with Mercedes-Benz representatives, highlighting the company’s commitment to injecting Rs 3,000 crore into Maharashtra’s economy this year. “This investment will not only increase job opportunities but also foster industrial development across Maharashtra,” stated Samant in a Marathi-language post.

Samant emphasized Maharashtra’s readiness to facilitate a seamless transition for workers by providing technical skills and foundational proficiency in the German language, thereby enhancing their employability with German companies.

Additionally, Minister Samant and his team met with Winfried Kretschmann, the Minister-President of Baden-Württemberg, alongside other ministers, underscoring collaborative efforts aimed at mutual economic benefits and skill development initiatives.

The strategic engagement with Mercedes-Benz, involving key management figures such as Dr. Jörg Berger, Marina Krets, Martin Schulz, and Venkatesh Kulkarni from Mercedes-Benz India, signals a positive trajectory for Maharashtra’s industrial landscape. This investment is expected to bolster the state’s economic stature and provide a significant boost to the Shiv Sena-BJP-NCP government ahead of the state assembly elections.

The developments underscore Maharashtra’s proactive approach in securing major investments and fortifying its position as a preferred destination for industrial growth and employment generation in India.

Suven Pharmaceuticals Acquires Controlling Stake in Sapala Organics for Rs 229.5 Crore

By
Garima Bansal
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suven

Suven Pharmaceuticals has finalized an agreement to acquire a 67.5% stake in Sapala Organics for Rs 229.5 crore in an all-cash transaction. This acquisition, aimed at strengthening Suven’s portfolio in Oligo and nucleic acid building blocks, positions the company strategically in the pharmaceutical development and manufacturing sector.

Based in Hyderabad, Sapala Organics specializes in Oligo drugs and nucleic acid building blocks, crucial for treating neurodegenerative diseases, respiratory disorders, diabetic retinopathy, and certain cancers. In the fiscal year 2024, Sapala Organics reported sales of Rs 67 crore with an adjusted EBITDA of approximately 45%.

Under the terms of the agreement, Suven Pharmaceuticals plans to collaborate with existing shareholders to jointly manage Sapala’s operations over the next few years. Post-FY27, Suven intends to acquire the remaining 32.5% stake to attain full ownership of Sapala Organics. This acquisition is anticipated to be valued between 13-15 times the EBITDA multiple, contingent on Sapala’s financial performance during the interim period.

Annaswamy Vaidheesh, Executive Chairman of Suven Pharmaceuticals, highlighted the strategic significance of the acquisition, stating, “Nucleic acid based therapy holds immense potential in treating genetic-level diseases, offering new possibilities for patients previously deemed incurable. This acquisition expands our technological capabilities, complementing existing platforms like ADCs and Oligos.”

Dr. P Yella Reddy, leader of Sapala Organics and a prominent figure in nucleic acid chemistry, will continue to lead the company as CEO. Additionally, he will serve as a strategic advisor for Suven’s initiatives in the Japanese market through the Suven+Chance platform.

This acquisition underscores Suven Pharmaceuticals’ commitment to advancing innovation in pharmaceuticals and strengthening its position as a leader in specialized drug development and manufacturing.

Aurionpro Payments Receives RBI Approval to Operate as Online Payment Aggregator

By
Garima Bansal
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0
Aurionpro CEO

Aurionpro Payment Solutions announced a significant milestone on Thursday with the receipt of final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments Settlements Act, 2007.

This authorization empowers Aurionpro to expand its capabilities through its payments brand, AuroPay, and marks a pivotal step towards advancing India’s digital payments ecosystem.

Expressing his enthusiasm, Balkrishna Pangam, CEO of Aurionpro Payments, conveyed gratitude to the RBI, stating, “We are grateful to the RBI for this authorization and we look forward to commencing operations at the earliest. With our innovative solutions and expertise, we are excited to contribute significantly to India’s digital transformation journey.”

Aurionpro Payments offers a diverse range of e-payment options tailored to the specific needs of e-commerce and SME businesses. Its parent company, Aurionpro Solutions, has a proven track record in sectors such as banking, mobility, payments, and government, focusing on driving digital innovation.

As of June 1, 2024, the RBI’s official website lists 26 entities authorized to function as online payment aggregators in India. This includes well-known names such as PhonePe, Pine Labs, Reliance Payment Solutions, and PayU Payments. Additionally, 11 entities have received in-principle authorization, including SBI Payment Services, Khatabook Technologies, and Sodexo SVC India. The RBI is currently processing 24 applications for similar licenses.

The RBI introduced a regulatory framework for payment aggregators in March 2022, mandating licenses for entities facilitating merchant acquisitions and digital payment solutions. Payment aggregators play a pivotal role in enabling small businesses to seamlessly adopt digital payment methods, thus contributing to the broader digital economy goals of the country.

360 One Acquires ET Money for Rs 366 Crore, Expands Presence in Wealth Tech Sector

By
Garima Bansal
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0
360 one founder

360 One Wealth and Asset Management, formerly known as IIFL Wealth, has finalized the acquisition of ET Money, a prominent wealth tech platform, for a total consideration of Rs 365.8 crore. The transaction, disclosed through a stock exchange filing, involves an Rs 85.8 crore cash payment to Times Internet, the parent company of ET Money, along with the issuance of 3.5 million stocks of the Mumbai-based wealth management firm at Rs 779.93 per share.

This acquisition marks a significant step for 360 One into the broader wealth management market, previously dominated by ET Money’s expansive user base and comprehensive suite of financial products.

ET Money, renowned for its robust portfolio advisory solutions, brokerage services, and credit offerings, serves over 9 lakh transacting users, with more than 1 lakh users generating revenue. The platform boasts assets under management totaling nearly Rs 70,000 crore, with Rs 25,000 crore invested in mutual funds alone.

Karan Bhagat, founder and CEO of 360 One WAM, expressed optimism about the acquisition’s potential, stating, “360 One and ET Money will now be able to leverage the product suite, domain understanding of the business, and scale to accelerate monetization across our combined user base and product offerings.”

Following the acquisition, ET Money will operate as a step-down subsidiary of 360 One, catering predominantly to ultra high net worth individuals, complementing 360 One’s existing clientele of more than 7,200 high net worth individuals with aggregate assets under management of approximately Rs 4.67 lakh crore.

Mukesh Kalra, CEO of ET Money, emphasized the shared vision between the two entities, stating, “We have a shared vision with 360 One WAM to align our businesses deeply with our client’s investment outcomes, creating trusted relationships.”

The acquisition positions 360 One as a formidable player in India’s wealth management landscape, poised to democratize access to premium wealth products and solutions, while leveraging ET Money’s established market presence and technological expertise.

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