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PM Modi to Inaugurate and Launch Key Infrastructure Projects Worth Rs 29,400 Crore in Mumbai

By
Garima Bansal
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0

Prime Minister Narendra Modi is set to visit Mumbai on Saturday, where he will inaugurate and lay the foundation stone for several projects totaling approximately Rs 29,400 crore, according to a statement from the Prime Minister’s Office. At 5:30 PM, he will arrive at the NESCO Exhibition Centre in Goregaon, Mumbai, to launch numerous initiatives in the road, railways, and ports sectors.

Following this, at 7 PM, he will visit the Indian News Service (INS) Secretariat at G-Block, Bandra Kurla Complex, Mumbai, to inaugurate the INS Towers. This new facility aims to meet the modern and efficient office space requirements of INS members, serving as the central hub for the newspaper industry in Mumbai.

One significant project is the Thane Borivali Tunnel Project, valued at Rs 16,600 crore. This twin-tube tunnel will run beneath Sanjay Gandhi National Park, linking the Western Express Highway at Borivali with Thane Ghodbander Road. Spanning 11.8 km, the project is expected to cut travel time between Thane and Borivali by 12 km, saving about an hour.

Additionally, the Prime Minister will initiate the Goregaon Mulund Link Road (GMLR) Project, estimated at over Rs 6,300 crore. This road will connect the Western Express Highway at Goregaon to the Eastern Express Highway at Mulund, covering approximately 6.65 km. It will also offer direct access to the upcoming Navi Mumbai airport and the Pune-Mumbai Expressway.

The Prime Minister will also lay the foundation for the Kalyan Yard Remodelling and the Gati Shakti Multi-Modal Cargo Terminal at Turbhe in Navi Mumbai. The Kalyan Yard project aims to separate long-distance and suburban traffic, increasing the yard’s capacity and reducing congestion. The Gati Shakti terminal, covering over 32,600 square meters, will create local employment opportunities and serve as an additional hub for handling cement and other commodities.

In addition, the Prime Minister will dedicate new platforms at Lokmanya Tilak Terminus and the extension of Platform no. 10 and 11 at Chhatrapati Shivaji Maharaj Terminus. The extended platforms will accommodate longer trains, enhancing the stations’ capacity to handle more passengers.

Lastly, he will launch the Mukhyamantri Yuva Karya Prashikshan Yojana, a Rs 5,600 crore internship program aimed at reducing youth unemployment by providing skill enhancement and industry exposure opportunities for individuals aged 18 to 30.

IIT Madras to Fund 200 Sports Tech Startups with Rs 5 Crore Investment Initiative

By
Garima Bansal
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In a significant effort to drive innovation within the sports industry, IIT Madras has announced plans to provide up to Rs 5 crore in funding to sports tech startups across India. The ‘Sports Tech Start-Up Conclave’ organized by IIT Madras was inaugurated in New Delhi on July 12. This event is part of an initiative to support indigenization and technological advancement for Atmanirbhar Bharat in the sports sector.

During the two-day conclave, IIT Madras outlined an ambitious target to support at least 200 sports tech startups over the next five years. The event, led by the institute’s Center of Excellence in Sports Science and Analytics (CESSA), aims to promote deep tech startups in the sports domain by offering investment to the selected sports tech startups. The initiative’s goal is to encourage the development of innovative products and applications that enhance sports performance through technology integration.

Startups focused on creating products utilizing sensors, networks, actuators, and controllers will have the opportunity to receive support from the IIT Madras Pravartak Technologies Foundation and CESSA. Key areas of innovation include media and entertainment platforms, fan and player engagement, athlete performance measurement, esports, sports education, sports data analytics, and sports commerce. Additionally, IIT Madras will launch a four-year course in sports science for the 2025 academic session, further nurturing deep tech startups in the sports sector.

Early-stage startups that are incorporated and have secured intellectual property rights can also qualify for funding. Besides financial support, IITM CESSA will provide startups with access to advanced sports infrastructure, technical assistance, and a comprehensive startup ecosystem to help them succeed. This comprehensive support aims to foster the development of cutting-edge products and applications that enhance sporting performance through technological integration.

As of May 2024, the IIT-Madras Incubation Cell has supported 351 startups, drawing investments amounting to Rs 10,425 crore from angel investors and VCs, with a collective valuation of Rs 45,000 crore. These startups generated Rs 3,600 crore in revenue during the financial year 2022-23, created over 10,000 jobs, and filed more than 210 patents. This new initiative is expected to build on this success by driving innovation and growth in the sports tech sector.

Karnataka Gears Up for Bengaluru Tech Summit 2024: Showcasing Global Tech Leadership

By
Garima Bansal
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The Karnataka government has announced plans to host the annual Bengaluru Tech Summit 2024 from November 19-21, aiming to showcase the state’s technological prowess on a global stage. Priyank Kharge, Karnataka’s IT and BT Minister, emphasized during a recent press conference that Karnataka is not merely competing with other Indian states but is positioned to compete on a global scale.

Kharge highlighted Karnataka’s status as the technology capital of India, noting the presence of a diverse array of companies including Indian tech firms, multinational corporations, and startups. He mentioned that discussions led by Chief Minister S Siddaramaiah with CEOs across sectors such as IT, semiconductors, electronics, biotech, and startups have influenced upcoming policies aimed at bolstering the technology sector in the state.

In addition to the Bengaluru Tech Summit, the city will also host the global TiE Summit for startups later this year. This event is anticipated to draw participation from over 15,000 startups and more than 2,000 venture capitalists, underlining Bengaluru’s growing importance as a hub for innovation and entrepreneurship.

The theme for Bengaluru Tech Summit 2024 is “Breaking Boundaries,” featuring a robust agenda with over 85 sessions and 460 speakers. Scheduled sessions will cover a wide range of topics including IT, deep tech, biotech, the startup ecosystem, and semiconductors. The summit aims to foster collaboration and innovation within these industries while showcasing Karnataka’s proactive approach to nurturing a vibrant tech ecosystem.

Kharge emphasized that Karnataka’s success in attracting major tech giants, Global Capability Centers (GCCs), and leading unicorns is attributable to the state’s industry-friendly policies and active engagement with the tech community. This year’s summit will also include structured B2B meetings and a hackathon focused on addressing challenges posed by various government departments, underscoring the event’s practical approach to advancing technological solutions.

With expectations of participation from over 40 countries and a projected attendance exceeding 50,000, Bengaluru Tech Summit 2024 is poised to be a significant platform for networking, collaboration, and innovation on a global scale.

Paytm Sees Growth in Retail and Mutual Fund Investments Amid FDI Decline

By
Garima Bansal
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0

One 97 Communication Limited, the parent company of Paytm, updated its shareholding pattern for Q1 FY25 with the stock exchange on Friday. The revised data shows an increase in stocks held by retail investors and mutual funds, as detailed in the company’s Bombay Stock Exchange (BSE) filing.

The filings indicate that retail investors’ shareholding rose by 1.3%, reaching 16.56% from the previous 15.32%. Additionally, mutual funds increased their stakes in Paytm’s shares by 0.65%, now holding 6.80% in Q1 FY25.

Investments led by Mirae and Nippon contributed to a 0.29% increase in domestic institutional investors’ stake, bringing it to 7.15% during the first quarter of the current fiscal year (Q1 FY25).

However, Paytm experienced a 2% decrease in its total foreign direct investment (FDI), which dropped to 37.77% in Q1 FY25. This significant decrease was primarily due to the major exit of SoftBank (SVF India Holdings), which now holds less than 1% in Paytm. Foreign Portfolio Investors (FPIs) currently hold a 20.47% stake in Paytm, with a slight sequential decline of 0.16%.

According to the board meeting disclosure, Paytm’s parent company will release its Q1 results on July 19. The public firm anticipates revenue of Rs 1500-1600 crore and an EBITDA before ESOPs of negative Rs 500-600 crore.

Partior Secures $60 Million in Series B Funding to Transform Global Financial Transactions

By
Garima Bansal
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0

Partior, a blockchain-based fintech company, has secured over $60 million in its Series B funding round led by Peak XV Partners. New investors such as Valor Capital Group and Jump Trading Group, alongside existing shareholders JP Morgan, Standard Chartered, and Temasek, also participated in the funding. This capital infusion will enable the Singapore-based firm to advance its capabilities, including intraday FX swaps, cross-currency repos, programmable enterprise liquidity management, and just-in-time multi-bank payments. It will also support the company’s international network expansion and the integration of additional currencies.

Shailendra Singh, Managing Director at Peak XV, emphasized that Partior represents a significant effort to transform global money transfers and bank settlements through collaboration among multiple banks.

Founded in 2021, Partior emerged from Project Ubin, a collaborative initiative between the Monetary Authority of Singapore and the financial services industry. The company specializes in facilitating cross-border payments and settlements, addressing industry challenges such as settlement delays, limited transaction transparency, and high operating costs. Partior’s global unified ledger technology is viewed as crucial in redefining global transaction processing, according to Saurabh Sharma of Jump Trading Group.

Partior is already utilized by major financial institutions in key markets including London, New York, Singapore, Frankfurt, and Hong Kong. Its users include prominent entities such as DBS, JP Morgan, Standard Chartered, Siemens, and iFAST Financial. A report by the Bank for International Settlements underscores the challenges faced by traditional correspondent banking processes in adapting to evolving regulatory and supervisory requirements. The tokenization of correspondent banking could potentially streamline pre-screening and enable atomic settlement, thereby enhancing customer verification and anti-money laundering procedures, according to the report.

The Sleep Company (TSC) Achieves Rs 500 Crore Milestone in Mattress Industry

By
Garima Bansal
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0

The Sleep Company (TSC), a leader in sleep and seating solutions, targets profitability by FY25, marking a rapid rise since its 2019 inception with an annual recurring revenue (ARR) of Rs 500 crore. With 100 company-owned stores launched in just two years, TSC has disrupted the mattress industry, pioneering a direct-to-consumer approach.

Founded by Priyanka and Harshil Salot, TSC integrates smart grid technology into its product lineup, including mattresses, sofas, and office chairs. The company reported a substantial revenue increase from Rs 74.05 lakh in FY20 to over Rs 127.14 crore in FY23, aiming for Rs 1,000 crore in the next 2-3 years with plans to expand its workforce to 1,300-1,400 by 2024.

The company’s ‘Ropo’ strategy—research online, purchase offline—enhances customer experience across its Coco stores, where consumers can explore products firsthand. Recent funding rounds, including Rs 184 crore in Series C, highlight investor confidence in TSC’s growth trajectory and innovation in AI-integrated products.

Operating EBITDA-profitable stores nationwide, TSC attributes its success to strategic expansion and a strong omnichannel presence, accounting for 85% of sales. With manufacturing hubs in Mumbai and Bengaluru, the company aims to double its market share in office chairs following the launch of ‘ErgoSmart by The Sleep Company’.

Looking ahead, TSC aims to solidify its position as a ‘House of Brands’ while setting new industry standards, leveraging AI to enhance customer engagement and product offerings.

SoftBank Group Acquires Graphcore, British AI Chipmaker

By
Garima Bansal
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0

SoftBank Group of Japan has acquired Graphcore, a British artificial intelligence chipmaker, in a deal whose financial details were not disclosed, bringing an end to speculations about Graphcore’s future.

Initially positioned as a competitor to Nvidia, whose market value has surged amid high demand for AI chips, Graphcore struggled to secure necessary investments for competitive footing. By the end of 2020, it was valued at $2.77 billion. Last year, a filing indicated Graphcore required additional funding to achieve profitability, following a 20% reduction in its workforce to 494 employees and closure of operations in Norway, Japan, and South Korea.

Nigel Toon, co-founder and CEO of Graphcore, acknowledged the company’s challenges and highlighted the transformative potential of the SoftBank deal. Toon noted surprise at the speed and scale of the acquisition, emphasizing the substantial investment involved. Despite Graphcore’s smaller size relative to competitors, Toon emphasized the company’s success in developing world-class technology.

Toon, remaining in his current role, declined to disclose the acquisition price by SoftBank. Reflecting on the British tech sector, Toon pointed to historical reluctance among UK pension funds to invest in fast-growing startups, posing barriers to industry expansion. Regarding potential collaboration with Arm Holdings, another SoftBank-owned leader in chip design, Toon affirmed Graphcore’s intention to leverage synergies within SoftBank’s portfolio of companies.

Aditya Birla Fashion Increases Stake in Goodview Fashion to 51%, Making it a Subsidiary

By
Garima Bansal
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0

Aditya Birla Fashion and Retail Ltd has increased its stake in Goodview Fashion Private Limited by acquiring an additional 17.5% for Rs 127.42 crore. This acquisition boosts Aditya Birla’s ownership from 33.5% to 51%, turning Goodview Fashion, known for the ethnic fashion brand Tarun Tahiliani, into a subsidiary as of July 11, 2024.

The acquisition involved the purchase of 1,870 equity shares from existing shareholders, with no regulatory approvals required. Goodview Fashion reported revenues of Rs 148 crore for FY24, highlighting its strong market presence and potential for future growth.

Despite the strategic acquisition, Aditya Birla Fashion’s shares dipped 0.22% on the BSE, trading at Rs 322.80 per share during late morning trade. Such minor fluctuations are not uncommon following significant corporate announcements.

Additionally, the Aditya Birla Group, the parent company of Aditya Birla Fashion, recently announced a $50 million investment in a new manufacturing and R&D center in Texas, focused on producing epoxy resins.

Infra.Market Secures Rs 150 Crore in Debt Financing Amidst Strategic Growth Initiatives

By
Garima Bansal
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0

Infra.Market has recently raised Rs 150 crore (approximately $18 million) in debt financing over the past two months, building on a $50 million equity round from the Mars Unicorn Fund, a joint venture of Liquidity Group and MUFG. The Mumbai-based firm’s board approved a special resolution to issue non-convertible redeemable debentures to facilitate this debt infusion, which is part of a larger plan to raise up to Rs 500 crore through debentures.

The funding round saw participation from multiple investors, with Yubi contributing Rs 80 crore, Raymond Limited and IKF Home Finance each investing Rs 25 crore, and Samunnati Financial adding Rs 20 crore. Founded in 2016 by Souvik Sengupta and Aaditya Sharda, Infra.Market focuses on the growing construction materials market, offering a range of products including construction materials, infrastructure goods, and technical equipment.

Infra.Market serves both institutional customers (B2B) and retail outlets (D2R), supplying materials across 16 states in India and exporting to international markets such as Dubai, Singapore, Jordan, and Italy. The company has raised approximately $520 million in total through a combination of equity and debt, with Tiger Global as the largest external stakeholder holding a 21.33% stake, followed by Accel and Nexus Ventures with 16.87% and 8.46% stakes, respectively.

Despite a significant 89% increase in gross revenue to Rs 11,846 crore in FY23, Infra.Market saw its profit decline by 17% to Rs 155 crore during the same period. The company has yet to file its annual statements for FY24. Its competitors include OfBusiness, Moglix, and Zetwerk, with OfBusiness reporting nearly Rs 20,000 crore in revenue and Rs 603 crore in profit for FY24.

Infra.Market’s strategic focus on the infrastructure sector and expanding market reach positions it well within the competitive landscape. As the company continues to grow and secure funding, it aims to further strengthen its market presence both domestically and internationally.

Lightspeed’s Bejul Somaia shows Optimism for India’s Tech Startups Despite Setbacks

By
Garima Bansal
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0

India’s emerging tech companies remain attractive investment opportunities despite the recent challenges faced by notable startups such as Paytm and Byju’s, according to Bejul Somaia of Lightspeed Venture Partners.

Earlier this year, Paytm, founded by Vijay Shekhar Sharma, encountered a major setback when a regulatory order significantly impacted its payments bank affiliate. Meanwhile, Byju’s has been grappling with corporate governance issues and legal hurdles, threatening its operational stability.

These incidents have undoubtedly impacted the startup ecosystem. However, Somaia emphasized that India’s stable political environment, booming capital markets, and effective central bank management of interest rates and inflation continue to make the country an appealing destination for venture capital.

Last year, Lightspeed raised $500 million for a new fund targeting India and Southeast Asia. The firm’s investments in India include companies such as the online grocery service Zepto, the e-commerce platform Udaan, and the fintech company Razorpay.

In addition to its significant presence in India, Lightspeed is expanding its focus on artificial intelligence infrastructure. This is evident from its investments in France’s Mistral AI and the San Francisco-based AI safety and research firm Anthropic. With over $30 billion in assets under management, Lightspeed’s influence and reach in the global tech investment landscape continue to grow.

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