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Terra Invest Sets Sights on $2.5 Billion Investment in Indian AI Startups

By
Garima Bansal
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kirk wagar terra Invest

Terra Invest, a new investment firm backed by former US ambassador to Singapore Kirk Wagar, is poised to allocate a significant portion of its $2.5 billion fund towards Indian artificial intelligence (AI) startups by 2025.

With already $230 million disbursed, the firm operates on a deal-based model and emphasizes India’s pivotal role as a testing ground for investment strategies and policy frameworks.

In an interview with Moneycontrol, Wagar highlighted India’s strategic importance, stating, “There is a clear opportunity for success in India… It serves as a proving ground for both investment strategies and policy frameworks, paving the way for potential expansions to Riyadh or Malaysia.”

Investments in AI have gained traction due to their potential to transform industries and enhance daily lives. Beyond financial commitments, Wagar stressed Terra Invest’s commitment to leveraging India as a laboratory and policy partner for emerging technologies.

Headquartered in London and the UAE, Terra Invest specializes in navigating complex policy and regulatory landscapes. The fund targets AI startups innovating in financial services, healthcare distribution, and clean energy. Unlike traditional firms, Terra Invest adopts a flexible, patient investment approach, akin to successful sovereign wealth and pension funds.

During his tenure as US ambassador to Singapore, Wagar facilitated foreign direct investment by American companies based in the city-state. He praised India’s evolving regulatory framework and expanding market opportunities, noting improved ease of exit for investors.

Terra Invest, supported by prominent Asian family offices and funds such as Mount Row Partners, is helmed by seasoned financial and public policy experts. Alongside Wagar, founding partners include Ankiti Bose, former CEO of Zilingo, bolstering Terra Invest’s leadership in the Asian e-commerce sector.

The firm’s proactive approach underscores growing international interest in India’s AI sector, highlighting its potential to drive economic growth and technological innovation on a global scale.

Rupeek Raises $15 Million from Elevation Capital for Expansion Amid Funding Round

By
Garima Bansal
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rupeek ceo

Rupeek, the online gold loan platform based in Bengaluru, has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This investment marks the second tranche of a new funding round, with 360 One Large Fund having previously contributed $6 million in May.

According to regulatory filings accessed from the Registrar of Companies (RoC), Rupeek’s board has approved the issuance of 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise the Rs 125 crore.

Rupeek has already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, with an additional Rs 75 crore ($9 million) likely to come from Claypond Capital, the investment office of Ranjan Pai.

Sumit Maniyar, in collaboration with employees and early backer Bertelsmann, is considering offering shares valued at $8-10 million to Claypond Capital.

The valuation of Rupeek has experienced a significant decline, dropping from a peak of $634 million in January 2022 to an estimated $250 million in the current funding round. This decline reflects challenges in scaling operations, with revenue from operations declining 27.6% to Rs 89 crore in FY23 and losses amounting to Rs 281 crore in the same period. The company is yet to file its annual statements for FY24.

Rupeek competes directly with Oro Money, Ruptok, Yellow Metal, and indirectly with PayU-backed Indiagold in the gold loan segment.

Cleantech Solar Secures Significant Financing for Expansion of Renewable Energy Projects in India

By
Garima Bansal
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cleantech ceo

Cleantech Solar has recently closed a major financial deal securing a ₹855 crore long-term senior secured loan from Aseem Infrastructure Finance. This funding is earmarked for the advancement of Cleantech Solar’s open-access commercial and industrial (C&I) portfolio within India, focusing on renewable energy solutions.

According to Cleantech Solar, the rupee term loan will be utilized for the construction, development, and operation of open-access solar and wind parks across various states in India. This strategic initiative aims to bolster the company’s capacity in delivering sustainable energy solutions to corporate clients.

CEO Sachin Jain expressed optimism about the impact of this financing, stating, “This partnership with Aseem Infrastructure Finance will accelerate our efforts in deploying open-access renewable energy projects across India. It marks a significant step towards fostering a resilient and environmentally conscious energy landscape, driving positive change both within the industry and for the planet.”

The renewable energy generated from these projects will primarily be purchased by corporate entities on a captive basis to power their business operations. Key sectors expected to benefit include real estate, automotive, chemical manufacturing, and iron and steel industries.

Commenting on the financing arrangement, Virender Pankaj, CEO of Aseem Infrastructure Finance, highlighted their commitment to supporting the renewable energy sector.

This development underscores Cleantech Solar’s strategic efforts to contribute significantly to India’s renewable energy landscape while meeting the evolving needs of corporate clients committed to sustainability.

Vodafone Group’s Strategic Investment Boosts Vodafone Idea’s Growth Trajectory

By
Garima Bansal
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vodafone

Vodafone Group Plc is gearing up to invest up to Rs 3,000 crore in Vodafone Idea Ltd following the sale of its stake in Indus Towers Ltd, according to sources familiar with the matter.

The British telecom giant recently announced the sale of an 18 percent stake in Indus Towers for approximately Rs 15,300 crore. Proceeds from this sale will primarily be used to repay a substantial portion of its outstanding bank borrowings secured against Indus Towers shares.

Further monetization efforts, including discussions with Bharti Airtel for an additional stake sale in Indus Towers, could potentially generate an additional Rs 2,500 crore for Vodafone Group. This capital, along with potential debt financing, is expected to fuel Vodafone Group’s substantial equity infusion into Vodafone Idea.

The move follows Vodafone Idea’s successful Rs 18,000 crore follow-on public offering in April 2024, which attracted investments from prominent entities such as GQG Partners, Fidelity, HDFC MF, and Motilal Oswal MF. These funds are earmarked to bolster Vodafone Idea’s 5G network deployment and strengthen its 4G coverage across key regions in India.

This strategic investment by Vodafone Group underscores its commitment to supporting Vodafone Idea amid efforts to enhance its operational capabilities and competitive positioning in India’s telecom sector.

Sula Vineyards Targets Double-Digit Growth Through Premiumization Strategy

By
Garima Bansal
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sula vineyard

Sula Vineyards, India’s largest wine producer, aims for sustained double-digit revenue growth in the coming years, propelled by its focus on premium and elite wine categories and the expansion of its new product lines.

During the challenges posed by the Covid-19 pandemic, Sula Vineyards strategically pivoted towards enhancing its own brands and prioritizing growth in higher-value market segments. This strategic shift has proven highly successful, with the premium and elite categories demonstrating a robust compound annual growth rate of 15-20% over the past three years.

Rajeev Samant, CEO of Sula Vineyards, articulated that the company shifted its strategy away from competing in the price-sensitive Rs 250 to Rs 700 segment, driven primarily by discounts. Instead, their focus turned towards establishing dominance in the above Rs 700 price bracket and the elite segment exceeding Rs 1,000, directly competing with imported wines.

This strategic realignment has not only fortified Sula’s market position but has also aligned its offerings more closely with evolving consumer preferences for higher quality and premium experiences in the wine market. Looking ahead, Sula Vineyards remains optimistic about its growth trajectory, buoyed by its innovative product offerings and continued focus on delivering exceptional quality to its discerning clientele.

As Sula Vineyards continues to innovate and expand its footprint in India’s burgeoning wine market, the company’s commitment to premiumization serves as a cornerstone for achieving sustained revenue growth and cementing its leadership in the industry.

MoD’s Collaboration with SpacePixxel Technologies: Pioneering Miniaturised Satellite Development for IAF

By
Garima Bansal
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pixxel

In a significant stride towards bolstering India’s defence capabilities, the Ministry of Defence (MoD) has forged a crucial partnership with Bengaluru-based SpacePixxel Technologies Pvt Ltd. The collaboration aims at designing and developing a miniaturised satellite tailored for the Indian Air Force (IAF).

Under the Innovations for Defence Excellence (iDEX) initiative, this contract marks a monumental achievement as the 350th agreement signed. The miniaturised satellite, designed to accommodate payloads weighing up to 150 kg, will include advanced sensors such as electro-optical, infrared, synthetic aperture radar, and hyperspectral technologies.

The contract, formalised in New Delhi on June 25, 2024, signifies a milestone for iDEX, with Anurag Bajpai, Additional Secretary (Defence Production), and Awais Ahmed Nadeem Alduri, Founder & CEO of SpacePixxel Technologies Pvt Ltd, sealing the agreement.

The satellite’s development heralds a new era in satellite technology, offering enhanced capabilities in a compact form factor. By leveraging miniaturisation, the project promises expedited deployment timelines, cost-efficiency, scalability, and reduced environmental footprint. Its modular design allows for flexible integration of various payloads to meet diverse mission requirements effectively.

Defence Secretary Giridhar Aramane underscored the strategic significance of nurturing indigenous innovation, emphasizing that local capabilities serve as a catalyst for pioneering advancements in defence technologies. He reaffirmed the MoD’s commitment to supporting innovators throughout their journey.

Aligned with iDEX’s mandate to foster innovation in critical defence technologies, this collaboration underscores India’s commitment to bolstering its defence infrastructure. iDEX, recognized with the Prime Minister’s Award for Public Policy in Innovation, has catalyzed substantial engagement with over 400 startups and MSMEs, facilitating procurements exceeding Rs 2,000 crore.

The MoD’s continuous efforts through initiatives like the Defence India Start-up Challenge (DISC) and the Acing Development of Innovative Technologies with iDEX (ADITI) scheme further underscore India’s proactive stance in nurturing a vibrant defence innovation ecosystem. These efforts have not only spurred technological advancements but also generated employment opportunities within the defence sector.

Daikin’s Expansion Strategy in India: Becoming a Manufacturing Hub

By
Garima Bansal
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daikin

Daikin, the renowned Japanese air conditioning giant, is poised to consolidate its presence in India by establishing itself as a pivotal manufacturing hub for air conditioning units. Since entering the Indian market in 2004, Daikin has invested significantly, exceeding Rs 2,000 crore in its operations thus far.

Currently, Daikin operates two manufacturing facilities in Neemrana, Rajasthan, and one in Sri City, Andhra Pradesh, supplemented by three robust R&D centers. The recent inauguration of its third manufacturing unit in Sri City has augmented Daikin’s annual production capacity to 2.5 million units, marking it as the largest factory in Southeast Asia spread across 75 acres.

Under the leadership of Kanwaljeet Jawa, Managing Director and CEO of Daikin India, the company has expanded its product offerings significantly. Daikin now manufactures air conditioners ranging from 0.75 tons to 2,700 tons in India, presenting the broadest spectrum of products available in the Indian market.

The strategic expansion comes at a time when Daikin has observed remarkable growth, particularly in the residential air conditioner (RAC) segment. During the first quarter of the fiscal year, Daikin sold 7 lakh units of RAC, achieving over 50% growth driven by the intense summer season.

Looking forward, Daikin India aims to further strengthen its foothold in international markets such as South Africa, the Middle East, and South America. Leveraging its expanded manufacturing capabilities in Sri City, Daikin intends to capitalize on these markets with enhanced production efficiencies and competitive pricing strategies.

Furthermore, Daikin India is diversifying its product portfolio by venturing into the commercial refrigeration segment and expanding its Variable Refrigerant Volume (VRV) Chiller offerings for its HVAC business.

Looking ahead to its long-term goals, Daikin India aims to escalate its manufacturing capacity to five million units by 2030. With prices becoming more competitive and energy efficiency continually improving, Daikin anticipates robust growth in RAC volumes across the Indian market, reaffirming its commitment to sustainability and innovation in HVAC technology.

Northern Arc Capital Secures USD 75 Million Investment Boost for Microfinance and Green Projects

By
Garima Bansal
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northern Arc capital

Northern Arc Capital Limited, a leading non-banking financial company (NBFC) in India, has successfully raised USD 75 million through senior secured non-convertible debentures (NCDs) listed on the BSE. The funding, with a five-year duration, comes from the Dutch development bank FMO, increasing Northern Arc’s overall exposure to USD 125 million.

Ashish Mehrotra, Managing Director and CEO of Northern Arc Capital, highlighted the significance of this investment. The funds will be allocated towards retail microloans, MSME loans, and green loan projects, aiming to foster sustainable economic growth and financial inclusion.

Northern Arc’s innovative platforms, including nPOS and Nimbus, are pivotal in this mission, facilitating seamless loan processing and effective debt management through cloud-based and API-enabled solutions.

Huib-Jan de Ruijter, Chief Investment Officer at FMO, emphasized the importance of providing long-term funding to MFIs and NBFCs in India, supporting entrepreneurship, innovation, and the formalization of SMEs and microenterprises. He expressed gratitude to Northern Arc for their partnership in enhancing financial inclusiveness across the country.

In April, Northern Arc raised USD 80 million in capital, equally split between debt and equity components, from the International Finance Corporation (IFC), further solidifying its position in the financial services sector. The company manages an Assets Under Management (AUM) of INR 10,081 crore and boasts a strong roster of equity investors including IFC, Sumitomo Mitsui Banking Corporation, and LeapFrog, among others.

The recent funding from FMO underscores Northern Arc’s strategic approach to expanding its impact in microfinance and sustainable finance sectors, aligning with global goals of economic development and environmental stewardship.

Ecom Express to Raise Over $170 Million via Rights Issue

By
Garima Bansal
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ecom

Ecom Express, a leading logistics firm based in Gurugram, is set to raise Rs 1,424 crore (approximately $172 million) through a rights issue aimed at existing investors. This fundraising initiative marks Ecom Express’s first major capital infusion of the year, aimed at bolstering its operational capabilities and expansion efforts.

According to regulatory filings accessed from the Registrar of Companies, Ecom Express will issue 15,70,000 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 9,071 each.

The funds raised will be utilized for general corporate purposes, capital expenditure, and operational expenses, reaffirming the company’s commitment to strengthening its logistical infrastructure.

Established in 2012, Ecom Express has positioned itself as a key player in the logistics sector, offering services across more than 2,700 towns and 27,000 pin codes in India. The company boasts a workforce of over 50,000 employees and operates a network of more than 3,000 facility centers nationwide.

Financially, Ecom Express reported a 21.9% increase in revenue from operations to Rs 2,548 crore in FY23 from Rs 2,090 crore in FY22, with courier services contributing to 90% of its revenue stream. However, the company’s losses surged fourfold to Rs 375 crore in FY23 from Rs 91 crore in the previous financial year, highlighting challenges amid expansion efforts.

The current rights issue underscores Ecom Express’s strategic approach to fortify its market position and sustain growth momentum in the competitive logistics landscape. The company is yet to release its annual report for FY24, which is anticipated to provide further insights into its operational performance and strategic initiatives.

Rocketlane Secures $24 Million to Advance AI-Powered Project Collaboration

By
Garima Bansal
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rocketlane founders

Rocketlane, a rapidly growing SaaS startup, has announced the successful closure of a $24 million Series B funding round. The funding was co-led by prominent venture capital firms 8VC, Matrix Partners India, and Nexus Venture Partners, signaling strong investor confidence in Rocketlane’s innovative approach to project collaboration and customer onboarding.

Founded in 2020 by Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane provides a unified workspace designed for seamless collaboration with customers during project onboarding. This platform aims to reduce time-to-value for businesses, streamline software implementations, and enhance real-time project visibility.

Rocketlane’s latest funding round follows earlier successes, including an $18 million Series A round in January 2022 and a $3 million seed round in June 2021. The infusion of $24 million will fuel Rocketlane’s AI roadmap, focusing on the development of advanced features to further enhance project delivery capabilities.

In addition to securing new funding, Rocketlane has appointed Rao Adavikolanu as Chief Marketing Officer (CMO). Rao, who previously served as CMO at San Francisco-based Pilot.com, brings valuable experience in scaling marketing initiatives and expanding market presence.

Rocketlane has achieved significant milestones, boasting 500 paying customers worldwide, with the US contributing 30% to the company’s total revenue. The startup has attracted a diverse clientele, including enterprise companies that have transitioned from legacy Professional Services Automation (PSA) tools to Rocketlane’s more agile and intuitive platform.

With a strong foothold in markets across India, the US, and Europe, Rocketlane aims to continue its upward trajectory, building on its reputation as a preferred choice for enterprises seeking efficient and collaborative project onboarding solutions.

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