Monday, October 7, 2024
No menu items!
Home Blog Page 74

Mahindra Group Explores Global Partnerships for Battery Cell Production in India

By
Garima Bansal
-
0
anish shah md mahindra

Mahindra Group is actively exploring collaborations with global players to establish local production of battery cells in India, aiming to meet the anticipated surge in demand for electric vehicles (EVs) in the coming years.

Anish Shah, Managing Director and CEO of Mahindra Group, revealed in an interaction with PTI that the company is evaluating partnerships to ensure robust domestic manufacturing capabilities for critical EV components.

Shah emphasized that the initiative could involve partnering with global technology firms and potentially private equity partners to share the capital investment required for establishing cell manufacturing facilities in India. He underscored the strategic importance of indigenizing production processes to strengthen the country’s EV ecosystem.

Regarding the timeline for such initiatives, Shah mentioned that Mahindra is looking at opportunities in the 2030 timeframe, reflecting the company’s long-term vision for sustainable mobility solutions in the Indian market.

Mahindra Group plans to invest Rs 37,000 crore over the next three years across various business verticals, with a significant portion allocated to the automotive sector. The company aims to introduce a diverse range of vehicles, including nine internal combustion engine (ICE) SUVs, seven battery electric vehicles (BEVs), and seven light commercial vehicles by 2030.

In addressing consumer preferences and market dynamics, Shah highlighted Mahindra’s readiness to adapt its product portfolio to include hybrid models if consumer demand warrants it. However, he emphasized that government incentives should be purpose-driven and justified, particularly concerning hybrids, which may not offer significant environmental advantages over pure EVs.

GoCodeo: Transforming Software Testing with AI Innovation

By
Garima Bansal
-
0
goCodeo

In the bustling tech hub of Bengaluru, India, a revolutionary startup is making waves in the software development industry. Founded in 2023 by Meghana Jagadeesh and Jatin Garg, GoCodeo is set to redefine white-box software testing through the power of artificial intelligence. With an ambitious mission to help developers produce stable, bug-free code, GoCodeo leverages an ensemble of Large Language Models (LLMs) to detect and eliminate software bugs early in the development lifecycle.

GoCodeo offers a suite of AI-driven tools designed to integrate seamlessly with existing development workflows, making it easy for developers to adopt early testing techniques such as unit, integration, regression, and penetration testing. The AI agents not only generate tests but also execute them, identify bugs, and correct code in real-time, significantly reducing the manual effort typically required in software testing.

Despite being unfunded, GoCodeo’s innovative approach has quickly garnered attention. With 15,000 developers across 40 countries and 150 companies already using the platform, the startup is poised for rapid growth. The platform’s ability to integrate with Continuous Integration (CI) and Continuous Deployment (CD) pipelines makes it a valuable tool for businesses aiming to accelerate their development processes and reduce time to market.

Meghana Jagadeesh, Co-Founder and CEO, and Jatin Garg, Co-Founder and CTO, bring a wealth of experience and passion to GoCodeo. Meghana’s expertise in AI and her vision for its potential to revolutionize software testing drive the company’s innovation. Jatin’s technical acumen ensures that GoCodeo’s solutions are robust and effective, helping developers enhance their software’s quality and reliability.

GoCodeo operates in the B2B SaaS space within the high-tech market segments, offering a CI and CD-integrated SaaS suite for businesses and an IDE extension for individual developers. It faces competition from established players like mabl, DiffBlue, and Test, GoCodeo’s unique AI-driven approach and focus on white-box testing set it apart.

The legal entity behind GoCodeo, GOCODEO AI TECHNOLOGIES PRIVATE LIMITED, was incorporated on July 26, 2023. Although the company has not yet made any acquisitions or raised funding, its innovative solutions and growing user base signal a promising future. The company has not disclosed its revenue or net profit figures, which is typical for a startup at this stage.

GoCodeo’s competitors have collectively raised over $275 million across various funding rounds, highlighting the significant interest and investment in AI-powered testing solutions. However, GoCodeo’s unique focus on white-box testing and early bug detection offers a distinct advantage in this competitive landscape.

With no institutional or angel investors yet, GoCodeo’s founders remain focused on driving the company’s growth through innovation and strategic partnerships. The startup’s mission to reduce manual testing and boost confidence in the development lifecycle resonates with many in the software industry, positioning GoCodeo as a potential game-changer in the realm of software testing.

As GoCodeo continues to evolve, its commitment to leveraging AI for superior software quality promises to transform how developers approach testing. By empowering developers with cutting-edge tools, GoCodeo is not just addressing current challenges but also shaping the future of software development.

Naturik: Revolutionizing Breakfast for a Healthier India

By
Garima Bansal
-
0
NaturikCo Isha Chadha

In the fast-paced world of modern India, Sahil Vohra and Isha Chadha identified a crucial gap in the market: the need for convenient, healthy breakfast options for busy professionals. They co-founded Naturik in 2022, a ready-to-cook breakfast brand, to address this issue. Sahil, an MBA graduate from FMS Delhi, brought over 17 years of experience from FMCG giants like ITC, Britannia, and Walmart. Isha, an MBA graduate from Symbiosis Pune, combined her HR background and passion for culinary innovation, gained from running food establishments like Tibbs Frankie and Giani Ice Cream.

Naturik offers high-protein, quick, and delicious breakfast options, targeting India’s working population, which often struggles with lifestyle diseases like diabetes and protein deficiency. Their products, including varieties of cheelas and masala khichdi, provide 20g of protein per 100g serving and can be prepared in just three minutes. Unlike many ready-to-cook options on the market, Naturik’s offerings contain no sugar, maida, chemicals, or preservatives.

Since its inception, Naturik has achieved significant milestones. The company, based in Mohali, India, is currently in the seed stage and has raised a total of $180K in funding from notable investors like First Founder Investment, Nitin Kaushal, and Jasginder Singh. As of March 2024, Naturik’s valuation stands at $1 million. Despite facing competition from established brands in the healthy ready-to-eat and snacking alternatives space, Naturik distinguishes itself through superior taste and nutritional value, ranking third out of 14 competitors with a Tracxn Score of 9/100.

The company operates under the legal entity WHOLESOUL CONSUMER PRODUCTS PRIVATE LIMITED and, despite its early-stage challenges, shows promising growth potential. For the fiscal year ending March 31, 2023, Naturik reported revenue of $438 and a net loss of $827, highlighting the typical early-stage hurdles but also setting the stage for rapid growth.

The market opportunity for Naturik is immense, with India’s breakfast market valued at INR 30,000 crores and the broader healthy breakfast segment valued at INR 245 lakh crores. By focusing on high-quality, nutritious products, Naturik is well-positioned to capture a significant share of this market. The founders’ extensive experience and commitment to health and convenience provide a strong foundation for growth.

Naturik’s journey hasn’t been without challenges. Gaining investor confidence and navigating market competition requires constant innovation and dedication. Yet, the founders’ extensive experience and commitment to health and convenience provide a strong foundation for growth. By offering a solution to dietary gaps and promoting healthier lifestyles, Naturik aims to transform India’s breakfast industry, catering to the needs of health-conscious consumers and contributing to the reduction of lifestyle disorders among the working population.

AWS Commits $230 Million to Support Early-Stage Generative AI Startups, Partners with Accel

By
Garima Bansal
-
0

Amazon Web Services (AWS) has unveiled plans to inject $230 million into supporting early-stage generative AI startups, marking a significant expansion of its global Generative AI Accelerator program.

The initiative aims to assist 80 founders and innovators worldwide, with a special focus on nurturing 20 startups from the Asia-Pacific and Japan (APJ) region. Scheduled to commence on October 1 and run for 10 weeks, the accelerator program will offer intensive technical and business training sessions covering essential areas such as machine learning, stack optimization, and effective go-to-market strategies.

Participants selected for the AWS Generative AI Accelerator will also benefit from substantial AWS credits, potentially amounting to $1 million, which can be utilized for AWS compute, storage, databases, and cutting-edge ML accelerators like AWS Trainium and AWS Inferentia2.

The program aims not only to equip startups with crucial resources but also to provide invaluable business and technical mentorship, along with networking opportunities with industry experts.

In parallel, AWS has introduced the AWS Generative AI Spotlight program tailored for pre-seed and seed-stage startups in the APJ region. In India, AWS has partnered with Accel, a prominent venture capital firm, to bolster these efforts.

Together, they aim to replicate the success of their previous collaborations such as the ML Elevate 2023 program, which supported 35 generative AI startups in India. The AWS Generative AI Spotlight program in APJ is expected to select up to 120 startups, including 40 from India, further underscoring AWS’s commitment to fostering technological innovation and entrepreneurship in the region.

Matt Taylor, Head of Startups Solutions Architecture for APJ at AWS, emphasized the transformative potential of AWS’s generative AI initiatives, citing their role in empowering startups to innovate across various sectors. Amitabh Nagpal, Head of Startup Ecosystem at AWS India, highlighted the programs’ alignment with India’s broader innovation goals, inviting eligible startups to apply and seize the opportunity to leverage AWS’s robust AI infrastructure for driving impactful change in their respective industries.

Pioneering the Future: The Story of FUTR Studios and India’s First Virtual Influencer, Kyra

By
Garima Bansal
-
0
Futr studio

In the bustling cityscapes of India, amidst the rapidly evolving tech landscape, two visionary minds, Himanshu Goel and George Tharian, embarked on a groundbreaking journey. Their mission: to create India’s first virtual human company, FUTR Studios. This is the remarkable story of their innovative creation, Kyra, and how they navigated the challenges and triumphs of building a digital empire.

Himanshu Goel, a software engineer and management graduate from MICA Ahmedabad, is an Indian author with five novels to his name. With over four years of experience in brand management, digital, and influencer marketing, Himanshu brought a unique blend of creativity and technical acumen to FUTR Studios. When not working, he enjoys playing football or blogging on his Instagram page, where he has garnered a following of 74,500 followers. George Tharian, the Co-Founder and CEO, complements Himanshu’s vision with his strategic leadership, steering the company towards innovative frontiers.

FUTR Studios made a significant mark in the tech world with the launch of Kyra in 2022. Crafted using advanced CGI and AI technology, Kyra quickly became India’s first virtual influencer. She gained immense popularity, amassing over 300,000 followers across social media platforms. Kyra’s digital presence attracted collaborations with renowned brands such as Titan, ITC, L’Oreal, American Tourister, and Amazon Prime Video. Her influence extended beyond social media, gracing the covers of various magazines and becoming a significant digital asset for virtual reality and gaming applications.

However, the journey was not without its challenges. During their appearance on the show Pitch Scan, the founders sought an investment of 1 crore in exchange for 2.5% equity in FUTR Studios. Despite demonstrating lifetime sales of 82 lakhs and achieving 46 lakhs in sales with a profit of 12 lakhs up until September FY23-24, the company faced concerns from potential investors. The sharks expressed apprehensions about the clarity of FUTR Studios’ vision and the need for constant innovation in the rapidly evolving tech space. Aman Gupta, one of the investors, emphasized the necessity of onboarding a co-founder with technical expertise to drive the company’s innovative capabilities. Despite the constructive feedback, FUTR Studios left the show without securing a deal.

Undeterred, FUTR Studios continued to innovate and expand their portfolio. They developed another virtual influencer, Sravya N (AI Human), who acts as Kyra’s manager and has garnered 5,000 followers on LinkedIn. The content production for these virtual influencers is outsourced, while designers work under exclusive contracts with FUTR Studios. The company’s future plans involve developing in-house virtual IPs and brand-owned IPs to enhance their market presence and offer diverse opportunities for brand collaborations and monetization.

With Kyra’s significant following and successful brand collaborations, FUTR Studios has demonstrated the potential of virtual influencers in modern marketing. As they continue to innovate and expand their portfolio, FUTR Studios is well-positioned to lead the virtual influencer market in India. Himanshu Goel and George Tharian’s vision and perseverance are paving the way for a new era of digital influencers, blending technology and creativity to shape the future of virtual human interaction.

Recur Club Launches Recur Scale: A New Era in Debt Financing for Late-Stage Start-ups and SMEs

By
Garima Bansal
-
0

Recur Club, a prominent player in India’s debt marketplace for start-ups, has unveiled its latest financial product, Recur Scale, aimed at providing substantial debt financing to late-stage start-ups and SMEs. This initiative targets companies at Series A, B, and beyond, specifically those with revenues exceeding Rs 40 crore.

Founder Abhinav Sherwal and Eklavya Gupta, emphasized the strategic shift towards supporting larger business segments involved in Series A, B, C funding rounds and beyond.

Recur Scale is designed to significantly boost the average ticket size of loans offered by Recur Club, ranging from Rs 5 crore to Rs 50 crore, with provisions for even larger amounts up to Rs 100 crore. This move underscores Recur Club’s commitment to catering to the evolving financial needs of high-growth companies in India’s entrepreneurial ecosystem.

Gupta highlighted to Business Today the importance of this new offering in enhancing financial accessibility for companies navigating the complexities of scaling operations and achieving new milestones in their growth journeys. With Recur Scale, Recur Club seeks to consolidate its position as a pivotal partner in fueling the ambitions of India’s burgeoning start-up and SME sectors.

As Recur Scale rolls out, it is poised to play a crucial role in shaping the financial landscape for late-stage businesses, supporting their aspirations for sustained growth and market leadership in India and beyond.

Gruner Renewable Energy’s Ambitious Venture: Asia’s Largest Compressed Biogas Plant

By
Garima Bansal
-
0
gruner founder

Gruner Renewable Energy has embarked on a groundbreaking initiative to establish Asia’s largest Compressed Biogas (CBG) plant in Navsari, Gujarat. This ambitious project, set to cost approximately Rs 220 crore, aims to produce an impressive 44 tonnes of biogas per day, with an annual output exceeding 16,000 tonnes.

Partnering with a leading business conglomerate, the plant will utilize a range of sustainable feedstocks including paddy, pressmud, canetrash, and municipal solid waste (MSW).

This venture is poised to make significant contributions to India’s renewable energy sector by reducing the country’s reliance on fossil fuels. Utkarsh Gupta, Founder and CEO of Gruner Renewable Energy, highlighted the project’s strategic importance in enhancing energy security and environmental sustainability.

The plant’s utilization of diverse biomass and waste materials not only provides a renewable energy source but also addresses critical waste management challenges. By converting potential pollutants into valuable resources, Gruner Renewable Energy aligns with national objectives aimed at promoting sustainable development and reducing carbon emissions.

Beyond its immediate economic and environmental impacts, the Navsari CBG plant sets a precedent for future renewable energy projects across India. As construction progresses, industry observers anticipate that the plant will not only bolster India’s renewable energy capacity but also inspire other enterprises to invest in similar sustainable energy solutions.

The project represents a significant step forward for the renewable energy sector in India, demonstrating how innovation and sustainable practices can drive positive change in the country’s energy landscape.

With the launch of Asia’s largest CBG plant, Gruner Renewable Energy aims not only to meet growing energy demands sustainably but also to contribute substantially to India’s renewable energy goals.

Travel Cloth: Redefining Travel with Innovative Luggage Management

By
Garima Bansal
-
0

Traveling, whether for leisure or business, often involves navigating the challenges of luggage management. Recognizing these challenges faced by travelers worldwide, Vasudeva Murthy founded Travel Cloth to revolutionize the travel experience through innovative technology-driven solutions.

Universal Need

The inception of Travel Cloth stemmed from Murthy’s observations during travel, where he witnessed individuals such as pregnant women, senior citizens, and families struggling with the physical and logistical burdens of carrying luggage. These experiences underscored a clear market gap for a more convenient and secure luggage management service.

Seamless Luggage Management

Travel Cloth offers a unique service that alleviates the burden of carrying luggage throughout the journey. Upon booking, travelers can arrange for Travel Cloth to collect their luggage days in advance. The service ensures that luggage arrives at the destination before the traveler, providing a hassle-free and seamless travel experience.

Door-to-Door Convenience

What sets Travel Cloth apart is its door-to-door luggage service, eliminating the need for travelers to handle their luggage at airports, train stations, or bus stops. This service particularly benefits senior citizens, families with children, and business travelers seeking convenience and peace of mind.

Ensuring Safety and Security

To guarantee the safety of belongings, Travel Cloth employs stringent measures such as shrink-wrapping or bubble-wrapping luggage and partnering with trusted logistics experts for secure transportation. The startup also offers insurance coverage against loss or damage, further enhancing customer confidence.

Technology Integration for Efficiency

Travel Cloth leverages proprietary technology and software to streamline operations, ensuring efficient order management and timely delivery. This technology-driven approach supports Travel Cloth’s commitment to delivering exceptional service and reliability.

Overcoming Challenges and Future Outlook

While navigating the Proof of Concept stage, Murthy encountered challenges in educating travelers about the benefits of luggage-free travel and in forging partnerships with logistics companies to optimize delivery schedules. Looking ahead, Travel Cloth plans to scale its operations through mass advertising and seeks external funding to support its growth trajectory.

Travel Cloth stands at the forefront of transforming travel experiences with its innovative approach to luggage management. By prioritizing convenience, safety, and customer satisfaction, Travel Cloth is poised to redefine travel norms and cater to a growing market demand for seamless travel solutions.

VentureSoul Launches ₹600 Crore Tech-Focused Debt Fund

By
Garima Bansal
-
0

VentureSoul Capital, a SEBI-registered Category II AIF, has introduced its inaugural debt fund, VentureSoul Capital Fund I, targeting a corpus of up to ₹600 crore. The fund has secured commitments from diverse investors including Micro Labs Ltd. as anchor investor, alongside prominent figures like E Madhusudan, Founder of Kreditbee, Abhishek Khemka, Promoter of Baazar Kolkata, and Ponnuswami M from Pure Chemicals group.

Focused on companies beyond Series A stage with proven revenue models, the fund remains sector agnostic while favoring fintech, B2C, B2B, and SaaS enterprises. VentureSoul aims to offer specialized debt solutions tailored for the evolving New Economy landscape.

Founded by ex-HSBC bankers Anurag Tripathi, Ashish Gala, and Kunal Wadhwa, VentureSoul Partners aims to leverage their extensive experience in building successful businesses to create value-driven investments.

The launch coincides with India’s growing venture-debt market, which reached $1.2 billion in 2023, marking a 50% increase from the previous year and reflecting robust growth projections for the coming years.

VentureSoul anticipates closing its initial funding phase soon, positioning itself to contribute significantly to India’s tech financing ecosystem amid increasing confidence from founders and investors alike.

Cognizant to Acquire Belcan, Enhancing ER&D Capabilities in $1.3 Billion Deal

By
Garima Bansal
-
0
cognizant CEO ravi kumar

Cognizant, a prominent technology company, has announced its acquisition of Belcan, LLC for approximately $1.3 billion in a deal structured with cash and stock components. Belcan, a leading provider of Engineering Research & Development (ER&D) services, is currently under the portfolio of AE Industrial Partners.

The acquisition is strategically aimed at strengthening Cognizant’s capabilities in the ER&D market, particularly in sectors such as commercial aerospace, defense, space, marine, and industrial segments across North America and the United Kingdom.

Belcan’s established reputation and client base will bring over 6,500 engineers and technical consultants to Cognizant, significantly enhancing its technological expertise and market presence.

In terms of financial impact, Belcan is expected to contribute more than $800 million in revenue to Cognizant annually starting from 2024. The acquisition is anticipated to generate over $100 million in annual revenue synergies within three years, along with additional cost synergies over time.

Ravi Kumar S., CEO of Cognizant, highlighted the strategic importance of the acquisition, emphasizing that it will strengthen Cognizant’s position in ER&D services by integrating Belcan’s deep engineering capabilities and domain expertise. The merger is expected to enable Cognizant to offer enhanced technological solutions, including AI, Cloud, and Data technologies, to both Belcan’s and Cognizant’s clients.

Lance Kwasniewski, CEO of Belcan, expressed optimism about the merger, foreseeing significant value creation for customers and opportunities for employees. He noted that the combination with Cognizant will position Belcan to capitalize on increasing outsourced ER&D spending and robust demand in the aerospace sector.

The acquisition is slated to close by the end of September 2024, subject to regulatory approvals and customary closing conditions. The transaction will be financed through a combination of cash reserves and debt, with advisory roles handled by Perella Weinberg Partners and Arnold & Porter for Cognizant, and Jefferies, Solomon Partners, and Kirkland & Ellis for Belcan.

1...737475...90Page 74 of 90