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UptimeAI Secures $14M in Series A Funding to Expand Global AI Solutions for Heavy Industries

Garima Bansal
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UptimeAI Secures $14M in Series A Funding to Expand Global AI Solutions for Heavy Industries

Artificial intelligence (AI) startup UptimeAI has secured $14 million (approximately INR 116 crore) in a Series A funding round led by WestBridge Capital, with participation from existing investor Emergent Ventures and new investor Aditya Birla Ventures, the venture capital arm of the Aditya Birla Group. This funding will enable UptimeAI to scale its tech platform, expand its product portfolio, and extend its reach in North America, the Middle East, and Asia.

Founded in 2019 by Jagadish Gattu and Vamsi Yalamachili, UptimeAI provides AI-driven digital solutions that help manufacturing plants minimize efficiency losses and reduce maintenance costs. The startup’s platform predicts equipment failures before they occur, identifies inefficiencies, and suggests optimizations to improve performance. UptimeAI’s clientele spans sectors such as power generation, oil and gas, chemicals, metals, automotive, food and beverages, and aerospace, with notable clients including Bharat Petroleum Corporation Limited (BPCL), OCI Global, and UltraTech Cement.

With 90% of its revenue generated from the US and Middle Eastern markets, UptimeAI’s funding validates its go-to-market and product strategies, enhancing its offerings significantly. CEO Jagadish Gattu emphasized that this investment will further bolster their platform’s capabilities and expand their market presence. The fresh capital will be instrumental in achieving these goals and driving growth.

Aditya Birla Ventures founder Aryaman Vikram Birla noted that UptimeAI demonstrates strong return on investment (RoI) impact across large enterprise clients in the US and India. He stated that their investment aligns with their vision to support outstanding founding teams building businesses of tomorrow. This perspective underscores the potential and effectiveness of UptimeAI’s solutions in the heavy manufacturing industry.

Previously, UptimeAI raised $3.5 million in a seed funding round led by Emergent Ventures in 2022. Competing with global players like Augury and SparkCognition in the US and Indian startup Infinite Uptime domestically, UptimeAI operates in a global AI market for heavy industries projected to be a $47.8 billion opportunity by 2029. The startup was also featured in Inc42’s “30 Startups To Watch” in February 2021, highlighting its innovative contributions to the AI sector amidst a global AI boom.

PC Jeweller Ltd to Raise Rs 2,705 Crore for Debt Settlement and Expansion

Garima Bansal
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PC Jeweller Ltd to Raise Rs 2,705 Crore for Debt Settlement and Expansion

PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to its promoters and investors. This initiative is primarily aimed at settling bank loans and supporting working capital needs, with promoters expected to contribute around Rs 850 crore by subscribing to these warrants.

In a recent regulatory filing, PC Jeweller’s board approved the plan to raise the funds through a preferential issue of fully convertible warrants. The board has sanctioned the issuance and allotment of up to 48,13,42,500 fully convertible warrants via preferential allotment on a private placement basis to both the ‘promoter group’ and the ‘non-promoter, public category.’ These warrants will be issued at Rs 56.20 each, with 15 crore warrants designated for the promoter group.

An extraordinary general meeting (EGM) is scheduled for August 8, 2024, to seek approval from company members for this preferential issue. PC Jeweller has opted for a one-time settlement (OTS) for its outstanding dues with a consortium of banks. The terms of the OTS include cash and equity components under the settlement, along with the release of securities and mortgaged properties.

Earlier this month, Punjab National Bank (PNB) approved a one-time settlement for PC Jeweller’s outstanding dues. PNB is the third-largest bank in the consortium after the State Bank of India in terms of exposure. Details of the total outstanding dues and the specifics of the OTS were not disclosed by PC Jeweller.

In a late May investor presentation, PC Jeweller mentioned positive developments, including the withdrawal of a petition from the National Company Law Tribunal (NCLT) by SBI and favorable consideration of its OTS proposal by the banks. The company has resumed focusing on increasing its brand presence and marketing initiatives, which are already showing positive effects this quarter. As of March 31, 2024, PC Jeweller maintains a network of 60 showrooms (including six franchisee showrooms) in 44 cities across 15 states. The company’s core strengths, such as manufacturing and design capabilities, skilled staff, and customer policies, remain robust. The company is also working on various business improvements, including launching new jewelry collections, revamping its franchise business, and optimizing costs.

Godrej Industries to Acquire Shree Vallabh Chemicals Unit in Gujarat

Garima Bansal
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Godrej Industries to Acquire Shree Vallabh Chemicals Unit in Gujarat

 Godrej Industries Ltd has announced plans to acquire Shree Vallabh Chemicals’ Ethoxylation Unit II located in Kheda, Gujarat. This strategic acquisition, valued at approximately Rs 45 crore, aims to enhance Godrej Industries’ product range by incorporating Ethoxylation technology into its existing portfolio.

The company’s chemicals business unit has signed a business transfer agreement with Shree Vallabh Chemicals to facilitate this acquisition. This move will allow Godrej Industries to expand its offerings in oleochemicals, surfactants, specialty chemicals, and biotech products, adding significant capacity and technological capabilities.

The Shree Vallabh Ethoxylation Unit II boasts a manufacturing capacity of 24,000 metric tonnes per annum (MTPA) of finished products. This acquisition is expected to provide various cost synergies and enable the company to accelerate its investment timeline, thereby enhancing its ability to cater to new applications and markets.

According to Vishal Sharma, Executive Director and Chief Executive Officer of Godrej Industries (Chemicals), the proposed acquisition aligns with the company’s commitment to growth and innovation. This will not only expand their product offerings but also cater to new customer applications, leveraging cost synergies and boosting overall efficiency.

Godrej Industries’ Chemicals Business, established in 1963, is a key player in India’s chemical industry, focusing on sustainable and renewable feedstocks derived from vegetable oils. The company operates with a commitment to green chemistry and has a global presence in over 80 countries. With manufacturing locations in Maharashtra and Gujarat and a state-of-the-art R&D center in India, Godrej Industries specializes in delivering customized solutions across diverse sectors, including home and personal care, oil and gas, agrochemicals, pharmaceuticals, and more.

The acquisition of Shree Vallabh Chemicals’ Ethoxylation Unit II aligns with Godrej Industries’ strategy to drive growth through innovation and sustainability, further solidifying its position as a leading provider of chemical solutions in both domestic and international markets.

TVS Motor to Boost Growth with Dual Technologies Investment

Garima Bansal
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TVS Motor to Boost Growth with Dual Technologies Investment

TVS Motor Company (TVSM) is set to enhance its growth trajectory by investing in both electric vehicle (EV) and internal combustion engine (ICE) technologies. This strategic move aims to solidify its market position and drive topline growth.

Managing Director Sudarshan Venu outlined the company’s approach to achieving growth through the development of new products and a focus on premiumization. Investments in digital connectivity are expected to enhance TVSM’s EV and ICE capabilities, elevating customer satisfaction with advancements in software, electronics, and connectivity.

Anticipating increased demand in the two- and three-wheeler sectors due to improved infrastructure and rising mobility needs, TVSM plans to capitalize on these opportunities by expanding its international footprint. The company is making strategic moves to strengthen its presence in Africa, Latin America, Europe, Southeast Asia, and West Asia.

TVSM has transitioned into a global brand with operations spanning Asia, Africa, Latin America, and Europe. The company’s international strategy includes fortifying its EV offerings and enhancing its distribution network. Initially, TVSM will introduce its premium EV and ICE range in France and Italy, setting the stage for further expansion into select EU markets.

Despite reporting a slight decline in two-wheeler and three-wheeler exports in FY24, TVSM anticipates a rebound in FY25. The African market is expected to recover from the global slowdown, inflation moderation, currency devaluation, and maritime disruption effects. TVSM has implemented countermeasures to address these challenges and expects a significant recovery in international markets in the coming fiscal year.

The premium and super-premium markets are projected to experience consistent growth. TVSM’s subsidiary, Norton Motorcycle Co. Ltd. in the UK, is preparing its portfolio to become a major player in the market, with several products nearing market readiness.

TVS Motor Company’s dual investment in EV and ICE technologies underscores its commitment to innovation and customer satisfaction, positioning the company for sustained growth and international expansion.

Honeywell Acquires LNG Technology and Equipment from Air Products for $1.81 Billion

Garima Bansal
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Honeywell Acquires LNG Technology and Equipment from Air Products for $1.81 Billion

Honeywell has announced its acquisition of Air Products’ liquefied natural gas (LNG) processing technology and equipment brand for $1.81 billion. This strategic move, valued at approximately thirteen times the projected EBITDA for 2024, will enable Honeywell to offer comprehensive solutions for managing energy transformation processes.

With this acquisition, Honeywell will enhance its existing LNG pre-treatment solutions by incorporating Air Products’ extensive portfolio, which includes coil-wound heat exchangers (CWHE) and related equipment. Known for their compact size, reliability, safety, and high natural gas throughput, these exchangers are suitable for both onshore and offshore applications.

Vimal Kapur, Chairman and CEO of Honeywell, emphasized the importance of natural gas as a critical, lower-emission, and affordable transition fuel essential for meeting global energy demands during the shift toward renewable energy infrastructure.

The Chairman, President, and CEO of Air Products, Seifi Ghasemi, highlighted that divesting the LNG heat exchanger technology and equipment business aligns with Air Products’ strategy to focus on its core industrial gas business and advancing clean hydrogen production. This move supports their goal to decarbonize industrial and heavy-duty transportation sectors.

Ken West, President and CEO of Honeywell’s Energy and Sustainability Solutions (ESS) segment, noted that integrating the acquired technologies and team will allow Honeywell UOP to offer a broad range of scalable solutions to help global customers transition to more sustainable and efficient energy practices.

This acquisition is part of Honeywell’s broader strategy to focus on high-return investments that support future portfolio growth, particularly in automation, aviation, and energy transition. The deal is expected to close by the end of the year, subject to customary closing conditions and financing approval. It is anticipated to be accretive to adjusted earnings per share in the first full year of ownership.

Honeywell’s acquisition of Air Products’ LNG technology and equipment represents a significant step in expanding its capabilities and offerings in the energy sector, reinforcing its commitment to sustainability and innovation.

Graphisads and IIM Lucknow Launch G Force Accelerator for Media Startups

Garima Bansal
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Graphisads and IIM Lucknow Launch G Force Accelerator for Media Startups

Graphisads Limited, a prominent advertising and outdoor media company, has partnered with the Indian Institute of Management Lucknow (IIM Lucknow) to launch “G Force,” an accelerator program aimed at supporting aspiring media and MarTech entrepreneurs. This initiative combines the industry expertise of Graphisads with the academic prowess of IIM Lucknow to foster the growth of innovative businesses in the media landscape.

The G Force program represents a significant milestone in the Indian media sector, promoting collaboration and innovation between advertising professionals and academia. This partnership is unique in India, bringing together an advertising agency and a renowned academic institution to propel media startups forward. Graphisads, with its extensive media presence, strong client relationships, and vast network, aims to create numerous success stories, targeting around ₹100 crore in achieved success by these startups within the next three years.

The COO of IIM Lucknow Enterprise Incubation Center, Arunodaya Bajpai, expressed enthusiasm for the collaboration, highlighting the rapid growth and immense potential of the Media & Entertainment sector. The G Force program focuses on areas such as gamification, event automation, influencer marketing, adtech, DOOH platforms, programmatic media opportunities, and MarTech. Through personalized guidance, the program aims to equip startups with the tools and knowledge needed to thrive in the market.

To further enrich the program, Graphisads has assembled a distinguished Mentor Board consisting of industry stalwarts. These mentors include top media professionals such as Anurag Batra, Anil Dua, Varun Kohli, Mona Jain, and Rajeev Gupta. Their expertise will provide invaluable mentorship to participating startups.

The Director of Graphisads, Alok Gupta, who conceptualized the G Force initiative, emphasized the company’s commitment to giving back to the industry that has contributed to its own success. This collaboration underscores Graphisads’ dedication to nurturing the next generation of media and MarTech entrepreneurs through the G Force accelerator program.

KreditBee Seeks Private Credit Funds Ahead of IPO

Garima Bansal
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KreditBee Seeks Private Credit Funds Ahead of IPO

KreditBee, a fintech lender backed by Premji Invest and ICICI Bank, is engaging in discussions with private credit funds for a new funding round. This strategic move aims to bolster its valuation in preparation for its anticipated entry into the IPO market next fiscal year.

With a current valuation of $700 million, KreditBee raised over $200 million in March from its existing investors, including Advent International, Mitsubishi UFJ Financial Group (MUFG) Bank, Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Ventures. The non-bank financing company has accumulated more than $400 million in funding so far.

The company’s leadership team, consisting of co-founder and CEO Madhusudan Ekambaram, co-founder and CTO Karthikeyan Krishnaswamy, and co-founder and CFO Vivek Veda, plans one final private funding round before transitioning to an IPO. This private round is expected to take place within the next year, after which KreditBee will monitor market conditions to determine the optimal time for listing. If the current conditions remain stable, the IPO could occur in approximately one and a half years.

KreditBee is projecting robust growth for the current fiscal year, with an expected increase of 25-30%. The company’s personal loans segment, which is its oldest product, continues to perform strongly. Additionally, KreditBee aims to develop its business loan and loan against property segments during this period.

In light of recent concerns raised by the Reserve Bank of India (RBI) regarding unchecked growth in the unsecured lending sector, KreditBee is adopting a cautious growth strategy. The RBI’s Financial Stability Report highlighted risks associated with consumer loans, particularly personal loans, where many borrowers are managing multiple loans simultaneously. High delinquency rates are especially prevalent among borrowers with personal loans below ₹50,000.

The regulatory measures implemented, such as increased risk weights, have already tempered growth within the industry. Lower-rated non-banking financial companies (NBFCs) are experiencing capital constraints, while highly rated NBFCs like KreditBee, which benefit from strong capital adequacy and low leverage, are facing a modest increase in funding costs.

KreditBee’s loan portfolio is heavily focused on personal loans, with over 90% of its loans having an average tenure of 12 months.

CeraTattva Innotech Secures Significant Funding to Propel Innovation in Advanced Materials

Garima Bansal
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CeraTattva Innotech Secures Significant Funding to Propel Innovation in Advanced Materials

CeraTattva InnoTech Private Limited, a pioneering firm specializing in pre-ceramic precursors and advanced ceramic products, has successfully concluded a funding round, securing ₹1.31 Crores. This funding round was jointly led by Campus Angels Network and Forge Innovation & Ventures, underscoring growing investor confidence in CeraTattva’s transformative approach to materials science.

Founded and nurtured at the IIT Madras Incubation Cell, CeraTattva is renowned for its breakthroughs in polymer-to-ceramic technology. This innovation promises significant advancements in high-temperature applications crucial for sectors such as aerospace, defense, energy, and automotive industries.

Dr. Ganesh Babu, Founder & CEO of CeraTattva, expressed enthusiasm about the funding’s potential impact: “This investment marks a pivotal moment for us, enabling substantial enhancements in our production capabilities. It will accelerate our efforts to deploy cutting-edge material solutions across diverse industries, driving innovation and technological progress.”

Campus Angels Network, dedicated to supporting deep tech startups from university campuses nationwide, sees strategic value in CeraTattva’s innovations. Chandran Krishnan, Managing Director & CEO, commented on their investment rationale: “CeraTattva’s commitment to advancing material science aligns seamlessly with our mission. We believe their polymer-to-ceramic technology will redefine standards in aerospace and defense, facilitating significant industrial transformation.”

Forge Innovation & Ventures, renowned for its role in seeding and scaling hardware tech innovations, recognizes CeraTattva’s potential to revolutionize materials science. Vish Sahasranamam, Co-Founder & CEO, highlighted the strategic significance of the investment: “CeraTattva’s capability to convert polymers into ceramics represents a breakthrough. Their advanced products offer superior thermal and mechanical properties, promising substantial cost efficiencies and performance benefits across multiple sectors.”

The newly secured funds will facilitate the establishment of a pilot production facility, product enhancements, and market expansion initiatives. This strategic investment underscores CeraTattva’s ambition to emerge as a leading materials tech innovator and manufacturer, poised to address complex challenges in modern industrial applications.

With a focus on scaling operations and advancing technological frontiers, CeraTattva aims to consolidate its position as a catalyst for innovation in advanced materials, driving sustainable growth and industry leadership.

DMart’s Quarterly Profits Surge 17.45% to Rs 773.68 Crore on Strong Sales Growth

Garima Bansal
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DMart’s Quarterly Profits Surge 17.45% to Rs 773.68 Crore on Strong Sales Growth

Avenue Supermarts Ltd, the parent company of retail chain DMart, announced a 17.45% rise in consolidated net profit to Rs 773.68 crore for the June quarter. This growth was driven by increased sales in general merchandise and apparel categories.

According to a regulatory filing, the company’s net profit stood at Rs 658.71 crore in the same quarter last year. Revenue from operations rose by 18.57% to Rs 14,069.14 crore during the quarter, compared to Rs 11,865.44 crore in the corresponding period last fiscal.

Total expenses for Avenue Supermarts in the June quarter increased by 18.62% to Rs 13,056.61 crore. The company’s total income reached Rs 14,110.74 crore, marking an 18.54% increase in the June quarter.

CEO & Managing Director Neville Noronha commented on the results, noting that the contribution from general merchandise and apparel sectors showed improvement, resulting in a rise in gross margins.

During the quarter, DMart expanded its footprint by opening six new stores, bringing its total store count to 371 as of June 30, 2024. Noronha also mentioned that operating costs had increased due to ongoing efforts to enhance service levels and build future capabilities.

Founded by Radhakishan Damani and family, DMart operates retail outlets offering essential home and personal products across various states including Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, and NCR.

Anicut Capital Closes Rs 300 Crore Equity Continuum Fund to Support IPO-Ready Companies

Garima Bansal
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Anicut Capital Closes Rs 300 Crore Equity Continuum Fund to Support IPO-Ready Companies

Chennai-based investment firm Anicut Capital has announced the closure of its first late-stage equity continuum fund, which totals Rs 300 crore. This fund is designed to support high-potential companies within Anicut’s portfolio that are gearing up for an Initial Public Offering (IPO) in the next 2-4 years. It specifically targets 5-6 companies that have shown significant growth and profitability, positioning them well for public listing.

The launch of this fund aligns with a broader trend where venture capital firms create winners-only funds to reinvest in their most successful portfolio companies. As these companies expand, they require larger investments. Funds like Anicut’s continuum fund help maintain ownership stakes while providing the necessary capital for further growth. Anicut Capital plans to write cheques of Rs 50-60 crore from this new fund, which is double the amount typically provided by its growth equity funds. Currently, Rs 400 crore has been deployed across seven deals, with the entire corpus expected to be deployed by the end of the financial year.

Ashvin Chaddha, Managing Partner and Co-founder of Anicut Capital, expressed excitement about the successful closure of the Rs 300 crore Anicut Equity Continuum Fund, which includes a Rs 200 crore base fund and a Rs 100 crore green-shoe option. He noted the strong investor interest and swift closure within eight weeks, highlighted by a substantial Rs 60 crore investment from HDFC AMC, underscoring strong investor confidence.

Founded in 2015, Anicut Capital manages six alternate investment funds (AIFs) with assets totaling Rs 3,000 crore. The firm has backed 120 companies, including well-known names like Bira, Blue Tokai, and Milky Mist. Anicut Capital offers a diverse range of funds catering to different stages of a company’s lifecycle, from seed to growth stages, and includes a private credit fund that finances promoter stake buyouts and acquisition finance. Currently, Anicut is also in the process of raising its third credit fund, targeting a corpus of Rs 1,200-1,500 crore.

IAS Balamurugan, Managing Partner & Co-founder of Anicut Capital, mentioned that their third credit fund is progressing well, with significant deployments expected by June. This reaffirms their dedication to market opportunities. Expanding on private credit and early-stage innovation, Anicut has launched three active fund structures in GIFT City and demonstrated strong investment execution with $100 million deployed in the first half of 2024.

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