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Altair and ARAI Collaborate to Drive Automotive Innovation and Sustainability

Garima Bansal
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Altair and ARAI Collaborate to Drive Automotive Innovation and Sustainability

Altair, a leader in computational intelligence, has signed a memorandum of understanding with the Automotive Research Association of India (ARAI) to drive technology and digital transformation in the automotive and heavy engineering sectors. The collaboration aims to leverage digital twin technology, data-driven design, and AI-powered engineering solutions to foster innovation and sustainability.

Both organizations will collaborate to enhance digital transformation and product development. Altair’s expertise in advanced simulation and data analytics tools will be integrated into ARAI’s consulting services, enabling the exploration of new applications in electrification, connectivity, and energy management.

Stephanie Buckner, Global Chief Operating Officer at Altair, expressed excitement about the partnership, highlighting the potential to advance AI-driven engineering and data analytics. The collaboration aims to accelerate digital transformation and bolster capabilities across automotive and heavy engineering sectors.

Reji Mathai, Director of ARAI, emphasized the strategic importance of the MoU in integrating cutting-edge technologies into their R&D processes. The partnership with Altair is expected to deliver sustainable solutions and strengthen ARAI’s role as an automotive innovation leader.

ARAI, known for its comprehensive automotive testing and certification capabilities, stands to benefit significantly from integrating Altair’s tools. This collaboration marks a significant step towards enhancing electrification, connectivity, and energy management within the sectors they serve, pushing the automotive industry towards greater innovation and sustainability.

Reliance Retail Plans 8,000-10,000 Sq Ft Sports Stores Similar to Decathlon

Garima Bansal
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Reliance Retail Plans 8,000-10,000 Sq Ft Sports Stores Similar to Decathlon

Reliance Retail, led by Mukesh Ambani, is preparing to enter the booming athleisure market with a new sports retail format aimed at challenging the dominance of French retailer Decathlon. According to a report in the Economic Times, Reliance Retail plans to lease 8,000-10,000 square feet spaces in prime locations across major cities for a yet-to-be-named brand, seeking to emulate Decathlon’s successful business model.

Decathlon, which entered the Indian market in 2009, has experienced significant growth, with revenues rising from ₹2,936 crore in FY22 to ₹3,955 crore in FY23. This period also saw other leading sports brands such as Puma, Adidas, Skechers, and Asics achieving substantial growth in the Indian market.

Decathlon’s Chief Retail and Countries Officer, Steve Dykes, emphasized the importance of India as a key market for the company. He highlighted Decathlon’s strategy of maintaining a steady pace of opening ten stores per year, with sizes varying to suit local preferences. In addition to expanding its physical presence, Decathlon is also enhancing its online presence to strengthen its digital footprint in India.

This strategic move comes amid reports that Reliance Retail is set to bring Chinese fast-fashion label Shein back to India in the coming weeks. Shein, a globally recognized brand, was banned in India in 2020 amid rising border tensions and a crackdown on Chinese apps.

Tata 1mg Prioritizes Profitability, Slashes Losses by 75% in FY24

Garima Bansal
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Tata 1mg Prioritizes Profitability, Slashes Losses by 75% in FY24

During FY22 and FY23, Tata 1mg focused on rapid growth, achieving more than a two-fold increase in collections in each fiscal year. However, the company shifted its focus to profitability in the fiscal year ending March 2024. This strategic change resulted in a revenue growth of 21% while simultaneously reducing losses by 75% in FY24.

Tata 1mg’s revenue from operations rose to Rs 1,968 crore in FY24, up from Rs 1,627 crore in FY23, according to consolidated financial statements from the Registrar of Companies (RoC). A significant portion of this revenue, 81.3%, came from the sale of medicines, which saw a 24% increase to Rs 1,599 crore in FY24. Other revenue streams included lab test fees, patient support programs, advertising, and shipping services.

In addition to its operational revenue, Tata 1mg earned Rs 23 crore from interest, financial asset gains, and other miscellaneous sources, bringing its total income to Rs 1,991 crore in FY24. Operating with inventory, the cost of procuring medicines was a major expenditure, accounting for 56% of the overall costs and increasing by 8.5% to Rs 1,289 crore in FY24.

Expenses for employee benefits, information technology, legal services, advertising, commissions, packaging, fulfillment, and other overheads contributed to a total cost increase of 20.4%, reaching Rs 2,303 crore in FY24. Despite these expenditures, Tata 1mg’s controlled costs and stable scale enabled the company to cut its losses by 75%, reducing them to Rs 313 crore in FY24 from Rs 1,255 crore in FY23. The company’s EBITDA margin was -10.85%, and it spent Rs 1.17 to earn a rupee in the previous fiscal year.

A major factor in the substantial losses during FY23 was the FVTPL cost, a non-cash expense amounting to Rs 668 crore. Since Tata Digital acquired a 55% stake in 1mg in June 2021, its stake has increased to 63.5%, with the e-medicine platform valued at 1.25 billion. According to estimates, Tata 1mg’s enterprise value to revenue multiple stands at 4.87X. The focus on cost control and financial performance is crucial for Tata 1mg, especially under the Tata Group’s umbrella, where financial success equates to operational freedom.

Immuneel Therapeutics Raises Rs 100 Crore in Series A Extension to Advance Cancer Therapies

Garima Bansal
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Immuneel Therapeutics Raises Rs 100 Crore in Series A Extension to Advance Cancer Therapies

Immuneel Therapeutics, a biotech startup concentrating on cancer treatments, has raised Rs 100 crore (approximately $12 million) in an extension of its Series A funding round, led by Taiba Middle East FZ LLC. This marks the third round of investment for the Bengaluru-based company since its establishment in 2018.

According to a special resolution passed by the board at Immuneel Therapeutics, the company will issue 10 equity shares and 8,164 Series A1 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 1,22,330 each to accumulate Rs 100 crore ($12 million). This information is derived from regulatory filings accessed through the Registrar of Companies.

The company intends to utilize these funds for growth and expansion, as outlined by the board. Immuneel Therapeutics is valued at around Rs 587 crore ($71 million) post-allotment. With the latest investment, Taiba Middle East FZ now holds a 17% stake in the company. The round is still ongoing, indicating potential for additional fundraising.

To date, Immuneel Therapeutics has raised approximately $40 million, including a $15 million Series A financing round co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.

Immuneel Therapeutics was founded by Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee, and Kush Parwar. The Indian clinical-stage startup focuses on developing cell and gene therapies for cancer patients. It is also working on its own pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies for cancer management and treatment. The company claims to offer therapies at one-third the cost of similar gene therapies in the United States.

Mitsui & Co. and Marubeni Ventures Invest in River’s Series B Funding

Garima Bansal
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Mitsui & Co. and Marubeni Ventures Invest in River’s Series B Funding

River, an electric vehicle (EV) startup based in Bengaluru, has secured new investments in its Series B funding round from Mitsui & Co., Ltd. and Marubeni Ventures Inc., the corporate venture capital arm of Marubeni Corporation. These strategic investments highlight River’s growing prominence in the Indian EV market and its potential for global expansion.

Founded in 2021 by Aravind Mani and Vipin George, River has rapidly established itself with the launch of its debut product, the Indie, and the establishment of a state-of-the-art manufacturing facility with an annual capacity of 100,000 units. Earlier this year, River embarked on a significant expansion initiative starting with its flagship store in Bengaluru, with plans to extend its presence to over 50 cities across India by the end of the year.

Aravind Mani, Co-founder and CEO of River, expressed enthusiasm about the new investments, stating, “It’s a pleasure to welcome Mitsui and Marubeni to our esteemed group of global investors. This partnership reinforces River’s leadership in the Indian two-wheeler market and sets the stage for our international growth.”

Daishi Mochizuki, General Manager of the Personal Mobility Business Dept., Mobility & Industrial Business Div., Mobility Business Unit I at Mitsui & Co., Ltd., highlighted River’s impressive capabilities in the Indian market, emphasizing their efficient product development and commercialization processes. “River’s potential to innovate within the Indian two-wheeler sector is exceptional,” he remarked. “We believe River has the potential to become a global brand, and we are delighted to support their journey.”

Rocky Eda, Managing Director of Marubeni Ventures Inc., echoed similar sentiments, emphasizing their commitment to India’s burgeoning EV scooter market and their confidence in River’s strategic vision. “Investing in River aligns with our strategy to support high-growth startups in India,” said Eda. “We are excited about River’s unique market position and look forward to witnessing the consumer response as they contribute to India’s economic growth.”

Since its inception, River has raised $68 million from a distinguished group of investors, including Japan’s Yamaha Motor Co., Ltd., Dubai-based Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Maniv Mobility from Tel Aviv, and Trucks VC based in San Francisco. This Series B funding marks Mitsui & Co., Ltd. and Marubeni Ventures Inc.’s first investment in an Indian company, underscoring River’s appeal as a strategic partner in the EV sector.

About River

River is a Bengaluru-based EV startup renowned for its focus on design and technology-driven solutions. Founded by Aravind Mani and Vipin George, River aims to enhance everyday mobility with sustainable and innovative electric vehicles. With strong backing from global investors, including industry giants and venture capital firms, River is poised to reshape the future of urban transportation in India and beyond.

Ricron Panels Secures Series A Funding to Expand Eco-Friendly Plastic Waste Recycling Innovations

Garima Bansal
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Ricron Panels Secures Series A Funding to Expand Eco-Friendly Plastic Waste Recycling Innovations

Gujarat-based plastic waste recycling company Ricron Panels has secured a Series A funding round, led by Boon Sustainable Technologies. Other investors included Harsh Mohunta, Managing Director of Classic Display Systems; Dinesh Babbar, former President at Infra.Market; Boutique investment bank Veromint Advisors; Venkatesh Srinivasan, former Partner at EY GDS; architect Renuka Sharma; and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the financial advisor, and Kaushik Rajan from Stoicus Legal provided legal advice for the transaction.

Ricron Panels is a sustainability-focused startup that converts low-value multi-layer plastic (MLP) into high-quality, carbon-negative, eco-friendly building materials using its patented technology.

Founded by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels employs innovative technology to transform non-recyclable plastic waste into versatile, waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant building materials. Their product line includes roofing, framework shuttering, doors, panels, and storage pallets, which offer superior nail and screw holding strength compared to traditional plywood and MDF, all at a cost-effective price.

The newly raised funds will be used to enhance marketing and distribution efforts, aiming to expand Ricron’s presence in the Indian market and increase its environmental and economic impact.

Rahul Chaudhary, Director and Co-Founder of Ricron Panels, highlighted that waste management is becoming a critical issue globally as development and urbanization continue. He pointed out that India, with its growing population and consumerism, faces a significant challenge with increasing plastic consumption. Ricron was established to address this issue by providing a sustainable waste management solution. Using their state-of-the-art technology, the company currently recycles 5,000 tons of plastic annually, with plans to increase this to 24,000 tons per year within the next two years.

Ricron’s innovative technology converts waste plastic into sustainable products. At Boon Sustainability, the aim is to provide strategic support to Ricron and help scale this sustainable business globally.

Infosys Partners with Sector Alarm to Enhance Business Systems via Cloud-Based ERP

Garima Bansal
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Infosys Partners with Sector Alarm to Enhance Business Systems via Cloud-Based ERP

Infosys, a global leader in digital services and consulting, has announced a strategic five-year collaboration with Sector Alarm, a prominent European security provider partly owned by global investment firm KKR, to modernize their core enterprise systems using cloud technology. This partnership will involve migrating Sector Alarm’s existing on-premises Enterprise Resource Planning (ERP) platform to Microsoft Dynamics 365 Finance and Operations (F&O), facilitated by Infosys’ expertise in digital transformation.

Sector Alarm selected Infosys based on their proven track record in the Nordics region, experience with private equity clients, and deep domain knowledge in cloud-based ERP transformations. Leveraging Infosys Cobalt, a suite of services for accelerating cloud adoption, the collaboration aims to streamline business processes across eight European countries, including Norway, Sweden, Finland, Italy, and France. This initiative is expected to enhance financial management, provide actionable business insights, and integrate seamlessly with Sector Alarm’s CRM platform.

Lorenzo Bianchi, Chief Digital Transformation Officer at Sector Alarm, highlighted the strategic importance of this collaboration in supporting Sector Alarm’s growth objectives and delivering superior security solutions. He emphasized Infosys’ role in enabling scalability and operational efficiency, crucial for expanding Sector Alarm’s market presence.

Jasmeet Singh, EVP and Global Head of Manufacturing at Infosys, underscored the significance of this partnership in driving digital transformation for high-growth organizations. Singh emphasized Infosys’ commitment to empowering Sector Alarm with robust IT infrastructure, thereby solidifying their position as a trusted partner in the European security systems market.

About Infosys

Infosys is a global leader in next-generation digital services and consulting, serving clients across more than 56 countries. With over 300,000 employees, Infosys leverages cloud and AI technologies to drive digital transformation, enhance operational efficiency, and foster innovation. Committed to sustainability and diversity, Infosys strives to create an inclusive workplace where diverse talents thrive.

QarmaTek Secures $1 Million in Pre-Series A Funding to Expand Electronics Renewal Services

Garima Bansal
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QarmaTek Secures $1 Million in Pre-Series A Funding to Expand Electronics Renewal Services

QarmaTek, a startup specializing in electronics renewal and refurbishment, has secured $1 million (Rs 8.3 crore) in its pre-Series A funding round. This round was co-led by investors Umang Nahata, Rakesh Raman, and Vishal Makwana.

With this latest investment, QarmaTek’s total funding has reached $4.11 million. The new funds will be used to expand QarmaTek’s presence across various categories of renewed electronics, enhance operational capacities, and extend its geographical reach.

Founded in 2011 by Krunal Shah and Arun Hattangadi, QarmaTek operates in the B2B sector, providing after-sales repair services for electronic products. The company’s offerings include multi-brand repair services, refurbishment, call center support, and logistics services for electronic devices such as smartphones, laptops, and home appliances.

Based in Ahmedabad, QarmaTek is dedicated to promoting sustainability by extending the lifecycle of electronic products, thereby reducing e-waste and contributing to a circular economy. According to the Central Pollution Control Board, India generates 1.71 million metric tons of e-waste annually.

Schoolnet Acquires Genius Teacher, Co-founded by Housing.com’s Advitiya Sharma

Garima Bansal
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Schoolnet Acquires Genius Teacher, Co-founded by Housing.com’s Advitiya Sharma

Edtech firm Schoolnet has acquired Genius Teacher, a startup founded by Advitiya Sharma of Housing.com, in an all-stock deal. This acquisition is part of a broader trend of consolidation in the edtech sector, with recent notable acquisitions including Adda247 acquiring Ekagrata Eduserv and Allen Career Institute acquiring Doubtnut.

Genius Teacher, known for its quiz-based e-learning platform focused on K-12 education, brings its AI-driven teacher and student apps to Schoolnet. This move aims to expand Schoolnet’s presence in the private school market, targeting over 10,000 schools by 2026-27.

Following the acquisition, Advitiya Sharma will join Schoolnet as Chief Growth Officer, alongside co-founders Shashank Pachore and Ruturaj Atre, and their team of 20 employees.

Schoolnet reported a revenue of Rs 429 crore for 2023-24, with plans to increase it to Rs 550 crore this fiscal year. CEO RCM Reddy highlighted a strategic shift towards less dependence on government funding, expecting private schools to play a more significant role in revenue generation.

The edtech sector, including players like Lead and Uolo, continues to witness consolidation despite market challenges. Byju’s, a major player in edtech acquisitions, faced legal issues but had previously invested significantly to expand its educational offerings.

Centriti Secures Rs 6 Crore to Boost Tech and Expand Market Reach in the Hospitality Sector

Garima Bansal
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Centriti Secures Rs 6 Crore to Boost Tech and Expand Market Reach in the Hospitality Sector

Centriti, a B2B e-procurement platform, has secured Rs 6 crore in a funding round led by Emergent India Ventures. This round also saw participation from Atrium Angels, Alluvium Capital, Venture Garage, CoralBay Ventures, HOF, and Brigade Group.

According to a press release from Centriti, the newly acquired funds will be used to enhance their technological capabilities, reduce service time, and expand into new markets.

Founded in 2022 by Daljeet Singh, Centriti utilizes mid-mile logistics, warehousing, and AI-driven inventory management to help hotels and restaurants cut costs, reduce waste, and improve overall operational efficiency. The platform’s integrated inventory software automates tracking and replenishment while offering valuable analytics and forecasts, enabling businesses to make data-driven decisions.

Centriti addresses inefficiencies associated with managing multiple suppliers and limited technological integration by consolidating all procurement needs into a single, efficient system. This approach significantly boosts operational efficiency and reliability for hospitality businesses.

Based in Delhi, Centriti collaborates with prominent hospitality brands such as Taj Hotels, Oberoi Hotels, Accor Group, Barbeque Nation, and Chai Point. The startup currently operates in Delhi, Bengaluru, and Jaipur, with plans to expand to Goa, Hyderabad, Kochi, and Chennai within the next two years.

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