National Medical Devices Policy'23 Expected To Boost Sector from Present $11 Bn to $50 Bn in Next 5 Years

Centres of Excellence in academic and research institutions, innovation hubs, ‘plug and play’ infrastructures and support to start-ups

Six Strategies planned to tap the potential of the Sector, with the Implementation Action Plan

The Union Cabinet, chaired by the Hon'ble Prime Minister Shri Narendra Modi, has approved the National Medical Devices Policy, 2023, on Wednesday this week. 

The medical devices sector in India is an essential and integral constituent of the Indian healthcare sector. The Indian medical devices sector’s contribution has become even more prominent as India supported the domestic and global battle against COVID-19 pandemic through the large scale production of medical devices & diagnostic kits, such as Ventilators, Rapid Antigen Test kits, Real-Rime Reverse Transcription Polymerase Chain Reaction (RT-PCR) kits, Infrared (IR) Thermometers, Personal Protective Equipment(PPE) Kits & N-95 masks.

The medical devices sector in India is a sunrise sector which is growing at a fast pace. The market size of the medical devices sector in India is estimated to be $11 billion (approximately, ₹ 90,000 Cr) in 2020 and its share in the global medical device market is estimated to be 1.5%.

The Indian medical devices sector is on a growth track and has an enormous potential to become self-reliant and to contribute towards the goal of universal health care. The Government of India has already initiated implementation of PLI Scheme for medical devices and support for setting up of 4 Medical devices Parks in the States of Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.

The National Medical Devices Policy, 2023 is expected to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality and innovation. This sector is expected to realize its full potential, with the strategies viz, building an enabling ecosystem for manufacturing along with a focus on innovation, creating a robust and streamlined regulatory framework, providing support in training and capacity building programs and promoting higher education to foster talent and skilled resources in line with the industry requirements. Encouraging domestic investments and production of medical devices complements the Government’s ‘Atmanirbhar Bharat’ and ‘Make in India’ programs.

Salient Features of National Medical Devices Policy, 2023:

Vision: Accelerated growth path with a patient-centric approach and to emerge as the global leader in the manufacturing and innovation of medical devices by achieving 10-12% share in the expanding global market over the next 25 years. Policy is expected to help the Medical Devices Sector grow from present $11 Bn to $50 Bn by 2030.

Mission: Policy lays down a roadmap for accelerated growth of the medical devices sector to achieve the following missions viz, Access & Universality, Affordability, Quality, Patient Centred & Quality Care, Preventive & Promotive Health, Security, Research and Innovation and Skilled manpower.

Strategies to Promote Medical Device Sector:

Medical devices sector will be facilitated and guided through a set of strategies that will be cover six broad areas of policy interventions:

• Regulatory Streamlining: In order to enhance ease of doing research and business and further to balance patient safety with product innovation measures such as creation of a Single Window Clearance System' for Licensing of Medical Devices coopting all the stakeholder departments / organizations such as AERB, MeitY, DAHD, etc, enhancing the Role of Indian Standards like BIS and designing a coherent pricing regulation, will be followed.

• Enabling Infrastructure: The establishment and strengthening of large medical device parks, clusters equipped with world class common infrastructure facilities in proximity to economic zones with requisite logistics connectivity as envisioned under the National Industrial Corridor Program and the proposed National Logistics Policy 2021 under the ambit of PM Gati Shakti, would be pursued with the State Governments and Industry for better convergence and backward integration with medical device Industry. 

• Facilitating R&D and Innovation: The policy envisages to promote Research & Development in India and complement the Department’s proposed National Policy on R&D and Innovation in the Pharma- MedTech Sector in India. It also aims at establishing Centres of Excellence in academic and research institutions, innovation hubs, ‘plug and play’ infrastructures and support to start-ups.

• Attracting Investments in the Sector: Along with resent schemes and interventions like Make in India, Ayushman Bharat program, Heal-in-India, Start-up mission, the policy encourages private investments, series of funding from Venture Capitalists, and also Public-Private Partnership(PPP).

• Human Resources Development: In order to have a steady supply of skilled work force across the value chain such as scientists, regulators, health experts, managers, technicians, etc., the policy envisages:

• For skilling, reskilling and upskilling of professionals in the medical device sector, we can leverage the available resources in Ministry of Skill Development and Entrepreneurship.
• The policy will support dedicated multidisciplinary courses for medical devices in existing institutions to ensure availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research, to produce future-ready MedTech human resources and to meet the evolving needs of the Sector
• To develop partnerships with foreign academic/industry organizations to develop medical technologies in order to be in equal pace with the world market.

• Brand Positioning and Awareness Creation: The policy envisages the creation of a dedicated Export Promotion Council for the sector under the Department which will be an enabler to deal with various market access issues:

• Initiate studies and projects for learning from best global practices of manufacturing and skilling system so as to explore the feasibility of adapting such successful models in India.
• Promote more forums to bring together various stakeholders for sharing knowledge and build strong networks across the sector.

The policy is expected to provide the required support and directions to strengthen the medical devices industry into a competitive, self-reliant, resilient and innovative industry that caters to the healthcare needs of not only India but also of the world. The National Medical Devices Policy, 2023 aims to place the medical devices sector on an accelerated path of growth with a patient-centric approach to meet the evolving healthcare needs of patients.

Under the PLI scheme for Medical Devices, till now, a total of 26 projects have been approved, with a committed investment of Rs.1206 Cr and out of this, so far, an investment of Rs.714 Cr has been achieved. Under the PLI scheme, total of 14 projects producing 37 products have been commissioned and domestic manufacturing of high-end medical devices has started which include Linear Accelerator, MRI Scan, CT-Scan, Mammogram, C-Arm, MRI Coils, high end X-ray tubes, etc. Remaining 12 products will be commissioned in near future.

Five projects out of total 26 projects have been approved recently, under Category B, for domestic manufacturing of 87 products / product components.

Building upon these measures, a holistic policy framework to accelerate this growth and fulfil the potential of the sector is the need of the hour. While various Departments of the Government have undertaken programmatic interventions to encourage the sector, the current policy aims to put in place a comprehensive set of focus areas for growth of the sector in a coordinated manner.

Secondly, in view of the diversity and multi-disciplinary nature of the sector, the regulations, skilling trade promotion of medical device industry are spread over several departments in the Government both at the Centre and State levels. There is a need to bring together the range of interventions in a coherent manner that would facilitate focused and efficient support and facilitation for the sector by the respective agencies.

Volvo Trucks India & Delhivery Continue to Drive Progress in Express Logistics

Celebrating the major milestone of handing over the 325th Volvo FM 4x2 Tractor

Letter of Intent signed for additional 200 units Volvo FM 4x2 Tractors

Jointly shaping the Indian Express Logistics industry through world-class, environmentally friendly, and safe transport solutions

Volvo Trucks India, a division of VE Commercial Vehicles Ltd., in a landmark moment, delivered the 325th tractor-trailer solution to Delhivery Ltd., India’s largest fully-integrated logistics services provider, for Express and B2B logistics operations. Roger Alm, EVP of Volvo Group & President Volvo Trucks handed over the key of 325th Volvo FM 4x2 tractor to Mr. Sahil Barua, Managing Director and Chief Executive Officer and Mr. Ajith Pai, Chief Operating Officer, Delhivery in Bangalore on 26th April 2023.

Volvo Trucks and Delhivery joined hands together in 2019 when the first FM 4x2 tractor-trailer solution was introduced for express cargo logistics setting new standards on delivery schedule as well as improving the cost efficiency of services. Since then, the Volvo- Delhivery partnership has clearly highlighted the Volvo FM 420 4x2 tractor-trailer solution as the ideal industry benchmark for express logistics clocking up to 25,000 kms a month with exceptional Uptime. Commercial trials for Liquified Natural Gas Tractor Trailer solutions have also been ongoing since Sep’22 on select routes, and the results so far look very promising, with improved fuel efficiency as well as reduced emissions.

“Proud to see the progress so far, and congratulations to Delhivery on this important milestone. Look forward to jointly driving more sustainable transport solutions in India, bringing the best of global expertise where Volvo Trucks is leading the transformation,” said Roger Alm, President- Volvo Trucks Corporation.

Addressing the occasion, Vinod Aggarwal, MD & CEO, VE Commercial Vehicles Ltd., said, “We started the partnership journey four years ago, and I am proud to see Delhivery and Volvo Trucks drive the change in the industry by introducing the most innovative solutions. This is in line with the vision of the Government of India as laid out in the National Logistics Policy and is a significant milestone in Volvo Trucks' journey in the long-haul segment in India.”

Sahil Barua, Managing Director, and Chief Executive Officer, Delhivery, added, “We are extremely proud of our partnership with Volvo and are delighted to strengthen it further. These tractor-trailers are critical to our mid-mile strategy and go a long way in making our network highly efficient and more sustainable. Since the start of our partnership with Volvo, we have scaled up the salience of these tractor-trailers within our network. We are excited about the future of this partnership and the rollout of newer platforms such as LNG and Electric trucks.”

Recognizing the important milestone in the journey with Delhivery, Mr. Dinakar, EVP Volvo Trucks India, said, “We are happy to have partnered with Delhivery to drive efficiency and productivity in the express logistics segment. Turn-around time, Efficiency, and Driver productivity are the key to being successful in this segment. Our FM 4x2 tractor-trailer solution, backed by world-class support services including customized driver training programs, enabled to improve overall operational efficiencies and grow the business together.”

“We are pleased to receive a Letter of Intent for 200 more units for upcoming requirements at Delhivery, and this would take the overall Volvo Trucks fleet in Delhivery operations to 500+ units,” concluded Mr. Jonas Nilsson, Vice President India & Indonesia, Volvo Trucks International.

We congratulate team Delhivery on this momentous milestone.

About Volvo Trucks

Volvo Trucks is a world-leading truck manufacturer, committed to drive progress and shape the future landscape of sustainable transports. We provide total transport solutions in the medium to heavy-duty segment and offer support to customers in more than 130 countries. Our foundation is our core values - Quality, Safety, and Environmental care.

About VE Commercial Vehicles Limited (VECV):

VE Commercial Vehicles Limited (VECV) is a joint venture between the Volvo Group and Eicher Motors Limited. In operation since August 2008, the company manufactures and sells the complete range of Eicher branded trucks and buses, Volvo Buses in India and is the exclusive distributor of Volvo Trucks in India, besides manufacturing and exporting for Volvo Group, non-automotive engines and Eicher component business. A multi-brand, multi-division company, backed by innovative products & services, VECV today, is recognized as an industry leader for modernizing commercial transportation in India and the developing world.

About Delhivery Ltd.

Delhivery is India's largest fully integrated logistics services provider. With its nationwide network covering over 18,500 pin codes, the company provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services. Delhivery has successfully fulfilled over 1.9 billion shipments since inception and today works with over 26,000 customers, including large & small e-commerce participants, SMEs, and other enterprises & brands. For more information about Delhivery, please visit www.delhivery.com.

TiE Young Entrepreneurs Grand Finale Tomorrow

14 students in the age groups of 9 to 12 divided into four teams will present a prototype/business plan to the jury.

The Winners will be nominated for the TYE Global Competition.

TiE Young Entrepreneurs (TiY) Grand Finale will be held on Saturday at Club Botanica at 5 pm. TYE (TiE Young Entrepreneurs) is a TiE Global initiative dedicated to chapters integrating classroom sessions, mentoring and business plan competitions aimed at High School students from grades 9-12 or equivalent college students are allowed.

This year TiE Hyderabad has selected 14 students and formed them as 4 teams. These young innovators have undergone boot camps/workshops, led by successful TiE Hyderabad entrepreneurs in November, December - 2022 & January - 2023. These 4 teams are ably mentored by TiE Hyderabad Charter Members. Tomorrow these young entrepreneurs who were groomed in all aspects of entrepreneurship are now prepared to present their prototype/business plan to a stellar panel of jury members. The Winners of this competition will be nominated for the TYE Global Competition.

TYE is designed to teach high school students entrepreneurship and leadership skills. The TYE program is designed for a 16-week period, which includes design thinking workshops, and mentoring support for business plan development and culminates with a business plan competition.

About TiE Hyderabad: TiE (The Indus Entrepreneurs) is a go-to network of 15000+ global entrepreneurs across 61+ cities in 14+ countries, and Hyderabad is a vibrant and most awarded chapter worldwide, each year TiE Hyderabad impacts over 1100 start-ups and 6400+ students, conducts numerous activities under 20+ themes viz. TiE Grad, TiE Young Entrepreneurs, Open Mic, Mentor Advisor, Investor Connect, Thursday Night Talks, Leadership Series etc. to encourage, and nurture next-generation entrepreneurs.

For more details, please get in touch with Vamsi Krishna J, Associate Director, 7799439281 or visit hyderabad.tie.org

Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market is Growing, Expected $41.00 Bn Revenue By 2032

Electric Vertical Take-off and Landing Vehicles (eVTOLs) are a new class of aircraft that promise to revolutionize the way we think about urban transportation. These aircraft are designed to take off and land vertically, eliminating the need for a runway or other infrastructure. Unlike traditional helicopters, eVTOLs are powered by electric motors, making them quieter, more efficient, and more environmentally friendly. 

eVTOLs have the potential to drastically reduce congestion on the ground and in the air, providing a faster and more direct way to move people and goods within urban environments. They also have the potential to increase access to transportation in areas that are currently underserved, such as rural or remote communities.

According to recent study by Polaris Market Research, the global electric vertical take-off and landing vehicles (eVTOLs) aircraft market was valued at USD 11.43 Billion by 2022 and is expected to reach USD 41.00 Billion By 2032, growing at a CAGR of 13.86 % in the forecast period.

Key Applications of eVTOLs:

1. Urban Air Taxis: eVTOLs have the potential to revolutionize urban transportation by offering an efficient and convenient way for people to move around cities. They could be used as air taxis, providing a faster and more direct mode of transportation than ground-based options.
2. Emergency Medical Services: eVTOLs could be used to transport patients in emergency medical situations, particularly in areas with poor ground-based transportation infrastructure or in scenarios where time is critical.
3. Cargo Delivery: eVTOLs could be used for cargo delivery in urban areas, providing a faster and more efficient way to move goods than traditional ground-based transportation.
4. Search and Rescue Operations: eVTOLs could be used for search and rescue operations in remote or difficult-to-access areas, such as mountain ranges or dense forests.
5. Military and Defense: eVTOLs could be used by military and defense organizations for a range of applications, such as reconnaissance, troop transport, and logistics support.

Key Takeaways

• The COVID-19 pandemic had an overall negative impact on the eVTOL aircraft market. The pandemic has slowed the development and commercialization of eVTOL aircraft due to disruptions in supply chains, restrictions on travel and in-person meetings, and a general economic slowdown. While in the short run, the pandemic has also highlighted the need for new transportation solutions that are more efficient, safe, and sustainable.
• Multirotor eVTOL aircraft use multiple rotors (usually four or more) to provide lift and control and are often designed for shorter-range missions such as urban air mobility and package delivery. The Multirotor segment is anticipated to dominate the market in the forecast period. The demand for urban air mobility, delivery services, versatility, lower cost, and innovation is driving the growth of this segment.
• The Hydrogen Electric segment is anticipated to witness the highest CAGR in the forecast period. This segment's growth is driven by its longer range, sustainability, increasing availability of hydrogen fuel, lower operating costs, and innovation.
• The 100 – 1000 kg MTOW segment will witness a significant CAGR in the forecast period. The segment is well-suited for urban air mobility applications, where eVTOL aircraft can provide fast and efficient transportation within urban areas. It is also being developed for package delivery services, where eVTOL aircraft can provide quick and efficient delivery of packages within urban areas.
• North America region is leading the market in terms of revenue share for the year 2022. The market's growth is driven by favorable regulatory support, technological innovations, high population density, advanced infrastructure, and environmental concerns. These factors will likely drive growth in the North American eVTOL aircraft market for the foreseeable future.

In this context, it is important to understand the opportunities and challenges associated with eVTOLs, as they have the potential to transform the way we move and live in cities. This article will provide an overview of eVTOLs, including their design, technology, and potential applications, as well as the challenges that must be addressed for this new form of transportation to become a reality.

These insights can be read on Electric Vertical Take-off and Landing Vehicles (eVTOLs) Aircraft Market by Polaris Market Research. 

Guwahati-based Sustainable Bricks Manufacturer ZERUND Attains 400%+ YoY Revenue Growth

ZERUND aims to expand its footprints to 3 more cities from current presence in 8 cities

Sold 40 Lakh bricks till date and plans to double in Fiscal 2023-24

ZERUND, a Guwahati-based manufacturer of sustainable bricks, has announced that it has attained a noteworthy YoY growth of 410% in revenue from FY 2021-22 to FY 2022-23. This indicates its substantial growth trajectory in the sustainable construction industry with 2500+ clientele since its inception. Additionally, the company has sold 40,00,000 bricks to date, providing an eco-friendly solution to the construction industry and has very aggressive plan for this fiscal of taking this no. to more than 80,00,000 bricks..

ZERUND is currently witnessing a Month-on-Month (MoM) growth rate of 20%, which solidifies its position as a frontrunner in sustainable manufacturing practices. Last year, the company recycled over 1500+ tons of plastic waste and 10,000+ tons of industrial waste to manufacture its sustainable bricks, which further exemplifies its unwavering dedication to environmental responsibility. The brand’s net emission stands negative and it commits of recycling subsequent amount of other waste too which is also aligned to its aggressive expansion plans.

 

ZERUND Manufacturing Unit

“At ZERUND, we strongly believe that sustainable growth is the way forward to achieving a greener and more equitable future. We are proud of our sustainable manufacturing practices, which have been recognized and supported by prestigious institutions, reaffirming our steadfast commitment to sustainable development. As we strive to expand our operations and increase our reach, we remain dedicated to promoting eco-friendly practices and minimizing the carbon footprint of the construction industry. Through our continuous pursuit of innovation and refinement in our manufacturing processes, we aim to provide the construction industry with environmentally friendly solutions that are not only more efficient but also more cost-effective. With an eye towards scaling our operations, we eagerly look forward to contributing to building a better world for the present and future generations to come” said DAVID GOGOI, CO-FOUNDER &CEO, ZERUND.

In an effort to expand its reach and presence in the sustainable construction industry, ZERUND is actively seeking partnerships and exploring new opportunities to establish additional manufacturing facilities in both South and North India. Currently, the company has manufacturing facilities in North-East India and some parts of West India with a combined monthly manufacturing capacity of 3,50,000 bricks. Presently, the geographical reach of the company is in Northeast India, Bhutan, Bengal, and Maharashtra, where it has established itself as a leader in sustainable brick manufacturing. With the introduction of new manufacturing facilities, ZERUND aims to expand its footprint to 3 new cities which includes Delhi-NCR, Hyderabad, and Bangalore.

ZERUND has secured significant financial backing from a multitude of renowned institutions, such as Gruhas Proptech, DLF family office, NEDFI, Anthill ventures, Villgro, Numaligarh Refinery Limited, Habitat for Humanity, and Assam Government (Grants), which align with its mission of fostering sustainable development. These investments have enabled the company to increase its production capacity, expand its operations, and cater to the escalating demand for environmentally friendly construction materials. In pursuit of further expansion, ZERUND plans to raise additional funds in the current year.

At present, ZERUND boasts a team of 50 highly skilled professionals dedicated to sustainable manufacturing practices. In a bid to bolster its operations and promote employment opportunities, the company also has very aggressive hiring plans this fiscal year. This initiative is poised to stimulate economic growth while creating new opportunities for skilled professionals across the country. By scaling up its workforce, ZERUND is reaffirming its commitment to sustainable growth and contributing towards the nation’s economic development.

About Zerund

Founded by Mousum Talukdar, David Gogoi and Rupam Choudhury, Guwahati Based Sustainability startup Zerund was started in the college lab as a final year engineering project . Zerund with its proprietary technology make Carbon negative, eco-friendly , lightweight bricks which have high strength, saves 15-20% of cost, provides high insulation and high earthquake resistance. Industrial production of this sophisticated building material started towards the end of 2018 in Guwahati, India. With continuous expansion of additional manufacturing plants to sustain the growing demand, brand is ready to cater the manufacturing capacity for next phase growth. Builders, Engineers, Architect and contractors not only appreciate excellent properties of Zerund, but also take a keen interest on energy-saving and pollution-free technology of the manufacturing process.

How CRM for VC Helps to Spot New Opportunities, Build Next-level Workflows, and Move Faster to Close Critical Deals

Customer Relationship Management software for Venture Capital firms provides the base on which the edifice of new investment opportunities and smarter workflows can be built leading to greater efficiencies. Venture Capital firms would find it prudent to integrate this software to see a visible improvement in their performance. VC CRM software is not just about storing relationship data; it is an integral part of investment decisions and execution. It would be prudent to discuss this interesting subject under a few broad heads for better understanding.

Ankur Agarwal

1. Centralizing data: With VC CRM software, data can be centralized into a single platform, making it easier to access, manage, and analyze. VC CRM software can collect data from multiple sources, including emails, social media, news feeds, and other communication channels, and store it in a central repository. This allows venture capital firms to have a more comprehensive view of their target companies and monitor their progress in real-time. VC CRM software can also help to automate data entry, eliminating the need for manual input and reducing the risk of errors and human bias. Additionally, VC CRM software can improve communication and collaboration within a firm, as it facilitates team members to access the same information and update it in real time.
2. Automated workflows: With VC CRM software, many of the workflows can be automated, reducing the time and effort needed to move deals forward. For example, one can set up automated follow-up emails to keep prospects engaged and send reminders to the deal team members when key tasks are due. One of the most significant benefits of using VC CRM software is that it can reduce the amount of manual data entry required, saving time, and minimizing the risk of errors. For example, VC CRM software can automatically capture data from emails, financial reports, and other sources, and input it directly into the system. This obliterates the need for manual data entry, which can be time-consuming and prone to errors. Another way VC CRM software can help create smarter workflows is by providing task automation features. This means that routine tasks, such as sending out notifications/updates on the completion of specific milestones and updating contact information, can be automated, freeing up valuable time for other high-value activities. VC CRM software can also offer workflow templates that can be customized to meet the specific needs of a venture capital firm.
3. Customizable pipeline views: Many VC CRM software allow users to personalize pipeline views to match their specific workflow. Pipeline views are essential for venture capital firms as they provide an overview of the deals that are in progress and help to track the progress of potential investments in different deal stages. It is imperative to quickly identify which deals are most crucial and move them through the pipeline more efficiently.
4. Meeting Management: VC CRM software helps investment managers focus on the most important meetings and make sure they are scheduled and managed effectively. The software allows users to schedule meetings with potential investors or target companies by offering built-in scheduling tools. Furthermore, this also allows users to capture meeting notes, automate follow-up emails or send reminders to attendees and ensure that follow-up actions are taken promptly.
5. Analytics and Reporting: VC CRM software can provide valuable insights and analytics to help investment managers make data-driven decisions and optimize their investment strategy.VC CRMs typically offer powerful analytics and reporting features, allowing users to analyze their pipeline, track deal progress, and identify areas for improvement. The analytics and reporting capabilities of VC CRM software can vary from solution to solution. However, some of the common analytics and reporting capabilities that one may find in VC CRM software are:
   • Deal flow tracking: Many VC CRM software solutions provide dashboards and reports that allow investment managers to track deal flow and analyze the performance of their investments. This can include information such as the number of deals in each stage of the investment process, the value of each deal, and the success rate of deals in each stage.
   • Fundraising: VC CRM software can help investment managers streamline fundraising by providing analytics on the investment preferences of potential investors. This can include information on how often they invest, the types of industries, and the geographies they prefer for investments.
   • Investor relationship management: VC CRM software can help investment managers effectively manage relationships with their investors by offering reporting capabilities. This can include reporting on Drawdown & Distribution, Capital Accounts, and Investment Performance.
   • Custom reporting: Some VC CRM software solutions allow investment managers to create custom reports and dashboards tailored to their specific needs. This can be helpful for analyzing specific areas of their business, such as fundraising or investor relations.

In conclusion, CRM software can be a powerful business partner for Venture Capital Funds as it can improve the overall smoothness of workflows and help investment managers focus on actual issues instead of firefighting the basics. The addition of this software can help venture capitalists negotiate their competitive business landscape better.

The VC CRM software brings the next level of comfort to investment managers as they can focus on handling the dynamic environment by staying informed and connected with their investors and identifying the most optimum deals that can deliver valuable outcomes.

(The author of the article is Ankur Agarwal, Co-Founder & CTO, PE Front Office)

Leo Capital Leads $1.14 Mn Seed Round in WhatsApp Marketing Start-up, QuickReply.AI

Leo Capital has led the round with infusion of $0.75 Million in the Start-up

QuickReply.ai aims to transform the marketing landscape for businesses by facilitating personalised and interactive WhatsApp-based marketing engagement

QuickReply.ai, a breakthrough WhatsApp Marketing and Automation platform, has raised $1.14 Million in a seed round led by Leo Capital. Along with an investment of $0.75 Million from Leo Capital, the round also saw participation from Pentathlon Ventures, GSF and entrepreneurs and angel investors such as Deepak Diwakar (Co-founder, MindTickle), Azhar Iqubal (Co-founder & CEO, Inshorts), and Dinesh Agarwal (Founder & CEO, Indiamart).

(L-R) Hridayesh Gupta (CoFounder & CTO) and Himanshu Gupta (CoFounder & CEO)

Founded in 2021 by Himanshu Gupta and Hridayesh Gupta, QuickReply.ai offers an end-to-end WhatsApp engagement tool for D2C Brands and Online Stores. It aims to revolutionise the marketing landscape by facilitating genuine and interactive communication between businesses and their customers. Driven by technology, the company promotes a personalised and collaborative approach that could foster long-lasting customer relationships and retention.

Speaking on the round, QuickReply.ai’s Co-founder & CEO, Himanshu Gupta said, “Gaining early traction across India, our product has been integrated as a core customer engagement and retention tool, by over 250+ businesses. Following extensive growth over the last 18 months, this seed funding will be significant for us to further strengthen our proposition and drive innovation at a more rapid pace.”

Hridayesh Gupta, Co-founder & CTO, QuickReply.ai also commented as he said, “As a company operating in the communication-tech space, we recognize that WhatsApp is poised to disrupt traditional methods of business communication such as SMS, email, and push notifications. By leveraging the unique capabilities of WhatsApp, we believe that we can empower businesses to build stronger and more personalised relationships with their customers. We are delighted to be at the forefront of this evolution in the messaging industry, and excited about the opportunities it presents.”

QuickReply.ai’s holistic WhatsApp Marketing proposition enables businesses and e-commerce brands to design campaigns for a vast range of use cases. Some of them include Recovery of Abandoned Carts; Conversion of COD Order to Prepaid Orders; Customer Engagement with Timely Alerts; Retargeting to Win Back Lost Customers; and Customer Support, among others.

Commenting on leading QuickReply.ai’s seed funding, Leo Capital’s Partner Dinesh Singh, “Following our core thesis, we are bullish about tech-oriented solutions for businesses across stages and geographies. WhatsApp has already established itself as a major customer engagement and retention tool, entirely superseding emails and other traditional mediums in some sectors. Businesses that are capable of leveraging this tool in an interactive manner are poised to have a competitive edge. QuickReply.ai is a disruptive solution, set to help brands personalise their WhatsApp Marketing through innovative automation. We are excited to partner with Himanshu and Hridayesh in their journey to foster this industry transformation.”

QuickReply.ai plans to deploy the raised capital largely towards talent acquisition, product development, bolstering its tech infrastructure, and research & development. The Start-up is also looking to allocate funds towards marketing and global expansion. After successfully establishing a strong presence in India, it aims to expand its operations to the Middle East, Southeast Asia, Latin America, and Europe, over the next two years.

About QuickReply.ai

QuickReply.ai is a platform for WhatsApp Marketing and Automation that helps businesses turn first-time visitors into loyal customers. By analysing customer behaviour from multiple data sources, it personalises customer interactions, creating long-lasting relationships and driving repeat purchases for higher customer lifetime value.

Binance Launches New AI-Powered Educational Tool to Make Web3 Accessible to All

Binance Academy, a leading Web3 education platform by Binance, the world’s largest crypto exchange, has launched Binance Sensei, a new innovative AI-driven learning tool for free education on Web3, blockchain, and crypto. To elevate the user learning experience, Binance Sensei aims to transform how users explore and interact with educational content, ensuring a more engaging process.

The new tool enables users to access the wealth of knowledge available on Binance Academy in a more intuitive manner. All users have to do is enter keywords or questions in the interactive chat window. Binance Sensei will then provide users with an easy-to-understand response sourced from Binance Academy's comprehensive collection of articles, guides, and glossary entries, or from other reliable open sources.

In 2023, AI-powered technologies will take the centre stage, revolutionising the way we interact and learn. With its advanced natural language processing and deep learning capabilities, AI will pave the way for personalised and immersive learning experiences, empowering individuals and communities to unlock their full potential. Powered by the advanced ChatGPT technology, Binance Sensei has been instructed to deliver relevant and easily digestible information. This user-friendly approach makes it easier than ever to dive into complex topics or quickly grasp new concepts, catering to a wide range of learning styles and preferences.

Using this interactive tool, people can now effortlessly and confidently navigate through the extensive educational materials offered by Binance Academy. Binance’s goal has always been to facilitate the worldwide adoption of Web3 by creating an ecosystem that is accessible to all, while continually embracing cutting-edge technology. As part of that vision, a special emphasis is given to Web3 education and knowledge-sharing and have established various educational initiatives and resources to help people learn about the world of digital assets.

Leon Foong, Head of APAC at Binance, said: “We are excited to launch Binance Sensei, a product with the potential to significantly improve access to localised blockchain education for everyone. At Binance, we are fully committed to increasing the quality of Web3 and blockchain education for everyone, regardless of their current level of expertise. With this interactive tool, users can now freely explore Binance Academy's vast array of educational resources with ease and confidence."

About Binance Academy:

Binance Academy is a comprehensive free educational platform that offers a wealth of resources on blockchain technology, crypto, and the Web3 ecosystem. Launched in 2018, Academy provides a wide range of content including articles, guides, videos, and glossary entries, catering to various skill levels and interests. Binance Academy's mission is to make blockchain and crypto knowledge accessible to everyone, regardless of their level of expertise. The platform is available in more than 30 languages, including English, Spanish, Chinese, Russian, Korean, and more, reaching millions of users worldwide.

About Binance:

Binance is the world’s leading blockchain ecosystem and crypto infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment, and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

Aksum, a B2B SCaaS Platform Raises $1 Mn in its Pre-Series A Round led by Inflection Point Ventures

Aksum is a platform that operates on a B2B Supply Chain as a Service (SCaaS) model, designed to enhance the efficiency of supply chain processes for SMEs and large corporates.

The funds raised will be used to expand the operations geographically and to strengthen the technology framework.

Inflection Point Ventures (IPV) has so far invested over INR 550 Cr across 170+ deals

Aksum, a B2B SCaaS Platform, has raised USD 1 Million in a mix of equity & debt in its Pre-Series A round led by Inflection Point Ventures. The funds will be used to enhance and reinforce the technology framework of the company and also expand its reach to new geographic locations

Vikram Ramasubramanian, Partner, Inflection Point Ventures, says, “To streamline the supply chain operation, usually SME’s and corporates require adequate amounts of capital & human resources which can be time consuming and costly. Aksum with its digitised platform will not only enhance the entire supply chain process but also provide a complete transparency in the end to end supply chain. Thus enabling manufacturing and infrastructure sectors to focus on their business and grow with ease. IPV is confident that with their expertise coupled with Aksum’s unique business model will further help them to grow strategically in the coming months."

He further added “The company is on track to achieve a Gross Merchandise Value (GMV) of over INR 250 Crore in the financial year 2023-24.”

Sumit Bhatia, Co-Founder, Aksum, says, “We would like to thank IPV for believing in our vision to build India’s 1st ScaaS B2B platform. The fund raised will help us in expanding our product category portfolio & bring transparency & efficiencies in the supply chain function.”

Ankit Jain, Co-Founder, Aksum, says, “This fund raise will help us grow the business 2X and provide access to cost efficient Working Capital solutions through Indian & Foreign Financial Institutions. Our aim is to remain profitable and grow steadily.”

Both the Co-Founders, Sumit Bhatia & Ankit Jain, complement each other in their roles. Ankit, an IIT Kharagpur graduate, brings in 17 years of Financial and Corporate experience and Sumit a Post Graduate in Management brings 23 years of experience across entrepreneurship as well as B2B distribution operations.

About Aksum

Aksum Trademart is India’s 1st ScaaS business-to-business (B2B) platform that provides Supply Chain as a Service (SCaaS) solutions to small and medium-sized enterprises (SMEs) and large corporates. The platform offers a range of services that help businesses streamline their supply chain operations. These services include procurement automation, which enables companies to automate their purchasing process, thereby saving time and reducing errors. Additionally, the platform provides supply chain optimization services, which help businesses to optimize their inventory levels, reduce lead times, and improve overall efficiency. Finally, Aksum also offers logistics management services, which enable businesses to manage their transportation and logistics operations more effectively, reducing costs and improving delivery times. By leveraging these services, businesses can improve their supply chain performance, reduce costs, and increase profitability.

About Inflection Point Ventures & Physis Capital

Inflection Point Ventures (IPV) is an angel investing platform with over 7400 CXOs, HNIs, and Professionals to together invest in start-up’s. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups. 

How a Bike Loan can Help You Purchase your Dream Bike

Bikes have emerged as a definitive answer to navigating traffic in India. Two-wheelers are also easy to use and are relatively inexpensive. This has increased the demand for bikes and two-wheelers in the Indian market.

As the demand for bikes continues to grow, so has the demand for bike loans. In order to meet this demand, financial institutions have fine tuned their bike loan offerings. These days, you can apply for a bike loan from the comfort of your home with minimal documentation.

Let’s take a closer look at bike loans and why they might be a great way to finance your bike purchase.

Why Choose Bike Loans?

1. Purchase your dream bike

Purchasing your bike in cash can be a little challenging as you’d have to make the entire payment at one go. This can deplete your savings and can cause some financial stress.

Apart from depleting your savings, paying for your bike out of pocket can also mean that you’d need to make some compromises. This can mean that you’d have to choose a more inexpensive variant or a different bike altogether. This may not be such a good idea, particularly if you plan on using your bike for the foreseeable future. A bike loan can help you purchase your preferred bike without any hassles.

A bike loan allows you to purchase the bike of your choice without having to make any compromises. With a bike loan, you just need to make a down payment of anywhere between 0% to 30% of your bike’s value and you’re good to go. Post this, all you have to do is make monthly payments towards your bike loan.

2. Helps plan finances better

Taking a bike loan ensures that your EMIs are spread evenly throughout the loan repayment tenure. Paying for the bike in one go can throw off your finances and can cause a lot of liquidity crunch. Instead, you can take advantage of a bike loan and allocate your funds towards building an emergency fund or investing.

Additionally, you can analyse your finances before taking a bike loan to understand your repayment capability. It’s impossible to take a one-size-fits-all approach to personal finance. This is why you should always take into account your unique life and financial circumstances to arrive at a repayment plan that works for you.

You can use a two wheeler EMI calculator to understand how loan amount, interest rates and loan repayment tenure affect your monthly payments. You can tweak the repayment tenure and the loan amount a little bit to help you arrive at an ideal EMI amount.

3. Rewards and offers

Nowadays, the loan industry has become quite competitive. This means that lenders are eager to give loans to credible borrowers. This has translated into lower interest rates, rewards, free insurance offers, additional discounts, full-financing with zero down payment, etc.

If you have a regular source of income and have a good credit score, you may be eligible for one or many of these offers. Taking advantage of these offers can help you make the most of your bike loan and lower costs.

4. Helps improve your credit score

If you are new to credit, one of the simplest ways to improve your credit score is to take a small ticket loan. Apart from being a small ticket loan that’s accessible, a bike loan is also a secured loan. This means that the interest rate on a bike loan is much lower than the interest rates offered on other small ticket unsecured loans.

A combination of accessibility and affordability makes bike loans a great way to enhance your credit score. If you’re planning to take a bike loan to improve your credit score, here are some things to keep in mind:

• Avoid applying for multiple bike loans in a short period of time. This will signal to credit bureaus that you are desperate for credit and they may flag you as a risky borrower. This can lower your credit score.
• Always make sure to pay your dues in full, on time. Defaulting on payments can negatively affect your credit score.

5. Easy application process

These days, applying for a bike loan is very simple and takes only a matter of minutes. You only need a few basic documents and information to get started. You can get started online through your preferred partner’s online portal.

6. Low interest rates

Being a small ticket secured loan, bike loans bear some of the lowest interest rates available in the market. You can take advantage of these low interest rates to fund your bike purchase. Bike loan interest rates can range anywhere from 6.85% to 28.30% per annum.

By shopping around a little bit and/or negotiating with your lending partner, you can get very low interest rates that can make your bike purchases quite affordable.

7. Tax benefits

If you’re a self-employed person and intend on using your bike for business purposes, then you can get tax benefits on your bike loan. The interest paid towards this bike loan will be considered a tax-deductible. Apart from this, you can also deduct the amount paid towards the maintenance of the vehicle from your profits while filing for taxes.

RED.Health (Formerly StanPlus) Launches Air Ambulance Services in 550+ Cities With 25+ Aircrafts

RED.Health launches air ambulance services across 550+ cities in India, even in areas which are inaccessible to airports

• Introduces air ambulance to address three fundamental values of Emergency Medical Services: reliability, speed, and empathy.
• RED.Health aircrafts are designed to perform critical evacuations such as BiPAP, Ventilator, ECMO transfers or medically and surgically critical patients

RED.Health, India’s largest medical emergency response platform has recently expanded its offerings to launch Air Ambulance services. The RED.Health Air Ambulance service is now available to provide state-of-the-art medical emergency services with robust technology across 550+ cities in India via air. RED.Health aims to integrate an extremely fragmented market of Air Ambulance into one platform to streamline cost variations and enable a committed team that can evacuate a patient safely through clinical expertise.

RED.Health has a fleet of 8 specialised aircrafts that can evacuate patients from any terrain or geography of the nation timely and efficiently. RED Air Guardian not only enables air transfer for medical emergencies; but also ensures surface transport to and from the airport. We manage 25+ aircrafts parked on the airports all across India and 10+ aircrafts parked in different parts of the world, to cater to overseas air evacuation. While we are accessible to most parts of India, we actively do air evacuations from cities like Raipur, Bangalore, Hyderabad, Mumbai, Delhi-NCR; and parts of Middle eastern countries like Dubai, Abu Dhabi, Muscat and Doha.

Air Guardian maintains the highest level of care and clinical proficiency while evacuating each patient to the specialised medical facility. All the ambulances are equipped with state-of-the-art medical technology, defined SOPs, Clinical Pathways, an excellent Medico-legal framework, and a team of highly qualified Critical Care professionals.

Commenting on the development, Prabhdeep Singh, Founder & CEO, RED.Health said, "At RED.Health we take pride in reaching the patient in just 15 minutes. Taking a step forward, we are now equipped to save more and more lives in parts of the country where specialised or robust medical facilities are unavailable. Our Air Ambulance service can assist patients who need to be transferred long distance in case of emergency to a specialised medical facility. Our Team constantly strives to be efficient and empathetic, which not only makes our services faster but also ensures zero casualties in a field where the entire medical industry is competing for the best patient experience and dependability. We are determined to advance our goal of creating 911 for Indian healthcare with this new endeavour”.

RED AIR Guardian now has the ability to use helicopters to transport patients from challenging and inaccessible areas and perform services like Repatriation, Bed to Bed transfer, Airport to Airport transfer, Rural evacuation, remote evacuation even without having access to the airports. The highly effective team is equipped with state-of-the-art clinical pathways and evacuation protocols, and the medical director on board is an expert in cardiac anaesthesia and critical care to ensure safety of a patient.

RED.Health vows to reach emergencies in less than 15 minutes. The company aims to achieve the core pillars of response technologies during emergencies: access, triage, destination selection, and vital sharing. The Hyderabad-based startup has partnered with 100+ hospitals and 70+ enterprises and is looking to expand to 600+ cities and towns in India by the end of this year, a step towards providing a robust medical emergency response to people across the country.

About RED.Health:

RED.Health is India's largest medical emergency response platform working 24/7 to solve the emergency response with the use of technology and trained personnel. RED.Health is backed by a multi-city fleet of 6000+ ambulances with top-of-the-line equipment for critical and non-critical care. RED.Health envisions solving the classic 3As of Indian healthcare that is, awareness, affordability, and access. RED.Health has already partnered with 50+ hospitals and 70+ enterprises to manage their medical response systems. The company is also looking for expansion to serve patient transportation needs across and densely in the country.

Motorola Doubles its D2C E-Commerce in India After Partnering with VTEX

Digital commerce platform also appoints Yashdeep Vaishnav as Head in India

VTEX (NYSE: VTEX), the global enterprise digital commerce platform, has been chosen by Motorola India to scale up its digital first go-to-market and enhance its direct-to-consumer (D2C) strategy. The collaboration has allowed Motorola to offer a host of functionalities to its consumers, including affordability schemes, free delivery, login via email OTP, and payment on delivery.

According to Motorola, VTEX's responsive platform has been easy to use, customizable, and has built-in SEO features. It has also enabled the company to gather analytics insights and build a direct connection with consumers by understanding their feedback. VTEX's offer engine with payment gateway partners has made affordability schemes possible, allowing Motorola to scale its business in India since the go-live in mid-2022. The result has been an exceptional customer experience, with increased trust on Motorola's brand ecommerce and more sales of premium devices through this channel. Since going live in July last year, Motorola has doubled their business every month for the first 3 months.

"Partnering with VTEX was a game-changer for Motorola. They helped us unify our B2C and B2B channels, enhance our website and checkout experience, and improve our digital capabilities. VTEX's low-code development platform gave us the ability to deploy new projects quickly and stay ahead of the curve," said Prashant Aneja, ecommerce manager at Motorola India.

Yashdeep Vaishnav 

In line with its vision to further expand in India by helping to improve retailers’ profitability in the country, VTEX has appointed Yashdeep Vaishnav as Head of VTEX India. In his new role, Vaishnav will lead and expand the global enterprise digital commerce platform’s operations in India. He brings over 20 years of experience from the digital commerce industry, having previously served as the Chief Business Officer at SignDesk and as Country Head for an American cloud-based  software company, leader in the customer relationship management (CRM). He has also worked with Vodafone and other multinational tech companies.

"Yashdeep's appointment as Growth Leader for India is a testament to our commitment to delivering exceptional customer experiences in the region," said Prakash Gurumoorthy, General Manager, EMEA and APAC at VTEX. "With his extensive experience in the digital commerce industry and deep understanding of the Indian market, we are confident that he will lead VTEX India to new heights."

Speaking on his appointment, Yashdeep Vaishnav said, "I am thrilled to be joining VTEX. I am looking forward to the opportunity to work with such a dynamic and innovative team and to contributing to VTEX's continued success in the Indian market."

With the VTEX composable and complete platform, forward-thinking Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) can modernize their stack and reduce maintenance costs, meeting their digital transformation goals with smart investments. VTEX offers numerous customizations that enable businesses to build products tailor-made for their consumers.

About VTEX

VTEX (NYSE: VTEX) is the global enterprise digital commerce platform where brands and retailers run their world of commerce. VTEX puts its customers' businesses on a fast path to growth with a complete commerce, marketplace, and OMS solution. It helps global companies build, manage, and deliver native and advanced B2B, B2C, and marketplace commerce experiences with unprecedented time to market and without complexity.

As a leader in digital commerce platforms, VTEX is trusted by more than 2,600 customers, including Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker, and Whirlpool, having over 3,400 active online stores across 38 countries (as of FY ended on December 31, 2022). For more information, visit www.vtex.com

Communications Platform as a Service (CPaaS) Market is Expected to Surge at ~US$ 60 Bn by 2032

According to Future Market Insights (FMI), demand registered in the market will increase at a CAGR of around 25.0% from 2022-2032. Sales in the communication platform as a service (CPaaS) market are anticipated to reach ~US$ 60 Bn by 2032.

The report states that the market is expected to reach a valuation of ~US$ 6,384.4 Mn by the end of 2022. As per Future Market Insights, the growing demand for flexible communication platforms is expected to boost sales of CPaaS solutions.

Communications platform as a service or CPaaS solutions are referred to as cloud solutions that enable organizations to add real-time communication features to business applications. These solutions are adaptable and scalable, and unite the latest integrated communication services into a single offering.

Communications platform as a service brings together several types of communications, including calls, emails, and SMS for enhanced customer engagement. The emergence of Omni-channel methods for customer management is set to increase the demand for CPaaS solutions in the banking and financial sector. Insurance firms, banks, and payment providers require a secure platform for providing rapid and dependable services to customers while preventing fraud. CPaaS solutions have proved to be a secure real-time communication platform across the BFSI industry.

CPaaS solutions are becoming more popular, especially in the banking sector as these provide personalized offerings. CPaaS services, on the other hand, deliver on boarding features and text reminders to customers, thereby reducing delinquency risk with compliance and security.

Furthermore, the implementation of CPaaS solutions results in early fraud detection with an outbound IVR facility. These facilities come along with additional options for immediate transfer to agents offering secure environments to customers for financial transactions. Such wide adoption is opening new opportunities for key players in the CPaaS market.

Key Takeaways

• By solution, the CPaaS software segment is predicted to lead the global communications platform as a service market with a CAGR of 2% during the forecast period.
• By enterprise size, the large enterprise segment is set to dominate with a CAGR of nearly 23% between 2022 and 2032.
• By industry, the healthcare segment is anticipated to exhibit an astonishing CAGR of 31% in the forthcoming years.
• By geography, North America had the largest market share of about 2% in the CPaaS industry in 2021.
• The South Asia & Pacific region is expected to witness the highest growth rate of around 7% throughout the forecast period of 2022-2032.

"Growing demand for customer communication and customer engagement across the BFSI and retail industries is expected to drive the global communications platform as a service market growth," says an FMI analyst.

Increasing Demand for CPaaS in Retail Industry to Drive the Market

Retail firms are utilizing CPaaS solutions to adapt to the hybrid environment of modern-day purchase requirements. Large-scale retail and consumer enterprises with multiple locations add cloud-based call routing solutions to ensure accurate routing of calls and SMS depending on location, time and need.

Several brick-and-mortar, as well as online merchants, utilize CPaaS solutions as the preferred business software. Such software solutions can circulate customized information, initiate in-store event registrations, offer segmented discount codes, and send sales alerts. In addition, the addition of SMS with a voice to the communication strategy is ensuring an increased footprint of products onto consumers.

Up-to-date and flexible real-time integrated communication services enable small- and large-scale retail businesses to embrace the rapidly evolving cloud communications market. Thus, increasing adoption in the retail industry is fueling market growth and is anticipated to continue its supremacy in the near future.

Rising Adoption of Chatbots to Enhance Customer Engagement Will Aid Growth

To enhance the process of interaction on a real-time basis, businesses are deploying chatbots and chat applications that interact with customers in an imaginative way. Chatbots and WhatsApp business APIs are two of the most popular use cases for CPaaS solutions. These chatbots are strategically designed to produce desired results with statistical information from the preceding information. The applicability of chatbots is becoming widespread with increased adoption among businesses for meaningful customer engagement.

Various organizations have integrated self-service chatbots for answering simple questions via conversational interfaces. One of the CNBC reports estimates that bots will handle 75-90% of the questions by the end of 2024. The growing adoption and application of chatbots would surge the demand for communications platforms as a service solution.

These insights are based on a report on Communications Platform as a Service (CPaaS) Market by Future Market Insights

Avaada Group Raises $1.07 Bn to Fund Its Green Hydrogen and Green Ammonia Ventures

Avaada Group today announced that it has raised US $ 1.07 billion to fund its green hydrogen and green ammonia ventures in India as a part of its ongoing US$ 1.3bn fund raise plan.

Brookfield Renewable, through its Brookfield Global Transition Fund (BGTF) will be investing up to US $ 1 billion in Avaada Ventures Private Limited.

Global Power Synergy Public Company Limited (“GPSC”), will further invest US $ 68 million in Avaada Energy Private Limited for releasing debt obligations and supporting the growth. 

The Group is also in advanced discussions with potential investors to raise another US$ 200 million.

Avaada Group has become future-ready in the global Energy Transition theme and has diversified into manufacturing of Green Hydrogen, Green Ammonia. The Group has also expanded its footprint into the Solar PV supply chain with manufacturing of solar cell and module. Avaada currently operates a renewable energy portfolio of ~4 GW with plans to reach 11 GW by 2026. 

Avaada has recently won a bid under Production Linked Incentive (PLI) scheme launched by the Government of India for setting up 3 GW ingots, cell, and module manufacturing facility.

Vineet Mittal, Chairperson and Founder, Avaada Group commented: “Avaada Group is a leading player in energy transition in India, building an integrated ‘Sand to molecule’ business aligned for the global energy transition towards decarbonization. I am delighted to welcome Brookfield to join us in our next phase of growth. The collaboration will support us in pursuing exciting opportunities as we play a critical role in meeting the exponential growth of sustainable energy and position ourselves at the forefront of the global energy transition. I’m also thankful to GPSC for their continued support in fulfilling our mission of delivering promise of a sustainable future for posterity.”

Nawal Saini, Managing Director, Renewable Power & Transition, Brookfield added, “We are pleased to be investing in Avaada through the Brookfield Global Transition Fund, which focuses on investments that accelerate the progress to a net-zero carbon economy. This strategic partnership will leverage Brookfield’s global track record, access to capital and operational expertise alongside Avaada’s strong local footprint, to enable their vision for the energy transition business. Brookfield remains committed to supporting the next generation of clean energy technologies and contributing to India’s net-zero aspirations. “

About Avaada Group:

Social entrepreneur Vineet Mittal-led Avaada Group is an integrated energy platform with business interests ranging from manufacturing solar cells, modules and electrolysers to renewable power generation, green hydrogen, and green ammonia production. Avaada Group’s flagship company Avaada Energy is India’s fastest-growing renewable energy IPP. Within five years, it has developed an impressive portfolio of 4 GW and the firm plans to reach 11 GW by 2026 and 30 GW by 2030. GPSC is a 42.9% equity partner in Avaada Energy, the renewable arm of the Avaada Group.

The solar manufacturing business of Avaada is in the advanced stages of developing a manufacturing facility for wafer, cell, and modules. The group is also executing Green Ammonia projects across multiple geographies and plan significant capacity addition to meet the domestic and international demand for the clean fuel through a separate business vertical.

About Brookfield Renewable:

Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Our diversified portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable technology solutions across five continents. Our installed capacity totals approximately 25,400 megawatts and a development pipeline of approximately 110,000 megawatts of renewable power assets, 8 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 2 million tons per annum of recycled materials capacity and 3 million metric million British thermal units (“MMBtu”) annual capacity of renewable natural gas projects. Investors can access our portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.

Brookfield Renewable is the flagship listed renewable and transition company of Brookfield Asset Management, a leading global alternative asset manager with approximately US$800 billion of assets under management. In India, Brookfield has over 9 GW of diversified assets across of wind, solar and hybrid assets in various stages of execution across seven different states.

About Brookfield Global Transition Fund:

The Brookfield Global Transition Fund is Brookfield’s inaugural impact fund focusing on investments that accelerate the global transition to a net-zero carbon economy, while delivering strong risk-adjusted returns to investors. Institutional investors committed US$15 billion, making it the largest fund ever raised to support the transition to net zero. The Fund targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as increasing low-carbon energy capacity and supporting sustainable solutions. Consistent with its dual objectives of earning strong risk-adjusted returns and generating a measurable positive environmental change, the Fund will report to investors on both its financial and environmental impact performance.

About GPSC

GPSC, an electricity and utility flagship of PTT group with core business to generate and supply electricity, steam and utilities to its industrial customers, the Electricity Generating Authority of Thailand (EGAT) etc. The total committed equity capacity is approximately 7,227 MW of electricity, approximately 3,064 tons per hour of steam, approximately 15,400 refrigeration tons of chilled water and approximately 7,026 cubic meters per hour of processed water. The shares of GPSC are held by PTT 47.27%, SMH (PTT’s wholly-owned subsidiary) 7.96%, Thaioil or TOP (10.00%), PTT Global Chemical or GC (10.00%) and the public investors (24.77%).

"No Right to Exclusive Use of NFT Technology", Delhi HC Rejects Rario’s Plea Against Striker in a Landmark NFT Judgment

Delhi High Court rejects Rario’s plea against Striker in a landmark NFT judgment

No right to exclusive use of NFT technology, Delhi High Court

In a landmark judgment on NFT and Web 3, Hon'ble Justice Amit Bansal of the Delhi High Court today dismissed a plea by Rario against Web 3 fantasy platform Striker and digital gaming platform Mobile Premier League (MPL), to prevent Striker from using public information available on cricket players.

The Delhi High Court in its order said, “The plaintiffs cannot claim to have an exclusive right over the use of an NFT technology. NFT is a technology that is freely available.” The order added “NFT Player Cards are in fact ‘in-game’ assets to be used for enhancing the experience of playing the Game.” It further said, “There is no difference between online fantasy sports (OFS) with NFT Enabled player cards and ordinary OFS Game in so far as the use of the name or artistic impression/ photograph of a player is concerned.”

Striker works with individual artists who produce original cricket-themed art using publicly available events & recollections. While the platform primarily operates an innovative fantasy league, it allows users to retain and develop the players they "buy" for their fantasy teams throughout multiple seasons of on-field cricket.

Rario's petition was joined by cricketers like Harshal Patel, Shivam Dube and Umran Malik, who are among scores of other big ticket cricket players who have signed NFT deals with Rario. Meanwhile, Striker was joined in its petition by All India Gaming Federation (AIGF) and Winzo. In its intervention, AIGF had said that "not being able to use specific identifiers for players could impact growth of smaller companies," thereby placing the Indian gaming industry at a disadvantageous position with respect to other countries.

“This is a victory for thousands of indie game developers who are working tirelessly for building a vibrant Indian gaming industry and achieving our Hon’ble Prime Minister’s dream of a $1 trillion digital economy,” said Roland Landers, CEO of the All India Gaming Federation (AIGF). “AIGF had intervened in the case as the questions of law involved directly impacted the online gaming industry and sought to curb innovation, specifically in fantasy sports, and the NFT and blockchain arenas. AIGF’s intervention focused on preventing monopoly over any part of the online gaming ecosystem, and allowing MSMEs to continuously innovate in the Web 2 and Web 3 space. Being the oldest and the largest industry body, and the voice of the MSME gaming start-ups, AIGF believes that the sector needs to support innovation and creativity, and discourage anti-competitive and monopolistic tendencies. The Hon’ble Court, through the order, has recognised that the use of Web 3 technologies and classic formats of online games cannot be restricted unless a clear violation of law is established, and has upheld the rights of small developers to build for India,” Landers added.

The order was welcomed by the artist community, which had been working with Striker to showcase their digital art to a larger audience and monetize their work effectively. Najeeb Thottungal, one of the artists, said, “We are grateful to the Delhi High Court for recognising the rights of small independent artists. Creating cricket-themed fan art is a unique and creative way for young and aspiring artists like us to express our love for players and connect with other fans. Today's court ruling not only protects our rights as artists to engage with this emerging medium of NFTs but also empowers us to continue creating and contributing to the conversation surrounding cricket and art.”

Nitesh Jain, co-founder of Striker said, "We are tremendously grateful to the Delhi High Court for establishing that there can be no monopoly over NFT technology. Indie game developers like Striker can't survive in a world where NFT tech is monopolized by a few. But, just like you can't tell photographers to stop using color pictures available in public, you cannot ask developers and artists to not make NFTs out of publicly available images or information. This protects the rights of both indie developers who cannot afford expensive licenses, and the artist community that we work with to use this revolutionizing new tech (NFT) to make art out of public information and images. Using blockchain and NFT technologies also allows us, among other things, to keep our systems free of fraud and foster transparency."

Coliving Giant Zolostays Makes Foray Into Luxury Hotel Space With Launch Of Hotel Z - Triloha In Bengaluru

The hotel will feature 57 elegantly furnished guest rooms equipped with state-of-the-art amenities

The launch is part of Zolo’s expansion plans into newer segments to cater to discerning customers

Zolostays, India's largest co-living and student-housing platform, is set to expand its reach and offer its signature hospitality to a new audience with its first foray into the luxury segment. The company announced the launch of its first luxury hotel in India, Hotel Z Triloha, located in the heart of Bangalore's bustling neighbourhood. The hotel's strategic location places it just minutes away from major tech parks like Embassy Tech Village, RMZ Ecoworld, Cessna Tech Park, and leading companies such as Adobe, Myntra, and LinkedIn.

The hotel features 57 beautifully appointed guest rooms, each with a spacious and luxurious interior, plush bedding, and state-of-the-art amenities. The hotel also offers a range of suites, including a luxurious presidential suite, perfect for guests seeking an elevated experience.

Hotel Z also boasts of a range of dining options, including a restaurant serving an exquisite selection of international and local cuisine, with an array of culinary delights served as complimentary breakfast. The rooftop restaurant is the perfect spot to enjoy a refreshing drink and take in the panoramic views of the city.

For those seeking relaxation and rejuvenation, the hotel's state-of-the-art fitness centre is equipped with the latest equipment and is open 24 hours a day, ensuring that guests can maintain their exercise routines during their stay. Hotel Z also offers a range of event spaces, from conference rooms to theatre rooms that can accommodate up to 30 guests.

"We are excited to launch Hotel Z - Triloha, where we aim to provide unparalleled service and hospitality that surpasses our guests' expectations and leaves them with unforgettable experiences," stated Dr. Nikhil Sikri, Co-founder and CEO of ZoloStays. "Our entry into the luxury segment with this launch in Bangalore marks a significant milestone in our expansion plans. As a business, we understand the importance of diversifying our customer base, exploring new revenue streams, and expanding into new markets to drive long-term success. With this launch, we aim to provide comfort and convenience to both travellers and locals in one of India's most vibrant cities. Our expansion strategy is built on extensive market research and a deep understanding of local culture and regulations, coupled with an unwavering commitment to excellence."

About Zolo Stays

Headquartered in Bengaluru and founded in 2015, Zolostays is India’s largest co-living and student-housing platform. At the company's helm are three young entrepreneurs, Nikhil Sikri, Akhil Sikri, and Sneha Choudhary - all fiercely passionate about making a difference in the overcrowded co-living market by keeping customer experience and technology as their core focus. Zolostays’ offerings are divided into three verticals: Coliving Spaces, Student Housing, and Pre-leased Real Estate Investment. And underpinning all these three verticals is the company’s core philosophy of providing hassle-free living with freedom, flexibility, and functionality.