Tata Communications Acquiring Kaleyra, Formerly Ubiquity That Acquired An Indian Startup in 2016

Tata Communications, a global digital ecosystem enabler, on Wednesday announced that it has entered into a definitive agreement through Tata Communications Limited to acquire NYSE listed Kaleyra, Inc. in a cash only transaction, at a price per share of USD 7.25 for a total consideration to Kaleyra shareholders of approximately USD 100 million and the assumption of all outstanding debt.

Kaleyra is a New York-headquartered global Communications Platform as a Service (CPaaS) company, with a set of proprietary platforms, offering targeted personalisation through messaging, video, push notifications, e-mail and voice-based services, and chatbots.

Interestingly, Kaleyra was previously known as Ubiquity which was rebranded to Kaleyra after 2 years of making acquisition of the Bengaluru, India-based CPaaS startup "Solutions Infiniti" in 2016. Founded in 1999 as Ubiquity in Italy by Dario Calogero, Kaleyra was earlier an Italian firm which became a listed company in NYSE America (NYSE:KLR) in November 2019.

Italian company Ubiquity and Indian Cloud telephony start-up Solutions Infini come together for the unveiling under a new brand “Kaleyra.” pic.twitter.com/RX4ayP9IS4

— Solutions Infini (@solutionsinfini) June 25, 2018

Led by Solutions Infinity co-founder Ashish Agarwal Kaleyra transitioned into the US capital markets as a public company.

Solutions Infini was founded in 2009, by Aniketh Jain and Ashish Agarwal. It was in October 2016 when the Bengaluru based startup announced that the-then Ubiquity had acquired 51% stake in it, for an undisclosed amount, and later in June 2018 both the entities announced merger as well as rebranding to Kaleyra, with India's Solutions Infiniti founders picking up minor stakes in Kaleyra group.

More interestingly, before acquiring Solutions Infini, Ubiquity was also a strategic investor itself in the Bengaluru-based startup.

So, Kaleyra, formerly Ubiquity (Italy), which once acquired Indian Startup, will be a part of Indian conglomorate Tata Group's Tata Communications.

Upon closing of the transaction, expected in six to nine months, Kaleyra Inc. will become a subsidiary of Tata Communications. 

Maruti Suzuki Selects 6 Early-Stage Startups from East and Northeast India Under Its Nurture program

These startups offer solutions in the domains of driver aggregation services, jute-based accessories, hyperlocal delivery services, development of a micro electric car, wearable hearing devices and safety apparel

Initiated in November 2022, Nurture program aligns to Government’s Startup India initiative

Giving an impetus to the startup ecosystem in the East and Northeast India, Maruti Suzuki India Limited declared the names of the six startups selected under its Nurture program, conducted jointly with IIM Calcutta Innovation Park (IIMCIP). The selected startups were DriverShaab, Route2Jute, OiHelp, Hopun Innovations Pvt. Ltd., Backyard Creators Pvt. Ltd. and Salutem Ridegear. These startups extend solutions in the domains of driver aggregation services, jute-based accessories, hyperlocal delivery services, development of micro electric cars, non-surgical wearable hearing devices and safety apparel.

The startups were judged on competencies like innovation, business model, relevance to Maruti Suzuki’s business operations, leadership & team structure, and revenue model. The six selected startups will now undertake a paid Proof-of-Concept to assess the viability of their proposed business solutions in a real-world scenario. They were also presented with a cash reward of Rs. 50,000 each and secured further mentorship opportunities under Maruti Suzuki’s innovation programs. The Grand Idea Hunt finale took place in the presence of senior leadership of Maruti Suzuki and IIM Calcutta.

Sno	Startup	Business Description
1.	DriverShaab	Next generation agile driver aggregation platform
2.	Route2Jute	Revival of jute industries and social entrepreneurship- Jute-based sustainable accessories and fashion apparels, made by prisoners
3.	OiHelp	Robust last mile hyperlocal delivery service and logistics- pick up and drop service as well as ride hailing
4.	Hopun Innovations Pvt Ltd	Building a 2-seater micro electric car for intracity travel for private as well as commercial use
5.	Backyard Creators Pvt Ltd	Impulse- World?s first non-surgical wearable hearing device for individuals with congenital hearing loss
6.	Salutem Ridegear	Manufacture of safety apparels for two-wheeler riders, defence personnel and agricultural safety gear

Aiming to augment the startHhup ecosystem across the country through co-creating solutions relevant to the automobile industry, Maruti Suzuki has undertaken multiple initiatives. The Company collaborates with startups across level of maturity:

• Incubation program is targeted towards startups that are in the ideation to proof-of-concept stage
• Nurture program extends mentorship opportunities and an enabling growth environment to early-stage startups from the East and Northeast region to shape their ideas to reach a viable product stage
• Mobility & Automobile Innovation Lab (MAIL) engages technology-based startups that are at the budding stage
• Mobility Challenge focuses on growth-stage startups

Depending on the level of maturity, the startups are provided an enabling ecosystem with the right mentorship, networking, and growth opportunities under Maruti Suzuki Innovation programs. Selected startups also get an opportunity to test the viability of their solutions across various business verticals of Maruti Suzuki.

Cybercriminals Using 15-year-old Tactics to Target Overlooked Gaps in Security

Cybercriminals Exploit Outdated Security Flaws Warns Barracuda

Experts state that cybercriminals are using 15-year-old tactics to target overlooked gaps in security

Barracuda, a trusted partner and leading provider of cloud-first security solutions, has released a Threat Spotlight revealing that cyber attackers are relying on outdated tactics and overlooked security weaknesses to target organizations. These attackers aim to gain remote control of systems, install malware, steal information, disrupt business operations through denial-of-service attacks, and more.

The findings are based on an analysis of three months’ worth of detection data from the Intrusion Detection Systems (IDS) used by Barracuda’s Security Operations Center (SOC), part of Barracuda XDR. The IDS tools provide not just a powerful early warning system of potential attack – they also reveal the weaknesses that attackers are targeting and the most popular tactics they are using to do so.

Top malicious tactics detected by Barracuda's firewall IDS integration

Top suspicious network detections detected by Barracuda's IDS tool (in millions)

The analysis of the detection data highlights several key points, including:

• Attackers try to gain remote control of vulnerable systems by using a tactic from 2008 that would let them take advantage of a misconfigured web server to get to data such as application code or sensitive operating system files that they should not have access to.
• Another tactic designed to achieve the goal of remote-control dates from 2003 and involves trying to inject specially crafted malicious code into a legitimate process which would allow the attacker to read sensitive data, modify operations, and send instructions to the operating system.
• Other established tactics target bugs in the programming languages that developers use to create applications which are integrated into common web-based systems or into “middleware” that processes data, such as when someone adds an item to their online shopping cart. The potential reach of a successful attack using these tactics is therefore extensive.
• Attackers try to get hold of sensitive information by targeting vulnerable servers to obtain passwords or lists of users, or by misusing a legitimate process to find out how many computers on a network have an active IP connection. This can help with planning and preparing for a bigger attack.
• Attackers are also trying to cause general chaos, disruption, and denial of service by messing with online traffic data packets, making them too small or fragmenting them so that the communications channels and destination servers become overwhelmed and crash.

"Security weaknesses do not have an expiration date, and over time they can become deeply embedded, shadow vulnerabilities within a system or application. The tactics used to exploit them do not necessarily have to be new or sophisticated to succeed," emphasized Merium Khalid, Senior SOC Manager, Offensive Security, Barracuda XDR. "A multi-layered approach to protection with multiple levels of detection and scrutiny is essential. Understanding the vulnerabilities present in your IT environment, who may target them, and how they do so is crucial, as is the ability to respond and mitigate these threats."

To learn more about the prevalent attack tactics and targets check out the blog here.

About Barracuda  

At Barracuda we strive to make the world a safer place. We believe every business deserves access to cloud-first, enterprise-grade security solutions that are easy to buy, deploy, and use. We protect email, networks, data, and applications with innovative solutions that grow and adapt with our customers’ journey. More than 200,000 organizations worldwide trust Barracuda to protect them — in ways they may not even know they are at risk — so they can focus on taking their business to the next level. For more information, visit barracuda.com.  

Barracuda Networks, Barracuda and the Barracuda Networks logo are registered trademarks or trademarks of Barracuda Networks, Inc. in the U.S., and other countries.

Taiwan's Gogoro to Deploy $1.5 Billion Smart Battery Infrastructure in Maharashtra

India’s State of Maharashtra and Gogoro to Partner On ‘Ultra Mega Project’ to Manufacture and Deploy Smart Battery Infrastructure that Would Exceed $1.5 Billion Over Eight Years

Maharashtra’s Ultra Mega Project Offer Outlines an Eight Year Phase 1 Investment Plan that Includes More Than $500 Million Investment in Manufacturing and $1 Billion in Smart Battery Infrastructure Deployment by Gogoro supported by Financial Incentives and Reimbursements by the State of Maharashtra.

The Project Would be One of the Largest EV Investments in India’s History and

Follows an MOU Announcement at Davos in January 2023.

The Indian State of Maharashtra and Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that the Maharashtra government had presented Gogoro with an offer letter to enter into an ‘Ultra Mega Project’ agreement to manufacture vehicles, smart battery packs and battery swap stations, and deploy an open and accessible battery swapping infrastructure in the State beginning in late 2023. The announcement was made, at a Maharashtra’s State Government press conference, by Chief Minister Shri. Eknath Shinde.

The proposed Ultra Mega Project deal would exceed $1.5 billion and include financial incentives and support from Maharashtra. The offer letter follows a MOU between Maharashtra and Gogoro that was previously announced at Davos in January 2023.

Late last year, Gogoro debuted in India market with its electric scooter and also announced its collaboration with Hero Motocorp for battery swapping infrastructure.

The Maharashtra government categorizes Ultra Mega Projects as significant strategic investments exceeding $500 million that usually result in government incentives to ensure successful project execution. Gogoro’s request for financial incentives was approved and endorsed by the Maharashtra state cabinet and the two parties expect to complete the agreement soon.

“As the leading State in India for electric vehicles, Maharashtra is demonstrating our strong commitment towards sustainable transportation for all. We are creating a smart battery ecosystem with Gogoro, a leader in sustainable vehicles and electric fuel technologies. As part of the project, Gogoro will establish its India vehicle, smart battery and battery swapping station manufacturing in Maharashtra and deploy their industry leading smart battery infrastructure in the state, generating approximately 10,000 direct and indirect jobs,” said Hon. Chief Minister Shri. Eknath Shinde.

“In line with the vision set by our Hon Prime Minister Shri. Narendra Modi, Maharashtra is fully committed to help build a green and sustainable future for our state. I am delighted to announce that today we approved an ultra mega project with Gogoro, a Nasdaq listed, global two-wheel EV company," said Devendra Fadnavis, The Deputy Chief Minister of Maharashtra. "Gogoro aims to produce two-wheel EV’s that utilize its open and accessible battery swap technology which is absolutely state of the art. We have provided Gogoro with the necessary financial and other key incentives to usher in a new paradigm shift in the way we will move people across metros and cities. The EV revolution is gripping the world and our state is not far behind in its early adoption. With this project we anticipate creating a fertile ecosystem for local manufacturers who will avail the necessary tech transfer and help create world class products for our citizens."

Gogoro plans to build a smart energy infrastructure in Maharashtra that is open and accessible and establishes battery swapping and smart battery stations as a leading source for mobility and energy storage. The deployment is also expected to accelerate job growth throughout the smart energy, electric vehicle, and sustainability value chain. Gogoro is expected to lead the increase of foreign direct investment into the state of Maharashtra in both supply chain capabilities and smart battery infrastructure.

The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030. 

“Building on Gogoro’s successful deployment of an open battery swapping network that supports multiple vehicle makers in Taiwan, we plan to proceed in partnership with the Maharashtra government to bring Gogoro vehicles, smart batteries and swap stations to India starting with the state of Maharashtra. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion,” said Horace Luke, founder, and CEO of Gogoro. “It is essential that we transform industries and infrastructure to successfully enter a new era of clean, connected mobility. We are excited to be partnering with the Maharashtra government in its vision to transform urban transportation and provide a better path forward for its residents and businesses.”

The battery swapping infrastructure expects to begin deploying across Maharashtra in late 2023 which will leverage Gogoro’s smart energy ecosystem including smart battery stations, swapping technologies, network management solutions, and will provide numerous innovations to the State, contributing in the areas of smart city design and development, energy storage stations & systems, smart mobility sharing, smart electric vehicles, demand response services and distributed energy storage, among other applications.

With more than 120 million residents, Maharashtra is India’s largest economy and industrialized State with a gross domestic product of more than US$450 billion that accounts for 16-percent of India’s industrial output.

Cautionary Statement

Finalization and implementation of the Proposed Ultra Mega Project Investment Plan is subject to, among other things, the execution of mutually agreeable definitive agreement(s), completion of due diligence, procurement of necessary funding, approval by the board of directors of Gogoro, and obtaining governmental approvals that may be required in the State of Maharashtra or elsewhere in India and Taiwan where relevant. Although both parties are actively working to finalize the agreement, there can be no assurance that a definitive agreement will be entered into, the required approval will be obtained or that the Proposed Ultra Mega Project Investment Plan will be implemented or consummated on the terms set forth herein or at all.

About The State of Maharashtra

Maharashtra is one of the 28 states within the Republic of India. Maharashtra is known as India’s growth engine due to its large contribution to India’s GDP. It is also nationally recognized as the most advanced in terms of manufacturing and services sector. Maharashtra has consistently topped India’s ranking in terms of FDI received. Mumbai, the capital of Maharashtra is a global world class city.

https://maharashtra.gov.in/1125/Home

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Gogoro Network is a new generation of distributed smart energy infrastructure that is optimized for swappable battery refueling and architected for intelligent bidirectional demand response and energy storage that is a key building block of a smart grid. Gogoro has quickly become an innovation leader in battery swapping, energy storage, connected vehicles, electric propulsion systems, smart battery design, and advanced cloud services that utilize artificial intelligence to manage battery availability and safety. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro

IIT Roorkee Researchers Contribute to Unveiling the Humming of Our Universe Observed Through Low-Frequency Gravitational Waves

The uGMRT telescope 

Astronomers Discover Evidence of Ultra-Low Frequency Gravitational Waves from Dancing Monster Black Hole Pairs

IIT Roorkee's ongoing support for collaborative research by astronomers from India, Japan, and Europe

An International team of astronomers from India, Japan and Europe has recently published the results from monitoring nature’s best clocks, pulsars using six of the World's most sensitive radio telescopes, including India’s largest telescope, uGMRT. These results provide scintillating evidence for the relentless vibrations of the fabric of our universe caused by ultra-low frequency gravitational waves. Such waves are expected to originate from a large number of dancing monster black hole pairs, crores of times heavier than our Sun. The team’s results are a crucial milestone in opening a new, astrophysically-rich window in the gravitational wave spectrum.

Such dancing monster Black Hole pairs, expected to lurk in the centers of colliding galaxies, create ripples in the fabric of space-time, which the astronomers call nano-hertz gravitational waves. The relentless cacophony of gravitational waves from a large number of supermassive black hole pairs create a persistent humming of our universe. The team, consisting of members of the European Pulsar Timing Array (EPTA) and Indian Pulsar Timing Array (InPTA) consortia, published their results in two seminal papers in the Astronomy and Astrophysics journal, and their results hint at the presence of such gravitational waves in their data set. Prof. P. Arumugam and his senior PhD student, Mr. Jaikhomba Singha, are part of these ground-breaking results.

 InPTA Collaboration Meeting held at IIT Roorkee on August 2022

A few InPTA members visiting the PARAM Ganga Facility at IIT Roorkee

“These results have culminated due to years of efforts of many scientists, including early career researchers and undergraduate students. I am very grateful that IIT Roorkee has been able to constantly contribute in various ways in achieving these results. The NSM facility, PARAM Ganga, installed at IIT Roorkee, among various other facilities, has played a crucial role in this global effort. I hope IIT Roorkee will continue to support the various efforts of this stellar collaboration,” states Prof. Arumugam, Department of Physics, IIT Roorkee.

These light-year-scale ripples can only be detected by synthesizing a galactic-scale gravitational-wave detector using pulsars-the only accessible celestial clocks for humans. Pulsars are a type of rapidly rotating neutron stars that are essentially embers of dead stars, present in our galaxy. Fortunately, a pulsar is a cosmic lighthouse as it emits radio beams that flashes by the Earth regularly, just like a lighthouse near a harbor. Astronomers monitor these objects using the best radio telescopes of the world, including India’s premiere radio telescope, the uGMRT, situated near Pune.

“According to Einstein, gravitational waves change the arrival times of these radio flashes and thereby affect the measured ticks of our cosmic clocks. These changes are so tiny that astronomers need sensitive telescopes like the uGMRT and a collection of radio pulsars to separate these changes from other disturbances. The slow variation of this signal has meant that it takes decades to look for these elusive nano-hertz gravitational waves,” explains Prof. Bhal Chandra Joshi of NCRA Pune and Adjunct Faculty, IIT Roorkee, who founded the InPTA collaboration during the last decade.

Scientists of the EPTA in collaboration with the Indo-Japanese colleagues of the InPTA, have reported detailed results of analysing pulsar data collected over 25 years with six of the world’s largest radio telescopes. This includes more than three years of very sensitive data collected using the unique low radio frequency radio telescope, the uGMRT. The analysis of this unique data set has revealed that the measured rate of ticking of these cosmic clocks has characteristic irregularities common across the twenty-five pulsars that have been monitored. This is consistent with the effect produced by gravitational waves at ultra-low frequency (waves that oscillate with periods between one and ten years). Not surprisingly, nano-hertz frequency gravitational waves will unravel some of the best-kept secrets of the Universe. The cosmic population of black hole pairs with masses that are ten-to-hundred crores times more than the mass of our Sun are expected to be formed when their parent galaxies merge and such a population emits gravitational waves at these frequencies. Further, various other phenomena that may have taken place when the Universe was in its infancy, just a few seconds old, also produce these waves at these astronomically long wavelengths. According to Prof. A. Gopakumar, TIFR, Mumbai, and Chair of the InPTA consortium, “The results presented today mark the beginning of a new journey into the Universe to unveil some of these mysteries. More importantly, this is the first time that an Indian telescope’s data is used for hunting gravitational waves”.

To detect these gravitational-wave signals, astronomers in a "Pulsar Timing Array" (PTA) collaboration exploit many ultra-stable pulsar clocks distributed across our Milky Way galaxy to create a “galactic-scale gravitational-wave detector”. Measurements of the exact arrival times of the pulsars, which have been going on for decades, are being compared with each other to study the influence of gravitational waves. As radio signals travel through space and time, the presence of gravitational waves affects their path in a characteristic way: some pulses will arrive a little (less than a millionth of a second) later, some a little earlier. This gigantic galactic-scale GW detector synthesised by incorporating 25 meticulously chosen pulsars in our Milky Way Galaxy makes it possible to access the variations in the pulse arrival times created by gravitational waves with a frequency of oscillation 10 billion times slower than those first observed in 2015 by the two ground-based LIGO detectors in the United States of America.

The current results are based on a coordinated observing campaign using the five largest radio telescopes in Europe, complemented by the observations with the upgraded Giant Metrewave Radio Telescope in India. The analysis of the European and Indian Pulsar Timing Array (EPTA+InPTA) data which is presented today has revealed the presence of a common signal across the pulsars in the array which is broadly in agreement with being due to gravitational waves. The EPTA+InPTA results are complemented by the coordinated publications made by other PTAs across the world, namely the Australian (PPTA), Chinese (CPTA) and North-American (NANOGrav) pulsar timing array collaborations. This same evidence for gravitational waves is seen by NANOGrav and consistent with results reported by the CPTA and PPTA.

Mr. Singha, a senior PhD scholar from IIT Roorkee, says, “This is an extremely exciting time for early career researchers. We are in an era where an international team of researchers across the globe are all collaborating and trying to listen to the humming of our universe. The present results will open a plethora of exhilarating science for us in future."

Importantly, work is already in progress where scientists from the four collaborations – EPTA, InPTA, PPTA and NANOGrav – are combining their data sets under the auspices of the International Pulsar Timing Array (IPTA) to create an array consisting of over 100 pulsars that may allow them to reach this goal in the near future. This combined IPTA data set is expected to be more sensitive, and scientists are excited about the constraints they can place on the GWB along with understanding various other phenomena that may have taken place when the Universe was in its infancy, just a few seconds old, which can also produce gravitational waves at these astronomically long wavelengths.

The InPTA experiment involves researchers from NCRA (Pune), TIFR (Mumbai), IIT (Roorkee), IISER (Bhopal), IIT (Hyderabad), IMSc (Chennai) and RRI (Bengaluru) along with their colleagues from Kumamoto University, Japan.

Prof. K K Pant, the Director of IIT Roorkee, said, “Congratulations to the InPTA team and our esteemed researchers from IIT Roorkee for their remarkable findings and impactful research. I am delighted to learn about the utilization of IIT Roorkee's cutting-edge facilities, such as PARAM Ganga, in this endeavor. This achievement exemplifies the power of international collaborations in attaining greater scientific goals and significantly contributing to our understanding of the universe."

IIT Roorkee is an institute of national importance imparting higher education in engineering, sciences, management, architecture and planning, and humanities and social sciences. Since its establishment in 1847, the Institute has played a vital role in providing the country with technical human resources and know-how.

China's Largest City To Generate $6.9 Bn By Infusing Tourism with Metaverse and Web3 Technologies

China’s largest city and the country’s financial capital — Shanghai, has recently released a plan to build out its culture and tourism metaverse projects into an industry generating an annual revenue of 50 billion yuan (US$6.9 billion) by the end of 2025.

Last year in July, Shanghai named metaverse technology as one of three “new tracks” in its economic development, along with intelligent terminals and low-carbon industries.

Shanghai plans to launch around three dozen metaverse projects in two years, leveraging web3 technology to promote tourism and cultural activities.

In a release it said – In order to thoroughly implement the "Shanghai City's Action Plan for Cultivating "Metaverse" New Competitions (2022-2025)", this plan is specially formulated to better stimulate the vitality of innovation, and help the main body of the cultural and tourism industry enter the new track of the Metaverse.

According to the plan by the city’s municipal administration of culture and tourism, Shanghai aims to build 30 culture and tourism metaverse projects by the end of 2025 to focus on what it calls smart tourism, as well as virtual performances, digital artwork, and others.

The metaverse technology will be integrated into the Shanghai’s real-world tourist attractions, enabling visitors to interact with the sites through augmented reality and have avatars as tourist guides.

As part of the plan, museums, art galleries, and commercial blocks in Shanghai city will be encouraged to apply virtual reality technologies such as Xtended Reality (XR), autostereoscopy, holographic projection, and smart sensing equipment to present immersive cultural and tourism experiences for visitors.

In addition to these, interactive tour routes featuring a mixture of virtual and real-life elements will be developed at historical conservation zones and blocks, the waterfront of the Suzhou Creek and Huangpu River, and smart tour guide services.

The city authorities will also promote the construction of AIoT (Artificial Intelligence Internet of Things) infrastructure in digital cultural venues, digital scenic spots, and digital hotels, and promote the deployment of intelligent vision, infrared and other sensing terminals.

By 2025, the brand of "Cultural Tourism Yuan Universe" in Shanghai will be launched initially, the level of development will be in the forefront of the country, the industrial scale will exceed 50 billion yuan, and 2-3 new content creation industry cluster development zones will be formed.

In order to accomplish all these infrastructure resources will be needed, and for the same Shanghai city authorities will encourage the deployment of new computing platforms with spatial computing and real-time cloud rendering capabilities, combined with high-speed networks to achieve ultra-low latency in the entire process of spatial recognition, content generation, rendering, interaction, and transmission, and build an on-demand cloud computing capability system for cultural tourism.

Construction of edge computing capabilities in public libraries, cultural centers, museums, Meihe Museum, scenic spots, hotels and other cultural and tourism venues will also be promoted by the authorities.

Several other Chinese cities and provinces, including Nanjing, Zhengzhou, and Hangzhou, have also released plans or policies this year for metaverse developments.

Quantum SaaS Venture BosonQ Psi and Tech Mahindra’s Makers Lab Partner to Accelerate Use of Quantum Technology

The partnership is centered on expediting the utilization of quantum-powered technology across diverse industrial applications.

BosonQ Psi (BQP) and Tech Mahindra Makers Lab announced a partnership to accelerate the use of quantum technology for various industrial applications. Together, BQP and Tech Mahindra’s Makers Lab will foster innovation in the quantum ecosystem through joint go-to-market initiatives and bring together the expertise of both organizations.

Tech Mahindra's quantum leadership in IT combined with BQP's use cases in manufacturing and automotive such as design optimization, battery optimization, and system-level simulation will help Tech Mahindra’s customers. BQP will integrate its quantum-powered simulation suite, BQPhy®, with Tech Mahindra's systems, enabling customers to harness quantum power for innovative solutions. The partnership will boost the global quantum ecosystem by creating use cases across all verticals, bringing quantum technology closer to customers.

Aditya Singh, Founding Member, Head of Business & Infra, BosonQ Psi (BQP)

Aditya Singh, Founding Member & Head of Business & Infra, BQP said, “This collaboration signifies our collective commitment to leverage quantum computing to solve complex industry challenges. BQP’s quantum-powered simulations suite BQPhy, will enable Tech Mahindra's global clients to tackle complex data-intensive simulations without the inherent complexity typically associated with the implementation of quantum.”

Nikhil Malhotra, Global Head - Makers Lab, Tech Mahindra

Nikhil Malhotra, Global Head - Makers Lab, Tech Mahindra, said: "Quantum computing is currently experiencing rapid development that has the potential to solve complex optimization problems and simulate quantum systems. Technology assures enterprises in resolving issues that are beyond the capabilities and speed of traditional computing systems. The partnership will help explore the potential of quantum applications in the areas of Automotive, Electric Vehicle, Life Sciences, Banking, Financial Services, and Insurance. We look forward to working with the team at BQP to develop proof-of-concept of quantum applications for our enterprise customers."

About BosonQ Psi (BQP)

BosonQ Psi (BQP) is a Quantum SaaS software venture that brings the power of quantum computing into the hands of enterprise end-users. The simulation capabilities deployed by BQP combine a hybrid infrastructure that highlights the near-term value additions for customers via a quantum-based solution that significantly reduces the time needed for high-accuracy simulation. This means products can get to market faster and reduce overall costs for production and recalls. The company recently launched the first version of BQPhy – for getting early feedback. A full-scale version will be released later. BQP is headquartered in the USA with a presence in India and UK.

About Tech Mahindra

Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the society to Rise for a more equal world, future readiness, and value creation. It is a USD 6.5+ billion organization with 152,000+ professionals across 90 countries helping 1290+ global customers, including Fortune 500 companies. It is focused on leveraging next-generation technologies including 5G, Metaverse, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers. It is the only Indian company in the world to receive the HRH The Prince of Wales’ Terra Carta Seal for its commitment to creating a sustainable future. It is the fastest growing brand globally in ‘brand value rank’ and amongst the top 7 IT brands globally in brand strength with AA+ rating. With the NXT.NOW™ framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for its ecosystem and drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at delivering tomorrow’s experiences today and believes that the ‘Future is Now’.

Tech Mahindra is the part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.

Ajay Chitkara to Join Ecom Express as MD & CEO

Ajay to assume responsibilities from 1st September, 2023

Ecom Express Limited, a leading end-to-end technology-enabled logistics solutions provider to eCommerce industry backed by marquee private equity investors Partners Group, Warburg Pincus and British International Investment, has announced that Mr. Ajay Chitkara will join as the new Managing Director and Chief Executive Officer of the Company.

Ajay currently serves as Director & CEO of Bharti Airtel's enterprise arm, Airtel Business and will assume responsibilities at Ecom Express from 1st September, 2023. He will report to the Board of Directors of the Company.

Ajay is a senior business leader with over two decades of proven track record. He has led and delivered significant portfolio and organization change at Airtel Business transforming it into India’s largest enterprise technology company. He also serves on the boards of Nxtra by Airtel, Hughes Communication and Network i2i. Ajay began his career in sales at Comsat Max Limited before joining Airtel in 2001.

Announcing the appointment, Chairperson at Ecom Express, V. Anantharaman said; “We look forward to welcoming Ajay as our new CEO. Ajay comes with extensive enterprise experience from Airtel where he has demonstrated exceptional leadership and strategic capabilities. The Board wishes him well and looks forward to Ajay scaling Ecom Express further and delivering long-term value for all its stakeholders.”

Ecom Express co-founders T. A. Krishnan, Manju Dhawan and K. Satyanarayana added; “We are excited to welcome Ajay to Ecom Express and look forward to working with him as he leads the business to the next levels. Ajay has tremendous experience and proven track record in scaling enterprise business and we look forward to his participation and contributions as the company scales to serve the growing needs of Indian e-commerce and beyond.”

Ajay said: “I am excited to become a part of the Ecom Express family. It is a great moment to be a part of this business and to be working with its customers, the world-class team, the board and investors, with a common goal of creating India’s most trusted and respected logistics solutions provider for the e-commerce industry. I look forward to building further on the strong foundation of Ecom Express established over a decade, to achieve new milestones, and deliver customer delight.”

About Ecom Express:

Ecom Express Limited has its presence in all 28 states of the country and operates in over 2,700+ towns across 27,000+ PIN-codes covering 95%+ of India’s population. Ecom Express has over 50,000 employees across 3,000+ delivery centers and over 7 million sq.ft. of express processing & hub infrastructure and fulfillment center space.

For more information, please visit: https://ecomexpress.in/

Thomson Reuters Makes 2nd Tech Acquisition in A Week, Buys Imagen – A Digital Content Management Co.

In an ongoing Artifical Intelligence (AI) wave, Thomson Reuters has announced today that it has signed a definitive agreement to acquire Imagen Ltd., a cloud-native media asset management company, for an undisclosed amount. This is second tech acquisition announced by Thomson Reuters since start of this week.

London based Imagen, which claims to have world’s smartest video management platform, operates digital content libraries for sports, media and business companies including Premier League soccer and Major League Baseball. Imagen uses AI-powered workflows to automatically improve searchability and utility of media assets. Its video management platform is integrated with AI Services from Google and Microsoft.

Imagen also owns Screenocean, a platform that provides production companies and others the ability to license video and photo content from around the world.

Post acquisition, Imagen will be operated as part of the Reuters News division of Thomson Reuters. Reuters is the leading global provider of business, financial and world news, reaching billions of people worldwide every day.

Established in 1996 by Anthony Blake and Paul McConkey, Imagen became available as a SaaS platform for the first time in 2013. Later in January 2019 Imagen completed a £6.5 million Series B funding round which was led by Downing Ventures. The round also included capital from Guinness Asset Management Ltd and existing investor. 

Imagen is the the second acquisition announced by Thomson Reuters in this week. Earlier on Monday, the company announced acquisition of AI powered legal-tech company, Casetext, in a $650 million all-cash deal. Casetext is a California-based AI company that helps legal professionals conduct research, analysis and prepare documents using generative AI.

Notably, Thomson Reuters has planned to spend $10 billion for acquisitions and about $100 million per year in AI investments, with its recently announced corporate venture capital fund — Thomson Reuters Ventures, through thid the firm aims to leverage its expertise and support the broader ecosystem by investing in early-stage companies operating in these sectors.nvestments in AI capabilities.

In Asia's Largest Ever By Green Energy Co. Avaada Group Closes Historic $1.3 Bn Funding Round

Avaada Group, a leading integrated energy platform, has announced the successful closure of INR 10,700 crore ($1.3 billion) funding round, marking a historic moment for the green energy industry in Asia and India's renewable energy sector. This funding round is the largest equity round ever raised by any green energy company in Asia.

The funding will be used to bolster Avaada's green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures, as part of India's commitment to a sustainable future. This achievement underscores the effectiveness of government policies encouraging investment in green energy and the global transition towards sustainable energy solutions.

In April, Avaada Group raised $1.07 billion from Brookfield Renewable and Global Power Synergy Public Company Limited (“GPSC”).

In a significant boost to its solar manufacturing capabilities, Avaada Group had previously won a production-linked incentive of INR 961 crore ($116.78 million) for 3 GW of wafer-to-module capacity under the PLI Scheme. This win, coupled with the successful funding round, further solidifies Avaada's position as a leader in the renewable energy sector and underscores its commitment to harnessing green energy for a sustainable future.

Adding to its list of achievements, Avaada Energy Private Limited has won several tenders, amounting to almost 1.8 GW, in the last three months from corporate customers and utilities. This success demonstrates Avaada’ s ability to meet the growing demand for renewable energy and its commitment to delivering high quality, sustainable energy solutions.

Brookfield Renewables, through its Brookfield Global Transition Fund (BGTF), has earlier committed to investing up to INR 8,225 crore ($1 billion) in Avaada Ventures Private Limited. In addition, Global Power Synergy Public Company Limited (GPSC), an existing shareholder with a 42.93% equity holding in Avaada Energy Private Ltd (AEPL), has pledged to increase its capital by investing an additional INR 1,917 crore ($233 million) in AEPL, further supporting the company's growth. This follows GPSC's previous investment of INR 558 crore ($68 million) in AEPL in April, bringing their total investment in Avaada to around INR 6,037 crore ($779 million).

This successful funding round is a testament to India's commitment to choosing innovation and technology over traditional energy sources. The country stands at a pivotal moment, with the potential to grow using either conventional energy or the latest green technologies. The choice of the latter is creating enormous opportunities through the global transition fund.

Vineet Mittal, Chairperson and Founder, Avaada Group, commented: “This funding round marks a significant milestone in Avaada Group's journey and India's energy transition. We are grateful for the support from our investors and the Indian government, which is enabling us to contribute to the global energy transition and deliver on our promise of a sustainable future."

Mr. Worawat Pitayasiri, President and CEO of Global Power Synergy Public Company Limited (GPSC), said “Our decision to invest further in AEPL is based on our confidence in their strategic approach to the renewable energy sector, aiming to achieve at least 11 GW in 2026. AEPL’s commitment to renewable power generation aligns well with our own focus on sustainable growth and innovation.”

Avaada Group has diversified into manufacturing Green Hydrogen, Green Methanol, Green Ammonia, and expanded its footprint into the Solar PV supply chain with the manufacturing of solar cell and module. The company currently operates a renewable energy portfolio of ~4 GW and around 7 GW in different stages of implementation.

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 42.93% 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.

India Produced 2.7 Crore Vehicles With Indian Auto Industry Valued at $108 Billion

The automobile industry produced value of Rs 8.7 lac crore (~$108 billion) in 2022-23.

India produced 2.7 crore vehicles and is #3 in passenger vehicles, #1 in 2 wheelers globally.

The passenger vehicle segment is Rs 5 Lac crore with over half of the value in mid and full size SUVs.

Primus Partners Pvt. Ltd. (Primus), a distinguished pioneer in the realm of management consulting services reported that the automobile industry registered an astounding employment figure of over 1.9 crore++ occupying paramount importance in the economy. Focused on policy perspective as well as business perspective, Primus Partners undertook the survey to assess the value being produced by the automobile industry.

The industry is being reshaped due to unprecedented changes brought about by electrification / alternative green power trains, rise of electronic components & software, autonomous driving & shared mobility. It is important to understand the value, where it lies and how it will change. Primus Partners has done a ground up study to arrive at the value of the Indian automobile industry and its segments.

While electrification has progressed well in 2 wheelers & 3 wheelers, it is still nascent compared to many countries. The Government as well as the Private sector are putting up massive investments & efforts to develop the value chain. A lot of factories are being constructed, and can expect to catch up very quickly with the leading countries.

Sharing the report titled India’s Automobile Industry is Valued at INR 8.7 Lac Crore, Anurag Singh, Managing Director, Primus Partners, said, “Our ground up study on Automobile industry value is leading to a lot of insights, for example the Indian market is bypassing the lower priced products & more value is being created at in feature rich higher priced vehicles. We believe that the value growth is happening faster than volume growth"

Key Insights emerging from the Report

• The value share of type of vehicles is quite different from the units share. The passenger vehicles accounted for the largest value share at 58% while 2 wheelers accounted for the largest volume share at 77%

	Units x 1000	Rs Cr	$b	Unit%	Value %
2W	20,511	1,81,000	23	77%	21%
3W	856	17,000	2	3%	2%
PV	4,391	5,04,000	63	16%	58%
CV	1,036	1,69,000	21	4%	19%
Total	26,793	8,72,000	109	100%	100%

• Passenger vehicles produced Rs 5 Lac crore value. The mid size and full size SUVs sub segments accounted for over half of the value. The compact sub segment is also important and created 25% of value. The luxury vehicles contributed to Rs 63,000 crore in value, or 13% of the segment. People are not preferring the cheaper ‘Mini’ cars and Sedans and they have low share in value. The key manufacturers in this segment are Maruti, Hyundai, Tata, Mahindra, Kia, Toyota, VW and Honda.

• India produced over 10 lac commercial vehicles ranging from a small 4-wheel carrier with less than 2-ton capacity to large tractor trailers and specialty vehicles like tippers. The commercial vehicles category generates over INR 1.7 lac crore and accounts for 4% of volume and 19% of value. The key manufacturers in this segment are TATA, Ashok Leyland, Eicher, and BharatBenz.
• India is #1 country for two-wheeler production, closely matched by China. Over 20 million two-wheelers were produced during 2022-23 accounting for 77% of the volume share. The overall segment accounted for INR 1.8 lac crore amounting to 21% of value. The key manufacturers in this segment are Hero Motocorp, Honda Scooters, Bajaj and TVS.

This report freshly covers the India Automobile industry from value creation perspective. It also compares to other studies and statements done on the subject. Primus Partners is one of the fastest growing Indian management consultancy firms.

HealthTech Startup ‘WatchYourHealth’ Raises $2.2 Mn in Funding from Singapore-based Conquest Global Ventures

This marks the first investment of Conquest Global in India

WYH plans to deploy the funds for business expansion across new markets and geographies in India and globally.

WatchYourHealth (WYH), a pioneering health tech platform, has announced that the company has raised USD 2.2 million (18.50 crores) from Conquest Global Ventures Private Limited (CGVPL), a Singapore-based Venture Capital firm, marking its first foray into the Indian market. Launched in 2015 by Ratheesh Nair (Founder and CEO), WYH works with enterprise clients in healthcare delivery and healthcare financing, leveraging SaaS platform with a phygital approach to improve health outcomes for their customers.

WYH has a remarkable track record as a bootstrapped entity, achieving profitability in FY21 and FY22. This new round of funding in FY23 will fuel the next phase of WYH's growth and expansion plans. The funds will be allocated towards product development, geographic expansion, sales and marketing efforts, office spaces, and inventory enhancement.

Ratheesh Nair, Founder and CEO of WYH, expressed his excitement about the partnership with CGVPL, stating, "For the last seven years, WYH has been dedicated to improving the “Health of our Indian clients” alongside our B2B Shared Value Partners. As we surpassed the milestone of 10 million users on our SaaS platform at the beginning of FY24, we recognised the need to strengthen our product offerings and expand into similar geographies worldwide. We believe we have found a trusted partner in Conquest Global, who will support our growth in India and help take WYH global. We intend to expand our operations beyond India across key markets like Japan, Singapore, UAE, Indonesia and Bangladesh."

With a consistent top-line Compound Annual Growth Rate (CAGR) of 100% over the past three years, WYH currently serves over 10 million users, offering cutting-edge consumer engagement solutions., through its B2B integrated SaaS platform.

Venkat, Managing Partner of Conquest Global Ventures VCC, shared his excitement about the partnership, stating, "Conquest is very excited to embark on this journey with Watch Your Health and participate in its Series A funding. We are convinced that Ratheesh and the WYH team are exceptionally motivated to make India healthy and promote preventive wellness. Their B2B SaaS platform is unique as it combines multiple services under one roof and makes it extremely convenient for their Enterprise clients. We look forward to partnering with them on this journey and building a global presence."

The strategic investment from Conquest Global Ventures demonstrates their confidence in WYH's vision and potential. The collaboration aims to drive innovation, foster global expansion, and revolutionize consumer engagement in the healthcare industry.

About WatchYourHealth

(WYH) is a pioneering tech-first consumer engagement company revolutionizing how businesses connect and engage with their customers. With a focus on delivering exceptional results through innovative solutions, WYH empowers its clients to increase customer engagement, boost customer lifetime value (LTV), and enhance profitability. Through their B2B integrated SaaS platform and B2C marketplace, WYH is committed to shaping the future of consumer engagement in the healthcare industry.

About Conquest Global Ventures Private Limited

Conquest Global Ventures Private Limited (CGVPL) is a Singapore-based Venture Capital firm. With a mission to support and invest in high-potential businesses, CGVPL seeks innovative companies poised for rapid growth and global expansion. Their partnership with WYH marks their entry into the Indian market and demonstrates their commitment to fostering transformative ventures.

Inflection Point Ventures (IPV) Logs 160% IRR for Its Investors on the Back of Multiple Exits in 2022

Announces 12 exits in the year 2022

Partial exit from Blusmart gives 94% returns to IPV investors and agri-tech company Otipy partial exit generates 70% IRR

IPV has exited to top investors and UHNIs for these transactions

IPV investors’ member base rises to 8600+

One of the most active and largest angel investment platforms Inflection Point Ventures (IPV), has announced 12 exits giving an IRR of 160% to its investors. The angel platform, which has emerged as one of the most trusted investment platforms for CXOs and first-time angels, has generated stellar returns even in tough market conditions.

Launched in 2018 by finance and PE veterans, Vinay Bansal, Ankur Mittal & Mitesh Shah, IPV has announced multiple exits from its 170+ start-up portfolio giving much needed liquidity infusion to its investors. IPV has invested Rs 550 crore across over 170 startups. At an overall level, the angel platform has provided 9 full exits, 21 partial exits to investors and 52 startups have gone on for a follow-on round of funding at a higher valuation post the platform’s initial investment. While last year it has partially and fully exited 12 startups.

Some of the key exits include high performing startups like BluSmart, Otipy, Stage and Buyofuel. Vinay Bansal, Founder & CEO, IPV, says, “The ongoing funding winter didn’t deter us from our investment and exit strategy. Last year, we exceeded our investment target and have put Rs 190 crore against Rs 155 crore target in Indian startups. Our belief in the robustness and strength of Indian startups continue to be on an upswing. Startup investments are fast emerging as a long term wealth creation asset class. The exits provided by us in 2021 and 2022 is further building confidence in the ecosystem to go long on angel investments.”

IPV has generated an IRR of 226% on a partial exit of Buyofuel and 186% IRR on partial exit of Kazam.

Ankur Mittal, Co-Founder, IPV, says, “We have always believed that startup investments should be democratised and more people should have access to fast growing new age companies. Exits help provide liquidity in to the asset class and as more wealth gets built from angel investments, it will further add to the credibility of this asset class, thus appealing to a wider investor base. In the last one year, our investor base has grown from 6000 to 8600+. We expect this to further grow to 10,000 as we continue to follow best in class due diligence to invest in top of the line companies which are building solutions for a better future.”

One of the major successes in the past year has been a stupendous exit in a Ad-tech startup with an IRR of 302% with a final money-over-money (MoM) for the exiting investors of >25x.

Apart from it, IPV has partially exited companies like peAR, Cercle X, EnsuredIT, LoanKuber, Raaho and Streak during the year, generating an average IRR of 162%.

Table below for a snapshot:
 

Mitesh Shah, Co-Founder, IPV, says, "We will continue to focus on exits in the current year and will work on bringing a filtered list of startups to our investor members. IPV plays an active role in connecting startups founders from our portfolio with large VCs for follow on rounds. We will leverage our network within the peers to ensure our founders get the right capital and mentoring to scale their businesses."

IPV invested in about 55 startup deals last year and plans to invest in more than 60 start-ups in 2023.

IPV has grown to more than 8600 members on the platform who can experience IPV’s unique & specialised approach to early-stage investing. The entry barriers for becoming an investor with IPV are extremely low, having been designed keeping in mind the ethos of the platform. One can start angel investment with IPV with a cheque size as low as Rs. 1,00,000 for a startup. It is the lowest cheque size in the angel investors community today.

About Inflection Point Ventures

Inflection Point Ventures (IPV) is an angel investing platform with over 8600 CXOs, HNIs, and Professionals to together invest in startups. 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.

Social Networking App for Gamers Qlan Secures $200K Pre-Seed Funding Led By Marwah Sports, CIIE.CO and Faad Network

Equity Investment by three incoming investors; led by Marwah Sports, CIIE.CO and Faad Network

With more than 100k combined downloads from PlayStore and AppStore, the gamers’ social network showcases its commitment to solution-driven experiences

The early-stage start-up will utilise the capital to expand its gamer community, gain deeper insights into user preferences, and establish a robust product-market fit

Qlan, the exclusive social networking app designed for gamers and esports enthusiasts, has secured pre-seed funding to fuel its expansion and enhance gamer networking, discovery, and content creation capabilities.

Previously operating as a bootstrapped startup, Qlan which now has over 100,000 combined downloads, underwent an extensive six-month beta testing period, culminating in the platform's full-version launch in January 2023. Bolstered by a committed team of over 20 professionals, the early-stage start-up achieved healthy organic growth, attracting a user base of over 50,000 gamers.

Qlan has effectively initiated itself as a thriving hub for gamers and esports enthusiasts with early adopters across the Indian subcontinent, Central Asia, Southeast Asia, Europe, North & South America, South Africa, and the MENA regions, ultimately leading to a successful pre-seed funding round.

Qlan’s unparalleled approach of making a positive impact on the grassroots of the gaming industry attracted significant support from notable investors which included Marwah Sports, CIIE.CO, and Faad Network in the funding round. These investments will help Qlan in its vision of empowering gamers all over the world with an engaging and seamless networking opportunity.

Expressing his thoughts on the funding round, Sagar Nair, Co-founder, and CEO of Qlan commented, "The pre-seed funding round signifies an exciting new phase for Qlan, and we are delighted to have Marwah Sports, CIIE.CO, and Faad Network as backers. This demonstrates the remarkable potential of Qlan and the burgeoning global gaming and esports industry. While we are grateful for the worldwide validation of Qlan by gamers, our primary objective now is to scale our platform, optimize user experience, and gain deeper insights into our community's needs. With the invaluable support of our investors, we are poised to elevate Qlan to new horizons and empower the ever-expanding global community of gamers”

The investors backing Qlan have a distinguished portfolio of having supported and nurtured successful ventures in the past. Marwah Sports, the sports arm of the more than 60-year-old enterprise Marwah Group, has backed several marquee ventures including sports hardware manufacturing companies Square Off and Elevar, and sports tech companies Uactiv and Sporjo.

“Meaningful and engaged communities will form the bedrock of the fledgling Indian and global gaming ecosystem. With Qlan, individuals and organisations can focus on what is most important – retention and engagement. We are encouraged and excited by the progress made by the team – this is only just the beginning!” – Pranav Marwah; CEO - Marwah Sports & Director of Marwah Group.

CIIE.CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. CIIE.CO has accelerated over 1000 entrepreneurs/startups, funded in over 300 startups, mentored, and coached over 5000 startups

”Esports in India is witnessing "green shoots" of tailwinds. With the government priming up with recognition, regulatory frameworks should follow suit. Parallelly there is a sharp rise in esports athletes, teams, events, sponsors turning to franchises etc. There will be a need to bridge these facets with a community-driven solution and enable growth. This is where Qlan fits in and would be ripe to tap into what we feel is a sunrise sector in India today.” - Chintan Antani; VP Seed Investing - CIIE.CO.

Faad Network Limited, a well-renowned investor network, has a substantial portfolio in the Esports domain that includes India’s first cloud gaming service, the Gaming Project, and Esports XO which is one of the country’s fastest-growing organizations.

“India has over 400 million online gamers, with a total market size of over 4 billion dollars. Not only do 90% of these gamers transact, but they also maintain an active social profile to connect with other gamers. This is where we found a fit in Qlan, which is building a comprehensive solution to join gamers and esports enthusiasts. The stellar team understands these gamers' space and pulse and will drive home a scalable business.” – Aditya Arora; CEO – Faad Network Limited.

According to the latest research by SkyQuest Technology, the Global Esports Market was valued at USD 1.08 Billion in 2021, and it is expected to reach a value of USD 2.8 Billion by 2028, at a CAGR of 14.50% over the forecast period (2022-2028). Esports is becoming increasingly popular as a result of global digitization and the low cost of advanced gaming technologies.

Emphasizing the importance of establishing strong fundamentals, driving growth, and attaining product-market fit, Qlan plans to utilize the funds raised in the Pre-Seed round to not only expand its platform to a wider community but also to bolster its team and leverage its technologically advanced product, which is meticulously crafted with a focus on user-centric principles.

ABOUT QLAN:

Qlan is dedicated to cultivating an engaged and sustainable gaming and esports ecosystem that prioritizes accessibility and exploration. By uniting all key players in the industry, Qlan aims to establish a vertical community where gamers and esports enthusiasts can effortlessly enter, discover new avenues, and thrive.

On the Qlan app, users can establish gaming profiles, connect with gamers possessing comparable skill levels, explore and share gaming content, unlock exciting gaming rewards, and much more.

The objective is to leverage technology in order to address the issues of insufficient discovery, ineffective networking, and difficulties faced by aspiring gamers trying to crack the world of gaming and esports.

Scott Rea Joins eMudhra as Senior Vice President – Global Strategic Advisor, Bolstering the Company's Leadership in PKI and Digital Signatures

eMudhra, a world-renowned Trust Service Provider specializing in Public Key Infrastructure (PKI), digital identity, digital signatures, and trust services, proudly announces the appointment of industry veteran Scott Rea as its Senior Vice President – Global Strategic Advisor. Rea will be based in Utah, North America, and his role will focus on expanding eMudhra's presence and influence in the PKI and digital signing domain in North America and Europe.

With over 25 years of experience in managing relationships and fostering business opportunities with pivotal government and industry clients, Rea's expertise in digital transformation and managed PKI projects is unparalleled. His leadership and insights will play an instrumental role in driving eMudhra's growth and reinforcing its standing in the global PKI and signing domain.

"Scott's appointment comes at a pivotal moment as we continue to evolve our portfolio and expand our global footprint in the PKI and digital signing sector," said V. Srinivasan, Executive Chairman of eMudhra. "His extensive knowledge, strategic thinking, and established track record in the industry make him an invaluable addition to our team."

Prior to joining eMudhra, Rea held a distinguished career leading DigitalTrust, the United Arab Emirates National PKI provider, where he was responsible for the design and implementation of the UAE National Digital ID (UAEPASS) and other national PKIs in the Gulf region. His previous roles also include serving as Senior Vice President of Trust Services at DarkMatter, Senior PKI Architect at DigiCert, and Senior PKI Architect for Dartmouth College.

In his new role at eMudhra, Rea will provide strategic and technical direction on product roadmaps across the PKI and Signing portfolio, ensuring the products maintain global relevance and are poised for future expansion. His deep understanding of the industry, coupled with his strategic leadership, will be critical in shaping eMudhra's products and services and positioning them for success in the global markets.

About eMudhra

eMudhra is a leading global Trust Service Provider, offering comprehensive solutions for digital transformation with a particular focus on identity and trust services. As a licensed Certifying Authority, eMudhra operates multiple national level trust infrastructures and a global commercial Certificate Authority, delivering secure and efficient solutions for businesses worldwide.

For additional information about eMudhra, please visit www.emudhra.com

Dallas Venture Capital (DVC) Secured a Commitment of INR 60 Crores from Self Reliant India (SRI) Fund & NewcrestImage,

The funds received will be invested for fostering growth of MSMEs

Dallas Venture Capital (DVC), a cross-border venture capital firm, has received commitments for INR 60 crores from Self Reliant India (SRI) Fund, a domestic Fund of Funds and NewcrestImage, a diversified Family Office with holdings in Real Estate, Banking, Debt Fund, Alternative Investments, and Public Equities who have joined as Limited Partners (LPs) in DVC’s India Fund contributing to its targeted corpus of INR 350 Crores. DVC India Fund has already attracted investments from many domestic and international Family offices and HNIs from across the world who are excited to participate in the India growth story through DVC’s thesis led and focussed investment strategy and have joined as LPs in the fund.

DVC India has got commitments worth INR 40 crores from Self Reliant India (SRI) Fund & INR 20 crores from NewcrestImage and its associates. DVC India will utilize these funds to support faster growth of Micro, Small and Medium Enterprises (MSMEs) helping in the overall economy building & strengthening and maximizing employment opportunities.

DVC, based out of Dallas, Texas, USA and Hyderabad, India, has already invested in MSMEs like Disprz (an AI-Powered Enterprise Learning Experience & Upskilling Platform), Intellewings (Cutting-edge AML/CFT Compliance Solution Provider), BluSapphire (AI/ML & Robust Analytics backed Cybersecurity platform), VuNet (Next-gen visibility and analytics company that uses full-stack Al & Big Data analytics to accelerate digital transformation within an organization) and Hippo Video (AI-powered platform that allows users to craft compelling sales videos that drive engagement and conversions). With nearly Rs. 1,000 Crores ($125M), DVC is committed to deploying the funds and helping MSMEs across sectors to scale globally over the next few years. Portfolio companies of DVC are supported in their growth strategy through the uniquely designed DVC Advantage where DVC’s global team of partners and advisors help the portfolio company with their Go-to-Market (GTM), product and growth strategies.

Sharing his thoughts, Mr Dayakar Puskoor, Founder and Managing Director of Dallas Venture Capital, said, “Through these funds, we will make strategic investments in MSMEs which make technologies that help make India self-reliant and help them expand globally. We will help these MSMEs grow through DVC’s unique partnerships and global industry networks.”

With a corpus of INR 10,000 Crore, the SRI Fund is a fund of funds, setup as a scheme of NSIC Venture Capital Fund Limited, a wholly-owned subsidiary of The National Small Industries Corporation Limited and managed by SBICAP Ventures Limited, that catalyzes capital flow in the MSME space. NewcrestImage is a privately held family office investment firm based in Dallas, Texas, with an extensive portfolio of diversified real estate assets and alternative investments. NewcrestImage has invested more than $2.7B across 148 cities in hotels, real estate and technology-based startups.

About Dallas Venture Capital (DVC): DVC is a Dallas TX, US and Hyderabad, India based venture capital firm investing in cloud infrastructure, B2B SaaS, AI/ML, mobile, XR and other emerging technologies. In addition to providing capital and financing needs, our investment philosophy centers around guiding business development, product, and technology strategy for our portfolio companies through the ‘DVC Advantage’ program to achieve successful outcomes. Operating from both the US and India, DVC creates a bridge that connects two of the largest start-up ecosystems in the world. DVC is founded by Dayakar Puskoor, a pioneering Dallas based venture capitalist with a record of investments in 30+ companies and 9 exits to date, and Abidali Neemuchwala, the former CEO of Wipro Ltd.

Here're 12 Winning Startups from 9 Indian States at Youth Co:Lab National Innovation Dialogue 2022

Twelve start-ups from 9 Indian states emerge winners at Youth Co:Lab National Innovation Dialogue 2022

The winning 12 start-ups receive seed funding of up to $5,000 to scale up their innovations.

Twelve top start-ups from across 9 Indian states working in agriculture, ed-tech, women’s livelihood, circular economy, and biodiversity were announced as winners at the 5th Edition of Youth Co:Lab National Innovation Dialogue India.

Youth Co:Lab, co-created in 2017 by United Nations Development Programme (UNDP) and Citi Foundation, aims to establish a common agenda for countries in the Asia-Pacific region to empower and invest in youth, so that they can accelerate the implementation of Sustainable Development Goals (SDGs) through leadership, social innovation, and entrepreneurship.

Youth Co:Lab was launched in India in 2019 in partnership with Atal Innovation Mission (AIM), NITI Aayog. The 2022-23 edition received 378 applications from 28 states across the country.

Dr.Chintan Vaishnav, Mission Director, AIM; Ms. Shoko Noda, Resident Representative, UNDP India; and Ms. Sanjana Sanghi - Actor and UNDP Champion felicitated the winners.

“Social startups are not just businesses; they are catalysts for social change. They address pressing social and environmental challenges, stimulate economic growth, inspire other businesses, leverage technology, and promote collaboration. Their innovative and entrepreneurial spirit drives us towards a more equitable, sustainable, and inclusive future. Let us celebrate and support social startups as they continue to shape our world for the better,” said Dr. Chintan Vaishnav, Mission Director, AIM while announcing the winners. 

Mr. Ashu Khullar Citi India CEO said, “Citi places great emphasis on supporting the aspirations of youth and young entrepreneurs. There has been tremendous innovation and creativity in addressing various social challenges through the Youth Co:Lab. My congratulations to the top 12 finalists working across important fields for the country’s sustainable development.”

Speaking at the event, Ms. Shoko Noda, Resident Representative, UNDP India said, “With 254 million young people aged between 15 and 24 years, India has a unique opportunity to lead innovation and social entrepreneurship and make the voices of young people count. I am excited to see the diversity of ideas and frugal innovation the winners bring this year. With Youth Co: Lab, UNDP is happy to provide a platform for young social entrepreneurs to scale their initiatives and recognize, value, and support the solutions they bring.”

The winners across each thematic area received a seed grant of US$ 5,000; while the runners-up received US$ 3,000. This funding will help the winners scale their ideas into tangible products or services.

Felicitating the winners, Ms. Sanjana Sanghi, Actor, and UNDP Champion, added, "I believe that today's young people hold immense power to drive innovation and create meaningful change through social entrepreneurship. Youth Co: Lab offers them a platform to convert their ideas into solutions that transform lives and communities. Youth have the passion, the ideas, and the drive to make a difference in the world.”

Youth Co:Lab India 2022-23 focused on 6 thematic areas; Digital and Financial Literacy for Youth, Gender Equality and Women’s Economic Empowerment, Developing FinTech Solutions focused on Biodiversity Conservation, Promoting Biodiversity-friendly Lifestyles through Technological Solutions in Finance, Accelerating Circular Economy through Upcycling Innovations and Behavioural Nudges for LiFE ( Lifestyle For Environment).

Out of the applications, 47 short-listed start-ups received one-on-one mentoring and capacity-building sessions from experts for two months through the Youth Co:Lab Springboard Programme, a start-up support platform for SDG innovators. These start-ups then presented their ideas to an esteemed jury in May 2023, from which the 12 winners were selected.

Since 2017, Youth Co:Lab has supported young aspiring, and inspiring social entrepreneurs in 28 countries and territories in Asia and the Pacific. The national dialogues, regional summits, social innovation challenges, and workshops have reached over 240,000 participants. The national youth social innovation and entrepreneurial skills development activities have served over 14,000 young people and launched or improved 1,530 youth-led social innovation teams.

National Innovation Dialogue 2022 Winners:

THEME 1: Digital and Financial Literacy for Youth

1. SaralX- Enhancing access and opportunities for people with disabilities
• Founder Name: Akashdeep Bansal
• Age: 30
• Location: Pune
2. Edubuild - Experinships for youth
• Founder Name: Saksham Gupta
• Age: 27
• Location: Jaipur

THEME 2 - Gender Equality and Women Economic Empowerment

1. Project Baala - Menstrual hygiene for economically marginalized menstruators
• Founder Name: Soumya Dabriwal
• Age: 27
• Location: Mumbai
2. Agrosure - Mechanisation solution for women farmers

• Founder: Akshay Dipak Kawale
• Age: 30
• Location: Maharastra

THEME 3 - Developing FinTech Solutions focused on Biodiversity Conservation

1. Gepo Aali - To nurture back the lost indigenous crop variety of the region using ancestral farming practices.
• Founder Name:Dimum Pertin
• Age: 30
• Location: Arunachal Pradesh
2. Nutty Village - Managing farm to fork organic value chain in groundnuts
• Founder Name: Aman Kumar
• Age: 28
• Location: Uttar Pradesh

THEME 4 - Promoting Biodiversity-friendly Lifestyles through Technological Solutions in Finance

1. Promeat - Plant based meat
• Founder Name: Debabrata Das
• Age: 25
• Location: Assam
2. Myplan 8 - Incentivising spend on low carbon sustainable alternatives

• Founder Name: Rajat Sohan Vishwakarma
• Age: 27
• Location: Mumbai

THEME 5 - Accelerating Circular Economy through Upcycling Innovations

1. Dump in Bin - Using plastic waste in pavement manufacturing
• Founder Name:Rishabh Patel
• Age: 29
• Location: Gurugram
2. Econscious - Functional and aesthetic recycled plastic products
• Founder Name:Sonal_Shukla
• Age: 29
• Location: New Delhi

THEME 6 - Behavioral Nudges for LiFE (Lifestyle for Environment) 

1. Digi Swasthya- Telemedicine for rural India
• Founder Name: Sandeep Kumar
• Age: 27
• Location: Uttar Pradesh
2. Sputnik Brain - Non-invasive brain modulation for stress management
• Founder Name: Shankar Sri
• Age: 23
• Location: Banglore

About Atal Innovation Mission (AIM):

AIM including Self-Employment and Talent Utilisation (SETU) is the Government of India’s endeavor to promote a culture of innovation and entrepreneurship. Its objective is to serve as a platform for promoting world-class innovation hubs, grand challenges, start-up businesses, and other self-employment activities, particularly in technology-driven areas.

About UNDP India:

UNDP has worked in India since 1951 in almost all areas of human development, from systems and institutional strengthening to inclusive growth and sustainable livelihoods, as well as sustainable energy, environment, and resilience. UNDP’s programmes fully integrate a global vision for catalytic change with India’s national priorities. With over 30 projects on the ground in almost every state, today, UNDP India works to achieve Sustainable Development Goals by transforming traditional models to do development differently.

About Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyse job opportunities for youth and reimagine approaches to building economically vibrant communities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfil our mission and drive thought leadership and innovation. Learn more at www.citigroup.com/citi/foundation

About Youth Co:Lab:

Co-created in 2017 by the United Nations Development Programme (UNDP) and the Citi Foundation, Youth Co:Lab aims to establish a common agenda for countries in the Asia-Pacific region to empower and invest in youth so that they can accelerate the implementation of the Sustainable Development Goals (SDGs) through leadership, social innovation and entrepreneurship. Read more about Youth Co:Lab.