Vedanta To Demerge Its Business Units Into Independent 'Pure Play' Companies

• Vedanta announces demerger of diversified businesses unlocking significant value
• To create world-class sector leading companies driving next phase of growth
• Capitalizes on India and the world’s growing demand for commodities, energy and technology

Vedanta Limited, India’s largest diversified natural resources company with a significant global footprint announces its plan to demerge its business units into independent “pure play” companies to unlock value and attract big ticket investment into the expansion and growth of each of the businesses. Vedanta is committed to best-in-class ESG practices and has a strong focus on metals critical for transition to green economy.

The announcement comes at a time when India is forecast to be the fastest growing major economy for the next several years. Indianweb2 reported about Vedanta Ltd considering to separately list all or some of its businesses, in late last month. More than ninety percent of Vedanta Ltd’s profits are derived in India. Demand for commodities is expected to rise exponentially as the country continues to build a world class infrastructure and strives to achieve aggressive targets for the energy transition which is highly mineral intensive. The Government of India’s emphasis on self-reliance will provide avenues for rapid growth for Indian companies in the commodities space.

Vedanta has a unique portfolio of assets among Indian and global companies with metals and minerals - zinc, silver, lead, aluminium, chromium, copper, nickel; oil and gas; a traditional ferrous vertical including iron ore and steel; and power, including coal and renewable energy; and is now foraying into manufacturing of semiconductors and display glass. Once demerged, each independent entity will have greater freedom to grow to its potential and true value via an independent management, capital allocation and niche strategies for growth. It will also give global and Indian investors potential to invest in their preferred vertical, broadening the investor base for Vedanta assets.

In pursuit of this goal, the Vedanta Limited Board approved a pure-play, asset-owner business model that will ultimately result in six separate listed companies, namely:

• Vedanta Aluminium
• Vedanta Oil & Gas
• Vedanta Power
• Vedanta Steel and Ferrous Materials
• Vedanta Base Metals
• Vedanta Limited

The de-merger is planned to be a simple vertical split, for every 1 share of Vedanta Limited, the shareholders will additionally receive 1 share of each of the 5 newly listed companies.

In addition to this, we note today’s announcement from Hindustan Zinc Limited (HZL, a subsidiary of Vedanta Limited), whereby their Board announced a comprehensive review of its corporate structure for unlocking potential value and intention to create separate legal entities for undertaking the Zinc & Lead, Silver and Recycling business of HZL.

The announcement is also available on the exchange website at www.bseindia.com and www.nseindia.com and HZL website at www.hzlindia.com.

Rationale for Demerger:

Simplifies Vedanta’s corporate structure with sector focussed independent businesses.

Provides opportunities to global investors, including sovereign wealth funds, retail investors and strategic investors, with direct investment opportunities in dedicated pure-play companies linked to India’s remarkable growth story through Vedanta’s world class assets.

With listed equity and self-driven management teams, these demergers provide a platform for individual units to pursue strategic agendas more freely and better align with customers, investment cycles and end markets.

Enables to better highlight, and for the market to more easily value, the remarkable technological advances, environmental stewardship and robust growth stories within Vedanta’s family of companies.

Anil Agarwal, Chairman of Vedanta, stated:

“This is an exciting announcement for Vedanta, and India. Our country is on an unprecedented growth trajectory which will make us the third largest economy in the world before the end of this decade. The demand for minerals, metals, oil and gas and power is going to grow very rapidly and Vedanta’s businesses are uniquely positioned to service this rising demand and reduce reliance on imports. Vedanta is also foraying into semiconductors and display glass which are of great strategic significance to India.

By demerging our business units, we believe that will unlock value and potential for faster growth in each vertical. While they all come under the larger umbrella of natural resources, each has its own market, demand and supply trends, and potential to deploy technology to raise productivity.

In line with Vedanta’s ethos, each company will continue to retain a strong commitment to the well-being of our workforce, our communities and our planet. Even as we move to new ways of running our businesses, we will remain steadfast to transform for good.”

Vedanta values remain embedded in the new entities

Vedanta Limited ranks 6th among 216 global metal and mining companies in the S&P Global Corporate Sustainability Assessment 2022. The Company aims to ensure that Vedanta DNA and focus on ESG transformation remain embedded post the unbundling exercise. These include:

The new companies will remain committed to achieving net-zero carbon emissions by 2050 and net water positivity by 2030 with the aims to spend $5 billion over the next 10 years to accelerate this transition. In the process of transitioning to net zero we already secured 1.8 GW of Renewable Energy through power delivery agreement across our group companies.

Vedanta’s digital-first approach and keen focus on advanced technologies has resulted in improved processes, strengthened cybersecurity, and easy access to information for effective decision making. Each of Vedanta's businesses has embarked on its own transformational journey towards digitalisation and innovation and these will continue.

Further information on the proposed new Entities:

Vedanta Aluminium

The Company’s Jharsuguda facility is the largest single-location aluminium smelting facility outside of China, and recently saw its capacity ramp up to 1.8 MTPA. It is accompanied by Bharat Aluminium Company Ltd. (BALCO, a 51% owned subsidiary of Vedanta Limited, taking total Group capacity to 2.4 MTPA).

In the most recent financial year ending – 31st March 2023, Vedanta Aluminium achieved its highest ever aluminium production of 2,291 kt, maintaining its place as the country’s largest supplier with c.41% market share in India among primary aluminium producers.

Vedanta Aluminium is on a path to grow production to 3 MTPA, whilst simultaneously improving its cost position to 1st quartile globally through full backward integration. Importantly, the business is growing production of green aluminium under the Restora and Restora Ultra brands and ranked 2nd in the Dow Jones sustainability index in 2022.

Vedanta Aluminium will be run by John Slaven, formerly of Alcoa and BHP.

Vedanta Oil & Gas

Vedanta’s Oil & Gas is the largest private oil, gas and sweet crude exploration and production company in India, accounting for more than a quarter of India’s domestic crude oil production. It is ideally suited to capitalise from India’s growing demand (c.50% growth anticipated by 2030). More broadly, the vision is to eventually contribute 50% to India’s total Oil and Gas production through diversifying its reserve and resources portfolio. The company’s footprint covers a total acreage of 65,000 square kilometres, with gross 2P and 2C resources in excess of 1.1 bn boe.

During FY 2023, the Company reported average gross operated production of 143 kboepd.

Vedanta Oil & Gas will be run by Steve Moore.

Vedanta Power

Vedanta Power will house the Independent Power Plants at Vedanta. Anchored by Talwandi Sabo Power Limited (TSPL, a wholly-owned subsidiary of Vedanta Limited), a 1980 MW plant based in Punjab, India, the business will also include the 600 MW Jharsugada power plant, the recently acquired 1200 MW Athena plant and the 1000 MW Meenakshi plant which is in the process of being acquired. Total capacity will therefore near 5GW post completion.

Vedanta Power is one of the largest private independent power players in India and backed by one of the world’s fastest growing power markets and a favourable political climate. 

Vedanta Power will be run by Vibhav Agarwal, currently CEO of TSPL.

Vedanta Steel and Ferrous Materials

Vedanta’s Iron Ore Business includes Iron Ore Goa, Iron Ore Karnataka, Liberia as well as VAB (Value Added Business). The company has aspirations to more than double annual iron ore production, from assets in India and Liberia to 13Mt by 2025.

This vertical will also include, ESL Steel Limited (ESL, a 95.49% owned subsidiary of Vedanta Limited), an Integrated Steel Producer, was incorporated in 2006 as a Public Limited Company with operations in Bokaro, Jharkhand, India. The company has set up a green field integrated manufacturing facility, which is currently commissioned at a capacity of 1.5 MT per annum, albeit with expansion to 3 MT per annum of hot metal capacity in progress (by mid 2024).

Vedanta Steel and Ferrous Materials will be run by Navin Jaju, currently CEO of Iron Ore.

Vedanta Base Metals

The proposed Vedanta Base Metals unit will contain a mix of strong international base metal production assets, growth projects and downstream businesses that feed directly into the supply chain for metals critical to global energy transition.

The Zinc International assets continued to ramp up production at Gamsberg mine in South Africa and achieved record production of 208kt in 2023. Black Mountain, also in South Africa, delivered significant production growth in FY23, generating 65kt on higher lead head grades and recoveries. Significant production growth is anticipated as Gamsberg Phase 2 ramps.

Vedanta’s copper business is capable of producing more than a third of India’s copper, Vedanta Copper’s assets in India consist of custom smelter, a refinery, a phosphoric acid plant, a sulphuric acid plant and a copper rod plant. The Company forecasts a resumption of production in 2024.

Vedanta Base Metals will be run by Chris Griffith, former CEO of Gold Fields and previously at Anglo American. 

Vedanta Limited 

Vedanta Limited will remain as an exciting incubator for new businesses including Vedanta’s technology verticals buttressed by the strong financial earnings of the Tier-one Hindustan Zinc assets.

The company will provide investors with the opportunity to invest in some of the world’s leading zinc production assets with a clear capital allocation policy, while benefiting from these nascent technology companies until they too are ready to be released as independent, globally significant businesses. These include Vedanta’s interests in Semiconductors and Display (offering exposure to India’s fast-growing $140bn electronics market) and Stainless Steel (Ferrochrome and Nickel). For Display manufacturing, Vedanta has finalized a technology partnership with Taiwanese firm Innolux and is also close to finalize partnership for Semiconductor manufacturing.

Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Limited) is the world’s 2nd largest integrated zinc producer with a 1st quartile cost position and R&R of 460MT and mine life of 25+ years. It is also the 5th largest silver producer globally.

In HZL’s journey to achieving 1.25 mtpa MIC expansion, the final project of RD Beneficiation plant revamp is under execution at RD Mines and is on track. For further phase of expansion of Mines and Smelters, studies are under progress and results are expected in FY24.

There is a steadily growing demand for Zinc & Lead in industrial usage; Silver is a metal of the future with extensive use in emerging technologies like solar panels and electric vehicles. Recycling of metals is key to meet the future demand. In a world committed to combating climate change, the demand for recycled 'green' metal will grow exponentially.

Vedanta Limited will be run by Arun Misra, currently CEO of HZL.

Demo Day at IIIT Hyderabad: 11 Startups Pitched to 35+ Investors

Representative Image

CIE-IIITH organized its semi-annual Demo Day on Wednesday. 11 startups from various programs pitched to over 35+ investors who were invited to the demo day. All 11 startups have interest from investors.

CIE is a 15-year-old incubator that in the early days was supported by DST, MEITY & DBT. CIE has so far supported 430+ startups and has seed-funded 38 startups. CIE-IIITH is also focusing on turning a new leaf in terms of infrastructure facilities, programmes and startup engagements focusing towards building a deep tech startup ecosystem.

Demo Day is an event where CIE-IIITH showcases its startups from various programs in the following domains: DeepTech, MedTech, Mediatech & Mobility startups. The startups at this demo day were spread across solution realms from IOT-AI for Industrial automation, CV-based game data analysis and surveying, gait analysis, post-operative brain care devices, Auto tech etc.

The Accelerator programs offer up to 40L seed funding, and technology help through research labs of ITH, along with strategy and GTM advisory leading up to initial customer traction The startups are from varied technologies like AI/ML, CV, NLP, AR/VR, working in various domains of manufacturing, data analysis, surveillance, asset tracking.

“Research Translation and research-backed startups are one of the core focuses of CIE’s accelerators given IIITH’s rich experience in deep technology research innovations. It's good to see more than 50+ investors joining our demo day and are interested in such deep tech innovation.” said Prof. Ramesh Loganathan, COO, CIE-ITH

Funds that attended include SucSeed Innovation Fund, Chennai Angels, Mumbai Angels, Venture Catalysts, Reflex Capital, Hyderabad Angels, Freeflow, Optum, Lead Angels, Startupxseed, Silver needle Ventures, DBS Bank, Sunrise Ventures, TCS, Anthill Ventures, Asterteq Ventures and many more. Most startups have got interest from investors for follow-up conversations.

For the 1st Time, Tiny Plastic Found in Clouds, Catalysing Global Warming Dangerously

Just a few years ago, micro plastics were found inside fish and other aquatic living being. Why? — Because of over consumption of plastics across the world and inadequate waste management. And, the fact that plastic take long long long time to degrade this led to a huge accumulation of plastic waste of all sizes in aquatic environments around the world.

Since the almost immortal plastic reached the oceans, in a latest shock to the world these plastic now in a tiny microplastic form have reached to the clouds (troposphere) that cause rain.

Japanese researchers have revealed in a research that Microplastics have finally found their way to the clouds. Researchers believe it can have a serious impact on marine ecosystems and climate change. The researchers have said that this is a big warning and immediate tough steps have to be taken regarding plastic or else it will not be stopped in the coming time and can even pose a major threat to the human body and environment.

In a new study led by Hiroshi Okochi, Professor at Waseda University, a group of Japanese researchers has explored the path of airborne microplastics (AMPs) as they circulate in the biosphere, adversely impacting human health, and the climate.

Their study was recently published in the journal Environmental Chemistry Letters with contributions from co-authors Yize Wang from Waseda University and Yasuhiro Niida from PerkinElmer Japan Co. Ltd. “Microplastics in the free troposphere are transported and contribute to global pollution. If the issue of ‘plastic air pollution’ is not addressed proactively, climate change and ecological risks may become a reality, causing irreversible and serious environmental damage in the future,” explains Okochi.

These microplastic, in atmosphere boundary, when exposed to sunlight and ultraviolet radiation at cloudy altitude, can contribute to greenhouse gases Catalysing climate change and global warming.

Methodology

To investigate the role of these tiny plastic particles in the troposphere and the atmospheric boundary layer, the team collected cloud water from the summit of Mount (Mt.) Fuji, south-eastern foothills of Mt. Fuji (Tarobo), and the summit of Mt. Oyama – regions at altitudes ranging between 1300-3776 meters.

Using advanced imaging techniques like attenuated total reflection imaging and micro-Fourier transform infrared spectroscopy (µFTIR ATR imaging), the researchers determined the presence of microplastics in the cloud water, and examined their physical and chemical properties.

Conclusion

Accumulation of Airborne Micro Plastics (AMPs) in the atmosphere, especially in the polar regions, could lead to significant changes in the ecological balance of the planet, leading to severe loss of biodiversity.

Okochi concludes by saying “AMPs are degraded much faster in the upper atmosphere than on the ground due to strong ultraviolet radiation, and this degradation releases greenhouse gases and contributes to global warming. As a result, the findings of this study can be used to account for the effects of AMPs in future global warming projections."

Applied Ventures Selects Seven Deep tech Startups during ASTRA 2023

Selected start-ups in the fourth cohort of the successful ASTRA program will be evaluated for mentorship and possible collaboration with Applied Materials, helping them reach their growth potential

Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., along with Applied Materials India Private Limited, selected seven deeptech startups during the fourth cohort of its start-up engagement program - ASTRA (Applied Startup Technology & Research Accelerator) in Bengaluru. ASTRA aims to collaborate with start-ups and transform disruptive possibilities into reality.

Based in India and Singapore the selected startups during ASTRA 2023 include Lightspeed Photonics, Portkey, Sungreen H2, Exposome, OIP Technologies, App Sentinels, and Ethereal Machines.

Chosen from a pool of 50+ outstanding applications, the selected start-ups pitched their business proposals to Applied Materials executives and industry leaders during the event. The start-ups were then evaluated based on criteria such as Fit to Applied Technology and Business, High-Value Problems Addressed, Differentiation from Existing Market Solutions and Business Models, and Growth Potential. The areas of focus for ASTRA 2023 were Generative AI, Semiconductor and Display Technologies, Sustainability, Supply Chain Solutions, Cybersecurity, Advanced Materials, Advanced Optics and Photonics, and AI Hardware.

Commenting on the occasion, Om Nalamasu, Senior Vice President and Chief Technology Officer of Applied Materials, Inc., and President of Applied Ventures said, "I would like to congratulate the seven selected start-ups for their innovative solutions. All of them have showcased exciting visions of the future, and we look forward to helping them reach their full potential through collaboration and mentorship. The ASTRA program connects us with some of the most dynamic deeptech startups, and we want to continue this incredible journey where Applied Ventures can play a significant role in fostering innovation, collaboration, and entrepreneurship to cultivate a thriving start-up ecosystem."

Anand Kamannavar, Global Head, Applied Ventures, and sponsor of ASTRA, said, “The fourth cohort of ASTRA has showcased breakthrough innovations across the broader Materials to Systems™ stack in the areas of Generative AI, Semiconductors, ESG, and Supply Chain. We are thrilled to engage with the shortlisted startups; they all have tremendous potential to transform the market ecosystem. Applied Ventures will continue to support breakthrough companies across the globe, help bring their innovations to market, and guide their journey towards becoming successful business models.”

Srinivas Satya, Country President, Applied Materials India said, “We've always believed in the power of entrepreneurship to drive meaningful change, and we're excited to see how these shortlisted startups will contribute to India’s semiconductor ecosystem. By collaborating with these cutting-edge businesses, we are accelerating the creation of a local semiconductor ecosystem and building on the recent announcement of our intent to establish a Collaborative Engineering Center in India.

With ASTRA 2023, Applied Materials and Applied Ventures are leveraging their extensive technical and industry expertise to accelerate the growing start-up ecosystem. The companies selected during the fourth cohort of ASTRA will now be assessed for mentorship, possible collaboration with Applied Materials, and investment opportunities from Applied Ventures. As a consultant, Applied Materials will help the final start-ups selected this year address market and technology challenges and explore potential scale-up pathways. The selected companies will also have access to Applied Materials’ product development expertise, best-known methods for maximizing market opportunities, infrastructure, and ecosystem connections.

Following are the selected start-ups during ASTRA 2023 —

1. App Sentinels
• Full life-cycle API Security platform
2. Exposome
• Material chemistry technology for abating industrial wastewater & emissions
3. Ethereal Machines
• Axis CNC Machining
4. Lightspeed Photonics
• Photonics: Optoelectronic interconnects and modular processors
5. OIP Technologies
• Optical-in-Package solution with advanced packaging technology
6. Portkey
• Production-ready tools to make Generative AI apps
7. Sungreen H2
• High-efficiency electrolyzer components for Green Hydrogen production

About Applied Ventures, LLC

Applied Ventures, LLC, the venture capital arm of Applied Materials, invests in innovative technology companies globally that promise to deliver high growth and exceptional strategic and financial returns. For more than a decade, Applied Ventures has invested in startups globally, including India, that are pioneering innovations in semiconductor and display technologies, high-performance computing, smartphones, augmented and virtual reality, AI/ML, autonomous cars, big data, life sciences, fab automation software, robotics, sensors, advanced materials, and ESG.

India’s Longest Running Fintech Conference India FinTech Forum’s IFTA Spotlights 24 High Potential Fintech Startups for the Annual Fintech Awards

• 1250+ applications received from countries like Australia, Hungary, Netherlands, Singapore, US and UK in addition to India
• Shortlisted FinTechs to be evaluated for IFTA awards by a jury across 12+ categories
• Jury will pick winners based on several parameters like business impact, scalability, traction, market potential etc.
• Winners to be announced at IFTA 2023, which is scheduled for 1st Nov in Mumbai
• The event will see top of the line industry leaders like Mr. Nitin Chugh, Deputy MD and Head of Digital Banking, State Bank of India, Mr. Konstantin Peric, Deputy Director - Financial Services for the Poor, Bill & Melinda Gates Foundation, Mr. Jagdish Narayanan, CIO, Reliance Jio Payments Bank, Mr. Ajay Rajan, Country Head - Digital and Transaction Banking, YES Bank, Mr. Nilesh Shah, Managing Director, Kotak Mahindra Asset Management, and many more.

India's longest running fintech event, IFTA, organized by India FinTech Forum, is back for its 8th edition. IFTA is known for celebrating innovation and recognizing groundbreaking fintech startups. This annual event, which has become synonymous with celebrating fintech excellence from across the world, is set to unveil 24 high potential startups and 6 scaleups that are leading the charge in the financial technology sector. Shortlisted from 1250+ applications from various countries including Australia, Georgia, Hong Kong, Hungary, India, Netherlands, Nigeria, Poland, Portugal, Singapore, Turkey, UK and USA, these companies will be carefully evaluated by a top-notch jury.

The winners will be chosen from the finalists below and announced at IFTA 2023 on 1st November, 2023 at Mumbai. IFTA will be organised as a hybrid event with online sessions on 30th and 31st October, and the grand finale on 1st November at Courtyard by Marriott, Mumbai.

Mr. Sougata Basu, Founder, CashRich and Executive Committee Member, IFF, says, “At IFTA, this year’s shortlisted startups shine with enormous potential. Past winners at IFTA include Razorpay, Open, Simpl, and Pismo (acquired by Visa for $1 billion in 2023), and they exemplify the transformative power of business innovation. With a member base of over 4,000 fintech companies and over 35,000 individuals, India FinTech Forum continues to promote purpose-driven innovation.”

India FinTech Forum is proud to present the following high-potential fintech startups for 2023:

Agrim Housing Finance (India) is empowering underserved communities with digital home loans using advanced technology and innovative algorithms.

Ayekart Fintech (India) is empowering traditional business networks by digitizing the food & agri value chain with embedded finance and services. 

Bureau (India) is a no-code, identity decisioning platform that offers the complete range of risk, compliance and fraud monitoring solutions innovated with AI.

CreditNirvana (India) is pioneering ML Analytics driven and digital first, end to end Debt Management Platform.

Deepvue.tech (India) provides APIs that help businesses perform automated KYC, enhanced due diligence checks, and risk-based underwriting so that lenders, fintech companies, and neobanks can launch products faster.

Dhan (India) is an online stock trading and investing platform made for Super Traders & Long-Term Investors that aims to provide best-in-class features at industry standard pricing.

FidyPay (India) simplifies payment processes for businesses by automating transaction mapping, centralizing reconciliation, and reducing reliance on fragmented bank statements.

FinMapp (India) offers a solution to those who lack financial literacy via a mobile app with financial health gap assessment, tax planning, risk & age-based profiling, and a comprehensive suite of financial products.

FinnUp (India) FinnUp is building a world class B2B enterprise debt platform serving all types of debt requirements to the SME, Large Corporates and Financial Services.

Hyperface (India) is a pioneering Credit Cards as a Service (CCaaS) platform so that banks and fintechs can launch and manage their card program quickly within regulatory guidelines.

Insurance Samadhan (India) offers Polifyx, a mobile application that is revolutionizing the insurance industry by resolving policyholder grievances through a tech-enabled platform.


Jar (India) is built on the idea of helping Indians to make investing a habit, and provides a unique solution to save money daily and invest automatically in digital gold for the best gold rate.

Kniru (India) is an AI-Driven financial advisor that manages finances with minimal human involvement & in an optimal manner to provide precise, personalized, actionable insights.

MODIFI (Netherlands) is a global business payments company that helps exporters and importers finance and manage their international trades. It helps to optimize cash flow, bridges financing gaps and provides strong support for export enterprises.

Mool (India) is an AI-powered system that employs a set of intelligent rules with the goal of maximizing the employee’s benefits from their salary package, tailored as per their preferences while remaining compliant with tax rules and regulations.

Onsurity (India) is India’s only healthtech company providing monthly, comprehensive employee healthcare to SMEs, MSMEs, Startups and growing businesses.

Propelld (India) provides student-friendly private study loans for learners in partner institutions with customized loan products through a fully digital loan process.

Qapita (Singapore) automates equity management for private companies from inception to IPO & beyond, including workflows around CapTables, ESOPs, Due-diligence, and transactions.

QuantMan (India) provides robust backtesting features with 5 years of options data, where years of testing process is done in less than 90 seconds, and live order execution is fully automated.

SandLogic (India) is a full-stack enterprise AI company that provides LCNC platforms to develop Deep Learning applications to run on Edge devices.

SatSure (India) SatSure Sage leverages satellite imagery and offers accurate risk assessment, customer sourcing, and portfolio monitoring for better lending decisions and to minimize losses in agricultural lending.

SaveIN (India) enables healthcare providers to offer instant, check-out finance to their patients, embedded at point of care, thereby splitting medical expenses into 0% interest or low-cost EMIs.

Tutelar (India) offers solutions for risk protected onboarding, compliance, payment fraud detection and dispute management.

Volt Money (India) allows retail investors to avail cash loans, credit lines and flexible EMIs against financial assets like mutual funds instantly, keeping their financial assets intact.

IFTA has also announced a carefully selected shortlist for Fintech Scaleup of the Year. These companies are evaluated on their product and services and the traction that they have been able to build.

Top 6 companies shortlisted for Scaleup of the Year category:

Credility (India): Credility is focused on lending tech solutions, empowering loan officers to easily manage their leads, qualify them and quickly onboard the potential customer.

Fibe (India) focuses on young and tech-savvy Indians and offers instant cash loans at a short notice even to ‘new to credit’ borrowers using new credit scoring systems for superior customer profiling.

Finnable (India) is working to make hassle free personal loans available to all salaried professionals quickly using technology and innovation, and with the support of employers.

Partner HUB (Hungary) provides a white label solution to set-up services for integrating e-invoicing and financial services and the access to invoice data and data management capabilities to utilise the value in invoice data as a way for banks to participate in open finance and open data ecosystems.

Think360.AI (India) is a leading AI technology firm dedicated to serving the BFSI sector through alternate data, analytics, and a modern technology stack to revolutionize credit decisioning, fraud detection, risk assessment and customer onboarding.

Trustt (India) provides AI-powered SaaS-based Core Banking Platform to banks, NBFCs, and fintechs. Its product portfolio includes digital lending, digital distribution, digital identity, and payments customized to meet the specific needs of each client.

IFTA has a distinguished history of spotlighting startups that have gone on to achieve remarkable success. Past winners have cumulatively raised investor funding of over $6.3 billion till date, a testament to the event's reputation for celebrating top-tier talent in the fintech industry.

IFTA 2023 will see participation from top industry leaders like Mr. Nitin Chugh, Deputy MD and Head of Digital Banking, State Bank of India, Mr. Konstantin Peric, Deputy Director - Financial Services for the Poor, Bill & Melinda Gates Foundation, Mr. Jagdish Narayanan, CIO, Reliance Jio Payments Bank, Mr. Ajay Rajan, Country Head - Digital and Transaction Banking, YES Bank, Mr. Nilesh Shah, Managing Director, Kotak Mahindra Asset Management, and many more.

About India FinTech Forum

The India FinTech Forum is a non-profit initiative that offers a platform for fintech companies to collaborate through consultations, round tables, webinars and meet-ups. More than 4000 fintech companies and over 35,000 individuals who are members of this forum, are dedicated to enhancing the ecosystem to ensure that India leads the global fintech innovation wave. 

Revolutionizing Sales: Unleashing the Power of AI

(The author of the article is Mr. Sriram PH, Co-Founder and CEO, DaveAI)

The sales department is a vital component of any business, as it drives revenue generation and fosters customer relationships essential for sustained growth and profitability. This domain has undergone a paradigm shift because of the arrival of artificial intelligence (AI).

The Evolution of Compassionate AI in Sales

Empathetic AI, also known as emotional AI, refers to systems and technologies that can recognize, interpret, analyze, and simulate human emotions. Sales teams benefit from empathetic AI by leveraging its ability to analyze customer sentiment and emotions in real-time, enabling them to tailor their interactions with customers more effectively.

Sriram PH 

Empathetic AI helps understand customer needs and preferences on a deeper level, leading to improved rapport, increased trust, and higher conversion rates. Empathetic AI also assists in identifying potential issues and providing personalized solutions, enhancing customer satisfaction and long-term loyalty. This technology has seen broader adoption as an increasing number of companies recognize its potential today.

AI Democratization for Businesses

One of the most exciting developments in the industry is the democratization of AI. Empathetic AI technologies are now accessible to enterprises of all sizes. The level playing field created by this democratization enables companies to compete more successfully and enhance customer experiences.

Democratization of AI also results in significant cost savings. In the past, implementing AI solutions required significant financial and technological investments. Today, even small and medium-sized firms (SMEs) can increasingly employ AI to their benefit.

The Effect of Empathetic AI on Sales

Empathetic AI has the potential to transform sales in several ways:

1. Enhanced Customer Understanding: Using empathetic AI to analyze customer behaviour, preferences, and emotions improves consumer interactions and relationships. Now the Sales teams may more accurately anticipate what the customer wants and respond in ways that help connect emotionally with customers.

2. Personalized Sales Strategies: Sales teams can develop customized strategies that respond to the needs of each customer by getting to know them better. These tailored tactics lead to more effective sales presentations and higher conversion rates.

3. Improved Customer Engagement: Customers have more satisfying and loyal relationships with businesses that use empathetic AI. Empathetic AI helps understand and react to customer emotions, creating more immersive and enjoyable customer experiences.

4. Increased Sales Efficiency: Sales teams benefit from empathetic AI, by automating routine tasks and providing useful customer insights. This can improve their efficiency and productivity, leading to improved results.

The Future of Sales

Empathetic AI helps empower sales success. It helps sales teams perform better by building stronger customer relationships, personalizing offers, and simplifying sales processes. The outcomes are higher revenue, loyal clients, and a competitive edge.

The future of empathetic AI in sales holds great promise, with continued advancements in natural language processing and sentiment analysis. Empathetic AI models will become increasingly adept at understanding and responding to customer emotions, leading to highly personalized and emotionally intelligent interactions. This will not only boost sales conversion rates but also deepen customer loyalty and satisfaction, reshaping the landscape of customer-centric sales strategies.

Conclusion

Empathetic AI influences the way businesses sell. It allows them to connect with customers on a deeper level, leading to loyalty.The drive to make AI available for businesses goes beyond mere technological adoption; it represents a profound shift in how we envision communication, engagement, and sales within today's dynamic and customer-centric business landscape. This transformative endeavour seeks to harness AI's potential to revolutionize not just processes, but also the very essence of how businesses connect with and serve their customers, paving the way for more agile and effective customer interactions. 

 

Demystifying Bumper-to-Bumper Insurance in India

Navigating the world of motor insurance in India can be a daunting task, especially for newcomers. One term that often surfaces in discussions about car insurance is "Bumper-to-Bumper Insurance," which sounds comprehensive and appealing. In this detailed article, we will delve into what Bumper-to-Bumper Insurance entails, its features, pros, and cons, as well as the crucial factors to consider before opting for this insurance plan in India. By the end of this read, you'll have a clear understanding of whether Bumper-to-Bumper Insurance is the right choice for you.

The Essence of Car Insurance

Before we dive into the specifics of Bumper-to-Bumper Insurance, let's first grasp the fundamental concept of car insurance:

Car insurance is a contract between you and an insurance provider in which you agree to pay premiums, and in return, the insurer provides financial protection in the event of accidents, damage, theft, or other unforeseen circumstances. In India, having at least a basic form of car insurance, like Third-Party Liability Insurance, is mandatory under the Motor Vehicles Act, 1988.

Understanding Bumper-to-Bumper Insurance

Bumper-to-Bumper Insurance, also known as Zero Depreciation or Nil Depreciation Insurance, is a type of car insurance policy that offers comprehensive coverage. Unlike standard insurance policies, Bumper-to-Bumper Insurance covers the full cost of repairing or replacing parts of your car without factoring in depreciation. Here are its key features:

1. Depreciation Coverage: This insurance plan covers the depreciation value of car parts, ensuring you receive the entire cost of repairs or replacements, making it particularly appealing for new car owners.

2. Higher Premiums: Bumper-to-Bumper Insurance comes with higher premium costs compared to standard insurance plans due to its extensive coverage. 

3. Add-Ons: You can further customize your policy by adding additional coverage options like engine protection, consumables coverage, and more.

The Pros and Cons of Bumper-to-Bumper Insurance

Let's explore the advantages and disadvantages of opting for Bumper-to-Bumper Insurance:

Pros:

1. Comprehensive Coverage: Bumper-to-Bumper Insurance provides complete protection for your vehicle, leaving no room for out-of-pocket expenses in case of damage.

2. Ideal for New Cars: It's especially beneficial for new car owners who want to safeguard their investments without worrying about depreciation costs.

3. Peace of Mind: Knowing that your car is fully covered can offer peace of mind and reduce stress when driving. 

Cons:

1. Higher Premiums: The primary drawback is the higher premium costs associated with Bumper-to-Bumper Insurance, making it less affordable for some car owners.

2. Limited Eligibility: Not all cars are eligible for this coverage, and there may be restrictions based on factors like the car's age and condition.

Factors to Consider Before Opting for Bumper-to-Bumper Insurance

Before you decide whether Bumper-to-Bumper Insurance is right for you, consider these essential factors:

1. Car's Age: Newer cars benefit most from this insurance, so assess whether your car's age justifies the higher premium.

2. Driving Habits: If you're a safe and cautious driver with a low risk of accidents, you might opt for a standard insurance plan.

3. Budget: Evaluate your budget and weigh the higher premium of Bumper-to-Bumper Insurance against potential repair costs.

4. Resale Value: Consider how the insurance might impact the resale value of your car, as some buyers prefer cars with comprehensive coverage.

5. Claim Process: Understand the car insurance claim process, as it can vary between insurance providers.

The Claim Process with Bumper-to-Bumper Insurance

When it comes to making a car insurance claim with Bumper-to-Bumper Insurance, the process typically involves the following steps:

1. Immediate Reporting: Inform your insurance provider as soon as an accident or damage occurs. Provide all necessary details and documents.

2. Inspection: The insurance company may send a representative to inspect the damage and assess the repairs required.

3. Claim Filing: Submit a claim with all necessary documents, including the repair estimate from the garage.

4. Approval and Repairs: Upon approval, the insurance company will cover the repair or replacement costs. You may need to pay the deductible, if applicable.

5. Claim Settlement: After the repairs, the insurance company will settle the claim, and you can collect your vehicle.

Evaluating Your Coverage Needs

When considering Bumper-to-Bumper Insurance, it's vital to assess your specific coverage requirements. Here are some factors to keep in mind:

1. Car's Age: As mentioned earlier, the age of your vehicle plays a significant role. Newer cars benefit more from Bumper-to-Bumper Insurance due to lower depreciation. For older cars, the cost of this insurance may outweigh the potential benefits.

2. Driving Habits: Your driving habits matter. If you frequently drive in high-traffic areas or are prone to minor accidents, Bumper-to-Bumper Insurance can be advantageous. Conversely, if you're a safe and cautious driver with a low risk of accidents, a standard insurance plan might suffice.

3. Budget Constraints: Analyze your budget and financial situation. While Bumper-to-Bumper Insurance provides extensive coverage, it also comes with a higher premium. Ensure that you can comfortably afford the premiums without straining your finances.

4. Resale Value: Consider how the choice of insurance might impact the resale value of your car. Some prospective buyers may prefer vehicles with comprehensive coverage, as it provides assurance regarding the car's condition and history.

5. Total Cost of Ownership: Factor in the total cost of ownership of your vehicle. This includes not only the premium but also maintenance, fuel, and other associated expenses. Assess whether Bumper-to-Bumper Insurance aligns with your overall financial plan.

The Claim Process with Bumper-to-Bumper Insurance

Understanding the claim process is crucial, as it can significantly impact your experience with Bumper-to-Bumper Insurance. Here's a more detailed look at how the claim process typically unfolds:

1. Immediate Reporting: After an accident or damage occurs, report the incident to your insurance provider as soon as possible. Provide comprehensive details, including the date, time, location, and a description of the incident.

2. Inspection: Depending on the nature and extent of the damage, the insurance company may send a representative to inspect your vehicle. This inspection helps assess the scope of repairs required.

3. Claim Filing: Prepare and submit a formal claim with all necessary documents. This typically includes the estimate for repairs or replacement provided by the garage or service center.

4. Approval and Repairs: Upon approval of your claim, the insurance company will proceed with covering the repair or replacement costs. If your policy includes a deductible, you will need to pay this amount.

5. Claim Settlement: After the repairs or replacement are completed, the insurance company will settle the claim. You can then collect your vehicle, which should be in optimal condition.

Making an Informed Decision

Ultimately, the choice between standard insurance and Bumper-to-Bumper Insurance depends on several factors. It's essential to make an informed decision based on your individual circumstances, risk tolerance, and financial capacity.

Bumper-to-Bumper Insurance provides comprehensive coverage, ensuring that your car remains protected, and you can enjoy worry-free drives. However, it comes with a higher premium, which may not suit everyone's budget.

Before finalizing your choice, thoroughly evaluate your car's age, your driving habits, budget constraints, and long-term plans for your vehicle. By doing so, you can determine whether Bumper-to-Bumper Insurance aligns with your overall financial strategy and offers the peace of mind you desire as a car owner.

Conclusion

In conclusion, Bumper-to-Bumper Insurance in India is a valuable investment for some car owners, especially those with new vehicles. It offers extensive coverage but comes with considerations regarding premiums and eligibility. By carefully weighing the factors discussed here, you can confidently choose the insurance plan that best suits your needs and preferences, ensuring that your car remains protected on the road.

First Fully Electric BMW iX1 Launched in India

German luxury auto major BMW's Indian subsidiary, BMW India, has just launched the first fully electric BMW iX1 in India today. With this, the most successful BMW luxury sports activity vehicle - the X1 - becomes the first in its segment to offer a new electric avatar in addition to the petrol and diesel drivetrains.

Bookings for the first fully electric SUV were opened exclusively online and was sold out within a few hours. The car was launched as a completely built-up unit (CBU) at an ex-showroom price of Rs 66,90,000/-

Launched as a completely built-up unit, the first fully electric BMW iX1 can be exclusively booked online at shop.bmw.in. Deliveries start from October onwards.

The iX1 can be charged from 10 – 80% in just 29 minutes using a 130 kW DC fast charger. The iX1 comes with a BMW 11 kW wall box charger which takes 6.3 hours to fully charge the battery. The iX1 gets regenerative braking with other features such as ECO PRO mode, electric power steering, drive experience control and my modes.

The exteriors of the iX1 looks similar to the ICE X1 except for a few minor changes. It gets a large BMW kidney grille with distinct ‘I’ identification. It also gets sleek adaptive LED headlights with chrome highlights on the grille. The silhouette and side remain the same and it features 18-inch M light alloy wheels wrapped up in EV-specific tyres. Moving rear, it gets L-shaped LED taillights with an integrated spoiler and a skid plate below.

In the interiors, the dashboard layout remains the same as the ICE X1. In terms of features, it gets a 10.25-inch digital instrument cluster, 10.7-inch touchscreen infotainment system, ambient lighting, Harmon Kardon 12 speaker sound system, massaging seats, dual-zone climate control, panoramic sunroof, connected car tech, digital key, wireless charging, Android Auto/Apple CarPlay and more.

Safety features include ABS with Brake Assist, 6 airbags, electronic stability control, a tyre pressure monitoring system, ISOFIX mounting for child seats, and advanced driver assistance systems.
 

Father of India's Green Revolution Agri Scientist MS Swaminathan, Dies at 98

Monkombu Sambasivan Swaminathan, a 98-year-old globally renowned agriculture scientist, dies on Thursday in Chennai, following age-related illness.

Called as the main architect of the Green Revolution in India, Mr Swaminathan was an Indian agronomist, agricultural scientist, plant geneticist and humanitarian. He was awarded the first World Food Prize (one of the highest honours in the field of agriculture) in 1987 for developing and spearheading the introduction of high-yielding rice varieties into India during the '60s.

Late Swaminathan, a plant geneticist, helped design and lead the Green Revolution, a huge development effort that in just a few years brought food self-sufficiency to India, which had suffered from deadly famines for decades under and after British colonization in India.

During the era of British rule in India (1765–1947), 12 major famines occurred which lead to the deaths of millions of people in Indian subcontinent.

Mr Swaminathan's collaborative scientific efforts with Nobel prize laureate, Norman Borlaug, spearheaded a mass movement with farmers and other scientists and backed by public policies, helped India and Pakistan yo recover from certain famine-like conditions in the 1960s.

In 2004, an agricultural think-tank in India named an annual award after Swaminathan, the eponymously named 'Dr. M.S. Swaminathan Award for Leadership in Agriculture. And, interestingly Borlaug was awarded the first 'M. S. Swaminathan Award for Leadership in Agriculture' by the then President A.P.J Abdul Kalam in 2005.

It is said that in his younger days Swaminathan turned down plum positions in academia and the government to work in agricultural research. He helped to cross-breed wheat seeds that allowed India to more than treble its annual crop in just 15 years.

President Droupadi Murmu and Prime Minister Narendra Modi along with lawmakers, scientists and people from across the world expressed their condolences.

The FIRST Millennia Credit Card Guide - Is It Built for You?

In today's fast-paced digital world, having a reliable and rewarding credit card is like having a passport to endless possibilities. That's where the IDFC FIRST Millennia Credit Card comes into play. Whether you're a young professional or a tech-savvy individual, this credit card is designed to elevate your financial experience without any hassles. In this guide, we'll walk you through the exciting benefits and features of the FIRST Millennia Credit Card and help you determine if it's the perfect fit for you.

Why the IDFC FIRST Millennia Credit Card?

Picture this: A credit card that's not only powerful but also absolutely free for a lifetime. Yes, you read that right! The FIRST Millennia Credit Card stands out as a lifetime-free credit card that offers a plethora of advantages tailored to suit your modern lifestyle. Let's dive into some of the key features that make it a standout choice:

1. Tailored for millennials

The name says it all! This online credit card is built with the young and dynamic generation in mind. Whether you're exploring the world, dining out, or indulging in online shopping sprees, the FIRST Millennia Credit Card brings you exclusive offers and discounts across various categories that resonate with your preferences.

2. Unravel a world of offers

Get ready to be spoilt for choice with over 300+ merchant offers, low interest rates, 10X reward points, and amazing merchant discounts. From cashbacks on online shopping to fuel surcharge waivers, this card has got it all covered. Enjoy discounts on leading food delivery apps, entertainment platforms, and e-commerce giants. Your cravings for savings and rewards are in for a treat!

3. Effortless online application

Say goodbye to lengthy paperwork and hello to simplicity. Applying for the FIRST Millennia Credit Card is a breeze, and the best part is that it's done entirely online. Ensuring that you meet the eligibility criteria of having an annual income of ₹ 3 Lacs or more, you can enjoy its benefits. No more waiting in long queues or dealing with paperwork. Just a few clicks, and you're on your way to holding a powerful financial tool in your hands.

4. Contactless transactions

In a world where time is of the essence, contactless payments are a game-changer. The FIRST Millennia Credit Card comes equipped with contactless payment technology, making your transactions faster and more secure than ever before. Just tap your card and breeze through your payments.

Is the FIRST Millennia Credit Card your ideal match?

The IDFC FIRST Millennia Credit Card is undoubtedly a compelling choice for those who value simplicity, rewards, and convenience. If you're a tech-savvy individual who loves exclusive offers, seamless online experiences, and the idea of a free credit card that caters to your lifestyle, then this card is tailored just for you.

In conclusion, the FIRST Millennia Credit Card is not just another online credit card; it's your gateway to a world of exciting benefits and financial empowerment. With its tailored features and unbeatable rewards, it's time to take your financial journey to the next level. Apply for the IDFC FIRST Millennia Credit Card today and embark on a journey towards a more rewarding future.

OpenAI, SoftBank, Arm and Ex-Apple's LoveFrom Coming Together To Create An AI Device

ChatGPT developer, OpenAI, is bringing it's first gadget and that would be a device for Artifical Intelligence (AI). According to the report by Financial Times (FT) , OpenAI is in advanced talks with former Apple designer Sir Jony Ive and SoftBank’s Masayoshi Son to launch a venture to build the “iPhone of artificial intelligence", with over $1 billion financials from the Softbank.

In 2019, the former Apple designer, John Ive, has founded a company called "LoveFrom". OpenAI Chief Altman has tapped Ive to create the OpenAI's first consumer device, according to three people familiar with the plan.

Citing people familiar with the plan, the FT report further revealed that Ive and Altman are aiming to create a device that provides a “more natural and intuitive user experience” to interact with artificial intelligence.

Jony Ive left Apple, in 2019, to cofound a creative agency, LoveFrom, with his friend and long-time collaborator Marc Newson. Based out of San Francisco and London, it is a design company which has many of the employee who are ex-Apple. Being very secretive about its operations, the design company has only taken a handful of clients and only few products have been publicized yet.

Notably, Ive has previously expressed concerns about compulsive behavior related to smartphone usage.

Ive and OpenAI Chief have held brainstorming sessions, along with Masayoshi Son present in some of these sessions, at the LoveFrom's San Francisco studio. The brainstorming talks was about what a new consumer product centred on OpenAI’s technology would look like.

Masayoshi, the SoftBank’s founder and CEO, has pitched in Arm, the semiconductor designing giant, to play the central role. Arm is London-based chip designing giant and SoftBank’s portfolio firm with 90% stake in it. Arm recently went public and oversubscribed by 10 times.

The discussion, said to be very serious, is yet to materialise and could be several months before any venture is formally announced. Any resulting hardware product is likely to take years to bring to market.

Once taking a shape, this would be a milestone in the world of technology, bringing four Disruptors — OpenAI, LoveFrom, Softbank and Arm — on one podium, for one hardware device.

HMD Global Appoints Tanuj Patro as Chief Financial Officer for India & Asia Pacific markets : A Visionary Finance Leader with a Global Outlook

HMD Global, the home of Nokia phones, is thrilled to announce the appointment of Tanuj Patro as its Chief Financial Officer (CFO) of the company, a strategic move that reflects the company's commitment to top-tier leadership and its relentless pursuit of excellence in the mobile technology industry.

With an illustrious career spanning over two decades in the finance domain, Tanuj brings an unparalleled wealth of experience and expertise to his role. Having worked with industry giants such as Microsoft, Nokia, LG, and E&Y, as well as emerging market pioneers like Paytm, Tanuj’s journey has been defined by his adeptness in both large corporate landscapes and fast-paced startup environments. Tanuj is a Chartered Accountant and has pursued Advanced Executive Management Program from INSEAD.

Ravi Kunwar, Vice President- India & APAC, HMD Global, "We are thrilled to welcome Tanuj Patro as our new CFO. Tanuj's deep financial expertise and strategic mindset align seamlessly with our vision for growth. As we continue to innovate and expand our presence in the global market, Tanuj's insights will be instrumental in shaping our financial strategies and ensuring sustained success. HMD Global recent move into launching its own line of mobile devices will greatly benefit from Tanuj’s financial acumen, ensuring efficient operations and a commitment to a greener, sustainable future."

As Chief Financial Officer, Tanuj Patro will oversee HMD Global's financial operations For India & APAC markets, working closely with the leadership team to drive financial performance, operational efficiency , and support the company's mission of connecting people through advanced mobile technology.

Tanuj Patro

Tanuj Patro, CFO, India & APAC, HMD Global, "I am truly honoured and excited to step into the role of Chief Financial Officer at HMD Global.” I am committed to fostering an environment of collaboration and inclusivity, where diverse perspectives drive our financial strategies to new heights. I am also excited to collaborate with the talented team at HMD Global. Together, we will navigate the dynamic landscape of the mobile technology industry, ensuring financial excellence and sustainable growth."

Tanuj Patro's appointment as Chief Financial Officer at HMD Global heralds a new chapter of financial leadership and innovation for the company. His experiences in diverse markets like India, East Africa, South Africa, and Malaysia have reinforced the importance of cultural sensitivity and the ability to lead diverse teams. His global perspective, coupled with his remarkable expertise, positions him to be a driving force in HMD Global's continued success.

Headquartered in Espoo, Finland, HMD Global Oy (“HMD”) is the home of Nokia phones and HMD Services. HMD’s mission is providing accessible connectivity for everyone. HMD designs and markets a range of smartphones and feature phones and an expanding portfolio of innovative service offerings. With an ongoing commitment to security, durability, reliability, and quality across its range, HMD is the proud exclusive licensee of the Nokia brand for phones, tablets and accessories. For further information, see www.hmdglobal.com.

Nokia is a registered trademark of Nokia Corporation. All specifications, features and other product information provided are subject to change without notice. Variations on offering may apply. Check local availability.

TechStart: Visionet's Premier Platform for Startups and Industry Experts

• TechStart 2023 to be a confluence of innovation, mentorship, and market-ready solutions for startups and aspiring entrepreneurs
• TechStart: Visionet's Premier Platform for Startups and Industry Experts
• TechStart 2023 to be a confluence of innovation, mentorship, and market-ready solutions for startups and aspiring entrepreneurs

Visionet Systems Inc., a leading technology services provider, is excited to announce this year’s TechStart, a platform uniquely designed to foster innovation and collaboration between startups and seasoned industry professionals.

In partnership with Zamstars Management Services as the Knowledge Partner and the BCIC (Bangalore Chamber of Industry and Commerce), DERBI Foundation and TiE Bangalore as Ecosystem Partners, TechStart aims to bring together various startups to collaboratively develop innovative solutions towards addressing industry challenges. TechStart is inviting startups working in the domains of HealthTech, FinTech, InsurTech, and RetailTech to present their solutions and products.

These participating startups will be evaluated by an esteemed jury consisting of industry leaders Ravindra Krishnappa, General Partner at July Ventures, Vijetha Shastry, a renowned Startup Evangelist, Dr. Lakshmi Jagannathan, CEO at DERBI Foundation, and Subhash Gaitonde, Head of India and LaaS.

Winners of TechStart will have the opportunity to sign a Memorandum of Understanding with Visionet and receive mentorship, guidance and governance from Visionet, along with access to the company's global customer base, which will open doors to new markets and opportunities and help them scale their businesses.

"TechStart is one of the most pivotal streams within VisionTechFest, an annual event that brings together industry, startups and the student community, and we're thrilled to witness the enthusiasm and creativity that today's young minds are pouring into their projects. This is designed to be a forum for innovation, and we eagerly anticipate the remarkable solutions that will emerge,” said Sandeep Agarwal, Executive Vice President, Digital Business Services, Visionet Systems Inc. “We are committed to providing the winning teams with the guidance and support they need to transform their ideas into real, impactful products and solutions. At Visionet, we firmly believe in nurturing these innovations, and TechStart embodies our dedication to fostering the next generation of tech leaders,” he added.

"Bangalore Chamber of Industry and Commerce (BCIC) is delighted to partner with Visionet Systems Inc. for TechStart 2023. This initiative exemplifies the power of collaboration between startups and industry veterans. Through TechStart, part of VisionTechFest 2023, we aspire to nurture the next generation of technology-driven solutions that will drive innovation and change the face of industries like Health Tech, FinTech, InsurTech, and Retail Tech,” said Manas Dasgupta, Chairperson, IT Expert Committee, BCIC and CEO, Tecksands.ai.

"The DERBI Foundation is proud to join hands with Visionet Systems Inc. for TechStart 2023. Our mission has always been to empower startups and entrepreneurs, and this partnership is a significant step towards achieving that goal. Together, we look forward to supporting and catalyzing innovation in critical domains, ultimately contributing to the advancement of technology and society,” said Dr. Lakshmi Jagannathan, CEO, DERBI Foundation.

“VisionTechFest 2023 represents a significant step forward in our efforts to foster an environment of innovation and collaboration in the technology ecosystem,” said Sivaram Kuppachi, CEO, Zamstars Management Services, who are the Knowledge Partner at VisionTechFest through their initiative ZPOD, which is a growth hub that helps in accelerating GTM for startups. “We, at Zamstars, believe in the power of synergy and feel that this event will be a great amalgamation of new perspectives, experience, and expertise. We look forward to witnessing the innovative ideas and solutions that will unfold at the event and empower the next generation of tech leaders,” he added.

Startups interested in participating can get detailed information about the application process, jury, timelines, and more, at http://bit.ly/3ETpCs9. They are encouraged to register by October 9, 2023, at bit.ly/visiontechstart.

An integral part of VisionTechFest 2023, TechStart promises to be a dynamic and collaborative platform where startups merge innovation with industry expertise, driving entrepreneurial growth and reshaping industries.

Infosys Launches Plug-n-Play Cloud Solution for Airlines Industry

A first-of-its-kind industry offering, Infosys Cobalt Airline Cloud to revolutionize passenger experiences, drive operational efficiency, and contribute to the airline’s sustainability initiatives

India’s IT Consultancy and technology major Infosys has announced the launch of Infosys Cobalt Airline Cloud (ICAC) a first-of-its-kind industry cloud offering designed for commercial airlines to help them accelerate their digital transformation journey. Infosys has leveraged its deep domain experience and expertise in the travel and hospitality sector to build ICAC, which will aim to deliver personalized experiences, optimized operations, and net zero journeys for clients.

Infosys Cobalt Airline Cloud (ICAC) is a model office built on cloud for the airline industry. It consists of cloud-native business solutions that cater to different stakeholders of the airline industry such as authorities, passengers, airline DOA, station manager and ground staff.


The ICAC platform is built on composable architecture principles that draw from the overall framework of Infosys Cobalt, a set of services, solutions and platforms for enterprises to accelerate their cloud journey. ICAC provides solutions, APIs and re-usable business assets that can be used for:

• Transforming the legacy workloads through disassembling and creating composable functional capabilities, enabled by cloud technologies.
• Addressing the key areas of business process efficiency and customer experiences, with an aim to provide tangible improvements in existing processes
• Improving customer experiences by ensuring accuracy in baggage delivery, leveraging precision-based gate to gate bag transfers, helping reduce Missed Bag Rate (MBR) in hub airports by up to 50 percent
• Efficiency in operations by reducing Unit Load Device (ULD) misplacement and losses, to less than 2 percent, from the current industry average of more than 5 percent, through tracking and tracing methods enabled through machine learning
• Ensuring smooth operations and enhancing passenger safety by leveraging AI for crowd control, theft, security, and reducing cost of manual airport operations
• Optimising network and route planning to help in decarbonization efforts and emission control

Additionally, Infosys will combine its industry-specific knowledge, technological capabilities, and key elements of Infosys Cobalt to help airline companies transform their business landscape, foster poly-cloud opportunities, and innovate at scale, with regulatory and security frameworks.

Fernando Rocha, CIO, Aeroméxico Airline, said, "We are excited to collaborate with Infosys to leverage the solutions, reference architectures and blueprints of the Infosys Cobalt Airline Cloud. We believe that this platform will enable us to quickly adapt to changing market dynamics, enhance customer experiences, and drive profitable growth.”

Ashiss Kumar Dash, EVP & Global Head - Services, Utilities, Resources and Energy, Infosys, said, "The launch of Infosys Cobalt Airline Cloud is a significant milestone in our journey of digital innovation. This pioneering industry cloud solution demonstrates our commitment to empowering the airline industry with a scalable and flexible IT ecosystem that caters to the unique challenges faced by the industry. ICAC offers a pre-configured solution and allows our clients to reduce costs, while continuing to innovate to meet the changing demand environments.”

Tata Power Renewable Energy to Set Up 41 MW Captive Solar Plant for TP Solar Upcoming 4.3 GW Solar cell and module Manufacturing Facility in Tamil Nadu

Captive plant to generate 101 million units of electricity a year, offsetting 71,577 metric tonnes of CO2 emissions

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power Company Limited, will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu for TP Solar Limited (TP Solar)’s new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli, Tamil Nadu. The captive plant will help generate 101 million units of electricity and offset around 72,000 metric tonnes of CO2 emissions annually.

A captive solar power plant refers to a solar power plant that has been implemented by a company for its own consumption.

This captive solar project will be commissioned 12 months from the signing of the Project Development Agreement (PDA). TPREL has established TP Govardhan Creatives Limited, a specialized entity entrusted with the development, operation, and upkeep of this facility for TP Solar. TP Solar’s manufacturing plant is expected to start commercial production of cells and modules by FY 24-25. TP Solar Ltd., is a subsidiary of Tata Power Renewable Energy Limited.

With this new captive solar plant, TPREL’s total capacity will expand to 7,877 MW including 3,720 MW of projects at different stages of implementation, and an operational capacity of 4,157 MW, comprising 3,154 MW solar energy and 1,003 MW wind energy.

Mr. Ashish Khanna, CEO, TPREL, said, “Green energy supply to our state-of-the-art 4.3 GW solar cell and module manufacturing facility from the captive solar plant is a shining example of our commitment to a sustainable transition to green energy. This arrangement will act as a model for all the upcoming solar component manufacturing facilities to source green energy for their production and the resulting domino effect will significantly contribute towards the country’s ambitious target of achieving 500 GW of non-fossil fuel-based energy capacity by the end of this decade.”

AltUni by InsideIIM, An Alternative Digital Varsity, Raises $500K from Indian Angel Network and Other Angels

Mumbai-based AltUni by InsideIIM, an alternative digital university, has raised $500,000 in funding led by Indian Angel Network along with contributions from many other angel investors, reported Entrepreneur India.

Other angels who participated in this round are — Vishesh C Chandiok, CEO of Grant Thornton Bharat LLP; Ganesh Balakrishnan, Harsh Parikh, Narayan Babu, Supreet Singh, Ashvin George, Prashant Mohanraj, Shreyans Mehta, Amit Monteiro, Raghav Joshi, Mainak Shome, Bhoopesh Jain, Sandeep Bhadresa among others.

Founded in 2020, by Ankit Doshi, AltUni provides short modules of immersive online learning courses. The university does not offer degrees or diplomas but facilitates a connection between learners and industry leaders, and provides opportunities to interview with India’s top companies.

AltUni had earlier raised $0.5 million in angel round, in February last year, from Amit Gupta, Mukesh Maniar, Rahul Gupta, Gautam Gurnani, Rajit Desai, Vandana Serrao, Saloni Doshi, Suhani Doshi and Saurav Tibrewal.

AltUni's mission is to enhance India's human capital. College education is not sufficient to be employable at a time when Artificial intelligence is threatening the existence of many jobs. AltUni helps early career professionals and college students gain skills that will future proof their careers for the next decade.

"AltUni's dedication to addressing the challenges in the higher education sector aligns with our mission to support innovative solutions. We are confident that this investment will help AltUni further its mission and bring about positive change in the education landscape", Padmaja Ruparel, Co-Founder, Indian Angel Network (IAN).

Merisis Wealth Appoints Shobit Gupta as Head of Fund Management

Merisis Wealth, the wealth management business unit of the investment banking firm Merisis Advisors, has appointed Shobit Gupta as Head of Fund Management. Gupta will spearhead the fixed-income strategy and will be responsible for curating and managing debt portfolio management service strategies for institutional, UHNI, and family office clients at Merisis Wealth. The move aims to strengthen the leadership team of Merisis Wealth, which offers wealth management with an alternatives edge to its clientele. 

Shobit Gupta - Merisis Wealth

Merisis Advisors is a 13-year-old boutique investment banking firm with a successful track record of $3Bn in total transaction value across fundraising and M&As. It has worked with several stakeholders across ecosystems, including VCs, PEs, family offices, founders, strategic investors, and professional services firms across its advisory services.

Commenting on the appointment, Fazal Ahad, Managing Director, Merisis Advisors, said, “Shobit’s appointment is a significant step to enhance our wealth management business offerings. We launched Merisis Wealth with a USP – to curate and offer differentiated products and strategies in our own PMS and AIF schemes. Shobhit’s experience will help us do that. I look forward to working with Shobit to expand our wealth 
offerings to our customers.”

Shobit Gupta joins Merisis Wealth from Exide Life Insurance where he last worked as the SVP and Head of Fixed Income. He comes with 26 years of work experience and has worked with marquee brands such as Kotak AMC, Reliance AMC, Principal AMC, and ABN AMRO Bank. He is a CFA Charterholder (CFA Institute - USA & ICFAI Hyderabad) and has a PGDBA (ICFAI Business School - Delhi). 

Ruchir Kapoor, Director, Merisis Wealth, said, “We are excited to have Shobit on board. His vast experience and in-depth knowledge in managing Fixed Income/Asset Allocation portfolios and FX Derivatives, brings unique strength to curate alternative strategies in managing client portfolios. With his appointment, we aim to strengthen the leadership at Merisis Wealth and pursue our goal to create and offer both newer and differentiated products and Services for our valued clients.”

Shobit Gupta, Head of Fund Management, Merisis Wealth, said, “I am very excited to be part of Merisis Wealth’s journey. Merisis has a strong track record across its investment banking business and its product suite like AIFs and PMS reinforces its vision to bring newer products to its clients. With Fixed Income Investments gaining recognition and becoming an integral part of investment portfolios, our endeavor will be to offer a combination of duration and credit products on a strategic/tactical and opportunistic basis given the client investment time frame and risk–reward dynamics.”

Merisis Wealth, part of the Merisis group, is a Mumbai- and Bengaluru-based wealth management firm offering advisory and financial services to entrepreneurs, corporates, professionals, and NRIs. Its synergy with the Merisis investment banking business enables it to bring an alternatives edge to its overall practice and clients.

Merisis Advisors is a leading mid-market Investment banking firm with the largest team. Founded in 2010, Merisis has built a reputation for high-quality work & strong results in fundraising and M&A advisory. The company has done $3Bn in total transaction value and has practices across Fintech, Transportation, Consumer, Enterprise Tech & Services, B2B, and Healthtech. Merisis brings its banking expertise and deep understanding of these 
industries to deliver value to its clients.

After a stellar record as a full-service Investment Bank, Merisis Advisors expanded its capabilities by setting up its early-stage Investment Advisory venture ‘ValueBridge Capital’, its Venture Capital arm ‘Merisis Venture Partners Fund, and its Wealth Management advisory. The company has its offices in Mumbai, Bengaluru and NCR and is a member of The Alliance of International Corporate Advisors (AICA) with representatives across 40+ countries.

Ex-Chandrayaan-2 Scientist's SpaceTech Start-up PierSight Raises $600K in Pre-seed Funding

• PierSight aims to build near real-time visibility for all human activity at sea
• All In Capital has led the round with an infusion of $200K

PierSight, a pioneering start-up in the field of ocean surveillance, has raised $600K in a pre-seed round led by All In Capital. Along with an investment of $200K from All In Capital, the round also saw participation from entrepreneurs, angel investors such as Andreas Klinger, Vismay Agrawal, and Nikunj Jalan, amongst others. The globally renowned early-stage start-up investment firm and accelerator Techstars also participated in the round.

Co-founded by Gaurav Seth (Ex-ISRO), who was instrumental in the launch of India's lunar mission Chandrayaan-2, and Vinit Bansal (Ex-National Instruments), PierSight is on a mission to provide persistent ocean surveillance through a constellation of Synthetic Aperture Radar (SAR) Imaging and Automatic Identification System (AIS) satellites. PierSight’s central objective is to provide continuous monitoring of maritime operations in 30-minute intervals, a service unparalleled in the industry. Notably, this innovative Ahmedabad-based startup has earned distinction as the sole Indian company and one of 12 global start-ups selected to join the esteemed fall cohort of the Techstars Space Accelerator. Selection in this accelerator program, conducted in partnership with NASA's Jet Propulsion Laboratory and the United States Space Force, validates PierSight's exceptional potential and commitment to advancing the frontiers of maritime monitoring technology.

PierSight will deploy funding towards advancing its satellite subsystems by strengthening its talent pool and procuring essential electronic components for integration and comprehensive testing. One of PierSight’s top-most priorities is to enhance its Technology Readiness Level. In addition, it is also looking to partner with social and environmental agencies for solutioning, developing prototypes, and collaboration on studies.

(L-R) – Gaurav Seth & Vinit Bansal, Co-founders, PierSight

Speaking on the funding, Gaurav Seth, Co-founder & CEO, PierSight said, “Our engagements span a diverse spectrum of clients, encompassing island nations, government commerce divisions, and environmental agencies, all of whom share a pressing concern about the pervasive exploitation of Exclusive Economic Zones. Our innovative approach combines Synthetic Aperture Radar (SAR) and Automatic Identification System (AIS) technologies deployed via satellite, providing a comprehensive solution to address this complex problem.”

Over the next two years, PierSight is poised to achieve a groundbreaking milestone with the launch of the world's first commercial satellite integrating SAR and AIS capabilities. This significant advancement in technology will enable the start-up to monitor maritime activity with unprecedented frequency, offering 30-minute intervals of real-time visibility at sea. PierSight’s commitment to this endeavour is fully aligned with the United Nations’ Sustainable Development Goal 14, which underscores the importance of conserving and sustainably utilising oceans and marine resources for the benefit of present and future generations.

To recall, in March of last year Tapan Misra, a retired Indian scientist and former director of Space Applications Centre- ISRO, announced "Sisir Radar Private Limited", a space technology startup co-founded by him. Sisir Radar is in making synthetic aperture radars (SAR) that can be fixed on drones for imaging smaller land areas. 

Commenting on the investment, Kushal Bhagia, Founder, All In Capital, said “Maritime surveillance presents an immense global challenge due to widespread issues such as illegal fishing, contraband smuggling, terrorism, and environmental offences like oil spills. Monitoring activities across the vast expanses of the ocean is a monumental task for humans alone. Therefore, we were incredibly enthused to learn about PierSight's innovative solution to this problem — commercialising defence technology like Synthetic Aperture Radar (SAR) to oversee every vessel, everywhere, around the clock. PierSight stands out as an extraordinary combination of profound technical expertise and sharp business insight. We are particularly excited about their pioneering approach in harnessing defence technology, specifically SAR, to achieve persistent ship monitoring.”

Kushal Bhagia, Co-Founder, All In Capital

Co-founded by Kushal Bhagia and Aditya Singh, All In Capital has a track record of backing over 40 start-ups at their earliest stages in the past year. Their founder-centric approach and unwavering commitment to providing invaluable support align perfectly with PierSight's vision and goals.

All In Capital, a leading player in the early-stage investment landscape is dedicated to nurturing Indian entrepreneurs at the pre-seed stage. Co-founded by Kushal Bhagia and Aditya Singh, All In Capital's approach is underpinned by a commitment to fostering a founder-centric culture, placing a premium on providing invaluable support where it truly matters. They have backed 40+ companies since last year as their earliest believers. Looking ahead, All In Capital is poised to identify and invest in 20 of the most promising companies in the next 12 months.

PierSight provides persistent ocean surveillance through a constellation of Synthetic Aperture Radar (SAR) Imaging and AIS satellites. SAR allows for high-precision imaging in all weather conditions and even at night. PierSight is being built by Gaurav Seth (Ex-ISRO) and Vinit Bansal (Ex-National Instruments).