Thu, Dec 26, 2024
Tech & Venture Highlights
Venture Capital
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Team S
Posted on Thu, Dec 26, 2024
2 min read
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- Naxatra Labs Secures Seed Funding: the electric vehicle tech startup Naxatra Labs announced it had secured an undisclosed amount in its seed funding round. The round was co-led by GVFL, Delhivery founder Mohit Tandon, and Aspiring Minds founder Himanshu Aggarwal, with participation from Rainmatter by Zerodha and Paytm founder. This investment is poised to help the startup further its mission in the EV sector.
- Masayoshi Son's Vision for India: Masayoshi Son of SoftBank outlined his vision to transform India into a global chip manufacturing hub, particularly highlighting the role of artificial intelligence in reshaping technology landscapes. This vision was shared during interactions with founders and senior executives from SoftBank's India portfolio.
- Stellaris Venture Partners Fund Closure: Stellaris Venture Partners, an early investor in Mamaearth, closed its third India-focused fund at $300 million. This closure was announced on December 25, 2024, marking it as one of the quickest scale-ups for a domestic early-stage venture capital firm dedicated to seed and Series A rounds. https://economictimes.indiatimes.com/tech/funding/stellaris-venture-partners-closes-third-fund-at-300-million/articleshow/115739431.cms?from=mdr
- Kenro Capital's Launch: Also on December 25, 2024, Piyush Gupta, formerly of Peak XV Partners, launched Kenro Capital, a new venture capital firm focusing on secondary transactions in the startup ecosystem. https://www.livemint.com/companies/news/former-peak-xv-md-piyush-gupta-s-kenro-capital-to-target-20-30-mn-secondary-deals-in-fintech-consumer-tech-firms-11732716901300.html
- Incubate Fund's Strategy: Tokyo's Incubate Fund announced on December 25, 2024, its strategy to take Indian fintech solutions to Japan and Southeast Asian markets, acknowledging the scale at which Indian fintech startups operate could benefit financial services in other regions.
- Healthkart Achieves Profitability: On the same day, Healthkart, based in Gurugram, reported swinging to profit in FY24 with revenues topping Rs 1,000 crore, marking a significant achievement in the health-tech sector.
- Google's AI model was reported to outperform the top weather forecast system, marking a significant advancement in AI applications for weather prediction
- Engineering researchers developed a revolutionary method for massively producing ultrathin and ultra-flexible diamond, which could have wide applications in technology
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India Plans $2.7 Billion Boost for Electronics Manufacturing
The Indian government is preparing a significant initiative to enhance its electronics manufacturing sector, particularly focusing on components for smartphones and other devices. This move aims to strengthen India's position as a global electronics manufacturing hub.1. Financial Support: The Ministry of Electronics and IT has proposed a subsidy package worth INR230 billion ($2.7 billion) to encourage the manufacturing of electronic components.2. Target Components: The subsidies will focus on critical parts such as batteries, camera components, microprocessors, memory storage, lithium-ion cells, and multi-layered printed circuit boards.3. Tariff Reductions: The plan also includes recommendations to lower tariffs on certain electronic components, addressing industry demands to reduce production costs.4. Competitive Edge: India's current tariffs on electronics components range from 0% to 20%, which is about 5-6% higher than competing countries like China and Malaysia. The proposed changes aim to make India more competitive.5. Building on Previous Success: This initiative builds upon earlier efforts that successfully attracted companies like Apple and Samsung to set up manufacturing plants in India.6. Supply Chain Development: The government aims to create a broader supply chain for smartphone makers, reducing reliance on imports from countries like China.7. Approval Process: The proposal requires cabinet approval, with potential announcement in the February budget if approved.This initiative underscores India's commitment to boosting its electronics manufacturing sector, aiming to reduce import dependency and enhance its role in global electronics production. The move is particularly significant for companies like Apple, which have been expanding their manufacturing presence in India.---Join the exclusive network for growth companies and corporates driving growth and partnerships in tech and science - www.startupeuropeindia.net
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NTPC Green Energy LTD Plans Massive Green Hydrogen Hub in India
India's NTPC Green Energy is set to develop a $21 billion green hydrogen hub in Andhra Pradesh, marking a significant step in the country's renewable energy transition. This ambitious project, known as the 'NTPC Green Energy LTD Green Hydrogen Hub', will be capable of producing 1,500 tonnes of green hydrogen and 7,500 tonnes of derivatives daily.- Production capacity: 1,500 tonnes per day of green hydrogen- Derivative production: 7,500 tonnes per day- Renewable energy capacity: 20GW- Location: Pudimadaka, Andhra Pradesh- Estimated cost: $21 billionThe hub will focus on producing green derivatives such as green methanol, green urea, and sustainable aviation fuel (SAF), primarily for export markets. This aligns with India's National Green Hydrogen Mission and contributes to the country's target of 500GW renewable energy capacity by 2030.The project's announcement by Prime Minister Narendra Modi underscores India's commitment to strengthening existing green energy solutions. It follows the country's recent fulfillment of various Paris Agreement commitments.This development comes amid surging hydrogen demand in India, as evidenced by the oversubscription of the country's latest green hydrogen auction. The auction received bids for 626,500 tonnes annually, exceeding the 450,000-tonne cap, highlighting the growing interest in green hydrogen production.The NTPC Green Energy LTD Green Hydrogen Hub represents a significant stride in India's efforts to become a global leader in green hydrogen production and utilization, potentially reshaping the country's energy landscape and export capabilities.---Join the exclusive network for growth companies and corporates driving growth and partnerships in tech and science - www.startupeuropeindia.net
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