Author: News Desk
Managed by private fund managers The government will create a new equity fund for start-ups with a 20 per cent limited stake to provide additional capital support to the entrepreneurs, and the corpus will be managed by private fund managers, Minister of State for Electronics and IT Rajeev Chandrasekhar had said. The announcement in this regard has already been made by Finance Minister Nirmala Sitharaman, he said. “The finance minister has announced that there will be such a fund where the government will be a 20 per cent limited partner and it will be managed by private fund managers. “There…
https://youtu.be/l5h58VuU0Dw New venturesOla Electric plans to build a battery cell manufacturing plant in India with a capacity of up to 50 GWh. The initial plan is to set up 1Gwh of battery capacity by 2023. Ola will need 40Gwh of battery capacity to meet its annual targetThis will produce 10 million electric scooters and the rest for electric cars. Ola currently produces about 1,000 scooters a day.It has a target of two million in the first phase. Ola Electric is backed by Softbank Group.
https://youtu.be/UnN4DO6XZRY Deal overCrompton Greaves Consumer Electricals Ltd will acquire Butterfly Gandhimathi Appliances Ltd for a total consideration of Rs 2,076.63 crores. It has signed definitive agreements with certain members of the promoter group of Butterfly. It will acquire up to 55 % stake at Rs 1,403 per equity share aggregating up to Rs 1,379.68 crores.Extend product portfolioButterfly is a leading kitchen and small domestic appliances brand. Crompton has, in its long-term strategic plan, laid out the roadmap to “Extend the Core Product Portfolio, a senior official said.This acquisition provides concrete support to Crompton for becoming a leading pan-India kitchen appliances player.…
Star ratingsConsumers will soon be able to quickly spot how healthy, or unhealthy, and nutritious their food packet is. Packaged food items will soon bear a ‘health star’ as part of the new system under the directions from the Food Safety and Standards Authority of India (FSSAI). The system will be akin to the one used by the Bureau of Energy Efficiency for measuring the energy efficiency of electrical appliances, The Economic Times reported.Packaged foods will display the number of stars, which will indicate how healthy or unhealthy the item is. The rating will be based on the amount of…
https://youtu.be/pufYygEpldQ Renewable energy investmentsIndia could be a global green energy superpower with exports of clean energy rising to $500 bn in 20 years, says Reliance Industries Chairman Mukesh Ambani. India should have a strategy to end dependence on fossil fuels in the next two to three decades, he said.India is an attractive destination for renewable energy investments, the Reliance Industries Chairman said. Ambani has announced plans to invest $75 bn in renewables infrastructure like generation plants, solar panels and electrolyzers.Green hydrogen policyThe government has unveiled a green hydrogen policy under which it seeks to manufacture five million tonnes of green hydrogen…
https://youtu.be/bZkMqu9JzVM Big plansSwiggy is eyeing $800 million IPO early next year, a report said. The IPO hopes to raise the funds to expand its market share amid tough rivalry with Zomato. The company plans to position itself as a logistics company, not just a food delivery firmDecacornSwiggy recently turned decacorn by raising $700 million in a funding round led by Invesco. The funding round valued the food delivery startup at $10.7 billionDecacorns are privately-held firms that have a valuation of $10 billion or more. Swiggy reported a 27% decline in its 2020-21 (FY21) operating revenue amid covid-induced lockdowns.
Immersive training simulationsIBM has announced a new cybersecurity hub that will train companies in the Asia Pacific (APAC) region to manage the growing threat of cyberattacks. Located in Bengaluru, the new IBM Security Command Centre is highly realistic, and offers immersive training simulations. It will leverage industry-leading audio and visual effects as well as live malware, ransomware and other real-world hacker tools.IBM designed the simulations after emergency and disaster response training models, in consultation with dozens of experts from different industries including emergency medical responders, active duty military officers and its incident response experts. It can deliver customized experiences and…
https://youtu.be/Kd9rDTVEUOs Amina’s courage and passion for travelA girl from an ordinary Muslim family in Tirur of Malappuram district. She failed in her 10th Class. She only knows Malayalam. Her passion is to travel. Her destined countries are Malaysia, Singapore, Dubai, Thailand. The list goes on. This is not an exaggerated story, this is Amina’s life. Amina’s life is also the story of the My TravelMate project.Despite the limitations, Amina was able to succeed for only one reason. In Amina’s words, it’s only courage. Education is not the measure there, the only qualification is the courage to live, move forward and find…
https://youtu.be/2JCt2qQNCHA Employability focused training Invact Metaversity has raised a seed round of $5 million. It is a platform built at the intersection of education and Web3, an idea for a new iteration of the World Wide Web based on blockchain technology. It is founded by former Head of Twitter India Manish Maheshwari and Tanay Pratap, a former software engineer at Microsoft. The company provides employability-focused training for securing jobs in tech companies. The university is being built in the metaverse in order to foster an immersive environment conducive to learning. 70 angel investors Antler India, global institutional investors Arkam Ventures,…
Jakarta-based Lummo Amazon founder Jeff Bezos has invested in Lummo, a direct-to-consumer (D2C) Software-as-a-Service (SaaS) startup, through his venture capital firm Bezos Expedition. Bezos took part in Lummo’s Series C round of funding. Lummo closed the round in January, raising a total of $80 million from new investors Tiger Global Management and existing backer Sequoia Capital India. Earlier, Lummo was known as BukuKas and it is based in Jakarta and Bengaluru. The fresh capital will help the firm to strengthen its talent base in India. In India, the firm plans to more than triple its technology and product workforce. It…