Author: News Desk

Many investors have gained fortunes thanks to the booming initial public offering business in 2021, as over 60 companies listed on exchanges during the year. Latent View Analytics and MapmyIndia were two IPOs that generated enormous returns for investors. Many investors and promoters profited from the bull run in Indian equities that lasted from mid-2020 till late 2021. The IPO craze is finished, according to analysts, and things may quiet down for a while. Even AV Venkatraman, 52, the chair and executive director of LatentView Analytics, entered the list of India’s richest men thanks to the IPO boom. According to…

Reliance New Energy would invest $12 million in Pasadena-based solar tech firm Caelux Corporation. It is to acquire a 20 per cent stake in Caelux, which is indulged in developing perovskite-based solar technology. Both Reliance and Caelux have entered into a strategic partnership for technical collaboration and commercialisation of the US firm’s technology. The investment will help Caelux develop its product and technology further. It will also aid the construction of Caelux’s pilot line in the United States for the commercialisation of its technology. Caelux’s technology lets high-efficiency solar modules produce 20 per cent more energy at lower costs over…

Zepto founder Kaivalya Vohra becomes the youngest and richest Indian. The 19-year-old entrepreneur has an individual net worth of Rs 1,000 crore. Vohra holds the 1,036th spot in the IIFL Wealth Hurun India Rich List 2022. Vohra founded Zepto, a grocery delivery app in Mumbai, with Aadit Palicha in 2020. Vohra is the Chief Technology Officer of Zepto. Zepto is India’s fastest-growing e-grocery company with a valuation of $900 Mn. Palicha has also made it to the list with a net worth of Rs 1,200 crore.

India may witness record sales of smartphones this festive season, says the Counterpoint research. It will be around $7.7 billion (more than Rs61 crore). The report also suggests that one out of every three smartphones sold during the season will be 5G-enabled. In India, the festive season has always been a time when almost 20 per cent of the annual smartphone sales happen. It is an important time for all industry players. E-commerce channels may catch 61 per cent of the overall sales, says the report. Last year, it was 66 per cent. Amazon’s Great India Festival and Flipkart’s Big…

Japanese firm AERWINS introduced the world’s first flying bike. The hoverbike, ‘XTURISMO’, weighs more than 300 kg. At a time, it can stay in the air for up to 40 minutes. It travels at a speed of up to 62 miles per hour. The XTURISMO Limited Edition is priced at $777,000. It is available in black, blue, and red shades.

Farmers Fresh Zone, an online marketplace targeting Rs 1,000 crore in revenue over the next five years, has acquired milk delivery startup AM Needs. The cash and stock deal is worth around Rs 16 crore. With this acquisition, Farmers Fresh Zone is adding local milk and value added products to its portfolio. The acquisition will give Farmers Fresh Zone a better presence in the $144 billion milk market. Pradeep PS, Founder and CEO, Farmers Fresh Zone said that Farmers Fresh Zone, which delivers fresh fruits and vegetables to consumers, can also efficiently distribute milk products. It is a startup funded…

A small-scale technology startup in the US was awarded a highly intriguing patent for distributed embedded energy converter technologies (DEEC-Tec), which allows for the conversion of clean energy produced by river and ocean waves, currents, and tides into usable energy for daily use. The National Renewable Energy Laboratory (NREL), a US-based organisation, claims that DEEC-Tec is progressing. In order to capture ocean wave energy, DEEC-Tec wave energy converters may resemble balloons that contract and inflate, snakes that undulate, or paddles that twist and bend. One of the remaining significant obstacles the maritime energy sector needs to clear before providing such…

The Ministry of Road, Transport, and Highway has released draught regulations that would require automakers to install seat belt alarm systems in the backseats of their vehicles. According to the proposed regulations, a safety-belt reminder is a device designed to notify the driver when the driver, co-driver, and any other occupants of front-facing seats fail to fasten their seatbelts. The system is made up of a first- and second-level driver alert that is activated when a safety belt is detected to be loosened. When the ignition switch is turned on (engine running or not) and the driver’s and/or co-front driver’s…

Recently, Adobe acquired online design company Figma for a $20 bn cash-and-stock deal. Its founder Dylan Field got a stake worth over $2 bn in Figma post the acquisition. Both Adobe and Figma will function independently until the transactions are done. Dylan, an Ivy League dropout, will continue to lead the Figma team. He started Figma with a $100,000 grant from billionaire Peter Thiel. He became the wealthiest person to go through Thiel Fellowship. The deal is expected to close in 2023.

When it comes to electric vehicles, finding charging spots is major hurdle users face now. ChargeMOD app solves this issue by letting users charge their vehicles from the electric posts of KSEB. This is as simple as charging a mobile phone. The user will get 10 units of current with Rs 106. A venture by friends: In 2018, engineering graduate Ramanunni and his friends approached KSEB with a brilliant idea. They put forward the idea of charging stations on electric posts for two-wheelers and three-wheelers. These charging stations could be mounted on a line post. KSEB accepted the proposal and…