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  • The Good Bug Raises INR 100 Crores Led by Susquehanna Asia VC to Advance Gut Health Innovation in India

    Existing investors, including Fireside Ventures, double down on their commitment to the business.

    The Good Bug (TGB), India’s pioneering gut health company, has raised INR 100 Crores in a new funding round led by Susquehanna Asia VC. This fresh infusion of capital comes at a strategic inflection point for The Good Bug as it deepens its focus on gut bacteria and microbiome science to deliver root-cause solutions for critical health challenges, including digestive health, obesity, and women’s wellness.

    The round also saw strong participation from existing investors, including Fireside Ventures, underscoring sustained confidence in TGB’s vision and execution. This marks TGB’s most significant funding milestone since its Series A extension round in 2024, where it raised $4 million (INR 35 crore) led by Sharrp Ventures, the family office of Marico Group Chairman Harsh Mariwala. TGB had earlier secured its Series A funding in 2023 from Fireside Ventures.

    With over 10 lakh customers nationwide already benefiting from its products, TGB has firmly established itself as the leader in India’s emerging gut health category.

    Keshav Biyani, Co-founder of The Good Bug, said, “This partnership with Susquehanna Asia VC, combined with the continued support from Fireside Ventures and others, is a powerful endorsement of our mission to transform health outcomes through gut bacterial science. This new capital infusion will be pivotal in accelerating our research and development efforts, driving ground breaking innovations in gut health through rigorous R&D. Additionally, we will bolster our marketing and distribution strategies to enhance consumer awareness and expand our reach across India. Attracting top-tier talent across research, technology, science, and business will further strengthen our foundation. We are energized by this momentum and committed to unlocking scalable, science-driven solutions that improve health outcomes for millions.”

    Bhavani Rana, Investment Advisor to Susquehanna Asia VC, said, “We are thrilled to invest in The Good Bug, a brand that is redefining the digestive wellness space. Their holistic approach, rooted in gut microbiome science, emphasizes the importance of digestive wellness as the foundation for overall well-being—a vision that resonates deeply with the growing awareness of its role in preventing many health issues. What sets TGB apart is the strength of its leadership team and their exceptional ability to execute on their vision. With strong momentum and a clear strategy, the company is well-positioned to capitalize on the macro tailwinds of India’s rapidly expanding nutraceuticals market. We look forward to supporting TGB’s growth as they continue to lead in key categories and expand into new areas, building a strong, consumer-focused brand in the evolving wellness landscape.”

    Ankur Khaitan, Principal at Fireside Ventures, said, “We are delighted to deepen our support for The Good Bug. We’ve witnessed firsthand the impact of their customer-first approach and purpose- led innovation. Our belief in their vision and leadership has only grown stronger, and we look forward to strengthening this long-term partnership as they scale a category-defining brand.”

    These investments are a strong validation of the scientific innovations the brand has pioneered, including the launch of its latest solution in the weight management landscape. The launch of The Good Bug’s Advanced Metabolic System represents a significant advancement in natural GLP-1 science, offering a sustainable and science-backed approach to weight loss.

    The Good Bug’s clinically tested solution naturally elevates GLP-1 levels, reduces chronic gut inflammation, and effectively regulates appetite, leading to lasting weight and health improvements. This cutting-edge, science-driven approach has garnered the trust of healthcare professionals, further cementing its credibility and impact. The investment underscores the strength of The Good Bug’s scientific foundation and its potential to transform weight management through natural, sustainable methods.

    As awareness around gut health and microbiome science continues to surge globally, TGB is poised to spearhead the category’s evolution in India, offering consumers credible, clinically backed solutions for a healthier future.

    About The Good Bug

    Founded in 2022 by Keshav Biyani and Prabhu Karthikeyan, The Good Bug is dedicated to transforming gut health through a science-backed, honest, and transparent approach. The brand’s mission is to make gut health simple, accessible, and help everyone take control of their wellness journey. Their extensive range includes clinically tested synbiotic formulas, probiotics, prebiotic fibers, a 14-day Detox formula, and our new Ferments collection featuring kombuchas, water kefirs, and fermented pickles. Designed for both adults and kids, the products combine powerful yet gentle natural ingredients with bacterial strains validated by multiple studies to support digestive health and overall well-being. With every product, the brand empowers everyone to take charge of their health and wellness.

    About Susquehanna Asia VC

    Susquehanna Asia VC is the Southeast Asian and Indian venture capital arm of the Susquehanna International Group of Companies, a global proprietary trading and investment firm founded in 1987. As part of SIG, we have access to flexible and patient capital to grow with our investments. We support founders from their early days through each stage of growth and, together with our China team, have achieved 70+ IPO/M&A and other exits among 350+ portfolio companies in enterprise and consumer technology over the last 18 years. These portfolio companies include Agora, Bytedance, Kumu, Inshorts, Lentra, Mobile Premier League, Wakefit, Musical.ly, Paidy, PayMaya and RedDoorz.

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  • Insurance Samadhan Bags INR 8.5 Crore to Fast-Track Insurance Digitisation in India

    Insurance Samadhan, an insurance grievance redressal platform, has raised INR 8.5 crore in a strategic funding round. This round was backed by a group of strategic family offices, with Innovito Ventures as the exclusive financial advisor. The company will use the fund to strengthen its technology infrastructure and expand its product offerings, including its flagship “Know Your Policy” feature that aims to reduce issues like mis-selling and claim rejections.

    This new capital injection will help Insurance Samadhan to scale its digital solutions and improve insurance accessibility across India. Since its inception in 2018, the integrated platform has raised over USD 4.58 million through multiple funding rounds led by investors like Equanimity Investments, 100Unicorns, Venture Catalysts, and IIFL Finance. 

    Deepak Bhuvneshwari Uniyal, Co-Founder and CEO of Insurance Samadhan, stated, “Innovito Ventures, with their deep understanding of BFSI, is working very closely with the Insurance Samadhan leadership team. While India’s insurance industry is growing at about 7% annually, the insurance penetration rate remains low at just 3%. Our mission is to support policyholders, insurance advisors, hospitals, and insurance companies, and gradually help India increase its penetration rate. With the latest round of funding, we aim to strengthen our platform’s technology infrastructure and expand the “Know Your Policy” feature, which has the potential to address critical issues like misselling and claim rejection. By strengthening our digital capabilities, we hope to improve the reach and accessibility of insurance products.”

    Insurance Samadhan simplifies and digitises traditionally paper-heavy insurance processes, enabling seamless digital experiences. Since its inception, the company has resolved over 18,000 insurance complaints and helped policyholders recover claims worth INR 160 crore.

    Innovito Ventures was founded by Himanshu Singhal and Vishal Laheri. Himanshu commented on the transaction, saying, “The mandatory digitisation of insurance policies will be a pivotal shift for the industry, comparable to the transformation seen in India’s securities market. We believe that Insurance Samadhan’s early entry into this space gives the platform a clear first-mover advantage. Additionally, the government’s move to allow 100% FDI in the insurance sector could bring a wave of global insurtech innovation into the Indian market, presenting significant opportunities for platforms like Insurance Samadhan.”

    The Insurance Samadhan’s flagship Polifyx app has also helped reduce the turnaround time for insurance grievance resolution by 55%, down from the earlier 60 days. With this fresh funding, the company will amplify all its efforts to make the insurance experience smoother.

    About Insurance Samadhan

    Insurance Samadhan is a leading platform focused on resolving insurance-related issues. Co-founded by Deepak Bhuvneshwari Uniyal, Shilpa Arora, Ravi Mathur, Sanjay Aggarwal, and Shailesh Kumar, the company offers transparent solutions for challenges like insurance claim assistance, settlement, mis-selling, fraud & delays. With a customer-centric approach, Insurance Samadhan aims to restore trust in the insurance industry and ensure policyholders receive the support they deserve.

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  • Swiggy Hands Over Digital-First Food Brands to Kouzinas in Strategic Move

    In order to secure exclusive licenses for its digital-first food brands, such as The Bowl Company (TBC), Homely, Soul Rasa, and Istah, foodtech giant Swiggy has partnered with Bengaluru-based Kouzina Food Tech. As part of this agreement, Kouzina will use its asset-light, cloud kitchen approach to oversee all facets of these businesses, including operations, innovation, and national expansion.

    Nevertheless, it has been claimed that a few of these brands have been facing operational difficulties. TBC has reportedly been offline in Bengaluru for the past five weeks, according to a media report. The source also stated that Swiggy had briefly delisted the brand internally because of operational problems.

    Even though the deal’s financial details were not made public, Swiggy will give Kouzina complete control of these businesses if they fulfil a number of predetermined requirements.

    Homely is presently available in a few Bengaluru locales, but later this week, TBC will be introduced, according to Gautam Balijepalli, cofounder and CEO of Kouzina. Balijepalli stated, “We’re also getting ready to expand to more cities soon.”

    Reason Behind the Move

    TBC, Swiggy’s largest in-house food brand, was introduced in 2017 and is renowned for its extensive menu. Swiggy was also the operating platform for other cloud kitchen brands, including Homely, Soul Rasa, and Istah.

    However, the need for a brand like TBC seems to have decreased as the restaurant industry changed. These brands were first launched by Swiggy to fill in supply shortages in restaurants and improve customer convenience and diversity. According to Arpit Mathur, vice president of Swiggy, the company’s food brands—The Bowl Company, Homely, and others—were introduced to fill in the shortage of restaurants and satisfy customers’ needs for convenience and variety in food delivery.

     In the end, these brands have helped customers by occupying important market white whitespaces and encouraging restaurant partners to innovate. By licensing these names to Kouzina, Swiggy appears to be leaving the private label market.

     With the National Restaurant Association of India (NRAI) preparing to sue Swiggy and Zomato, the company is coming under fire from the restaurant industry for its private label strategy. In a recent move away from running its own food brands and on core delivery and speedy commerce, Swiggy has shut down its hyperlocal delivery service, Genie.

    Swiggy Now Focussing on Bolt

    The business just announced on 2 May in an exchange filing that it is increasing the scope of its Bolt quick meal delivery program, which is now being extended to more than 500 Indian locations.

    Additionally, according to the firm, Bolt has already powered over 10% of Swiggy’s food delivery orders in less than six months since its launch.

     In the meantime, its competitor Zomato recently closed both its quick commerce play, Zomato Quick, and its quick food delivery vertical, Zomato Everyday.

  • Indian Defence Websites Targeted? Pakistani Hackers Claim Major Breach

    Cybersecurity professionals and security agencies are keeping a close eye on Indian cyberspace to look for any infiltration from malicious actors in the wake of the Pahalgam terrorist assault, which has increased geopolitical tensions between India and Pakistan.

     Cybersecurity professionals and authorities are actively scanning cyberspace to identify any new cyberattacks, especially those that might be funded by threat actors connected to Pakistan, government officials told a news outlet.

    According to the report, the surveillance will seek to promptly detect and lessen any potential threats from cybercriminals in the future. This comes after a person on the social media site X going by the handle “Pakistan Cyber Force” claimed to have obtained private data from the Manohar Parrikar Institute of Defence Studies and Analysis (IDSA) and the Indian Military Engineering Service.

    Bigger Threat to India’s Security

    According to the Pakistani account, 10 GB of 1,600 defence personnel’s personal information, including login credentials, was hacked. The names, addresses, cellphone numbers, departments, designations, and “MES No.” of the defence personnel were listed in an image that was attached to the message. Additionally, the group vandalised the website of the Defence Ministry’s PSU, Armoured Vehicle Nigam Limited (AVNL).

    “Your armoured factory is now owned by Pakistan, courtesy of Pakistan Cyber Force,” the group said, posting images of the AVNL website where the image of an Indian tank has purportedly been replaced by a Pakistani “Al Khalid” tank and Pakistani flag.

    According to reports, the government responded by taking down the AVNL website so that an audit could determine whether there was any harm. The website of Armoured Vehicle Nigam Ltd has been pulled offline for a comprehensive and intentional audit as a preventive step, officials told the news agency, to determine the degree of any potential damage caused by the defacement effort and to protect the website’s integrity.

     They went on to say that “appropriate and necessary measures” are being taken to fortify digital defences, reinforce the security infrastructure, and prevent additional infiltration attempts.

    No Official Confirmation for the Government

    According to a media house, senior IDSA management staff “categorically denied” that the agency’s website had been compromised, even though the government has not publicly acknowledged the events.

    However, the cyberattack might have exposed private data connected to Indian army officials. This comes almost two weeks after a horrific terror incident in Pahalgam, Jammu and Kashmir, on April 22.

    Cyberattacks against Indian entrepreneurs and organisations are increasing, in addition to geopolitical concerns. According to a survey by security firm CloudSEK, 95 companies experienced data theft in 2024, making India the second most targeted country in the world for cyberattacks.

  • India’s First Korean Skin Clinic KorinMi Bags INR 3 Cr, Turns Profitable, Enters D2C Game

    KorinMi, India’s first Korean skin clinic, has successfully raised INR 3 crore (approximately $355,000) in a pre-seed funding round led by marquee angel investors and CXOs such as Vikas Agarwal (ex-CEO, Kaya Skin Clinic, UAE) and Vivek Kumar (CEO, Venture Garage), along with other notable investors. The funding will power Korinmi’s strategic growth, advancing its technology, expanding outreach, boosting marketing, and innovating science-backed Korean skincare tailored for Indian consumers. 

    Founded in 2024 by Reshbha Munjal and Jenovia Daun Jung, KorinMi blends Korean skincare expertise, technology, and products with treatments customised specifically for Indian skin. The brand name, “Korin” (Korea + India) and “Mi” (beauty in Korean), reflects its mission of merging global beauty standards with localised solutions.

    KorinMi is redefining skincare in India with a cutting-edge, technology-led approach that sets it apart from conventional clinics. At the heart of its expertise is advanced Korean 3D skin analysis technology, which assesses over 15 parameters across the epidermis and dermis to deliver highly personalised and effective treatments. Backed by Korean skincare experts and dermatologist-approved protocols, KorinMi offers a full spectrum of non-invasive and invasive solutions for all skin types and ages. From precision 1:1 treatments and access to the latest in Korean dermatology to professional-grade homecare products, KorinMi is a game-changer in science-backed, results-driven skincare. 

    “While K-beauty has a strong following in India, there was a notable absence of professional Korean skin clinics offering science-backed, dermatologist-approved treatments tailored to Indian skin, underscoring the need for clinically validated, expert-led Korean skincare solutions in India,” said Reshbha Munjal, Co-founder & CEO of KorinMi. “With KorinMi, we are bridging that gap through authentic professional Korean products, cutting-edge technology, and personalized solutions.” 

    “We’re offering a whole new category of professional skincare precision-driven, results-oriented, backed by Korean dermatological science,” said Jenovia Daun Jung, Co-founder and COO of KorinMi. 

    “After years in the beauty and skincare space, I’m convinced that professional K-beauty will play a pivotal role in shaping innovations in skincare in the coming times. KorinMi has entered this space with rare authenticity, sharp intelligence, and remarkable precision. What stood out most wasn’t just the strength of the concept, but the founders’ clarity and confidence in bringing a bold, distinct vision to life. KorinMi is not just a clinic; it’s the foundation of a category-defining brand. I am proud to back them at this early stage, especially given the founders’ deep operational and industry expertise, which has already delivered profitability within just six months,” said Vikas Agarwal, Investor, Advisor, Ex-CEO of Kaya Skin Clinic (Middle East). 

    Within just six months of launching its flagship clinic at Worldmark Sector-65, Gurugram, KorinMi has become operationally profitable, marking a strong start for the brand’s vision of making professional Korean skincare accessible to Indian consumers. With two successful clinics already in Delhi-NCR, KorinMi is now poised for national expansion, with plans to launch 25 locations across key metropolitan cities, including Delhi, Mumbai, Chennai, and Hyderabad, over the next three years. 

    As part of this next phase of growth, the brand is also entering the direct-to-consumer (D2C) segment with a curated line of authentic, professional-grade Korean homecare skincare products expertly formulated for Indian skin. With five powerful products already in its portfolio, KorinMi is building a trusted ecosystem that brings the best of Korean skincare science to consumers across India. 

    About KorinMi 

    KorinMi is India’s first Korean skin clinic offering personalised skincare solutions rooted in Korean beauty principles. With a focus on advanced technology and holistic care, KorinMi aims to revolutionise the skincare landscape in India, providing clients with the tools they need to achieve their skincare goals.

  • RCB Bowled Out in Court: Delhi HC Rejects Plea Against Uber’s Travis Head Ad

    According to LiveLaw, the Delhi High Court on 5 May denied an interim injunction petition that the IPL team Royal Challengers Bangalore (RCB) had brought against Uber Moto over a purportedly offensive YouTube ad that featured Travis Head of Sunrisers Hyderabad (SRH).

    RCB’s request for an interim injunction was denied by Justice Saurabh Banerjee, who stated that the disputed advertising did not call for any action at this time. According to the Delhi High Court, which Livelaw cited, the contested advertising is about a game of sportsmanship called cricket, which does not, in this court’s view, require any kind of intervention at this time.

    The HC said that the plaintiff could run on water with guarantees that they wouldn’t fall because, in a situation like this one, the court’s intervention at this point would equate to falling. Consequently, the current application is denied.

    Why RCB went to HC?

    Travis Head, a cricket player of Sunrisers Hyderabad, appears in the Uber YouTube promo as part of the “Hyderabaddie” campaign. As a humorous jab at the rival IPL club Royal Challengers Bangalore (RCB), Head is seen in the advertisement changing a banner to say “Royally Challenged Bengaluru”.

    The ad, which was meant to advertise Uber’s bike taxi service, caused controversy since RCB claimed it violated their trademark and denigrated their brand. RCB claimed that this action, together with the use of their trademarked slogan “Ee Sala Cup Namde”, denigrated and diluted their corporate identity. There are currently 2 million views for the 0.59-second video.

    RCB’s Allegations

    Given that Uber Moto is a commercial sponsor of SRH, a rival IPL club, RCB said that Uber’s advertisement amounted to commercial ridicule and brand dilution due to its illegal use and distortion of their trademark.

    The franchise requested a temporary injunction to prevent Uber from showing the commercial. The complaint was dismissed as unfounded by Uber, which defended the advertisement as a form of commercial free speech and marketing.

    The court ruled that the complainant had not established a prima facie case of trademark infringement or disparagement against the defendants.

    According to the court, there is currently nothing in the advertising that might incite or inspire anyone in the general public, much less any RCB or SRH cricket players, fans, or watchers.

    The court pointed out that there cannot be a one-sided impression or version of the contested advertisement, especially when what the plaintiff believes to be “right” may be “wrong” in the defendants’ eyes, and vice versa.

    Since there are always two sides to a story, it is impossible to draw conclusions about the act or acts of disparagement based solely on the opinions, remarks, or statements of a small number of viewers or followers. In any case, that cannot serve as the standard by which the act of disparagement and/or infringement is judged.

  • TCS Slashes Variable Pay for Senior Staff — Tough Times at the Top

    According to a media outlet, Tata Consultancy Services (TCS) has cut top staff’ variable pay for the January–March quarter. The top software exporter in the nation has reduced variable pay for some employees for the third consecutive quarter.

    As per a TCS employee cited in the paper, variable pay accounts for 15–25% of the CTC (cost to the company) for top personnel. For more than a year, the business has been deducting the QVA. Employees received roughly 20% of their variable payout in the most recent quarter.

    Junior-level employees’ pay either has no variable component at all or the percentage and associated sum are very low. Senior employees’ variable pay was already reduced by the corporation for the quarters of July–September and October–December in 2024. Only 20–40% of their quarterly variable allowances (QVA) were then paid to certain employees.

    Pay-out Based on the Attendance

    Last year, TCS modified its variable pay policy to tie it to how frequently workers visit the office. Starting in April 2024, the new rule establishes varying compensation levels according to attendance.

    Variable compensation will not be available to employees who visit the office less than 60% of the time. 50% of their variable pay will be paid to those whose attendance falls between 60% and 75%. 75% will be given to workers that show up between 75% and 85% of the time.

    The rule then stated that full variable pay would only be paid to employees who attended work more than 85% of the time. TCS said last month that it would postpone staff pay increases that were supposed to start in April 2025 due to concerns about tariffs and the state of the world economy.

    Milind Lakkad, Chief Human Resources Officer, stated during the business’s post-Q4 earnings news conference in Mumbai last month that the company will make a decision regarding wage raises during the year due to the unpredictable environment. Depending on the business, it could happen at any time.

    Reason Behind the Decision

    With a total workforce of about 6.8 lakh, TCS added 625 workers between January and March and 6,433 during the whole year beginning in April 2024. The company’s and the industry’s performance, particularly the first quarter’s decline brought on by the impact of tariffs that slowed anticipated business demand, is consistent with the lower QVA.

    The IT powerhouse announced a lower-than-expected fourth quarter, with net profit dropping 1.68% year-over-year (YoY) and 1.26% sequentially to INR 12,224 crore. The quarter ended in March. At INR 64,479 crore, operating revenue increased 0.8% from quarter to quarter and 5.3% year over year.

     A significant portion of corporate demand slowed in important industries like media, manufacturing, communications, life sciences & healthcare, and consumers.

  • From Pumps to Power Moves: Nawgati Bags $2.5 Million Led by Ajay Upadhyaya to Fuel Global Expansion

    Nawgati, India’s pioneering fuel-tech platform, has raised $2.5 million in its pre-series A funding round led by renowned stock market investor Ajay Upadhyaya, with participation from Deepak Bhagnani Family Office, MeitY Startup Hub, Aamara Capital, and prominent angels including Sanjay Sharma (former MD, Accenture), Ashish Sharma and Prithvijit Roy (founders, BRIDGEi2i), and Vivek Mathur (former Partner & COO, Elevation Capital).

    The funds will drive Nawgati’s ambitious global expansion and strengthen its regional presence across India. The company is also scaling its fleet offering, which is already live with Mahanagar Gas, to other major fuel companies, advancing its mission to deliver smarter, more connected solutions for fleet operators and fuel stations.

    Vaibhav Kaushik, CEO and Co-founder of Nawgati said, “We are grateful to have the backing of such a distinguished group of investors who share our belief in transforming how fuel operations are managed and experienced. With this round, we are focused on deepening our presence in India and accelerating our entry into global markets. Our goal remains to deliver real, measurable value to both businesses and end users as we scale our partnerships and technology offerings.”

    Founded with the vision of transforming the energy and mobility space, Nawgati has developed cutting-edge solutions that connect fuel stations, fleet operators, and consumers on a single platform, Aaveg. The platform enables better utilisation of fuel networks, streamlines refuelling operations, reduces wait times, and offers real-time visibility into fuel availability and fleet movement for the general public.

    Additionally, it enables real-time oversight of critical station operations, allowing for better forecasting, smarter resource allocation, congestion management, powerful compliance enforcement, and strategic decision-making on the go.

    Ajay Upadhyaya, the marquee stock investor who led this round for Nawgati, added, “Nawgati is solving a critical challenge in a space that touches millions every day but has seen little innovation. I am excited to support the team as they bring efficiency, transparency, and scalability to fuel and fleet management, not just in India but globally. Their vision and execution make them a standout in this sector.”

    This pre-series A round builds on Nawgati’s earlier backing from notable investors, including Maharatna PSU GAIL, the Department of Science and Technology (DST), MeitY Startup Hub, Sharks on Shark Tank India, BITS Spark, BITS Pilani’s angel network, and Girnar Growth Ventures, signalling continued investor confidence in Nawgati’s innovation and growth.

    About Nawgati

    Nawgati is India’s first fuel-tech platform, providing technology-driven solutions to optimise fuel station operations, improve fleet management, and enhance the refuelling experience with India’s largest fuelling app. Collaborating with major fuel companies and fleet operators, Nawgati enables smart, seamless, and efficient refuelling across the country and beyond.

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  • SMBC Eyes Big Bite of YES Bank in Strategic Stake Move

    The massive Japanese bank Sumitomo Mitsui Banking Corp. (SMBC) is in advanced negotiations to purchase a sizeable portion of YES Bank. The State Bank of India (SBI), which owns 24% of YES Bank and has been looking for a long-term buyer since the bank’s turnaround since its bailout in 2020, is coordinating the deal.

    After months of discussion, the talks are now nearing their conclusion. According to reports, SMBC’s top executives met with SBI representatives and other important parties in Mumbai last week to negotiate the terms.

    The deal, if finalised, will surpass SMBC’s $2 billion acquisition of Fullerton India Credit (74.9%) in 2021 as the company’s largest investment in India. The Reserve Bank of India (RBI) has not yet received any applications from Sumitomo to purchase stock in YES Bank, according to a media source.

    SMBC to Acquire Controlling Stakes

    According to Indian regulatory standards, SMBC is anticipated to purchase a majority stake, maybe 51%, which would necessitate an open bid for up to 26% of the bank’s ownership. Subject to regulatory approvals, SMBC would gain effective control of YES Bank through the sale of a 51% interest. A media report claims that SBI and SMBC are adjusting the deal structure.

    News is on the horizon, though, as the RBI has offered consolation. According to reports, SMBC was “verbally assured” by the Reserve Bank of India (RBI) that it would be permitted to keep the majority of YES Bank. However, the RBI’s current standards will continue to cap voting rights at 26%.

    Nevertheless, Sumitomo does not currently have an application pending with the RBI to purchase stock in Yes Bank. Previous instances of such exceptions include DBS’s purchase of Lakshmi Vilas Bank and Fairfax’s acquisition of Catholic Syrian Bank.

    If the purchase goes through, SMBC will become the bank’s biggest shareholder. Other institutional holders, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, LIC, Carlyle, and Advent International, may or may not leave, though.

    Change in Operations

    In October, Prashant Kumar, the bank’s CEO, will finish his tenure. SMBC will suggest applicants for the position to the central bank if the deal closes. In anticipation of the transaction, SMBC has already established India as a distinct operating zone.

    The co-head of SMBC for Asia Pacific, Rajeev Kannan, will now be reporting directly to Tokyo. The goal is to eventually combine SMBC India with YES Bank, but that is still a long way off.

    In FY25, YES Bank’s deposits reached INR 2.85 trillion, a 2.7-fold increase since March 2020. Future growth is anticipated to be driven by retail and SME loans. We would like to maintain the percentage of retail and SME at about 60%, Kumar stated on the most recent earnings call.

  • Hyderabad’s Azad Engineering Raises $53.5 Million GE Vernova Deal in Major Power Sector Boost

    A landmark $53.5 million contract with GE Vernova’s steam power services division has been secured by Azad Engineering. This deal, which stretches over six years, calls for the supply of highly engineered rotating and stationary airfoils used in nuclear, industrial, and thermal power applications. Azad Engineering is largely unfamiliar to the average U.S. citizen because it serves a largely overseas clientele, but its new deal with GE Vernova is a good indication of the trustworthiness of its product line.

    As per Rakesh Chopdar, the Chairman and CEO of Azad Engineering, the latest contract showcases the company’s consistent performance and engineering brilliance over the years. Not only has the company weathered strict qualification processes, but it has also achieved precision tolerances at the micron level that most couldn’t even dream of, thereby solidifying its place in the high-stakes world of elite manufacturing.

    Dedicated Facility Signals Long-Term Commitment

    The most recent contract was won following the opening of a 7,600-square-meter lean manufacturing plant built for GE Vernova at Tunikibollaram on the outskirts of Hyderabad. The plant was designed with efficiency and scalability in mind, aligning with GE Vernova standards for advanced turbine systems.

    Azad Engineering clearly shows it has a customer-centric approach to the way it does business. By investing in infrastructure designed specifically for a key client, the company demonstrates it can meet future demand and doesn’t hesitate to grow its production capacity. This facility doubles as a playoff pavilion and a showcase for the manner in which the company designs, tests, and fabricates components for power-generation applications demanding a high level of performance.

    Precision Engineering for the Global Power Sector

    Among the most complex components used in turbine systems are the airfoils Azad will manufacture. The role of these components is pivotal in enhancing the efficiency and reliability of power plants. Their production, a true test of engineering capability, demands exceptional precision and consistency.

    Chopdar stressed that the contract is not merely a commercial victory but also a warm nod to the company’s relentless investment in talent and technology. The project will utilize Azad’s burgeoning capabilities in advanced manufacturing to deliver performance-critical parts to power producers worldwide. This contract is also a strong sign that Indian precision manufacturers are increasingly being recognized as major players in the high-tech engineering arena.

    Future Outlook and Global Supply Chain Integration

    As global power generation industries move toward advanced and sustainable technologies, suppliers like Azad Engineering are expected to play increasingly important roles. A new contract with GE Vernova positions the company within a global supply chain, contributing to the infrastructure that powers homes, businesses, and entire economies.

    Now extending into one of the most demanding engineering sectors, nuclear energy, Azad appears set for further expansion abroad. Operations in a sector so heavily regulated and so picky about quality, not to mention quantity and timeliness, point to engineering capabilities that got the firm this far, with a contract that stretches over six years and promises long-term stability.