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Tag: #news

  • Vidyut and JSW MG Motor India Offer a Unique Electric Car Ownership Package

    The battery-as-a-service (BaaS) portfolio of Bengaluru-based full-stack EV ecosystem startup Vidyut (VT) has been extended to the passenger automobile market.

    The firm is offering a Battery-as-a-Service (BaaS) financing option for passenger cars, such as the MG Comet EV, MG Windsor EV, and MG ZS EV, in collaboration with JSW and MG Motor India. While most people view batteries as assets, Vidyut views them as fuel. Given that the car is not in use, why should one pay for it?

    According to Xitij Kothi, co-founder of Vidyut, “This very question inspired us to introduce Battery-as-a-Service (BaaS) into the EV ecosystem.”

    Allowing Clients to Lease the Battery

    Customers can rent the battery under the BaaS scheme for a minimum charge that starts at INR 2.5 per kilometre, depending on usage. By renting batteries, EV owners can drastically cut their operating costs compared to conventional internal combustion engine (ICE) vehicles—up to 40%.

    Vidyut has made great progress in developing this funding mechanism for commercial applications since its founding in 2021. With JSW MG Motor India, the business is now thrilled to bring the same degree of innovation to personal four-wheelers, according to Kothi. The company wants to enable people to embrace sustainable transportation without the financial burden that usually goes along with it by making EV ownership affordable and accessible for all, Kothi revealed further.

    How Does the Baas Model Work?

    The Battery-as-a-Service (BaaS) business model considerably lowers the initial acquisition cost of an electric vehicle (EV) by allowing consumers to pay only for the vehicle (without the battery), in contrast to standard ICE vehicles that have continuous gasoline costs involved. With this model, owning an EV is more convenient and economical while also reducing driving costs. 

    Vidyut will give clients the choice to either continue with the battery rental programme or buy the battery altogether when the vehicle’s finance term (without the battery) has ended, which could be anywhere from three to five years, depending on the model of the vehicle. Furthermore, car owners can pay the battery’s residual value to withdraw from the programme whenever they like.

    In order to increase the accessibility of passenger EVs and accelerate EV adoption in India, JSW MG Motor India values Vidyut’s approach to this innovative and industry-first ownership programme.

    According to Gaurav Gupta, Chief Growth Officer of JSW MG Motor India, the company is thrilled to work with Vidyut as one of its finance partners to launch BaaS, which will help remove the initial investment barrier to electric vehicle ownership while drastically cutting operating costs.

    JSW MG Motor India is optimistic that this model will encourage more prospective EV buyers to upgrade to an EV lifestyle by offering this creative plan. Gupta stated that MG EV buyers can also take advantage of the guaranteed 60% buyback value following three years of ownership, providing a smooth and secure ownership experience.

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  • Online Vendors on Flipkart, Walmart’s Indian Subsidiary, Sue Antitrust Regulator

    According to court documents viewed by a media house, three online vendors who operate on Flipkart, owned by Walmart, have filed a lawsuit against the Indian antitrust watchdog following an inquiry that discovered violations of competition regulations by both Flipkart and competitor Amazon. According to a media report, antitrust investigations conducted in August revealed that Flipkart and Amazon, two of their smartphone brands and sellers, had broken local competition laws by giving particular online sellers an unfair advantage and giving priority to particular listings. This is why the submissions have been made.

    The three platform vendors filed requests in the Karnataka High Court to “set aside” the investigation findings and halt the Competition Commission of India (CCI) procedure in an attempt to stop the crucial proceedings.

    This Move Will Delay the Investigations

    The investigative process, which began in 2020 when brick-and-mortar shops of the Confederation of All India Traders protested to the watchdog, may be delayed by lawsuits from sellers on Amazon and Flipkart. However, Flipkart and Amazon have not acknowledged any misconduct. According to court documents, three Flipkart sellers—CIGFIL Retail, Wishery Online, and Xonique Ventures—claim in their cases that they were asked to provide information to authorities throughout the inquiry but were subsequently identified as suspects, which is against due process.

    The sellers claimed in three different court files that the “alleged investigation… is arbitrary, opaque, and unfair.” The case is expected to be heard next week.

    Ex-Amazon Vendor Files Lawsuit Against CCI

    Notably, this transpires concurrently with a lawsuit that a former Amazon seller has filed against the CCI in connection with the ongoing inquiry. Additionally, the vendor Appario Retail stated that the CCI probe needs to be put on hold. 

    Experts at the time of the news said that it was significant since it was the first significant obstacle to the ongoing CCI investigation against Flipkart and Amazon. Natasha Treasurywala, Partner, Desai & Diwanji, previously stated in an interview with a media outlet that the seller who has contested the CCI investigation was initially a joint venture between Amazon and its Indian partner. As such, the lawsuit’s origin story might be a little off. On the other hand, the CCI will undoubtedly face some pressure if more sellers come forward. 

    The fact that additional sellers have now banded together to oppose the CCI raises the possibility that the case’s resolution will be postponed. Amazon and Flipkart’s attempts to get the antitrust investigation overturned have already resulted in multiple delays for the 2020 investigation. Eventually, though, the CCI carried out its inquiry and discovered, among other things, that Flipkart and Amazon had signed exclusive contracts with smartphone manufacturers like Samsung and Xiaomi, which was against the law. 

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  • BharatPe Has Settled With Ashneer Grover, Who Will No Longer Be Involved in Any Operations

    After years of bitter court fights and public arguments, fintech company BharatPe has achieved a settlement with its erstwhile co-founder Ashneer Grover. A BharatPe spokeswoman stated in a statement that Grover will not be connected to the company in any way or have any ownership stake as part of the deal negotiated. Additionally, Grover’s family trust will be in charge of his remaining shares, with some being transferred to the Resilient Growth Trust for the benefit of the business. Each party has made the decision not to press the filed cases.

    In order to avoid being placed on the company’s cap table, a media report stated that he would be giving 1.4% of his ownership to the BharatPe board and 3.5–3.7% to a family trust. Bhavik Koladiya, a co-founder of BharatPe, will also receive his shares back from him. Koladiya accused Grover in January 2023 of receiving 1,611 shares of BharatPe (now 16,110 shares) for INR 88 lakh, but he never received payment for them. Grover was prohibited from selling these shares once the matter was brought before the court.

    Declarations by Both Parties on Public Domain

    Best wishes to Mr. Grover. Published on September 30, 2024, the BharatPe statement reaffirmed the company’s commitment to offering its merchants and customers industry-leading solutions that promote growth and profitability.

    Grover tweeted on X, “I have reached an important resolution with BharatPe,” in response to this event. I put all my trust in the board and management, who are doing a fantastic job leading BharatPe in the correct direction. I still support the expansion and prosperity of the business. I shall no longer be a part of the capital table or affiliated in any way with BharatPe. My Family Trust will be in charge of my remaining shares. Each party has decided not to pursue the filed cases. I hope that BharatPe continues to expand and prosper for the benefit of everyone involved.

    Unfolding the Recent Developments

    The Delhi Police’s Economic Offences Wing (EOW) detained Deepak Gupta, a relative of Ashneer Grover, the co-founder and former managing director of BharatPe, a few days ago on suspicion of stealing money from the fintech unicorn.

    The sister of Madhuri Grover is married to Deepak Gupta. Ashneer Grover’s wife, Madhuri Grover, was let off from her position as Head of Controls at BharatPe. On September 19, Gupta was taken into custody and scheduled to appear before the Chief Judicial Magistrate Court.

    In December 2022, BharatPe lodged a criminal case against five individuals: Ashneer Grover, Madhuri Grover, Shwetank Jain (Madhuri’s brother), Suresh Jain (Ashneer’s father-in-law), and Deepak Gupta (Ashneer and Madhuri’s brother-in-law).

    In May 2023, the EOW filed a formal complaint in the INR 81-crore fraud case against Ashneer Grover, the co-founder of BharatPe, his wife Madhuri Jain, and their family members Deepak Gupta, Suresh Jain, and Shwetank Jain.

    Amit Kumar Bansal was apprehended by the EOW last month after it was alleged that he was one of the members of the non-existent entities that had received payments of INR 72 crore from the former directors of BharatPe between 2019 and 2021.

    Grover and his family have been charged by BharatPe with causing losses to the company of approximately INR 81.3 crore through payments made to fake HR consultants, payments made to pass-through vendors who are connected to the accused, fraudulent input-tax credit transactions, non-compliant payments to travel agencies, invoices that were falsified by Jain, and evidence destruction.

    Part Two of Ashneer’s Innings

    With an app called ZeroPe for medical loans, Grover—who rose to fame after appearing on the Indian version of Shark Tank—is gearing up for his second venture into the financial space. Grover formed Third Unicorn following his departure from BharatPe, and in 2023 it introduced CrickPe, a fantasy game platform.

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  • Adda247, Backed by Google, Acquires PrepInsta, a Placement Platform

    Leading edtech firm Adda247, supported by Google, has announced that it has acquired PrepInsta, a premier placement preparation site. Adda247 wants to increase its presence in employment education programs in the public and private sectors, and this acquisition will help it achieve that goal. The deal’s financial details are still unknown.

    After acquiring StudyIQ, a platform for UPSC preparation, in 2021; Veeksha, a platform for virtual and augmented reality learning modules, in 2023; and Ekagrata Eduserv, a company that prepares for the CA exam, earlier this year, Adda247 has now made its fourth significant acquisition.

    Shifting Emphasis to the Private Sector for Employment and Training

    Before announcing its recent foray into the skilling and higher education sectors, the company’s primary concentration was on government positions.

    According to Bimaljeet Singh Bhasin, CEO of Adda247′s skilling and higher education business, the organisation’s mission is to become an integrated player in both the public and private sectors of job preparation, helping individuals gain the essential skills while working with enterprises to cultivate talent.

    The corporation has highlighted the banking, financial services, insurance, and technology industries as priority areas for its skill development programmes, Bhasin stressed. Since the technology industry employs a huge number of people, concentrating on it will be essential to the company’s development as a significant player in job-related programmes. A crucial component of this larger endeavour is the acquisition of PrepInsta, he continued.

    The Development and Products Offered by Adda247

    Anil Nagar and Saurabh Bansal founded Adda247 in 2016, and since then, the company has gained a solid reputation for providing courses that prepare students for jobs in government agencies, state-run banks, and the railway sector. Live online classes, on-demand video courses, e-books, mock exams, and books tailored to particular exams are just a few of the learning methods offered by the platform. Courses are available in 12 regional languages, which enables Adda247 to encompass a broad audience.

    With 2 million students registered in its premium courses, the site today serves over 40 million monthly users. The company’s sales increased by 88% to INR 243.39 crore in the fiscal year 2023–24, while its net loss decreased by 66% to INR 101 crore.

    Looking Ahead: Strategies and Funding

    In a 2022 investment round headed by WestBridge Capital and involving Google, Info Edge Ventures, Asha Impact, and other investors, Adda247 raised $35 million. To date, the company has raised a total of $63 million, which has fuelled its development into new markets and continued growth.

    Adda247, which provides a wide range of job-related education and skill-building programmes, is able to further solidify its position as a top edtech platform with this acquisition. PrepInsta’s integration will help Adda247 in its endeavours to close the skill gap between government job preparation and private sector training, setting up the business to eventually service an even larger clientele.

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  • The Next Generation of Media and Entertainment: AVGC

    The media and entertainment industry’s future appears to be in the AVGC (Animation, Visual Effects, Gaming, Comics) sector. Films like PS1 and Kalki, along with Baahubali and RRR, have introduced a fresh approach to depicting historical and fantasy themes in Indian cinema. India now has the second-largest anime fandom in the world, and the FICCI-EY 2024 report projects that country will account for 60% of the increase in anime interest over the next several years.

    The Union Cabinet recently approved the creation of a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai, which is a major step toward making India a global hub for AVGC.

    Commenting on this development, Dr. Anuj Kacker, CEO of Aptech stated, “The National Centre of Excellence (NCoE) in Mumbai will help propel India to a global level. By nurturing innovation, creating Indian IP, and cultivating top talent, this initiative will unlock immense growth potential. With India’s growing animation fan base and burgeoning creative industry, the NCoE is expected to create 500,000 jobs, drive entrepreneurship, and establish India as a hub for the creation of high-quality immersive content. We applaud the government’s proactive approach to bolster the AVGC sector.”

    “For over two and half decades, at Aptech, we have been pioneers in contributing pre-trained talent and manpower to the AVGC industry with our top training brands – Arena Animation and MAAC. Our new brand – The Virtual Production Academy is also poised to empower aspiring working professionals with cutting edge, new age technologies for scaling up content creation industry in India,” he claimed.

    Echoing similar sentiments, Dr. Vipul Lunawat Founder Director , ISST( Institute of Sports Science & Technology), Pune said, “In a significant advancement for India’s burgeoning industries like augmented reality (XR) and visual effects (VFX), the Cabinet Office has recently launched a National Centre of Excellence for Animation in Mumbai. This move highlights the growing importance of these sectors in the development of India’s media and entertainment landscape, as well as the government’s recognition of their remarkable growth and influence. Traditionally, animation productions in television and film have depended heavily on external funding. With the emergence of various platforms and an increasing demand for high-quality content, there is now a pressing need to focus on creating original works.”

    Context of NCoE

    As partners with the Indian government, the Federation of Indian Chambers of Commerce & Industry and the Confederation of Indian Industry will represent the industry bodies in the establishment of NCoE as a Section 8 Company under the Companies Act, 2013. The Union Minister of Finance and Corporate Affairs’ budget announcement for 2022-2023 suggested the formation of a national AVGC task force, which led to the formation of the NCoE.

    The goal of NCoE AVGC is to develop a top-tier talent pool in India to serve the needs of the domestic and international entertainment industries. The Indian Institute for Immersive Creators (IIIC), a temporary name, seeks to innovate in immersive technology and transform the AVGC industry. It would take inspiration from esteemed establishments such as the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs).

    Disticnt Characteristics of NCoE

    • The development of Indian intellectual property (IP) for both domestic and international markets will also be a major emphasis of NCoE.
    • It will serve as an incubation facility by offering resources to support AVOC•CR start-ups and early-stage businesses.
    • It Will additionally present India as a centre for cutting-edge content production.
    • It will bolster India’s soft power internationally and draw in foreign capital to the MEE industry.
    • To be established in Mumbai, Maharashtra, and FICCI and Cll to represent business associations as collaborators with the Indian government.

    The Goals of NCoE (IIIC)

    The strong rise in the Indian animation industry can be attributed to the growing need for compelling mobile content, visual effects (VFX), films, and game animation. Skilled and motivated animators have great opportunities due to this boom. The animation sector in India is booming, with a projected value of INR 46 billion by 2023 (FICCI-EY Report 2023) and a growth rate of 25%. It presents a bright future for young, driven talent.

    With one of the lowest data rates available nationwide, fast-advancing technology, and rising internet penetration, the use of AVGC-XR is expected to increase exponentially on a worldwide scale. Many opportunities are created by this, especially through the National Centre of Excellence (NCoE). 

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  • World CX Summit and Awards Showcases Major Insights Into the Future of CX

    Tuesday, 01 October 2024, Bengaluru: The 12th Global Edition of the World CX Summit and Awards, an event by Trescon, drew to a close at JW Marriott Hotel, Bengaluru on 19th September 2024. The event saw participation from over 250 customer experience (CX) professionals and technology leaders who gathered to explore the latest trends and innovations in customer service and engagement.

    At the summit, attendees explored a diverse range of sessions highlighting the most impactful technologies transforming customer experience. The discussions covered key topics such as the strategic implementation of generative AI, advancements in data analytics, and the evolving landscape of sentiment analysis. These sessions offered a comprehensive view of how these innovations are shaping and enhancing customer interactions.

    The day featured an engaging panel discussion on transforming customer experience, led by Fasih Abbas M, Senior Director & Head of Customer Success, Cashfree Payments. The deliberations focused on the importance of human interaction in the digital experience. The panelists Lakshman Velayutham, CMO, Ujjivan Small Finance Bank; Gurpreet Jolly, Head – Customer Experience Operations & Service Delivery, Ajio.com (Reliance Retail); Shruthi Bopaiah, Executive Vice President & Head – Customer Obsession, Axis Bank; Pinkustar Borah, Director – Head of IT – Customer Experience, South Asia, Unilever; and Ramanathan Rv, Co-founder and CEO, Hyperface Technologies explored the impact of subscription-based models on consumer behavior and expectations.

    Another noteworthy session focused on integrating marketing and technology to create customer-centric journeys. Led by Priya Chakravarthy, Vice President of Experience at BluSmart, the panel explored how AI/ML is providing predictive insights and automating marketing approaches to enhance customer experience. Panelists Kedar Ravangave, Head of Marketing at Kotak Mahindra Bank; Rahul Poddar, Country Head – MarTech at Narayana Health; Rakhi Rana, COO at Drools Pet Food; and Ambit Mishra, Head of Marketing Communication at UMPESL – A Tata Voltas Enterprise, discussed the role of Martech tools in understanding market dynamics, elevating search strategies, and boosting customer engagement.

    During the session, while talking about hyperpersonalisation, Rahul Poddar, Country Head – MarTech at Narayna Health noted, “We are entering an era of hyper-personalization where consumers expect more than just satisfaction from products; they seek brands that become part of their lifestyle. AI and MarTech tools enable us to deeply understand consumer behavior, and preferences, and even ensure empathy in every interaction, particularly in sectors like healthcare. As we shift from traditional communication methods to platforms like WhatsApp, we must adapt our messaging to be concise and relevant, embracing these changes to better engage our customers.”

    The Top 100 CX Leaders and Top 50 Marketing Leader awards ceremony honored the innovators and leaders who have made significant contributions to enhancing customer experience and setting new standards of excellence.  

    At the conclusion of the event, Mithun Shetty, Co-Founder, Trescon said, “The 12th Global Edition of the World CX Summit and Awards showcased how AI, hyper-personalization, and phygital solutions are transforming customer experience. We explored how innovation is driving seamless, customer-centric journeys and helping businesses meet the growing demand for personalized, tech-driven interactions.”

    The World CX Summit and Awards wrapped up by inspiring attendees with forward-thinking strategies to elevate customer experience. The event highlighted the importance of aligning technology with a human-centered approach to meet evolving customer expectations. As businesses adapt to the rapidly changing landscape, the insights gained and connections forged at the summit will play a pivotal role in shaping more personalized and impactful customer journeys, reinforcing the value of CX as a key driver of long-term success and brand loyalty. 

    About Trescon  

    Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets they operate in – they strive to deliver innovative and high-quality business platforms for our clients. For more information about Trescon, visit: tresconglobal.com.

  • Anantya.ai Builds Global Client Base of 200 Companies with AI-Powered Messaging Solutions

    United Arab Emirates, October 1, 2024: In just over a year, Anantya.ai has become a market leader in AI-powered communication solutions, amassing an impressive client base of 200 companies across 10 countries. This women-led startup, headed by the visionary Yashika Kothari, is using cutting-edge AI and messaging technologies to rethink how companies interact with their clients.

    Unlike many companies in the WhatsApp Business API space, Anantya.ai prioritises exceptional customer support. It delivers amazing customer success, ensuring its clients receive the personalised attention they deserve. Furthermore, it goes the extra mile by assigning a dedicated Key Account Manager to each user. This personalised approach ensures its clients are supported every step of the way, from onboarding to ongoing success and post-sales support.

    A Global Force in AI-Powered Messaging

    Anantya.ai’s meteoric rise in the tech industry is nothing short of remarkable. The company has:

    • Expanded operations across key markets in the Middle East, Africa, and India
    • Secured a diverse portfolio of 200 clients from various industries
    • Pioneered AI-driven Communication Platform as a Service (CPaaS) solutions specifically for WhatsApp
    • Set an ambitious goal to increase its client base to 500+ by year-end

    “We’re not just providing a messaging solution; we’re empowering businesses to build meaningful connections with their customers through AI-powered communication,” says Yashika Kothari, Founder and CEO of Anantya.ai.

    The Anantya.ai Advantage

    1. AI-Powered Insights: Leveraging advanced machine learning algorithms to analyse messaging patterns and customer behaviour.
    2. Personalised Engagement: Tailoring communication strategies based on individual customer preferences and interactions.
    3. Multi-Language Support: Facilitating global communication with AI-driven language translation capabilities.
    4. Real-Time Analytics: Providing businesses with actionable insights through comprehensive dashboards and reports.

    Behind Anantya.ai’s success is its diverse team of AI experts, software engineers, and business strategists led by Yashika Kothari. With her background in Economics, Mathematics, and Product Management, Yashika has assembled a world-class team that combines technical expertise with a deep understanding of business communication needs.

    “Our team’s diverse skill set allows us to stay ahead of the curve, continuously innovating to meet the evolving demands of global businesses,” Yashika explains.

    Anantya.ai’s journey from a startup to a global player in just over a year shows the power of innovation and the growing demand for AI-driven communication solutions. As businesses worldwide seek to enhance their customer engagement strategies, Anantya.ai stands ready to take charge of the future of messaging technology.

    For more information, please visit:anantya.ai

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  • Swiggy Filed an Updated DRHP With SEBI for Its INR 3,750 crore IPO

    The draft red herring prospectus (DRHP) was submitted to SEBI, the markets regulator, by food aggregation and grocery delivery platform Swiggy on 26 September 2024. Through a new offering, the company hopes to raise INR 3,750 crore.

    The IPO combines a new issue with an existing investor’s offer to sell 185,286,265 shares. A large number of investors are liquidating some of their holdings, including Accel, Tencent, Elevation Capital, and Norwest Venture.

    Several media reports suggest that the corporation might opt to augment the fresh issue component by INR 5,000 crore, thereby increasing the total allocation for new issues to INR 11,600 crore. The firm will make this decision during an EGM, likely to occur during the first week of October.

    Prosus owns 32 percent of Swiggy, while SoftBank and Accel have separate shares of 8 and 6 percent. Other investors in the company include Singapore’s GIC, Elevation Capital, DST Global, Norwest, Tencent, and Qatar Investment Authority (QIA).

    How Company Will Be Utilizing the Investments?

    The revenues of the IPO, according to the DRHP, will be utilised to fund the company’s organic expansion, to develop its dark store network for its rapid commerce sector, to invest in technology and cloud infrastructure, and to expand its subsidiary Scootsy.

    As of June 2024, the company had achieved a significant milestone with 112.7 million transacting users.

    Consolidated operating revenue for Swiggy in FY24 was INR 11,247.4 crore, up 36% year over year. During the same time frame, losses have decreased by half. The combined gross order value (GOV) for B2C transactions in Q1 FY25 was INR 10,189.5 crore.

    Swiggy’s Updated Market Performance

    Over 150,000 restaurants in India are partners of Swiggy, an Indian startup founded in 2014. With deficits of INR 2,350 crore in FY24, Swiggy effectively reduced its losses by 43%, mostly due to the explosive development of the quick commerce and food delivery segments.

    Operating revenue increased significantly by 36%, reaching INR 11,247 crore. In one month, 14.3 million customers transacted with the company’s consumer-facing business, which includes dining services, Instamart, and food delivery, generating a gross order value (GOV) of INR 35,000 crore.

    Game On – Indian Food Delivery Market

    The food delivery market in India is a monopoly, with Swiggy and Zomato combined controlling over 90% of the market. Experts predict that it will reach a valuation of INR 2 lakh crore by 2030. Zomato went public in 2021, but Swiggy is expected to follow suit in the next few months. In January 2022, the organization conducted its most recent fundraising effort, valuing it at $10.7 billion. Nonetheless, bankers have stated in recent months that they are certain Swiggy may list with a valuation or market capitalization of between $10–13 billion.

    In November 2023, Swiggy started preparing for its highly anticipated first public offering (IPO). There has been more activity on Swiggy in the secondary market since April. HNIs and family offices have purchased the company’s shares, valued between $9 and 9.3 billion during secondary market transactions.

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  • Suresh Sambandam of Kissflow Introduces Mudhal VC

    The CEO and creator of Software-as-a-Service (SaaS) company Kissflow, Suresh Sambandam, announced the creation of the MudhalVC fund on 26 September 2024. The fund will provide funding to Tamil Nadu-based idea-stage firms, with an emphasis on those originating from Tier 2 and Tier 3 locations.

    As of now, the investment company has made investments in a wide range of industries, including biotech, food technology, electric cars, health technology, and SaaS. It currently has a portfolio of about fifteen firms, including Amura, Bversity, BookingBee, MeenSatti, Mushroom MaMa, Pickmyad, Social Gallery, InspectionOne, Bad Boy, Correctmate, and Trashbotics.

    Sambandam announced the plan to establish a sector-neutral YCombinator in Tamil Nadu during the launch event in Chennai. The YCombinator will exclusively invest in startups originating from Tamil Nadu.

    Coach First, Capital Second

    With its ‘Coach first, Capital second’ philosophy, venture capital (VC) offers not just the seed money required to get started, but also the networks, mentorship, and strategic counsel required to grow and be successful globally.

    As per Sambandam’s explanation, the fund’s initial phase will focus on ‘concept stage’ firms, with money from the family office totaling approximately INR 25 crores, which would cover approximately 50 companies. Fifteen businesses have gotten funding under the first round so far.

    VC Planning to Invest INR 125 Crores

    According to the official announcement, over the next three to four years, VC plans to invest almost INR 125 crores in two phases. Sambandam went on to say that in phase one, cash comes from family sources, removing a large amount of risk from the table for phase two. “Although we are not currently seeking funds from Limited Partners (LPs), we intend to collaborate with LPs in the next two to three years to make additional investments in the same startups, emulating the Silicon Valley’s YCombinator model,” he continued.

    The fund includes investments ranging from INR 10 lakhs to INR 1 crore. Sambandam stated that the ‘Idea Pattarai’ accelerator has conducted closed-door workshops with 1000 founders over the past two years, leading to the mentoring of over 75 firms at various stages.

    The occasion also marked the debut of the Bad Boy electric super trike, one of the fund’s flagship investments. It is a two-seater, totally electric vehicle that can reach 100 km/h in less than 4.5 seconds. Its maximum speed is 200 km/h, and its range is 400 kilometers on a single charge.

    The Bad Boy’s 45-degree tilting system, which offers better agility and control when cornering, is one of its best features. According to a statement from the fund, this innovation makes sure the trike hugs curves and gives the rider a dynamic, motorcycle-like driving experience.

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  • Karnataka Plans Hybrid Car Tax Relief and EV Subsidies

    Karnataka, the southernmost state of India, intends to reduce taxes and provide financial incentives to companies in the clean mobility sector. This includes a substantial tax reduction for hybrid vehicles, which will be advantageous for Toyota, according to a draft document from the state government.

    The state of Bengaluru, which is home to the tech hub, could become the second in India to offer tax breaks to hybrid vehicles, following northern Uttar Pradesh. Toyota has lobbied New Delhi for these incentives, despite the fact that India has primarily focused on exemptions for electric cars.

    According to a draft seen by a media house, Karnataka, which has the third-highest sales of electric vehicles (EVs) in India, wants to eliminate road tax and registration fees for hybrid cars that cost less than $30,000 from their current 13% to 18%.

    Applauding this move, Rajeev YSR, CEO, Thunder Plus stated, “Karnataka’s recent initiative to offer tax waivers for hybrid cars and financial incentives for electric vehicles marks a significant step toward advancing clean mobility in India. This proactive approach aligns with the state’s vision to promote sustainable transportation solutions while enhancing the appeal of both hybrid and electric vehicles. At ETO Motors and Thunder Plus, we are excited about this development, as it creates a favorable environment for the growth of the electric vehicle market. We already have 300+ electric 3 wheelers crisscrossing the busy roads of Bangalore adding 0 carbon emissions as they run; and are supported by 100+ electric vehicle charge points.”

    No timetable was specified in the draft policy to finalize and announce the policy, but it stated that the state seeks to increase “clean mobility vehicle adoption,” which includes EVs, select hybrids, and hydrogen-based vehicles.

    Rivals like Tata Motors and Mahindra & Mahindra, which prefer to maintain the emphasis on EVs and claim that incentives for hybrids will undermine India’s ambitions for their adoption, are in conflict with Toyota’s effort. Federal sales tax is 5% for electric vehicles and up to 43% for hybrid vehicles. State road and registration fees are additional costs.

    Additional Incentives for Makers of Electric Vehicles and Their Components

    Furthermore, as per the draft, Karnataka intends to provide incentives to manufacturers of electric vehicles or their components, with the amount of the incentives depending on the magnitude of the investment and the quantity used. The incentives may be as high as 25%.

    According to the proposal, Karnataka is expected to provide financial incentives to companies that invest 15% to 25% of their profits in fixed assets, such as land and machinery, for the establishment of new factories or the expansion of existing ones. According to the draft, this will also apply to companies that manufacture battery parts or EV charging equipment.

    The state government has already stated that it intends to use a clean transportation policy to attract up to $6 billion in new investments, but it has not disclosed any further information.

    Tug of War Between the Indian States

    In keeping with Prime Minister Narendra Modi’s focus on encouraging the use of such automobiles to reduce pollution and lower the cost of gasoline imports, Indian states are competing with one another in terms of investments and tax incentives to entice the EV business. In the fiscal year 2023–2024, India sold 4.2 million cars, of which fewer than 100,000 were hybrids and electric vehicles. The goal for India’s new car sales market by 2030 is to increase the proportion of electric vehicles to 30%.

    The Karnataka Government Has Funded a Total of INR 60 Crore in 263 Startups
    According to a report presented by the Department of Electronics, IT, BT, and S&T, Government of Karnataka, 45 out of India’s 112 unicorns are based in Bengaluru, making it a leader in the startup movement.
    StartupTalkyNitin Konde