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  • Uber CEO Khosrowshahi Says Rapido Surpasses Ola as Biggest Rival in India

    According to Uber CEO Dara Khosrowshahi, Rapido has surpassed Ola in the category and is now the company’s fiercest rival in India. “Ola used to be our biggest rival. Rapido is, in my opinion, the more formidable rival in India right now. They aggressively entered the two-wheeler and three-wheeler markets using a subscription model with no commission. really resilient as well.

    In his August 24 podcast, he told Zerodha co-founder Nikhil Kamath, “Ola is now kind of a distant third.” According to Khosrowshahi, one of Uber’s most significant markets is India.

    Uber’s Market Share and Growth in India

    With more than 1.4 million drivers of automobiles, two-wheelers, three-wheelers, and other vehicles, the nation is currently the third-largest destination in the world for the firm in terms of journeys. According to Khosrowshahi, Uber needs to win in India not just today but also in ten years.

    Rapido’s Financial Sustainability Concerns

    Regarding Rapido’s strategy, Khosrowshahi claimed that it gained early popularity because its subscription model allowed drivers to keep more of their profits. However, he added that Rapido was “not making money” and that its ability to expand financially will be put to the test. He declared, “We have a great deal of respect for them, and we plan to compete really hard.”

    Uber’s Strategy for India’s Ride-Hailing Market

    The CEO of Uber also discussed the rapid commerce and mobility industry in general and cautioned entrepreneurs against overestimating market size. Successful businesses always adjust. Build there and grow gradually if there is a product market fit in a specific niche. He stated that the total addressable markets are for fundraising decks rather than company development.

    Uber views itself as a “local operating system” for daily life, covering rides, meals, groceries, and retail deliveries, according to Khosrowshahi, the former CEO of Expedia. In 2020, Uber Eats was sold to Zomato in India, giving Uber a share that was later sold. “We aren’t an investment firm. When asked about leaving Zomato, he responded, “I am capable of creating operational businesses and seeing them grow over time.”

    Autonomous Vehicles Inevitable but Still Long Way to Go

    Autonomous vehicles are inevitable, but they are still years away from being widely used in India, according to Khosrowshahi. Even in mature markets, autonomous car drivers are safer, but they cost a lot more. It will take a long time for autonomy to arrive in India.

    Focus on Long-Term Competition

    He stated, “I believe we’re looking at a 20-year horizon.” Regarding leadership, Khosrowshahi stated that while he has a natural collaborative style, he has learnt to transition to “wartime decision-making” when necessary. “Sometimes collaboration doesn’t help,” he remarked, recalling Uber’s epidemic layoffs. Here’s what we’re going to do, you must say. My team gives me credit when I say, “We’re going this way,” because they can tell that I’m paying attention most of the time.

    Challenges Ahead for Rapido and Ola

    Khosrowshahi went on to say that he attempts to keep a disruptor mentality despite Uber’s size. “I notice our flaws a lot more than our successes. We want to behave like a startup behind these confines. Outside, we must acknowledge that we are a large organisation, and that entails accountability,” he stated.

    Quick
    Shots

    •Dara Khosrowshahi says Rapido has
    overtaken Ola as Uber’s biggest rival in India.

    •Ola now a “distant third” in
    competition.

    •Rapido’s strength: subscription
    model, zero commission, strong presence in 2W & 3W segments.

    •India is Uber’s 3rd largest market
    globally by journeys.

  • Bank of India Declares Anil Ambani and Reliance Communications as Fraud Accounts After SBI

    In a regulatory filing, Bank of India, following State Bank of India, designated Reliance Communications’ loan account as fraudulent and named its former director, Anil Ambani, on the basis of alleged fund diversion in 2016.

    Ambani retaliated against the Bank of India, claiming that its actions were biased and against due process. He is being unfairly singled out, Ambani claimed.

    According to a representative for Ambani, “It is astounding that certain lenders have now decided to start proceedings in a staggered and selective manner after an excessive lapse of more than 10 years.”

    The INR 700-Crore Loan and Alleged Fund Diversion

    In August 2016, Reliance Communications received an INR 700-crore loan from Bank of India to cover its capital and operating expenses as well as the repayment of its outstanding debts.

    According to the bank’s letter that RCom revealed in the stock exchange filing, half of the sanctioned cash released in October 2016 was invested in a fixed deposit, which was prohibited by the sanction letter. On August 22, RCom reported that it had received a letter from Bank of India dated August 8 announcing the bank’s decision to label the loan accounts of the firm, its promoter and former director Anil Dhirajlal Ambani, and its former director Manjari Ashok Kacker as fraudulent.

    In June of this year, State Bank of India (SBI) had previously taken the same action, claiming that bank funds had been embezzled through transactions that went beyond the terms of the loans.

    Anil Ambani’s Response to Fraud Allegations

    According to a statement from Ambani’s spokeswoman, the Bank of India had sent show-cause notifications to 13 of RCom’s directors and senior management but had subsequently withdrawn the letters against everyone else. Without adhering to natural justice principles, it selectively continued the proceedings against Ambani.

    The statement emphasised that Ambani had no involvement in the day-to-day operations or decision-making of RCom and had only been a non-executive director on the board until his resignation in 2019. The business further claimed that the bank denied him a personal hearing prior to making its decision and neglected to provide the required paperwork.

     “These actions are against established law and judicial precedents, as well as the RBI regulations issued in July 2024,” the representative stated. A committee of creditors headed by the State Bank of India and monitored by a resolution specialist is still in charge of RCom’s insolvency procedures. The Supreme Court and the National Company Law Tribunal are also considering the case. The letter further stated, “Ambani will pursue legal remedies and categorically denies all allegations and charges.”

    Quick
    Shots

    •Bank of India (BoI) labels Reliance
    Communications (RCom) loan account as fraudulent.

    •Names Anil Ambani (former director
    & promoter) and Manjari Ashok Kacker (ex-director).

    •In 2016, RCom took an INR 700 Cr loan
    from BoI.

    •Half of funds allegedly placed in
    fixed deposits, violating sanction terms.

  • “Your Phone Is Outdated”: Sam Altman Wants AI to Be Your New Companion

    Many people feel that phones control their lives. They can’t go about an hour without their phone. According to a survey by Harmony Healthcare IT, 69% of participants felt addicted to their phones (with some health issues). About 76% felt anxious without their phones, and 55% felt less socially participative. Now OpenAI’s CEO Sam Altman says that “Your phone is outdated” and it needs to do more than just calling, texting, and social media (rather be a constant companion). Well, in a battle between fighting phone addiction and new technological advances, which side are you on? Here’s what he said about it on the People by WTF podcast with co-founder of Zerodha Nikhil Kamath. 

    Why Did Sam Altman Say Your Phone Is “Outdated?”

    According to him, phones are passive tools. They are not as involved in life as when you aren’t holding them. He stressed how phones and computers work in an on and off mode. And how they are only used for calls, search, messages, then they are put away and nothing more. And so, Sam Altman says phones are “outdated.”

    What Altman Wants Instead?

    According to him, AI is a constant companion, not just a tool. He wants:

    • Today’s hardware isn’t enough; it needs AI that can stay with you, all the time.
    • To know the context of your day, let’s say, what you’re up to, where you are, what’s coming up, etc.
    • To be proactive, meaning you don’t have to command it, it works even before you ask for it.
    • For instance, you don’t need to constantly check your calendar. The AI should whisper, “Hey, you have a meeting in 10 minutes. Want me to book a cab?”
    • One may think that these are done with our phones; however, they are all manually done.
    • Fewer flat screens and more natural and seamless interactions. 

    OpenAIi’s New Hardware With Jony Ive

    Jony Ive is the renowned Apple designer behind the look of the iPhone, iPod, and MacBook. He is now working with OpenAI. This collaboration is significant for OpenAI because they are working together to create innovative devices, especially for AI. These devices are nothing like the phones or computers we have today. According to Altman, these devices “won’t need a case.” He states that these devices feature durable and practical designs.

    Over the past two years, Sam Altman and Jony Ive have been exploring different ideas. They are experimenting extensively so that AI is always present, not something one will pick up and put down. Devices like:

    • Smart headphones.
    • Wearable devices.
    • Smart cameras.

    Sam Altman bought Ive’s company LoveFrom for $6.5 billion (July 9, 2025) to build full-fledged AI-integrated hardware. That’s how serious Sam Altman is about the new age revolutionary hardware. 

    The Big Catch Is Trust and Privacy…

    Privacy is such a compromised subject. With every touch, click, tap, and swipe, people are already leaving a digital footprint. The idea might manage calendar, emails, messages, reminders, payments, and more. However, for such a huge shift in mobile technology, there needs to be full access to your life. That brings us to serious questions like:

    How much of your life should AI control?

    Who has access to that data in the background?

    What happens if the AI makes the wrong decision given it the access?

    And many others. Do you buy into Sam Altman’s idea, too? Or just comfortable with the way things are? 

  • SMBC Secures RBI Nod to Acquire 24.99% Stake in Yes Bank

    The Reserve Bank of India (RBI) has approved a plan by Japanese lender Sumitomo Mitsui Banking Corporation to purchase up to 24.99% of the private sector lender, Yes Bank announced on 23 August. In the biggest cross-border investment in the Indian banking industry, the Japanese lender declared in May that it would pay INR 13,482 crore to acquire a 20% share in Yes Bank.

    Additional 4.9% Stake Application

    SMBC is a fully-owned subsidiary of Sumitomo Mitsui Financial firm, which as of the end of December had $2 trillion in assets, making it the second-largest banking firm in Japan. Then, according to a July Reuters story, SMBC applied for permission to acquire a further 4.9% of Yes Bank.

    SBI’s 13.19% Stake Sale

    When and from whom shareholders SMBC will buy the extra shares to increase its ownership in Yes Bank to little less than 25% are not yet known. The largest lender in India, State Bank of India (SBI), would sell 13.19% of its shares under the 20% stake sale plan.

    The remaining 6.81% will be sold by seven other shareholders: Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank.

    Yes Bank’s Response to RBI Approval

    In a regulatory filing, Yes Bank stated that it is happy to notify that, by letter dated August 22, 2025, the Reserve Bank of India (RBI) has given SMBC permission to purchase up to 24.99% of the bank’s paid-up share capital and voting rights. One year from the date of this letter, this approval will remain in effect.

    In March 2020, the RBI replaced the board when Yes Bank’s financial situation worsened. Soon after, Yes Bank was saved by a group of banks led by SBI. According to the announcement, RBI has further explained that SMBC will not be considered a bank promoter after the transaction. Yes Bank is currently entirely owned by public shareholders and does not have a promoter.

    As stated in the agreements cited in Yes Bank’s notification dated May 9, Yes Bank stated that the proposed transaction is contingent upon clearance from the Competition Commission of India (CCI) and customary preconditions previously.

    Strategic Benefits of the Deal for Yes Bank

    Prashant Kumar, the CEO of Yes Bank, whose tenure expires in April 2025, told Mint three months ago that the private sector lender has accomplished three major goals thanks to the plan to sell 20% of Yes Bank. The fate of State Bank of India’s (SBI) ownership stake in the bank was one of the bank’s lingering issues, although Kumar said that it had been resolved.

    Proxy Advisory Firms Raise Concerns

    In the meanwhile, SMBC will receive two seats on the Yes Bank board as part of the agreement. However, proxy consulting companies were not pleased with Yes Bank’s decision to allow the Japanese lender to appoint its nomination directors to important board committees.

    On August 15, Mint announced that two proxy advice firms, Stakeholder Empowerment Services (SES) and Institutional Investor Advice Services India Ltd (IiAS), had advised investors to vote against the plan.

    Quick
    Shots

    •Approval valid for 1 year from August
    22, 2025.

    •SMBC (Japan’s 2nd largest bank) to
    invest INR 13,482 Cr for 20% stake.

    •SBI to sell 13.19%, rest 6.81% from
    Axis, HDFC, ICICI, Kotak, Bandhan, IDFC First, and Federal Bank.

    •SMBC also applied for additional 4.9%
    stake.

  • Just Months After Promotion, OpenAI’s Chief People Officer Quits the Company

    Right in the middle of the AI race, where major AI players (Meta, Google, xAI, Anthropic, and others) are competing for talent, OpenAI’s Chief People Officer steps down. Too much is going on for OpenAI right now. Elon Musk’s legal battle is one of the issues. The company plans to restructure itself to go public for a $40 billion fundraising (according to CNBC), which is another major development. And now this. Julia Villagra, the company’s chief people officer, exited the company on August 22, 2025. Her departure is raising questions about a power shift (internally) and more. Is this new high-profile exit a big blow to the company? Learn more details below.

    Who is Julia Villagra?

    Julia Villagra started her career as a Technical Recruiter in 2007. She worked for Tertulia for nearly 15 years. And less than a year after her promotion at OpenAI, she is now leaving the company. Here’s her timeline with OpenAI:

    • Julia Villagra got started as Head of Human Resources at OpenAI in February 2024. 
    • Later in May 2024, she was promoted to VP of People.
    • Soon, in June 2024, she became the Chief People Officer.

    Why Is This Important to OpenAI?

    The company is pushing harder to roll out enterprise (business-focused) AI products. And for that, OpenAI has to have the best talent on board. OpenAI is facing the heat from its rivals (Google, Meta, Anthropic, and xAI) to attract the top talent. This June, Sam Altman made headlines for revealing how Meta tried to lure its employees.

    He said large incentives and salaries were offered, including a $100 million signing bonus just to join. He also mentioned the efforts OpenAI made to fight back (by making counteroffers) to retain its top talent. The situation remains a tug of war.

    At a Time Open Plans to Go Public…

    Plus, the company is on the verge of going public (Public Benefit Corporation), and significant restructuring is underway. It aims for a $40 billion fundraising round led by SoftBank. Losing a key member at such a critical moment is definitely a setback.

    OpenAI Hiring From Rivals…

    Recently, the company hired Fidji Simo, a former Meta executive and ex-CEO of Instacart. She announced her goodbye to Instacart a week ago on her LinkedIn. According to her profile, she is taking on a larger role in OpenAI’s consumer-facing products like ChatGPT. 

  • Harajuku Tokyo Café Raises $2 Mn in Seed Funding to Expand Footprint Across India

     Harajuku Tokyo Café, India’s fastest-growing authentic Japanese casual dining and QSR chain, today announced the successful completion of its first institutional funding round, raising ₹19 crores in a structured investment. The round was led by Indian Angel Network (IAN), one of India’s largest angel investment platforms, with participation from Samved VC, LetsVenture as well as venture debt fund Capitar Ventures to support its aggressive expansion plans. Harajuku is seeing strong demand in its ongoing round, with additional capital expected to be raised.

    The funding comes on the heels of the brand’s highly successful Mumbai debut at Jio World Drive, BKC, where both Harajuku Tokyo Café and Harajuku Bakehouse opened to overwhelming customer response in July 2025. The Mumbai launch marks a significant milestone in the company’s mission to bring authentic Japanese cuisine to India’s mainstream dining landscape.

    Founded in 2021 by Gaurav Kanwar, Harajuku Tokyo Café has redefined Japanese dining in India by making authentic cuisine accessible through casual dining restaurants and quick-service formats. The brand has achieved remarkable growth, scaling to ₹30+ crores in annual recurring revenue (ARR) with 7 operational outlets across Delhi NCR and Mumbai. With technology and innovation at its core, the company is targeting 90 outlets across 20 cities and ₹200 crores+ in revenue by 2027, with Letters of Intent already signed for 15 locations in Delhi NCR, Mumbai, Ludhiana, and Chandigarh.

    “This funding milestone strengthens our vision of democratizing Japanese cuisine in India,” said Gaurav Kanwar, Founder and CEO of Harajuku Tokyo Café. “What began as a passion project to make Japanese food accessible has evolved into a scalable business model that resonates with India’s evolving palate. With our Mumbai launch exceeding all expectations and this funding secured, we’re positioned to become India’s leading Japanese dining destination.”

    The brand’s unique positioning combines authentic Japanese flavors with Instagram-worthy aesthetics, featuring signature offerings like jiggly pancakes, conveyor belt sushi, Naruto ramen, and Japanese cotton cheesecakes. Each outlet creates an immersive Tokyo experience with manga libraries, robot DJs, and vibrant Harajuku-inspired décor.

    The investment round was co-led by IAN investors Hari Balasubramanian (who was one of the first angels in standout deals like Wow Momos, Samosa Party, and others), Uday Chatterjee, Pradeep Jai Singh and Sri Prakash, seasoned angel investors of IAN who bring diverse industry experience and strategic networks to support Harajuku’s expansion. Commenting on the deal, Mr. Balasubramanian said, “Gaurav and his team have masterfully executed a complex concept – bringing authentic Japanese cuisine to the mass market while maintaining quality and creating genuine brand affinity. Their attention to operational detail, from the central kitchen operations to the customer experience design, demonstrates the scalability we need to see in today’s competitive F&B landscape.”

    Mr. Chatterjee added, “Having visited their outlets multiple times with family, I can attest to both the food quality and the unique dining experience they’ve created. Harajuku is a cultural bridge that makes Japanese cuisine approachable for Indian families while maintaining authenticity.”

    The round was also co-led by Samved VC; a venture capital fund focused on underserved and high-potential Indian markets. Speaking on the investment, Vivek Khare, Partner, Samved VC, said, “I’ve always believed that the best investments come from the heart—and my heart has long been with this brand. I’m a regular customer, drawn back again and again by the flavors I love. But what truly sealed my decision was the founder’s infectious passion—for the food, the menu, the processes, the hygiene, the branding, and the vision for scaling. He lives and breathes every aspect of the business, and that energy is as irresistible as the cuisine itself. Investing here is about being part of something I genuinely enjoy and believe in.”

    LetsVenture, led by Shanti Mohan—a leading early-stage investment platform that connects startups with accredited investors, also participated in the round.

    India’s food-service industry, valued at ~USD 51 billion today and set to more than double to USD 123 billion by 2033, is being driven by the explosive growth of casual dining and QSR. Within this, Japanese cuisine is one of the fastest-growing international segments, expanding at a double-digit CAGR. Driving this trend are rising anime influence, growing travel to Japan, and evolving consumer food preferences. Harajuku is at the forefront of this expansion.

    Harajuku operates through two high-growth formats: the full-service Harajuku Tokyo Café and the quick-service Harajuku Bakehouse. Backed by a central kitchen in Delhi NCR that handles 85% of food preparation, the brand delivers consistent quality within minutes across outlets. The business is already operating with industry-leading unit-level margins, providing a solid foundation for accelerated growth.

    Harajuku’s success stems from its innovative blend of culinary authenticity and operational technology. The brand collaborates with renowned Japanese chefs Asami Indo and Nariaki Higuchi, who bring years of experience to ensure cultural authenticity while constantly evolving and helping bridge the gap between Japan and India. The company also leverages technology across operations, from AI-powered inventory management, tech-driven loyalty programs to digital ordering and customer experience.

    Expanding beyond dining, the brand is foraying into the packaged food segment with its D2C vertical, KoiKoi Essentials, which will bring ramen kits, sauces, and frozen meals to homes across India.

    “Mumbai’s response has been phenomenal,” shared Shreya Bhagat, Head of Marketing. “We’re seeing strong organic social media traction, with our conveyor belt sushi and jiggly pancakes becoming Instagram sensations, garnering 3 million views organically.” Harajuku Tokyo Café has also earned industry recognition with multiple awards, including Restaurateur of the Year (Restaurant India), Best Asian Specialty Casual Dining (NDTV Food Awards), Best Japanese Casual Dining (Times Food Awards), and Foreign Cuisine Restaurant of the Year (Indian Restaurant Awards).

    Beyond immediate expansion goals, Harajuku Tokyo Café envisions becoming India’s definitive Japanese dining brand while exploring international opportunities. The company is already in discussions for franchise partnerships in the UAE and other international markets where Indian diaspora communities could drive demand.

    “Our vision extends beyond just restaurants,” concluded Gaurav Kanwar. “We’re building a Japanese lifestyle brand that encompasses dining, retail, and experiences. By 2030, when someone thinks of Japanese cuisine in India, we want Harajuku to be the first name that comes to mind.”

  • Wastelink raises INR 27 Cr from Avaana Capital to strengthen India’s animal feed supply chain with sustainable upcycled nutrition

    Wastelink, a pioneer in technology-led food upcycling, is solving one of the animal feed industry’s most persistent challenges: volatile supply and unstable prices. By transforming food surplus into standardized, high-quality feed ingredients, Wastelink, a brand of Forplanet Ingredients, delivers the nutrient consistency and supply security needed to build resilience across animal feed supply chains.

    The company has raised INR 27 crores (USD 3 million) in a Series A funding round from Avaana Capital, a leading technology fund that invests in transformative technologies across critical sectors to accelerate economic growth, long-term resilience and global competitiveness.

    Animal feed production remains heavily reliant on maize and soya; commodities increasingly exposed to price swings, climate risks, and nutritional inconsistency. This volatility destabilizes feed manufacturers and farmers alike. Wastelink offers a breakthrough alternative: its proprietary AI-enabled formulation and logistics platform transforms food surplus into ECOMIX™, a traceable, performance-tested feed ingredient. ECOMIX™ delivers consistent nutrition while insulating against commodity-driven price shocks, and is already trusted by leading food producers and feed manufacturers.  

    Since inception, Wastelink has upcycled more than 35,000 tons of FMCG surplus into feed ingredients. Each year, ECOMIX™ supports 38,500+ animals, improving milk yields by up to 15% while giving manufacturers a dependable, price-stable input.

    “Animal feed is the backbone of our food system, yet it suffers from chronic volatility in quality and price.” Saket, Founder and CEO of Wastelink.  “We’re addressing this by delivering consistent, traceable, and cost-stable nutrition at scale. This fundraise powers our nationwide expansion and strengthens our R&D and technology to build a category-defining company that ensures resilience for feed manufacturers, farmers, and the broader food chain..”

    Krishnan, Co-Founder of Wastelink, added, “Our approach combines science, technology, and circularity to create a reliable feed input the industry can trust. Redirecting food surplus is the mechanism—but the outcome is resilience in animal nutrition that benefits farmers, businesses, and the planet.”

    Swapna Gupta, Partner, Avaana Capital, said: “Wastelink is reimagining animal feed by solving two critical challenges- nutrient inconsistency and price volatility. By redirecting food surplus into standardized, traceable inputs, their platform solves for supply chain resilience. This is the kind of breakthrough innovation India can pioneer to build future-ready food systems for the world.”

    Wastelink, a brand of Forplanet Ingredients, is building resilience in India’s animal feed supply chain by delivering nutrient consistency and price stability through its flagship product ECOMIX™. Founded in 2018, Wastelink combines feed science, proprietary processing, and AI-enabled supply chain technology to upcycle food surplus into traceable, high-quality animal feed.

    About Avaana Capital 

    Founded in 2018, Avaana Capital invests in and supports visionary deep tech entrepreneurs and startups leveraging frontier innovation to pioneer globally competitive solutions in Energy, Supply Chains, Food & Agriculture, and Advanced Materials.

    To date, Avaana has made high-conviction investments in pioneering startups including Enlite (Interoperable Building Management Technology), GreenGrahi (insect biotech platform), Eeki Foods (climate resilient precision agriculture), Turno (commercial EV financing and distribution), Dreamfly (next-gen battery platform for drones), Kazam ( interoperable EV charging), Eggoz (high nutrition eggs), Farmart (SaaS-B2B platform for food and agriculture), Amperehour (grid scale battery energy storage solutions) and Aerem (MSME rooftop solar)—each building cost-competitive, future-ready solutions from India for the world.

  • Vertiv Completes Acquisition of Great Lakes Data Racks & Cabinets

    Vertiv Holdings Co (NYSE: VRT), a global provider of critical digital infrastructure, announced the successful completion of its previously reported intent to acquire the Great Lakes Data Racks & Cabinets family of companies (“Great Lakes”), a leading manufacturer of innovative data rack enclosures and integrated infrastructure solutions. The ~$200 million acquisition expands Vertiv’s rack, cabinet and integration solutions for white space applications.

    “We are pleased to officially welcome the Great Lakes team to Vertiv and begin innovating new white space solutions,” said Gio Albertazzi, Vertiv’s Chief Executive Officer. “Great Lakes brings exceptional talent and capabilities that will enhance our ability to deliver comprehensive infrastructure solutions, furthering Vertiv’s capabilities to customize at scale and configure at speed for AI and high-density computing environments.” 

    The integration of Great Lakes’ expertise with Vertiv’s existing portfolio is expected to deliver significant customer benefits through streamlined infrastructure sourcing, faster deployment through pre-engineered solutions, enhanced operational efficiency with factory integration of Vertiv™ power and cooling solutions, improved scalability for AI and edge computing applications, and comprehensive support through Vertiv’s global service network. 

    Established in 1985 and headquartered in Edinboro, PA, U.S., Great Lakes operates manufacturing and assembly facilities in the U.S. and Europe. Its portfolio includes standard and custom racks, integrated cabinets, seismic cabinets, and enhanced cable management access options for both retrofit and greenfield applications. This addition strengthens Vertiv’s end-to-end critical digital infrastructure offerings, enhancing Vertiv’s ability to provide the industry’s most complete set of products and services for critical digital infrastructure needs. 

    About Vertiv Holdings Co 

    Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers’ vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries.

    Cautionary Note Regarding Forward-Looking Statements  
    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of important risk factors concerning Vertiv and its operations. Those risk factors and risks related to the integration and performance of Great Lakes, among others, could cause actual results to differ materially from historical performance and include, but are not limited to: the successful integration of Great Lakes; expected expenses related to the transaction and integration of Great Lakes; the possible diversion of management time on issues related to the transaction and integration of Great Lakes; the ability of Vertiv to maintain relationships with customers and suppliers of Great Lakes; and the ability of Vertiv to retain management and key employees of Great Lakes. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. 

  • NBFC CredRight raises $10 mn in Series B from Abler Nordic, existing backers

    CredRight, a Non-Banking Financial Company (NBFC) that bridges the credit gap for India’s smallest business owners, has raised $10 million in Series B funding led by Abler Nordic, marking its first investment from the new Fund V. Existing investors Michael & Susan Dell Foundation and Unleash Capital also participated in the round.

    The funds will be used to expand CredRight’s loan book, upgrade its technology platform and extend its reach to more entrepreneurs in Tier-2 to Tier-4 towns. Abler Nordic, now the company’s largest equity investor, will work with the management to scale operations, strengthen governance, and deepen impact.

    Founded in 2016 in Hyderabad by Neeraj Bansal, an alumnus of BIT Durg and IIM Lucknow, and Vineet Jawa, an ISB alumnus and serial entrepreneur, CredRight operates a “phygital” model that blends digital lending with a network of 125 low-cost branches across four Indian states. The company currently serves more than 20,000 micro-enterprises—many of them small shopkeepers and traders excluded from formal credit. Its backers also include YourNest Venture Capital, 100Unicorns and Accion Venture Lab. 

    Neeraj Bansal, co-founder of CredRight, said, “Micro enterprises will play a significant role in India’s journey to a $10 trillion GDP. Access to institutional capital accelerates their growth and resilience. This fundraise, despite industry headwinds, is a testament to CredRight’s business model.”

    India’s micro, small and medium enterprises (MSME) sector faces a staggering estimated credit gap of $530 billion, of which $169 billion lies in the micro segment. Only around 14% of the country’s 64 million micro-entrepreneurs have access to individual business loans, with the gap most acute in semi-urban and rural markets.

    “This first investment from Fund V reflects both our confidence in CredRight’s model and our strong commitment to India as a priority market. By supporting CredRight with patient capital and active ownership, we aim to back a locally-rooted solution that effectively addresses this gap,”said Arthur Sletteberg, Managing Director at Abler Nordic. 

    Rakesh Goyal, Head – Financial Services, Michael & Susan Dell Foundation India, added, “Nano or micro entrepreneurs form the backbone of India’s economy, yet most lack access to fair and flexible capital. CredRight is changing that by blending technology with community reach, helping thousands of small businesses boost income, create jobs and achieve financial security.”

    According to the 2023 60 Decibels Microfinance Index, over 70% of CredRight customers reported increased income, higher savings, and better financial management after receiving loans. The company says it aims to empower over 10 million nano enterprises across India’s underserved markets.

  • WizCommerce Raises $8M to Rebuild the $10T Wholesale Market with AI

    WizCommerce, the AI-native sales and ecommerce platform for wholesale distributors, has raised $8 million in Series A funding. The round was led by Peak XV Partners (formerly Sequoia India), with participation from Blume Ventures, Z47, and Alpha Wave. The funding will fuel WizCommerce’s continued expansion across the U.S. and accelerate development of its AI-powered platform for sales, commerce, and B2B payments. 

    Founded by Divyaanshu Makkar (ex-Bessemer Venture Partners, ex-EY-Parthenon) and Vikas Garg (ex-Zomato), WizCommerce is modernizing the infrastructure behind the $10 trillion U.S. wholesale market, a space that still runs on spreadsheets, outdated portals, and manual order-taking. 

    The platform brings together sales reps, marketers, and buyers on one system, combining AI-powered quoting, intelligent storefronts, ERP integrations, lifestyle image generation, and embedded payments. Already, $100M+ in GMV flows through the WizCommerce network annually, with 700+ reps and 300K+ buyers using the platform across categories like home décor, lighting, and general merchandise. 

    “We’re building the stack wholesale should have had all along,” said Divyaanshu Makkar, CEO and co-founder of WizCommerce. “A few years from now, no one will be calling to check stock or emailing product photos. AI will handle the grunt work – what to sell, how to sell it, and all the admin work in between. Reps will close faster, ops teams will run lighter, and buyers will get a curated experience that feels effortless. That’s the future and it’s closer than people think. With this fundraise we plan to double down on AI and launch an AI workforce for distributors to automate both back office and front office operations.” 

    “What stands out is how consistently WizCommerce earns praise from both reps and buyers,” said Rishen Kapoor, VP at Peak XV. “Reps tell us it’s the tool they open first, and buyers appreciate the simpler ordering process. It’s uncommon to see a platform improve internal workflows and customer experience at once. With hundreds of reps and thousands of buyers already using it, WizCommerce is on track to become a core part of the wholesale tech stack.” 

    Rishen Kapoor added, “Wholesale is still largely run on legacy systems. WizCommerce is addressing that gap with an AI‑first product built for the industry’s day‑to‑day needs. Their early traction shows they’re well‑placed to lead the shift.”

    Sajith Pai, Partner at Blume Ventures, said, “Div, Vikas, and the team at WizCommerce have built a product stack that U.S. wholesalers and distributors absolutely love, reflected in their rapid revenue growth. Thanks to a culture built around intense customer listening, a ship fast attitude leveraging AI tooling, they are able to rapidly launch and succeed with new products such as WizAI and WizStudio addressing key customer needs. The new round will help in continued acceleration on product development, and GTM efforts including expansion into adjacent verticals.” 

    WizCommerce is actively hiring across engineering, AI, product, and GTM functions, with hubs in the U.S. and India.