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News on Medial
EasyMyTrip Forays Into Ebus Manufacturing, Sets Up New Subsidiary Easy Green Mobility
Inc42
·
10m ago
Medial
Indian traveltech company EasyMyTrip has announced plans to invest INR 200 crore ($27 million) in research and development, product development, and the establishment of a manufacturing plant over the next two to three years. The company's subsidiary, Easy Green Mobility, will manufacture electric buses and operate through another subsidiary called YoloBus. EasyMyTrip aims to have more than 2,000 electric buses operating across India by 2027-2028.
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GreenCell Mobility Bags Credit Of INR 307 Cr For UP Ebus Project
Inc42
·
1y ago
Medial
Indian shared electric mobility startup, GreenCell Mobility, has secured green financing of INR 307 crore ($36.7 million) from Sumitomo Mitsui Banking Corporation (SMBC) for its electric bus project in Uttar Pradesh. The project aims to deploy 9-metre fully built AC electric buses across eight cities in UP, reducing approximately 235,000 tonnes of CO2 emissions over its contract lifespan. GreenCell Mobility acquires electric buses from vendors and operates them for inter-city and intra-city travel. The funding from SMBC marks the company's first green financing from global banks.
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EaseMyTrip appoints co-founder Rikant Pittie as CEO
YourStory
·
6m ago
Medial
EaseMyTrip has appointed co-founder Rikant Pittie as CEO following the resignation of his brother, Nishant Pitti. Rikant, with over 15 years of industry experience, will focus on strategic initiatives and innovation. EaseMyTrip reported a decline in profits and revenue for Q2 FY25 compared to the previous year. The company plans to manufacture electric buses through its new subsidiary, Easy Green Mobility, with an investment of Rs 200 crore for development and plant setup.
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Cabinet approves “PM-eBus Sewa”scheme to deploy 10,000 electric buses across cities
IndianStartupNews
·
1y ago
Medial
The Union Cabinet has approved the "PM-eBus Sewa" scheme, aiming to add 10,000 electric buses to city transportation through a public-private partnership. With an estimated cost of Rs. 57,613 crore, the scheme receives Rs. 20,000 crore central government support, operating for a decade. Prioritizing cities with populations over 3 lakh, it creates jobs and promotes green mobility, encompassing e-buses and related infrastructure.
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Uber ties up with Refex Green Mobility to deploy 1,000 EVs by 2026
YourStory
·
4m ago
Medial
Uber has partnered with Refex Green Mobility to introduce 1,000 electric vehicles (EVs) across Chennai, Hyderabad, Bengaluru, and Mumbai by 2026. This initiative supports Uber's 2040 goal of 100% emission-free rides and marks a significant step towards zero-emission mobility in India. The collaboration aims to remove barriers to EV adoption and foster a sustainable future. Refex Green Mobility, a subsidiary of Refex Industries, contributes to reducing urban carbon emissions through its electric vehicle operations.
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OpenAI forays into Agentic AI by launching deep research
YourStory
·
5m ago
Medial
OpenAI has launched "deep research," an agentic feature of ChatGPT designed to perform complex, multi-step internet research in minutes. This tool aims to assist professionals in fields like finance, science, and engineering by searching, analyzing, and generating data into research-level reports. Built on OpenAI's upcoming o3 model, it offers advanced web browsing and data analysis capabilities. The feature ensures outputs are documented with citations for easy verification, streamlining extensive research into a single query.
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Adani Group eyes 5 GW electrolyzer capacity with up to $3 bn investment
Livemint
·
1y ago
Medial
Adani New Industries Ltd is planning to invest up to $3 billion in setting up a cumulative capacity of 5 GW electrolyzer manufacturing. The company aims to manufacture indigenous alkaline electrolyzers and has tied up with technology providers Cavendish Renewable Technology and Hydep. Adani New Industries is also working on anion exchange membrane (AEM) technologies. The move towards indigenous electrolyzer capacity aligns with the company's plans to expand its footprint in the green hydrogen space. The government aims to achieve 5 million metric tonne of annual green hydrogen production under the National Green Hydrogen Mission.
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NTPC Green sets price band for $1.2 bn IPO
VCCircle
·
8m ago
Medial
NTPC Green Energy has set a price range of 102 rupees to 108 rupees per share for its upcoming $1.19 billion IPO in India. The renewable energy company's IPO will open for bids on November 19 and close on November 22, with large "anchor" investors bidding on November 18. NTPC Green is a unit of state-owned power company NTPC and plans to use the proceeds to invest in its subsidiary NTPC Renewable Energy and repay debt. India's IPO market has been strong, despite recent large IPOs receiving a lukewarm response from investors due to a slide in the stock market.
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Apple supplier Rayprus eyeing Bengaluru facility
Economic Times
·
1y ago
Medial
Rayprus Technologies, a supplier for Apple, is planning to set up a manufacturing facility in India. The Foxconn subsidiary, known for producing precision camera and lens solutions, is in talks with Foxconn to establish the facility within the new Foxconn campus in Bengaluru. This move follows Corning's announcement of setting up a manufacturing unit in Tamil Nadu for gorilla glass production, indicating that more pieces of Apple's India story are falling into place. The addition of leading component players in the Indian supply chain strengthens Apple's diversification strategy.
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Logistics firm Delhivery to set up subsidiary for drone manufacturing, air deliver services
IndianStartupNews
·
1y ago
Medial
Delhivery, a logistics firm, is venturing into the drone manufacturing and delivery services space by setting up a new subsidiary called Delhivery Robotics. With a proposed authorized capital of Rs 5 crore, Delhivery plans to focus on research and development in unmanned aerial vehicle (UAV) technology, drone-as-a-service (DaaS) solutions, pilot training programs, and global drone manufacturing and sales. This move follows Delhivery's acquisition of Transition Robotics, a US-based company specializing in unmanned aerial system platforms.
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Spencer’s Retail forays into quick commerce
Entrackr
·
6m ago
Medial
Spencer’s Retail forays into quick commerce Spencer’s Retail, the retail division of the RP Sanjiv Goenka group, has entered the quick commerce market with its new venture, Jiffy. The service will initially launch in Kolkata, followed by an expansion to other regions of West Bengal and then to Uttar Pradesh (UP). The retailer currently operates 89 stores across West Bengal and UP. The RPSG Group is reintroducing the Spencer’s app under the brand name ‘Jiffy’, offering merchandise delivery within 30 minutes. Shashwat Goenka, Chairman of Spencer’s Retail, stated that the company aims to fulfill orders within 20-30 minutes by utilizing its existing stores. The company also mentioned that it will not invest in a separate dark store network, instead managing delivery operations through a third-party fleet operator. In Q3 FY25, the company reduced its net loss to Rs 47.34 crore from Rs 51.20 crore. However, revenue fell 21% year-on-year to Rs 516.97 crore due to store closures. Recently, both established and emerging players have ventured into the quick commerce sector. Blinkit, Zepto, and Instamart dominate the market, while newcomers such as Flipkart, BigBasket, and Amazon are expanding their footprint. Most notably, Walmart-backed PhonePe has announced its entry into the quick commerce space with Pincode.
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