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India bridging infra gaps to be a global manufacturing hub: Siemens executives

Economic TimesEconomic Times · 1y ago
India bridging infra gaps to be a global manufacturing hub: Siemens executives
Medial

India is poised to become a major player in manufacturing, with Siemens pledging support for the country's growth. The company sees India as a growth spot and believes it has the potential to become one of the top manufacturing hubs in the world. Siemens is focusing on providing smart infrastructure to Indian firms and is in talks with entities like Tata group for designing supply chains. The executives highlighted India's IT capabilities, operational technology, young workforce, and language advantage as factors attracting manufacturing investments. Siemens also emphasized the importance of artificial intelligence in driving efficiency and sustainability across industries.

Exclusive: Urban Company converts into public company

EntrackrEntrackr · 6m ago
Exclusive: Urban Company converts into public company
Medial

Urban Company is preparing for a definitive initial public offering (IPO) this year. The company has taken its first significant step toward going public by converting into a public entity. The board of OfBusiness has approved a resolution to change its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," according to its regulatory filing. Urban Company reportedly aims to raise Rs 3,000 crore (approximately $350 million) through its IPO and has hired Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers. It is likely to file draft IPO papers by the end of March. Ahead of the IPO, Prosus is planning to increase its investment in the company. Prosus is reportedly looking to invest $30 million (Rs 250 crore) in a secondary deal, allowing Bessemer Venture Partners to make a partial exit. The Abhiraj Bhal-led company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Last year, it also completed a new buyback at a valuation of approximately $2.2 billion to $2.5 billion. According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others. Urban Company operates in more than 60 cities across India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals. For the fiscal year ending in March 2024, Urban Company's revenue from operations grew 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup also reported a 70% decline in losses to Rs 93 crore in the last fiscal year.

Sizing up India's listed data centre plays: What to expect from Budget 2024

LivemintLivemint · 1y ago
Sizing up India's listed data centre plays: What to expect from Budget 2024
Medial

India's data centre market is expected to undergo significant growth in the coming years due to increased digital transformation, adoption of artificial intelligence, and supportive government policies. Factors such as lower real estate costs and the implementation of technologies like 5G and IoT are driving the need for data storage and processing capacity. The upcoming budget is anticipated to include measures to strengthen the data centre ecosystem through tax incentives, infrastructure development, and renewable energy subsidies. Major global players, including Amazon and Microsoft, are pledging significant investments in the sector. The key beneficiaries of this growth include companies in the data centre supply chain such as Siemens and ABB India.

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