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Day not far when India becomes global semiconductor hub: PM Modi

Economic TimesEconomic Times · 1y ago
Day not far when India becomes global semiconductor hub: PM Modi
Medial

Indian Prime Minister Narendra Modi laid the foundation stone for India's first commercial semiconductor chip manufacturing foundry, along with two outsourced semiconductor and assembly testing (OSAT) units. These initiatives aim to make India a global semiconductor hub and enhance the country's profile in the global semiconductor value chain. The projects are expected to contribute to various sectors, including automotive, power, electronics, consumer goods, and medical devices. The investments will also bring about the development of an ecosystem of suppliers and related industries. This marks a significant step towards India's goal of establishing commercial chip fabrication capabilities.

Agritech firm Waycool lays off more than 200 employees

EntrackrEntrackr · 11m ago
Agritech firm Waycool lays off more than 200 employees
Medial

Agriculture supply chain firm Waycool has laid off over 200 employees across departments as the company eyes profitability. This is the third round of layoffs at the Chennai-based company. “Each of WayCool’s businesses is executing their plans to get to profitability. As part of this, roles and structures are further simplified and automated. This will be a continual process,” said a Waycool spokesperson. The company did not comment on the number of employees being fired. The previous two firings took place in July 2023 and February this year in which more than 370 employees were given pink slips. Moneycontrol, which reported the development first, said that the layoffs have impacted employees across Chennai, Bengaluru and Hyderabad, and its two subsidiaries: CensaNext and BrandNext. As per Entrackr sources, Waycool was negotiating a fresh round to the tune of more than $50 million which could have propelled its valuation in the range of $900 million to $1 billion. However, the talks did not go through. The firm was valued at $700 million in its last equity round. Waycool has raised around $160 million in funding to date from Lightrock, International Finance Corporation, FMO, and 57 Stars, among others. Earlier this week, Entrackr had highlighted Waycool’s struggle to scale and failing to raise a new round. While the company is yet to file its annual report for FY24, it registered 62% growth in its operating revenue to Rs 1,251 crore in FY23 from Rs 772 crore in FY22. The firm continued to bleed as its losses surged by 89% to Rs 685 crore in FY23. Founded by Karthik Jayaraman and Sanjay Dasari, Waycool buys fresh produce, including dairy products, from farmers and sells them to retailers and restaurants. It also runs private label brands and handles distribution for FMCG companies. This is the second major layoffs in the agritech space after ReshaMandi which sacked almost 80% of its workforce. Agritech was one of least funded segments during the first half of 2024. As per data compiled by TheKredible, agritech startups raised only $94 million across 22 deals, accounting for only 1.34% of the overall fundraise during H1 2024.

Go Zero secures Rs 30 Cr in Series A round

EntrackrEntrackr · 4m ago
Go Zero secures Rs 30 Cr in Series A round
Medial

Snippets Go Zero secures Rs 30 Cr in Series A round Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures Ice cream brand Go Zero has raised Rs 30 crore (around $3.4 million) in its Series A funding round from existing investors DSG Consumer Partners, Saama Capital, and V3 Ventures. Subtle participation also came from notable investors Aman Gupta (through Shark Tank India) and Namita Thapar (outside the tank). With this round, Go Zero has raised a total of $6 million to date. Earlier in June 2024, Go Zero raised $1.5 million in its follow-on pre-Series A funding round from DSG Consumer Partners, Saama, and V3 Ventures. The proceeds will be used to fuel supply chain expansion, innovation in product offerings, and brand growth as Go Zero continues its expansion on quick-commerce platforms in tier I and tier II markets. Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. The startup claims that all its products are sweetened with plant-based sweeteners, which are low in calories. Since its inception in July 2022, Go Zero claims to have offer 100% sugar-free products with 50% fewer calories than traditional ice creams. The brand has achieved 5X revenue growth in its second year and 3X in the third. Despite January being the off-season for ice cream sales, Go Zero recorded its highest-ever sales in January 2025, crossing Rs 5 crore in revenue. With a strong presence across Mumbai, Delhi, Pune, Bangalore, and Hyderabad, Go Zero is also set to launch new guilt-free formats, including kulfi sticks and cassata. The firm currently operates two manufacturing units in Mumbai and Bangalore. Go Zero competes with Hangyo Ice Cream, Hocco, and NIC. In 2023, NIC raised $11 million in a funding round led by Jungle Ventures, while Hocco also secured $12 million from the Chona family and other investors. Meanwhile, Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year.

Startup news and updates: Daily roundup (August 2, 2024)

YourStoryYourStory · 11m ago
Startup news and updates: Daily roundup (August 2, 2024)
Medial

Baby food brand Bebe Burp has raised INR 8 crore ($1.07 million) in a pre-Series A funding round led by venture capital firm Gruhas Collective Consumer Fund. The funds will be used to expand into new domestic and international markets and enhance brand awareness through influencer partnerships and creative campaigns. Swades Foundation has announced a zero coupon zero principal issue on the National Stock Exchange's (NSE) Social Stock Exchange (SSE), with the aim of supporting its programmes in areas such as sustainable livelihood, health and hygiene, and youth education. In addition, NSRCEL and Nasscom AI have entered into a co-incubation partnership to support artificial intelligence (AI) and deeptech startups in India. CoRover.ai has partnered with EthosAI.one to ensure the reliability, fairness, and accuracy of its conversational AI platform, and TiE Delhi-NCR is working with AMTRON to establish a digital design and 3D printing centre under the PM-DevINE Project.

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