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Rio Tinto-backed lithium tech startup set to raise second round of funds

Economic Times

Economic Times · 9m ago

Rio Tinto-backed lithium tech startup set to raise second round of funds

Lithium technology startup, ElectraLith, is set to raise AUD 29 million ($19 million) in a funding round to further develop its filtration technology for extracting lithium from brine deposits without using water or chemicals. The company's technology, called DLE-R process, filters brine through two membranes to extract lithium, resulting in lower production costs compared to traditional methods. ElectraLith plans to build its first pilot plant in Argentina and aims to compete with other companies developing direct lithium extraction (DLE) technologies that are reshaping the lithium market.

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Tiger Global-backed Wiz Freight raising more capital in extended Series B round

VCCircle

VCCircle · 1y ago

Tiger Global-backed Wiz Freight raising more capital in extended Series B round

Supply chain startup Wiz Freight, backed by Tiger Global, is set to raise more capital in the second close of its Series B funding round. The company has already secured Rs 125 crore ($15 million) in the initial close of the funding round and aims to raise additional funds in the extended round.

Greenko founders' firm teams up with Rio Tinto to explore low-carbon aluminium project

VCCircle

VCCircle · 4m ago

Greenko founders' firm teams up with Rio Tinto to explore low-carbon aluminium project

Rio Tinto and India-based AMG Metals & Materials have signed a memorandum of understanding to assess a low-carbon aluminium project in India. The initiative aims to develop up to 1 million tonnes of aluminium smelting and 2 million tonnes of alumina production annually, powered by renewable wind and solar energy supported by pumped hydro storage. AMG M&M, formed by Greenko founders, will focus on renewable solutions, with Rio Tinto exploring commercial alumina solutions to support global decarbonization efforts.

Spacetech startup Pixxel appoints William McCombe as CFO

Economic Times

Economic Times · 1y ago

Spacetech startup Pixxel appoints William McCombe as CFO

Satellite imaging startup Pixxel has hired William McCombe as its new chief financial officer (CFO). McCombe, who previously served as CFO of Velo3D, will be responsible for overseeing Pixxel's financial functions. With its plans to launch a constellation of hyperspectral imaging satellites, Pixxel aims to revolutionize environmental monitoring. The startup recently opened a manufacturing facility in Bengaluru and has secured partnerships with major companies like Rio Tinto, BP, Google, and the Indian Ministry of Agriculture. Pixxel plans to launch six satellites in 2024 and an additional eighteen by 2025.

Zepto Looking To Raise $650 Mn Funding At A Valuation Of $3.5 Bn

Inc42 · 1y ago

Zepto Looking To Raise $650 Mn Funding At A Valuation Of $3.5 Bn

Zepto, a fintech startup, is set to raise funds in its upcoming funding round. The round will be led by Nexus Venture Partners and StepStone Group, with participation from Glade Brook Capital, Avenir Growth, Lightspeed Venture Partners, DST Global, and Avra. This follows Zepto's previous funding round in November 2023, where it raised $31.25 million, bringing the total round size to $231.5 million.

Companies Stall Climate Action Despite Earlier Promises

Livemint

Livemint · 1y ago

Companies Stall Climate Action Despite Earlier Promises

Many large companies are failing to meet their emissions reduction targets due to various factors including higher costs, slow technological advancements, and political pressure. Trust in voluntary carbon markets is low, leading to companies backing off from using carbon credits to offset emissions. Companies such as Rio Tinto, Delta Air Lines, and Shell have struggled to meet their short-term emissions goals and have scaled back their green investment plans. Lack of progress and the complexity of decarbonization are challenges for companies aiming to achieve long-term climate targets.

NIIF set to bring offshore LP on board for new $1 bn fund to back PE/VC firms

VCCircle

VCCircle · 1y ago

NIIF set to bring offshore LP on board for new $1 bn fund to back PE/VC firms

The Indian government-backed investor NIIF plans to raise $1 billion for its second fund-of-funds called Private Markets Fund (PMF-II). This fund aims to support private equity and venture capital firms. NIIF is seeking an offshore limited partner (LP) for this initiative.

Beverage startup Rio Innobev raises Rs 10 Cr led by Atomic Capital

Entrackr

Entrackr · 4m ago

Beverage startup Rio Innobev raises Rs 10 Cr led by Atomic Capital

Beverage startup Rio Innobev raises Rs 10 Cr led by Atomic Capital Beverage company Rio Innobev has raised its first institutional fundraising of Rs 10 crore in a pre-Series A funding round led by Atomic Capital along with participation from other investors. The fresh funds will be used for distribution expansion, brand building, product innovation, and manufacturing upgrades, Rio Innobev said in a press release. Co-founded in 2014 by Rahul Sangoi, Rajiv Sangoi, and Rohan Sangoi, Rio Innobev’s products RIO Bubbly Fruit Drink (BFD) offers exotic fruit flavours with 15% juice content, fortified with honey and Vitamin C, and 25% less sugar, meanwhile, RIO BOOM Energy Drink caters to young, aspirational consumers with a bold taste and energy-boosting formula. The Pune-based startup states that it has presence in over 35,000 retail stores across more than 25 cities in Maharashtra and Gujarat, and aims to scale to 1,00,000 outlets over the next three years while deepening its omnichannel presence with Quick Commerce platforms and modern trade networks. Rio Innobev claims that it has stayed EBITDA positive since inception, growing from 7.5 lakh units in its first year to over 15 million cans and bottles sold annually. The brand aspires to focus on innovation, speed-to-market, and uncompromising quality. The company aims to expand its portfolio across indulgence, health, and functional beverage segments, catering to evolving consumer preferences. Rio Innobev has presence in outlets like Dmart, Reliance Retail, 7-Eleven, Wellness Forever, and Patel Retail, as well as on quick commerce platforms such as Zepto, Swiggy Instamart, and Blinkit. The company plans to triple its general trade footprint and significantly deepen its reach in India’s top metros and emerging mini-metros over the next three years. Rio Innobev also plans to expand its manufacturing capabilities to ensure faster go-to-market execution, superior product quality, and strong unit economics as it prepares to compete more aggressively in both national and regional markets.

Saudi's Jada Fund of Funds strikes maiden venture credit bet in American fund

VCCircle

VCCircle · 1y ago

Saudi's Jada Fund of Funds strikes maiden venture credit bet in American fund

Jada Fund of Funds, backed by Saudi Arabia's Public Investment Fund, has made its first venture debt investment in a US-based fund that provides specialized debt solutions for tech entrepreneurs. This marks Jada's second foray into the private credit space and its second limited partner-style bet of the year.

Apple’s Tim Cook joins CEO summit with China premier as economy sags

Economic Times

Economic Times · 9m ago

Apple’s Tim Cook joins CEO summit with China premier as economy sags

Apple CEO Tim Cook joined other corporate leaders in discussions with China's premier to address potential trade disruptions and economic uncertainty. The meeting, attended by executives from global firms including Rio Tinto, Corning, and Lenovo, focused on supply chain and trade issues. This is the first high-level meeting between foreign corporations and a senior Beijing official since the US election. Cook highlighted the importance of the Chinese supply chain, particularly for Apple, which manufactures most of its iPhones in China. The meeting comes as companies worldwide prepare for potential tariff hikes on Chinese goods by the new US administration.

Alibaba-backed eWTP Arabia Capital gets new LP for $1 bn fund

VCCircle

VCCircle · 1y ago

Alibaba-backed eWTP Arabia Capital gets new LP for $1 bn fund

eWTP Arabia Capital, a growth stage private equity fund backed by Alibaba, is expected to secure a $1 billion commitment from an Asian multilateral institution for its latest tech innovation fund. The Beijing and Riyadh-based fund aims to raise funds for investing in promising tech startups.

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