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Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market

Inc42Inc42 · 2y ago
Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market
Medial

Tesla is reportedly planning to enter India's rooftop solar panel manufacturing market. The company has approached the government with its plans and requested subsidies. Tesla will partner with a selected company to set up the manufacturing plant while bringing its technology and sales expertise. This move aligns with the Indian government's initiative to generate solar energy and provide free electricity to 10 million households. Additionally, Tesla is in advanced talks to establish a battery manufacturing plant and manufacturing Tesla cars in India. The negotiations for the first manufacturing unit are in the final stages. Starlink, Elon Musk's satellite broadband service, is also expected to launch in India soon.

pi Ventures leads Rs 30 Cr pre-Series A round in deep-tech company Velmenni

EntrackrEntrackr · 16d ago
pi Ventures leads Rs 30 Cr pre-Series A round in deep-tech company Velmenni
Medial

Snippets pi Ventures leads Rs 30 Cr pre-Series A round in deep-tech company Velmenni Launched in 2014 by Deepak Solanki, Velmenni is a deep-tech startup that empowers light-based wireless communication solutions using Li-Fi and Free Space Optics technologies. Velmenni, a deep-tech company in light-based wireless communication, has raised Rs 30 crore (approx. $3.3 million) in a pre-Series A funding round led by pi Ventures, along with participation from other investors such as MountTech Growth Fund-Kavachh and Apekso. The Delhi-based company had previously raised the same amount in a seed funding round and received Rs 7 crore in grants from the Department of Telecommunications (DCIS, TTDF) and the Ministry of Defence’s flagship iDEX programme. The proceeds will be utilized to accelerate the commercialization of its patented Free Space Optics (FSO) and Light Fidelity (Li-Fi) solutions and invest in building customized solutions for strategic defence and enterprise use cases while scaling in international markets, Velmenni said in a press release. Velmenni is a deep-tech startup that empowers light-based wireless communication solutions using Li-Fi and Free Space Optics technologies. The company enables secure, high-capacity connectivity for telecom, defence, and enterprise networks. It aims to unlock the next frontier of wireless communication using light. As surging data demand strains the limited radio frequency spectrum, Velmenni offers light/laser-based optical links, bypassing the need for expensive spectrum licensing or cable trenching while creating secure, interference-proof communication. “With an all-weather-tested, 100% Made in India design, we offer over 10Gbps seamless connectivity across ranges of 1-25 km. Whether for a tactical defence setup or a dense urban telecom network, we are providing a reliable, secure, and scalable alternative,” said Deepak Solanki, founder and CEO of Velmenni. Velmenni said it has deployed India’s first commercial carrier-grade FSO backhaul links to enable a private 5G network at a GMR thermal power plant in Odisha, maintaining 99.999% availability for over 18 months in tropical weather conditions. The company has also secured a multi-million-dollar deal from the Indian defence sector for its specialised FSO solution, which will be deployed across all Indian submarines to address connectivity challenges in harbour environments. The company claims to have executed multiple successful PoCs and over 50 live deployments in India, the SEA region, and with Tier-1 mobile network operators in the US. Its product has obtained CE certification and will soon receive FCC clearance.

Stanza Living turns profitable in FY25 on the back of Rs 277 Cr other income

EntrackrEntrackr · 26d ago
Stanza Living turns profitable in FY25 on the back of Rs 277 Cr other income
Medial

Stanza Living, a managed accommodation platform for students and working professionals, turned profitable in the fiscal year ending March 2025, even as it failed to register any growth during the same period. Stanza Living’s revenue from operations declined by 6.6% to Rs 545.5 crore in FY25 from Rs 584 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). Stanza Living is a managed accommodation platform that provides hassle-free housing solutions for students and young professionals relocating to new cities. Revenue from these services was the sole source of income for the company. Including non-operating income of Rs 278.5 crore, Stanza Living’s total income rose to Rs 824 crore in FY25. Notably, out of Rs 278.5 crore in the other income segment, the firm booked Rs 277 crore as miscellaneous income in FY25. The details of the aforementioned amount were not provided in the financial statements. Looking at the expenses, depreciation (related to lease) remained the largest cost centre for the company and declined by 18% to Rs 215 crore in FY25. Finance cost also dropped by 27% to Rs 128 crore, while employee benefit expenses fell sharply by 41% to Rs 85 crore during the year. Electricity expenses decreased to Rs 46 crore from Rs 56 crore in FY24, while rent expenses rose to Rs 18 crore from Rs 6.5 crore in the previous fiscal year. Overall, Stanza Living’s total expenses declined by 21.5% to Rs 683 crore in FY25 from Rs 870 crore in FY24. The improvement in cost structure and an undisclosed income of Rs 277 crore helped the company report a profit of Rs 130 crore in FY25 compared to a loss of Rs 273 crore in FY24. Its ROCE and EBITDA margin stood at -2.68% and 35.66%, respectively. On a unit basis, the company spent Rs 1.25 to earn a rupee during the fiscal year. The firm recorded cash and bank balances of Rs 5 crore, while its current assets stood at Rs 108 crore at the end of FY25. Stanza Living has raised around $231 million of funding till date, with Peak XV Partners and Accel as one of its lead investors. The company competes with the likes of Zolo, Colive, and PadSplit. The shift to profitability marked a notable phase for Stanza Living after several years of losses. While the company operates in a competitive managed accommodation market, sustaining profitability will depend on its ability to maintain stable occupancy and expand efficiently. Its performance in the coming years will indicate whether the turnaround seen in FY25 can translate into a more consistent financial trajectory.

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