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Reshaping the Energy Infrastructure: Challenges and Opportunities

StartupTalkyStartupTalky · 1y ago
Reshaping the Energy Infrastructure: Challenges and Opportunities
Medial

Global warming is a major threat to our planet due to greenhouse gas emissions and limited access to clean energy. To mitigate the consequences of climate change, there is a need for innovative solutions and a transition towards cleaner fuels. Doorstep fuel delivery, enabled by technology, reduces carbon emissions and enhances convenience. The promotion of cleaner fuels, along with policy reforms and strategic partnerships, is crucial. Despite challenges, opportunities for innovation and collaboration exist, and public awareness and education are essential. Supporting renewable energy research and development and ensuring equitable access to clean energy are also important. By taking collective action, we can accelerate the transition to a sustainable energy future.

OYO elevates Sonal Sinha as CEO of G6 Hospitality

EntrackrEntrackr · 6m ago
OYO elevates Sonal Sinha as CEO of G6 Hospitality
Medial

OYO elevates Sonal Sinha as CEO of G6 Hospitality Global travel-tech company OYO has elevated Sonal Sinha to Chief Executive Officer of G6 Hospitality, the American motel company it recently acquired from Blackstone Real Estate. The acquisition, completed in December last year, added 1,500 franchised hotels across the US and Canada to OYO's portfolio, significantly expanding its North American presence. The combined entity is projected to generate a Gross Booking Value of approximately $3 billion, with G6 Hospitality—which operates the popular Motel 6 and Studio 6 brands—contributing $1.7 billion. The integration of G6’s portfolio with OYO's existing operations is expected to create significant synergies and accelerate growth across international markets. Sinha joined OYO in 2015 and has since made a substantial impact across various finance functions. As Chief Financial Officer – International Business, he led initiatives to enhance business margins and established critical financial control frameworks, including tax, accounting, and reconciliation. He will continue to report to Gautam Swaroop, CEO – International, OYO. These leadership changes reflect OYO’s continued focus on strengthening its international presence while building a more responsive organization. “Sonal has been instrumental in driving OYO’s international business to new heights,” said OYO Founder & Group CEO Ritesh Agarwal. “His deep understanding of our operations and proven track record of enhancing business performance make him the ideal leader to spearhead G6 Hospitality while maintaining the strong momentum of our global business.” Sinha’s appointment comes as OYO sharpens its focus on creating memorable guest experiences while empowering hotel owners with the tools they need to thrive in today’s competitive market. The integration aims to blend OYO’s tech-forward approach with G6’s established market presence, creating a hospitality offering that resonates with both hotel partners and guests.

Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext

EntrackrEntrackr · 3m ago
Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext
Medial

Fleetx raises Rs 113 Cr in Series C led by IndiaMART and Beenext. Gurugram-based logistics SaaS startup Fleetx has raised Rs 113 crore ($13.2 million) in its Series C round led by existing investors IndiaMART Intermesh and BEENEXT’s Accelerate Fund. The round includes both primary and secondary transactions. Fleetx had raised $19.4 million in its Series B round led by IndiaMart with participation from IndiaQuotient and BEENEXT in February 2022. The fresh proceeds will be used to expand product capabilities and scale its go-to-market engine across mid-market and enterprise segments in India, Fleetx said in a press release. Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx operates at the intersection of AI and IoT, offering fleet management, fuel analytics, video telematics, transport ERP, and TMS solutions. The company plans to strengthen its product stack and profitability metrics to meet IPO-readiness targets within the next two years. It also aims to double its annual recurring revenue (ARR) while achieving profitability in the near term. “As we sit on the huge logistics data points, we’re in a unique position to leverage AI to tackle some of the most complex challenges in the sector. We will continue to invest aggressively in our product capabilities while building a durable, efficient business delivering measurable value to our customers,” said Vineet Sharma, CEO of Fleetx. Fleetx claims to have grown 4x since its last funding round in 2022. It claims to have crossed Rs 100 crore in ARR and currently serves over 2,000 clients, including more than 100 large enterprise accounts. Its customers span industries such as cement, FMCG, mining, transportation, and manufacturing. Notable clients include Ultratech Cement, Adani Group, Unilever, Godrej, Shree Cement, Maersk, and Panasonic. For the fiscal year ending March 2024, Fleetx recorded operating revenue of Rs 56.58 crore from Rs 41.63 crore in FY23. The company also reduced its losses by over 55% to Rs 24.21 crore in FY24.

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar

EntrackrEntrackr · 1m ago
Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar
Medial

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar Goldi Solar, a solar photovoltaic (PV) module manufacturer, has raised Rs 137.5 crore from Zerodha co-founder Nikhil Kamath. The proceeds will be used for its expansion into solar cell production, Goldi Solar said in a press release. Established in 2011 by Ishverbhai Dholakia, Goldi Solar manufactures solar PV modules, with a significant presence in India and global exports to over 20 countries. The company has a large module manufacturing capacity, currently at 14.7 GW, and is expanding its cell manufacturing capabilities as well. Besides module manufacturing, the Surat-based company also offers Engineering, Procurement, and Construction (EPC) services for solar projects. It is involved in Corporate Social Responsibility (CSR) initiatives, including supporting educational institutions and providing mid-day meals for students. Goldi Solar claims to have increased its module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months. The company is also focused on backward integration with plans to establish a large-scale cell manufacturing facility by 2026. It aims to achieve a 1 GW Solar Park (IPP) by FY 2025-26. According to the company, it will focus on introducing high-efficiency modules and advanced cell technologies, targeting both domestic and export markets. For the fiscal year ending in March 2024, Goldi Solar reported Rs 1756.36 crore in revenue with a profit of Rs 59.38 Cr. The company has yet to file its annual report for FY25. “Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” said Nikhil Kamath, co-founder of Zerodha.

CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 7m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres

Economic TimesEconomic Times · 2y ago
Edtech startup PhysicsWallah to launch 26 Vidyapeeth offline centres
Medial

Edtech unicorn PhysicsWallah on Friday said it is launching 26 offline centres across India, in as many cities. The centres are called PW Vidyapeeth. Currently, the Noida-based startup has 67 centres operational in 38 cities. The offline centres will offer a curriculum for engineering and medical entrance examinations. “By expanding our tech enabled offline Vidyapeeth Centres across cities, our goal is to ensure access to quality education for students in their own towns, eliminating the need for them to relocate to education hubs in distant cities,” said Ankit Gupta, CEO of the startup’s offline centres vertical. The company had reportedly rolled out 50 offline centres in May this year, with an investment of around Rs 82 crore in technologies. In July, it launched the PW Institute of Innovation (PW IOI), a four-year residential programme in computer science and AI.Founded by Alakh Pandey and Prateek Maheshwari, PhysicsWallah gained unicorn status last year, when it raised $100 million in its maiden funding round from WestBridge Capital and GSV Ventures, at a valuation of more than $1.1 billion. For the financial year through March 2022, it reported standalone operating revenue of Rs 232.48 crore, a nine-fold increase from the previous year. Net profit for FY22 increased to Rs 97.8 crore from Rs 6.93 crore. Also read | Upskilling companies see brisk business as K-12, test prep stall The broader offline play Post-pandemic, edtech startups have been reeling under the pressure as demand for online and digital education in the K-12 and examination preparation has gone down. This has prompted players such as Byju’s, Unacademy and Vedantu to invest in offline centres.While Unacademy announced multiple rounds of layoffs, it also expanded its offline centres from 10 to around 58, in the first half of 2023. Vedantu also counts its hybrid centres as one of its key growth levers. The Tiger Global-backed startup had bought a majority stake in offline test prep business Deeksha for $40 million. ET had reported in December about how major edtechs across the board are expected to move away from the K-12 business model and focus on priorities such as a bigger offline play in 2023. In Byju’s case, its 302 offline tuition centres across 143 towns also double up as office spaces. Each has an office room for sales staff. This has helped ease the Bengaluru-based startup’s real estate spaces consolidation plans that have gone hand-in-hand with its layoffs. Experience Your Economic Times Newspaper, The Digital Way!Front PagePure PoliticsCompanies & EconomyCompaniesLearn more about our print editionMoreRIL may Sell 8-10% More in Rel Retail VenturesReliance Industries is likely to sell another 8-10% stake in Reliance Retail Ventures Ltd (RRVL) to fund expansion, retire debt and prepare for the initial public offering of the conglomerate’s retail business, two senior industry executives aware of the plans said.Brics Set to Add 6 New Members from N Africa, Gulf and LatAmBrics is set to add heft to the grouping of emerging economies as it announced on Thursday the inclusion of six new members, including India’s key partners in the Gulf and North Africa, a development that Prime Minister Narendra Modi described as a message that “all global institutions need to transform considering the changing times”.Strong Signals from Investors, Vi may Get Much-needed Cash SoonVodafone Idea (Vi) is closer to tying up its much-delayed equity funding with chief executive Akshaya Moondra informing the Department of Telecommunications (DoT) that the telco has term sheets from several potential investors. Read More News onphysicswallahoffline centresedtechunicornvidyapeeth centres Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. InvestingGQG Partners rescues Adani stocks from Deloitte fiasco. But primary fundraise is a bigger issue.Under the lensHow Ireo’s Lalit Goyal allegedly siphoned off INR1,800 crore to his offshore entitiesEconomyThe phoenix-like rise of private capex, and why we should thank ‘creative destruction’ for this

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