Archives January 2024

Hyderabad/Mumbai, 31th January 2024: Capri Global Capital Ltd, a leading non-banking financial company, has strengthened its Board of Directors with the appointment of Mr. L V Prabhakar, former MD & CEO of Canara Bank, along with distinguished leaders Mr. Shishir Priyadarshi and Ms. Nupur Mukherjee as additional independent directors.

This strategic move, subject to shareholder approval, enhances the Board’s strength to 9 independent directors, contributing to a diverse and robust leadership team in a Board comprising 10 directors, including the MD & CEO.

Mr. Rajesh Sharma, the Managing Director of Capri Global Capital Ltd, expressed enthusiasm about the prestigious appointments, stating, “We are honoured to welcome Mr. L V Prabhakar, Mr. Shishir Priyadarshi, and Ms. Nupur Mukherjee as additional independent directors. Their vast experience across the financial services ecosystem will significantly benefit Capri Global as we embark on our next phase of growth. Their rich and diverse backgrounds in banking, finance, technology, and ESG bring a fresh perspective to our deliberations. This appointment aligns with our commitment to fortify the Board and enhance its independence.”

Brief Profile of New Board Members: 

Mr. L V Prabhakar, former MD & CEO of Canara Bank, brings a rich experience in banking and finance, having held pivotal roles in public sector banks, AMCs, and insurance companies. He has been appointed for a period of 5 years.

Mr. Shishir Priyadarshi, a veteran bureaucrat, and the First Indian civil servant to serve as Director of WTO, adds a wealth of experience to the Board with over four decades in various national and global institutions, bringing a unique perspective. He has been appointed for a period of 3 years.

Ms. Nupur Mukherjee, a technology leader with a focus on data-driven solutions, cloud, and AI technologies, brings valuable experience from top Indian technology companies, serving as the Global Managing Director at Standard Chartered Bank and Barclays. She has been appointed for a period of 3 years.

This dynamic trio of new Board members underscores Capri Global’s dedication to harness diverse expertise for sustained growth in the financial sector.

Bangalore, January 31, 2024: Sid Sheth, CEO of d-Matrix, delivered the keynote presentation for the 2024 IESA Vision Summit, sharing an update on the state of generative AI and the immense opportunity it presents for India’s economy. Sheth detailed d-Matrix’s first-of-its-kind digital in-memory compute (DIMC) solutions, which address current barriers to the commercial viability of generative AI, and highlighted the company’s fast growing operations in India’s tech corridor and around the world.

Key Points

• India’s Vision for the Future of AI – India is uniquely poised for economic transformation: research projects generative AI to add $1.2 trillion to India’s GDP by FY30, and the startup landscape continues to boom with 102 unicorns and $65 billion in foreign direct investment. The Ministry of Electronics and Information Technology (MeitY) has outlined a clear vision for the future of AI, prioritizing collaboration across sectors and initiatives such as project Bhashini which will help democratize access to digital advancements.
• Current Barriers to Generative AI Deployment – Today, applications such as ChatGPT are run on GPUs which are not optimized for inference, resulting in a costly upfront purchase, prohibitively high electricity usage and a large carbon footprint for companies running AI applications. In order to make generative AI widely accessible, it needs to be delivered sustainably at a more affordable cost. This requires a purpose-built solution that is performance and power optimized for AI inference.
• d-Matrix’s Digital In-Memory Solution – The d-Matrix DIMC solution tackles challenges related to memory bandwidth, memory capacity and computational needs during AI inference. The d-Matrix Jayhawk 2 solution delivers up to 150 TB/s throughput in memory bandwidth, a significant jump from the 3 to 4 TB/s that High Bandwidth Memory (HBM) is able to stream on modern GPUs. d-Matrix has created an architecture that significantly enhances key metrics for large transformer-based inference, improving performance by orders of magnitude:

○        Total cost of ownership (TCO) improvement of 13-27x compared to GPUs when running LLaMA2-13B models with 4K context

○        20x better power efficiency, 20x lower latency and 40x higher memory bandwidth

Immense Opportunity with the d-Matrix Team – Headquartered in Silicon Valley, d-Matrix has raised $160 million and expanded to establish design centers in Bengaluru, Sydney and Toronto with 100+ team members (30% PhDs). The company is moving to an expanded facility and is actively hiring across roles at d-matrix.ai/careers/.

Gravolite, one of the leading sports mat manufacturers in India, became the official supplier of kho Kho Mats for the Ultimate Kho Kho  Season 2 scheduled to be held from 24^th December 2023 to 14^th January 2024 in Cuttack Odisha. These state-of-the art mats have been approved by the Kho Kho Federation of India.

The 2^nd season of Ultimate Kho Kho started from December 24, 2023 with six teams, namely Chennai Quick Guns, Gujarat Giants, Mumbai Khiladis, Odisha Juggernauts, Rajasthan Warriors, Telugu Yoddhas.

Gravolite  Kho Kho Mats will be used throughout the tournament considering the infrastructural requirement recommended by the Federation as per international standards and keeping in mind the safety and well-being of the athletes.

Vaibhav Somani, Director of Gravolite, said, We are excited to be the official manufacturer and supplier of Ultimate Kho Kho season2  mats. Kho Kho has been a sport that has not received much recognition in the Indian sports industry in the past but, with such tournaments, players get the acknowledgment and motivation to perform better. We have been manufacturing world-class Kho Kho mats to safeguard the health and well-being of the players. Sometimes, playing such combat sports on ground soil can cause severe injuries or lifelong disabilities to the athletes. But, with Gravolite Kho Kho mats, the athletes get the desired cushion base and floor padding which helps them to maneuver moves without having to sustain injury

Mr., Somani further added we are honoured  to contribute to the success of Ultimate Kho Kho season 2 and to the advancement of Kho Kho  as a sport. He further added that Kho Kho League, is a long tournament, and providing high-quality international mats is our priority.

January 31, 2024: VAHDAM® India, one of the country’s largest home-grown Indian teas and wellness brand, bringing India’s finest teas and spices across the world, has been officially certified as a Great Place to Work® (January 2024 to January 2025) for the second consecutive year.

This certification reinforces VAHDAM® India‘s ongoing commitment to creating outstanding employee experience and a progressive workplace culture. The organization’s ‘people-first strategy’ consistently focuses on enriching the work environment & empowering employees with the right tools, knowledge & skills needed for sustained growth & development.

Speaking on the recognition, Bala Sarda, Founder & CEO, VAHDAM® India said, “Securing the certificate for the second consecutive time is a prestigious achievement that demands steadfast commitment. Our foundational principles revolve around creating a workplace that is respectful, supportive, and conducive to high performance for every employee. This accomplishment not only reflects the positive experiences of our workforce but also underscores the myriad opportunities they uncover within the organization.”

Commenting on the achievement, Kalpesh Tiwari, Chief Human Resources Officer (CHRO), VAHDAM® India said, “We take immense pride in being bestowed with this certification, which stands as a testament to our inclusive and comprehensive people practices. As an organization, our relentless pursuit is to consistently evolve into the employer of choice. The cornerstone of our organizational ethos lies in our ‘people-first’ policies, and we are resolute in our commitment to perpetuating a dynamic and progressive workplace.”

The certification is the result of a study conducted by Great Place to Work® which is a global authority on building, sustaining, and recognizing High-Trust, High-Performance Culture at workplaces.

VAHDAM® India has been praised by its employees for its strong work culture, supportive leadership, and innovative approach to business. The company has created a positive and dynamic environment that fosters creativity, collaboration, and continuous learning.

31st, January 2024, India: CarWale abSure – part of CarTrade Tech Ltd., a multi-channel auto platform to provide hassle-free buying and selling experience to customers, proudly announces the successful sale of over 1000 cars in the month of December 2023. This outstanding achievement is a testament to the platform’s commitment to providing customers with a seamless and transparent used vehicle buying and selling experience. Additionally, the achievement represents a remarkable year-over-year increase of 160 % compared to the same period in the previous year, showcasing CarWale abSure’s substantial growth in sales.

The December 2023 sales data reveals a significant surge, with over 40% of the transactions exceeding the 10-lakh price bracket. Notably, the premium segment witnessed a strong presence of Mercedes, securing an overall 5% of transactions and claiming an impressive 40% market share in the premium segment. Other popular models contributing to this success include Honda City (4.4%), Hyundai Elite i20 (3.7%), Innova Crysta (3.5%), Hyundai Creta (3.2%), and Hyundai Grand i10 (3.2%).

In response to this achievement, Abhishek Patodia, President, CarWale abSure, shared, “We are extremely proud that we have achieved the milestone of over 1000 cars sold through CarWale abSure and Signature dealers in the month of December 2023. As pioneers in the used car ecosystem, CarTrade is at the forefront of innovation, and the sale of 1000 cars on December 23 showcases that consumers want the AbSure offering. Through our platform, we empower a seamless, industry-specific experience, enabling effortless transactions in buying and selling pre-owned vehicles.”

CarWale abSure’s strategic initiatives played a pivotal role in achieving this milestone. High-impact marketing on CarWale used car pages, customised offers and online presence captured the attention of buyers.

As the automotive industry continues to evolve, CarWale abSure remains committed to providing an unparalleled platform for car enthusiasts and buyers, setting new benchmarks in the industry with each passing month.

Mumbai, 31st January 2024: – Amazon miniTV – Amazon’s free video streaming service recently released its rom-com series, Badi Heroine Banti Hai. With a captivating narrative, the series follows the story of Kajal, who moves from Ludhiana to Bombay to pursue her dreams. As she gets fired on the first day of her job, her life takes a turn with her being tangled in a game of love and blame with her boss, Advait Singhania. Set against the backdrop of the shimmery world of fashion, the series takes a thrilling route with an unexpected murder mystery as Kajal ends up in a tangle with the murderer. Amalgamating romance, drama, thrill, and comedy, the series creates a gripping storyline that binds together complex and raw characters. Rajeev Siddhartha, who is seen portraying the role of the heart-throb CEO, Advait Singhania, candidly spoke about the series and shared his thoughts on its narrative.

Talking about Badi Heroine Banti Hai and its intriguing narrative, Rajeev Siddhartha explained the context behind the title of the series, “I just loved it, and as I always say, a series or film at the very least must be entertaining; otherwise, it shouldn’t be made. And while this seemed like a lot of fun, I also think that there should always be a message for the viewers to think about. The series Badi Heroine Banti Hai traces the journey of a young girl overcoming challenges to achieve her goals and, with love, positively impacting the hearts and lives of those around her.”

He further expressed his delight in being part of the show by adding, “The story is so beautiful, and my character also has such a nice arc throughout the series that I had to say yes to it. In my conversation with Gul, the creator, I discovered her sensibility, which resonated perfectly, and everything just fell into place.” I am grateful and fortunate to be a part of this series.”

Created by Gul Khan, Badi Heroine Banti Hai features Prerna Lisa, Rajeev Siddhartha, Nehal Chudasama, and Utkarsh Kohli in pivotal roles. The series is streaming exclusively on Amazon miniTV for free, available on Amazon’s shopping app, on Fire TV, and on the Play Store.

31st January 2024: In a significant move, the Space Industry Association – India (SIA-India) proudly presents its Pre-Budget Memorandum for the first year 2024-25, outlining bold reforms aimed at revolutionizing India’s space sector.

SIA-India proposes a substantial increase in India’s space budget, currently around $1.4 billion, to align with global leaders such as the United States ($62 billion). This strategic move aims to support India’s expanding space program, foster private sector involvement, drive technological advancements, and position the nation as a key player in the dynamic global space ecosystem. The proposal also emphasizes the allocation of sufficient resources for an effective cybersecurity system to safeguard valuable space assets.

Additionally, SIA-India advocates for the explicit inclusion of critical space infrastructure in the definition of “Critical Information Infrastructure” and calls for a detailed quantitative analysis of the space economy. The adoption of a satellite account aligned with global standards is recommended to ensure accurate measurement, prevent double counting, and boost funding.

“This comprehensive pre-budget submission focuses on pivotal measures aimed at propelling the Commercial Space Sector, with a special emphasis on nurturing and supporting deeptech space startups. Emphasizing the imperative of increased funding, we propose a substantial boost in India’s space budget, aligning it with global standards. Financial incentives, interest rate subsidies, and collaborative frameworks between academic institutions and startups are advocated to nurture innovation.” – Dr. Subba Rao Pavuluri, President of SIA-India

The memorandum also emphasizes the implementation of extensive funding programs for deeptech space startups, modeled after IDEx, along with interest rate subsidies for startup loans to enhance affordability. SIA-India recommends the creation of targeted tax incentives and investment-friendly policies to stimulate private sector participation in high-risk ventures related to deep tech R&D. An extension of the tax holiday period for deep tech startups to at least seven years is proposed.

SIA-India underscores the persisting challenge in startup funding despite the liberalization of CSR guidelines, with only 0.2% of total CSR spending allocated to research and technology. Emphasizing the need for clear guidelines aligned with CSR objectives, SIA-India highlights the importance of evaluating policy measures to ensure effective support for deep tech startups and foster innovation. Without robust evaluation and proactive steps to address these issues, policy measures may fall short in achieving their intended outcomes.

Further, SIA-India recommends liberalizing FDI norms by proposing an automatic route or streamlined process. This initiative aims to attract foreign investments, targeting a goal of $13 billion by 2025 and a 10% share of the global space economy by 2030. Enabling a favorable FDI policy is anticipated to stimulate growth in the space sector and positively impact various other industries.

“SIA-India remains dedicated to collaborating with the government to develop a vibrant and competitive satellite launch and manufacturing sector hub. These reforms pave the way for India to solidify its position as a key player in the global space arena, fostering technological advancements and economic growth.” Anil Prakash, Director-General of SIA-India

The Association advocates for several other key taxation reforms, including deferring Minimum Alternate Tax (MAT). Customs duty exemptions, GST relaxations, and capital gains tax waivers aim to enhance the financial flexibility of deep tech startups. Regulatory suggestions encompass a Comprehensive Space Activities Bill, quantifying the space economy, and encouraging CSR funding for startups. Infrastructure-wise, our proposal advocates for local certification facilities, streamlined visa programs, and specialized R&D hubs for deep tech startups.

SIA-India extends gratitude to Prime Minister Shri Narendra Modi for visionary leadership and Finance Minister Smt Nirmala Sitharaman for landmark space reforms.

Mumbai, 31st January 2024 “Uttishtha 2024,” the 7th edition of the biggest agri start-up expo, has concluded with great fanfare after two days of talent, innovation, and creativity organised by the Foundation for Innovation and Entrepreneurship Development [FIED] and E-Cell at IIM Kashipur. The event showcased a number of forward-thinking startups run by bright young people from all around the nation.

IIM Kashipur’s FIED-funded startups were Krushika Naturals Pvt. Ltd. 25 Lakhs, Himshilpi Hunar LLP 5 Lakhs, Zarin Gourmet Pvt Ltd 25 Lakhs, MyPahadiDukan 25 Lakhs, BABA Agrotech 20 Lakhs, SS Agriculture Innovations Pvt Ltd 5 Lakhs, and Svastha Samriddhi Pvt Ltd 25 Lakhs. This funding aims to catalyse the growth of these ventures and contribute to the entrepreneurial ecosystem.

A total of INR 14.6 Crores has been disbursed to startups under startup support schemes out of which INR 1.30 Crores have been sanctioned to 13 Agri-focused startups in FY 23-24 by RKVY RAFTAAR RABI scheme by Ministry of Agriculture & Farmers Welfare & INR 2.89 Crores have been sanctioned to 13 startups under Startup India Seed Fund Scheme.

With the aid of IIM Kashipur’s FIED, a number of brilliant startups, such as Bijak, Loopworm, Greenpod Labs, InfyU Labs, Agronxt, Industill, and Ikayu Foodlabs, have raised INR 320 Crores and more in funding from outside venture capital firms and angel investors. Under the Ministry of Agriculture & Farmers Welfare’s RKVY RAFTAAR RABI scheme, IIM Kashipur FIED has provided funding and business training to 200+ startups since its founding in 2018, including 68 with an agri-focused focus.

100 promising agri-startups and community-focused businesses from the Uttarakhand hills participated in the agriculture fair, showcasing their goods and services that support the agricultural industry and its supporting ecosystems.

Impactful initiatives were presented by IIM Kashipur, such as the Scaleup Pitchathon, a national live startup pitching competition in which the top three creative ventures were chosen from a pool of more than 100 government-recognized startups and competed for a prize of Rs. 1.5 lakh to become the best startup.

Prof. Kulbhushan Balooni, Director, IIM Kashipur said, IIM Kashipur is committed to supporting the startup ecosystem on multiple fronts by involving more and more academic members to train incubatees and providing them with every aid and support imaginable. The Government of India’s continued support is essential for sustaining incubators’ activities across higher education institutions. Because of IIM Kashipur’s commitment to regional development, we are attempting to assist Uttarakhand-based agri-tech enterprises, thus making IIM Kashipur distinctive among the league of leading B-schools. FIED has incubated 189 startups since its inception in 2018, which in turn has created more than 3000 jobs. IIM Kashipur has already had an impact on more than 7 lakh farmers.

Prof. Safal Batra, managing director of FIED and chairperson of E-Cell at IIM Kashipur said, Throughout India, we are recognized as leaders in entrepreneurship. NITI Ayog, Govt of India has granted Atal Community Innovation Centre to IIM Kashipur. We are working with farmer producer organizations in Uttarakhand at the grassroots level, similar to us, where we plan to train 15 FPO. In the future, this center will become as prominent as the achievements it has garnered.

Udaan 7.0, the National Business Plan Competition, is another noteworthy initiative that provides a forum for prospective students to showcase their creative ideas to professors and industry professionals. The top 7 teams, out of over 300, took home a total of Rs. 50,000 in cash prizes.

IIM Kashipur’s FIED funded startups were Krushika Naturals Pvt. Ltd. 25 Lakhs, Himshilpi Hunar LLP 5 Lakhs, Zarin Gourmet Pvt Ltd 25 Lakhs, MyPahadiDukan 25 Lakhs, BABA Agrotech 20 Lakhs, SS Agriculture Innovations Pvt Ltd 5 Lakhs, and Svastha Samriddhi Pvt Ltd 25 Lakhs. This funding aims to catalyse the growth of these ventures and contribute to the entrepreneurial ecosystem.

In Uttishtha ‘24, IIM Kashipur FIED felicitated 13 Agri-focused startups, providing them with a sanction of INR 1.30 crores, supported by the Ministry of Agriculture & Family Welfare.

Bengaluru,31st January 2024 – The Habitats Trust, in collaboration with the National Centre for Biological Sciences (NCBS), proudly introduces their new batch of “The Habitats Trust Fellows 2022-24.” This innovative program, curated by The Habitats Trust in collaboration with NCBS, marks THT’s efforts to promote and support youth in conservation. The initiative aligns seamlessly with The Habitats Trust’s vision to conserve India’s lesser-known species and habitats.

The Master’s Program in Wildlife Biology and Conservation at NCBS serves as a breeding ground for emerging conservationists, providing a unique platform for students to delve into the complexities of wildlife conservation. The Habitats Trust Fellows program supports three students in their master’s program, facilitating their training and dissertation research in field sites nationwide.

New Scholars for The Habitats Trust Fellowship 2022-24:

This year’s selected scholars for the fellowship program bring diverse expertise and passion to their respective research areas:

Aksha Chowdhary: With a focus on the riverine grasslands of Assam, Aksha will systematically examine the expansion of woody vegetation. Her work promises to shed light on crucial ecological changes in these habitats and their implications for biodiversity conservation.

Maria Anjum: An aspiring conservationist, Maria will explore human-animal interactions among Gee’s Golden Langur in the isolated population in the Kakoijana Reserve Forest in the Bongaigaon district of Assam. Her research delves into behavioral differences across Langur groups in various habitats to inform effective conservation strategies.

Yamini Srikanth: A dedicated researcher, Yamini will dive into understanding the drivers of bio invasions in the oceans and their effects on coral reefs. With a specific focus on seaweed cover and its potential impact on coral, Yamini aims to contribute to understanding marine ecosystems and strategies for their preservation.

Rushikesh Chavan, Head of The Habitats Trust, expressed excitement about the potential of the new cohort, saying, “The Habitats Trust Fellowships embody our commitment to fostering talent in the field of conservation. We are very happy to collaborate with NCBS in nurturing the passion and dedication of these emerging conservationists. We eagerly anticipate the impact of their research on the conservation landscape.”

Professor Uma Ramakrishnan, a core faculty in the Wildlife Program and Head of Outreach at NCBS, said, “We are thrilled to welcome and mentor the promising new THT Fellows. At NCBS, our commitment to contributing to the survival of wild species is unwavering. The selected students’ research reflects diverse topics in conservation today, and The THT Fellowships will enable these projects to contribute to evidence-based interventions to safeguard nature.”

Update on the previous cohorts

Siddhi Jaishankar, now a research assistant with the Nature Conservation Foundation, Mysore, expands her focus to seagrass habitats and their use by dugongs

Sidharth Srinivasan, working with the high-altitude program of the Nature Conservation Foundation, monitors raptor populations in the Trans-Himalayas and analyzes long-term bird survey data from Spiti. Reflecting on the impact of the fellowship, he said, “The fellowship enabled me to complete my dissertation efficiently in a remote location such as Eaglenest. I could focus on fieldwork without worrying about essential equipment and supplies for a prolonged stay.”

Yashendu Joshi, a doctoral fellow at the Centre for Wildlife Studies, continues to explore crocodile-human interactions in Gujarat and broader human-wildlife dynamics. He also recently received the prestigious Inlaks-RSF Conservation internship to study Mayan culture and human-crocodile relations with Dr. Marisa Tellez of the Crocodile Research Coalition in Belize.

Hyderabad -31st January 2024 Marut Drones, India’s leading drone manufacturer provided drones to National Mineral Development Corporation (NMDC) to pioneer ‘Drone-Based Mineral Exploration’ in India. NMDC procured two customized Octacopter drones from Marut Drones. This collaboration marks a significant leap forward in the field of mineral exploration, introducing advanced technology to enhance precision in mineral exploration and mapping for sustainable mining practices.

Marut has achieved a historic milestone by producing India’s inaugural set of custom drones. These drones not only mark a first for the country but also introduce advanced sensors that are being utilized for the initial time in India, specifically designed for mineral exploration. Marut Drones’ Mineral Exploration Drone is packed with cutting-edge features including advanced sensors such as Magnetometer, Hyperspectral, and Lidar, enhancing its capabilities for accurate exploration and mapping. Its innovative coaxial design not only ensures stability but also facilitates precise maneuverability, a crucial aspect of effective mineral exploration.

Mr. Prem Kumar Vislawath, CEO of Marut Drones expressed enthusiasm about the association with NMDC, stating, “We are the leading drone manufacturer in the country, building drones for agriculture, reforestation, and drone delivery. This is the first time in India, where we have built a drone for mineral exploration. It’s an Octaquad Coaxial X8 drone, we have specially designed for NMDC. Every aspect of this drone including the motors and the propeller systems have been made in India. It is through our Research & Development done in the state-of-the-art infrastructure; we have been building customised drones for different sectors in the country. We believe this is one of the biggest breakthroughs in the mining and exploration space. The introduction of drone-based mineral exploration aims to revolutionize exploration approaches, particularly in prospecting for critical minerals like lithium, copper, gold, diamond, rare earth elements, and other essential minerals.”

Drone-based hyperspectral magnetic exploration is initiated for the first time by NMDC and Drones are manufactured & calibrated by Marut Drones. The spacing and altitude for the flight are determined through mission planning followed by the hyperspectral survey, ensuring a 30% overlap of the captured land during the drone flight. The acquired data is later processed using Hyperspec III and ENVI software by NMDC. Similarly, in drone-based magnetic surveying, the drones are calibrated, and the spacing and altitude are decided before planning the mission. Geometrics Magarrow Magnetometer is used for magnetic data acquisition, and Geometrics and Geosoft Oasis Montage software are employed for data processing by NMDC.

Thus, NMDC embraced a new era in mineral exploration, by using the groundbreaking drone delivery by Marut marks a significant shift from traditional methods. Historically burdened by cumbersome equipment and challenging terrains, the survey landscape is changing. The drones aim to make the magnetic survey not only five times faster but also ten times more cost-effective. This emerging technology allows drones to fly closer to the surface, enhancing data collection with higher resolution, and making surveys more efficient and affordable from the outset.

The drone-based mineral exploration by NMDC is expected to bring about a significant shift in the current methods of mineral prospecting, revitalizing mineral discoveries in the country, especially in greenfield deposits. The integration of advanced drones and Made in India components by Marut showcases the potential of indigenous technology to lead the way in sustainable mining practices.