CHENNAI BASED STARTUP
Saraniya Periaswamy: From dreaming about oceans in Port Blair to building rockets for Agnikul
Saraniya Periaswamy, a young engineer at Agnikul Cosmos, navigated a challenging learning curve from dreaming of ocean studies in Port Blair to leading the development of the 3-D printed launch vehicle, Agnibaan SOrTeD. Overcoming setbacks, she successfully launched the technology demonstrator and is now working on an orbital rocket. Saraniya highlights the importance of diverse engineering backgrounds in the space industry, encouraging young enthusiasts to pursue their goals with determination.
SaaS startup Rocketlane raises $24 million in funding
B2B SaaS startup Rocketlane has raised $24 million in funding led by 8VC, Matrix Partners India and Nexus Venture Partners. The company will use the funds to launch new products, innovate its customer portal, and accelerate its AI plans, it said in a statement. Rocketlane has so far raised $45 million in funding.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Freshers hiring witnesses 5 pc growth over last 6 months: Report
The highest share of job postings for freshers was witnessed by the IT and staffing industry with over 32 per cent and 12 per cent share of jobs, respectively, dedicated to entry-level professionals, foundit (formerly Monster APAC & ME) report on fresher hiring trends.
WeWork India enters TN market with Olympia Cyberspace in Chennai
WeWork India, a provider of flexible workspace solutions, has entered the Chennai office space market by inaugurating the 'Olympia Cyberspace' facility in the city. Covering a vast area of 1.30 lakh sq ft in Guindy, the establishment offers more than 2,000 desks. This expansion marks WeWork's enhanced presence in Chennai, following its presence in New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.
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Ixigo IPO fully subscribed; more layoffs at Paytm
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today's ETtech Top 5.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
Women find their feet in India’s space sector
Saraniya Periaswamy and Umamaheswari K played instrumental roles in the successful debut of the world’s first rocket equipped with a 3D-printed engine by Agnikul Cosmos from Sriharikota. They oversaw the project from inception to launch, highlighting women's growing contributions to India's space sector. Agnikul aborted the mission four times in the past few months before witnessing success on May 30.
Agnikul eyes launching satellites by 2025: CEO Srinath Ravichandran
Agnikul's first test flight of Agnibaan SOrTeD (suborbital technology demonstrator) on May 30, which lasted for 66 seconds, came after four unsuccessful attempts.
Agnikul eyes to launch satellites by 2025: CEO Ravichandran
"Nine to 12 months I would say. Probably by the end of this financial year or the early part of the next financial year is what we are targeting," Ravichandran said when asked about the commercial orbital launch of the Agnibaan rocket.
After four failed attempts, space startup Agnikul Cosmos carries out successful sub-orbital launch of Agnibaan rocket
Chennai-based space start-up Agnikul Cosmos achieved a significant milestone on Thursday by conducting a successful sub-orbital test-flight of its domestically manufactured 3D-printed semi-cryogenic rocket, named Agnibaan, from its launch pad at Sriharikota. This accomplishment marks Agnikul Cosmos as the second private entity in India to achieve such a feat, following in the footsteps of Skyroot Aerospace, which launched the Vikram S in November 2022.
Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
Space startup Agnikul Cosmos calls off maiden rocket launch for a fourth time
India's Agnikul Cosmos delayed the Agnibaan rocket launch to test igniter performance. The rocket can carry 300 kg to orbits 700 km high. Skyroot launched India's first privately developed rocket in 2022 from ISRO's site.
ThinKuvate launches Rs 100 crore maiden India fund
Technology-focused ThinKuvate India Fund will take a sector-agnostic approach and invest up to Rs 3 crore as initial amount.
Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding
Bootstrapped till now, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore, as per sources in the know. Along with Rare Rabbit, the brand's parent company Radhamani Textiles also owns women's premium fashion brand Rareism and everyday wear brand Articale.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
IPL Portfolio: Smallcase manager Nitya Shah expects 2 themes to perform like Mayank Yadav
IPL Portfolio: Nitya Shah recommends water treatment and semiconductors for earnings growth triggers. He suggests a high equity allocation for long-term investment, considering emerging trends and reasonable valuations. Also, discusses the importance of investing based on individual risk profiles and financial goals.
Indian startup The ePlane to develop electric air taxi prototype by March 2025
The ePlane Company, from IIT Madras, aims to develop a flying electric taxi prototype by March, along with drones commercialization and eVTOL aircraft to alleviate urban congestion. InterGlobe Enterprises and Archer Aviation plan an all-electric air taxi service in India.
De-risking startup investing; Apple eyes more India manufacturing tie-ups
Happy Tuesday! The Centre is charting a plan to cut investment risks for pension funds and insurance companies. This and more in today’s ETtech Morning Dispatch.
Agnikul puts off for third time launch of Agnibaan sub-orbital rocket
Chennai-based space start-up Agnikul Cosmos on Sunday called off the maiden launch of its 3D-printed, semi-cryogenic Agnibaan rocket about 92 seconds before lift-off citing some technical issues. Sunday's was the third attempt at the test launch of the Agnibaan Sub-Orbital Technology Demonstrator (SOrTeD) since March 22, when the test flight was first scheduled to be held at the Agnikul Launch Pad at ISRO's Satish Dhawan Space Centre at Sriharikota.
Regulatory scrutiny may queer the pitch for insurtech; and other top startup & tech stories this week
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
No stress in demand in Bangalore, Chennai or Hyderabad: Pradyumna Krishnakumar, Brigade Group
Pradyumna Krishnakumar, Executive Director of Brigade Group, discusses the company's dynamic pricing strategy, strong demand in Bangalore and other cities, and the management of cost pressures. The company has signed MOUs for four projects with the Tamil Nadu government, contributing to its residential launch calendar. Krishnakumar says "the more we launch at this juncture, the more it is getting absorbed. This is one of those few periods where sales momentum is going hand in hand with price increases."
Microsoft partners with Chennai-based Sarvam AI for genAI tools
Sarvam AI is building genAI models targeting Indic languages and context, it said in a statement, but did not immediately provide financial details of the partnership.
Numaligarh Refinery Ltd hosts Clean Energy Hackathon 2024
The NRL iDEATION Clean Energy Hackathon 2024, organized by Numaligarh Refinery Limited (NRL), successfully concluded with over 180 innovators participating. The event aimed to promote breakthroughs in green energy, reflecting NRL's commitment to achieving Net Zero goals by 2038. The hackathon showcased innovative ideas in areas such as green hydrogen generation and biofuels, highlighting NRL's support for grassroots innovation.
Lenskart acquires AI-powered video analytics startup Tango Eye
The startup, which already works with the eyewear retailer, uses AI to analyse CCTV footage from its stores and uses it to optimise customer flow and to ensure proper adherence to all processes.
Coliving startup Settl to enter Chennai market; to add 1,000 beds by March
Established in 2020, Settl enters into long-term lease agreements with builders and asset owners. It designs and develops the properties before sub-leasing the space to working professionals.
TN Startup & Innovation Policy hopes to create more Tamil Nadu-based VCs
The state government launched the Tamil Nadu Startup and Innovation Policy 2023, under which the government will create a fund of funds to invest in regional and thematic funds.
Tamil Nadu startup Atsuya secures spot in Google's Startup Accelerator programme
Google's three-month accelerator programme offers Indian tech companies utilising AI/ML or data access to Google's resources, programmes, people, products, and technology.
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