Adani Group Moves to Acquire Sahara’s Premium Assets Pending Court Nod

Image - Bloomberg

The Adani Group is preparing to acquire four marquee properties from the beleaguered Sahara Group in a deal estimated at ₹5,000 crore, pending Supreme Court approval, said a report exclusive to India Today. Here's a breakdown of the situation and what it could mean:

The Four Flagship Properties

• Aamby Valley: A luxury township near Lonavala
• Hotel Sahara Star: A prominent hotel near Mumbai airport
• Sahara City Homes (Lucknow): A large-scale residential project
• Sahara Mall (Gurgaon): A commercial property in a prime location of Gurugram. 

These assets are part of a broader package of 87–88 properties Adani seeks to acquire, including hotels, malls, and land parcels across India.

Legal and Financial Hurdles

• The Supreme Court is overseeing the transaction due to Sahara’s long-standing legal battles over investor refunds.
• The Employees’ Provident Fund Organisation (EPFO) has issued a ₹1,567 crore notice to Adani, demanding settlement of Sahara’s unpaid PF dues before the acquisition proceeds.
• Adani may need to provide an undertaking to clear these dues post-acquisition if not settled upfront.

Strategic Implications

• For Adani, the acquisition aligns with its strategy to expand its real estate and hospitality footprint.
• For Sahara, this could be a final attempt to resolve its decade-long financial crisis and repay investors.

The goal of this possible acquisition is said to help Sahara repay ₹9,000 crore in investor dues, stemming from a long-running Supreme Court-monitored dispute over illegal bond schemes.

As mentioned above, the EPFO has issued a ₹1,567 crore notice to Adani, citing unpaid PF dues by Sahara entities dating back to 1982. Under Indian law, Adani must either settle these dues before acquisition or provide a binding undertaking to pay them afterward.

The Supreme Court bench led by Chief Justice B.R. Gavai is reviewing the proposal. It has directed the Ministry of Finance and Ministry of Cooperation to be impleaded, given the scale and complexity of the case. The court emphasized that Sahara employees, many unpaid since 2014, must be considered before any deal is finalized.

The acquisition would significantly expand Adani’s real estate footprint, especially in high-value urban and resort zones. Adani Properties Pvt. Ltd., the group’s unlisted real estate arm, is leading the bid.

Air India–Airbus JV Unveils Simulator-Driven Training Centre for 5,000 Pilots

Air India and Airbus have inaugurated a state-of-the-art pilot training centre at the Air India Aviation Training Academy in Gurugram, aimed at training over 5,000 pilots in the next decade to support India’s booming aviation sector.

The 12,000 sq. m. facility, a 50:50 joint venture between Air India and Airbus, will feature 10 Full Flight Simulators for Airbus A320 and A350 aircraft families, with courses approved by Directorate General of Civil Aviation (DGCA) and European Union Aviation Safety Agency (EASA). Currently, two A320 simulators are operational, with more to be added progressively.

This centre consolidates Air India’s pilot training under one roof and strengthens India’s aviation infrastructure. It complements the Academy’s broader goal of training 50,000 aviation professionals, including cabin crew, engineers, and ground staff over the next few years.

Watch the video of the Air India and Airbus facility that will shape the future of Air India’s pilot training.

Air India is also developing South Asia’s largest Flying Training Organisation (FTO) in Amravati and a Basic Maintenance Training Organization (BMTO) near its upcoming MRO facility in Bengaluru, further boosting India’s aviation capabilities.

SBI Launches MSME CoE in Gurugram to Drive Capacity Building and National Development Goals

State Bank of India (SBI), the country’s largest bank, inaugurated its Centre of Excellence (CoE) for MSMEs at the State Bank Academy (SBA), Gurugram. The Centre has been established with an objective of strengthening the MSME ecosystem through capacity building, research, and industry collaboration, thereby contributing to India’s vision of becoming a developed nation.

The Centre was inaugurated by Shri M. Nagaraju, Secretary, Department of Financial Services (DFS) and Shri C.S. Setty, Chairman, in the presence of Shri Vinay M. Tonse, MD (RB&O), Shri Surender Rana, DMD (Retail-Agri, SME & FI), Shri Anindya Sunder Paul, DMD (SME & SCF) and Smt. Suranjana Dutta, CGM STU. SBA is an institute imparting specialized training in Credit, International Banking, Risk & Compliance and carrying out Research & Development in various spheres of banking.

State Bank Academy Gurukul, Gurgaon, Haryana

Shri M. Nagaraju, Secretary, Department of Financial Services, said, “MSMEs are the true engines of growth, creating widespread employment and driving prosperity in rural India, which is critical for our journey towards becoming a developed nation. I urge this SBI Centre of Excellence to benchmark itself against the best MSME institutions in the country. My expectation is that the CoE will engage in making case studies and undertaking research, creating a rich repository of knowledge and sharing it online for the benefit of all, especially those in remote areas. Continuous innovation and deep engagement with entrepreneurs, fintechs, and startups will be the key to its success.”

Speaking on the occasion, Shri C.S. Setty, Chairman, SBI, stated, “As the largest lender to MSMEs, with the widest network of SME branches, SBI is responsible to build capacity and the Centre of Excellence will serve as a hub of ideas and innovation, supporting the development of new SME-focused products and processes that can benefit the entire banking sector.”

Shri C.B.K. Singh, GM & Director, State Bank Academy, said, “The Centre has been established based on the vision articulated by the Chairman and would play a significant role in supporting the growth and development of the MSME sector.”

The CoE has been designed with an inclusive approach, engaging with MSME promoters, startups, industry associations, academia, government, regulators, and banking professionals. This collaborative model will ensure that the Centre’s initiatives remain relevant, impactful, and aligned with the needs of the sector.

Tesla Powers Into Gurugram with First EV Hub and Second India Store

Tesla has officially leased a 33,475 sq ft space at Orchid Business Park on Sohna Road, Gurugram, marking its first integrated EV hub in Delhi-NCR and second retail store in India after Mumbai. Here's what makes this move significant:

Strategic Location & Facility Details

• Address: Orchid Business Park, Sohna Road, Gurugram
• Lease Duration: 9 years, with a 3-year lock-in
• Monthly Rent: ₹40.17 lakh; Security Deposit: ₹2.41 crore
• Annual Escalation Clause: 4.75%
• Purpose: Combined delivery center, service hub, and retail showroom

Why Gurugram?

• Proximity to NH-48 and Sohna Elevated Road ensures excellent connectivity.
• Located in a tech-forward, affluent district ideal for early EV adopters.
• Surrounded by automobile showrooms, tech parks, and commercial hotspots.

Tesla’s India Strategy

• Complements Tesla’s Mumbai showroom at Bandra Kurla Complex.
• Signals a long-term commitment to India’s EV market amid rising government incentives and infrastructure upgrades.
• Expected to boost local employment, supporting industries, and EV adoption.

What’s Next?

• Tesla is also preparing to launch its Delhi store at Worldmark 3, Aerocity, on August 11.
• The Gurugram hub will likely become a flagship for northern India, streamlining customer experience with integrated services.

Zulu Club Raises $250K to Reinvent Fashion Commerce in 100 Minutes

Fashion quick commerce platform Zulu Club has raised $250,000 in pre-seed funding from early-stage venture capital firm TDV Partners. The Gurgaon-based startup is reinventing the fashion shopping journey by blending the ease of online ordering with the confidence of offline exploration.

Unlike traditional e-commerce that relies on guesswork, static images, and high return rates, Zulu Club enables shopping from trusted malls and outlets. Users can order pre-curated Try-at-Home kits in just 100 minutes and try 4–5 items before committing to a purchase. The goal is to offer a confident, tactile shopping experience—without the doomscroll and without stepping out. This model addresses key structural issues in fashion e-commerce such as high returns and poor profitability by enabling cross-sell and up-sell, thereby boosting AOV.

Zulu Club surfaces the hidden gems of local fashion by transforming nearby collections into seamless digital experiences, offering delivery within 100 minutes for instant gratification to fashion-conscious urban shoppers.

“Most online fashion platforms are built for speed and variety—but that often comes at the cost of experience and confidence. We’re building Zulu Club to reintroduce trust and experience into fashion shopping, especially for millennial consumers who crave convenience and personalization,” said Adarsh Bhatia, Founder of Zulu Club. Adarsh previously led business at Fashinza, a tech-enabled apparel manufacturing startup, and brings deep domain expertise to this new venture.

Zulu Club’s core audience is urban millennials and Gen Z—style-savvy, time-constrained shoppers who seek a smoother, smarter way to shop. Unlike traditional e-commerce, which relies on static images and high return rates,

Zulu Club follows an experience-first model. Shoppers can:Shop from nearby malls through Zulu’s app

• Book live assistance for product exploration
• Receive curated Try-at-Home kits
• Place orders post-trial or during a call
• Get 100-minute delivery through Zulu’s own network

The latest app update enhances the end-to-end user journey with improvements in flow, customer coordination, and logistics for a faster and smoother experience.

“Zulu Club is tackling a fundamental friction in fashion e-commerce—shoppers want to try before they buy. Their Try-at-Home kits and instant delivery are built for today’s mobile-first, experience-led consumer,” said Ujwal Sutaria, General Partner at TDV Partners.“We’re excited to back a team that blends deep fashion expertise with grassroots execution. Zulu isn’t building another marketplace—it’s reimagining fashion retail for the next generation.”

Currently Live in Gurgaon, Zulu Club, which was founded in 2024, plans to leverage the fresh funding to expand across key neighborhoods in Delhi NCR, enhancing its reach among urban shoppers. The company will also focus on improving its Try-at-Home flows and personalization features and deepen partnerships with outlet stores and mall retailers, while investing strategically in logistics, operations, and customer engagement.

About Zulu Club

Zulu Club is a hyperlocal fashion platform that brings the mall to your doorstep—offering 100-minute delivery and Try-at-Home kits. Designed for the urban audience, Zulu is redefining convenience and confidence in fashion shopping.

Visit: https://zulu.club

About TDV Partners

TDV Partners is a micro-VC firm backing early-stage startups led by visionary founders with a global outlook. Founded in 2021 by serial entrepreneur Ujwal Sutaria, TDV has built a portfolio of 36+ startups across emerging sectors, including consumer technology, spirituality tech, consumer AI, and lifestyle upgrades. With a founder-first approach, TDV provides hands-on support across go-to-market strategy, product-market fit, fundraising, and team building—from ideation to scale. The firm announced its second corpus of ₹50 crore in October 2024 to deepen its commitment to nurturing innovative tech-driven ventures from India. With one successful exit already under its belt, TDV is on a mission to back the next wave of trillion-dollar companies born out of India.

To learn more, visit: www.tdv.partners

91Springboard Adds Over 1.7 Lakh Sq Ft to Its Portfolio, Accelerates Growth in Key Markets

91Springboard, India’s premier workspace innovator, has announced a strategic expansion, adding over 1.7 lakh sq. ft and ~3,600 desks through six new hubs in Mumbai, NCR, and Pune. This milestone propels the company’s footprint to 40 hubs across the country and reinforces its position as the go-to partner for businesses seeking premium, flexible, and built-to-suit workspaces in India’s most coveted commercial districts. 91Springboard caters to entrepreneurs, freelancers as well as mid and large-sized enterprises, while also serving as a launchpad for several startups across India.

91Springboard has consistently offered thoughtfully designed workspaces delivering premium and value driven solutions, synonymous with warmth and efficiency, personalized to the diverse and evolving needs of businesses. With this expansion, 91Springboard now offers ~30,000 desks across more than 1.5 million sq.ft. of space in India.

Strategic Expansion: Location Highlights

Delhi 

Located at Prius Platinum in Saket, one of South Delhi’s most prominent business addresses, this hub offers excellent metro and road connectivity to key NCR micro-markets, catering to businesses that value accessibility and a premium address. With its strategic location near both social and business districts, this premium offering makes for an ideal address to establish a workplace.

Gurgaon

Nestled among Fortune 500 companies and global tech giants, the DLF 6, Cyber City hub offers a prestigious business address, seamless connectivity, and access to a vibrant ecosystem of dining and retail-all in the heart of Gurugram’s most dynamic commercial district.

The Magnum Global Park, Golf Course Extension Road hub offers convenient metro connectivity, hassle-free parking, a delectable food and beverage offering, and a Grade A building. This new space brings together all the perks and amenities needed for a modern, high-functioning office.

Mumbai

Expanding its footprint in Mumbai, one of 91Springboard’s new hub is located in proximity to the brand’s existing workspace in the Kalina–Bandra Kurla Complex corridor. The location offers seamless connectivity to the metro and public transport. Convenient parking, proximity to the commercial business district of the city, a variety of exquisite dining options, and more, make it a prime choice for enterprises seeking both convenience and a credible business address.

The second hub at Corporate Avenue, Andheri, is in a prime commercial zone with excellent connectivity to both the metro and the airport. Spread across two floors, it offers fully managed workspaces and customisable private offices, thoughtfully designed to cater to the needs of startups, SMEs, and growing enterprise teams.

Pune

Strategically located just under a kilometer from the Metro, right on NH48 and close to the Pune-Mumbai Expressway, the SBC hub in Baner offers a prime location for growing businesses. This hub features private suites and built-to-suit options for medium to large teams. Baner’s robust infrastructure and dynamic business ecosystem make it a top destination for companies expanding in Pune.

“These new hubs are more than just office spaces-they are dynamic ecosystems designed to fuel innovation, collaboration, and growth. As companies expand their footprint across India, we are delivering flexible, intuitive workspaces that feel like home but work like a powerhouse. This expansion marks a pivotal moment in our journey to redefine the future of work in India.” said Sameer Singh, Chief Operating Officer, 91Springboard.

91Springboard operates across two distinct workspace segments, setting new standards to cater to the entire spectrum of business needs from startups and SMEs to large corporates. First is ready-to-use private office suites and flexible seats: Plug-and-play workspaces for immediate occupancy, ideal for freelancers, startups, and growing teams seeking value-accretive options without compromising on quality or community. Second is built-to-suit customized offices: Premium, fully tailored environments crafted to client specifications, perfect for enterprises requiring scalable, branded spaces with high-end amenities and operational support. This dual-pronged approach allows 91Springboard to cater to diverse budgets offering solutions at two distinct price points - value accretive and premium, ensuring-flexibility, customization, and cost-efficiency.

With this expansion, 91Springboard continues to elevate workspace standards-offering entrepreneurs, startups, and enterprises a seamless blend of privacy, flexibility, and premium service. Each hub is thoughtfully crafted to boost productivity, fast 22 er creativity, and build thriving business communities. It’s all here at 91Springboard.

Honda Expands Production Capacity by Adding New Production Line at Fourth Motorcycle Plant in India

Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), Honda’s motorcycle production and sales subsidiary in India will build a fourth production line at its fourth plant (Vithalapur, Ahmedabad district, Gujarat).

Planned to begin operation in 2027, the new line will have an annual production capacity of 650,000 units, bringing the total capacity of the fourth plant to 2.61 million units, making it Honda’s largest assembly plant for Honda motorcycles in the world.
HMSI currently has four production plants in India with a total annual production capacity of 6.14 million units. In addition, the cumulative production volume reached 70 million units in April of this year, after 25 years since start of production in 2001.

The fourth plant started operation in February 2016 with an annual production capacity of 600,000 units, and in June of the same year, the company expanded its capacity to 1.2 million units with the start of its second line. Furthermore, the third line started operation in January 2024, taking annual production capacity to 1.96 million units.

Motorcycle production line in HMSI Fourth Plant

Honda will be investing approximately 9.2 billion rupees (1 rupee = 1.75 yen, and approximately 16.1 billion Japanese yen) to construct a fourth line capable of producing 650,000 units of 125cc class motorcycles per year on the premises of the fourth plant.

This will bring 1800 new jobs and increase the total production capacity of the fourth plant to 2.61 million units, making it one of Honda’s largest assembly plants for motorcycles in the world. In addition to the fourth production line at the fourth plant, HMSI’s total annual production capacity is expected to increase from the current 6.14 million units to approximately 7 million units in 2027 through further expansion of production capacity planned for other plants in India.

Tsutsumu Otani, President & CEO, HMSI, “Honda has long been investing and expanding its production capacity in India, the world’s largest motorcycle market, to bring joy to its customers. 25 years on, with much support, HMSI has reached the milestone of 70 million units of cumulative production. With the additional investment in our fourth plant, Honda will continue to deliver attractive products and services to its customers around the world who have higher expectations and trust in the company, and further solidify its Indian motorcycle business.”

• HMSI Production capacity
• First plant (Manesar, Gurgaon district, Haryana): 380,000 units/year
• Second plant (Tapukara, Alwar district, Rajasthan): 1.3 million units/year
• Third plant (Narsapura, Bangalore district, Karnataka): 2.5 million units/year
• Fourth plant (Vithalapur, Ahmedabad district, Gujarat): 1.96 million units/year

Production models

Gasoline (ICE): Activa, Activa125, Dio, Dio125, Hornet 2.0, NX200, SP160, Unicorn, SP125, Shine125, Livo, Shine100, CB350, CB350 H’ness, CB350 RS, Navi, CB125F, CB100, X Blade, Hornet, CB300F and Dream 110

Electric motorcycles (EV): ACTIVA e: & QC1

Goldman Sachs Acquires Majority Stake in PeopleStrong for $130 Mn

Goldman Sachs has acquired a majority stake in PeopleStrong, a Gurgaon-based HR software-as-a-service (SaaS) firm, for $130 million (approximately ₹1,200 crore) reported The Economic Times. The deal involved Goldman Sachs purchasing Multiples PE’s 84% stake in PeopleStrong, along with a portion of the employee stock option (Esop) pool.

This acquisition marks a significant move in the HR SaaS space, following a similar private equity buyout earlier this year when Everstone Capital acquired Wingify for around $200 million. PeopleStrong, founded by Pankaj Bansal in 2005, serves over 500 companies across India, Southeast Asia, Australia, and the Middle East.

The company reported total revenues of ₹274.5 crore in FY24, slightly higher than ₹271.7 crore in FY23, and managed to turn profitable with a net profit of ₹57 crore, compared to a net loss of ₹84 crore in the previous year.

PeopleStrong’s CEO Sandeep Chaudhary expressed excitement about the partnership, highlighting Goldman Sachs’ global expertise in SaaS and AI as a key factor in driving the company’s next phase of growth.

The acquisition marks a significant development in the HR technology landscape in India.

This transaction, reported to be around a $130 million deal in some media coverage, underscores PeopleStrong’s robust market position as one of the few EBITDA-positive firms in the HR tech sphere and highlights its operational strength and growth prospects.

PeopleStrong is widely recognized for its AI-powered HCM platform that integrates key capabilities such as applicant tracking, payroll processing, employee experience management, and talent management. With over 1.5 million paychecks processed monthly and a growing client base that includes major organizations across sectors such as banking, retail, aviation, and healthcare, the company currently serves more than two million individual users.

The strategic investment is expected to fuel the next phase of PeopleStrong’s expansion—its ambition is to scale up to 10 million users globally within the next five years. This growth plan is driven by an emphasis on AI-led product innovation and deeper market penetration, both domestically and across emerging international markets like the GCC region.

For PeopleStrong, the deal with Goldman Sachs Alternatives is more than just a capital infusion—it represents a partnership that leverages Goldman Sachs’ deep expertise in SaaS and global market dynamics. According to statements by PeopleStrong’s CEO Sandeep Chaudhary, the alliance is intended to further drive operational excellence and technological innovation, ensuring that the company not only maintains its competitive edge in the HR SaaS space but also scales sustainably.

At the same time, for Goldman Sachs, this move reinforces its strategic commitment to high-growth technology sectors and the digitization of enterprise HR functions, areas that have been gaining significant traction in the global market.

Previously, a significant stake in PeopleStrong was held by Multiples PE, which had nurtured the company’s growth over the years. The transition to having Goldman Sachs Alternatives as a majority stakeholder signals confidence in PeopleStrong’s business model and its future prospects in the rapidly evolving HR tech arena. This deal also fits within a broader trend of private equity investments in SaaS companies, as investors increasingly focus on scalable, technology-driven platforms that promise both sustainability and robust returns.

Looking ahead, this acquisition sets the stage for PeopleStrong to accelerate its innovation and expand across new markets, reinforcing its position as a frontrunner in the increasingly competitive HR technology space. With the backing of a global powerhouse like Goldman Sachs, PeopleStrong is well-positioned to harness advanced AI capabilities and drive the transformation of HR practices, benefiting a diverse range of industries and clients worldwide.

Amazon Promotes Entrepreneurship and Financial Literacy for 30,000 Women and Young People

‘Entrepreneurship for Enablement’ program has a vision to enable and transform local businesses, providing them with financial and digital literacy and opportunities to become sellers on ecommerce platforms, ensuring long term success of this innovative enterprise

Amazon India announced the launch of a three-year programme “Entrepreneurship for Enablement” to help 30,000 women and young people learn about starting their own business and managing their finances. The programme will run in collaboration with ACCESS Development Services, a livelihoods support organization with focus on incubating innovations for sustainable livelihoods. Co-created and funded by Amazon, the initiative will run across the states of Haryana, Uttar Pradesh, and Maharashtra. The launch event in Gurugram on March 20, 2025, brought together key stakeholders including officials from Development Department, Gurugram, Reserve Bank of India, The National Bank for Agriculture and Rural Development (NABARD) and Rural Development & Self Employment Training Institute (RUDSETI), who discussed opportunities and challenges in the development of entrepreneurs.

With a focus on women’s entrepreneurship, the programme aims to provide business development training and support to up to 3,000 entrepreneurs through structured mentorship programs. Additionally, the program plans to offer digital literacy training for up to 24,000 participants focusing on smartphone usage, while facilitating digital payment platform training for up to 22,000 individuals.

The program will also support the establishment of 1,200 new enterprises, with 80% expected to achieve INR 1 lakh annual revenue by their third year. It will also develop 10 model enterprises, half of which will be women-led, which are expected to generate INR 10 to 25 lakhs in annual turnover and create new employment opportunities. The programme will also aim to create opportunities for these entrepreneurs to sell offline as well as online.

Mr. Vipin Sharma, CEO, ACCESS Development Services said, "Empowering women entrepreneurs is crucial to unlocking India's economic resilience and achieving its $5 trillion aspiration. Our 'Entrepreneurship for Enablement' initiative with Amazon aims to bridge critical gaps, equipping women and youth with skills, finance, and digital tools to establish thriving businesses. Together, we can catalyze a wave of women-led enterprises, driving sustainable growth, unlocking new opportunities, and harnessing the gender dividend for a more inclusive economy."

Dr Karuna Shankar Pande, Vice President, Amazon Logistics India said, “Entrepreneurship is a key driver of economic growth, and through this initiative, we aim to equip women and young people with the resources and skills they need to build sustainable businesses. Through this initiative, we aim to augment India’s entrepreneurial ecosystem, unlocking economic opportunities and empowering tens of thousands of individuals to become self-reliant by 2027. Our community impact initiatives like these are designed to empower the communities we serve in, enabling digital and financial inclusion and also ensuring long-term opportunities and benefits for them.”

The project will be implemented and scaled across 3 States (cluster of 5 to 8 villages) while maintaining a dual focus on knowledge building and enterprise development.

In Haryana, the project will focus on three clusters in the Farukhnagar and Taoru areas of Gurgaon district, specifically targeting Jamalpur, Sehsola, Binola, and Bhora Kalan. These locations have the potential for the growth of agricultural enterprises, food manufacturing units, retail businesses, handicrafts, and beauty services.

In Uttar Pradesh, the initiative will concentrate on two key clusters—Bhaukapur in Lucknow and Bajhera in Unnao, where there is significant scope for traditional handicrafts like chikankari and terracotta work, along with banking correspondent units, retail stores, garment businesses, and food service establishments.

In Maharashtra, the project will operate across three clusters in the Bhiwandi area. The focus will be on developing businesses around traditional handicrafts such as pottery and warli paintings, power loom units, food manufacturing, and service-oriented businesses such as tutoring and catering services. The geographies of the project aim to cater to diverse entrepreneurial opportunities while building on existing skills and market potential in each region.

Amazon India is committed to being a force for good in our communities. Since 2014, our community engagement has evolved to address key social needs, from education and livelihoods to health, environmental sustainability, and disaster response. Today, we focus on food and nutrition security, livelihoods, and associate welfare through structured, long-term programs. By collaborating with NGOs, local ambassadors, and community stakeholders, we strive to create lasting, meaningful impact.

Swiggy to Deliver Stunning Silver Jewellery in 10 Minutes, Partners With Mia by Tanishq

Mia by Tanishq, one of India’s trendiest precious fine jewellery brands, announces its collaboration with Swiggy Instamart, marking its entry into the burgeoning quick commerce space. Starting this week, Mia’s exquisite silver jewellery collection will be available on Swiggy Instamart in more than 35 cities, including Gurgaon, Delhi, Kolkata, Pune, Bengaluru, Chennai, Mumbai, and Hyderabad. The operations will be offering customers the convenience of doorstep delivery of silver jewellery in under 10 minutes.

This partnership leverages Swiggy Instamart’s position as a market leader in quick commerce, known for its exceptional communication and operational excellence, to enhance the e-commerce experience for consumers.

The collaboration aligns with Mia by Tanishq’s strategy to expand its omni-channel presence, reaching new customers through diverse sales channels. As part of this partnership, Mia will introduce a range of stunning silver jewellery catering to the growing demand for precious jewellery in the quick commerce market. Whether it’s a special occasion or a thoughtful gift, Mia's silver jewellery promises to bring a touch of elegance and good fortune, delivered swiftly and seamlessly.

Sampurna Rakshit, Marketing & E-commerce Head - Mia by Tanishq, shared her thought on the collaboration:

This is an effort at our end to prioritise our consumers convenience and be present wherever the users are. Owing to Mia’s exquisite design language coupled with our affordable pricing, we have always been India’s favourite gift of choice. As quick commerce transforms the way India shops, consumers are also looking for stylish jewellery gifting options from trusted brands. So we are thrilled to partner with Swiggy Instamart, who can get many more consumers to access and experience our brand at their fingertips.

This strategic collaboration highlights the growing trend in the Indian retail landscape, where quick commerce platforms are emerging as key touchpoints for consumers prioritizing convenience. It ensures that customers are well-informed about Mia’s beautiful collections and the ease with which they can access these offerings through Swiggy Instamart.

Gaming Startup PlaySuper $500K Seed Funding Led by IAN Group and 100X.VC

PlaySuper, India’s first Gaming Commerce company, has raised US$500K in a seed funding round led by IAN Angel Fund and 100X.VC. The round also saw participation from prominent angel investors, including Uday Sodhi, KRS Jamwal, Pratham Mittal, Rajit Bhattacharya, and Ankit Das, among others.

Founders

The capital will be utilized to accelerate product development, expand market reach, and strengthen hiring. PlaySuper is set to launch its next-gen, hyper-personalized in-game store, allowing seamless integration without requiring updates. The company also plans to expand into Southeast Asia (SEA) within six months, followed by MENA and LATAM. Additionally, it will bring in a world-class Product Head and expand its B2B partnerships team to onboard more gaming studios.

Founded in April 2024 and headquartered in Gurgaon, PlaySuper is India’s first Gaming Commerce company, enabling gamers to shop inside their favorite mobile games while playing. The company is transforming the mobile gaming landscape by seamlessly integrating real-world shopping experiences within mobile games. The company’s innovative approach enables gamers to shop while they play, unlocking a new monetization model for game developers and enhancing player engagement like never before.

Shouradeep Chakraborty, Co-founder & COO, PlaySuper, said “Gaming is the largest form of entertainment today, yet mobile game retention remains an unsolved problem. At PlaySuper, we’re flipping the script—gamers don’t just play for fun, they play to shop. With this funding, we’re doubling down on product innovation and strategic partnerships to make in-game commerce mainstream. The future of gaming is interactive, rewarding, and commerce-driven, and PlaySuper is leading that change.”

Padmaja Ruparel, Co-founder, IAN Group, said “The gaming industry in India is growing, retention and monetization continue to be major obstacles. PlaySuper is setting the standard for a new business model that combines gaming and commerce in a way that benefits both developers and players. We are confident in the founding team's capacity to spearhead this change due to their extensive industry knowledge and execution skills.”

The founding team, Shouradeep, Upamanyu, and Abhir are lifelong gamers and second-time entrepreneurs with a track record of building successful tech-driven businesses. Shouradeep and Upamanyu previously co-founded LectureNotes, an edtech platform that raised $2.5 million in 2022, demonstrating their ability to build and scale high-impact ventures. They bring extensive experience from gaming, Web3, and edtech sectors, and have identified a massive whitespace opportunity at the intersection of gaming, fintech, and commerce.

PlaySuper was born out of a deep passion for gaming and a vision to address the biggest challenge in mobile gaming player retention. With 98% churn rates among Indian mobile gamers, introduces a powerful solution that embeds real-world rewards within games, keeping players engaged while enabling developers to monetize effectively.

The company is at the forefront of a rapidly expanding global gaming commerce market, valued at over $500 billion. In India alone, the gaming industry is projected to grow beyond $5 billion, yet monetization challenges persist. Unlike traditional ad-based or in-app purchase models, PlaySuper introduces a first-of-its-kind gaming commerce ecosystem, where players can earn tangible rewards while playing.

With early partnerships already in place with leading gaming studios, the company is ready to disrupt the industry by making in-game commerce a mainstream revenue model. Over the next year, the company will focus on launching its in-game store, scaling its reach into new markets, and deepening its collaborations with game developers.

About PlaySuper:

PlaySuper is India’s first Gaming Commerce company, enabling mobile gamers to shop inside their favorite games while they play. By seamlessly integrating real-world rewards within mobile games, PlaySuper solves a critical retention challenge for game developers while unlocking a new era of interactive monetization. Founded in April 2024 and headquartered in Gurgaon, India, the company is backed by 100X.VC, Indian Angel Network (IAN), and marquee investors from leading tech and media industries.

About IAN Group:

IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Fund, BioAngels, IAN Fund I and IAN Alpha Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores. The platform brings money, mentoring from successful entrepreneurs and global market access. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.

Adani to Invest $2 Bn in Building Jio World Like Convention Centre

Adani Group has announced plans to invest $2 billion in building an International Convention Centre (ICC) near the upcoming Navi Mumbai airport. This new convention center aims to rival Jio World in Bandra Kurla Complex, Mumbai.

The convention center will be located near the Navi Mumbai airport, providing a locational advantage with better connectivity compared to Jio World.

In February this year, Adani Realty had won a 24-acre reclamation redevelopment project near the Bandra-Worli sealink. The project includes around 6-8 million square feet of residential, commercial, and retail development, including a 25,000-seat convention center.

At present, the Jio World Convention Centre is the city's largest, with a total area of about 1 million sq. ft.

ICC, the convention center, will have a 5-star hotel with 275 rooms with total indoor area of about 1.2 million sq. ft, with 0.3 million sq. ft of space for vehicle parking and other purposes.

The upcoming convention centre spanning 1.5 million sq. ft, will be able to accommodate 15,000-20,000 people. It will be owned and managed by Adani Airport Holdings Ltd, despite of the fact that most of Adani's real estate projects are owned by Adani Realty.

The development will feature hospitality, corporate meeting spaces, and retail areas, creating a comprehensive ecosystem around the new airport. This investment is part of Adani Realty's broader strategy to expand its real estate footprint in Mumbai and other cities.

This ambitious project is expected to transform the area into a major hub for large-scale events, exhibitions, and social gatherings.

The MICE market (Meetings, Incentives, Conferences, and Exhibitions) is a significant segment of the travel and tourism industry. The global MICE market was valued at $802.59 billion in 2023 and is expected to grow at a CAGR of 9.1% from 2024 to 2030. By 2032, the market is projected to reach $2,309.4 billion, registering a CAGR of 11.6% from 2023.

The Asia Pacific region, including India, is expected to experience the fastest growth due to increasing government support and infrastructural development.

Yashobhoomi, developed by the India International Convention & Exhibition Centre (IICC) Ltd, is India's largest convention and exhibition center. Located at the border of Delhi and Gurgaon in Dwarka, New Delhi, it offers state-of-the-art facilities for hosting national and international events.

Yashobhoomi has a 3,500 square meter banquet room equipped with high-spec audiovisual systems. It has an 8,000 square meter digital display visible from all sides. Totaling 51,000 square meters, these halls can be divided into four sections for simultaneous events. It has India's largest auditorium with a seating capacity of 6,000.

Yashobhoomi is part of a larger smart city project driven by the Government of India, aiming to create a comprehensive ecosystem for events, exhibitions, and entertainment.

About the Jio World Convention Centre, it is located in the Bandra Kurla Complex (BKC) in Mumbai and is one of India's premier venues for exhibitions, conventions, meetings, and social events. The convention center spans 1,03,012 sq. m., making it one of the largest in India. The center includes 25 meeting rooms and 2 business lounges, all equipped with cutting-edge technology.

The center is LEED Platinum certified, featuring an intelligent parking management system, over 5,000 dedicated parking spaces, and charging stations for electric cars.

The largest convention center in the Asia-Pacific region is the National Exhibition and Convention Centre (NECC) in Shanghai, China. It boasts an impressive 3.38 million square feet of exhibition space, making it one of the biggest in the world.

The Suntec Singapore Convention & Exhibition Centre is a world-class venue located at 1 Raffles Boulevard, Singapore. It offers 100,000 square meters of available floor space, making it one of the largest and most versatile convention centers in the region. The center can cater to events ranging from 10 to 10,000 people, with various customizable spaces.

The Real Reason Behind Demonetization 2016 in India

India’s demonetization in 2016 was a significant economic move announced by Prime Minister Narendra Modi on November 8, 2016. One of the main objectives was to tackle the issue of black money in the economy. The government aimed to bring unaccounted wealth into the formal banking system.

The production and smuggling of fake Indian currency notes (FICN) have been significant issues, with India's two closest neighbours— Pakistan and Banglades being implicated in these activities, so much so that a significant portion of both these countries' economy were dependent on FICN.

The demonetization move was also aimed at eliminating counterfeit currency or FICN, which was believed to be used for funding illegal activities, including terrorism.

Pakistan has been a major source of high-quality counterfeit Indian currency. The Inter-Services Intelligence (ISI) of Pakistan is often cited as being involved in these operations. Fake currency from Pakistan is typically smuggled into India through various routes, including a couple of digital payment companies and some national banks where illegal migrants and intruders were already employed to help circulating FICN or counterfeit Indian currency, as well as via direct borders and transit points in Nepal and Bangladesh.

Around 2016-17, Bangladesh replaced Pakistan as hub of fake Indian currency as there have been numerous seizures of counterfeit notes at the India-Bangladesh border, with significant quantities being confiscated. Bangladeshi syndicates have been using sophisticated methods and materials, sometimes smuggling paper from countries like Saudi Arabia and Malaysia to closely match the consistency of genuine Indian notes.

Soon after demonetisation announcement by PM Modi, Pakistan economy started crashing and ironically, the FICN dependent entities in India faced the heat sooner than Pakistan & Bangladesh, which include real estate builders, film production houses, and one or two aviation companies, said a big Indian conglomerate's employee who was aware of this 2016-17 scenario but she doesn't wants to be named.

In early 2023, Bangladesh too started facing severe inflation and a significant drop in the value of the Bangladeshi Taka.

Many of the real estate projects in and around Delhi/Gurgaon, which were directly/indirectly related to the two countries, were halted as the demonetization badly affected the fake currency circulation. This was evident to prove that these were apparently sponsored by FICN activities in Pakistan & Bangladesh.

By reducing the cash circulation, the Modi government intended to lower corruption levels, as cash transactions are often linked to corrupt practices. The move was also aimed at eliminating counterfeit currency, which was believed to be used for funding illegal activities, including terrorism.

In addition, promoting Digital Transactions was another goal of the Modi government to encourage digital and cashless transactions, thereby increasing transparency and reducing the reliance on cash.

The demonetization was also seen as a measure to cut off funding for terrorist activities by invalidating high-denomination notes that could be used for such purposes.

The immediate aftermath saw significant disruption, including cash shortages and long queues at banks. However, it also led to an increase in digital transactions and brought a large amount of money back into the banking system.

The counterfeit currency operations often involve complex international networks, with routes passing through countries like Sri Lanka and Dubai before reaching India. Indian authorities, including the Border Security Force (BSF) and the National Investigation Agency (NIA), have been actively working to combat these activities, leading to several significant busts and arrests.

The Current State of Data Center Biz in India and Its Future

India is witnessing a significant surge in data center projects due to the growing demand for data localisation and cost efficiency. As of the latest available data, India currently has 187 data centers listed across 26 markets. This number reflects the rapid growth of the data center industry in India, catering to the increasing demand for digital services and data localization.

The data center market capacity is projected to surpass ~1,300 MW by the end of 2024. Seeing this growth of Data Center business, the Indian government is actively supporting the growth of the data center industry through various initiatives. The government has proposed regulatory frameworks to create a favorable ecosystem for data centers, which includes setting up Data Centre Economic Zones.

The government's plan is to invest over US$ 1 billion in the next five years as part of a hyper-scale data centre scheme.

The government aims to position India as a global hub for data centers and cloud solutions. To achieve this, the central government has proposed an incentive system has been proposed to stimulate the establishment of data centers.

The finance minister granted infrastructure status to the data center industry in the Budget 2022-23, which is expected to accelerate expansion. Efforts are being made to enable ease of doing data center business, such as tax incentives, subsidies, and streamlined licensing processes.

India is poised for a significant expansion in data center infrastructure, with several noteworthy projects planned for 2024 and beyond. Companies like AdaniConnex, Reliance, Sify, Atlassian, Yotta, and AWS have announced substantial investments in data centers across India.

India's Data Center Market Vs The World

When comparing the data center market size by country, the United States and China are the leading revenue generators globally. In 2024, the revenue in the data center market is projected to reach $340.20 billion worldwide, with the United States expected to generate the most revenue at $99.16 billion. The market is experiencing a compound annual growth rate (CAGR) of 6.56% from 2024 to 2028, indicating steady growth.

India's data center market is also showing significant growth, but it's still developing compared to the US and China. Japan, Germany, and the United Kingdom follow behind the US and China in terms of revenue generation. This reflects the strategic importance of these regions in the global data center market and their respective digital economies.

Tier 2 Expansion: There's an emergence of co-location and edge computing facilities, with edge data centers expanding into Tier 2 cities in 2024.

Cities with Most Number of Data Centers

The concentration of data centers remains prominent in cities like Mumbai-Navi Mumbai, Chennai, Delhi-NCR, Bengaluru, Pune, Hyderabad, and Kolkata.

1. Bangalore: Known as India's tech hub, Bangalore boasts 29 data centers. Its thriving IT ecosystem attracts companies seeking reliable infrastructure.

2. Mumbai: As the country's largest city, Mumbai leads the way with 28 data centers. Its strategic west coast location ensures excellent connectivity via multiple submarine cables to Europe and Southeast Asia.

3. New Delhi: The capital city hosts 18 data centers, serving various industries and services.

4. Chennai: With 17 data centers, Chennai plays a vital role in supporting India's digital infrastructure.

5. Pune: The city has 14 data center facilities with 162,183 sqft and 38 megawatts. The top providers in Pune are Nxtra Data Ltd (3 sites) and AdaniConneX with 1 facility. The most popular facilities are STT Pune 1 and STT Pune 1.

6. Hyderabad: Hosting 12 data centers, Hyderabad plays a crucial role in providing essential services for businesses and organizations.

7. Navi Mumbai : A planned city next to Mumbai currently has 11 data centers. Google is in advanced negotiations to purchase a 22.5-acre land parcel in Navi Mumbai, for its first captive data center in India.

8. Noida: Located near Delhi, Noida houses 9 data centers, contributing significantly to India's data center landscape.

9. Kolkata : Kolkata, a key digital hub in the eastern India, has 8 data centers facilities.

10. Ahmedabad : The city in Gujarat has 7 data centers.

Other cities like Gurgaon (3), Coimbatore (3), Madurai (1) and Ludhiana / Panchkula also have data centers, albeit in smaller numbers.

Kochi, with 6 data centers, is situated along the southern coast, is connected to multiple submarine cables, making it an attractive location for co-location data centers.

Upcoming Projects

AWS: Amazon Web Services (AWS) has announced a massive investment plan of $12.7 billion to expand its data centers in India. AWS has plans to create four smaller data centers across India over the next two years, located in Bangalore, Chennai, Delhi, and Kolkata.

Adani Group: Adani Enterprises Limited (AEL) is investing over Rs 5,000 crore in Telangana for a 100 MW data centre, over the coming 5-7 years. Adani portfolio of companies also signed an MoU for investment of over ₹42,700 crore for various projects in the state of Tamil Nadu

AdaniConnex: A joint venture between Adani Group and EdgeConneX, AdaniConnex is aiming to develop a network of hyperscale data centers across India, focusing on markets like Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. The JV plans to build 1 GW of data center capacity over the next decade, with a commitment to powering these facilities with 100% renewable energy. 

Yotta: Backed by the Hiranandani Group, Yotta Data Services is expanding its operations in Greater Noida and Guwahati, with plans to complete new facilities by the end of 2024.

Google: Google is also among the big players investing in the data center market in India. The search giant is planning 8-storey data center in Navi Mumbai, by 2025. Additionally, Google, for it first captive data center, is in advanced negotiations to acquire a 22.5-acre land parcel in Juinagar, Navi Mumbai.

NTT : The company plans to invest RS 2,000 crore ($241.5m) over the next few years in the Kolkata data campus of NTT Global Data Centers (NTT GDC) at the Bengal Silicon Valley Tech Hub. The NTT GDC campus will be home to 3 data centers, the 1st of which will spread over 100,000 sq ft and have a capacity of 9MW facility load and 6MW IT load. The facility should be up and running in the next 12 to 15 months.

Kotak Alternate Assets: Kotak's Data Center Fund by Kotak Alternate Assets, which is managed by Kotak Investment Advisors, is set to invest a whopping $800 million in the development of 5-7 large data center assets across key property markets in India. This ambitious initiative reflects their commitment to enhancing data infrastructure in the country.

CtrlS Datacenters: Aiming to increase their number of data centers significantly by 2024–25.

Digital Connexion, STT GDC India, CapitaLand India, Equinix: These companies are also among those with major data center projects planned in India.

The above mentioned projects reflect India's growing importance as a data center hub, driven by the demand for data localization and the digital transformation of businesses.

These investments also signify the strategic importance of India in the global data center market and the country's growing digital economy.

The Future

India's vast landmass, skilled IT workforce, and growing demand for digital services position it as a key player in the global data center market. As the country continues to expand its digital footprint, more data centers are likely to emerge, supporting businesses, cloud services, and connectivity needs.

The future of data centers in India looks very promising. With the country accounting for a significant portion of global internet users, there's a substantial growth potential for data center capacity. The industry is expected to grow at a compound annual growth rate (CAGR) of between 10-25% over the next five years. This growth is driven by the digital transformation of India, the increasing demand for cloud services, and the need for secure and scalable data storage solutions.

India's unique digital infrastructures like CoWIN, ONDC, Aadhaar, and UPI are creating a need for robust data centers. The government's Digital India campaign and initiatives like BharatNet are further accelerating this need by increasing internet access and generating massive amounts of data. With both global and domestic companies investing in the sector, India is fast emerging as a data center hub.

The data center industry's expansion is also fueled by the digitization of enterprises, the development of smart factories, and the growing consumption of digital services by the young population. As such, the data center market in India is not only expanding rapidly but also becoming an attractive investment opportunity for industry leaders.

Delta Electronics India Honored with "Best Factory" and "Best Environment" Awards by Haryana State Government

Delta Electronics India, a leading provider of power and thermal management solutions, today announced its recent recognition by the Haryana State Government, which has awarded the prestigious "Best Factory" Award, an annual honour presented to only one organization in the entire state of Haryana. Additionally, Delta Electronics India has been declared the winner of the "Best Environment in Factory Premises" Award. The "Best Factory" Award recognizes excellence in manufacturing and operational efficiency. Both accolades serve as a testament to Delta Electronics India's unwavering commitment to quality, innovation, and best practices in the industry.

Mr. Niranajan Nayak, Managing Director of Delta Electronics India, expressed his gratitude, stating, "Receiving these esteemed awards is a remarkable achievement for us. It is a testament to our unwavering commitment to excellence and our dedication to providing a safe and environmentally responsible workplace."

Delta Electronics India's dedication to maintaining a safe, healthy, and environmentally friendly workplace has earned the organization the "Best Environment in Factory Premises" Award. This accolade underscores the company's commitment to environmental responsibility and employee well-being. These prestigious awards were conferred by the Haryana State Government through the Department of Labour, as part of their recognition of outstanding achievements in Safety, Health, and Working Environment for the year 2022.

The awards were presented during an official ceremony attended by the honourable Chief Minister of Haryana, Shri Manohar Lal Khattar. It was a moment of immense pride for Delta Electronics India to receive these accolades from such a distinguished dignitary. Delta Electronics India's commitment to maintaining these high standards was further exemplified by a thorough verification process. After the submission of the award entry, officials from the Department of Labour visited Delta Electronics India's Gurugram campus to verify the information provided, ensuring the utmost integrity and credibility of the awards. 

Mr. Dilip Banskota, DGM, Delta Electronics India, added, "These awards reflect our collective effort in upholding the highest standards of safety and environmental responsibility. We are proud to have our hard work and dedication acknowledged."

About Delta Electronics India

Delta is operating since 2003. Delta Electronics India Private Limited, is a leading power and energy management company in the country. Delta operates in three business categories: Power Electronics, Automation and Infrastructure. It has a legacy of operating in India with market leadership in Telecom Power Solutions, Renewable Energy Solutions and Display Solutions. It is also a leading provider of Industrial Automation Solutions, UPS & Datacenter Solutions, EV Charging Solutions, Rail Transportation Solutions, Energy Storage Solutions, DC Fans & Blowers, and Components. With fourteen regional offices, four manufacturing facilities (Rudrapur, Gurgaon and Krishnagiri) and two R&D centres (Gurgaon and Bengaluru), Delta has a strong presence across India with more than 200 channel partners.

For detailed information, please visit: www.deltaelectronicsindia.com

Tata Consumer Products Enters Energy Drink Category, Launches ₹10 'Say Never' Energy Drink

Tata Consumer Products (TCP), the consumer products company of the Tata Group, has announced a bold entry into the fast growing "Energy Drink" category with the launch of Say Never Energy Drink.

Say Never Energy Drink, to be available in two variants — Red and Blue, is priced at an affordable price tag of ₹10 for a 200 ml cup format.

In the initial phase of the launch, Say Never Energy Drink will be available at retail outlets in Karnataka and North markets.

No other detailed information is available publicly such as ingredients/composition of the drink, amount of caffeine, and the energy drink's cup's material etc. 

The energy drink from the Tata is likely to directly compete with Red Bull, Rockstar, Pure Zero, Shashan Total Body Fuel Peach-Fizz Energy Drink and Zippfizz. However, these are priced at higher value (ranging from ₹20 to ₹125) compare to Say Never Energy Drink of TCP. Though, quantity in millilitres vary for different brands. 

As per definition by Scottish government, Energy drinks are beverages that contain high levels of caffeine in combination with other ingredients such as sugar and stimulant properties such as guarana, taurine or herbal substances.

Speaking about the new launch, Mr. Vikram Grover, MD NourishCo Beverages Limited, Tata Consumer Products said, “With this launch we aim to inspire and energize the doers, the dreamers, and the go-getters of the world. Say Never Energy Drink is not just a beverage; it's a symbol of empowerment, a companion for those who dare to be different. The launch strengthens & complements the overall product portfolio for NourishCo and through this we are celebrating the heroes who carve their own paths. This affordable caffeine-based energy drink is for the young masses and with this we are here to fuel their journey."

Earlier in June, Gurgaon-based NourishCo, which is a Tata Consumer Products Limited (TCPL) subsidiary, introduced Tata Coffee Cold Brew as part of its strategy to expand its functional beverages segment.

Tata Consumer Products Limited is a focused consumer products company uniting the principal food and beverage interests of the Tata Group under one umbrella. The Company’s portfolio of products includes tea, coffee, water, RTD, salt, pulses, spices, ready-to-cook and ready-to-eat offerings, breakfast cereals, snacks and mini meals.

India Accelerator Begins Gujarat Operations; Bets Big on Tier-2 Sectors with a Vision to Empower 100+ Startups in Gujarat by 2025

Gurgaon-based India Accelerator, a renowned Seed Accelerator, has marked a significant milestone with the inauguration of its Gujarat operations. Demonstrating a strong belief in the potential of startups in tier-2 cities, the accelerator is poised to make a substantial impact in the startup landscape. Expanding its reach through its focus on domestic entrepreneurship, India Accelerator further aims to extend its support to burgeoning startup ecosystems in cities such as Pune, Chandigarh, Orissa and Jaipur.

Gujarat, a leader in innovation, has consistently secured top ranks from the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India, in 2018, 2019, and 2021. Under the ambit of the Gujarat Industrial Policy, a remarkable 377 startups have secured funding amounting to Rs. 58 crores. This unwavering support from the government has galvanized the private sector, fostering a conducive environment for startups to flourish. With the inauguration of operations in Ahmedabad, IA's strategic move exemplifies a strong investment in the untapped potential of tier 2 cities and Gujarat's compelling attributes. In a dedicated effort to elevate the startup experience in Ahmedabad, IA has introduced a new co-working space sprawling across 1500 sq. ft., accommodating up to 200 seats. This initiative not only underscores IA's commitment but also augments the entrepreneurial landscape, fostering innovation and collaboration.

With the commencement of operations in Ahmedabad, IA's move signifies a robust bet on the potential within tier 2 cities and Gujarat's compelling attributes. To further enhance the working experience for startups in Ahmedabad, IA has launched a new co-working space over a sprawling area of 1500 sq. ft. with a seating capacity of 200 seats.

"Our current expansion marks the second phase of our journey, where we're not only broadening our geographic presence but also deepening our engagement within local startup ecosystems," articulated Ashish Bhatia, Founder of India Accelerator. He further emphasized, "We are focused on building a dominant, world-class global powerhouse that at the same time can work very local. Hence our vision of going deep into country’s hinterland and build the ecosystem grounds up because the foundation of our business is seeds. At present, almost 10% of the accelerator's startups have their roots in tier-2 cities, which given the rise of local entrepreneurship, is set to increase to one-third of our portfolio, solidifying India Accelerator's commitment to nurturing innovation across diverse landscapes.”

Bolstering its commitment, India Accelerator envisions investing a substantial amount across a diverse array of sectors including Healthtech, Fintech, Agritech, Social Impact, Deep tech, and AI, aiming to empower 100+ startups in Gujarat by 2025. With a track record of backing over 200 ventures leveraging cutting-edge technologies, IA has propelled entrepreneurs with innovative concepts while raising three venture capital funds totaling 350+ crores in just six years. India Accelerator's forthcoming GIFT City Fund, amounting to 150 crore, is poised to further catalyze the ecosystem.

Through its dedicated domain-specific accelerator programs, IA plans to bring unparalleled expertise across India's startup landscape. Collaborative efforts with I-HUB, GIFT City, and educational incubators are envisioned, fostering localized entrepreneurship ecosystems.

Notably, IA extends its network to international regions like Dubai, Silicon Valley and Sri Lanka, enabling Gujarat startups to tap into global opportunities through strategic partnerships. IA's trajectory is marked by exponential growth, transforming from backing 5 startups with an investment of 70 lacs in 2017 to its present robust portfolio of 200+ startups with a collective investment of 50 crore. The accelerator's visionary path projects an investment of 500 crore in 1000 startups by 2030. With an eye on the future, IA envisions creating a combined valuation of $5 billion for its startups by the end of 2025, globally, by expanding into Tier 2 cities and unlocking latent potential.

About India Accelerator

India Accelerator is the first GAN partnered accelerator in India, endeavouring to provide 360-degrees cross-functional mentorship, business growth and funding to entrepreneurs. Government of India has recognised India Accelerator (IA) as the 'Best Accelerator of the Country!'. IA has created a vibrant entrepreneurial ecosystem in the country, have got 150+ start-ups under our portfolio, and have 1400+ mentors in our network who help start-ups in our industry-focused specialized verticals (HealthTech, AgriTech, Social, Energy, FinTech, Web 3.0, B2B SaaS, etc.). They work closely with Corporates and academia to help promote the development of an entrepreneurial mind-set and generate innovative solutions to their real-world problems.

India Fintech A $400 Bn Value Creation Opportunity by 2030, Says The Bottomline Report by Elevation Capital

Elevation Capital, India’s leading early-stage venture capital firm, today unveiled its in-depth report on the Indian Fintech sector, titled ‘The Bottomline: Elevation Fintech Report 2023’, with the support of ‘McKinsey & Company’ as the knowledge partner. India’s fintech ecosystem, the third-largest globally, is expected to reach a scale of ~$70Bn in annual revenue by FY30, accounting for 18-20% of the addressable financial services revenue pool. The report presents Elevation’s 4Es framework — Expansion, Experience, Efficiency, and Enablement — dimensions across which fintechs have created value, and provides a macro view of fintechs in India, encapsulating their journey so far and their impact on the financial services ecosystem. The report can be viewed and accessed at bottomline.elevationcapital.com.

The report serves as a blueprint for $400Bn of value creation set to happen in the fintech sector by 2030 (4X growth from today). The report captures Elevation’s deep thesis on the fintech sector, insights from a comprehensive survey of 70+ industry experts and conversations with 20+ industry leaders from prominent fintechs and financial services, which includes Ajay Rajan (Head of Digital and Transaction Banking, Yes Bank), Anup agarwal (Co-founder & CEO, Mintifi), Anurag Sinha (Co-founder, Onecard), Archit Gupta (Founder & CEO, Clear), Asish Mohapatra (Co-founder & CEO, OfBusiness), Atulya Bhat (Co-founder, Jodo), Hrushikesh Mehta (Senior Vice President - Financial Services, ONDC), Madhusudanan R (Co-founder, M2P Fintech), Nitin Chugh (Deputy Managing Director and Head of Digital Banking, State Bank of India), Nitin Gupta (Founder & CEO, Uni Cards), Sameer Shetty (Head, Digital Business And Transformation, Axis Bank), Sandeep Jathwani (Co-founder, Deserv) Sashank Rishyasringa (Co-founder, axio), Srivatsan Sridhar (Founder & CEO, Skydo), Varun Dua (CEO, Acko), Vamsi Madhav (Deputy Managing Director and Head of Digital Banking, COO & Founding member, Sahamati), Vijay Shekar Sharma (CEO, Paytm) among others.

84% of survey respondents expect fintechs to play a significant or dominant role going forward, with SME Lending, Retail Lending, Fintech SaaS and Wealth (advisory & brokerage) being categories that will see the most fintech growth and innovation, according to the respondents. However, industry participants believe that for continued growth, fintechs will need to overcome a few challenges, such as achieving sustainable profitability, ensuring a regulatory-compliant business model, and adhering to risk and security standards.

The report comes at a time when India’s fintech ecosystem is at an inflection point, showcasing immense headroom for growth relative to its global counterparts. As a precursor to the next phase of the report, Elevation offers a glimpse into the ‘10 Key Themes’ that will shape the future of fintech value creation in India and the key elements to build an enduring & profitable fintech franchise.

Mridul Arora, Partner, Elevation Capital, said, “India is today setting the template for the rest of the world with its innovative models in fintech and financial services. Our fast-growing digital population, world-class Digital Public Infrastructure (DPI), and proactive regulators are three key tailwinds underpinning the fintech growth, which will expand into a $400Bn opportunity by 2030.”

“Fintechs have emerged as significant players, making meaningful headways into key categories and capturing a sizable market share of 3-5% of India’s very large and growing financial services revenue pools. They are creating and will continue to create value across the 4Es of Expansion, Efficiency, Experience, and Enablement. Over the next decade, we expect this value creation to accelerate, catalyzed by India’s Digital Public Infra, allowing fintechs to capture 12-15% of the financial services revenue pool by 2030," said Vaas Bhaskar, Principal, Elevation Capital.

Key findings from the report

• With more than 9K+ fintechs, India is home to 3rd highest number of fintechs globally
• Fintech funding in India has tripled in 2022 since 2018
• Fintech is now capturing ~14% share of India’s startup funding
• Fintechs are capturing a meaningful market share across key financial service categories
• ~70% of digital payment transactions are captured by fintechs, with the share of fintechs increasing ~2.3X in FY22 from FY19
• ~50% of active broking accounts on NSE are held by fintechs - again, the share of fintechs has grown ~4x from FY19 to FY22
• Share of insurtechs, specifically in sectors such as motor insurance, have grown ~5x since FY19 to FY22 & fintechs are capturing ~5% of the share of gross written premium underwritten. This share is expected to increase significantly over the next decade
• Amidst the perfect storm of disruption in India’s Financial Services landscape, Fintechs have emerged to play a significant role:
• They have captured material share in key categories (e.g. payment gateways, small ticket personal loans, BNPL lending) and rapidly growing share in others (card issuing, wealth & insurance distribution) and, as a result, already drive 3-5% of India’s financial services revenue pools
• From a qualitative standpoint, fintechs have created value across 4Es -
• Expanded access, introducing millions of consumers to digital FS
• Set the bar on Experience - giving customers a world-class experience
• Defined the Efficiency paradigm - improved turnaround times for opening accounts, credit decisions, improved operating costs with the use of tech
• More broadly, Enabled the modernization of India’s financial services - by developing new & improved tech stacks.
• Multiple tailwinds have underpinned fintech growth.
• Fast-growing digital population: 200M+ users digitally transact via smartphones
• Rapid digital banking penetration: From 2018 to 2021, digital banking penetration has grown 3X in India. 
• World-class public infrastructure: The emergence of infrastructure such as Aadhar, Digilocker, UPI, GST, Account Aggregator, and large open networks such as ONDC and Agri stack are enabling fintechs
• 99% of the population has digital IDs via Aadhar
• 300M monthly eKYC transactions
• UPI has grown to >8B transactions per month
• 100M+ bills are paid via BBPS monthly
• 2M account aggregator consent requests processed per month
• Enabling regulatory environment: Increased engagement between fintechs & regulators
• Across categories, Fintech's role will be nuanced – varying between that of a shaper, attacker and catalyst
• Shaper: Set the paradigm & lead in market share - in sectors such as consumer payments, B2B SaaS point solutions, digital brokerage
• Attacker: Challenge incumbent market share - in sectors such as credit cards, motor insurance, core B2B SaaS platforms
• Catalyst: Creating and expanding new FS categories - in sectors such as business insurance, cross-border payments

About Elevation Capital

Elevation Capital is a leading venture capital firm that provides seed and early-stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002, deploying almost $2 billion of capital in over 150 companies. The firm announced its eighth pool of capital of $670 million in April 2022. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with Partners Mridul Arora and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, Consumer Brands, Edtech, Healthtech and Web3/Crypto and has offices in Bengaluru, Gurgaon and Salt Lake City.

Jio Financial Services and BlackRock Form JV to Enter India’s Asset Management Space with Digital-First Approach

• Jio BlackRock combines Jio Financial Services’ knowledge and resources and BlackRock’s scale and investment expertise to deliver affordable, innovative investment solutions to millions of investors in India.
• Partnership aims to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.

Jio Financial Services Limited (JFS) and BlackRock [NYSE: BLK] today announced an agreement to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities. Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.

Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.

We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”

Speaking on this transaction, Mr Hitesh Sethia, President and CEO, JFS, said: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products.

Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”

The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About BlackRock India

BlackRock India is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions.

About Jio Financial Services Limited

Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly.

5 Major Cities in Uttar Pradesh To Be Developed As AI Hubs

The Yogi Adityanath-led Uttar Pradesh (UP) government has recently released its plan to develop major cities as Artificial Intelligence (AI) and Information Technology (IT) hubs, reported Business Standard. 

The cities in the state lined up for the AI- and IT-based makeover include Lucknow, Kanpur, Gautam Buddha Nagar (Noida), Varanasi, and Prayagraj (Allahabad).

Recently, the state authorities and police department curb a cheating racket in a government job recruitment exam wherein the state police's Special Task Force had used Bluetooth and Artificial Intelligence to crackdown on the scam and caught the culprits.

Moving back to AI makeover of the cities in the state , a 40-acre land near the Lucknow airport and situated at the Lucknow-Kanpur highway has been identified to lead the AI City landscaping. The Lucknow AI hub project will provide an entire value chain to investors and companies comprising AI-based startups, data centre, data analytics, AI-based training, and data forensics, etc.

Furthermore, the state government has partnered leading entities, such as IIT-Kanpur, IIM Lucknow, and APJ Abdul Kalam Technical University, for a number of knowledge-based initiatives and projects.

The proposed AI and IT sector development in these five cities is aimed at catalysing the journey of UP to become a trillion-dollar economy.

Besides, in a first for India, Uttar Pradesh has also collaborated with AI startup Satqu to deploy its AI-enabled video analytics platform 'Jarvis' in 70 prisons to monitor inmates' body movement and body language.

Gurgaon-based Staqu accessed ~1 million historic violence videos from UP Police on positioning of CCTV cameras to study data which further used build machine learning algorithm within Jarvis, a ready to use platform from Staqu.

The state has also prepared a common beneficiary database of the people eligible for different schemes. This AI-based database will help the Government to target citizens with all the schemes they are suited for and avoid duplication of efforts in the way of approaching separately for different schemes.