Nikunj Panchal

𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐕𝐞𝐧𝐭𝐮𝐫𝐞 𝐒𝐭𝐮𝐝𝐢𝐨 𝐉𝐨𝐢𝐧𝐬 𝐂𝐎𝐒𝐈𝐃𝐈𝐂𝐈: 𝐀 𝐍𝐞𝐰 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡 We are thrilled to announce that Innovations Venture Studio has officially become a Member of the Council of State Industrial Development & Investment Corporations of India (COSIDICI) which is the national federation of State Level Financial Institutions (SLFIs) comprising of State Financial Corporations (SFCs), State Industrial & Infrastructure Development Corporations (SIIDCs) and State Industrial Development Investment Corporations (SIICs), engaged in promotion, development and financing of industry mainly in the small and medium sector. This Council, through its Member Corporations is dedicated towards servicing the building blocks of the economy viz. the MSME sector. They are positioning SLFIs in the world stage for them to face the latest trends in IR 4.0, Cyber security, ESG Compliance etc. The SLFIs are providing effective financial assistance to the MSME units owing to their expertise, local knowledge and quick response thus contributing to the economy of the States. COSIDICI is headed by the Director General, Shri Hans Raj Verma and Ms. Laya Madduri, IAS, Secretary to the Government of Assam, Deptt. of Finance and Managing Director of Assam Financial Corporation, Guwahati as President of COSIDICI. Shri Hans Raj Verma has over 38 years of experience in the Civil Service and given a strategic vision for TIIC, Chennai which is India's 2nd oldest DFI, which was established in 1949. This vision of TIIC 2.0 encompassed the emerging tech platforms and pro-active engagement with all the stakeholders. This strategic alliance marks a significant milestone for Innovations Venture Studio as we continue to expand our reach and impact within the Indian entrepreneurial ecosystem.  This platform can be utilized by Innovations Venture Studio for a PAN India presence through which Innovations Venture Studio can get access to the best practices of other States and State Development Institutions of the respective States and directly benefit the MSMEs Sector. COSIDICI's extensive network and resources will provide us with valuable opportunities to connect with SLFIs,  SMEs, industry leaders, and government agencies. We look forward to sharing our vision and exploring potential collaborations with the COSIDICI members. By joining COSIDICI, Innovations Venture Studio aims to: ·  Strengthen our network: Connect with various SLFIs, SMEs and industry experts. · Access valuable resources: Leverage COSIDICI's resources and support to drive growth. · Contribute to the entrepreneurial ecosystem: Collaborate with other members to foster innovation and development. We are excited about the possibilities that this strategic alliance holds and are committed to positively impacting the Indian entrepreneurial landscape and strengthening the MSME Sector. #innovation #partnership #entrepreneurship #SME #MSME #startup #India

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Union Budget 2024-25: Boosting India's Space Ambitions The announcement of a ₹1000 crore VC fund in the Union Budget 2024-25 for the space sector is a groundbreaking development. This fund will support innovative startups and companies, helping them scale their technologies and contribute to India's space ambitions. It highlights the government's commitment to expanding the space economy five-fold in the next decade. At EON Space Labs, we are excited about the opportunities this fund will create to advance space technology and drive economic growth. This is a significant step forward for India in the global space industry. Sanjay Kumar, Manoj Kumar, Punit Badeka #UnionBudget2024 #SpaceTech #VentureCapital #Innovation #Startups #SpaceEconomy #MakeInIndia #EONSpaceLabs #IndiaInSpace #TechFunding #SpaceIndustry #EconomicGrowth #SpaceSector #GovernmentInitiative

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Today's M&A, incubator, accelerator and startup news in the #sustainability market. Updates for September 9, 2024 include: 1. Mercedes ClimateTech Incubator: Mercedes-Benz Research and Development India (#MBRDI) is touting a #ClimateTech Incubator in Hyderabad, India. The MBRDI incubator will "provide critical support to 25 social enterprises dedicated to sustainable mobility and environmental solutions," In collaboration with T-Hub, a prominent Indian #startup #incubator, MBRDI will offer #seedfunding, mentorship, and access to advanced technical expertise, the company said. Additionally, the program will engage over 500 students in a bootcamp designed to develop climate technology solutions, Mercedes noted. 2. Accelerator:  Techstars Sustainability Paris has announced its September 2024 class. Startup companies featured in the incubator include: - ADHERE GEAR Technology Corporation  (US) Sensor-based technology to monitor frozen and perishable food products - Aethos Labs (Canada) A platform to build a secure, efficient battery supply chain - Carbontribe Labs OÜ (Estonia) Computer Vision based carbon credit generation platform - ClimeRock (France) Enhanced rock weathering solution  - ConsciESG (Albania) The platform for active asset managers who invest in financially thriving sustainable companies - Dedalo AI (Italy) Carbon reduction software for IT emissions - Electromaim LLC (US) Micro hydro-generators, replacing pressure reducing valves (PRV) - #LambdaAI (Singapore) AI & satellite imagery-powered climate risk assessment platform - NDITIVE 3D (Canada) AI-powered digital twin-driven gas monitoring system - ParaStruct (Austria) Technology transforming manufacturing waste into fully circular construction components - TRASHBOARD (France) Recycling cardboard into a high tech composite panel - Wind-Fisher (France) A patented Magnus effect airborne wind energy system  3. M&A: Bentley Systems has acquired 3D geospatial company Cesium. The deal reinforces Bentley's #digitaltwins software strategy. Customers often use digital twin software as part of an overall sustainability strategy. Financial terms of the deal were not disclosed. #SchneiderElectric considered acquiring Bentley Systems in early 2024, but an M&A deal never acquired. 4. M&A - Environmental Services:  Nurture Group has acquired Hortech Limited, a #carbonneutral environmental business that serves customers across England, Wales and Scotland. Financial terms of the deal were not disclosed. This is Nurture Group's 49th acquisition. See the entire report here: https://lnkd.in/ek2iyzhh

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🛰 2023 was the best year for space tech startups in terms of funding. The sector, which garnered 235% more funding versus 2021, proved to be an outlier, even as overall funding for startups plunged amid macroeconomic uncertainties. 🌌 But only 5% of the $126 million funding raised went to funding in later rounds, with concerns hanging around a lack of funding in the later rounds. 🛰 The only three companies that raised funds over $50 million were: Skyroot Aerospace, Pixxel, and AgniKul Cosmos. ☄ Bhaskar Majumdar, Managing Partner at Unicorn India Ventures says late-stage funding is slow due to the high risk, substantial capital, longer timelines, and regulatory overhangs involved in building space technologies. 🚀 “Investors are often wary of the long wait before seeing returns on investment,” Majumdar said, adding that while the early-stage system is developing in India, it will take a couple of years for the later stage to develop. 🛰 Vishesh Rajaram, Managing Partner at Speciale Invest, which has invested in AgniKul Cosmos and GalaxEye, believes that most startups in the sector are early on in their life cycle and therefore raising early-stage funding. 📊 Data from Tracxn. Full story for DealStreetAsia: https://lnkd.in/gwFHUSx5 Digantara, Skyroot Aerospace, Bellatrix Aerospace, bluesky analytics Inflexor Ventures Java Capital, and BEENEXT #spacetech

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While the edtech space has been going through a long spell of the so-called ‘funding winter’, PhysicsWallah (PW) appears close to raising a new large round. Fresh funding will be led by new investors whereas existing investors including Westbridge and GSV Ventures will also participate, three sources aware of the discussion  “PhysicsWallah is set to raise $150 million from new and existing backers,” said one of the sources requesting anonymity. “The terms of the deal have been sealed and the transaction is likely to be public soon.” This will be the second financing round for the Alakh Pandey-led firm in the past two years. PhysicWallah raised $100 million in a Series A round led by Westbridge and GSV Ventures in June 2022.  “PhysicsWallah will be valued at around $2.8 billion in the new round,” said another source who also wished not to be named. This will be over a 2.5X jump in the company’s valuation as PhysicsWallah was valued at $1.1 billion in its Series A funding. Queries sent to PhysicsWallah and Westbridge didn’t elicit any immediate response. We will carry their comments in case they respond. According to the startup data intelligence platform TheKredible, WestBridge held a 2.4% stake in PhysicWallah while GSV owned 1.44% as of the Series A round. Its co-founders Alakh Pandey and Prayeek Maheshwari cumulatively command 86.54% of the company. PhysicsWallah started with online coaching for IIT/JEE but has now become a full-fledged education firm, offering offline coaching, schools, colleges, and upskilling programmes. According to sources, about 30% of its revenue comes from JEE and NEET coaching whereas offline coaching (via Vidyapeeth and Pathshala) contributes 35% of the collection.  While the company is yet to disclose FY24 numbers, PhysicsWallah’s revenue surged 3.3X to Rs 779 crore in FY23. At the same time, the firm’s profit declined more than 90% to Rs 8.87 crore in FY23. #physicswallah #alakhpanday #pratekmaheswari#indiadailynews #indiadaily #newsdaily #startup #startupro #dailyupdates #newsupdate #newsfeed #news #dailynewspaper #dailynews #startupindia #NewsUpdate #startupnewsindia 

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