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Leanworx secures seed funding led by YourNest Venture

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Leanworx secures seed funding led by YourNest Venture

Leanworx, a Bengaluru-based startup focused on empowering manufacturing plants with real-time data, has raised ₹8.3 crore (approximately $1 million) in its seed funding round. YourNest Venture Capital led the round by contributing ₹6.5 crore, with an angel investment group adding ₹1.5 crore.

This funding is part of the YourNest-SanchiConnect Velocity Program 2024, an accelerator initiative designed to support high-potential startups like Leanworx by providing strategic funding, mentorship, and market access.

Leanworx stated in its press release that it will use the funds to scale marketing and lead-generation efforts in India and Southeast Asia and to advance product development, including hardware and software certification.

Founded in 2017 by D. Srihari, Bhagavan S. K., and Dasarathi G. V., Leanworx offers an advanced AI-driven machine monitoring system that provides decision-makers with real-time, actionable insights from shop-floor machines. The company’s Industry 4.0 cloud-based SaaS products and IoT devices ensure data reaches managers in just one minute, compared to the 24-hour delay caused by traditional paper-based data systems.

The Indian Industry 4.0 shop-floor monitoring market comprises over 3 lakh machines in metalworking and 9 lakh machines in FMCG manufacturing, with the global market being 60 times larger. Leanworx’s plug-and-play, IoT-enabled system addresses the low machine utilization rates—typically between 30% and 50%—caused by delays and inaccuracies in manual data collection. Leanworx helps manufacturers optimize machine capacity and improve operational efficiency by delivering precise, real-time data.

With this funding, Leanworx is well-positioned to expand its footprint in the growing Industry 4.0 market, enabling manufacturers in India and beyond to embrace smarter, faster, and more efficient shop-floor management.

Groww, Zerodha parents, others to invest Rs 238-Cr in Metropolitan Stock Exchange 

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Groww, Zerodha parents, others to invest Rs 238-Cr in Metropolitan Stock Exchange 

Billionbrains Garage Ventures, the parent company of Groww, along with Zerodha’s Rainmatter Investments, Securocorp Securities India, and Share India Securities, will collectively invest ₹238 crore in the Metropolitan Stock Exchange (MSE). During a board meeting on Tuesday, the exchange approved the issuance of 119 crore shares to these investors at ₹2 per share, marking a renewed effort to revive the struggling market intermediary.

Share India Securities, a publicly listed company, announced plans to invest ₹59.5 crore in the Metropolitan Stock Exchange (MSE) by purchasing 29.75 lakh shares, representing 4.96% of the exchange’s post-issue paid-up share capital. The company disclosed to the exchange that it expects to finalize the investment within 60 working days.

“We see this milestone as a pivotal step toward expanding our product offerings, addressing the needs of domestic and international institutional investors, especially given new regulatory measures,” said Sachin Gupta – CEO & whole-time director of Share India Securities. “The anticipated trading volumes from these new products are expected to enhance revenue visibility and align with the market’s growing emphasis on long-term strategies.”

The specific investment amounts by Billionbrains, Rainmatter, and Securocorp in the Metropolitan Stock Exchange (MSE) remain unclear.

Notable shareholders of MSE include Radhakishan Damani, the founder of Dmart, and Enam co-founder Nemish Shah, along with major banks such as SBI, Bank of Baroda, Punjab National Bank, HDFC Bank, and Union Bank of India.

The exchange, established initially as MCX-SX by Jignesh Shah in 2008, quickly became a competitor to the NSE and BSE. However, Shah lost ownership of the exchange following the NSEL scam. In May 2013, it began trading derivatives of its flagship equity index, SX40, which consists of 40 large-cap stocks based on free float.

As of March 31, the exchange reported a consolidated loss of ₹48.74 crore, up from ₹18.67 crore the previous year. Its revenue from operations dropped by 25.14%.

Delhivery aims for expansion in smaller towns amid E-Commerce surge

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Delhivery aims for expansion in smaller towns amid E-Commerce surge

Gurgaon-based logistics company Delhivery has intensified its efforts to connect with small and medium businesses (SMBs) in smaller towns, recognizing a rising opportunity as local enterprises aim to reach customers outside their regions.

“There has been an increasing penetration of consumption as well as supply, with brands emerging from both tier 2 and 3 cities,” Mohammed Ali, head of SME business at Delhivery, said. He added, “More people want to explore direct brand platforms instead of relying solely on horizontal marketplaces.”

Delhivery, primarily owned by foreign institutional investors (FIIs), leverages its proprietary technology to streamline logistics operations. Over one-third of its SMB business originates from smaller cities. According to Ali, cities like Vadodara, Raipur, and Thiruvananthapuram have experienced a 40% surge in e-commerce orders in 2024 within the direct-to-consumer (D2C) segment. Key categories driving this growth include groceries (39%), fashion (27%), and beauty and care (13%), as reflected in shipment data.

Cities were once content-selling raw materials and are now shifting to add value to realize better margins. “For instance, cities like Surat and Jaipur, which focused on raw material production, are now moving into manufacturing and design, while places like Varanasi are excelling in carpets and Tirupur in T-shirts,” Ali said.

Talent, though, remains a challenge in smaller cities. “Functions like digital marketing, supply chain optimization, packaging, and product design require specialized skills, often groomed in metros by larger companies,” Ali added. “Entrepreneurs are now figuring out how to train local talent or attract experienced professionals back to their hometowns.”

A joint report by market intelligence firm 1Lattice and VC firm Sorin Investments predicts that the D2C market will expand at a compound annual growth rate (CAGR) of 38%.

Delhivery is prioritizing faster logistics through the use of dark stores. Developed using shipment data, its AI-powered RTO (return to origin) predictor has decreased return risks by 25%. This tool enhances cash-on-delivery (CoD) operations by analyzing customer behavior, industry patterns, and product categories.

“The AI model can tell merchants whether the shipment has a 20% or 80% chance of return. This tech was traditionally available only to large businesses, but we’ve made it accessible to small brands, helping them reduce RTO rates significantly and bring down impact on their profit margins,” Ali said.

IHCL unveils Taj Puri Resort & Spa, Landmark Destination in Puri

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IHCL unveils Taj Puri Resort & Spa, Landmark Destination in Puri

The Indian Hotels Company (IHCL), India’s leading hospitality brand, has launched Taj Puri Resort & Spa, a luxurious beachfront property in Odisha. Located along the Bay of Bengal, this marks IHCL’s entry into one of India’s most iconic coastal destinations.

Speaking on occasion, Mr Puneet Chhatwal, Managing Director & CEO of IHCL, said, “By introducing iconic locations like Puri to the global luxury stage, we honour India’s rich heritage while pioneering new markets. Going beyond our multi-brand presence in the state’s capital, IHCL is extending its footprint to its prominent cultural and leisure destination.”

He added, “Offering a spiritual circuit on the east coast of India, from Chennai, Tirupati, Bhubaneshwar to now Puri, this new opening will unlock the tourism potential of the region.”

Just a short stroll from Puri Beach, the 90-key Taj Puri Resort & Spa boasts breathtaking views of the ocean and tranquil, landscaped gardens. Drawing inspiration from the region’s Kalinga architecture, the interiors feature traditional Khondalite and laterite stonework, enriched by intricate Pattachitra art, Ikat textiles, and terracotta accents, creating an atmosphere of timeless sophistication.

Guests can indulge in a culinary journey at Vista, the all-day dining restaurant; Jaatra, a specialty venue blending Odia and Indonesian flavors with Southeast Asian cuisine; and Jaatra Bar, offering classic and innovative cocktails paired with spectacular views of the Bay. The resort provides a 14,000 sq. ft. lawn for events and celebrations, perfect for weddings and large gatherings, alongside well-appointed indoor banquet spaces. Visitors can unwind at the J Wellness Circle, which offers traditional wellness therapies or stay active at modern fitness.

Mr. Ankit Tandon, General Manager of Taj Puri Resort & Spa, Odisha, said, “We are delighted to welcome guests to Taj Puri Resort & Spa and invite them to experience the warmth of Odia hospitality. Our team is committed to providing exceptional service and creating unforgettable memories for every guest.”

Puri, renowned for the iconic Jagannath Temple, is among the four sacred Char Dhams, drawing millions of pilgrims annually. In addition to its spiritual allure, the city captivates visitors with its golden beaches, vibrant festivals like the Rath Yatra, and traditional arts such as Pattachitra.

With the opening of this new property, IHCL now boasts a portfolio of six hotels in Odisha, including one currently under development.

The Indian Hotels Company Limited (IHCL) and its subsidiaries encompass brands and businesses that blend warm Indian hospitality with world-class service. These include Taj, the iconic brand catering to the most discerning travelers and recognized as the World’s Strongest Hotel Brand 2024 and India’s Strongest Brand 2024 by Brand Finance; SeleQtions, a curated collection of unique hotels; Tree of Life, offering serene private escapes; Vivanta, catering to the upscale segment with sophistication; Gateway, full-service hotels designed to connect guests with exceptional destinations; and Ginger, redefining the lean luxe category.

Founded by Jamsetji Tata, the visionary behind the Tata Group, IHCL launched its first property, The Taj Mahal Palace, in Bombay in 1903. Today, IHCL boasts a portfolio of 350 hotels, including 118 under development, spanning four continents, 13 countries, and over 150 locations worldwide. IHCL, India’s largest hospitality company by market capitalization, lists its shares on the BSE and NSE.

Israeli data analytics firm acquires Aporia in $50M deal

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Israeli data analytics firm acquires Aporia in $50M deal

Israel-based data analytics company Coralogix has acquired Aporia, a machine learning observability platform, in a deal valued at $50 million.

The acquisition involves a mix of cash and equity.

Coralogix plans to launch a new AI research and development hub, Coralogix AI, dedicated to enhancing the monitoring and security of AI systems.

Coralogix will relocate Aporia’s entire team to its offices and incorporate its technology into its platform.

Having raised $238 million, Coralogix plans to invest in AI research to tackle issues of transparency, control, and fairness in artificial intelligence.

“This acquisition is a significant step for us. With the technology and expertise of Aporia, hundreds of AI teams already using Coralogix will be able to enjoy transparency, protection, and high-quality control over their AI systems,” said Assaraf. Perin, CEO of Coralogix, added, “Israel has a wealth of talent in the AI field that can be leveraged, just as the Israeli cyber talent has placed Israel on the global technology map. We are pleased to establish a new research center that will attract unique talents in the field to work in an advanced and data-rich environment.”

Liran Hason, Aporia’s CEO and founder, noted, “Since the company’s establishment, we have made it our mission to ensure the safe and reliable use of AI systems. The connection to Coralogix allows us to accelerate and expand our operations and bring transparency to AI systems worldwide.”

Founded in 2015, Coralogix has built a leading observability platform trusted by thousands of companies globally. To date, the company has secured $238 million in funding, including a $142 million Series D round in 2022 that valued the company at $900 million. Co-founded by CEO Ariel Assaraf and CTO Yoni Farin, Coralogix offers a data analytics platform that enables software development teams to monitor and analyze system-generated data efficiently.

CoRover.ai partners with Persistent to launch GenAI-powered conversational solutions

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CoRover.ai partners with Persistent to launch GenAI-powered conversational solutions

Persistent Systems has joined CoRover.ai to drive innovation and create value in the fast-evolving sector of multilingual conversational platforms powered by Generative AI (GenAI).

This partnership leverages CoRover’s expertise in sovereign AI alongside Persistent’s Proficiency in Digital Engineering and its AI-focused, platform-driven approach. According to the announcement, they aim to meet emerging market needs, enhance customer experiences, and unlock new business revenue opportunities.

Ankush Sabharwal, Founder & CEO of CoRover.ai, expressed enthusiasm for the collaboration, “The combination of CoRover.ai’s AI products and platforms with Persistent’s Global services expertise will redefine enterprise AI solutions. Together, we aim to empower businesses with cutting-edge AI-driven efficiency, innovation, and growth, transforming customer engagement and operational workflows.”

Vijay Verma, Chief Revenue Officer – Service Lines at Persistent, highlighted the alignment of the partnership with Persistent’s AI-led strategy: “We are delighted to join forces with CoRover.ai as their global business and implementation partner. CoRover.ai’s AI-powered multilingual conversational platform addresses key market needs and accelerates go-to-market initiatives. By integrating their advanced capabilities with Persistent’s expertise in digital transformation, enterprises can revolutionize customer engagement, streamline operations, and foster innovation. This partnership aligns seamlessly with our Re(AI)magining™ the world vision, driving impactful outcomes for businesses worldwide.”

The strategic collaboration also focuses on achieving economies of scale, strengthening operational resilience, and accelerating market readiness, all while remaining at the forefront of AI innovation.

With its leadership in Conversational GenAI, CoRover.ai delivers human-centric, multilingual, multi-modal, and multi-channel virtual assistants and AI agents. This partnership is poised to set a new standard in conversational AI, reshaping how businesses engage with their customers.

Syngenta signs US$4.5 Billion ESG loan, Asia’s biggest this year

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Syngenta signs US$4.5 Billion ESG loan, Asia’s biggest this year

Agrochemical giant Syngenta Group Co has secured a $4.5 billion sustainability-linked loan, as announced in a company statement on December 23. This deal marks the largest dollar-denominated ESG facility in Asia this year.

Initially targeted at $3 billion, the loan was increased due to strong demand, with over 40 banks participating, including branches from mainland China and Singapore, according to sources familiar with the matter who spoke anonymously.

The funding will enable the Sinochem-owned company to optimize its debt structure and extend its maturity profile by replacing short-term borrowing with long-term financing.

The financing equals the record set by Syngenta in 2022, when it secured its first $4.5 billion loan tied to environmental, social, and governance (ESG) criteria. This record highlights the growing appeal of such instruments as regional companies intensify their decarbonization efforts.

Data compiled by Bloomberg indicates that borrowers across the Asia-Pacific region, excluding Japan, have raised the equivalent of $57 billion in ESG-linked loans this year, reflecting a 19% increase compared to the same period in 2023.

Bank of China Hong Kong and Credit Agricole SA acted as sustainability structuring coordinators for Syngenta’s latest deal, which includes three- and five-year terms. Sources stated Syngenta will use the funds for refinancing and general corporate purposes.

The company spokesman said Syngenta has no near-term plans to re-list, as it is “in a comfortable liquidity position in the short-to-medium term.” He added that the group has secured funding by issuing perpetual debt in the 2023 financial year.

Indian Startup OrbitAID’s Patented Technology Passes Zero Gravity Test in Florida

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Indian Startup OrbitAID’s Patented Technology Passes Zero Gravity Test in Florida

OrbitAID Aerospace, an Indian space startup focused on satellite refueling in space, has successfully tested its patented Standard Interface for Docking and Refueling (SIDRP) during a zero gravity flight in Florida.

This milestone validates SIDRP’s potential for on-orbit satellite servicing under simulated space conditions, including docking, refueling, and proximity operations.

The test took place aboard a Zero-G flight, with OrbitAID’s founder and CEO, Sakthikumar R, and co-founder and COO, Nikhil Balasubramanian, overseeing the operations. The successful demonstration showcases SIDRP’s precision and reliability in microgravity, marking a significant advancement in satellite servicing technology.

A zero-gravity (zero-g) flight is a unique airplane experience that mimics the sensation of floating in space while still on Earth. The aircraft follows a “parabola” flight pattern, ascending and diving in a curve. During the descent, both the plane and everything inside it fall at the same speed, creating a brief period of weightlessness, similar to the experience of astronauts. NASA has used this technique for over 50 years to simulate space conditions for experiments.

“This is a landmark achievement for OrbitAID and a proud moment for the team. The successful test of SIDRP in microgravity conditions brings us closer to our vision of sustainable satellite operations through on-orbit servicing. This test showcases SIDRP’s precision and robustness in simulated space conditions and validates our commitment to advancing space sustainability. The hands-on experience during the zero-gravity flight has been invaluable, offering insights that will guide us as we prepare for the next phase: demonstrating docking and refueling in orbit,” said Sakthikumar.

“This test not only proves the reliability of SIDRP but also underscores its potential to transform satellite operations. Extending satellite lifespans and reducing space debris are vital steps toward achieving sustainable space exploration. The successful test of SIDRP in microgravity conditions brings us closer to our vision of sustainable satellite operations through on-orbit servicing. We are thrilled to see SIDRP’s potential validated under microgravity conditions and look forward to continuing our work to redefine space sustainability,” said Balasubramanian.

OrbitAID’s SIDRP technology offers a standardized interface for docking and refueling, enabling cost-effective and sustainable satellite operations. This achievement solidifies OrbitAID’s standing as a global leader in space innovation, with the next milestone being the demonstration of docking and refueling in orbit, scheduled for early next year.

Sarovar Hotels & Ishaan Group unveil Ishaan Sarovar Portico in Deoghar

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Sarovar Hotels & Ishaan Group unveil Ishaan Sarovar Portico in Deoghar

Sarovar Hotels and Ishaan Group have unveiled the opening of Ishaan Sarovar Portico in Deoghar, a welcoming destination for pilgrims, leisure travelers, and business guests.

Located strategically in the holy city of Deoghar, the hotel combines contemporary hospitality with the tranquil and spiritual atmosphere of the area, providing a unique experience for all visitors. According to Sarovar Hotels, this new addition to the Sarovar portfolio sets a high standard for luxury hospitality in the region, featuring modern amenities, outstanding service, and a memorable stay for business and leisure travelers.

Ajay K. Bakaya, chairman of Sarovar Hotels and director of Louvre Hotels India, expressed his excitement about the launch: “We are delighted to open Ishaan Sarovar Portico in Deoghar, a city that holds immense spiritual and cultural significance. This hotel reflects our vision of creating unique experiences that blend modern hospitality with the cultural essence of each destination. As part of our strategic expansion in Eastern India, this property not only caters to the growing demand for high-quality accommodations in the region but also reinforces our commitment to delivering exceptional service and memorable stays to our guests.”

Rajesh Ranjan, sr. V.P-development, Sarovar Hotels, shared, “We are excited to introduce the Sarovar experience to Deoghar, a city that attracts thousands of visitors each year. Ishaan Sarovar Portico is designed to meet the growing demand for world-class accommodation, blending modern luxury with the city’s rich cultural heritage. Our goal is to provide an unforgettable experience, paired with unparalleled service and hospitality.”

Adding to the sentiments, Chandan Srivastava, managing director of Ishaan Group, said: “The launch of Ishaan Sarovar Portico is a proud moment for us as it marks a significant milestone in our journey to enhance the hospitality landscape of Deoghar. With its thoughtful design, comprehensive amenities, and strategic location, this hotel offers a perfect balance of comfort and convenience for travelers visiting this sacred city. We are confident that this partnership with Sarovar Hotels will create a benchmark for hospitality excellence in the region and attract both domestic and international visitors.”

Speaking on the occasion of the hotel’s opening, Rajan Srivastava, director of Ishaan Group, said, “It is a moment of immense pride for us as it represents a significant milestone in our commitment to enhancing the hospitality landscape of Deoghar. With its meticulous design, state-of-the-art amenities, and strategically prime location, the hotel offers the perfect blend of comfort and convenience for travelers to this revered city. We are confident that this collaboration with Sarovar Hotels will set a new benchmark for excellence in hospitality, attracting both domestic and international visitors while elevating the experience for all those who stay with us”.

Ishaan Sarovar Portico features 52 elegantly designed rooms and suites, including deluxe premium and executive suites, setting a new benchmark for comfort and sophistication in Deoghar.

The hotel offers a variety of dining and leisure options, such as Punita, an all-day multi-cuisine restaurant that serves expertly prepared Indian, international, and local dishes. Guests can also enjoy Fursat, a stylish lounge bar offering handcrafted cocktails and premium spirits in a lively atmosphere. For relaxation, guests can visit Sukoon, the in-house spa providing signature treatments and therapeutic massages, or Kasrat, a fully equipped fitness center.

The hotel offers three flexible banqueting and conferencing spaces that can accommodate up to 450 guests, making it ideal for weddings, social events, and corporate functions in Deoghar.

Zomato becomes first startup to join Sensex, replacing JSW Steel

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Zomato becomes first startup to join Sensex, replacing JSW Steel

Food delivery giant Zomato Ltd has made history as the first startup to join the Bombay Stock Exchange’s (BSE) Sensex, replacing major steel company JSW Steel Ltd in the benchmark index of India’s top 30 companies. Effective December 23, 2024, this significant inclusion is projected to bring inflows of ₹4,362.35 crore into Zomato while triggering outflows of ₹2,142.91 crore from JSW Steel, as per estimates by brokerage firm Nuvama.

Zomato’s shares have soared, gaining nearly 43% in the past six months and 126% over the past year, driven by improved unit economics in its quick-commerce segment, reinforcing investor confidence. The company reported an impressive 69% year-on-year growth in consolidated revenue, reaching ₹4,799 crore in Q2 FY2024-25, alongside a fivefold increase in net profit to ₹176 crore.

JSW Steel, in comparison, had gained just about 9% over the year.

“Over the past 18 months, as Zomato started to demonstrate its ability to gradually improve unit economics and move towards breakeven and beyond (especially in the qcom segment), the stock rallied by almost 150%,” the report quoted brokerage firm UBS as having said in its latest report.

Brokerage firm Nuvama anticipates significant fund flows as institutional investors rebalance their portfolios to match the revised index composition. Investors plan to inject $513 million into Zomato, demonstrating heightened interest in the tech-driven company. Meanwhile, they intend to withdraw $252 million from JSW Steel as it exits the index.

The food delivery giant’s market cap of ₹2.72 lakh crore surpassed JSW Steel’s ₹2.24 lakh crore.

This milestone underscores Zomato’s remarkable growth and reflects the increasing influence of tech-driven companies within India’s corporate landscape, marking a shift in the country’s economic dynamics.

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