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AI chipmaker Cerebras confidentially files for US IPO 

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Cerebras Systems, a maker of artificial intelligence chips, has secretly filed for an initial public offering (IPO) in the United States. The company aims to compete with Nvidia, a major player in the industry.

As Cerebras prepares to attract investors, it does so during a high excitement for AI. This enthusiasm benefits companies that provide essential infrastructure for training chatbots.

However, the firm may face scrutiny regarding Nvidia’s strong market position. Nvidia’s dominance has propelled it into the $1 trillion club and even briefly made it the world’s most valuable company, surpassing Microsoft.

The upcoming IPO will also test the market’s interest in AI-related stocks. Recently, concerns about excessive AI spending have led some investors to shift their focus from tech stocks to value stocks.

Cerebras has received support from prominent investors like the Abu Dhabi Growth Fund and Coatue Management.

Filing for an IPO confidentially allows companies to keep their financial details private for as long as possible.

Square Insurance raises $3mn in equity funding

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(L-R) Rakesh Kumar, founder and MD, and Sahil Arora, chief distribution officer, Square Insurance

Jaipur-based insurance broking startup Square Insurance has raised $3 million in equity funding. Early-stage investor BizDateUp and angel funding platform Negen Capital led the round. Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs, also invested.

The company will use the funds to upgrade its technology infrastructure. This upgrade aims to streamline operations and improve the customer experience, according to the company’s release on Thursday.

Square Insurance plans to develop micro-insurance products in partnership with top insurers. Additionally, it seeks to collaborate with fintech and e-commerce companies to extend insurance coverage to underserved markets.

“It will enable us to enhance our offerings and extend our reach into new markets, particularly in rural areas where insurance protection is crucial. We are committed to leveraging this investment to drive innovation and deliver meaningful solutions to our customers,” said Square Insurance’s founder, Rakesh Kumar.

The company aims to open 25-30 new offices in tier-II and tier-III cities in the current fiscal year. This expansion will help Square Insurance serve a more extensive customer base and enhance insurance product comparisons and post-policy services for channel partners and customers.

Spree Hospitality announces new resort in Jim Corbett, to open November 2024 

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Sagar Khurana, COO of Spree Hospitality

Spree Hospitality, a subsidiary of EaseMyTrip.com, announced it is adding a new property: Spree Resort in Chhoi, Jim Corbett. The resort will open by the end of November 2024 and promises a blend of luxury, comfort, and exceptional hospitality.

Located at the foothills of the Himalayas, Spree Resort offers easy access to essential facilities. The property combines luxury with extensive amenities and is just a few miles from Jim Corbett National Park, allowing guests to enjoy the park’s wildlife and tranquility.

The resort will feature 94 rooms, including exclusive cottages with large plunge pools for a lavish retreat. It is designed for various events, making it perfect for conferences, weddings, and social gatherings. Guests can dine at the multi-cuisine restaurant, Feast, which accommodates up to 150 people.

Additionally, the resort includes a pillar-less banquet hall of approximately 6,000 sq. ft., connected to a lush green lawn, ideal for events. There is a boardroom for up to 20 guests for smaller gatherings or meetings.

“We are excited to bring Spree Resort to Jim Corbett. This property is designed to offer a unique blend of luxury and nature, making it a perfect destination for leisure and business travellers, including social gatherings and corporate MICE requirements. We look forward to welcoming our guests to experience the exceptional hospitality that Spree is known for,” said Sagar Khurana, COO of Spree Hospitality.

Founded by Keshav Baljee in 2010, Spree Hospitality is India’s top boutique and mid-market hospitality operator. As a subsidiary of EaseMyTrip, Spree focuses on full-service, high-quality hotels in key Indian destinations. Its “Do More” tagline reflects its commitment to exceeding expectations and turning ordinary stays into memorable experiences. Spree now operates over 30 properties across India and has more on the way.

Chennai entrepreneurs launch private space tech accelerator Vaanam

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Entrepreneurs Hariharan Vedamurthy and Sameer Bharat Ram have launched Vaanam, India’s first private space tech accelerator, in Chennai. This initiative supports the growth of the local space startup ecosystem.

The Vaanam Space Tech Accelerator aims to transform the space technology startup landscape with the mentorship of Padma Bhushan Nambi Narayanan, a former ISRO scientist.

The advisory board features industrialist Ravi Mariwala and actor/director R Madhavan.

“There’s a wide gamut of use cases in the space tech sector in general, say from mining satellite data to mining asteroids, and there’s an ever-growing demand to bring these use cases to fruition. In India, in recent years, we’ve been seeing many startups sprouting up catering to these demands. Yet, there’s a whitespace in a solid commercialization framework to bring these great demands to market,” Vaanam Co-Founder Hariharan Vedamurthy stated.

The accelerator seeks to speed up space tech innovations and help startups achieve product-market fit. It provides commercial expertise and specialized tools as a springboard for early-stage businesses.

Dr. TRB Rajaa, Minister for Industries, Investment Promotion, and Commerce, Government of Tamil Nadu, officially launched the accelerator. Padma Bhushan Shri Nambi Narayanan also attended the event.

“Vaanam, as part of its outreach, will reach out to schools and colleges and create ‘Space Clubs’ to inculcate space thinking amongst students and young people. Workshops will be conducted as part of the club,” said Co-founder Sameer Bharat Ram.

The accelerator will focus on supporting space startups and entrepreneurs from Tamil Nadu, a region known for producing many space scientists in the past.

This development comes shortly after the Tamil Nadu government announced plans to build a Space Industrial and Propellant Park in Kulasekarapattinam, Thoothukudi district. The park will cover 2,000 acres and host the country’s second spaceport, costing Rs 950 crore.

The project will be completed in the next two years and will serve the growing small satellite sector. It will allow 100% foreign direct investment (FDI) in the space sector.

As the global small satellite market is expected to grow rapidly, the state government believes the Space Industrial and Propellant Park will attract manufacturing and research and development (R&D) firms related to space.

Narayanan urged educational institutions to collaborate with ISRO to train students from an early stage.

“Many startups are doing what ISRO is doing. We need space startups to think out of the box,” Narayanan said.

GalaxEye raises $6.5M in first round led by Mela Ventures, Speciale Invest 

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Suyash Singh, cofounder and chief executive, GalaxEye

Space technology startup GalaxEye has announced the first close of its fundraising round, raising $6.5 million. Mela Ventures and Speciale Invest led this round.

The funding also included participation from ideaForge and investments from Rainmatter, Navam Capital, Faad Capital, and Anicut Capital.

GalaxEye plans to use the funds to launch its first satellite, the ‘Drishti Mission’, and to further develop its multi-sensor payload technology.

“Majorly, the milestone is to put the satellite into orbit and also get a bunch of really experienced folks to build a satellite,” cofounder and chief executive Suyash Singh said.

The Bengaluru-based startup aims to launch the satellite, which is currently in development, around the middle of next year.

Founded in 2020, GalaxEye develops space technologies that monitor Earth and outer space. It also focuses on advancing space infrastructure for multi-planetary evolution.

“Anyone who needs infrastructure monitoring is one of our customers. But defence certainly is one of the largest customers that we’re going to look at in the future,” said Singh.  

The startup has partnered with companies like Ideaforge for drones and other industry players for satellite launches. This includes satellite platform systems, satellite assembly and testing, and launch segments.

“GalaxEye Space is entering the space backed by the success of 300+ flights with UAV SAR payload. We were looking for a strong partner at this stage to enable the smooth journey and can’t think of better partners,” he said.  

In 2023, India’s space technology sector secured $126 million in funding, up 7% from $118 million in 2022 and a 235% increase from $37.6 million in 2021. So far in 2024, the sector has raised $10.8 million, according to data intelligence platform Tracxn.

Commenting on the investment, Krishnakumar Natarajan, managing partner at Mela Ventures, said, “The MSI/SAR technology can help defence, maritime, insurance, and agriculture with real-time visibility and significantly reduce their response time. We look forward to being part of the journey and excited to see the ‘Drishti Mission’ satellite reach space.”

“We have been proud supporters of GalaxEye from the beginning and believe in their vision to transform space technology. With this new round of funding, we are excited to continue our partnership and witness the impactful advancements they will bring to the market,” said Vishesh Rajaram, managing partner at Speciale Invest. 

Chennai-based IT firm Prodapt appoints Manish Vyas as MD & CEO 

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Manish Vyas, MD & CEO, Prodapt

Prodapt, a provider of telecom and technology consulting, engineering, and transformation services, announced the appointment of Manish Vyas as its new MD and CEO.

The company said Vyas joined Prodapt earlier this year as an executive director. With over 23 years of experience at Tech Mahindra, he brings extensive knowledge in scaling businesses within the CMT industry, leading multiple global business lines.

“Manish steps into a strong Prodapt platform and a recognized leader in the CMT space. I have worked closely with Manish over the past few months and witnessed his strategic thinking, focus on talent development, and customer-centric mindset. I am sure Manish will drive our business to achieve scale and further propel Prodapt’s offerings and capabilities to becoming AI-first and AI-at-core,” Vedant Jhaver, founder and chairman of Prodapt, said in a statement.  

Jhaver thanked Harsha Kumar for his leadership and contributions over the past eight years. He also mentioned that Kumar will transition to an advisory role, continuing to support the Board at the company.

“Along with Prodapt’s brilliant leadership teams, we are committed to becoming the most customer-centric and innovative company powered by an AI-first approach. I also want to extend my appreciation to the Prodapt ecosystem partners as we continue our mission to build disruptive solutions for our esteemed customers,” Vyas said.

SaaS startup Nected raises $1.5M in seed funding

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Mukul Bhati (left) and Prabhat Gupta, cofounders, Nected

Software-as-a-service (SaaS) startup Nected has secured $1.5 million in seed funding, led by Binny Bansal’s venture fund, Three State Ventures. Other participants in the round included Endurance Capital, Relentless VC, Climber Capital, Lykke Capital, and Forward Slash Capital.

Additionally, over 15 founders and CXOs joined the round. Notable participants included Nitin Gupta from PayU, Pallav Pandey from Uolo and Knowlarity, Archit Gupta from Clear, Tonmoy Shingal from Mettl, Ravi Bhushan from BrightChamps, Akshay Saxena from Avanti Fellows, Puneet Kumar from Supr Daily (acquired by Swiggy), and Prashant Kumar from Unbxd.

The new funds will enhance Nected’s product usability, simplify integration with various technologies, and expand operations to meet increasing international demands, according to the company’s statement on Wednesday.

“Our platform fosters collaboration between technical and non-technical teams, enabling them to achieve their goals faster. This innovative approach breaks down barriers and allows businesses to unlock the full potential of their data and technology to drive impactful results,”said Prabhat Gupta, cofounder of Nected. 

Founded in 2022, Nected offers a low-code, no-code platform with pre-built tech components. This platform enables companies to build complex applications quickly. By providing ready-made components, Nected helps businesses avoid inefficiencies and delays associated with traditional software development.

Currently, over 20 customers across five countries use the platform, including online pharmacy Tata 1mg.

Despite a global developer pool of over 100 million, companies still face tech shortages and pressures to innovate quickly and cost-effectively, the company noted.

Three State Ventures, Bansal’s investment vehicle, is funded through his personal capital. Bansal’s significant investments include Curefoods, PhonePe, and Acko.

Innovative Strategies and Sustainable Growth: Vision of APL Apollo Unveiled by Rakesh Prasad

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Amala Sree Murali
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Mr. Rakesh Prasad, Head of Strategic Business Development & Marketing at APL Apollo Tubes Limited

At the recent 3rd Rail Modernisation Summit in New Delhi, organized by Traicon Events, Business Review Live had the privilege of interviewing Mr. Rakesh Prasad, Head of Strategic Business Development & Marketing at APL Apollo Tubes Limited. As one of the media partners for the event, Business Review Live gained exclusive access to Mr Prasad’s insights on the latest advancements in the rail sector. During our conversation, Mr. Prasad discussed APL Apollo’s recent innovations in structural steel tubes and pipes, the current trends in the steel tubing market, and the company’s dedication to sustainability. He also outlined their ambitious plans for future expansion and product development. This interview highlights APL Apollo’s strategic vision and commitment to driving industry progress.

1. What recent innovations has APL Apollo introduced in structural steel tubes and pipes?

APL Apollo has recently revolutionized the construction industry by replacing traditional methods. Instead of using conventional RCC structures for beams, we now utilize our advanced tubular structures. This shift marks a significant innovation in structural steel tubes and pipes.

2. What are the current trends in the steel tubing market, and how is APL Apollo responding to them?

The steel tubing market is growing, with structural steel representing about 9% globally. However, in India, it only accounts for 4%. This difference presents a significant opportunity for growth. APL Apollo is seizing this chance by focusing on expanding the use of tubular structures.

3. How does APL Apollo address sustainability in its manufacturing processes?

At APL Apollo, we are committed to sustainability. Since we focus on building construction, we ensure that our manufacturing processes do not involve deforestation. For example, our introduction of steel door frames has helped save approximately 300,000 trees annually.

4. What measures does APL Apollo take to ensure the quality of its products?

Our plants are among the most advanced in the world. With a customer base spanning 60 countries and involvement in major projects across India, our global presence speaks to our commitment to quality. Our rigorous quality management systems underpin this reputation.

5. What are APL Apollo’s plans for expansion and product development?

Currently, APL Apollo produces 4.5 million tons per year. We plan to increase this capacity to 10 million tons within 3 to 4 years. This ambitious goal reflects our commitment to growth and product development.

In conclusion, the discussion highlighted the company’s innovative approach to addressing industry challenges and seizing growth opportunities. With advancements in structural steel tubes and pipes, a strong commitment to sustainability, and ambitious expansion plans, the company is positioning itself as a key player in the sector. The insights shared emphasize a strategic vision that drives progress in the rail and construction industries and underscores a broader commitment to technological and environmental advancements. As the company continues to expand its global presence and push the boundaries of industry standards, it remains at the forefront of shaping the future of structural engineering.

Bengaluru office leasing up 15% in Q2 2024: Report

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Office space leasing in Bengaluru increased by 15% to 4.25 million square feet during April-June. This growth was primarily driven by the IT-ITeS sector, which accounted for 69% of the total demand in the city, according to workplace solutions firm Vestian.

In its Q2 2024 office market report, The Connect, Vestian noted that AI and robotics companies made up 21% of Bengaluru’s office space absorption in the second quarter.

The rapid advancement of artificial intelligence, combined with a supportive ecosystem, has dramatically boosted the demand for office space in the city.

Bengaluru leased 4.25 million square feet of office space from April to June this year, up from 3.70 million square feet in the same period last year. The IT-ITeS sector, including AI and robotics, represented 69% of the total leasing activity during this period.

Across seven major cities, total office space leasing reached 17.04 million square feet in April-June, up from 13.90 million square feet a year earlier.

“Despite global geopolitical challenges, India’s office markets reported robust real estate activities during Q2 2024. Real estate activities are anticipated to increase further due to strengthened demand from the IT-ITeS and BFSI sectors. Flex Spaces are also likely to play a pivotal role in the growth of office markets in India,” said Shrinivas Rao, CEO of Vestian.

In Chennai, office leasing dropped by 20% to 1.75 million square feet during April-June 2024, compared to 2.20 million square feet in the same period last year.

In Hyderabad, office demand surged by 48% to 3.4 million square feet, up from 2.30 million square feet.

Mumbai saw a significant 88% increase in office demand, reaching 3.39 million square feet, up from 1.8 million square feet.

Pune experienced a 60% rise in office leasing, totaling 2.88 million square feet, compared to 1.8 million square feet last year.

In Delhi-NCR, office demand fell by 43% to 1.14 million square feet, down from 2 million square feet.

Kolkata’s office leasing more than doubled to 0.23 million square feet during April-June this year, up from 0.1 million square feet in the previous year.

Vestian reported that office demand from January to June has surpassed 30 million square feet, marking an 18% increase compared to the first half of 2023.

“As the demand for grade-A office spaces is robust across the top seven cities of India, the year (2024) is expected to cross the 60-million-square-feet mark again after peaking in 2023,” the consultant said.

Vestian is a workplace solutions firm focused on the commercial, residential, industrial, retail, and hospitality sectors. Based in Chicago, it has offices in the US, India, China, the UK, Sri Lanka, and the Middle East.

ElectricPe raises $3mn in pre-Series A funding

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ElectricPe founders Avinash Sharma and Raghav Rohila

EV charging aggregator startup ElectricPe has secured $3 million in a pre-Series A funding round led by early-stage VC fund Green Frontier Capital.

Existing investors, including Blume Ventures, Micelio Fund, and NB Ventures, participated in this round.

Bengaluru-based ElectricPe will use the funds to strengthen its position in the industry and extend its services to new areas.

The startup’s app helps users locate, access, and pay for EV charging points of any type. Additionally, the startup operates stores offering various electric two-wheelers and provides EV financing, servicing, and subscription plans.

“Green Frontier Capital is committed to backing innovative companies that are shaping a sustainable future. ElectricPe’s comprehensive approach to addressing the challenges in EV adoption aligns perfectly with our investment thesis,” said Sandiip Bhammer, Managing Partner of Green Frontier Capital. 

Founded in 2021 by Avinash Sharma and Raghav Rohlia, ElectricPe raised $5 million in 2023 during a seed funding round with Green Frontier Capital and Blume Ventures.

“Our goal is to drive EV adoption by consolidating everything in one place—charging, EV buying, and servicing. We have always believed in stage-by-stage funding, and this $3-million investment marks the closure of our pre-Series A round at $8 million, which began last year with $5 million,” said Avinash Sharma, Co-founder and CEO of ElectricPe. 

“ElectricPe will continue to address the gaps in the sector and build ‘the defacto’ single platform to cater to all EV needs for our customers,” he added.

The company is collaborating with Google to enable users to check the availability and status of charging points in real-time via Google Maps and Google Search. This feature will soon be available in other regions as well.

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