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EV infrastructure startup Gravity launches fastest charger in New York 

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Gravity Mobility, a startup supported by Google in the electric vehicle (EV) infrastructure sector, has unveiled its high-speed charging solution in the United States, now accessible to the public. The move aims to draw in fleet customers.

For significant fleet operators, Gravity has made 24 of its 500-kilowatt (kW) chargers available in New York. These chargers boast a remarkable capability, providing 2,400 miles of range per hour or 200 miles in just five minutes.

Gravity Mobility has the production capacity to manufacture and deploy thousands of chargers annually. Additionally, the company is actively working on developing more sites, with the first one already operational in Midtown Manhattan.

“If you look at how many (Tesla) Superchargers are added per year, we can add that many or more to grow our network. There’s nothing blocking that,” Gravity’s CEO Moshe Cohen told Reuters. 

Tesla has entered into extensive agreements with major automakers, including Ford and General Motors, enabling cross-brand access to its extensive network of over 15,000 charging stations. While achieving such scale presents challenges, Tesla is making strides in collaboration.

Gravity intends to secure additional funding later this year to expand its network of high-speed chargers throughout the United States.

“We will do more fundraising, of course, our goal is to expand nationally immediately, and so we have quite a bit of interest,” CEO Cohen said. 

Gravity Mobility’s chargers, compact in size akin to a carry-on suitcase, distinguish themselves from the larger stands utilized by automakers and other electric vehicle (EV) charging networks.

Although most electric cars’ current charging speed limit stands at 350 kW, future models are anticipated to leverage faster chargers. In late 2023, ChargePoint introduced its Express Plus Power Link 2000, which is capable of simultaneously charging two vehicles at speeds up to 500 kW. Tesla’s Superchargers, by comparison, have a maximum limit of 250 kW.

IIM Sambalpur, Apna.co establish R&D partnership to boost startup ecosystem 

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Apna.co and the Indian Institute of Management (IIM), Sambalpur, have signed a memorandum of understanding (MoU) to promote innovation, research, and entrepreneurship through joint projects, as stated in a press release from the job and professional networking platform.

The MoU was signed at the 100 Cube Startup Conclave hosted by IIM Sambalpur.

Under this partnership, both entities will delve into various innovation and research domains, encompassing textiles, arts and culture, agriculture, healthcare, financial and digital inclusivity, tribal entrepreneurship, and sustainability.

This partnership will span multiple industries, including technological research and development, sustainable solutions, fast-moving consumer goods, logistics, and digital marketing, as mentioned in the statement.

Apna founder Nirmit Parikh said, “In today’s dynamic business landscape, collaboration is key to driving innovation and growth. Our partnership with IIM Sambalpur reflects our commitment to fostering entrepreneurship and driving positive change in the industry. Together, we look forward to creating transformative initiatives that benefit society at large.” 

Mahadeo Jaiswal, Director of IIM Sambalpur, expressed that this partnership will catalyze for fostering the entrepreneurial ecosystem, emphasizing the collaborative efforts towards ecosystem development. “Leveraging our collective strengths and resources, we will create a more robust and supportive environment for startups and entrepreneurs to thrive. This partnership marks a significant step towards fostering innovation and entrepreneurship, and we are excited about the transformative impact it will have on the industry,” he said. 

Over 60 pc consumers prefer shopping via apps, says report

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More than 60 percent of individuals favor using mobile apps for shopping due to the ease of navigation, user-friendly interfaces, and vernacular support, states a report by PwC India. Titled ‘How India shops online: Consumer preferences in the metropolises and tier 1-4 cities,’ the report notes that urban residents are attracted by perpetual discounts and the convenience of online shopping. In contrast, consumers from other regions in India are drawn to e-commerce due to factors such as limited product availability and stockouts in local offline stores.

In recent years, approximately 12.5 crore consumers in India have embraced online shopping, with a significant portion coming from tier-II, -III, and -IV cities.

PwC India mentioned that the report is derived from an online survey of 2,100 people, 100 qualitative interviews, and 400 in-person interviews conducted across India with leading experts and industry partners.

“The next phase of growth for e-commerce will be driven by the new digital savvy consumers of tier 2,3 and 4 cities in India. In contrast to urban dwellers, these individuals, constrained by limited access to physical stores and brand choices, consider online shopping a gateway to fulfil their aspirations,” Somick Goswami, Partner and Business Transformation Leader at PwC India, said.

The report also highlighted the significant role of social media platforms in driving product trials, with 62 percent of users experimenting with products after encountering them on platforms like Facebook and Instagram.

The report added that urban and non-urban consumers in India showcase distinct preferences in social media channels for product discovery and trials.

Additionally, it pointed out that while urban residents and consumers from other regions in India show comparable acceptance of UPI payments, cash on delivery remains the favoured option among the latter to mitigate fraud risks.

“India’s online consumption gravity is decisively percolating to markets beyond metros. This report creates an industry-first insight on what are some of the unmissable category wise nuggets a brand needs to imbibe to success in Rest of India,” Ravi Kapoor, Partner and Leader – Retail and Consumer Goods at PwC India, said.

Myntra secures $54mn fund infusion from parent Flipkart

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Myntra got a $54 million cash injection from parent company Flipkart amidst stiff competition from Reliance’s Ajio and Tata Cliq in the online fashion sector.

As per filings in Singapore, FK Myntra Holdings Pvt Ltd, Myntra’s parent company, received this funding in January, marking the second investment from Flipkart within a year. Flipkart had previously invested $105 million in Myntra in March 2023.

For the fiscal year ending March 31, 2023, Myntra witnessed a 25% increase in operating revenue compared to the previous year, amounting to Rs 4,375 crore. However, the net loss expanded to Rs 782 crore during this period.

In January, Myntra Designs Pvt Ltd, Myntra’s India unit, secured Rs 689 crore (approximately $83 million) from FK Myntra Holdings based in Singapore.

Myntra has been actively expanding its collection of international brands, primarily focusing on premium offerings, as it observes rapid growth in this segment. In contrast, the demand for online fashion in lower-price categories has experienced a recent slowdown.

With over 420 global brands in its portfolio, Myntra derives approximately 25% of its revenue from international brands, marking a significant increase from two years ago when it had 280 international labels.

In a shift in strategy, Myntra is now concentrating on specific private labels rather than maintaining a broad range of in-house brands introduced earlier in the apparel sector. Last July, the company underwent a restructuring initiative that led to the termination of 50 employees.

According to a research note by Bernstein in January, Myntra holds a 55% market share in the fashion e-commerce segment based on monthly active users (MAUs). Ajio, owned by Reliance, has been steadily acquiring users and maintains an approximately 33% market share, while Nykaa Fashion, operated by FSN E-commerce Ventures, holds around 6% in MAU terms.

“In December 2023, Myntra exhibited the highest growth rate amongst peers at 25%,” the report said. 

Nevertheless, the report highlighted a concerning trend in Myntra’s business, indicating that users on the app were not engaging in transactions as frequently as before. Myntra’s gross merchandise value (GMV) grew only 12% in FY23, a significant drop from the 35% growth observed in FY22, followed by Bernstein.

“The fashion market is extremely fragmented offline, and the online market is seeing similar trends with multiple players emerging to gain share,” it added.

Flipkart’s injection of funds into Myntra closely follows the horizontal marketplace’s substantial commitment from its US-based parent, Walmart, amounting to $600 million. This investment is part of a $1 billion funding round for Flipkart.

Leisure Hotels Group unveils Baikunth Resort in Kasauli, Himachal Pradesh 

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Leisure Hotels Group (LHG), known for its experiential resorts in North India and the largest in Uttarakhand, is adding a new dimension to Baikunth Resort. The resort is being reimagined with various immersive experiences, enriching the portfolio of boutique resorts strategically placed in sought-after destinations.

Nestled in the hill station of Kasauli, Himachal Pradesh, this charming resort provides an enchanting escape for discerning travelers. Baikunth Resort exudes colonial charm with its intricate architecture across five acres of lush pine trees. It offers 35 elegantly appointed rooms and cozy cottages, each providing stunning views of the Kasauli hills and valleys. Modern amenities enhance the luxurious retreat, complemented by delightful culinary experiences.

A team of skilled chefs has carefully curated a menu that harmoniously combines global flavors with the essence of regional and multi-cuisine offerings at their signature restaurant.

Vibhas Prasad, director, Leisure Hotels Group, expressed his delight with the launch, stating, “With the addition of Baikunth Resort in the charming town of Kasauli, we are thrilled to extend our heartfelt hospitality to our guests starting this March. We are committed to offering curated immersive experiences infused with the rich local culture. This opening marks a significant step towards our vision of expanding our presence in India’s beloved tourist destinations, as evidenced by our recent signings in Mcleodganj & Goa. This is a strategic move in our long-term goal of augmenting our Group’s landscape and foothold in leisure destinations across the country. The property is surrounded by lush greenery, offering breathtaking sunset views and clear vistas of the winter line.”

CredShields raises $1mn in funding from Draper Associates

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CredShields, a leading provider of blockchain security solutions, has received a strategic investment of $1 million from Draper Associates, signaling a significant advancement in Web3 security. This funding will accelerate CredShields’ mission to bolster digital security by developing SolidityScan, an innovative tool aimed at automating and simplifying smart contract audits.

With a total funding of $1.8 million so far, CredShields is actively addressing the growing demand for strong security measures in the dynamic Web3 environment. The investment reflects the industry’s acknowledgment of the pressing need to protect digital assets amidst rising threats and vulnerabilities.

Shashank, Founder and CEO of CredShields, expressed enthusiasm about the partnership: “This funding milestone is a testament to our vision for a secure Web3 environment. With Draper Associates’ support, we’re set to redefine smart contract security, establishing new standards of trust and safety across the blockchain community.”

The $1 million investment will be deployed to advance the capabilities of SolidityScan, reinforcing CredShields’ position as a pioneer in blockchain security innovation. In the expanding Web3 landscape, these strategic efforts by CredShields play a vital role in cultivating a secure, inclusive, and flourishing digital future.

Moglix plans to recruit 500 people in 18 months 

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Moglix, an Indian B2B commerce platform for industrial products, plans to recruit 500 professionals in the next 18 months. The hiring will span various business functions like Enterprise MRO, Credlix Supply Chain Financing, Supply Chain, Operations, Manufacturing, and Finance. 

This expansion aligns with the company’s robust growth in business and secure funding position, supporting its scaling efforts in manufacturing and infrastructure supply chain sectors, as mentioned in a statement.

At present, Moglix employs approximately 1600 individuals. In the ongoing financial year (2023-24), the company has welcomed around 400 new employees.

Rahul Garg, Founder and CEO, Moglix, said, “With a network of over 40 warehouses catering to 3000+ manufacturing plants in India and the Middle East, Moglix is positioned better than ever to accelerate the future of B2B commerce. Our continued focus areas are boosting technological innovation, building supply chain resilience, and attracting top-notch talent across the board to support millions of SMEs.”  

Sandeep Goel, Managing Director, Moglix, said, “To continue our high growth trajectory, we are expanding our teams with best-in-class talent across domains, especially professionals with hands-on experience in industrial and financing operations. This expansion provides us the right bandwidth to further penetrate our existing markets and venture into new geographies. With this hiring boost, we aim to add 500 new members to our fast-growing tribe by the end of 2024.”

Established in 2015 by Rahul Garg, an alumnus of IIT Kanpur and ISB, Moglix offers digital solutions and a supply chain network for maintenance, repair, operations (MRO), supplies, and indirect material procurement.

Chunda Group of Hotels launches Chunda Haveli in the heart of Udaipur

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The Chunda Group of Hotels is introducing Chunda Haveli, an exquisite retreat located in the lively heart of Udaipur’s old city, ensuring an unmatched experience of majestic luxury and enduring sophistication.

Originally built in 1984, this historic residence of the noble Mewar family has been meticulously converted into an opulent hotel, preserving Udaipur’s rich heritage and splendor while providing guests with a distinctive glimpse into the grandeur of the Mewari lineage.

What started as a modest seven-room hotel has transformed into an esteemed property boasting 27 rooms at Chunda Haveli, where the echoes of ancient days’ grandeur and magnificence resonate through each entrance.

Chunda Haveli’s allure is rooted in its architectural heritage — constructed with natural white marble meticulously shaped by skilled stone carvers. The magnificent hotel structure seamlessly blends the Rajput and Mewar styles, radiating an aura of historical importance and grandeur. Stepping into Chunda Haveli is like immersing oneself in a captivating narrative of ancestral nobility and extravagance, where each room, sculpture, nook, and cranny carries the charm and enigma of its illustrious past.

Nestled in the heart of Udaipur, the hotel provides convenient access to the city’s essence — the glimmering lakes, winding streets, vibrant bazaars, and adorned walls are just a short walk away, offering a delightful escape for sightseers and tourists. Whether exploring the majestic City Palace or enjoying a stroll along the shores of Lake Pichola, guests at Chunda Haveli can effortlessly reach the city’s most iconic landmarks from the comfort of the hotel.

Chunda Haveli provides various amenities and facilities, carefully curated to deliver the utmost comfort by seamlessly merging modern conveniences with timeless charm. The accommodations are meticulously designed to blend the contemporary and the classic.

For moments of relaxation, Chunda Haveli’s rooftop provides a glistening swimming pool and panoramic views that elevate the stay to new heights of indulgence. Dining becomes a memorable affair with enticing outdoor options, including a terrace restaurant that invites guests to embark on a culinary journey amidst the enchanting backdrop of the city’s skyline.

“At Chunda Haveli, heritage and luxury converge to redefine the art of hospitality,” says Veeram Dev Singh Krishnwat, MD, Chunda Group of Hotels. “We are thrilled to unveil this exquisite destination that showcases the rich cultural heritage of Udaipur while providing guests with an unparalleled experience of the Rajasthani way of life and comfort.”

Mobility platform IntrCity raises Rs 37-Cr in funding

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Kapil Raizada, co-founder – IntrCity

Mobility platform IntrCity announced that it raised Rs 37 crore in funding led by Mirabilis Investment Trust, part of Infosys cofounder K Dinesh’s family office.

Existing investors participated in the funding round, including Nandan Nilekani’s family trust, Omidyar Network India, and Ujamaa Ventures. The company’s last funding round in February 2020 raised Rs 100 crore at an approximately Rs 700 crore post-money valuation. Cofounder Kapil Raizada noted that the latest funding round occurred at a higher valuation, although he didn’t disclose specific figures.

Following this funding, Nilekani’s family trust will become the largest shareholder in the company, holding over 20%, while Omidyar is expected to have between 15% and 17%, according to Raizada. Other significant investors in the company include Blume Ventures and Samsung Venture Investment.

IntrCity collaborates with more than 30 local bus operators to offer intercity bus travel services. The company operates a booking site and enhances its services by monitoring hardware and software for vehicles, along with enforcing standard operating procedures across its partner operators. Additionally, the company operates RailYatri, an online train booking service provider.

IntrCity aims to conclude the fiscal year 2024 with revenue exceeding Rs 300 crore and Earnings Before Interest, Depreciation, and Amortization (EBITDA) of around Rs 5 crore. The company expects to incur a loss after tax of approximately Rs 5 crore for the same fiscal year, as per Raizada. For the fiscal year 2025, the company targets revenue growth of about Rs 450 crore, with an EBITDA ranging between Rs 25 to 30 crore, along with a positive profit after tax, he added.

“A large part of the funds we raised will go to the firm’s reserves as we near profitability, with some of it used for expansion,” Raizada said. The firm might consider some acquisition opportunities “if there is a fit,” he added.

Online seafood firm Captain Fresh acquires U.S. importer CenSea

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Utham Gowda, CEO and founder of India's Captain Fresh

Captain Fresh, an online seafood company, has completed the acquisition of CenSea Inc., a US-based importer and distributor of frozen fish and seafood, according to Utham Gowda, Captain Fresh’s founder and CEO. 

Although the deal value was not disclosed, Gowda mentioned that Captain Fresh acquired CenSea entirely in a cash-and-stock agreement, with 90% of the consideration paid in cash. CenSea, having a nationwide presence in the US, is poised to become the central focus of Captain Fresh’s business operations in the country.

“On the supply side, India and Southeast Asia form a substantial part of CenSea’s mix with multi-decade relationships with more than 100 factory partners in these supply markets… on the demand side, we are excited about the potential to cross-sell to their existing customers,” Gowda said. 

As part of its broader strategy to diversify beyond seafood exporting, Captain Fresh has acquired the 40-year-old American firm CenSea. This move signifies the company’s expansion into distribution in key markets such as the US and Europe, following its recent acquisition of French shrimp distributor Senecrus.

The company is currently engaged in more acquisition talks in the “European market, which allows us entry into the North Atlantic supply markets,” Gowda said without further details.

“By combining our talents, experience, and market presence with an international seafood player like Captain Fresh, we will enhance the overall experience for our customers,” CenSea Co-President Nate Torch said in a press release. “I am proud of what CenSea has accomplished as a family-owned enterprise. We now move forward with a united team and a common goal to continue building an industry-leading resource for our loyal customers, as well as to provide growth opportunities to our loyal global supply partners.”