Skydo marks growth milestone with 50,000 customers and $1 billion in annualised payments

August 11, 2026

The milestone reflects Skydo’s growing scale and continued investment across global markets, engineering and GIFT City.

National, August 11, 2026: Skydo, a cross-border payments platform for businesses, has surpassed $1 billion in annualised payment volume, serving more than 50,000 businesses. The milestone comes on the back of a USD 10 million Series A capital raise in December 2025, payment licenses in India and other jurisdictions and a significant addition to its leadership team.

Over the past year, Skydo has obtained final RBI authorisation as a Payment Aggregator Cross-Border (PA-CB), approval to support domestic and outward payments, PSP authorisation (in-principle) from the GIFT City IFSCA and its first international payment licence in Canada. Together, these approvals have laid the foundation for a broader cross-border payments platform spanning collections, payouts and multi-currency capabilities.

The company’s growth reflects the increasing internationalisation of Indian businesses. According to the Ministry of Commerce & Industry, India’s combined merchandise and services exports reached a record US$860 billion in FY2025-26, while imports crossed US$979 billion, highlighting the growing scale and complexity of the country’s cross-border trade ecosystem.

Today, businesses are not only receiving payments from global customers but also paying overseas vendors, software providers, contractors and partners. As these payment journeys become more complex, demand is rising for infrastructure that brings collections, payouts and compliance together on a single platform, helping businesses manage both sides of cross-border money movement seamlessly.

To support its next phase of growth, Skydo has strengthened leadership across India, the US and GIFT City. Ankit Arora, a technology leader from Amazon, joined to head Engineering, while Varnika Menghnani, an MBA graduate from the Harvard Business School, joined to lead Skydo’s US expansion. More recently, Shekhar Tejwani, who has prior work experience at GIFT City, joined as Principal Officer and Skydo’s first GIFT City-based hire. The company has also seen significant growth in its risk & compliance, product and growth teams.

“We’ve spent the last few years earning the trust of 50,000 businesses. The next phase is about compounding this trust through serving customers with new products across more payment corridors,” said Srivatsan Sridhar, Co-Founder and CEO of Skydo.

Over the next 2 years, Skydo aims to process over $5 billion in annualised payment volume as it expands into new geographies, builds additional payment corridors and introduces more globally native financial products for businesses operating across borders.

“Our ambition has always been to build for the world, from India. The team we’re building reflects where the business is headed. Strengthening our presence in the US, expanding engineering capabilities and building from GIFT City position us well for the next phase of global growth,” said Movin Jain, Co-Founder of Skydo.

Today, Skydo enables businesses to seamlessly manage international collections and payouts with transparent pricing, automated compliance and local payment infrastructure. The company supports payments across 150+ countries and continues to expand its product stack to simplify global commerce for businesses of all sizes.

About Skydo

Skydo is a cross-border payments platform for businesses that sell, buy and hire across the world. It helps businesses manage international collections and payouts in a transparent, convenient and compliant manner. With regulatory approvals across India, GIFT City and Canada, Skydo is building a global payments network for businesses.

Backed by Elevation Capital and Susquehanna Asia Venture Capital, Skydo serves more than 50,000 businesses, enables payments across 150+ countries and processes over $1 billion in annualised transaction volume.

Leisure Hotels Group unveils Viraam Spa Wellness brand in India

BRL Editor

August 11, 2026

Leisure Hotels Group (LHG), a North India-focused experiential resort chain rooted in Uttarakhand, has launched Viraam Spa, its signature wellness brand designed around holistic guest experiences.

Derived from the Sanskrit word for ‘pause’, Viraam is built around three principles — Pause, Restore and Reconnect. The brand seeks to make wellness an integral part of travel by encouraging guests to slow down and reconnect with themselves and their surroundings.

“Hospitality today is no longer just about where people stay; it’s about how they feel when they leave. With Viraam, we’ve created a wellness philosophy that encourages guests to slow down, reconnect with themselves and experience every destination more mindfully. It is a natural extension of Leisure Hotels Group’s approach to experiential hospitality, where nature, culture and wellbeing come together to create journeys that stay with our guests long after they return home,” said Sanjay Sood, COO, Leisure Hotels Group.

Viraam draws on Indian Ayurveda alongside Western, Mediterranean and Chinese wellness philosophies. Instead of following a conventional spa model, the brand will create personalised wellness journeys, beginning with an individual consultation to understand each guest’s lifestyle, wellness objectives and specific concerns.

The treatment offering includes signature massage rituals, aromatherapy, deep tissue and hot stone therapies, luxury facials, body scrubs and wraps, couple experiences and targeted wellness rituals.

Viraam’s wellness products also take inspiration from Uttarakhand’s landscapes and traditional wellness practices. The formulations use essential oils, Himalayan botanicals, fruit and floral extracts and natural butters, incorporating indigenous ingredients sourced from the region.

The brand will initially launch at five Leisure Hotels Group properties: The Naini Retreat overlooking Naini Lake; Aloha On The Ganges in Rishikesh; The Riverview Retreat in Corbett; Ganga Lahari near Har Ki Pauri in Haridwar; and Auradoon in Dehradun.

The spas will be accessible to both resident and non-resident guests, broadening the wellness offering beyond hotel visitors. LHG plans to gradually introduce Viraam across additional properties as part of its destination-led hospitality strategy.

With Viraam Spa, Leisure Hotels Group is expanding its experiential hospitality proposition by integrating personalised wellness, regional ingredients and multiple wellness traditions into its resort offerings. The rollout across five properties marks the initial phase of the brand, with LHG planning to extend Viraam to more destinations over time.

Sunday Hotels adds new properties in Mohali and Dandeli

BRL Editor

August 11, 2026

Sunday Hotels has signed agreements for two new 50-plus-key hotels in India, with one property planned for Mohali, Punjab, and the other for Dandeli, Karnataka.

The latest signings will expand the hotel brand’s planned presence across both business and leisure markets. The Dandeli property is scheduled to go live in November 2026, while the Mohali hotel is expected to become operational in the third quarter of 2027.

The two agreements form part of Sunday Hotels’ ongoing expansion strategy as the group continues to add properties across Indian markets.

The Dandeli hotel will strengthen accommodation options in a destination known for its natural surroundings and outdoor tourism. Meanwhile, the Mohali property will cater to travellers visiting the city for both business and leisure purposes.

The company credited its development team with advancing both opportunities from the initial discussions through to the signing of the agreements.

The latest deals add to Sunday Hotels’ growing pipeline as the company continues to pursue development opportunities across different markets in India. The expansion also gives the brand a presence across distinct travel segments, ranging from outdoor and leisure tourism in Dandeli to business and leisure demand in Mohali.

With the two new agreements, Sunday Hotels will continue building its hotel pipeline across India, with further development activity planned across different markets. The Dandeli property is scheduled to go live in November 2026, followed by the Mohali hotel in the third quarter of 2027, supporting the group’s broader expansion plans.

Anthropic signs $9.1 Billion computing deal with Riot Platforms

BRL Editor

August 11, 2026

Anthropic PBC has struck a $9.1 billion deal with Bitcoin mining company Riot Platforms Inc., which has recently expanded into AI data center capacity, people familiar with the matter said.

The agreement highlights Anthropic’s efforts to secure sufficient computing infrastructure as demand for its Claude AI tools continues to grow.

Riot Platforms has agreed to supply 191 megawatts of computing capacity from its Rockdale, Texas, campus to a “leading frontier AI” company under a 20-year agreement. People familiar with the deal identified that company as Anthropic, asking not to be identified discussing private information.

Riot declined to comment, while Anthropic did not respond to a request for comment. Riot’s shares jumped 25% to $24.40 in late trading on news of the deal with Anthropic.

The Riot agreement adds to a series of major computing deals Anthropic has pursued in recent months as it works to meet demand for its AI products.

The AI developer recently signed a $10 billion deal with months-old infrastructure startup Volta Infra Holdings Ltd. It also agreed in May to buy nearly $45 billion worth of computing from Elon Musk’s xAI.

Riot Platforms said the agreement with the AI developer runs through June 2048 and is expected to generate $9.1 billion in revenue.

The contract also provides an option to extend the agreement twice, with each extension lasting five years. If both options are exercised, the deal could generate as much as $16.1 billion in total sales.

The deal also underscores the growing shift among cryptocurrency companies toward AI-related infrastructure as demand for computing capacity rises.

Riot Platforms was previously a maker of diagnostic machinery for the biotech industry under the name Bioptix before making a significant transition into Bitcoin mining. It is now among several crypto companies moving into cloud computing to take advantage of the AI boom.

The company has also announced a separate deal with Advanced Micro Devices Inc. to build computing.

Riot’s data center business contributed to its second-quarter sales, helping the company beat sales expectations for the period.

Anthropic’s agreement with Riot Platforms gives the AI developer access to 191 MW of computing capacity from the Rockdale, Texas, campus, while providing Riot with a long-term revenue opportunity extending through June 2048. The deal, valued at $9.1 billion and potentially reaching $16.1 billion with extensions, further demonstrates the increasing importance of data center capacity as AI companies seek to keep pace with customer demand.

Discovered Materials secures $9 Million to advance AI materials research

BRL Editor

August 11, 2026

Discovered Materials secures $9 Million to advance AI materials research — Akash Ramdas and Advaith Sridhar, co-founders, Discovered Materials

Discovered Materials, a startup developing artificial intelligence agents to discover new materials for semiconductor chips, has raised USD 9 million, or approximately Rs 85 crore, in a seed funding round led by Lightspeed India Partners, according to a media report.

The funding round also saw participation from Y Combinator, Peak XV Partners and angel investors, including Paul Graham, Gokul Rajaram and Anthropic executive Thariq Shihipar.

The fresh capital will help Discovered Materials expand its team and laboratory operations while scaling its artificial intelligence research agents. The startup is developing technology that enables researchers to identify, simulate and test semiconductor manufacturing materials faster.

Discovered Materials has released hundreds of new materials identified by artificial intelligence models. The company has also launched Material Discovery Bench, a benchmark intended to assess artificial intelligence agents against real-world semiconductor materials problems.

The startup is using artificial intelligence to compress months of interdisciplinary research into days. Its technology helps chipmakers improve performance while reducing power consumption and heat generation.

According to the company, its artificial intelligence systems developed new thermal materials within three months that matched the performance of products that took some of the world’s largest chemical companies years to develop.

“New materials are how we close that gap,” cofounder Akash Ramdas said, referring to the widening gap between computing power and energy efficiency.

IIT Madras alumni Advaith Sridhar and Akash Ramdas founded Discovered Materials.

Ramdas holds a doctorate in materials science from Stanford University and has spent 11 years researching materials for semiconductor chips. Sridhar studied artificial intelligence at Carnegie Mellon University and previously worked on artificial intelligence models and agents at Persona AI and Luma Labs.

The company’s agents operate across simulation, synthesis and experimental validation. By combining these capabilities, Discovered Materials aims to help researchers identify promising materials more quickly and advance them towards commercial semiconductor production.

The funding comes as artificial intelligence increasingly expands beyond software applications into areas such as materials science, semiconductor research and industrial technology. For the startup ecosystem, Discovered Materials’ round highlights investor interest in AI companies developing specialised technologies for complex, research-intensive industries rather than solely consumer-facing applications.

Discovered Materials plans to deploy the newly raised capital toward expanding its team and laboratory operations and scaling its artificial intelligence research agents. The startup will continue developing its technology to accelerate materials discovery and help move promising semiconductor materials closer to commercial production.

WelcomHeritage signs new resort in Jawai, Rajasthan

BRL Editor

August 10, 2026

WelcomHeritage is expanding its presence in Rajasthan with the signing of a new resort in Jawai, adding another destination centred on heritage, nature and regional experiences to its hospitality portfolio.

The upcoming property will cater to travellers seeking to explore Jawai’s natural landscape, wildlife and local heritage while staying in a comfortable hospitality environment.

The resort will be developed in partnership with Dushyant Malhotra, Director, Diyaa Global Fusion LLP. The agreement marks the beginning of a new collaboration between WelcomHeritage and Diyaa Global Fusion LLP.

Located in one of Rajasthan’s well-known wildlife regions, Jawai is known for its natural landscape, biodiversity and cultural heritage. The upcoming resort is expected to give guests opportunities to experience these aspects through curated hospitality experiences.

WelcomHeritage said the project reflects its continued focus on expanding into destinations that bring together nature, heritage and regional experiences for leisure travellers.

The new resort will add to the brand’s portfolio of destinations designed around local character and experiential travel. Its development also marks WelcomHeritage’s latest move to expand its presence across emerging leisure destinations.

Further details regarding the resort’s facilities, opening timeline and guest experiences are expected to be announced at a later stage.

With the Jawai resort, WelcomHeritage is broadening its Rajasthan portfolio while strengthening its focus on nature- and heritage-led hospitality. The partnership with Diyaa Global Fusion LLP will bring a new resort to one of the state’s well-known wildlife regions, with further details on the property and its guest offering expected in due course.

Sarovar Hotels signs Sarovar Portico Gonda in Uttar Pradesh

BRL Editor

August 10, 2026

Sarovar Hotels has expanded its footprint in Uttar Pradesh with the signing of Sarovar Portico Gonda, a new hotel aimed at serving business and leisure travellers visiting the region.

The upcoming property is being developed by Sharma Galaxy Hotel and Resort Pvt. Ltd. and will provide contemporary accommodation along with Sarovar Hotels’ hospitality services.

The signing adds another destination to Sarovar Hotels’ growing portfolio as the group continues to expand its presence across India.

Once operational, Sarovar Portico Gonda will cater to guests travelling to the region for business, tourism and social events. The property is expected to combine modern facilities with comfortable accommodation for different categories of travellers.

The project also highlights Sarovar Hotels’ continued focus on entering emerging destinations through partnerships with local developers. This approach is supporting the group’s expansion beyond established hospitality markets across the country.

Further details regarding the hotel’s facilities, room inventory and opening timeline are expected to be announced in the coming months.

With Sarovar Portico Gonda, Sarovar Hotels is adding another property to its expanding Indian portfolio while strengthening its presence in Uttar Pradesh. The upcoming hotel is positioned to serve business, leisure and social-event demand in the region, with additional project details expected as development progresses.

Indian space startup GalaxEye acquires StarOps, expands satellite technology expertise

BRL Editor

August 10, 2026

Indian space startup GalaxEye acquires StarOps, expands satellite technology expertise — Suyash Singh, Denil Chawda, Kishan Thakkar, Pranit Mehta, and Rakshit Bhatt, co-founders, GalaxEye

Indian space technology startup GalaxEye on Monday announced the acquisition of Bengaluru-based spacecraft engineering company StarOps, a company that traces its origins to TeamIndus.

The acquisition brings StarOps’ proprietary technologies, qualified satellite platforms and systems engineering expertise into GalaxEye. It also adds an experienced engineering team, several members of which previously worked at TeamIndus on the Lunar Lander and Rover.

The integration is expects to strengthen GalaxEye’s capabilities across the satellite value chain, with StarOps’ team bringing end-to-end experience spanning mission design through End-of-Life.

Founded in 2022, StarOps was established to develop satellite platforms and indigenise critical spacecraft technologies in India. Through the acquisition, GalaxEye will gain years of satellite design, development and qualification experience, further expanding its internal engineering capabilities.

Commenting on the acquisition, Suyash Singh, Co-founder and CEO, GalaxEye, said, “From day one, our vision has been to build a company that develops and owns the technologies defining the future of space. This acquisition is an important milestone in that journey, and through StarOps, the in-depth engineering legacy continues. By welcoming this exceptional team and their technologies into GalaxEye, we are significantly strengthening our capabilities across satellite engineering. Together, we are building a company capable of designing, engineering and operating advanced space systems from India for the world.”

The acquisition also brings StarOps’ experience in indigenous satellite systems and manufacturing capabilities into GalaxEye as the space-tech startup works towards its broader mission in satellite technology.

Commenting on the transaction, Nirmal Suraj Gadde, Co-founder & Missions Lead, StarOps, said, “At StarOps, our focus has always been on building indigenous satellite systems and manufacturing capabilities that can accelerate the growth of India’s commercial space industry. My journey in space began at TeamIndus, where I learned to build missions from first principles—from developing the technology to bidding for global space agency contracts. We’re now bringing that experience to GalaxEye, and I’m excited to see our work become part of its ambitious mission to develop and deploy a constellation of OptoSAR satellites. It’s a privilege to contribute to a mission that has the potential to push the boundaries of what Indian space technology can achieve.”

The transaction gives GalaxEye access to additional spacecraft engineering capabilities while bringing together StarOps’ satellite development expertise and GalaxEye’s ambitions in advanced space systems. The integration of the two teams postions to enhance GalaxEye’s ability to design, engineer and operate space systems from India.

With the acquisition of StarOps, GalaxEye is strengthening its in-house satellite engineering capabilities and adding established technologies, qualified platforms and experienced personnel to its operations. The integration will support the company’s broader ambition to develop and deploy a constellation of OptoSAR satellites and build advanced space systems from India for global applications.

IFC invests Rs 225-Cr in NDR Smart Spaces for 20 Mn Sq Ft warehousing pipeline

BRL Editor

August 10, 2026

IFC invests Rs 225-Cr in NDR Smart Spaces for 20 Mn Sq Ft warehousing pipeline — Amrutesh Reddy, Director, NDR Smart Spaces

The International Finance Corporation (IFC), a member of the World Bank Group, has made an equity investment of Rs 225 crore in NDR Smart Spaces, a new platform of the NDR Group, to develop Grade A warehousing and logistics infrastructure across India.

The investment will support NDR Smart Spaces in developing a pipeline of around 20 million sq ft across 14 cities, including about 8 million sq ft that is already under construction. The platform will develop both dry warehousing and cold storage facilities, with a focus on tier 2 and tier 3 cities in states including Maharashtra, Tamil Nadu and Uttar Pradesh.

“Logistics is the lifeblood of any economy, and in India, where per capita warehousing stock remains approximately three times lower than in similar markets, getting it right matters enormously. In partnering with NDR Smart Spaces, our joint ambition is clear: build a pipeline of Grade A warehousing that is developed, owned, and operated to world-leading standards that can carry the weight of India’s growth,” said Vikram Kumar, IFC’s Regional Industry Director, Infrastructure and and Natural Resources, Asia and the Pacific.

According to him, the investment aims at building a platform that can attract long-term institutional capital and drive innovation in the sector.

“As India continues to invest in world-class infrastructure, this partnership strengthens our ability to develop high-quality logistics and social infrastructure assets at scale. We look forward to leveraging this partnership to accelerate our growth while creating long-term value for all our stakeholders,” said Amrutesh Reddy, Director, NDR Smart Spaces.

Of the planned 20 million sq ft pipeline, around 1.5 million sq ft will comprise cold storage facilities. The additional capacity aims at addressing gaps in India’s cold chain infrastructure and reducing post-harvest losses in the country’s agricultural supply chain.

According to Raj Srinivasan, CEO, NDR Smart Spaces, the investment would accelerate development of the company’s existing pipeline across warehousing and social infrastructure.

“The World Bank Group’s Country Partnership Framework for India puts private sector-led job creation front and center, and modern logistics infrastructure is critical to delivering on that promise,” said Shalabh Tandon, IFC’s Regional Head of Operations & Climate and Interim Regional Division Director, South Asia.

NDR Smart Spaces expects the development of its pipeline to create about 24,000 direct jobs, based on an estimated 1,200 direct jobs for every million sq ft of warehousing developed. The jobs will span logistics, operations, maintenance and management functions.

India’s logistics costs are estimated at 13-14% of GDP, compared with a global average of around 8%. The government’s National Logistics Policy aims to improve supply-chain efficiency and reduce logistics costs.

The platform will develop its warehouses to the Advanced EDGE green building standard, targeting a 40% reduction in energy consumption and a 20% reduction in water consumption. The investment also marks IFC’s entry as an equity investor into the newly established NDR Smart Spaces platform, which is separate from NDR InvIT Trust, the listed infrastructure investment trust sponsored by the NDR group.

The partnership comes as institutional investors increasingly look to India’s logistics and warehousing sector, supported by growth in e-commerce, manufacturing, organised retail and the formalisation of supply chains, while demand for organised logistics infrastructure expands beyond major consumption and industrial centres, with smaller cities increasingly emerging as warehousing and distribution hubs.

MStack AI in talks to raise $30 Million at $230 Million valuation

BRL Editor

August 10, 2026

MStack AI, an AI-native chemical research and development (R&D) and manufacturing startup, is in advanced discussions to raise at least $30 million in a fresh funding round, according to people aware of the developments cited by the sources.

The company is being valued at around $230 million on a pre-money basis, one of the people said. The funding round could potentially expand to $40-50 million as talks with investors progress and interest in the startup strengthens, another person said.

If the larger round materialises, MStack AI’s post-money valuation could fall between $260 million and $280 million, according to the second person.

Existing backers Alpha Wave and Lightspeed are expected to contribute a significant share of the new capital, according to the first person.

Prosperity7 Ventures is also in discussions to participate as a new investor, although its proposed contribution is expected to be smaller, the person added.

The ongoing fundraising discussions come as Indian AI startups attract renewed attention from investors following a relatively cautious funding period in the sector.

The fundraising activity at MStack AI reflects a broader increase in investor interest in Indian AI startups.

Both companies are part of a growing group of AI-focused startups in India that are either actively raising capital or engaged in discussions with potential investors.

The renewed activity represents a shift from the more cautious funding environment seen across India’s AI startup ecosystem over the past couple of years. During that period, investors were increasingly focused on distinguishing startups with defensible technological advantages from companies primarily building applications on top of third-party AI models.

For investors, the latest funding discussions also indicate a greater willingness to back AI companies operating across specialised and potentially high-value applications, including chemical R&D, manufacturing and generative AI infrastructure.

India is currently the world’s third-largest startup ecosystem, making the resurgence in AI funding significant for the country’s broader technology and venture capital landscape.

MStack AI’s ongoing fundraising could provide the company with additional capital to expand its AI-driven chemical R&D and manufacturing capabilities, while the potential participation of existing and new investors would strengthen its funding base. With the round potentially reaching $40-50 million, the company’s valuation and investor backing could rise further as discussions progress.

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