Greaves Electric Mobility Strengthens EV Portfolio With Fully Subscribed ₹530 Crore Rights Issue

• Rights issue backed by Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions reinforces long term confidence of the shareholders in GEML’s growth strategy
• Highlights GEML’s industry-beating performance and strong momentum across electric two- and three-wheelers, while reinforcing its commitment to supporting India’s clean mobility goals.

Greaves Electric Mobility Limited (GEML), the e-mobility business of Greaves Cotton Limited and one of India’s leading electric mobility companies consisting of brands Ampere and Greaves 3 Wheelers, announced an additional equity infusion of INR 530 crore through a Rights Issue. The investment is fully subscribed by the existing shareholders in proportion to their existing shareholding, including Greaves Cotton Limited (GCL) and Abdul Latif Jameel Green Mobility Solutions (ALJ), reaffirming their continued confidence in GEML’s strong momentum and its role in advancing India’s clean mobility transition. The investment reinforces the long-term commitment of GEML’s anchor shareholders.

The capital infusion is aimed at strengthening the GEML’s next phase of growth towards building Next Generation products, Battery Management Systems, Power Trains and New age Technology development.

Speaking on the investment, Mr. Karan Thapar, Chairman, Greaves Cotton Limited, said “GCL’s strong balance sheet enables us to support organic growth and selectively invest behind businesses with clear long-term potential. Our continued investment in Greaves Electric Mobility reflects our confidence in its strategic direction, execution capabilities, and role in advancing India’s clean mobility transition. With its manufacturing footprint, engineering depth, expanding portfolio and focus on Building for Bharat, GEML is well placed to sustain its market-outperforming growth and create enduring value.”

The investment will strengthen GEML’s electric two-wheeler and three-wheeler portfolio, deepen technology development and support execution in a competitive, fast-adopting EV market. While GEML has presently decided not to avail itself of the SEBI extension for the proposed Offer, it remains committed to pursuing a public listing at an appropriate time, subject to market conditions, regulatory approvals, and other relevant considerations.

Commenting on the development, Mr. Vikas Singh, Managing Director, Greaves Electric Mobility Limited, said “We are grateful for the full subscription of the rights issue by our existing shareholders. Their continued support reflects strong confidence in Greaves Electric Mobility’s vision, strategy, and execution momentum. As India’s electric mobility market moves towards mass adoption, we remain focused on supporting the country’s clean mobility goals through differentiated products Built for Bharat, stronger technology capabilities, and reliable mobility solutions for our customers. This capital will help us accelerate innovation and further strengthen our product pipeline.”

The investment comes at a time when Greaves Electric Mobility continues to deliver industry-beating performance across both the electric two-wheeler and three-wheeler segments through a growing portfolio of products, an expanding retail and service network, and continued investments in engineering, manufacturing, and customer experience. Its strategic focus remains anchored in democratizing smart and sustainable mobility while delivering solutions that are Built for Bharat.

Recykal Invests ₹10 Crore in Walbha to Drive India’s Biomass Clean Energy Transition

• Strategic investment extends Recykal's behavioral change mission into sustainable industrial fuels, shifting industries from fossil fuels to clean, traceable biomass energy

Recykal, India's leading circular economy company driving behavioral change across the waste and sustainability value chain, today announced a strategic investment of ₴100 million in Walbha Industries Pvt. Ltd., a leading manufacturer of biomass briquettes and pellets. The investment marks Recykal's entry into the bioenergy value chain and extends its mission of changing how India produces, consumes, and recovers resources, this time by helping industry shift from fossil fuels to clean, farm-sourced biomass, while giving farmers a paying alternative to burning crop residue.

The partnership will connect Walbha's biomass production to Recykal's enterprise network of 620+ brands and manufacturers, many of which operate industrial boilers as part of their production processes creating an immediate demand channel for Walbha's fuel. In exchange, Walbha gains access to Recykal's technology platform and its expertise in digitising and formalising fragmented supply chains, while Recykal's brand and enterprise customers gain access to verified, lab-tested biomass fuel for their energy transition commitments. The deal will also support Walbha's planned expansion beyond its current North and Central India footprint into South Indian markets.

Abhay Deshpande, Founder & CEO, Recykal, said: "Every problem we solve at Recykal is ultimately a behavior problem. Consumers littering, brands treating sustainability as paperwork, recyclers operating in cash and opacity, industries burning coal because it's familiar and have become a habit with time. But habits change when the alternative is easier, transparent, and economically better. Walbha makes the clean fuel choice exactly that for the Indian industry, giving farmers a profitable alternative to stubble burning. That's behavioral change at both ends of the supply chain."

Vaishavi Sinha Bhasin, Co-Founder, Walbha Industries, said: "21,100+ farmers in Bundelkhand now have a verified buyer for crop residue they would otherwise burn in the open. That is what behavioral change looks like at the supply end of the chain and it is why this partnership makes sense."

Walbha operates one of the largest covered biomass production plants in North India, located in Jhansi, Uttar Pradesh right in the groundnut heartland of Bundelkhand, with abundant access to agricultural residues such as groundnut shell, mustard husk, and sawdust. The company converts these residues into high-calorific-value bio briquettes and pellets that serve as a cleaner, cost-effective alternative to coal for industrial boilers, with a supply network spanning 50+ cities across Uttar Pradesh, Delhi-NCR, Madhya Pradesh, Uttarakhand, Himachal Pradesh, Bihar, Maharashtra, and Chhattisgarh. Walbha's plant has a production capacity of 250,000 kg per day, supplies to 57 B2B industrial clients, and sources residue through a network of 21,100+ farmers. The company is an active biomass supplier to NTPC Vindhyachal and NTPC Tanda.

The global shift toward renewable energy has sharply increased industrial demand for biomass fuels. Produced from agricultural residues, sawdust, and other organic materials, bio briquettes and pellets deliver lower carbon emissions, improved combustion efficiency, and meaningful cost savings for manufacturing units, power plants, and commercial heating systems.

At its core, Recykal's work has always been about behavioral change, nudging consumers away from littering and toward responsible disposal, helping brands move from compliance checkboxes to genuinely sustainable practices, and enabling recyclers and aggregators to shift from informal, opaque trade to transparent, traceable, digital supply chains. The investment in Walbha carries this same philosophy into industrial energy: changing a decades-old habit of burning fossil fuels, and giving farmers a reason to sell crop residue rather than burn it in the open.

ABOUT RECYKAL:

Founded in 2015, Recykal is a globally recognised, Hyderabad-headquartered technology company driving behavioral change in waste management through digital platforms, Deposit Return Systems (DRS), and circular commerce of recyclable materials. The company also develops AI-enabled hardware solutions, including reverse vending machines, indigenously designed and manufactured in India, helping businesses, and governments across the globe by making material recovery measurable, scalable and economically viable. It has channelised over 30,00,000+ MT of waste by empowering 650 brands like Hindustan Unilever, Samsung, BMW etc, and more than 5000 aggregators and recyclers.

ABOUT WALBHA INDUSTRIES:

Walbha Industries is a biomass briquette and pellet manufacturer operating Uttar Pradesh's largest covered biomass production plant in Jhansi. With in-house lab testing, year-round production capability, and a farmer sourcing network, Walbha supplies groundnut, sawdust, and mustard-based briquettes and pellets to industrial clients across North and Central India.

Quadria‑backed HealthQuad Secures ₹550 Cr Ist Close for Fund III, Launches with Lifesigns to Scale AI‑driven Healthcare Innovations

Quadria Group (“Quadria”) backed HealthQuad, India's leading early-growth healthcare investor - today announced first close commitments of INR 550 crores for HealthQuad Fund III, at more than one-third of the target fund size of INR 1700 crores. The contributors include existing LPs in prior funds, alongside new LPs spanning local and global fund of funds, institutions and family offices. The Fund has committed its first investment in Lifesigns, India’s leading AI powered remote patient monitoring platform and is actively pursuing other proprietary opportunities to build early portfolio visibility.

Fund III, a successor to HealthQuad Fund I and Fund II, is managed by HealthQuad Advisors Private Limited, a vehicle 100% owned by Quadria Group, through Dr Amit Varma, Abrar Mir and Sunil Thakur. Following a mutual separation with KOIS in 2025, Quadria group has retained majority of the team that continues to manage the prior funds, Fund I and II. It has further expanded the leadership with the joining of Rahul Agarwal and Namit Chugh.

Incubated in 2016, HealthQuad has been a pioneering initiative by the Quadria Group to create a distinct investment vehicle, focused on backing founders building scalable, technology-enabled and next generation healthcare businesses. Funds I and II backed over 18 companies including GoApptiv, Qure.ai, Redcliffe Labs, Cureskin, Strand Life Sciences, Medikabazaar, THB, Wysa, Ekincare, and many of which have gone on to become category leaders.

Fund III will build on HealthQuad’s proven track record of identifying and scaling early-growth stage companies, across HealthTech, MedTech, Bio/Pharma Tech and Novel Healthcare Delivery, with established commercial scale and demonstrated potential to become category-leaders in India and globally. These segments are growing 16 – 40% per annum and are collectively projected to contribute over 40% of the US$ 600 billion Indian healthcare market by 2030.

Bridging India's vast healthcare access gaps is estimated to require over 2x growth in beds, over 7x growth in clinical resources and US$ 500 billion of investment. The Fund will advance the firm's mission of partnering with exceptional founders who build scalable, new-age healthcare businesses, harnessing technology, business-model and product-led innovation to improve access, affordability and quality of care and help close these gaps.

Rahul Agarwal, Partner and IC Member, HealthQuad, said: "Healthcare is undergoing one of the most significant transformations in recent times. We believe the next decade will be defined by companies that leverage emerging technologies and AI, and innovative models to make healthcare more accessible, affordable and outcome driven. Through Fund III, we are looking to partner with exceptional founders who are building category-defining businesses with local and global relevance at scale. We thank our investors for entrusting their confidence and capital with us."

According to various estimates, over 15 lakh digital healthcare transactions take place in India every day, and over 40% clinicians now use health-tech across their workflows. The fund is positioned to capitalize on the rapid structural transformation in healthcare, driven by rising demand for preventive and continuous care, the urgency to address capacity constraints in traditional healthcare systems, and growing adoption of technology and AI. Together, these forces are enabling globally competitive healthcare innovation to emerge from India and Asia.

Sunil Thakur, Co-founder and IC Member, HealthQuad and Partner, Quadria Capital, said: "HealthQuad was created with a simple belief that healthcare requires specialist investors who understand the sector deeply and can support founders through long, arduous growth journeys. Over the past decade, we have witnessed the emergence of a new generation of healthcare entrepreneurs building world-class businesses from India and Asia. Fund III reflects our continued conviction in this opportunity and our commitment to helping founders build enduring market leaders that create meaningful impact while delivering strong outcomes for all stakeholders."

HealthQuad's differentiated approach combines deep sector specialization, proprietary sourcing and access to Quadria's extensive global healthcare ecosystem spanning providers, payors, diagnostics, pharmaceuticals, medical technology and healthcare services across Asia and beyond. This ecosystem enables portfolio companies to access strategic partnerships, growth opportunities and pathways for global scale, supported by the Group’s senior clinical and operating advisory board members.

AI‑Native Family Office CREST Secures $3.1M Pre‑Seed to Expand Platform

CREST, an AI-native Fractional Family Office and new-age asset management company, has raised USD 3.1 Mn in pre-seed funding led by BEENEXT, Sparrow, Shastra VC, DeVC, Warmup Ventures, Atrium Ventures and 91ventures with participation from 40+prominent Indian and UAE founders and CXOs, including Amit Ranjan, Chirag Taneja, Revant Bhate, Shantanu Deshpande, and Kashish Sharma. The funds will be deployed to strengthen the company’s technology platform, expand its family office and investment teams, deepen regulatory and compliance capabilities, and build its asset management offerings across Global and Indian public markets and Real Estate. With this announcement, CREST is formally coming out of stealth as it builds a structured family office platform for India’s emerging wealth and value creators.

CREST combines Family Office advisory, Asset Management, Community, and Technology in one integrated platform. Its services span consolidated reporting, tax-efficient structuring, asset allocation, investment oversight, succession, estate planning, and next-generation development and readiness. Taking an advisory-first approach, CREST helps clients navigate geographies, managers, products, structures, and asset classes with a singular focus on their long-term wealth preservation and growth.

Commenting on the fundraise, Girish Singhi, Co-Founder and Zuhaib Khan, Co-Founder of CREST, said —

Many of India's founders and business owners have built significant wealth, but their personal financial structures haven't kept pace. CREST was built to sit on the client's side of the table, bringing together investment discipline, governance, technology and long-term thinking in one place. This fundraise will allow us to deepen our platform, strengthen our teams, and serve this generation of wealth creators the way they deserve to be served.

According to the UBS Global Wealth Report, India is home to more than 900,000 dollar millionaires today, a number forecast to nearly double by 2030, with the country adding USD 2.4 trillion in new financial wealth over the same period. These families deserve the same rigour, alignment, and long-term thinking that Family Offices have always provided to the ultra-wealthy. And all these families have two pools of capital - Domestic and International. We built CREST to bring an incentive-aligned, fiduciary-first, and retrocession-free Family Office to these conversations, for both pools of capital - domestic and international.”

Commenting on the investment, Saksham Pant, Principal at BEENEXT, said —

Founders, CXOs, and business families today are looking for trusted partners to help manage and grow their wealth long term. Girish, Zuhaib and the CREST team, with their strong investment expertise and an AI product built on top of India’s significantly improved financial infrastructure, are building a modern family office platform for the next generation of wealth creators and we’re excited to partner with them.

Over the next twelve months, CREST plans to expand its technology platform, deepen its family office services, and grow its asset management offerings for clients across India and the UAE. The company will continue to build strategic partnerships with CA firms, audit firms, legal experts and other trusted advisers who work closely with India's wealth creators. Its longer-term ambition is to become the most trusted Family Office for founders and value creators across India, the UAE and Singapore.

About CREST:

CREST is an AI-native Fractional Family Office and new-age Asset Management company that partners with founders, families, HNIs, emerging UHNIs, and institutions to build their own Family Offices to manage, structure and preserve wealth with discipline, alignment and foresight. The company combines family office advisory, asset management, technology and community across areas such as asset allocation, investment oversight, consolidated reporting, succession planning, estate planning, governance, philanthropy, real assets, alternatives and long-term wealth stewardship. CREST is anchored in Mumbai, Bengaluru and Dubai. For more information, please visit www.crest-capital.com.

About BEENEXT:

BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with their operational experience, network, trust, unique perspectives, and capital. The team invests in early-stage tech start-ups that are focused on building new digital platforms driven by the data network. BEENEXT is a platform of founders, by the founders, and for the founders across the globe, primarily in Southeast Asia, India, and Japan. Since its establishment in 2015, the team has invested in over 200 companies globally. For more information, please visit www.beenext.com.

GPS Renewables Raises ₹635 Cr in Series C Funding Led By PixelSky Capital

GPS Renewables (GPSR), a leading full-stack renewable oil and gas company, has raised ₹635 crore in Series C Funding.

The Series C round comprises ₹125 crore in equity funding led by PixelSky Capital, with participation from the Spectrum Impact Family office and other investors. This is further coupled with a tie-up for equity under the asset hold-co, Arya of ₹200 crore from a leading Korean conglomerate. Earlier, a similar round of tie-up of for the asset platform business with IOC was done ₹310 crore from Sojitz Corporation.

The freshly induced capital will support the company's next phase of growth, strengthen its financial position, and accelerate the execution of a growing pipeline of large-scale compressed biogas (CBG) projects across India. A portion of the funds will also be invested in GPSR Arya, the company's project development platform, to support ongoing and upcoming projects.

Mainak Chakraborty, Co-founder and CEO, GPS Renewables, said, “The capital raise is a testament of the growing potential of the Renewables Natural Gas sector and a step towards contributing towards an energy secure nation. The current fundraise comes at a time when we are focused on scaling large-scale bioenergy infrastructure projects across the country. This capital enhances our execution capabilities, and positions us well to deliver on a growing portfolio of projects. As India accelerates its transition towards cleaner fuels, we remain committed to building the infrastructure required to support that transformation.”

“The capital raise allows GPS group to fortify its balance sheet and is a step towards funding its capital management plan. The capital will allow us to leverage further for the EPC business as well as invest in GPS Arya, our asset platform business” Parag Parikh, Group CFO GPS Renewables and CEO, Arya added.

Zerin Rahman, Managing Partner, PixelSky Capital said “GPS Renewables has consistently shown a highly disciplined approach towards scaling bioenergy infrastructure in India. Their proven track record of consistently delivering and being profitable since inception gave us a lot of confidence in their technology and execution capabilities. We look forward to supporting them in their next phase of growth.

Akshay Panth, Chief Investment Officer, Neev Funds said “GPS Renewables is a compelling example of the role catalytic, growth-stage climate capital can play in shaping nascent sectors. SVL-SME Fund is proud to continue backing the GPS team, having witnessed their impressive journey in building a resilient bioenergy platform. GPSR’s expanding portfolio in Sustainable Aviation Fuel (SAF), positions them strongly to deliver large-scale decarbonisation impact to solve India's energy transition and security challenges. The subsequent mobilization of global institutional and commercial capital has validated our conviction in the untapped potential of biogas sector and quality of the GPS team. We look forward to supporting GPS Renewables' next phase of growth.”

Over the past decade, GPS Renewables has built capabilities across technology, software, design and engineering, EPC, operations and maintenance, and project development. Today, the company is an 800+member strong organization with annual revenue of approximately ₹1,000 crore.

GPS Renewables has delivered several industry-first projects, including Asia's largest municipal solid waste-based CBG plant in Indore, one of the world's fastest-executed CBG plants in Barabanki, and the upcoming CBG complex in Kakinada, which is expected to be among the largest globally.

The company's current pipeline includes more than 30 operational or near-complete projects, with visibility on over 200 CBG projects being developed in partnership with oil marketing companies. GPS Renewables is also the only Indian company with joint ventures with both Indian Oil Corporation and Bharat Petroleum Corporation Limited for the development of CBG infrastructure.

The company recently secured an EPC contract from NTPC Limited to construct India's first Ethanol-to-Jet (ETJ) Sustainable Aviation Fuel (SAF) plant.

Tata Sons Pumps ₹5,166 Crore Into Tata Teleservices to Tackle AGR Dues, Stake Rises to 94.3%

Tata Sons has infused ₹5,166 crore into its loss-making telecom arm, Tata Teleservices, during FY26, raising its stake to 94.3% and enabling the company to pay ₹3,517 crore in adjusted gross revenue (AGR) dues to the government. This move underscores Tata’s continued financial support for struggling group businesses like Air India, Tata Digital, and Tata Teleservices.

This news of funds infusion was first reported by The Financial Express on June 5, 2026, based on company filings and a Tata Sons spokesperson’s confirmation. There was no official Tata Sons press release, only media disclosure backed by direct confirmation.

Key Details of the Infusion

• Amount infused: ₹5,166 crore (March 2026, via preferential allotment of shares at ₹10 face value)
• Purpose: Payment of AGR dues — first instalment of ₹3,517 crore paid by March 31, 2026
• Stakeholding: Tata Sons’ stake in Tata Teleservices increased to 94.3%
• Financials (FY26):
  • Standalone income: ₹2,322 crore
  • Standalone net loss: ₹1,907 crore
  • Consolidated income: ₹3,641 crore
  • Consolidated net loss: ₹1,482 crore

Context & Background

• AGR liabilities: Tata Tele faces six instalments of AGR dues, part of a cumulative liability exceeding ₹19,000 crore
• Past support: Tata Sons repaid Tata Tele’s loans and bought back NTT Docomo’s stake for $1.18 billion in 2017
• Business model today: Operates under Tata Tele Business Services (TTBS), offering enterprise voice, data, and managed services
• Wireless exit: Tata Tele exited consumer wireless services in 2019, transferring operations to Bharti Airtel

Strategic Implications

• Group-wide revival focus: Tata Sons’ board is reviewing revival plans for Air India, Tata Digital, and Tata Electronics alongside Tata Tele
• Profit outlook: Air India and Tata Digital expected to remain loss-making for three years; Tata Electronics may turn marginally profitable
• Telecom industry strain: AGR dues continue to weigh heavily on Indian telcos, with Supreme Court rejecting waiver pleas

Risks & Challenges

• Persistent losses: Despite infusion, Tata Tele remains deeply loss-making with negative net worth
• AGR burden: Long-term liabilities (₹19,000+ crore) could require further capital support
• Sectoral headwinds: Telecom industry faces high regulatory costs, intense competition, and limited profitability

Quick Comparison: Tata Group’s Loss-Making Arms

Company	FY26 Loss	Revival Outlook
Tata Teleservices	₹1,907 crore (standalone)	Enterprise services focus; AGR dues repayment ongoing
Air India	Losses projected for 3 years	Fleet expansion, operational restructuring
Tata Digital	Losses projected for 3 years	Pivot away from super-app model
Tata Electronics	Marginal profit expected	Supported by semiconductor subsidies

Solfin Raises ₹280 Cr and Turns Profitable in 1st Year, Powering India’s Clean‑Energy Financing Revolution

• Digital-first green finance platform positions itself at the centre of India’s accelerating clean-energy transition

Solfin Sustainable Finance has raised ₹280 crore in a recently closed round and turned profitable within its first full year of operations a rare combination for an early-stage NBFC, and a signal of the structural demand now reshaping how India finances its energy future.

Solfin was founded on a single conviction: India’s shift away from fossil fuels will be one of the defining economic transitions of the next two decades, and it will not happen at scale without purpose-built financing. The company’s vision is to make clean energy the default choice for every Indian household, business, and community by removing the financial friction that today slows adoption.

That vision is meeting its moment. India has committed to 500 GW of non-fossil fuel capacity by 2030 and net-zero emissions by 2070. Rooftop solar economics have crossed grid parity in most states, residential schemes such as PM Surya Ghar Muft Bijli Yojana have brought millions of households into the addressable market, and rising commercial tariffs are pushing businesses to lock in long-term energy-cost certainty.

Together, policy, economics, and consumer demand are converging into a multi-decade adoption curve, with distributed solar at its centre. The constraint is no longer technology or willingness it is access to fast, well-priced capital and a trusted network to deliver it.

This is where Solfin is built to win. Its proprietary underwriting engine and digital-first operating model have compressed residential loan approvals from weeks to days and brought complex C&I financing turnaround times down to single digits without compromising portfolio quality.

A distribution model anchored by partnerships with EPCs, dealers, OEMs, and manufacturers, including Waaree Energies, has scaled the platform to more than 1,200 partners and expanded clean-energy access deep into Tier 2 and Tier 3 markets.

“India’s energy transition is the largest infrastructure opportunity of our generation, but it will only move at the speed of its financing,” said Gautam Kaushik and Pramod Mahanta, Co-Founders of Solfin. “We built Solfin to remove the friction from that financing so that a homeowner in a Tier 3 town, a factory owner in an industrial cluster, and a national EPC can all access capital on the same fast, transparent, technology-led terms.”

The fresh capital will fund deeper investments in AI-driven credit models, portfolio monitoring and collections, geographic expansion into underpenetrated states, new green-financing products, and entry into adjacent customer segments.

Peter Thiel Bets on Ocean-powered Computing Future

Peter Thiel has led a $140 million investment in Oregon-based startup Panthalassa, which is building fleets of floating, wave-powered AI data centres designed to solve energy and cooling challenges. The funding values Panthalassa close to $1 billion and will accelerate deployment of its Ocean-3 pilot nodes in the Pacific by late 2026.

Panthalassa is a Portland, Oregon–based startup founded in 2016 by Garth Sheldon‑Coulson and others, focused on building floating, wave‑powered data centres. The $140 million Series B funding was led by Peter Thiel, along with investors including John Doerr, Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, Hanwha Group, Super Micro Computer, Founders Fund, and Lowercarbon Capital

Panthalassa’s Vision

• Company: Panthalassa, founded in 2016 as a public benefit corporation.
• Mission: Harness ocean wave energy to power offshore AI data centres.
• Technology: Large floating steel “nodes” (≈85m long) that generate electricity from wave motion and use seawater for cooling.
• Connectivity: Data transmitted via low-Earth-orbit satellites (e.g., Starlink).
• Deployment Timeline:
  • 2026: Ocean-3 pilot series in the northern Pacific.
  • 2027: Commercial-scale operations.

Investment Details

• Lead Investor: Peter Thiel (PayPal & Palantir co-founder).
• Round Size: $140 million (Series B).
• Valuation: Nearly $1 billion.
• Other Backers: John Doerr, Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, Hanwha Group, Super Micro Computer, Founders Fund, Lowercarbon Capital, among others.

Why Floating Data Centres?

• Energy Demand: AI workloads are straining land-based grids.
• Cooling Challenge: Traditional data centres consume massive amounts of water and power for cooling.
• Ocean Advantage:
  • Constant wave motion provides reliable renewable energy.
  • Seawater acts as free “supercooling,” extending chip lifetimes.
  • Offshore deployment avoids land costs, permitting delays, and grid bottlenecks.

Comparison: Land vs. Ocean Data Centres

Feature	Land-Based Centres	Panthalassa’s Ocean Nodes
Energy Source	Grid electricity (often fossil fuels)	Wave energy (renewable, abundant)
Cooling	Power-hungry chillers, water-intensive	Natural seawater cooling
Space Constraints	Limited land availability, high costs	Vast ocean space, scalable
Transmission	Grid + fiber networks	Satellite uplinks
Environmental Impact	High carbon footprint, local strain	Lower emissions, offshore footprint

Challenges Ahead

• Durability: Harsh ocean conditions could damage nodes.
• Maintenance: Offshore repairs are complex and costly.
• Regulation: Maritime laws and environmental approvals needed.
• Latency: Satellite transmission may not suit all workloads.

Big Picture

• Panthalassa’s project reflects a broader trend of moving AI infrastructure into unconventional environments—oceans, deserts, and even space.
• If successful, it could deliver ultra-low energy costs (≈$0.02/kWh) and redefine how the next generation of AI computing

GPS Renewables’ Arya Platform Secures ₹500 Cr Mezzanine Funding from Axis AMC to Scale Biogas Projects

GPSR Arya, the asset platform of GPS Renewables, India's leading full-stack biofuels company, has raised INR 500 million in mezzanine funding from Alternates by Axis AMC. The funding will be utilized to accelerate the development of compressed biogas (CBG) projects across India through GPSR Arya’s partnerships with public sector oil marketing companies including Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited.

The investment comes at a time when India is looking to strengthen domestic sources of clean fuels amid volatility in global energy markets. Currently, India is a net importer of natural gas, making the sector sensitive to geopolitical developments.

The ongoing instability in West Asia – and the resultant trade disruptions – have led to rationing and price hikes on LPG cylinders across the country. CBG, globally known as Renewable Natural Gas (RNG), is produced from organic waste on Indian soil, and is structurally insulated from these shocks. Its feedstock is domestic and its price does not move with geopolitical disruptions. It is increasingly being seen as a key alternative fuel that can support decarbonization and strengthen India’s energy security.

Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “Recent developments in the global energy market have highlighted the need and importance of building domestic fuel alternatives. CBG offers a unique advantage for India, given the abundance of locally available feedstock that can support the development of large-scale biofuel infrastructure. This deal reflects growing institutional recognition of biomethane and CBG both as a clean energy opportunity and as a strategic energy security asset.”

Commenting on the fundraise, Parag Parikh, CEO, GPS Renewables Arya, said, “As India accelerates its clean energy transition, the focus for the sector is now towards large and scalable biogas infrastructure. Through the Arya platform, our priority is to accelerate the development of biogas projects across the country by expanding capacity across multiple feedstocks and geographies. This funding will play a key role in building a nationwide network of CBG plants that can contribute towards reducing fossil fuel dependence and lowering greenhouse gas emissions.”

Nachiket Naik, Head – Structured Credit at Axis AMC, said, “The transaction, one of the first in the private credit space in the CBG sector, demonstrates Axis AMC’s commitment to deliver tailored solutions for emerging cleantech sectors. We see this investment as a step towards supporting the development of large-scale CBG projects that can accelerate India’s efforts towards clean energy transition”

The transaction was advised by Elements Financial Solutions Private Limited, which supported debt structuring, lender engagement, and documentation.

Over the past decade, GPS Renewables has built unmatched capabilities across technology, software, design & engineering, EPC, O&M, and project development. Today, the company is an 800-member strong organization. As a project developer, GPS Renewables is currently developing biogas projects with a capital outlay approaching USD 1 billion. The company’s focus is now expanding into more alternative fuels, including Sustainable Aviation Fuel (SAF).

The company’s landmark projects include Asia’s largest MSW-based CBG plant in Indore, the world’s fastest-executed CBG plant in Barabanki, and the upcoming world’s largest CBG complex in Kakinada (~67–70 TPD).

GPS Renewables' current pipeline includes 30+ operational or near-complete projects, with long-term visibility on over 200 CBG projects under development in partnership with oil marketing companies. Furthermore, GPS Renewables is the only In

Nazara Technologies Raises INR 500 Crores Via Preferential Issue of Warrants

Nazara Technologies Limited (BSE: 543280 | NSE: NAZARA), India’s leading diversified gaming and sports media company, today announced a preferential issue of warrants aggregating to INR 500 crores, subject to shareholder and regulatory approvals.

Each warrant is convertible into one equity share and is being issued at a price of INR 260 per share, representing a premium to the current market price, reflecting strong investor confidence in Nazara’s growth strategy.

The round includes participation from Riambel Capital PCC, a SEBI-registered Category I Foreign Portfolio Investor, S Gupta Family Investments, Plutus Investment and Holding Private Limited (Promoter Group), Classic Enterprises, and Founders Collective.

The participation from the Promoter Group at the issue price further reinforces alignment and long-term confidence in the Company’s growth strategy.

The proceeds from this fundraise will primarily be used to support strategic acquisitions, including the recently announced Bluetile and BestPlay transaction, and to accelerate growth across the existing business verticals of the Company.

Nitish Mittersain, Jt. MD & CEO, Nazara Technologies said, “This INR 500 crore fundraise comes at an important phase in Nazara’s journey as we execute on our most ambitious growth initiatives, including the Bluetile and BestPlay acquisition. This fresh capital, combined with our acquisition strategy, positions Nazara to build globally scalable, AI-enabled gaming businesses and further strengthen our leadership in the sector.”

About Nazara Technologies:

Nazara Technologies is India’s only publicly listed gaming company. Its key businesses include Curve Games, Kiddopia, Animal Jam, Fusebox Games (Love Island, Big Brother, Bigg Boss), World Cricket Championship and Sportskeeda, along with offline gaming businesses such as Funky Monkeys and Smaaash Entertainment. Nazara also operates Datawrkz, a digital ad tech business. With presence in India, North America, and other global markets, Nazara is building a global gaming platform with strong IP, publishing, and operating capabilities. Website: https://www.nazara.com/

GPS Renewables’ Arya Secures Axis AMC Funding to Scale India’s Biogas Infrastructure

GPSR Arya, the asset platform of GPS Renewables, India's leading full-stack biofuels company, has raised mezzanine funding from Alternates by Axis AMC. The funding will be utilized to accelerate the development of compressed biogas (CBG) projects across India through GPSR Arya’s partnerships with public sector oil marketing companies including Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited.

The investment comes at a time when India is looking to strengthen domestic sources of clean fuels amid volatility in global energy markets. Currently, India is a net importer of natural gas, making the sector sensitive to geopolitical developments.

The ongoing instability in West Asia – and the resultant trade disruptions – have led to rationing and price hikes on LPG cylinders across the country. CBG, globally known as Renewable Natural Gas (RNG), is produced from organic waste on Indian soil, and is structurally insulated from these shocks. Its feedstock is domestic and its price does not move with geopolitical disruptions. It is increasingly being seen as a key alternative fuel that can support decarbonization and strengthen India’s energy security.

Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “Recent developments in the global energy market have highlighted the need and importance of building domestic fuel alternatives. CBG offers a unique advantage for India, given the abundance of locally available feedstock that can support the development of large-scale biofuel infrastructure. This deal reflects growing institutional recognition of biomethane and CBG both as a clean energy opportunity and as a strategic energy security asset.”

Commenting on the fundraise, Parag Parikh, CEO, GPS Renewables Arya, said, “As India accelerates its clean energy transition, the focus for the sector is now towards large and scalable biogas infrastructure. Through the Arya platform, our priority is to accelerate the development of biogas projects across the country by expanding capacity across multiple feedstocks and geographies. This funding will play a key role in building a nationwide network of CBG plants that can contribute toward reducing fossil fuel dependence and lowering greenhouse gas emissions.”

Nachiket Naik, Head – Structured Credit at Axis AMC, said, “The transaction, one of the first in the private credit space in the CBG sector, demonstrates Axis AMC’s commitment to deliver tailored solutions for emerging cleantech sectors. We see this investment as a step towards supporting the development of large-scale CBG projects that can accelerate India’s efforts towards clean energy transition”

The transaction was advised by Elements Financial Solutions Private Limited, which supported debt structuring, lender engagement, and documentation.

Over the past decade, GPS Renewables has built unmatched capabilities across technology, software, design & engineering, EPC, O&M, and project development. Today, the company is an 800-member strong organization. As a project developer, GPS Renewables is currently developing biogas projects with a capital outlay approaching USD 1 billion. The company’s focus is now expanding into more alternative fuels, including Sustainable Aviation Fuel (SAF).

The company’s landmark projects include Asia’s largest MSW-based CBG plant in Indore, the world’s fastest-executed CBG plant in Barabanki, and the upcoming world’s largest CBG complex in Kakinada (~67–70 TPD).

GPS Renewables' current pipeline includes 30+ operational or near-complete projects, with long-term visibility on over 200 CBG projects under development in partnership with oil marketing companies. Furthermore, GPS Renewables is the only Indian company with JVs with both IOCL and BPCL.

About GPSR (GPS Renewables) Group

Headquartered in Bengaluru, GPS Renewables (“GPSR”) is a leading full-stack, renewable oil & gas company offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPSR has scaled up to set up some of the world’s largest RNG plants. In 2022, GPS Renewables launched GPSR Arya Pvt Ltd, to commission BOO (Build-Own-Operate) projects, augmenting its climate impact ambitions.

GPSR has formed joint ventures with Indian Oil, Bharat Petroleum, and Oil India to build compressed biogas (CBG) plants across India. These plants will process agricultural and organic waste, reduce carbon emissions, and support the government’s SATAT initiative.

Website: https://gpsrenewables.com/

MTandT Rentals Raises ₹100 Cr from ValueQuest for Equipment Rental Expansion

MTandT Rentals Limited ("MRL"), a leading provider of aerial work platforms and ground protection access solutions in India, announced an investment of INR 100 Crore from ValueQuest S.C.A.L.E. Fund II. The investment will support MRL's next phase of growth and expansion across India.

Pushkar Jauhari, MD and Fund Manager ValueQuest

Enabling Safer and More Efficient Work at Height

Headquartered in Chennai, MRL has established itself as a leading provider of specialized equipment solutions for infrastructure, industrial and construction sectors through its rental and sales offerings, including:

• Aerial Work Platforms including boom lifts, scissor lifts and spider lifts
• Ground protection access solutions such as PortaDeck composite mats
• End-to-end services including equipment maintenance, operator training and technical support

Strategic Deployment of Capital

The investment from ValueQuest S.C.A.L.E. Fund II will be utilized to expand MRL's equipment fleet and strengthen its presence. This will enable the company to service large and complex projects with higher asset utilization, faster turnaround times, and enhanced operational efficiency.

MRL is well-positioned to benefit from increasing demand across sectors such as airports, renewable energy, semiconductors, metro rail, data centers, warehousing, and large industrial facilities, where safety and execution speed are critical.

Rakesh Modi, Chairman, MRL, remarked: “We are delighted to partner with ValueQuest as MRL enters its next phase of growth. This investment will enable us to expand our fleet, enhance service capabilities, and strengthen our position as a trusted partner for safety and productivity in infrastructure and industrial projects. We would also like to thank Systematix Corporate Services Limited and Invicta Capserv Private Limited for their guidance and support in successfully advising us on this transaction.”

Pushkar Jauhari, Managing Director and Fund Manager, ValueQuest Private Equity, added: “MRL provides aerial work platforms (“AWP”) which are enabling faster turnaround times with enhanced worker safety for our major infrastructure and industrial projects. They have time tested client relationships with established business houses and have built a strong reputation in India's equipment rental industry through its focus on safety, reliability and customer-centricity. India is starting from a low base on AWPs and we are excited to support the company in scaling its operations and capturing the significant growth opportunity in this sector.”

Systematix Corporate Services Limited and Invicta Capserv Private Limited jointly acted as the financial advisors to MRL on this transaction.

About ValueQuest

Founded in 2010, ValueQuest Investment Advisors Pvt. Ltd. ("ValueQuest") is a Mumbai-based investment management firm known for its disciplined, research-driven approach to public and private markets. Over the past 15 years, ValueQuest has built a reputation for deep fundamental research, long-term value creation, and an unwavering commitment to its #InvestorsFirst philosophy. With a focus on identifying quality businesses and partnering in their growth journeys, ValueQuest continues to be one of India's most respected and trusted investment managers. The ValueQuest Group manages AUM of ~USD 2.8 billion. Their private equity funds are housed under the entity "Quest4Value Investment Managers LLP" with AUM over USD 650 million.

About MRL

MRL is a leading provider of specialized equipment solutions for infrastructure, industrial, and construction sectors in India, with a strong focus on safety, reliability and operational efficiency. The company offers Aerial Work Platforms including boom lifts, scissor lifts and spider lifts, along with ground protection access solutions such as PortaDeck composite mats through both Rental and Product Sales models. MRL has demonstrated a strong growth trajectory, recording a CAGR of over 48% during FY21–FY25.

Disclaimer: https://valuequest.in/ValueQuest-S-C-A-L-E-Fund-II.html

Tata Semiconductor Raises ₹6,835 Cr (~ $727M) for Gujarat Semiconductor Plant

Tata Semiconductor Manufacturing (TSML), a Tata Electronics subsidiary, has secured ₹6,835 crore in loans from five foreign banks to fund its massive ₹91,000 crore semiconductor fabrication plant in Dholera, Gujarat. The loan agreement, signed in February 2026, is repayable by 2031 and comes with conditions requiring Tata to retain majority ownership and continue using the Tata brand.

The five banks that lent ₹6,835 crore (~USD 727 million) to Tata Semiconductor are HSBC, MUFG, DBS, First Abu Dhabi Bank, and ANZ.  

Key Highlights of the Funding

• Amount Raised: ₹6,835 crore
• Lenders: HSBC, MUFG, DBS, First Abu Dhabi Bank, and ANZ. 
• Project Location: Dholera, Gujarat (163.5-acre plot leased from the state government)
• Total Project Cost: ₹91,000 crore
• Loan Tenure: Repayable by 2031
• Conditions: Tata must retain at least 51% stake in TSML and continue using the Tata brand

Strategic Importance

• India’s Semiconductor Push: Part of India’s broader strategy to reduce dependence on imported chips.
• Production Capacity: Planned output of 50,000 wafer starts per month by 2026.
• Economic Impact: Boosts India’s electronics ecosystem, supports Semicon India program, creates jobs in Gujarat.

Competitive Context

Company/Project	Location	Investment Size	Strategic Goal
Tata Semiconductor (TSML)	Dholera, Gujarat	₹91,000 crore	Domestic chip ecosystem, large-scale fab
Micron Technology	Sanand, Gujarat	~$2.75 billion	Memory chip packaging & testing
Vedanta-Foxconn JV (proposed)	Gujarat (delayed)	~$19.5 billion	Fab development (status uncertain)

Risks & Challenges

• Capital Intensity: Semiconductor fabs are among the most expensive industrial projects.
• Technology Partnerships: Success depends on securing advanced process technology.
• Global Competition: India is entering a market dominated by Taiwan, South Korea, and the U.S.
• Policy Dependence: Sustained government incentives and infrastructure support are critical.

Outlook

• Timeline: Production rollout targeted for 2026.
• Impact: India’s first large-scale semiconductor fab, positioning Tata as a cornerstone of India’s chip ambitions.
• Next Steps: Watch for announcements on technology partners, supply chain integration, and subsidies.

ReNew Secures $95M LeapFrog-Led Investment to Boost C&I Clean Energy

ReNew Energy Global Plc has secured a major $95 million equity investment led by LeapFrog Investments, with co-investors Emerging Market Climate Action Fund (EMCAF) and Carlyle AlpInvest. The funds will be used to expand ReNew’s fast-growing Commercial & Industrial (C&I) renewable energy platform in India.

Key Highlights of the Investment

• Total Investment: $95 million (~₹878 crore)
• Lead Investor: LeapFrog Investments, contributing $50 million
• Co-Investors: EMCAF and Carlyle AlpInvest
• Date Announced: March 16, 2026
• Purpose: Expansion of ReNew Green Energy Solutions’ C&I renewable energy portfolio

ReNew Green Energy Solutions (C&I Platform)

• Portfolio Size: Over 2–2.5 GW of commissioned capacity across multiple Indian states
• Corporate Clients: Long-term agreements with Microsoft, Amazon, Google
• Market Position: One of India’s largest clean energy portfolios for corporate customers
• Focus: Decarbonization solutions tailored for commercial and industrial clients
  

ReNew’s Previous Fundraises

ReNew Energy has raised significant capital through multiple fundraises over the years, including equity rounds from global investors and large-scale green bond issuances. ReNew's earlier fundraises include billion‑dollar equity commitments and landmark bond deals.

Equity Funding

• Total Equity Raised: ~$1.64 billion since inception
• Key Investors: CPP Investments, Goldman Sachs, Abu Dhabi Investment Authority (ADIA)
• Use of Funds: Scaling utility-scale wind, solar, and hybrid projects across India

Debt & Bond Issuances

• April 2023 – $400 Million Green Bonds: Raised via subsidiary Diamond II, with strong investor interest from US, Europe, and Asia
• Purpose: Refinancing dollar-denominated debt and supporting growth initiatives
• Significance: First high-yield issuance out of India in over a year

Snapshot Table of Fundraises

Year	Amount	Type	Investors/Details	Purpose
2026	$95M	Equity	LeapFrog, EMCAF, Carlyle AlpInvest	Expand C&I renewable platform
2023	$400M	Green Bonds	Diamond II subsidiary issuance	Debt refinancing & growth
2011–2022	$1.64B	Equity	CPP Investments, Goldman Sachs, ADIA	Utility-scale wind & solar expansion

Sumant Sinha, Founder, Chairman & CEO, ReNew said, “The C&I industry will be central to India’s decarbonisation journey, and with investors like LeapFrog, we can deepen our ability to provide reliable, cost‑competitive renewable power to leading businesses across sectors. This partnership helps us scale solutions that reduce emissions, strengthen energy security, and support India’s industrial growth in a way that is both sustainable and inclusive.”

Nakul Zaveri, Global Co-Lead for Climate Investment Strategy, LeapFrog Investments said, “This investment exemplifies LeapFrog’s climate strategy of backing high-growth, scalable businesses that enable emerging markets to leapfrog to cleaner, more resilient energy systems. ReNew Green addresses a clear and rapidly-growing demand for reliable renewable energy solutions among commercial and industrial customers, underpinned by structural tailwinds and a sustained green discount compared to grid tariffs. We believe this platform can deliver strong commercial performance while driving meaningful emissions reduction and job creation at scale.”

Blinkit Secures ₹450 Cr Infusion from Eternal in 2026’s First Funding Round

Eternal (formerly Zomato) has infused ₹450 crore (~$50 million) into its quick commerce arm Blinkit via a rights issue, marking its first capital injection in 2026. This follows a massive ₹2,600 crore investment in 2025, underscoring Eternal’s aggressive push to dominate India’s fast-growing 10-minute delivery market.

Key Highlights

• Amount Invested: ₹450 crore (~$50 million)
• Mode: Rights issue; Blinkit allotted 2,799 equity shares to Eternal at ₹16,07,161 per share
• Timing: First capital infusion in 2026
• Past Investments: Eternal pumped ₹2,600 crore in 2025 (₹500 crore in Jan, ₹1,500 crore in Feb, ₹600 crore in Nov)
• Competition: Rising rivalry with Zepto and Instamart in the quick commerce space

Strategic Context

• Market Dynamics: Quick commerce is one of India’s fastest-growing segments, with 10-minute delivery becoming the industry benchmark.
• Blinkit’s Growth: Reported 117% YoY revenue growth in Q3 FY25, but continues to face profitability pressures due to rapid expansion and high operational costs.
• Eternal’s Strategy: By consistently infusing capital, Eternal is signaling long-term commitment to Blinkit, positioning it as a core pillar alongside food delivery.

Comparison of Eternal’s Investments in Blinkit

Year	Infusion Amount	Mode	Strategic Intent
2025	₹2,600 crore (3 tranches)	Rights issue	Scale operations, expand delivery network
2026	₹450 crore	Rights issue	Strengthen position amid intensifying competition

Risks & Challenges

• Profitability Concerns: Despite revenue growth, Blinkit’s unit economics remain weak, with high delivery costs.
• Competitive Pressure: Zepto and Instamart are aggressively expanding, forcing Eternal to keep investing heavily.
• Capital Dependence: Blinkit’s reliance on Eternal’s funding raises questions about sustainability if external capital markets tighten.

India’s quick commerce sector is booming, with Blinkit, Zepto, and Instamart competing for dominance. Zepto and Instamart are expanding aggressively, forcing Eternal to keep funding Blinkit’s growth. Despite strong revenue growth (117% YoY in Q3 FY25), Blinkit continues to face challenges with unit economics and high delivery costs.

Blinkit’s reliance on Eternal’s capital raises sustainability concerns. Zepto and Instamart’s expansion could erode Blinkit’s market share if Eternal slows funding.

Despite revenue growth, Blinkit’s path to profitability remains uncertain. Eternal must balance aggressive expansion with profitability, as rivals are raising funds and scaling rapidly.

In 2026, as Eternal has already infused ₹450 crore into Blinkit, its rivals Zepto and Swiggy Instamart are pursuing aggressive funding and IPO strategies. Zepto is preparing for a ₹11,000 crore IPO, and Swiggy is targeting Instamart break-even by mid-2026 despite heavy losses.

Zepto (2026)

• Funding: Raised $450M (~₹3,750 Cr) in late 2025 at a $7B valuation, led by CalPERS.
• IPO Plans: Filed confidential DRHP with SEBI, aiming for a ₹11,000 crore IPO in 2026 at $7–8B valuation.
• Cash Position: Holds ~$900M net cash, giving strong liquidity ahead of IPO.

Swiggy Instamart (2026)

• Financials: Reported ₹908 Cr loss in Q3 FY26, highlighting profitability challenges.
• Growth: Gross Order Value (GOV) grew 108% YoY, with Average Order Value (AOV) up 26% YoY.
• Profitability Target: Swiggy aims for Instamart break-even by June 2026, supported by a planned ₹10,000 crore fundraise.

Competitive Snapshot

Company	2026 Update	Funding/IPO	Strategic Focus
Eternal–Blinkit	₹450 Cr infusion (Mar 2026)	Rights issue	Expansion, working capital
Zepto	Preparing IPO	₹11,000 Cr IPO planned	Liquidity & market leadership
Swiggy Instamart	₹908 Cr Q3 FY26 loss	₹10,000 Cr fundraise	Break-even by June 2026

Risks & Challenges

• Eternal–Blinkit: Heavy reliance on Eternal’s capital; profitability remains elusive.
• Zepto: IPO execution risk; valuation pressure in volatile markets.
• Instamart: Large losses despite growth; break-even target ambitious.

Bank of Baroda Raises $500 Mn 5-Year Syndicated Loan; Attracts Strong Participation from Asian Investors

Bank of Baroda, India’s International Bank, through its IFSC Banking Unit in GIFT City, has successfully closed a USD 500 million five-year syndicated term loan facility. The transaction saw participation from 13 investors across key Asian markets including Taiwan, South Korea, Japan and Singapore, reflecting robust demand and strong investor appetite, despite a dynamic global interest rate environment.

The facility also advances the Bank’s strategy to broaden its global investor base, with increased participation from investors in Asia, thereby diversifying its funding sources and complementing the Bank’s traditional domestic investor base, who remain active participants in the Bank’s local currency issuances.

This transaction marks the Bank’s return to the global syndicated loan market after a gap of one year. The proceeds of the facility will be used for general banking and corporate purposes. MUFG Bank and HSBC acted as Mandated Lead Arrangers, Underwriters, and Bookrunners.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “This successful transaction reinforces the confidence that global institutions place in Bank of Baroda’s prudent financial management and long-term strategic direction. The strong participation from investors across Asia reflects growing international interest in the Bank and supports our continued focus on diversifying funding sources, strengthening global investor engagement and further cementing our standing as India’s international bank."

Bank of Baroda maintains strong international credit ratings. The Bank was recently assigned ‘BBB’ long-term and ‘A-2’ short-term issuer credit ratings with a Stable Outlook by S&P Global Ratings, in line with the sovereign rating of the Government of India. The Bank is also rated ‘BBB-’ with a Stable Outlook by Fitch Ratings, which recently upgraded its Viability Rating to ‘bb’ from ‘bb-’. Moody’s Investors Service has assigned the Bank a ‘Baa3’ rating with a Stable Outlook.

Bank of Baroda is one of India’s leading public sector banks, with a global presence spanning 80 overseas branches/offices in 15 countries, including major international financial centres such as New York, London, Dubai and Singapore. As of 31st December 2025, the Bank’s total international business stood at INR 4,879.08 billion, accounting for 16.08% of the Bank’s Global Business. International Deposits stood at INR 2,395.60 billion, while International Advances stood at INR 2,483.48 billion.

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of over ~180 million through around 65,000 touch points spread across 15 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.

Entrepreneurs First Raises $200M to Back Next Generation of Global Founders and Expands its India Portfolio

Entrepreneurs First (EF), a global talent investor and company builder, today has announced it has raised $200m of fresh capital from a group of veteran technology founders and investors including investors like Reid Hoffman, John and Patrick Collison, Eric Schmidt, Claire Hughes Johnson, Charlie Songhurst, Sara Clemens, Danny Rimer, and Matt Cohler, alongside leading institutional investors including Greylock.

With $200m in fresh capital, EF is doubling down on its core thesis: the world has more exceptional founders than it realises. EF exists to identify exceptional individuals at the earliest stage and equip them with the peer group, structure, and early capital required to build globally significant companies that would not otherwise exist.

Building across a wide range of sectors, EF India boasts a portfolio of 50+ successful startups across industries and sectors. Under Rahul Samat’s leadership, EF India continues identifying exceptional technical and entrepreneurial talent and guiding them from day one to find a co-founder, develop an idea, build a product, take it to market, and raise their first round of funding to build globally important companies.

EF’s global portfolio of companies is now collectively valued at over $16 billion, up from $3 billion in 2021 when they last raised. “We have raised this capital to double down on what we do best: identifying extraordinary individuals early and helping them build outlier companies from scratch,” said Alice Bentinck, co-founder and CEO of EF.

“Once we have identified the talent, our role is to create the environments, peer groups and standards that push exceptional people to operate at the edge of their capabilities,” said Matt Clifford, co-founder and Chairman of EF.

EF actively taps potential founders from leading universities, including Stanford, MIT, Berkeley, Yale and in India, institutes like IIT Bombay, IIT Delhi, and BITS Pilani, among others. Selected individuals join EF’s intensive company-building programs in Europe, India, and the US. Those who successfully form companies receive pre-seed investment from EF and relocate to the Bay Area for the fundraising and scaling phase of the program. Today, all EF companies are incorporated in the US and are expected to build from San Francisco from pre-seed onwards, maximising their chances of becoming global category creators and leaders. Companies in the recent Bay Area cohorts raised up to $15m in seed funding within two weeks of completing the program.

“India continues to be one of the deepest pools of technical and entrepreneurial talent in the world,” said Rahul Samat, Partner and General Manager, Bangalore of EF in India. “We have raised this capital to double down on identifying extraordinary individuals early and helping them build outlier companies from scratch. Through our India program, founders join us often with no idea and no co-founder, and within six months are positioned to raise from leading Silicon Valley investors. We are one of the only platforms in India that enable founders to build US-native companies from day one, giving them the structure, network, and capital to compete globally from inception.”

EF India has played a crucial role in identifying and backing some of the country’s leading startups, such as Unbox Robotics, Unsiloed AI, Sidecar AI, Aule Space, and many more. Some of which have gone on to secure funding from world-leading investors such as Long Journey Ventures, Nexus Venture Partners, Uncorrelated Ventures, Matrix Partners, SOSV and Pi Ventures. In 2024, EF began relocating all pre-seed-funded companies to the Bay Area ahead of their seed rounds. Since then, founders have seen material improvements in speed, execution, and fundraising outcomes. On average, time to raise has halved, and valuations have doubled.

Entrepreneurs First is backed by serial entrepreneurs and prolific technology investors, including Reid Hoffman, Elad Gil, Nat Friedman, Founders Fund, Greylock, John and Patrick Collison, Demis Hassabis and Mustafa Suleyman. New to this round are founders and investors like Aidan Gomez, Barney Hussey-Yeo, Danny Rimer, Eric Schmidt, Jeffrey Dean & Heidi Hopper, Jeff Hammerbacher, Mati Staniszewski, Matt Cohler and Nick McKeown.

About Entrepreneur First

Entrepreneurs First is a global pioneer with the mission to break ambitious individuals free from traditional definitions of success and guide them toward building transformative companies. By curating cohorts of exceptional peers from top academic and tech communities worldwide, EF nurtures aspiring founders with access to a world-class advisor network and the support necessary to realise their global ambitions. Its portfolio companies are backed by world-leading investors, including Sequoia, Andreessen Horowitz, SoftBank, and Khosla Ventures. Together, they are worth over $16 billion and include a number of unicorns and successful exits. EF started investing in 2015 and was founded in 2011 by Alice Bentinck and Matt Clifford. EF has offices in London, Paris, Bangalore and San Francisco.

Premji Invest Infuses ₹300 Crore in Bharat Forge Subsidiary JSA, Takes 23% Stake

JS Auto Cast Foundry India Private Limited (JSA), 100% wholly owned step- down subsidiary of Bharat Forge Limited and a leading supplier of critical ferrous castings for industrial and automotive applications, has successfully raised equity of Rs. 300 crores from Premji Invest (PI) by way of primary infusion into the company. PI will hold 23% stake on a fully diluted basis post the infusion.

The capital will be utilized to accelerate the growth of JSA by expanding its casting capacity, investing in medium casting capacity and consolidation of the industry via acquisitions.

Commenting on this partnership, Amit Kalyani, Vice Chairman & Joint Managing Director, Bharat Forge said, “Since 2022 when we acquired JSA, the company has delivered excellent financial performance with topline, exports and profitability growing at a CAGR of 17%, 24% and 25% respectively, while enhancing its product mix and customer base. We are delighted to partner with Premji Invest (PI), a renowned and highly respected investor, in the next phase of JSA’s growth journey”

Manoj Jaiswal, Partner, Premji Invest, who leads the firm’s Industrials and Buyout investments said, “We are excited to partner with Bharat Forge, a premier engineering and manufacturing conglomerate in the country. Collaborating with leading conglomerates on their growth and consolidation journey is one of our strategic pillars. Through our investment in JSA, we look forward to jointly building a leading ferrous casting platform in the country.”

The completion of the transaction is subject to customary satisfaction of various conditions. PWC Investment Banking acted as the sole financial advisor for Bharat Forge Limited.

GVFL Leads $12M Funding in Soleos Solar to Drive Global Renewable Expansion

(L-R) Dhruvil Soni - Investment Associate GVFL, Saurabh Nair - SVP GVFL, Mihir Joshi - MD GVFL, Bhavesh Rathod - CEO Soleos, Pritesh Mehta - CFO – Soleos

GVFL, one of India’s pioneering venture capital firms, has led a $12 Million funding round in Soleos Solar Energy, a rapidly growing renewable energy solutions and EPC service provider with a presence across India, Africa, and Europe. GVFL invested $2.5 Million in the round, which also saw participation from Tipsons Group, Navin Dalmia, and select family offices, along with increased commitments from several existing investors.

Founded by Bhavesh Rathod in 2017, Soleos operates an integrated platform that combines project development, consumer sourcing, investor onboarding, capital structuring, EPC delivery, and long-term asset management under a single system. The model reduces development, execution, performance, financial, and scalability risks that typically slow down the expansion of renewable energy infrastructure. Over the last eight years, the company has delivered projects in India, Ghana, Uganda, and Portugal, developed solar parks, executed smart city programmes, and built a portfolio of consumer-led energy solutions that support both commercial and industrial demand.

The newly raised capital will be deployed towards expanding Soleos’ development pipeline, funding construction across priority geographies, strengthening investor governance systems, scaling group-captive and other consumer-led energy models, and building integrated solar-plus-storage capability. The company recently began manufacturing in-house battery energy storage systems. The latest fundraise is expected to support its transition from primarily a solar execution specialist to becoming a round-the-clock renewable solutions provider.

Commenting on the investment, Mihir Joshi, Managing Director of GVFL, said, “Soleos has built a robust platform that addresses the structural gaps in renewable infrastructure creation. Its integrated approach across development, execution, and long-term performance provides clarity and confidence for investors, which is essential for scaling clean energy. We believe the company is well placed to play a key role in India’s energy transition and expand its presence internationally.”

Bhavesh Rathod, Founder of Soleos, said, “From the beginning, our mission has been to bridge both the energy gap and the investment gap through reliable, investor-grade renewable infrastructure. This successful fundraise strengthens our ability to build ready-to-deploy assets, expand our consumer and investor networks, and accelerate our move into round-the-clock renewable capability. The participation of GVFL and other premier investors is an important validation of our approach and long-term institutional focus.”

Soleos plans to expand its footprint across India and selected international markets over the next year. It aims to build storage-led, grid-supportive solutions that support peak-demand management and commercially efficient renewable supply. In the long run, Soleos envisions evolving into a global platform known for consistent execution and dependable energy delivery.

iSprout Raises ₹60 Crore Debt Funding to Accelerate India-Wide Managed Office Growth

Hyderabad headquartered iSprout, one of India’s fastest-growing providers of managed office solutions, today announced that it has raised ₹60 crore in debt funding from Tata Capital, marking a significant milestone in its growth journey. The capital infusion will be used to accelerate expansion across key Indian metros, strengthen enterprise-grade infrastructure, and enhance its rapidly growing managed office portfolio.

“This investment strengthens iSprout’s position to further expand into the high-growth business hubs, allowing us to capture a larger market share in the flexible workspaces and scale with disciplined, asset-strategic growth. With strong occupancy and a robust pipeline, we are committed to delivering long-term value to our clients, investors, and stakeholders, while accelerating our growth journey, including plans for an IPO in the coming years”, said Sundari Patibandla, Co-founder & CEO, iSprout.

With flexible workspaces now becoming a strategic priority for both domestic and global enterprises, iSprout is witnessing strong demand for customized, fully managed office environments. The new funding enables the company to scale faster to meet this surge while maintaining its commitment to delivering high-quality, design-driven workspaces.

Sreeni Tirdhala, Co-founder & Chief Strategy Officer, said: “We have grown 10x in the last five years, and this investment aligns with our mission to build world-class managed offices. Enterprises and GCCs need flexible, high-performance work ecosystems. This funding reinforces our ability to deliver tech-enabled, future-ready spaces. We’re excited to scale with speed and quality.”

iSprout plans to deploy the capital towards new centers in Indian tier 1 and tier 2 cities, along with upgrades to its technology, workspace customization capabilities, and end-to-end facility management services.

With presence across 9 cities, and 25 state-of-the-art centres, iSprout has a portfolio of 2.5 million sq. ft., including spaces that are currently under rapid development.

About iSprout: iSprout is a leading Indian managed office space provider catering to Global Capability Centers (GCCs), large enterprises, and startups. Known for its vibrant designs, enterprise-ready infrastructure, and comprehensive managed services, iSprout enables businesses to scale quickly without operational complexities. With centers across major Indian cities, iSprout continues to redefine modern office experiences through flexibility, customization, and community-driven engagement. The company is currently present in 9 Indian cities with 25 centers and has a portfolio of 2.5 million sq. ft., including spaces that are currently under development.