Ceramat’s 3D‑Printed Grafts Put India on Global Medical Map with TDB-DST Support

Representative Image

In a significant stride toward strengthening India’s medical technology ecosystem, the Technology Development Board (TDB) under the Department of Science & Technology (DST) has extended financial assistance to Ceramat Private Limited, Palghar, Maharashtra, for the commercialisation of advanced 3D-printed patient-specific bone grafts.

The project, titled “Calcium Phosphate based Standard and Customized Patient Specific Grafts by 3D Printing via Digital Light Processing Technique and Extrusion-based Equipment”, aims to transform the way bone grafts are manufactured and delivered in India. By leveraging indigenously developed bioceramic materials and cutting-edge additive manufacturing technologies, Ceramat seeks to reduce dependence on imported medical products and establish India as a hub for personalised healthcare solutions.

Ceramat’s Vision for Indigenous Innovation

Ceramat makes special powders and ceramics (like hydroxyapatite and calcium phosphate) that are very similar to the minerals in real human bone. These materials are shaped into grafts — pieces doctors use to repair or replace damaged bone.

Instead of making generic grafts, Ceramat uses advanced 3D printers to create patient‑specific grafts that match the exact shape of someone’s bone. This means every graft can be custom‑fit, improving recovery and reducing complications.

Think of it like this: if you break a part of your bone, instead of using a “one‑size‑fits‑all” piece, doctors can now give you a graft that’s tailor‑made for your body.

Ceramat Private Limited was founded with a mission to develop and commercialise

 bio-ceramics and advanced ceramics that serve as high-quality import substitutes. Its portfolio includes biomaterials such as:

• Hydroxyapatite
• Beta-tricalcium phosphate
• Biphasic calcium phosphate
• Bioactive glass

These materials find applications across orthopaedics, oral care, cosmetics, and industrial sectors.

The Technology Behind Patient-Specific Grafts

The initiative integrates Digital Light Processing (DLP)-based 3D printing and extrusion-based 3D printing with indigenous calcium phosphate biomaterials. These complementary approaches will allow Ceramat to manufacture both standard and customised grafts, offering:

• Complex geometries that mimic natural bone structures
• Patient-specific designs for personalised medical care
• Enhanced flexibility in clinical applications

Aligning with Aatmanirbhar Bharat

The project is closely aligned with the government’s vision of Aatmanirbhar Bharat, focusing on advanced manufacturing and indigenous medical technology development. By reducing reliance on imported bioceramic and orthobiological products, the initiative will:

• Strengthen domestic supply chains
• Create opportunities for global market expansion
• Position India as a technology developer rather than just a consumer

Why It’s Globally Relevant

Ceramat’s work matters far beyond India. By producing advanced bone grafts locally, it reduces the country’s dependence on costly imports and makes treatment more affordable. At the same time, mastering patient‑specific 3D printing puts India in direct competition with global medical technology leaders.

This innovation reflects a broader shift in healthcare toward personalized solutions, where treatments are tailored to each individual rather than relying on generic options. Because the same techniques can be applied to dental implants, facial reconstruction, and even cosmetic surgery, Ceramat’s approach has the potential to influence multiple industries worldwide. In essence, India is positioning itself not just as a healthcare consumer, but as a healthcare innovator with solutions that can serve patients across the globe.

Conclusion

The collaboration between TDB-DST and Ceramat Private Limited marks a pivotal moment in India’s healthcare innovation journey. By combining indigenous biomaterials with state-of-the-art 3D printing, the project not only addresses critical medical needs but also reinforces India’s commitment to self-reliance, innovation, and global competitiveness in medical manufacturing.

Material	Application
Hydroxyapatite	Bone grafts, implants
Beta-tricalcium phosphate	Orthopaedics, oral care

IBM Ventures Invests in BQP: Quantum Physics Acceleration Reaches Production

BQP Founding Team

• IBM Ventures has invested in BQP, bringing total funding to $8M and backing BQP's expansion from engineering design into real-time operational decisions. The investment extends a technical relationship that began in 2023, when BQP joined the IBM Quantum Network.


• Classical solvers leave roughly 85% of a GPU's floating-point capacity idle. BQP's flagship platform, BQPhy®, puts that capacity to work, resolving full-fidelity physics inside operational decision windows.


• BQPhy® is in production with aerospace and defense customers, with contracted and committed revenue up 8x since BQP's 2025 seed round and 3x customer growth.

BQP, the physics acceleration company, today announced a strategic investment from IBM Ventures, the venture capital arm of IBM. The investment brings BQP's total funding to $8M and funds BQPhy®'s expansion from engineering design into operational deployment, scaling delivery and go-to-market as BQP expands beyond aerospace and defense. Venn10 Capital and existing investor Monta Vista Capital also participated. Since its 2025 seed round, backed by New York State's venture arm and other institutional investors, BQP has grown contracted and committed revenue 8x, tripling its customer base and growing platform users 20x.

"An engineer with a deadline doesn't care where the answer came from. They care that it arrived in time and that the physics is right. The industry spent years treating this as a hardware problem that warranted faster chips, more of them, and eventually a quantum one. But it was always a software problem," said Abhishek Chopra, Founder and CEO of BQP.

Chopra added: "We spent those years earning our way into engineering workflows, so when the quantum machines are ready, nothing about how those teams work has to change. That's the path IBM has watched us build since 2023, and this investment says it's the right one."

Mission-critical decisions have deadlines, and high-fidelity physics simulations rarely meet them. More hardware has not closed the gap. Classical physics solvers leave roughly 85% of a GPU's floating-point capacity idle, because the sparse iterative methods underneath simulation are bound by memory access rather than compute. Teams choose between accurate models that return the right answer too late, or fast methods that answer on time by skipping the physics, leaving hidden risk behind over-engineered safety margins.

BQPhy® removes this trade-off between speed and accuracy. Its physics-AI optimization engine resolves the full physics inside the decision window, using the GPU capacity classical solvers leave idle. The platform delivers this through two solvers that share a single SDK, integrated natively into MATLAB as a MathWorks Connections Program partner, with standard APIs for Python, Julia, and other frameworks. This enables engineers to get the answers without leaving the tools they already use.

QuantumNOW™ is in production today on customers' existing CPU and GPU infrastructure, and each deployment maps which problems belong on a QPU - making QuantumMAX™, BQP's quantum-native solver in development, an on-ramp rather than a bet. It is written for heterogeneous CPU-GPU-QPU execution rather than a single hardware target.

"What stood out with BQP is that users don't have to change how they work to get quantum-accelerated results. Their proven track record of developing software that helps enterprises build a practical path toward hybrid quantum-classical computing is what gives IBM Ventures confidence in making this investment," said Emily Fontaine, Global Head of IBM Ventures.

In aerospace and defense, BQP's furthest-along work is in space. Under an SBIR with the U.S. Space Force and SpaceWERX, extending earlier work with the SDA TAP Lab, BQPhy®'s physics AI propagates a catalog of more than 3,000 space objects in under a second, roughly 250x faster than the open-source Orekit solver by compressing the model using proprietary algorithms. BQP also holds a CRADA with the Air Force Research Laboratory's Aerospace Systems Directorate and has demonstrated BQPhy® on radio-frequency signal problems for the tactical edge with NavalX. With Modovolo, BQP built a system-level propulsion optimization for UAV mission profiles, expanding from three design variables to more than twelve and tuning propeller and motor as a single unit; integration took roughly one week through the API.

In energy, BQP is applying the same platform to commercial systems, with EV battery thermal management work funded by India's Ministry of Heavy Industries and the Indian School of Business.

The same engine that predicts where a satellite is heading also predicts how heat moves through a battery pack or a data center rack: different industries with the same high-dimensional physics that has to resolve before the decision window closes.

QuantumNOW™ is in production; QuantumMAX™ is proving out. In work presented at USNC/TAM 2026, BQP ran QuantumMAX™ on quantum hardware for uncertainty quantification in computational fluid dynamics, reaching the same accuracy as classical Monte Carlo with fewer samples on a benchmark-scale problem. BQP's research is published in IEEE, AIAA, and APL Quantum, with best paper awards at AeroCon 2026 and the IEEE Space, Aerospace and Defence Conference (SPACE 2026).

About BQP

BQP (formerly BosonQ Psi) is a physics acceleration company applying quantum algorithms to mission-critical operational decisions. Its unified Quantum-HPC platform, BQPhy®, pairs physics AI surrogates with an optimization solver, delivering results on today's CPU and GPU infrastructure through QuantumNOW™ with quantum-native acceleration in development through QuantumMAX™ - both on a single SDK. Headquartered in Syracuse, New York, with offices in the UK and India. Learn more at https://www.bqpsim.com

Purple Style Labs Raises ₹306 Crore from Anchor Investors

Purple Style Labs Limited has allotted 53,21,739 Equity Shares to 10 Anchor Investors and raised ₹306 crore at the at the Anchor Investor Allocation Price of ₹575 per Equity Share, with a face value of ₹10 per Equity Share (including a share premium of ₹565 per Equity Share).

Marquee investors include ICICI Prudential Mutual Fund, Jupiter India Fund, The Jupiter Global Fund – Jupiter India Select, Aditya Birla Sun Life Insurance Company Limited, ITI Multi Cap Fund, ITI Flexi Cap Fund, Singularity Equity Fund I, Integrated Core Strategies (Asia) Pte. Ltd., Morgan Stanley Asia (Singapore) Pte. and BoFA Securities Europe SA – ODI.

Out of the total allocation of 53,21,739 Equity Shares to the Anchor Investors, 17,39,192 Equity Shares (i.e. 32.68% of the total allocation to Anchor Investors) were allocated to 2 domestic mutual funds applying through a total of 3 schemes.

The Issue opens on Monday, August 31, 2026, and closes on Wednesday, September 2, 2026.

Axis Capital Limited and IIFL Capital Services Limited are the book running lead managers to the Issue.

Founded in 2015, Purple Style Labs Limited is a luxury fashion house founded in 2015, best known for operating Pernia’s Pop-Up Shop and Studio, an omnichannel platform that curates premium Indian designer brands for global audiences. The company is currently in the spotlight with its ₹680 crore IPO, aiming to expand its retail footprint and strengthen its international presence.

Piramal Finance Announces ₹3,850 Crore Capital Raise, Backed by Strong QIP Participation and Promoter Warrants

• ₹2,100 crore raised through QIP, backed by participation from leading domestic and global investors.
• A proposed ₹1,750 crore preferential allotment of warrants to the promoter group, subject to shareholders, statutory and regulatory approvals.
• Together, the transactions are part of Piramal Finance’s broader capital-raising programme announced on July 16, 2026.
• The proceeds will strengthen the Company’s balance sheet and capital base, providing greater capacity to support its next phase of retail-led growth.

Piramal Finance Limited today announced the successful completion of its Qualified Institutions Placement ("QIP"), raising ₹2,100 crore through the issuance of equity shares to Qualified Institutional Buyers ("QIBs").

The QIP saw strong participation from a diverse mix of leading domestic and international institutional investors, underscoring confidence in Piramal Finance's transformation into a scaled, retail-led, granular and diversified financial services franchise.

The issue attracted strong interest from reputed domestic mutual funds, including:

• ICICI Prudential Mutual Fund
• Nippon India Mutual Fund
• Kotak Mutual Fund
• Quant Mutual Fund
• Axis Mutual Fund
• Motilal Oswal Mutual Fund
• Tata Mutual Fund
• Franklin Templeton Mutual Fund
• Aditya Birla Sun Life Mutual Fund

Participation also came in from leading global investors including BlackRock, Goldman Sachs Asset Management, and Eastspring Investments.

Commenting on the transaction, Anand Piramal, Chairman, Piramal Finance Limited, said: “We are deeply humbled by the strong response from the investor community and grateful for the trust they have placed in Piramal Finance. This capital raise marks an important milestone in our journey as we continue to build a diversified, retail-led and technology-driven financial services institution. Over the past few years, we have expanded our reach across Bharat, broadened our product offerings, and embedded technology and AI into the way we serve customers, make decisions and manage risk. Most importantly, we have had the privilege of serving over 6 million customers and enabling more than 2.5 million high-impact loans across affordable housing, small businesses and underserved communities.

This milestone reflects the hard work and commitment of our teams across the organisation. It also places a greater responsibility on us to deliver with consistency, prudence and purpose. As we move forward, our focus will remain on creating long-term value for all stakeholders while enabling many more customers and communities to participate in India’s growth story.”

Key Transaction Highlights:

• 99,52,606 equity shares allotted at ₹2,110 per share, aggregating to approximately ₹2,100 crore.
• QIP opened on 24th August 2026 and closed on 28th August 2026, with the issue successfully completed as scheduled.
• Following the allotment of the new equity shares, the paid-up equity share capital stands increased from Rs. 45.34 crore, comprising of 22,66,77,700 Equity Shares of Rs. 2 each to Rs. 47.33 crore, comprising of 23,66,30,306 Equity Shares of Rs. 2 each.
• Separately, on 24th August 2026, the Board of Directors also approved a preferential issue of warrants worth around ₹1,750 crore to one of the promoter group entities, subject to the shareholders, statutory and regulatory approvals.
• Once successfully completed, the two transactions together will entail an equity capital infusion of around ₹3,850 crore.
• The capital raise will further strengthen the Company’s balance sheet and capital base, providing greater flexibility to pursue disciplined growth through diversified retail and granular wholesale lending while maintaining a strong capital buffer and prudent risk profile.
• The Company’s differentiated High Tech + High Touch model combines deep physical distribution with advanced technology, data and AI capabilities to serve customers at scale while improving execution discipline, risk management and customer experience.

Book Running Lead Managers and Legal Counsels

Nomura Financial Advisory and Securities (India) Private Limited, Motilal Oswal Investment Advisors Limited and JM Financial Limited acted as the Book Running Lead Managers to the QIP.

Cyril Amarchand Mangaldas acted as legal advisers to the Company, while Trilegal and Linklaters Singapore Pte. Ltd. acted as legal advisers and international legal advisers to the Book Running Lead Managers, respectively.

About Piramal Finance Limited

Piramal Finance Limited is a retail-led upper-layer NBFC with a pan-India presence. As on 30th June 2026, the company manages Assets Under Management (AUM) of over ₹ 1,00,000 Cr and has served over 6 million customers across 26 states.

The company operates a distinctive phygital model combining high-touch engagement across 13,000+ pin codes as on 30th June, 2026 with high-tech capabilities including machine learning models, agentic AI tools and real-time dashboards.

Piramal Finance is rated ‘AA+’ with a ‘Stable’ Outlook by CRISIL, ICRA and CARE for its domestic long-term debt, ‘BB’ by S&P Global internationally, and ‘Ba3’ with a Positive outlook by Moody’s.

In retail lending, Piramal Finance offers a diversified portfolio spanning:

• Affordable housing loans
• Loan against property
• Gold loans
• Microfinance
• Used car loan
• Personal loans
• Insurance solutions
• Small business credit

Presence across metro-adjacent, semi-urban, and rural markets.

In wholesale lending, the company provides asset-backed, data-driven financing solutions across real estate and select non-real estate sectors, with a focus on mid-income residential development and bespoke capital solutions for mid-market corporates.

With its digital-first approach and AI-enabled platforms, Piramal Finance is committed to expanding access to affordable credit and driving inclusive growth across India.

For more information visit: Piramalfinance.com

Starcloud Raises $250M to Scale AI Beyond Earth

Starcloud has raised $250 million in a Series A extension, boosting its valuation to $2.3 billion as it accelerates plans to build orbital data centers for AI workloads. The funding underscores growing investor confidence in space-based computing, with Nvidia and Cisco joining as strategic backers.

Starcloud aims to build orbital data centers leveraging continuous solar power and radiative cooling for large-scale AI compute.

Founded in 2024 2024 (originally as Lumen Orbit, later rebranded to Starcloud), Starcloud is a U.S.-based startup pioneering orbital data centers. Its founders are Philip Johnston (CEO, ex-McKinsey), Ezra Feilden (CTO, ex-Airbus Defence and Space), and Adi Oltean (Chief Engineer, ex-SpaceX and Microsoft Azure). The company has raised $450M to date, with investors including Benchmark, EQT, Manhattan West, NVIDIA, Cisco Investments, and others. 

Funding and Valuation

• Amount Raised: $250 million (Series A extension)
• Valuation: $2.3 billion post-money
• Total Capital Raised: $450 million since founding in 2024
• Lead Investor: Manhattan West
• Other Backers: Benchmark, EQT, Soma, NFX, 776, Nvidia, Cisco Investments, Cedar Capital, Goanna Capital, Standard Capital

Orbital Data Center Vision

• Core Idea: Move AI processing into orbit, reducing latency by analyzing data closer to where it is collected
• Advantages Over Earth-Based Centers:
  • No need for complex cooling systems
  • Continuous solar power without weather disruptions
  • Lower latency for space applications
• Target Scale: Constellation of 88,000 satellites delivering 20 gigawatts of compute capacity

Technology and Partnerships

• Nvidia Collaboration:
  • First NVIDIA H100 GPU flown to orbit in 2025
  • Development of Space-1 Vera Rubin Module, designed for radiation-heavy orbital environments
  • Future satellites expected to deliver 25x more compute than current H100 GPUs
• Cisco Role: Providing networking and AI infrastructure expertise for orbital systems
• Upcoming Hardware:
  • Starcloud-2 (2027): AI chips, storage, and backup modules
  • Starcloud-3: 200 kW satellites with advanced cooling and heat dissipation
  • Starcloud-4 (future): Cylindrical orbital data center with a 2.5-square-mile solar array

Manufacturing Expansion

• Facility: 100,000-square-foot plant in Woodinville, Washington
• Purpose: Mass production of Starcloud-3 spacecraft

Risks and Challenges

• High Capital Needs: Orbital infrastructure requires billions in long-term investment
• Launch Constraints: Reliance on SpaceX’s Starship as Falcon 9 phases out by 2028
• Regulatory Hurdles: FCC approval sought for 88,000 satellites
• Competition: SpaceX’s “Starmind” project envisions up to a million orbital data center satellites

Market Context

• SpaceX IPO Impact: Renewed investor enthusiasm for space-tech startups
• Global Trend: Orbital data centers seen as a solution to terrestrial bottlenecks in land, power, and water usage. 

SAVE Microfinance Receives ₹70 Crore in Funding in FY 2026–27, Including ₹55 Crore under CGSMFI-2.0

SAVE Microfinance Private Limited, a microfinance institution focused on advancing responsible and inclusive finance across India, has received ₹70 crore in total funding during the current financial year (FY 2026–27).

Of the total funding, ₹55 crore has been received under the Credit Guarantee Scheme for Microfinance Institutions (CGSMFI-2.0), comprising ₹25 crore from Indian Overseas Bank (IOB) received in June 2026 and ₹30 crore from State Bank of India (SBI) received in August 2026.

The company has also received ₹15 crore through other institutional funding facilities, including funding from Northern Arc Capital, further strengthening and diversifying its institutional funding base.

The latest funding milestone reinforces the continued confidence of leading banks and financial institutions in SAVE Microfinance’s business model, portfolio quality, governance standards and disciplined approach to sustainable growth.

The funds will support the company’s lending operations, strengthen its ability to meet the growing demand for responsible credit, and expand access to formal financial services across underserved and semi-urban and rural markets.

Strengthening Institutional Confidence

Commenting on the funding milestone, Mr. Pintu Kumar Singh, Chief Financial Officer, SAVE Microfinance Pvt. Ltd., said: "The receipt of ₹70 crore in funding during the current financial year, including ₹55 crore under CGSMFI-2.0, is a significant milestone for SAVE Microfinance. We are grateful to our banking and financial institution partners for their continued confidence in our financial discipline, portfolio quality and governance framework. The additional funding will strengthen our lending capacity while enabling us to maintain a balanced approach to growth, risk management and responsible finance.”

He added: “As we continue to explore additional institutional funding opportunities, our focus remains on building a diversified funding base and ensuring sustainable access to credit for underserved households and micro-entrepreneurs.”

Supporting Responsible and Inclusive Growth

Commenting on the milestone, Mr. Ajeet Kumar Singh, Managing Director & Co-founder, SAVE Solutions Private Limited (SAVE Group), said: "At SAVE, we view financial inclusion as an important enabler of sustainable social and economic progress. The continued support from leading financial institutions is a strong endorsement of our approach to responsible finance, disciplined growth and institutional governance. The ₹70 crore funding received during FY 2026–27 will further strengthen our ability to serve underserved communities and support livelihoods through timely and responsible access to credit.”

He further added: “The ₹55 crore received under CGSMFI-2.0 is particularly significant as we continue to deepen our institutional partnerships and diversify our funding sources. With further opportunities in the pipeline, we remain committed to strengthening our financial capabilities and expanding the reach of inclusive financial services across India.”

Diversifying the Funding Base

SAVE Microfinance continues to engage with banks, financial institutions and development-focused lenders to build a well-diversified and sustainable funding base.

The company remains focused on responsible credit delivery, technology-enabled operations, prudent risk management and sustainable portfolio growth, with the objective of expanding access to formal finance for low-income households, women borrowers and micro-entrepreneurs across its operating geographies.

The company will continue to leverage institutional partnerships and initiatives such as CGSMFI-2.0 to strengthen its financial capacity and support the evolving credit needs of underserved communities.

About SAVE Microfinance Private Limited

SAVE Microfinance Private Limited is part of SAVE Solutions Private Limited (SAVE Group) and is focused on expanding access to responsible and inclusive financial services for underserved communities. The company works towards enabling access to formal credit while maintaining a strong focus on responsible lending, disciplined growth, prudent risk management and sustainable impact.

Bank of Baroda Raises $700M Through Overseas Bond Issuances

• The Dual tranche issuance received a strong investor response with peak order book of USD 2.67 billion

Bank of Baroda, India’s International Bank, has raised USD 700 million through a dual-tranche overseas bond issuance comprising 3-year and 5-year Senior Unsecured Fixed Rate Notes under its USD 4 billion Medium-Term Note Programme. The issuances, undertaken through the Bank’s International Financial Services Centre Banking Unit at GIFT City, received a strong response from investors, with the order book peaking at USD 2.67 billion, representing demand of nearly 3.8 times the final issue size.

The Bank raised USD 400 million through the 3-year tranche at a coupon of 5.114% per annum (representing a spread of 90 basis points over the 3-year US Treasury rate). A further USD 300 million was raised through the 5-year tranche at a coupon of 5.318% per annum (a spread of 100 basis points over the 5-year US Treasury rate). Strong investor demand enabled the Bank to significantly tighten pricing from the Initial Pricing Guidance of 3-Year US Treasury + 120 basis points for the 3-year tranche and 5-Year US Treasury + 130 basis points for the 5-year tranche. The Bank achieved the tightest-ever spread over the US Treasury in the history of its bond issuances.

Dr. Debadatta Chand, Managing Director & CEO, Bank of Baroda said, “The exceptionally strong investor response to our USD 700 million bond issuance reflects deep market confidence in the Bank, its financial resilience and clear strategic direction. The competitive pricing achieved, coupled with strong participation from high-quality international investors, reinforces our ability to efficiently diversify our funding base and support our long-term growth priorities."

The issue has been rated BBB (Stable) by S&P, BBB- (Stable) by Fitch and BBB+ (Stable) by CareEdge Global. The bonds will be listed on the India International Exchange (IFSC) Limited (India INX), NSE International Exchange (NSE-IX) and Singapore Exchange (SGX-ST)

The notes will be settled on 20 August 2026 and will mature in August 2029 and August 2031, respectively

SBI Raises $500M in Overseas Bond Issue

State Bank of India, acting through its London branch, has announced the conclusion of successful pricing of USD 500 million of “Regulation S” bonds at a coupon rate of 5.25 per cent. The bond is benchmarked against the 5yr US Treasury and priced at a spread of 88 bps over the benchmark. The bonds will be listed on SGX-ST, India INX and NSE-IX.

The transaction received an overwhelming response and saw strong interest from investors across geographies with a peak orderbook of USD 2.46 billion with 145 investors. On the basis of strong investor demand, the price guidance was revised from T+120 bps area to T+88 bps resulting in price compression of 32 bps. The Notes will carry rating of BBB, BBB- and BBB+/Stable from S&P, Fitch and CareEdge Global respectively.

SBI Chairman Shri CS Setty

Commenting on the transaction, Shri Challa Sreenivasulu Setty, Chairman, SBI said “The successful pricing of USD 500 million, during the ongoing global uncertainities, is a testament to the strong appetite for bonds of SBI and to the diversified investor base the Bank has in offshore capital markets, allowing it to efficiently raise funds from the leading global fixed income investors. The issue has priced at the tightest spread among all Indian public bond issuances since the RBI swap window announcement and reflects the confidence of the global investors in India’s growth story in general and credit quality of SBI in particular. The tight pricing achieved amid the evolving global macro environment has demonstrated containment in the borrowing cost for issuers from India. ”

BNP PARIBAS, Citigroup, Crédit Agricole CIB, Emirates NBD Bank PJSC, HSBC (B&D), MUFG, and Standard Chartered Bank were the Joint Bookrunners for this offering.

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