Voltagen Innovator Newtrace Raises $6.3M to Cut Green Hydrogen Costs

Newtrace, a deeptech startup developing high-performance electrode and electrolyzer technology for green hydrogen production, has raised ₹56.93 crore ($6.3 million) in its Pre-Series A round, led by HDFC Bank Limited and MITSUI SUMITOMO INSURANCE Venture Capital, with participation from Peak XV’s Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, and angel investors Manish Prataprai Gandhi and Renu Manish Gandhi.

Green hydrogen is emerging as a critical pillar of global decarbonization and is the only scalable clean fuel capable of replacing fossil fuels across sectors such as steel, refining, fertilizers, chemicals, and heavy transport. The global green hydrogen market is projected to reach $38.1 billion by 2029 and expand to $1.4 trillion annually by 2050. Yet today, less than 1 percent of the world’s hydrogen is green, with high costs remaining the biggest barrier.

Green hydrogen currently costs $4 to $10 per kilogram, more than double the cost of conventional grey hydrogen. A significant portion of this cost and inefficiency originates in the electrolyzer stack, particularly the electrode, where most performance losses occur.

At the same time, India’s National Green Hydrogen Mission has set a target of producing 5 million metric tonnes of green hydrogen annually by 2030, supported by ₹19,744 crore in government incentives. However, India currently lacks a domestic supply of high-performance electrolyzer electrodes, creating both a strategic vulnerability and a major opportunity for indigenous innovation.

Founded in 2021 and headquartered in Bengaluru, Newtrace has developed Voltagen, a proprietary advanced electrode technology designed for alkaline water electrolyzers. Voltagen improves energy efficiency, extends system lifetime, and reduces overall hydrogen production costs. Designed as a drop-in replacement for existing electrodes, Voltagen enables electrolyzer manufacturers and hydrogen producers to upgrade performance without redesigning their systems. Newtrace has also commercialized membraneless electrolyzer technology as part of its broader platform.

Newtrace primarily serves electrolyzer OEMs, green hydrogen project developers, and industrial gas companies. Its technology is positioned to support India’s rapidly expanding electrolyzer manufacturing ecosystem, as well as global customers seeking higher efficiency and more reliable supply chains.

Voltagen is built on three core technology pillars: a high-performance catalytic architecture engineered at the micro and nanoscale to improve efficiency, a durable coating system that ensures long operating life under industrial conditions, and a scalable manufacturing process designed for commercial production. These innovations reduce energy consumption per kilogram of hydrogen produced, extend electrode life, and create a domestically available alternative to imported components.

Newtrace was founded by Prasanta Sarkar and Rochan Sinha, who bring deep expertise in electrochemistry, materials science, and industrial scale-up. The company operates from a 30,000 square foot technology center in Bengaluru and is supported by a multidisciplinary team of more than 45 engineers and scientists. It holds multiple patent applications and has received recognition under India’s National Green Hydrogen Mission. The company has also presented its technology to global audiences, including a showcase before Narendra Modi during National Startup Day 2026.

Newtrace Team 

“Green hydrogen’s cost problem is fundamentally a materials and manufacturing challenge,” said Prasanta Sarkar, CEO and Co-Founder of Newtrace. “Voltagen represents a new materials foundation that enables the efficiency and durability required to make green hydrogen cost competitive. This funding allows us to transition from proving the science to scaling manufacturing.”

“We built Newtrace to address the most critical and underinvested component of the electrolyzer stack,” said Rochan Sinha, CTO and Co-Founder of Newtrace. “Our focus now is on translating our technology into reliable, scalable manufacturing that can serve the global hydrogen economy.”

The newly raised capital will support pilot-scale manufacturing, customer validation and supply agreements, and expansion of manufacturing and engineering capabilities. Newtrace expects to begin initial commercial deliveries of Voltagen electrodes within the next 12 months.

About Newtrace:

Newtrace is a climate-tech startup developing and commercializing advanced electrode & stack technology for hydrogen electrolyzers . The vision we swear by is simple - to decarbonize the world through innovation, leaving a cleaner, greener, sustainable future for generations to come. By engineering high-performance electrodes at scale, Newtrace is working to make green hydrogen production economically viable and accelerate the global transition to clean energy. The company combines deep expertise in electrochemistry with scalable manufacturing to address one of the critical cost barriers in the hydrogen economy.

HDFC Life Launches Voice Assistant on Alexa for On-The-Go Policy Servicing

• HDFC Life’s Alexa bot can respond to 200+ unique policy-related queries


• With Alexa bot, HDFC Life reinforces presence in all major social media channels including WhatsApp, Twitter, and Facebook

HDFC Life, one of India’s leading private life insurance companies, has been at the forefront when it comes to technology and technology-based offerings. The latest addition to the long line of digital assistants by HDFC Life has been announced today.

Elsa, HDFC Life’s Alexa-based smart service voice assistant, is now available for policyholders. Through this offering, HDFC Life aims to continue supporting policyholders during the lockdown. The life insurer’s digital platform and tech-based solutions are enabling policyholders to service their policies without having to step out of their homes.

Elsa, the Alexa bot, is powered by natural language processing (NLP) software and offers intelligent services like handling of dynamic requests and offering insights into policies. In its first rollout, Elsa can successfully answer than 200+ queries.

To initiate and configure Elsa on Alexa devices, customers need to download the Alexa app and link their HDFC Life account through a secure authentication process. Once the account is linked, the customer can ask their queries to Alexa to get various policy related information including requesting services such as fund statement, premium receipt or policy soft copy.

For example, the customer can ask “Alexa, when is my next premium due?” On receiving the request, HDFC Life will send the requested information securely via an SMS to the policyholder’s registered mobile number.

Speaking on the launch, Mr. Parvez Mulla, Chief Operating Officer, HDFC Life, said: “Every year, HDFC Life records more than 40 lac customer queries and service requests and processes them digitally. A growing number of Indian customers are moving towards smart digital solutions for quicker and more simplified services.

Through Elsa, as well as other AI service bots, we aim to offer intelligent and personalised query processing for our policyholders. We are making resilient AI offerings which will add value to customer experience.”

HDFC Life’s technology journey started a few years ago when HDFC Life’s leaders saw promise in emerging technologies and creating digital solutions across its value chain. As a leader in the life insurance sector, HDFC Life has bolstered a strong digital presence in major social media and communication channels through voice and chat assistants.

In earlier releases, HDFC Life has announced Elle, a website chatbot; NEO, a Twitter bot; and a 24-hour service bot for WhatsApp, named Etty. The company has successfully launched 210 bots that offer a seamless experience to employees as well as customers.

About HDFC Life:

HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance Company Limited) ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd., India’s leading housing finance institution and Standard Life Aberdeen, a global investment company.

Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. As on March 31, 2020, the Company had 37 individual and 11 group products in its portfolio, along with 6 optional rider benefits, catering to a diverse range of customer needs.

HDFC Life continues to benefit from its increased presence across the country having a wide reach with 421 branches and additional distribution touch-points through several new tie-ups and partnerships. The count of our partnerships is in excess of 270, comprising traditional partners such as NBFCs, MFIs and SFBs, and includes more than 40 new-ecosystem partners. The Company has a strong base of financial consultants.

RBI imposes Rs 1 Cr Penatly on HDFC Bank for Non-Compliance with KYC Norms

The Reserve Bank of India has imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance with Know Your Customer (KYC) norms, the central bank said on Wednesday.

The RBI in a release said that supervisory evaluation of the bank (2016-17) revealed that the HDFC Bank had "failed to exercise ongoing due diligence" with regards to 39 current accounts opened by its customers for bidding in Initial Public Offer.

"It was observed that the transactions effected in these current accounts were disproportionate to the declared income and profile of the customers," it said.

The RBI had issued a notice to the bank to show cause as to why penalty should not be imposed for non-compliance with the direction.

After considering the reply received from the bank and oral submissions made in the personal hearing, the RBI came to the conclusion that imposition of monetary penalty was warranted, the release said.

It further said the action is based on the deficiencies in regulatory compliance and "is not intended" to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. PTI NKD CS

HDFC Plans to Invest Rs 100 Cr per Year in Tech Startups: Parekh

Mortgage finance major HDFC is mulling to invest up to Rs 100 crore per year in technology startups, its chairman Deepak Parekh said on Tuesday.

The largest mortgage lender will install a dedicated team understanding the startup ecosystem to do the investments, he said.

The announcement comes at a time when there is a lot of focus on the policy front to encourage startups with an objective of encouraging innovation and creating employment opportunities.

Many corporate entities and also the largest lender SBI have been creating in-house funds to invest in startups.

"At the last board meet, I took an idea of investing Rs 100 crore per year in startups," Parekh said, speaking at the annual Tiecon event here.

He said just like the idea to branch out into universal banking, the board had reluctance with the idea of investing in startups as well, but underlined that he believes there is a need to invest in ideas of the future in the tech space.

The company will be creating a an in-house team at the headquarters to take charge of investments and exuded confidence that they will start operating in two months.

Parekh urged the youngsters not to get "consumed" by the ongoing economic slowdown and exuded confidence that the tide will change soon.

"Do not be disillusioned with the current difficulties. The tide will and has to change," he told the younger entrepreneurs, stressing that India will be an important engine for the world.

Recounting his days while starting up HDFC Bank, which has become the largest by market valuations now, Parekh said he pushed the board to get into mainstream banking because of the need to diversify beyond its forte of mortgage finance.

The veteran industry player, who has set up many an entity in the over four decades, said honesty, integrity and accountability are the key attributes that create a successful institution.

He said it is never too late to start, mentioning that HDFC itself was started as a retirement venture by H T Parekh when he was 65 years old.

The new institution went through a string on difficulties from its earliest days, including an initial public offering which bombed, difficulties in arranging loans from LIC for which lawyers had to called-in from Washington for convincing and challenges in getting UTI Mutual Fund, the only domestic asset manager, to invest, Parekh said.

He said despite faced with challenges like absence of security enforcement for defaults, HDFC adopted a unique model open for business and recalled that Infosys co-founder N R Narayana Murthy's first house in the financial capital was bought on a Rs 70,000 loan from his company, granted only on the basis of an appointment letter.

To Tap Fintech Startups Early HDFC Bank To Partner Accelerators across the Globe

India's largest private-sector lender by assets, HDFC Bank, has announced the launch of its Accelerator Engagement Program (AEP) under the Bank’s Centre of Digital Excellence (CODE). In this first-of-its-kind program, HDFC Bank will partner with leading start-up accelerators from across the world to gain early access to potential fintech ideas and innovative solutions in the area of artificial intelligence (AI), machine learning (ML), analytics, and robotic process automation etc.

In the first phase, the Bank launched the program in association with the United Kingdom’s Department for International Trade (UK DIT) and start-up accelerators 91SpringBoard and IvyCamp.

HDFC Bank’s Centre of Digital Excellence (CODE), launch in October 2017, is an endeavor to harness the digital and technology eco-system in India and abroad that helps enrich the experience of our offerings to customers. Through the AEP, the Bank will now have access to cutting edge technologies and platforms for potential use. It creates a win-win situation as the start-ups and fintechs also get the opportunity to deploy their solutions.

The City of London Corporation led by the Lord Mayor brought down the first fintech delegation, thus making the United Kingdom the first country globally to be associated under the programme.

The Accelerator Engagement Programme was launched in Mumbai by Mr. Nitin Chugh, Country Head – Digital Banking, HDFC Bank in the presence of Mr. Ben Green, First Secretary, Trade, DIT; Lord Mayor of the City of London, Alderman Charles Bowman; Mr. Mithun Shetty, Head of Community Building at 91SpringBoard; and Mr. Vikram Gupta, Founder and Managing Partner, IvyCamp. A fintech delegation from UK DIT comprising start-ups based in the UK also made a presentation to HDFC Bank on technologies and solutions based on AI, ML, analytics, and robotic process automation etc.

“We are excited to take our engagements with fintech start-ups global with the Accelerator Engagement Programme. At HDFC Bank, we are looking for disruptive, global first innovations. This enables us to be in sync with our customers’ needs and desires and become part of their lifestyle. We believe that to tap into this vast pool of innovative ideas, we need to work as a partner in the digital eco-system and encourage the spirit of innovation in the country. This is a win-win for all of us,” said Nitin Chugh, Country Head – Digital Banking, HDFC Bank.

“I am delighted to help launch this powerful new initiative, and even happier that the delegation I’ve brought to India is the first to benefit from it. Fintech is an area of immense potential for the UK and India, and I look forward to seeing more collaboration between our two countries in this area,” said Lord Mayor of London, Charles Bowman.

91SpringBoard engages with more than 25,000 start-ups and fintechs globally as partners and facilitators. Similarly, IvyCamp is engaged with more than 5,000 start-ups and fintechs globally.

The Accelerator Engagement Program is part of the Bank’s CODE, where the objective is to create a mutually beneficial ecosystem with relevant players in the start-up and fintech space not just in India but globally. The other initiatives initiated by the Bank under CODE is a Digital Command Centre and ‘Industry Academia’. Industry Academia aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools like IIT-Bombay, IIT Roorkee to name a few. The Bank also organises Digital Innovation Summit, an annual event to identify path breaking fintech start-ups through an application process.

Other banks such as Yes Bank and Axis Bank have had already launched their startup accelerator programs in last couple of years. Yes Bank however is leading the race of tapping startups early after launching its fintech accelerator, the Bank had recently launched an another accelerator but multi sector this time. Called as YES SCALE, the new accelerator program by Yes Bank offer a 15 week program for startups in the areas of smart city, clean tech, Agritech, Lifesciences tech and education tech.

Axis Bank has Thought Factory, in the city of Bengaluru, as startup accelerator for fintech startups, launched in 2016.

Last November, HDFC had launched a fund for startups with an initial corpus of $25-30 million and later in March this year invested $10 million in MedGenome Labs, a Bengaluru-based DNA diagnostic and screening startup.

Besides, HDFC has also invested in fitness startup KOOH Sports and online automobile portal Cardekho.com.

Source - CXO Today

To Tap Fintech Startups Early HDFC Bank To Partner Accelerators across the Globe

India's largest private-sector lender by assets, HDFC Bank, has announced the launch of its Accelerator Engagement Program (AEP) under the Bank’s Centre of Digital Excellence (CODE). In this first-of-its-kind program, HDFC Bank will partner with leading start-up accelerators from across the world to gain early access to potential fintech ideas and innovative solutions in the area of artificial intelligence (AI), machine learning (ML), analytics, and robotic process automation etc.

In the first phase, the Bank launched the program in association with the United Kingdom’s Department for International Trade (UK DIT) and start-up accelerators 91SpringBoard and IvyCamp.

HDFC Bank’s Centre of Digital Excellence (CODE), launch in October 2017, is an endeavor to harness the digital and technology eco-system in India and abroad that helps enrich the experience of our offerings to customers. Through the AEP, the Bank will now have access to cutting edge technologies and platforms for potential use. It creates a win-win situation as the start-ups and fintechs also get the opportunity to deploy their solutions.

The City of London Corporation led by the Lord Mayor brought down the first fintech delegation, thus making the United Kingdom the first country globally to be associated under the programme.

The Accelerator Engagement Programme was launched in Mumbai by Mr. Nitin Chugh, Country Head – Digital Banking, HDFC Bank in the presence of Mr. Ben Green, First Secretary, Trade, DIT; Lord Mayor of the City of London, Alderman Charles Bowman; Mr. Mithun Shetty, Head of Community Building at 91SpringBoard; and Mr. Vikram Gupta, Founder and Managing Partner, IvyCamp. A fintech delegation from UK DIT comprising start-ups based in the UK also made a presentation to HDFC Bank on technologies and solutions based on AI, ML, analytics, and robotic process automation etc.

“We are excited to take our engagements with fintech start-ups global with the Accelerator Engagement Programme. At HDFC Bank, we are looking for disruptive, global first innovations. This enables us to be in sync with our customers’ needs and desires and become part of their lifestyle. We believe that to tap into this vast pool of innovative ideas, we need to work as a partner in the digital eco-system and encourage the spirit of innovation in the country. This is a win-win for all of us,” said Nitin Chugh, Country Head – Digital Banking, HDFC Bank.

“I am delighted to help launch this powerful new initiative, and even happier that the delegation I’ve brought to India is the first to benefit from it. Fintech is an area of immense potential for the UK and India, and I look forward to seeing more collaboration between our two countries in this area,” said Lord Mayor of London, Charles Bowman.

91SpringBoard engages with more than 25,000 start-ups and fintechs globally as partners and facilitators. Similarly, IvyCamp is engaged with more than 5,000 start-ups and fintechs globally.

The Accelerator Engagement Program is part of the Bank’s CODE, where the objective is to create a mutually beneficial ecosystem with relevant players in the start-up and fintech space not just in India but globally. The other initiatives initiated by the Bank under CODE is a Digital Command Centre and ‘Industry Academia’. Industry Academia aims at mentoring and hand-holding fintechs and start-ups incubated at country’s top technical and B-schools like IIT-Bombay, IIT Roorkee to name a few. The Bank also organises Digital Innovation Summit, an annual event to identify path breaking fintech start-ups through an application process.

Other banks such as Yes Bank and Axis Bank have had already launched their startup accelerator programs in last couple of years. Yes Bank however is leading the race of tapping startups early after launching its fintech accelerator, the Bank had recently launched an another accelerator but multi sector this time. Called as YES SCALE, the new accelerator program by Yes Bank offer a 15 week program for startups in the areas of smart city, clean tech, Agritech, Lifesciences tech and education tech.

Axis Bank has Thought Factory, in the city of Bengaluru, as startup accelerator for fintech startups, launched in 2016.

Last November, HDFC had launched a fund for startups with an initial corpus of $25-30 million and later in March this year invested $10 million in MedGenome Labs, a Bengaluru-based DNA diagnostic and screening startup.

Besides, HDFC has also invested in fitness startup KOOH Sports and online automobile portal Cardekho.com.

Source - CXO Today

HDFC Bank Launches $25-30 Mn Startup Fund

HDFC Bank, India's largest private sector bank by market capitalization, has launched a fund for startups with an initial corpus of $25-30 million, according to a report by Times of India.

The bank is also increase the startup fund to more be more in amount after the approvals which are in process.

"It's a dynamic fund and the objective is very clear — start small but keep scaling up. As we understand the ecosystem, we will grow it. The government announced a large fund a few years ago but deployment takes time," said a banker to TOI.

HDFC bank is said to be working with over 150 startups and it thought that a fund was the missing piece in its startup related offerings and strategies, and there were no restriction on the focus sectors. "If there is a right fit with the bank, we will go ahead and fund the startup.

To recall, last year, the bank had already launched SmartUp, a first-of-its-kind dedicated solution for startups, to fulfill all their banking needs.

For last couple of years, HDFC has been proactively participating in booming startup ecosystem of India. Last month, HDFC Bank’s Centre of Digital Excellence (CODE) has launched launched Industry Academia to assist fintech startups in India.

Last year, the bank had invested in a funding round of $2.2 million in Mumbai-based health and fitness startup KOOH Sports and invested Rs. 300 crore in Bangalore based Total Environment.

In 2015, the bank in its first ever investment picked up minority stake Cardekho.com, a automobile based online portal backed by Ratan Tata.

HDFC Bank Launches $25-30 Mn Startup Fund

HDFC Bank, India's largest private sector bank by market capitalization, has launched a fund for startups with an initial corpus of $25-30 million, according to a report by Times of India.

The bank is also increase the startup fund to more be more in amount after the approvals which are in process.

"It's a dynamic fund and the objective is very clear — start small but keep scaling up. As we understand the ecosystem, we will grow it. The government announced a large fund a few years ago but deployment takes time," said a banker to TOI.

HDFC bank is said to be working with over 150 startups and it thought that a fund was the missing piece in its startup related offerings and strategies, and there were no restriction on the focus sectors. "If there is a right fit with the bank, we will go ahead and fund the startup.

To recall, last year, the bank had already launched SmartUp, a first-of-its-kind dedicated solution for startups, to fulfill all their banking needs.

For last couple of years, HDFC has been proactively participating in booming startup ecosystem of India. Last month, HDFC Bank’s Centre of Digital Excellence (CODE) has launched launched Industry Academia to assist fintech startups in India.

Last year, the bank had invested in a funding round of $2.2 million in Mumbai-based health and fitness startup KOOH Sports and invested Rs. 300 crore in Bangalore based Total Environment.

In 2015, the bank in its first ever investment picked up minority stake Cardekho.com, a automobile based online portal backed by Ratan Tata.

OYO Partners with HDFC Bank’s PayZapp to Aid Frictionless Payment

OYO, India’s largest branded network of hotels, announced the integration of PayZapp, a complete payment solution by HDFC Bank, on its consumer app. This tie-up will enable customers to directly link their debit and credit card to PayZapp, and book an OYO by making the payment in just one click. With PayZapp, users do not need to preload money each time they transact - and can thereby access a convenient and secure way of payment.

Commenting on the partnership, Ritesh Agarwal, Founder & CEO, OYO said, “OYO is committed to making the hotel booking process seamless and hassle-free. We deliver a superior app booking and room-service experience. As a result, the app now drives over 60% of our bookings. Making payment frictionless is the next step in wowing the customer. We have received positive customer feedback on the tie-up with PayZapp and how it complements the three-tap booking experience currently offered by the OYO app. PayZapp will help us reach new customers while enhancing the experience of our existing user-base.”

Mr. Parag Rao, Country Head – Card Payment Products, Merchant Acquiring Services & Marketing, HDFC Bank said, “Customer convenience lies at the core of every new initiative at HDFC Bank. We are extremely pleased to partner with OYO to provide 1-Click Payments through PayZapp. Our customer base is highly evolved in the online travel booking segment and we have witnessed a very enthusiastic response to the booking and payment experience through OYO. With this partnership we hope to further enhance this experience.”

OYO is committed to building a long term relationship with HDFC Bank and PayZapp and will continue to collaborate on both strategic and tactical campaigns.

Founded by Ritesh Agarwal, India’s first graduate of the Thiel Fellowship, OYO currently operates in more than 180 Indian cities, has more than 6000 hotels in its network and also has operations in Malaysia. These include major metros, regional hubs, top leisure destinations, as well as pilgrimage towns.

The company’s vision is to become the world’s most preferred and trusted hotel brand. It is backed by the world’s leading investors including the SoftBank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India.

India’s largest branded network of hotels, OYO has partnered with IRCTC, Airtel, Samsung, Lenovo, Biotique, Cleartrip, Itzcash, FreeCharge, Mobikwik,  Peppertap and Grofers to deliver a seamless and standardized experience to guests.