Author: Team

SpaceTech startup OrbitAID raises dollar1.5 Million in Pre-Seed round led by Unicorn India Ventures

Mumbai/Chennai, 15th Jan 2025 – Chennai based Space Tech startup OrbitAID has raised $1.5 Million in a pre-seed round led by Unicorn India Ventures. The round also saw participation from TANSIM (Government of Tamil Nadu). OrbitAID plans to use the funds raised to conduct an in-space demonstration of docking and refuelling operations, expand facilities for on-orbit servicing operations, advance SIDRP (Standard Interface Docking and Refuelling Port) to commercial readiness and scale team capabilities to align with upcoming projects.

Founded in 2021 by Sakthikumar R, Nikhil Balasubramanian and Mano Balaji K, OrbitAID is an Aerospace company that is focused on advancing sustainable space operations through innovative on-orbit refueling solutions and is actively forging ahead to create a network of cutting-edge fuel stations in space that are strategically positioned in various orbits. OrbitAID aims to increase the lifespan and functionality of satellites that will reduce space debris and enhance the long-term viability of space infrastructure with their product Standard Interface Docking and Refueling Port (SIDRP), which will elevate the accessibility and reliability of satellite refueling operations to unprecedented levels.

The Company has recently tested its patented SIDRP on a zero gravity flight in Florida successfully. This test has further validated SIDRP’s capabilities for on-orbit mission critical steps including docking, refueling and proximity operations. This successful demonstration is a major milestone in SIDRP’s precision and accuracy in simulated space conditions taking the company a step closer to their mission of disrupting the outer space market.

In the last 12 months, the company has achieved Technology Readiness Level (TRL) 7 for docking and refuelling tests and secured significant partnerships and collaborations.

Commenting on the investment, Bhaskar Majumdar, Managing Partner, Unicorn India Ventures, says, “As a deep tech focused investor, emerging technologies within space tech, drones and IoT are of massive interest to us. We believe highly innovative businesses in space tech will lead India’s journey of global dominance beyond the confines of our planet. OrbitAID has been working tirelessly in that direction to meet the growing demand of a robust refuelling ecosystem in space for the efficient utilisation of spacecraft resources. The funding will help the company in expanding facilities for on-orbit servicing operations and scale the SIDRP product to an advanced stage. Hence, we believe the market opportunity is huge and the company has built the right momentum to not only capitalise on this segment but be the market leader as well.”

OrbitAID plans to expand and establish advanced facilities to further the development of its on-orbit servicing technologies. The company is also looking to grow its team and enhance the product portfolio with new innovations for sustainable space missions.

Sakthikumar R, Founder and CEO, OrbitAID Aerospace, says, “We are excited to have secured funding from Unicorn India Ventures and TANSIM. This milestone not only validates our vision but also reflects the dedication of our team in advancing sustainable space operations. With this funding, we will conduct our in-orbit demonstration in space for docking and refueling, bringing us closer to revolutionizing satellite servicing and ensuring a sustainable future in space.”

In the next 12 months, OrbitAID will conduct in-orbit demonstrations of docking and refueling to validate technology and operational readiness.

OrbitAID also aims to achieve TRL 6 for the refuelable propulsion system, enhancing its readiness for deployment and secure a refueling contract from government or private space companies, establishing commercial viability.

Nikhil, Co-founder and COO, OrbitAID Aerospace, says,”This funding is a significant step forward for OrbitAID. It enables us to bring our cutting edge technologies, like SIDRP, to the forefront of space innovation. The upcoming in-orbit demonstration will showcase our team’s dedication to advancing sustainable and efficient satellite servicing solutions.”

Tembo Defence Products to Sign MOU with Maharashtra Government at World Economic Forum in Davos

The group company of Tembo Global Industries Limited, Tembo Defence Products Private Limited, has been invited to participate in a significant event at the World Economic Forum in Davos, Switzerland. During this prestigious event, the company will sign a Memorandum of Understanding (MOU) with the Government of Maharashtra to establish a state-of-the-art defence manufacturing facility in the state. This collaboration is in line with the Government of India’s “Make in India” initiative, aimed at boosting indigenous manufacturing and strengthening the nation’s defence capabilities.

The signing of this MOU signifies a pivotal step in strengthening India’s defence manufacturing sector, advancing indigenous production capabilities, and enhancing the country’s defence preparedness. The partnership underscores the shared commitment between Tembo Defence Products and the Government of Maharashtra to bolster the nation’s security infrastructure.

Mr. Sanjay J. Patel, Managing Director of Tembo Global Industries Limited, expressed his enthusiasm about the collaboration: “We are honored to be part of this significant moment at the World Economic Forum in Davos, where we will formalize our partnership with the Government of Maharashtra. This MOU marks a crucial step towards transforming India’s defence manufacturing capabilities, and we are committed to contributing to the nation’s vision of self-reliance in defence. Our collective effort will not only create a more resilient supply chain but also create numerous job opportunities and promote technological advancements within the sector.”

The proposed defence manufacturing facility is expected to play a key role in enhancing India’s self-sufficiency in defence production, further promoting the growth of the “Make in India” initiative and supporting the nation’s broader security objectives.

Incorporated in 2010, Tembo Global Industries stands as a prominent entity in the industrial sector, specializing in the production and assembly of metal components for Pipe Support Systems, Fasteners, Anchors, HVAC, Anti-Vibration Systems, and Equipment for a range of installations including industrial, commercial, utility, and OEM. The company also engages in the trade of metal products that complement its manufacturing operations. The Company is a fabrication and installation specialist in ductile pipes, HDB pipes and fittings, and MS plate. Its products are certified and approved by Underwriter’s Laboratory Inc. (USA) and FM Approval (USA) for Fire Sprinkler System Installations. As an export-driven enterprise, Tembo has earned the distinction of a 2 Star Export House. In 2023, Tembo ventured into the EPC (Engineering, Procurement, and Construction) contracting arena, securing orders from prestigious infrastructure clients. Additionally, the Company has interests in the textile trading market. In 2024, the Company further diversified into manufacturing of defence products and entered in solar power.

Lava International Partners with HDB Financial Services for Enhanced Purchase Experiences

New Delhi, 15th January 2025: Lava International Limited, the leading Indian smartphone manufacturer, announced its strategic partnership with HDB Financial Services to introduce consumer financing schemes aimed at enhancing affordability and accessibility for offline buyers. The initiative reflects Lava’s commitment to its consumer-first philosophy, empowering first-time buyers with affordable schemes, and strengthening its market presence. Consumers can avail these benefits on Yuva and Blaze series.

Under this collaboration, consumers can benefit from flexible tenure options, affordable EMIs, and a wide range of schemes designed to provide a seamless purchase experience. Starting January, HDB financial schemes will be available across Lava’s extensive retail network.

Lava currently has similar tie-ups with Bajaj Finserv and Home Credit, and the addition of HDB Financial Services broadens financing options for consumers and enhanced on-ground experience at the outlet.

Commenting on the partnership, Puravansh Maitreya, Marketing Head at Lava International Ltd., said, “At Lava, we are dedicated to delivering exceptional value to our consumers by combining quality products with unmatched affordability. Our partnership with HDB Financial Services is a significant step towards making smartphones more accessible, particularly for first-time buyers. By expanding financing options, we aim to empower consumers with greater flexibility and convenience in their purchase journey.”

This partnership underscores Lava’s vision of creating meaningful solutions tailored to the needs of its customers, reinforcing its position as a trusted and consumer-centric brand in the market.

As travel surges with Maha Kumbh, Uber teams up with AAI at Prayagraj Airport

Mumbai, 15 January 2025 — Uber, India’s leading ride-hailing platform, today announced a strategic partnership with the Airports Authority of India (AAI) at Prayagraj Airport, Uttar Pradesh. With this collaboration, Uber will deliver seamless and efficient transportation solutions for millions of pilgrims and travellers visiting Prayagraj, particularly for the upcoming Maha Kumbh Mela 2025. As one of the largest religious gatherings in the world, the Maha Kumbh Mela is expected to draw an estimated 40 crore people, making this partnership a vital step in ensuring hassle-free mobility during the event.

In April 2023, Uber signed an MoU with AAI, extending its services to multiple AAI airports across the country. With operations already in place at 20 AAI airports, Uber continues to bolster its presence to meet the growing demands of passengers, especially during major events like the Maha Kumbh Mela.

Director of Prayagraj Airport, Airports Authority of India, commented on the collaboration, “As Prayagraj gears up to welcome millions of pilgrims for the Maha Kumbh Mela, ensuring seamless and reliable transportation is paramount. Our collaboration with Uber is a significant step toward enhancing passenger convenience and supporting the city’s infrastructure during this monumental event. We are confident that Uber’s advanced technology and on-ground support will greatly benefit travellers and contribute to the success of the Maha Kumbh Mela.”

To mark the launch of this partnership, Uber will offer 25% off up to Rs 200 for trips starting from Prayagraj Airport. As part of the collaboration, Uber will establish dedicated pickup zones at Prayagraj Airport, supported by on-ground assistance and clear wayfinding signage to guide travellers from the terminal to the pickup areas. The initiative is designed to streamline the airport experience, ensuring a seamless transition from air travel to ground transportation. Travellers can book their rides with just a few taps on the Uber app, benefiting from reliable and efficient services.

Shiva Shailendran, Director of Supply Operations at Uber India and South Asia, said, “We are excited to join hands with the Airports Authority of India at Prayagraj Airport to streamline the mobility experience for travellers and pilgrims. Our commitment is to ensure smooth, convenient and comfortable movement throughout this significant spiritual event. By combining technology with dedicated on-ground support, we aim to provide an unparalleled mobility experience that meets the unique demands of this significant event.”

The partnership is also expected to benefit Uber drivers in the region by creating additional earning opportunities during the peak travel season. By providing a reliable and streamlined transportation network, Uber continues to innovate and elevate its services to become the preferred choice for airport mobility solutions.

Angel One Appoints Ambarish Kenghe as Group Chief Executive Officer

New Delhi, 15th January 2025:

Angel One is pleased to announce the appointment of Ambarish Kenghe as Group Chief Executive Officer, following the intimation to the exchange. He will assume his role as CEO in March 2025.

Widely recognized as “AK” within the fintech community, Ambarish is a distinguished technology and product leader with extensive experience in fintech, e-commerce, and consumer electronics. In his previous role as Vice President and General Manager at Google Pay APAC, AK was instrumental in scaling Google Pay’s footprint and advancing the UPI ecosystem in India. He also played a pivotal role in the launch of Chromecast and contributed significantly to Google TV’s development.

Before Google, AK served as Chief Product Officer at Myntra, where he spearheaded AI/ML-powered innovations that redefined the fashion e-commerce landscape. Earlier in his career, he worked as a strategy consultant at Bain & Company in San Francisco and as an engineer specializing in high-speed switching at Cisco Systems in San Jose.

A prolific inventor with four patents to his name, AK exemplifies innovation and technical expertise. His impressive academic journey includes an MBA from UC Berkeley, a master’s degree in computer science from Purdue University, a master’s degree in computer science and engineering from IIT Kanpur, and a bachelor’s degree in computer engineering from AMU.

As he steps into his new role at Angel One, Ambarish Kenghe expressed his enthusiasm “I am truly honored to be part of Angel One, a brand that has been at the forefront of transforming India’s fintech landscape. With its focus on innovation and customer-centricity, Angel One has built a strong foundation. I am eager to work with the talented team to drive the next phase of growth and empower users with advanced financial solutions.”

Dinesh Thakkar, Chairman and Managing Director of Angel One, welcomed Ambarish, stating “Ambarish’s appointment as CEO marks an exciting new era for Angel One. With his proven track record of driving innovation and deep expertise in the industry, he is the visionary leader we need to propel us into our next chapter of growth. At Angel One, we believe strong leadership shapes the future of FinTech. Ambarish’s guidance will position us not only to keep pace with the ever-changing financial landscape but also to lead the charge in transforming how financial services are delivered, empowering our customers with groundbreaking solutions and unparalleled value. “

EPS BANC becomes operational, poised to Transform the Face of Banking Services Across India

Mumbai, January 15, 2025 – Electronic Payment and Services (EPS) has taken a significant step towards improving access to financial services across India with the launch of eps BANCS™ (Bharat ATM Network for Customer Service), its network of White Label ATMs (WLAs). The network’s initial rollout includes sites in Tiruchirappalli, Jaipur, Hubli, and Mumbai, underscoring the company’s commitment to revolutionizing banking services in the country.

 “The launch of eps BANCS™ marks a turning point in India’s evolution of financial services. This initiative is not merely about deploying ATMs; it’s about building a future where banking is no longer confined to traditional bank branches, but accessible to everyone, everywhere. With eps BANCS™, we will use technology to shape a new era of inclusive financial and digital services, that meet the needs of the underserved. Our ambition is to empower individuals, ignite local entrepreneurship, and help drive the vision of a truly Digital India,” said Mr. Mani Mamallan, Chairman and Managing Director, of EPS.

 He further emphasized, “Our vision is to bridge the digital divide and emerge as the face of banking in areas where bank branches are missing. The eps BANCS™ White Label ATMs are not envisaged just cash dispensers, but comprehensive, multi-functional hubs offering inclusive financial services and digital services. By strategically placing these hubs in regions with low bank branch density, we aim to provide accessible, reliable, and efficient banking and digital services in underserved areas, fostering financial inclusion for all. Through the seamless integration of banking services and digital services within Multi-Service Hubs, we seek to empower communities, promote micro-entrepreneurship, and stimulate sustainable economic growth. We aim to ensure that no one is left behind in India’s journey towards becoming a truly Digital India.”

 The Multi-Service Hubs will be designed for both operational efficiency and minimal environmental impact, aligning with a commitment to sustainable and responsible practices.

 While India’s digital payments ecosystem continues to grow rapidly, semi-urban and rural areas often face communication dark spots that cause payment failures. With their fixed locations, White Label ATMs offer reliable connectivity, enabling secure and seamless transactions. This makes them crucial for expanding banking access in underserved regions. Additionally, maintaining bank branches in remote locations is increasingly impractical due to high operational costs and low transaction volumes. This creates a significant gap in banking services for these areas. eps BANCS™ will bridge that gap by providing accessible, reliable, and cost-effective alternatives. eps BANCS™ hubs not only address the need for accessible banking services but also empower local communities. By fostering micro-entrepreneurship and stimulating economic activity, eps BANCS™ White Label ATMs will become cornerstones for financial services and other digital services in areas where traditional bank branches are unavailable.