40 Indian startups secure over $787 million in funding this week

New Delhi, (IANS) In a significant week for the Indian startup ecosystem, nearly 40 startups secured more than $787 million in funding as the economy remained resilient amid the geo-political conditions.

These deals included 16 growth-stage deals and 23 early-stage ones.

This is a massive jump from $250 million raised cumulatively across 18 deals last week.

Cloud kitchen unicorn Rebel Foods led the funding with $210 million led by Temasek in a mix of primary and secondary share sales. Rebel Foods is planning for a public listing by next year.

Fintech startup Mintifi raised a total of $180 million in its Series E round led by TVG and Prosus. Mintifi plans to deploy the fresh capital to expand its footprint across key sectors.

Meanwhile, CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group, raised its first external funding round of $60 million.

The round was led by prominent growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraise now stands at more than $100 million.

Haber, a leading industrial AI startup, raised $44 million in its Series C funding round, which included $38 million in equity and $6 million in debt. The funding round was led by Creaegis, BEENEXT, and Accel.

SolarSquare, India’s leading home solar startup based in Mumbai, secured $40 million in its Series B funding round, marking the largest venture capital raise in the Indian solar sector. The round was led by Lightspeed with participation from Lightrock.

K12 Techno Services secured $40 million in funding from Kenro Capital, a growth-stage secondary venture capital firm.

Moreover, 23 early-stage startups secured funding worth $54.01 million during the week.Nearly 73,151 startups in India now have at least one woman Director -- nearly half of the 1,52,139 startups supported by the government, thus showcasing the crucial role women play in driving innovation and economic growth, according to the Ministry of Commerce and Industry statement. 40 Indian startups secure over $787 million in funding this week | MorungExpress | morungexpress.com
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Ericsson wins multi-billion 4G, 5G deal from Bharti Airtel for India ops


New Delhi, (IANS): Telecommunications giant Ericsson on Wednesday said it has been awarded a multi-billion, 4G and 5G extension deal by Bharti Airtel for its India operations.

As part of the multi-year deal for 4G and 5G RAN products and solutions, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation, which will help customers with wider coverage and the enhanced capacity on the network.

Ericsson will also undertake the software upgrade of its current deployed 4G radios thereby enhancing the customer experience, it said in a statement.

“This deployment will enable us to further improve the speed, reliability, and coverage of our network, ensuring an exceptional experience for our customers,” said Randeep Sekhon, CTO, Bharti Airtel.

As a global leader in 5G, Ericsson currently powers 170 live 5G networks in more than 70 countries. The company has been a trusted connectivity partner for Airtel for over 25 years, supporting every generation of mobile communications.

Andres Vicente, Head of Ericsson South-east Asia, Oceania and India, said that this partnership extension reflects our shared vision to build a robust 4G and 5G infrastructure for Bharti Airtel to serve the connectivity needs of its customer base – “including the new 5G use cases as they emerge. We will work closely with Bharti Airtel to deliver great user experiences for their customers.”

This partnership also underscores Ericsson and Airtel's shared commitment to building an advanced digital ecosystem in India.

According to the latest Ericsson Mobility report, 5G subscriptions in India are projected to reach around 970 million by the end of 2030, accounting for 74 per cent of mobile subscriptions.

The 5G subscription are projected to reach over 270 million by the end of this year, accounting for 23 per cent of the total mobile subscriptions in the region, according to the report, adding that India has the highest average monthly usage per smartphone at 32 GB, which is expected to grow to 66 GB by 2030.India has made large-scale mid-band deployments and is expected to reach around 95 per cent population coverage by the end of 2024.Ericsson wins multi-billion 4G, 5G deal from Bharti Airtel for India ops | MorungExpress | morungexpress.com
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India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target


Dubai, India’s leather and footwear industry aims to expand its presence in the UAE market as it makes a strong showing at DIFLEX 2024, with 43 manufacturing exporters participating in the region’s largest leather products and footwear exhibition, currently underway at Festival Arena, Dubai Festival City.

Leading the Indian delegation, R. Selvam IAS, Executive Director of the Council of Leather Exports (CLE), announced that trade volume with the UAE has nearly doubled from its previous level of $162 million, with projections to reach $350 million in the coming years. “The growth reflects the sector’s expanding footprint in the Middle East and African markets,” he said.

Addressing domestic consumption, Selvam noted that India’s per capita footwear consumption is expected to double from the current 1.9 pairs to 4 pairs per annum by 2030, creating additional demand for 2.2 billion pairs. The country currently consumes 2.5 billion pairs annually, with an anticipated need for an additional 2 billion pairs by 2030.

BG Krishnan, Consul (Trade and Commerce) at the Consulate General of India in Dubai, inaugurated the Indian Pavilion and emphasized the Middle East market’s potential, noting the presence of over 4 million Indians in the UAE. “This diverse demographic represents a significant market opportunity that continues to expand,” he said, adding that the leather industry’s growth aligns with India’s vision of achieving Amrit Kaal by 2047.

DIFLEX 2024, now in its fourth edition, has attracted over 250 brands from major leather-producing countries, including Turkey, Italy, Portugal, Egypt, and Spain. The three-day event features more than 10,000 product lines and expects to welcome 4,000 trade visitors, including 300 hosted buyers from around the world.Of the 78 exhibition stalls, 43 are occupied by Indian manufacturers. The exhibition showcases sustainably produced leather goods, footwear, components, garments, and accessories, providing a platform for building long-term business partnerships in the GCC region’s growing retail market, which is projected to reach $350 billion in the next four years. India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target
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