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Tag: Inc42 Media

  • KKR Invests $310 Million in PMI Electro Mobility’s E-Bus Platform

    This article was generated by AI and cites original sources.

    Private equity firm KKR has announced a $310 million investment in PMI Electro Mobility, a key player in the electric bus industry in India. The investment will support the growth of PMI Electro’s electric bus platform, Allfleet, with KKR acquiring a majority stake in the platform. This move is part of KKR’s sustainability-focused strategy, KKR Global Climate Transition (GCT).

    PMI Electro Mobility, known for its diverse electric bus portfolio and deployment of over 3,000 electric buses across more than 30 Indian cities, aims to further expand its market presence with this funding. Allfleet, a subsidiary established in 2022, focuses on integrating electric buses with fleet management systems for efficient deployment in public transport services.

    The deal is set to close in mid-2026, subject to regulatory approvals, paving the way for enhanced public transport transformation in India. With competitors like Olectra, Switch Mobility, and Tata Motors in the market, PMI Electro Mobility’s strategic partnership with KKR positions the company for significant growth in the evolving e-bus sector.

    Source: Inc42 Media

  • PhysicsWallah Faces ₹263 Cr Tax Demand from Income Tax Department

    This article was generated by AI and cites original sources.

    Edtech company PhysicsWallah (PW) has been served a tax demand notice amounting to ₹263.3 crore by the Income Tax (IT) Department. The notice, issued under Section 143(3) of the Income-tax Act, challenges funds received from SEBI-registered Category II AIFs as taxable income for the year 2023-24.

    Despite going public in November 2025 and reporting strong financials, PW now faces a legal battle against the tax order. The company plans to contest the notice, expressing confidence in its legal and factual stance for an appeal process.

    PW’s journey from a private entity to a listed company has attracted attention, with the company previously raising substantial investments from prominent backers like WestBridge Capital, Lightspeed, and Goldman Sachs. While PW’s financial performance has shown growth, including a 33% year-over-year increase in net profit and a 34% year-over-year rise in operating revenue for the third quarter of FY26, the tax dispute adds a layer of complexity to its corporate narrative.

    Source: Inc42 Media

  • India’s BHAVYA Scheme: Boosting Domestic Manufacturing Through Industrial Park Development

    This article was generated by AI and cites original sources.

    The Indian government has approved the Bharat Audyogik Vikas Yojna (BHAVYA) scheme, a ₹33,660 Cr initiative aimed at establishing 100 state-of-the-art industrial parks across the country. These ‘plug-and-play’ parks, ranging from 100 to 1,000 acres, are expected to transform India’s manufacturing landscape by providing world-class industrial infrastructure, boosting production capabilities, and driving the nation’s economic advancement.

    Under the scheme, the government will provide financial assistance of ₹1 Cr per acre for essential infrastructure, such as constructing core facilities, developing plant components, facilitating worker housing, and enhancing external connectivity. By streamlining bureaucratic processes through a single-window approval system and promoting cluster-based development, the initiative aims to create an environment where manufacturers, suppliers, and service providers can collaborate effectively.

    Building upon previous programs like the National Industrial Corridor Development Programme, the BHAVYA scheme reflects the government’s strategic efforts to bolster domestic manufacturing, reduce reliance on imports, and strengthen India’s industrial prowess on a global scale.

    Source: Inc42 Media

  • Aerchain Secures $13M to Enhance AI-Powered Procurement Platform for Enterprises

    This article was generated by AI and cites original sources.

    Enterprise AI startup Aerchain has successfully raised $13 million in its Series A funding round to further develop its AI-powered procurement platform. The investment was led by venture capital firm Pavestone, with additional participation from IndiaMART and other investors.

    Founded in 2019 by Harsha Kadimisetty and Himavanth Jasti, Aerchain offers an innovative procurement solution through its ‘Spend Operating System,’ which aims to transform procurement into a strategic business function rather than a reactive cost center.

    The startup’s primary goal with the new funding is to enhance the AI capabilities of its platform and expand its operations globally. By automating low-level administrative tasks, Aerchain enables procurement professionals to focus on strategic decision-making, compliance, and cost optimization.

    Aerchain’s platform features ‘procurement agents’ that work continuously to identify savings, highlight risks, and capitalize on opportunities autonomously, reducing the burden on human intervention. This approach streamlines the procurement process, allowing professionals to concentrate on tasks that require human judgment, while automation handles routine operational activities.

    The ‘spend orchestration’ layer within Aerchain’s platform automates a significant portion of operational procurement tasks, significantly reducing task completion times from days to hours. This includes streamlining intake routing, enforcing policies, managing approval workflows, and automating processes throughout the procurement lifecycle.

    This funding infusion is expected to accelerate Aerchain’s impact on enterprises, offering enhanced efficiency and effectiveness in procurement operations at a larger scale.

    Source: Inc42 Media

  • Urban Company Shares Surge as SBI Mutual Fund Increases Stake

    This article was generated by AI and cites original sources.

    Urban Company, a prominent player in the service industry, experienced a significant market surge as its shares jumped by 15.88% during intraday trading. This increase was directly tied to the acquisition of an additional 4% equity stake by SBI Mutual Fund, a move that amounted to approximately ₹632 Cr in block and bulk deals.

    The surge in Urban Company’s shares was particularly notable after SBI MF acquired millions of shares at specific price points on both the NSE and BSE platforms. SBI Mutual Fund’s strategic investment fueled market optimism, propelling Urban Company’s stock to reach ₹127.30 on the BSE, reflecting a 14.11% increase in trading value.

    Further analysis of the bulk deal data revealed that Wellington Hadley Harbor AIV Master Investors, DF International Partners II LLC, and ABG Capital sold off shares worth ₹734.4 Cr, representing 4.6% of the company’s equity. This divestment paralleled SBI Mutual Fund’s acquisition, showcasing a significant shift in Urban Company’s shareholding landscape.

    The recent market dynamics surrounding Urban Company underscore the interplay between strategic investments and market performance, shedding light on how stake acquisitions can influence investor confidence and stock valuations in the tech industry.

    Source: Inc42 Media

  • India Considers Expanding Ministries’ Power to Remove Social Media Content

    This article was generated by AI and cites original sources.

    The Indian government is exploring the possibility of granting several ministries the authority to issue takedown orders for social media content. This move is in response to the surge of fake and misleading posts often fueled by artificial intelligence technology.

    The proposed expansion could involve ministries such as home affairs, external affairs, defence, and information and broadcasting, enabling them to direct social media platforms to remove objectionable content under Section 69 (A) of the IT Act, 2000. Additionally, the Securities and Exchange Board of India (SEBI) might also be granted the power to combat the dissemination of inaccurate financial data by content creators online, a concern frequently raised by the market regulator.

    Currently, takedown requests primarily originate from the IT ministry, but with these anticipated changes, tech giants like Meta and Google could anticipate a broader spectrum of ministries issuing content removal mandates.

    Inter-ministerial dialogues are underway to finalize the specifics of amending the IT Act, streamlining the process for issuing takedown orders and enhancing content moderation on social media platforms.

    Source: Inc42 Media

  • Securing Critical Data Infrastructure: Lessons from Recent Drone Strikes on Cloud Facilities

    This article was generated by AI and cites original sources.

    Recent drone strikes allegedly linked to Iran’s armed forces have caused significant damage to key Amazon Web Services (AWS) facilities in the UAE and Bahrain, disrupting services for major institutions like banks and ride-hailing platforms. This unprecedented attack highlights the strategic importance of securing critical digital infrastructure, especially as the ‘Big Three’ cloud providers dominate the global market.

    The incident signifies a paradigm shift where cloud infrastructure, pivotal for AI and big data processes in military operations, has become a direct target. As the world grapples with over $1 trillion in projected global public cloud spending and the geopolitical implications of centralized data centers, India emerges as a potential refuge for businesses seeking geographic diversification. With its stable policy environment and expanding data center ecosystem, India presents itself as a viable option for enterprises looking to mitigate risks associated with concentrated data infrastructure.

    Source: Inc42 Media

  • Over 18 Lakh Electric Vehicles Incentivized Under India’s PM E-DRIVE Scheme

    This article was generated by AI and cites original sources.

    According to a recent government report, more than 18.01 lakh electric vehicles (EVs) have been incentivized under India’s Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme as of March 12. This initiative aims to accelerate the adoption of EVs in the country and reduce carbon emissions.

    The Minister of State for Heavy Industries, Bhupathiraju Srinivasa Varma, highlighted that the previous FAME-II scheme had incentivized 16.2 lakh EVs. Additionally, the government has approved the deployment of 13,800 electric buses in seven major cities as part of the PM E-DRIVE initiative, including Bengaluru, Delhi, Hyderabad, Mumbai, Ahmedabad, Pune, and Surat.

    Furthermore, under the production-linked incentive (PLI) scheme for automobiles and auto components, 71 applicants have been granted approval, with financial incentives amounting to ₹39,081 crore already rolled out by the government.

    Another notable statistic revealed that nearly half of the total 2.12 lakh DPIIT-recognized startups in India have at least one woman director or partner, indicating a positive trend towards gender diversity in the startup ecosystem.

    Source: Inc42 Media

  • AONMeetings Launches Compliance-Focused Video Conferencing Platform in India

    This article was generated by AI and cites original sources.

    US-based video conferencing platform AONMeetings has officially launched its services in India, offering a dedicated platform with pricing starting at ₹179 per month. The company aims to differentiate itself by focusing on regulated sectors such as healthcare, legal services, education, and BPOs, providing features like HIPAA compliance and webinar hosting.

    AONMeetings, operating since 2020 in the US, Europe, and Southeast Asia, presents a browser-based video conferencing solution that enables participants to join meetings via a link without the need for software downloads or plugins. Targeting India’s vast MSME sector, especially in tier I cities, the platform is designed to meet the demand for compliance-focused and affordable video conferencing solutions tailored to local business requirements.

    The company has already assembled a 25-person sales agency in India, working on a commission-only basis, with ambitious revenue targets for the next year. AONMeetings CEO Dwight Reed expressed confidence in the product’s value proposition, noting the alignment between customer success and the sales team’s remuneration.

    Source: Inc42 Media

  • Atomberg Expands into B2B Manufacturing to Diversify Revenue Streams

    This article was generated by AI and cites original sources.

    Atomberg, a home appliance startup, is diversifying its revenue streams by venturing into manufacturing components for large appliances. The Mumbai-based company aims to bolster its financial standing ahead of an anticipated IPO. Atomberg is set to file for a $220 million IPO and is currently in discussions with its board to finalize the public listing details. The company is projected to achieve a 25-30% growth in operating revenue for FY26.

    Atomberg’s strategic move involves investing ₹150-200 crores to establish a 1.5 lakh sq ft manufacturing facility in Pune. The startup’s subsidiary, Atomberg Innovation Private Limited, is now involved in designing and producing motors and controllers for air conditioners, refrigerators, and washing machines supplied by original equipment manufacturers (OEMs). Atomberg has secured collaborations with major OEMs such as Godrej and Voltas as component providers, with plans to expand its clientele further.

    The company’s founder and CEO, Manoj Meena, highlighted the successful development of India’s first indigenous compressors for air conditioners, attributing this milestone to the growing traction of their B2B venture. Atomberg aims to extend its B2B operations beyond the household appliance industry, targeting sectors like automobiles, industrial applications, medical equipment, defense, and space. The company already has agreements in place for utilizing its motor technology in drone applications and is partnering with European firms for industrial-scale AC motor production.

    Source: Inc42 Media