wayr today India

Tag: Inc42 Media

  • Pluto Mobility Secures $2 Million to Develop Electric Delivery Vehicles

    This article was generated by AI and cites original sources.

    Pluto Mobility, an electric mobility startup, has successfully raised $2 million in a seed funding round to support the launch of their innovative electric delivery vehicles. The funding was led by Version One Ventures and Grad Capital, with additional contributions from angel investors.

    Founded in 2024 by Akshat Bhatia and Himanshu Panda, Pluto Mobility specializes in engineering scooter-sized electric vehicles designed for last-mile delivery services. The company plans to use the new investment to enhance their engineering capabilities, drive product development, expand their team, and prepare for pilot deployments in major urban areas.

    Pluto Mobility’s upcoming scooter-sized model promises full coverage for the driver, offering protection from various weather conditions. This vehicle is optimized to accommodate double the number of orders compared to traditional electric two-wheelers while maintaining excellent maneuverability.

    With plans to initiate pilot deployments later this year, Pluto Mobility aims to cater to the rising demand for efficient delivery solutions in the expanding ecommerce and quick commerce sectors. The growth in India’s last-mile delivery market, projected to exceed $300 billion by 2030, underscores the significant opportunity for innovative electric mobility solutions like those offered by Pluto Mobility.

    Source: Inc42 Media

  • OpenAI Expands Footprint in India with New Offices in Mumbai and Bengaluru

    This article was generated by AI and cites original sources.

    OpenAI, the organization behind ChatGPT, has announced plans to open new offices in Mumbai and Bengaluru as part of its initiative to strengthen its presence in India. This expansion follows the company’s recent announcement at the ‘India AI Impact Summit 2026’ in New Delhi, where it introduced ‘OpenAI for India’ and highlighted its growing user base in the country.

    The decision to establish these new offices aims to facilitate closer collaborations with local partners and customers, building upon OpenAI’s existing footprint in New Delhi. Additionally, OpenAI revealed a strategic partnership with the Tata Group, leveraging Tata Consultancy Services’ data center capacity to run models locally, starting with 100 MW and potentially scaling to 1 GW under the ‘Stargate’ initiative.

    Furthermore, OpenAI is expanding its certification programs in India, with TCS becoming the first international participant. The company also plans to provide over 1 Lakh ChatGPT Edu licenses to educational institutions, partnering with prominent Indian establishments for structured AI training across campuses.

    This move signifies OpenAI’s commitment to fostering AI development and education in India, catering to a diverse user base that includes students, developers, and businesses. With the establishment of new offices and strategic alliances, OpenAI is poised to deepen its engagement within the Indian tech ecosystem.

    Source: Inc42 Media

  • CoinDCX Announces Landmark ₹111 Cr ESOP Buyback, Showcasing Crypto Startup’s Growth

    This article was generated by AI and cites original sources.

    Crypto startup CoinDCX has announced a significant ESOP (employee stock ownership plan) liquidity event, amounting to ₹111 Cr. This move reflects the company’s financial strength and maturity in the digital asset sector.

    The buyback, providing liquidity to over 500 current and former employees, underscores CoinDCX’s commitment to valuing employee contributions. By including former employees, the startup recognizes their lasting impact and acknowledges their role in its success.

    Having raised funds from investors like Pantera Capital, B Capital Ventures, and Bain Capital, CoinDCX’s recent undisclosed capital raise from Coinbase boosted its post-money valuation to $2.45 Bn, solidifying its position as a key player in the crypto space.

    For the fiscal year FY25, CoinDCX reported a net profit of ₹1.7 Cr, showcasing a notable increase from the previous year. With operating revenue rising to ₹559.6 Cr, the startup’s revenue model primarily relies on transaction fees from cryptocurrency trading on its platform.

    Founded in 2018, CoinDCX offers users a platform to seamlessly trade cryptocurrencies and digital assets, contributing to the growing ecosystem of digital finance.

    Source: Inc42 Media

  • TCS and OpenAI Collaborate to Enhance AI Infrastructure in India

    This article was generated by AI and cites original sources.

    Tata Consultancy Services (TCS) has partnered with OpenAI, the parent company of ChatGPT, to establish AI infrastructure in India. This strategic collaboration involves the development of AI infrastructure with an initial 100 MW capacity, with potential scalability up to 1 GW over time. The aim is to bolster India’s position as a hub for cutting-edge AI workloads.

    This initiative stems from TCS’ recent launch of HyperVault, a dedicated platform for its AI and sovereign data center strategy. HyperVault is designed to provide liquid-cooled, high-density data centers tailored for hyperscalers, AI firms, large corporations, and government entities.

    Last year, TCS secured significant investment from global firm TPG for HyperVault, with plans to inject up to ₹18,000 Cr (approximately $2 Bn) in a combination of equity and debt to establish AI-centric data centers across India. TCS will maintain a 51% stake in HyperVault, while TPG is set to hold between 27.5% and 49% based on investment tranches.

    The collaboration with OpenAI aligns with TCS’ strategy to host AI workloads locally to meet the escalating demand for computational resources. For OpenAI, this venture is part of its larger ‘Stargate’ project, a consortium involving SoftBank, Oracle, and MGX, with a collective investment goal of $500 Bn to enhance AI infrastructure.

    This partnership signifies OpenAI’s growing presence in India’s tech landscape, with discussions reportedly underway with other local data center providers. The joint efforts of TCS and OpenAI underscore the increasing importance of robust AI infrastructure to support the evolving digital ecosystem.

    Source: Inc42 Media

  • Reliance’s Ambitious AI Investment: Jio Platforms and Reliance to Invest ₹10 Lakh Crore in AI

    This article was generated by AI and cites original sources.

    Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani has announced an ambitious plan for the future, stating that Jio Platforms, in collaboration with Reliance, will invest ₹10 Lakh Crore in AI over the next seven years, starting from 2026. The announcement was made during the ‘India AI Impact Summit 2026’, where Ambani emphasized the goal of making AI more accessible and affordable for all, mirroring the telecom giant’s success in democratizing internet connectivity.

    Ambani stressed that this investment is not about chasing valuations but rather about building long-term economic value and strategic resilience. He highlighted Jio’s track record in making mobile and broadband data affordable in India and its pivotal role in fostering the digital infrastructure and startup ecosystem.

    With a focus on reducing the cost of intelligence, Jio’s vision is to connect every aspect of Indian society to the intelligence era. The company plans to enhance India’s computing capabilities by establishing multi-gigawatt scale data centers, with the first one already underway in Jamnagar, Gujarat. This center is expected to reach a capacity of 120 GW by the latter half of 2026.

    Ambani’s plan positions Jio as a key player in driving India towards a more intelligent future, emphasizing the importance of self-reliance in intelligence. By investing heavily in AI infrastructure, Jio and Reliance aim to empower various sectors of the economy, social development initiatives, and government services with cutting-edge technology.

    Source: Inc42 Media

  • SarvamAI Unveils Powerful Large Language Models at India AI Impact Summit

    This article was generated by AI and cites original sources.

    At the India AI Impact Summit, SarvamAI introduced two cutting-edge large language models (LLMs) – Sarvam-30B and Sarvam-105B. These LLMs, trained locally in India and supporting 22 Indian languages, represent a significant advancement in AI technology. The Sarvam-30B model is designed for minimal latency and maximum efficiency, utilizing fewer tokens, while the Sarvam-105B model boasts an impressive context length of 1.28 Lakh tokens, enabling complex reasoning capabilities.

    In addition to the LLMs, SarvamAI also unveiled Pravah, a token factory for industrial token production, showcasing the company’s diverse AI offerings.

    The summit also witnessed strategic collaborations aimed at strengthening India’s AI infrastructure. L&T’s partnership with NVIDIA to establish a gigawatt-scale AI data center demonstrates a commitment to supporting large-scale AI workloads across various sectors. Qualcomm’s pledge of $150 Mn investments in Indian AI and tech startups, particularly in edge computing and wireless telecom sectors, underlines the growing interest and support for technological innovation in India.

    These developments underscore the rising prominence of indigenous AI solutions and the increasing investments in AI technologies, positioning India as a key player in the global tech landscape.

    Source: Inc42 Media

  • Google DeepMind Partners with ANRF to Bring AI Science Models to India

    This article was generated by AI and cites original sources.

    Google’s AI research lab, DeepMind, has announced a strategic partnership with the Anusandhan National Research Foundation (ANRF) in India to introduce advanced AI models for educational and research purposes. This collaboration aims to empower students and researchers by providing access to cutting-edge AI tools.

    Under this initiative, DeepMind will make available sophisticated large language models (LLMs) such as AlphaGenome, AI Co-scientist, and Earth AI for hackathons and community competitions. AlphaGenome aids in the analysis of the human genome landscape, while AI Co-scientist acts as a virtual scientific collaborator. Earth AI offers models for environmental monitoring and disaster response.

    Part of Deepmind’s National Partnerships for AI program, this venture aligns with India’s national priorities, following successful engagements in the US and the UK. Furthermore, Deepmind will collaborate with Atal Tinkering Labs to integrate robotics, coding, and Gemini chatbots into educational curricula.

    In a related development, Google Cloud plans to partner with the Centre to enhance the iGOT Karmayogi platform, focusing on upskilling government employees. This collaboration underscores Google’s commitment to fostering tech advancements and skill development within the public sector.

    Source: Inc42 Media

  • Enforcement Directorate Freezes ₹505 Crore in WinZO Money Laundering Investigation

    This article was generated by AI and cites original sources.

    The Enforcement Directorate (ED) has provisionally attached ₹505 crore ($55.7 million) held in foreign bank accounts in the US and Singapore as part of an ongoing money laundering investigation into gaming startup WinZO.

    The ED alleges that the funds, held in accounts operated through overseas shell entities, Winzo US Inc and Winzo SG Pte Ltd, were controlled from India by WinZO’s cofounders Paavan Nanda and Saumya Singh Rathore. The investigation was initiated based on multiple FIRs that accused the platform of cheating, impersonation, misuse of PAN and KYC data, and wrongful blocking of user accounts.

    Investigators claim that WinZO used bots and algorithm-driven personas to compete against real users in paid games without informing customers. The ED also accuses the company of manipulating games and inducing players to continue gaming by restricting or delaying withdrawals from user wallets.

    Earlier actions by the ED include search and seizure operations at WinZO’s office premises and its director’s residence, as well as raids at its accounting firm. A previous prosecution complaint alleged significant manipulation of games and money laundering practices by WinZO, resulting in substantial losses for genuine users.

    Source: Inc42 Media

  • Zepto Streamlines Offerings, Discontinues Loyalty Program Ahead of IPO

    This article was generated by AI and cites original sources.

    Zepto, the quick commerce startup preparing for an initial public offering (IPO), has decided to discontinue its loyalty and subscription program, Zepto Daily, as part of its efforts to simplify its offerings. The subscription plan is no longer visible on Zepto’s app, which has undergone various changes in recent months.

    The move to end Zepto Daily comes after the company launched Zepto Pass, a reduced-price subscription at ₹99 per month, aimed at increasing order frequency. However, the subscription plan was later removed from the app as Zepto continues to refine its offerings to provide greater value to its customers.

    A Zepto spokesperson stated that the company is committed to enhancing the user experience by experimenting with different offerings to deliver meaningful value to its customers. The decision to discontinue the loyalty program was based on user feedback, engagement trends, and long-term value considerations.

    This change in strategy reflects Zepto’s focus on creating straightforward and customer-centric offerings that align with customer preferences. The move also highlights the competitive landscape in the quick commerce sector, where platforms compete for customer loyalty through factors like delivery speed, pricing, and product availability.

    Source: Inc42 Media

  • EV Charging Startup Statiq Secures $18M to Expand Network

    This article was generated by AI and cites original sources.

    EV charging startup Statiq has secured $18 million in funding to enhance its charging infrastructure and expand its network across Tier I and II cities. The investment, led by Tenacity Ventures with contributions from Y Combinator, Shell Ventures, and RCD Holdings, will support Statiq in doubling its charger network to 20,000 units by the end of 2026.

    Statiq’s core technology revolves around a comprehensive charging platform integrated with proprietary AC/DC fast chargers and in-house software. The company plans to deploy DC fast chargers along major highways, improve product reliability to achieve 99.9% uptime, and commence hardware exports to global markets.

    Co-founder and CTO Raghav Arora highlighted the focus areas for the capital infusion, emphasizing enhancements in hardware lifecycle management, software fortification, telematics, and global systems interoperability to facilitate partner collaborations and innovation.

    Established in 2020, Statiq offers end-to-end EV charging solutions including smart charger manufacturing, a mobile app for booking charging slots, and infrastructure management for commercial and residential partners. The company collaborates with various entities like government agencies, automakers, and hospitality firms to extend its charging network to approximately 100 cities, boasting over 10,000 installed chargers.

    As the demand for EVs surges, Statiq’s funding boost underscores the critical role of robust charging infrastructure in accelerating the adoption of electric vehicles.

    Source: Inc42 Media