MeitY To Host Global IndiaAI Summit, Zomato Gets Tax Notice, Ola Electric Revs Up

From 24 trailblazing startups entering AWS's inaugural space program to MEITY's ambitious Global IndiaAI Summit championing ethical AI, and Zomato's GST tussle, the scene is buzzing. Ola Electric amps up with solid-state batteries, while TBO Tek shines in tech gains. Meanwhile, IBM partners with Gujarat for an AI innovation hub at GIFT City.

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What Matters

“Anant Se Bhi Aage”: Meet The 24 Indian Startups Which Made Into AWS First Space

AWS India is propelling the future of spacetech by backing 24 startups with a $100K fund under its 14-week accelerator program.

This initiative aims to foster early and growth-stage startups, offering dedicated technical expertise, specialized AWS training, and mentorship from space domain and technical experts.

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“Sabka Saath, Sabka Vikaas”: MeitY To Host Global IndiaAI Summit

The MeitY is set to host the Global IndiaAI Summit, a premier platform bringing together AI experts from around the world to discuss key AI issues and challenges.

This summit will focus on advancing AI in crucial areas such as compute capacity, foundational models, datasets, application development, future skills, startup financing, and safe AI. By fostering international collaboration, the event aims to drive ethical and innovative AI development forward.

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“Yaar Firse Nahi”: Zomato Gets Fresh GST Notice Of INR 9.45 Cr, Plans To Appeal

Zomato has received a fresh GST notice from Karnataka's Assistant Commissioner of Commercial Taxes demanding INR 9.45 Cr, including interest and penalties.

Despite providing detailed explanations and documents, the authority remained unsatisfied. Zomato plans to appeal the notice, continuing to contest the hefty tax demand.

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“Say, You Want A Revolution“: Ola Electric Working On Solid-State Batteries To Power EVs

Ola Electric is gearing up to revolutionize the EV market with plans to roll out vehicles powered by solid-state batteries as early as next year, according to founder and CEO Bhavish Aggarwal.

Embracing the shift from FAME subsidies to PLI schemes, Aggarwal expressed the startup's alignment with the government's focus. This announcement follows the recent greenlight from SEBI for Ola Electric’s ambitious INR 5,500+ Cr IPO.

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“Kabhi Profit, Kabhi Loss”: TBO Tek Emerges The Top Gainer In A Mixed Week For New-Age Tech

In a mixed week for new-age tech, TBO Tek emerged as the top gainer, with shares soaring 19.8% after Goldman Sachs initiated coverage with a ‘buy’ rating. PB Fintech also saw gains of 4.6%, adding to the positive momentum.

On the flip side, TAC Infosec's shares plummeted 13.7%, making it the biggest loser, followed by Fino Payments Bank, which fell by 11.3%.

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“Hum Saath Saath Hai”: IBM Signs MoU With Gujarat Govt To Deploy AI Cluster At GIFT City

IBM has signed an MoU with the Gujarat government to deploy an AI cluster at GIFT City, leveraging its GenAI platform, watsonx, to spur innovation and collaboration among financial institutions.

The initiative will also provide institutions with access to proof of concept, an AI Sandbox, AI literacy programs, and digital assistant solutions. This collaboration aims to position GIFT City as a hub for cutting-edge AI advancements in the financial sector.

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1. Home furnishing startup Wify has secured INR 40 Cr in its Pre-Series A round. The funds will enhance its offerings, expand into new categories, and strengthen its tech stack.

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2. Beauty ecommerce marketplace Purplle has raised INR 1,000 Cr in a funding round led by an ADIA subsidiary. This significant investment will bolster Purplle's growth and market presence.

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3. D2C sneaker brand Comet has secured Rs 42.3 crore (around $5 million) in its Series A round led by Elevation Capital. This marks the first investment round for the Bengaluru-based company in 2024.

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4. Visual telematics startup Cautio has secured INR 6.5 Cr in pre-seed funding, co-led by Antler, 8i Ventures, and AU Small Finance Bank. The funds will be used to develop video telematics products aimed at mitigating safety issues.

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5. Private equity firm HDFC Capital has acquired an 8.5% stake in Mumbai-based proptech startup TruBoard through its tech platform H@ART. The investment amount remains undisclosed.

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6. YC-backed AI startup Pivot Robots, founded in 2023, has secured funding from early-stage investor NuVentures, the amount undisclosed. Specializing in AI-driven automation for manufacturing, Pivot Robots emerged from Y Combinator's 2024 cohort.

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