Bits n Bytes:Know about startup, business news in Pune

homiHydrogen to set up manufacturing facility for electrolysers

Adar Poonawalla backed homiHydrogen, a joint venture between ‘h2e Power Systems’, BlueBasic AMA Engineering (H2energy, Italy) and Greenstat Hydrogen India, is setting up a 1.5GW per annum manufacturing facility for electrolysers in Pune, India to the benefit of domestic and export markets.

Budgeted at 50 million USD, the new project will create about 300 green new jobs to meet ambitious green hydrogen targets set by the Government of India. homiHydrogen will start production in 2023 and will deliver a 100 per cent ‘Made in India’ product.

Siddharth R Mayur, founder and managing director of h2e Power, said, “homiHydrogen is an initiative to build an ethical, sustainable, inexpensive and a state of the art electrolysers that will cater to the domestic needs and exports. homiHydrogen stands unique with its focus not only on electrolysers but also on critical components like rectifiers and transformers, R&D and last mile solutions. The name homiHydrogen is a tribute to the great Indian scientist Homi Jehangir Bhabha.”

An offset of India’s first end-to-end fuel cell and electrolyser company, h2e Power System, homiHydrogen, will provide all four commercially available electrolysers. The venture will manufacture state-of-the-art, efficient, and cost effective Alkaline, AEM, PEM and SOE electrolysers in India. HomiHydrogen has a presence in the entire value chain of electrolysers required for producing Green Hydrogen.

DGFutureTech India to offer managed services support in multiple languages

DGFutureTech India (formerly Vizitech Solutions Private Limited) announced its plans to offer managed services support in multiple languages (Japanese, English, Hindi, etc), specialising in the financial industry.

Anand Shiralkar, CEO and founder of DGFutureTech, said, “Cloud computing is becoming increasingly popular because it offers a flexible and cost-effective method of storing and accessing data. As a result, many companies are shifting their focus to managed services and development services around cloud computing. As a result of the digitization of finance, the FinTech business has also grown in India and around the world.”

With a PCI-DSS-compliant environment, DGFutureTech combines human expertise with technology so our customers can concentrate on their core while we take care of their managed services, Gautam Kulkarni, COO & Co-Founder of DGFutureTech, added.

Borzo to increase delivery partner network

Intra-city courier delivery service Borzo announced strengthening its delivery service in Western India with a strong focus on Pune. Borzo will serve across Pune and will focus on SMEs, D2C, and e-commerce brands in the Pune market. Borzo is planning to service all the pin codes in Pune with a delivery fleet of more than 2000 riders and aims to increase the delivery partner network in Pune by 3X in 2023.

The company intends Pune to become one of its biggest city markets in Maharashtra after Mumbai and expects the city to contribute 10% to revenue in its first year of full-scale operations.

“We have been a part of Pune market for the last few years. Pune has immense potential to become one of our core markets and hence we are focusing strongly on the city. We have planned to ramp up our efforts to grow exponentially in Pune and then slowly expand further in other cities of Maharashtra. Beginning this month, Borzo will target Pune’s B2B and B2C segments by increasing marketing spending, onboarding more delivery partners, provide API integrations and Tech support. By Q4FY23-24, we expect that our strong focus in Pune will contribute 10 per cent to Borzo’s India growth”, says Devesh Gangal, Country Marketing Manager, Borzo, India.

Neuron Energy to invest Rs50 crore in Lithium-Ion battery pack business

Lithium-ion manufacturer for electric 2W and 3W ‘Neuron Energy’ plans to invest 50 crore in the Li-Ion battery pack segment. The investment will be split between 35 crores of working capital financing and 15 crores of equity from the promoters and strategic partners.

Neuron also has plans for backward integration into stocking raw materials and handling production along with a contract manufacturer in the future. Besides increasing capacity, 40 per cent of the investment will be used to fulfil orders from large OEMs.

Pratik Kamdar, co-founder of Neuron Energy, says, “We are planning to expand our production capacity and enhance research and development. This investment will help us equalise the demand-supply ratio for batteries. We are confident to fulfil the increase in demand in our order book through this financing at the designated time.”

Neuron may also venture into battery research for deep technology as a result of the increase in its R&D team. As part of its expansion plans, Neuron has planned to construct a mega-plant by 2025 that will serve the EV2W and EV3W segments.

GalaxEye raises $3.5 million seed round led by Speciale Invest

SpaceTech startup ‘GalaxEye Space’ announced that it has successfully raised a $3.5 million seed round of funding led by Special Invest, a deep-tech venture capital firm. The fresh funding will help bolster the hiring of top-tier talent and accelerate the launch of the world’s first multi-sensor satellite for earth observation. This will also mark the beginning of commercialization with GalaxEye customers across the US, Europe, and Africa.

The new round also had participation from investors including Artha India Ventures, Veda VC, Anicut Capital, Upsparks, and a consortium of entrepreneurs including Nithin Kamath, Prashant Pitti, Abhishek Goyal and Ganapathy Subramaniam.

“Next year is crucial for us, as we aspire to reach space with our satellite and become the leader in multi-sensor imaging for the industry. We will be seeking an additional round of funding of the order of $15-25 M in 2023 to add more satellites to our constellation as our business grows,” stated Suyash Singh, Co-founder & CEO, GalaxEye Space.

The company previously raised an undisclosed amount in a pre-seed funding round led by Speciale Invest in May 2021. This investment facilitated completing Proof of Concept and Prototype Development and Demonstration.

Founded in 2020, GalaxEye is the brainchild of several entrepreneurs emerging from Avishkar Hyperloop, a team of scientists brought together via global competition organized by Elon Musk’s aerospace manufacturer and space transportation services company SpaceX.