This investment will enable the company’s expansion plans in the green energy domain, focusing on establishing new Compressed Bio-Gas (CBG) plants across the country.

The company plans to utilize this funding to enhance its operations and market presence.  It will accelerate Gruner’s research and development (R&D) initiatives, aiming to enhance biogas production efficiency and explore new avenues such as sustainable aviation fuel (SAF) and green hydrogen. The company also plans to expand its CNG retail outlets and increase its market presence over the next five years.

The company is committed to enhancing its research and development (R&D) efforts as it aims to make substantial contributions toward Prime Minister Narendra Modi’s vision of energy independence and sustainability for India.

Utkarsh Gupta, Founder & CEO, Gruner Renewable Energy said, “Establishing CBG plants in India is crucial for fostering a self-reliant and sustainable future. By promoting clean energy production and reducing dependence on imported compressed natural gas (CNG), we contribute significantly to India’s vision of energy independence. The Union Budget 2023-24 announcement to establish 500 new waste-to-wealth plants under the GOBARdhan initiative has been a major boost for the sector. With 113 functional CBG plants, 667 in development, and 171 under construction, the growth is substantial. These policy enablers promote a circular economy and sustainable development. This investment in Gruner from like-minded partners will be essential for driving this transformation”.

Utkarsh said, “As the Modi 3.0 government has taken charge, the biofuels industry anticipates policy reforms that will facilitate the expansion of new CBG projects nationwide. Biofuels will be essential in helping the country achieve its net zero ambitions. Government subsidies, tax credits, and substantial funding for R&D will be crucial in leveraging the opportunities inherent in CBG projects. This vision aligns with the goal of ‘Viksit Bharat’ (Developed India), where sustainable and self-reliant energy solutions drive economic growth and environmental stewardship”.

According to Utkarsh, encouraging the cultivation of energy crops through direct subsidies and financial incentives for farmers is essential. This approach not only supports the agricultural sector but also ensures a steady supply of feedstock for biogas production. By providing these incentives, the government can promote sustainable farming practices and contribute to the growth of the renewable energy sector. This strategy will help build a self-reliant and sustainable future for India.

A reflection of its commitment towards a cleaner and greener future for India, Gruner Renewable Energy is also establishing Asia’s largest CBG plant in Navsari, Gujarat.

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The capital infusion will enable Rays Power Experts Pvt. Ltd. to expand its footprint and undertake new solar projects both domestically and internationally.

The company has developed six solar parks and over 300 ground-mounted projects, making it one of India’s largest solar park developers with a 95% market share in Rajasthan’s open access market.

Rays Power Experts has successfully executed numerous Solar EPC projects for the C&I segment and has a presence across ten states in India, including Rajasthan, Madhya Pradesh, Haryana, and Delhi, along with an international presence in the UK and Sweden.

The company plans to expand into other European countries and the UAE with this new funding.

Sunil Nyati, Managing Director of Swastika Investmart Ltd., said, “It has been a privilege to facilitate this crucial funding for Rays Power Experts. Their impressive track record and ambitious plans for expansion make them a key player in the renewable energy sector. Their esteemed clients include specific properties of Taj Hotels Jaipur, Radisson Blu, Marriott Hotel, The Leela, NHPC, SJVNL, Borosil, Inox Air, Jaquar, Airport Authority, Delhi Metro, and many more. This funding will allow them to capitalize on new opportunities and further their mission of promoting sustainable energy solutions.” 

Rahul Gupta, Founder and Director of Rays Power Experts Pvt. Ltd, said, “We are thrilled to secure this funding at such a crucial time. This capital will accelerate our expansion into new projects and international markets. Swastika Investmart’s invaluable support and expertise were key in securing this investment. We aim to continue leading in renewable energy solutions with these funds.” With a vision of bolstering India’s vision of embracing a healthier energy mix, Rays Power Experts has successfully installed 800MWs of solar solutions across India.

The firm has a diverse portfolio of projects across the country. Their solar energy solutions have an LCOE (levelized cost of electricity) that is cost-effective, making it financially affordable than fossil fuels and other conventional sources of energy. Rays Power Experts offers bankable solar power solutions while incorporating technology, expertise, and services. Company has executed single largest project of 187 mw in Dhadla raj for its client Rising Sun. 

The Indian solar EPC (Engineering, Procurement, and Construction) industry has experienced a robust CAGR of 15.4% from 2016 to 2024. As the world’s 5th largest solar power generator, India is ambitiously targeting 270 GW of solar power generation by 2030. This government support is set to further propel the sector’s growth.

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This fund will be allocated to marketing, sales, technology scaling, R&D, infrastructure and administrative expenses.

The company developing AI-powered solutions that personalize business communication for non-English speakers into both private and government infrastructures. By leveraging advanced Natural language processing (NLP) and Small Language Models (SLM), the company enables businesses to effectively reach customers in their native. Their innovative solutions address the unique linguistic needs of diverse audiences, enhancing communication and engagement.

The company was co-founded by Nakul Kundra and Himanshu Sharma, both of them having 15 years of entrepreneurial experience. Nakul Kundra, who holds an MBA in Marketing & Finance, has a rich background in business strategy and management. Himanshu Sharma, also an MBA in Marketing and a skilled coder, combines technical expertise with business acumen. Together, their diverse skill sets and extensive experience drive the innovative vision and growth of Devnagri.

Mitesh Shah, Co-Founder, Inflection Point Ventures says, “In India, where more than 700 languages are spoken, translating it is a challenging task from the perspective of accuracy, context, and cultural nuances. These issues impact communication, business expansion, and user experience. Devnagri addresses these problems by leveraging AI-powered human translation. The platform ensures precise translations, context-awareness, and localization, enabling seamless communication across diverse Indian languages.” 

Devnagri’s exceptional BLEU scores in Indian languages demonstrate its proficiency in delivering high-quality translations. By expanding its offerings to include GenAI and SLM, the company empowers businesses to create personalized content tailored to specific audiences, driving engagement and customer satisfaction.

The company’s focus on Tier II and Tier III cities is a strategic move to tap into underserved markets. By offering cost-effective, AI-powered language solutions, Devnagri is enabling businesses to expand their reach and build stronger connections with customers across India.

Nakul Kundra, Co-Founder of Devnagri, emphasized the company’s customer-centric approach, stating, “Effective communication is about reaching the receiver. Our focus on hyper-local communication empowers businesses to connect with their audiences in their own language.” He further highlighted the company’s vision of offering private cloud infrastructure to ensure data security and control for enterprise clients.

Devnagri’s achievements have been recognized with prestigious awards, including the TieCon Award 2024, the Graham Bell Award 2023, a feature in the special edition of Shark Tank India 2022, and recognition as NASSCOM’s Emerging NLP Startup of India.

The opportunity market for Devnagri is valued at $100 Billion Globally by 2030 ($53 Billion in India growing at a CAGR of 6.7%) which keeps on growing with the growth of all content rich industries. As the language industry is just getting form in India, it will further create sub industries and will change the way of communication for everyone.

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New and existing strategic and financial investors participated in this round, including AstraZeneca, Hat Technology Fund 4 by HAT SGR, HV Fund by Hitachi Ventures, and Leaps by Bayer.

This round, combined with investments from industry partners since its Series C round, brings Huma’s total raised capital to over $300 million.

Additionally, Huma is launching the Huma Cloud Platform, a technology ecosystem designed to accelerate the development and launch of digital health projects.

The Huma Cloud Platform offers no-code configuration for regulated disease management tools, a library of pre-built modules, device connectivity capabilities, cloud-agnostic hosting, readily available APIs, integration capabilities, and the ability to host and deploy diagnostic and predictive AI algorithms. This suite aims to advance digital-first care and research, reducing the time to develop and launch digital health products from years to mere days.

Now available to customers, the platform comes equipped with a Software Development Kit (SDK) to facilitate the accelerated development of similar applications or embed functionalities into existing solutions.

Huma’s technology has powered projects in over 3,000 hospitals and clinics, engaging and screening over 35 million individuals, with 1.8 million active users across its products in more than 70 countries.

Huma collaborates with over half of the top 20 pharmaceutical companies globally and has been involved in major national healthcare projects. Partnerships with organizations like Google have facilitated the development of new AI models, such as the “10x Nurse” feature, which reduces administrative tasks and brings automation to the patient review process, maintaining human oversight. These advancements enable more efficient management of chronic diseases and real-time monitoring systems to ensure patients are on the correct treatment pathways.

Looking ahead, the combination of the Huma Cloud Platform with next-generation AI models promises to have a profound impact on digital-first care and research initiatives. It will support small startups and enterprises in launching the digital solutions they need, emphasizing project or venture success over scaling technology or managing regulatory burdens.

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The funds will be utilized for working capital to support the company’s ongoing operations and expansion initiatives.

Harnessing the power of robotics, artificial intelligence (AI), and machine learning (ML), Aegeus Technologies is revolutionizing the operation and maintenance (O&M) of solar plants. The company’s flagship product, Intelligent Waterless Solar Panel Cleaning Robots, is already making a significant impact, being installed in solar plants with a combined capacity of more than 8GW across India.

Founded in 2017 by Suraj Vernekar and Nishith Shah, Aegeus Technologies has a focus on AI and IoT enabled robotics for automating the O&M of solar plants.

Commenting on the impact of their technology, they said, “The face of the solar sector in India is evolving dramatically with technology transforming its every facet. Waterless technology will save a lot of water and manual effort.  It thus will bring enhanced return on investments and efficiency in solar panel cleaning and predictive monitoring of health of modules for both utility scale and rooftop solar panel cleaning along with vegetation management.”

The transaction was introduced by Innoxpark Ventures Pvt Ltd, founded by Jyoti Prakash.

The Solar PV market is at the point of inflection and Aegeus Technologies is one of leading companies with reputed clients and is poised to scale.

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The funding led by Prime venture partners and Zephyr Peacock India will help Poshn create the largest distribution network in the food ecosystem.

The company was founded by Shashank Singh and Bhuvnesh Gupta and has raised around $8 million in equity since its inception in 2020.

The company leverages a full-stack approach to address inefficiencies across the entire food value chain, encompassing various stakeholders like food processing units, wholesale buyers, institutions, general trade, and retailers.

Poshn plans to use the fresh funds to build further its innovative stack of solutions that address the gaps in the system. Besides, it will use the funds to expand the business to global markets with imports/ exports in profitable categories to Southeast Asian and Middle Eastern countries.

Shashank Singh, Co-founder of Poshn, said, “Poshn has already cemented its position in the wholesale segment over the last three years. With the trust of investing partners and infusion of fresh equity, we aggressively integrate forward and backward in the chain and open foreign/export markets over the next 12 months while growing profitably.”

Over the past three years, Poshn has experienced remarkable growth while maintaining profitability. The company’s revenue has skyrocketed six-fold from FY22 to FY24. Poshn is one of the few startups that have been EBITDA profitable while supporting the growth trajectory. Since its inception, the startup has marked a presence in more than 16 states in India. In 2022, the startup raised USD 4 million in equity in a seed round with Prime Venture Partner and Zephyr Peacock. Additionally, it has partnered with Banks & NBFCs for its debt requirements. Some notable names include ICICI Bank, Alteria Capital, UCIC, Northern Arc, Blacksoil, and Capsave.

Prime Venture Partners added,” Poshn has led by being a supply-first company and has meaningfully solved for the B2B food value chain. The company has always been bottom-line focused with a remarkable ROCE and wants to continue expanding that further by going deeper into the supply chain while also pursuing some full-stack vertical integrations. We believe Poshn will be a category-defining company in the coming years, and we are excited to be their partners from day zero.”

In its journey, Poshn has built solutions to make the supply chain efficient for user onboarding, document collection and verification, and ledger matching. In the next phase, the company will integrate forward and backward in the food value chain to unlock further efficiencies via capacity planning, utilizations, and reaching directly to retailers.

Bhuvnesh Gupta, Co-founder, said, “Poshn boasts of best operational and capital efficiency in not just food tech but across B2B segments. With renewed capital and trust, we will continue to scale newer horizons with the same efficiency.”

The food supply chain market is over USD 800 billion and is highly fragmented on the supply side. The chain experiences inefficiencies due to a slew of intermediaries or middlemen, poor capacity planning, a lack of predictable demand, and a lack of technology. Poshn is working on bridging these gaps with technology.

 “Poshn is using technology to simplify and organize the fragmented food value chain in India. Both buyers and suppliers are adopting Poshn’s platform for convenient access to quality products at competitive prices.  We are excited to partner with Shashank and Bhuvnesh,” said Mukul Gulati, Managing Partner, Zephyr Peacock India.

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BluWheelz stands out in the Indian transportation sector by offering a comprehensive fleet solution with two-, three-, and four-wheeler electric vehicles across 18 cities. They plan to become the first company in India to integrate six-wheeler EVs into their fleet-as-a-service model, further pioneering the space.

Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts stated, “We are delighted to support BluWheelz in their mission to redefine logistics through sustainable mobility solutions. Their innovative approach, combining cutting-edge technology with a commitment to environmental responsibility, aligns perfectly with our investment philosophy. BluWheelz’s impressive growth trajectory, strategic partnerships, and visionary leadership position them as frontrunners in the rapidly evolving EV market. We are confident in their ability to drive transformative change and look forward to being a part of their success story.”

Since its inception in January 2023, BluWheelz has achieved significant milestones. Their fleet has grown to over 1,200 vehicles, operating in 18 cities and serving a diverse clientele across various sectors. The company boasts a strong leadership team, including founder and chairman, Mr. Sanjiv Gupta (former CEO of Coca-Cola India and Spicejet Cargo), BluWheelz is poised for unprecedented growth, bolstered by a team of industry veterans incentivized with ESOPs.

Mr. Sanjiv Gupta, stated “In every venture I’ve embarked upon, from revolutionizing the beverage industry to elevating India’s cargo airline sector, the constant has been a relentless pursuit of excellence and a transformative vision. Today, as Bluwheelz secures pivotal funding, we are on the cusp of seizing a greater share of the EV market. This is more than an expansion; it’s a commitment to redefine mobility and logistics through sustainability and innovation. We stand at the forefront, ready to steer the electric revolution in logistics, building not just a company, but an ecosystem that propels us towards a future where progress and the planet move forward together.”

BluWheelz’s success is driven by its differentiated strategies, including strong partnerships with top vehicle OEMs like Eicher-Volvo and Tata Motors, an innovative low-cost, high-impact franchise model, comprehensive technology integration, and strategic alliances for charging and parking infrastructure. These initiatives underscore BluWheelz’s commitment to operational efficiency, cost-effectiveness, and sustainability.

“With the successful completion of our latest funding round, Bluwheelz is poised to cement its dominance in the mid-mile EV segment. This is a strategic leap towards our goal of expanding our electric fleet with the introduction of cutting-edge 4-wheelers and 6-wheelers, in collaboration with leading OEMs. Our unwavering focus remains on bridging the gap between technological innovation and practical urban logistics solutions, as we gear up to meet the burgeoning demand for eco-efficient fleet services. Together with our partners, we’re driving the future of delivery – cleaner, smarter, and further,” commented Mr. CP Sethi, CEO of BluWheelz.

As the Indian EV market continues to flourish, projected to capture over 40% of the automotive market and generate more than $100 billion in revenue by 2030, BluWheelz is uniquely positioned to lead this transformation. With its rapid growth, strategic partnerships, technological advancements, and the support of esteemed investors, BluWheelz is poised to capitalize on this momentum, driving forward the adoption of electric vehicles across India.

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According to Forbes, the industrial sector is the third best sector to invest in 2024, behind AI and the healthcare industry. It is due to its critical role in the global economy and its ongoing transformation with technologies like automation, robotics, and Internet of Things (IoT).

The Crunchbase data show the companies and startups in the industrial sector have raised $15.2 billion in funding rounds year-to-date, 80% more than in Q1 2023 and the highest quarterly figure in the market`s history. Statistics also show that, while the total funding amount increased, the number of funding rounds dropped, showing startups managed to raise more fresh capital in fewer funding rounds. Since the beginning of the year, these companies saw 14 VC investments, down from 26 in Q1 2023.

The Q1 funding amount in the industrial sector is even more impressive when compared to other top markets for VC investments. Statistics show industrial companies and startups have drawn 30% more fresh capital to finance their businesses than AI startups. Since the beginning of the year, companies working in the artificial intelligence space raised $11.6 billion, or $5 billion less than in the same period a year ago.

Healthcare startups are also far behind when it comes to VC funding activity. Over the past three months, companies in the healthcare industry raised $7 billion in funding rounds, or twice less than the industrial companies.

With $15.2 billion of fresh capital poured into the industrial sector year-to-date, the cumulative funding amount in this market jumped to $122.1 billion. Interestingly, more than half of that value was raised in the past two years.

Statistics also show that despite leading the chart of the most funded markets in 2024, the industrial sector loses the race with AI and healthcare companies when talking about cumulative funding. AI companies have raised over $355 billion, nearly three times more than startups from the industrial sector. Healthcare companies have also raised much more money, or over $229 billion so far.

The full story and statistics can be found here: https://altindex.com/news/industrial-sector-leads-vc-funding

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This round was led by infrastructure industry leaders like Mr Akassh Patel & Nilesh Bhalala (Founders, BuilditIndia), Mr Shashin Patel (MD, SCC Infrastructure) & others. 

With this funding, Bull AgriTech aims to accelerate its expansion into new regions, bolster its team with top-tier talent, and enhance its internal technology infrastructure for efficient data analysis.

Mr Hit Desai – Founder, Bull Agritech, said, “The funding comes at a time when we are poised for strategic growth. We will be deploying the funds to expand into new regions, double the number of collection centers and broaden commodity portfolio. We will build scalable internal technology for efficient data analysis and onboard top-tier talent to drive operational efficiency and innovation. The current non-perishable agri-trade system is inefficient and outdated, costing farmers valuable income. We believe social technology holds the key to unlocking a new era of market access, price discovery, and logistical efficiency, directly benefiting farmers.”

Mr Akassh Patel, CEO, BuilditIndia, “Bull Agritech has distinguished itself with its forward-thinking approach and exceptional vision for transforming the agricultural supply chain. We are deeply impressed by the dedication and ambition demonstrated by the founders, whose innovative model for oil seeds has already garnered significant acclaim.”

Bull AgriTech has facilitated trades worth 35 crores in the last 24 months, with over 6000 farmers choosing to sell their crops through Bull instead of relying on local APMCs. Having reported an impressive 200% year-on-year growth, they are committed to sustaining 25% month-on-month growth. The company is also looking to tap into a less penetrated farmer financing solution.

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The funds will be utilized to further enhance AutoVRse’s foundational enterprise product, “VRseBuilder”. It will also help AutoVRse expand its team with top-tier talent, and spearhead expansion efforts in the United States and expand their product suite.

The company also plans to set up a B2B sales team in the US to drive qualified lead generation and facilitate market expansion.

The company said VRseBuilder is “an end-to-end modular technology stack and SAAS platform to integrate VR into workflows of industries like manufacturing, construction, engineering, oil and gas, automotive, replacing ineffective manual instruction and/or expensive simulation techniques for purposes ranging from safety training, to sales and collaborative remote work.”

VRseBuilder offers a comprehensive suite of tools, including a VR content library, a VR-native Learning Management System, a deployment platform, and a Unity SDK with a user-friendly no-code editor. This modular approach enables enterprises to embrace VR technology for purposes such as training, design, and sales, thereby enhancing efficiency and safety while reducing costs.

Ashwin Jaishanker, and Adarsh Muthappa, Co-founders of AutoVRse, “Virtual Reality (VR) wields transformative potential across diverse industries. Our enterprise solutions offer a world-class, ready to use, modular technology stack with SAAS-enabled deployment for purposes ranging from worker safety training, to sales training and remote work design collaborations. An example of the real-world impact of our VR tech was our partnership with UltraTech Cements, where we deployed VR safety training modules across 51 plants in India and trained 50,000+ workers in VR—reducing factory incidents and saving lives. We leverage our in-house game studio to test, iterate, experiment and deliver immersive and cutting-edge innovative experiences for our enterprise clients. This cutting-edge research and cross-pollination of technology has also helped us create an immersive gaming experience with an original IP like District M.  Our vision is to build a foundational VR-OS (VR operating system) for enterprises, alongside world-class, meaningful, social, and fun experiences for consumers.”

Salone Sehgal, Founding General Partner of Lumikai, said, “AutoVRse’s technology and solutions for enterprises, compete with the global best. Their focus on innovation and providing scalable, VR-led solutions for very real problems facing heavy industries, coupled with their innovative, state-of-the-art gaming studio, is a powerful combination—paving their rise to becoming a world leader in the VR space. At Lumikai, we are super excited to be lead investors and partner with Ashwin, Adarsh, and the AutoVRse team to build a world-class, enduring AR/VR company.”

Yash Kotak, Founder and CEO of Jumper.ai, who said “Jumping into AutoVRSe was a no brainer. Right from the get-go with the founders and the team, I could feel the energy, the focus, and that unstoppable drive to conquer the VR scene. With its fundamentally strong tech, flawless execution, and a sky-high market potential, investing was a total blast from day one.”

Co-founder of TensorFlow and Inference.io, Rajat Monga, also added “AR/VR is where we are all headed, and with Oculus Quest (and now Apple Vision Pro), people think of consumer apps. I loved how Ashwin and the team understood the space and focused on enabling enterprises to bring their ideas to reality.”

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