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Dynamicbusiness
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This week’s top startup funding and ecosystem highlights
- Tracksuit, CloudTech, and Voltavate lead this week’s funding surge across AI, blockchain, and renewable energy sectors.
- Tracksuit raises $38 million Series B to expand globally and deepen presence in the US market.
- CloudTech secures AUD$14 million in Series A round to launch CloudTech Custody, an institutional-grade custody product for digital assets.
- Lululemon signs a 10-year recycled materials deal with Samsara Eco to enhance sustainability efforts.
- Global Startup Ecosystem Rankings 2025 show AI surge, decline in exits, and emergence of new regional leaders in the startup ecosystem.
- AI and Big Data are the fastest-growing subsector globally, with a 33 percent increase in VC funding and a 40 percent share of global VC investment.
- Key cities like Shenzhen, Tokyo, Seoul, Shanghai, Paris, and Philadelphia showed resilience amidst a drop in large exits.
- Riyadh makes a significant leap in the MENA region's startup ecosystem rankings, moving to the 21–30 range among emerging ecosystems.
- Voltavate raises $850,000 in pre-Seed round to develop safer and sustainable lithium-ion batteries.
- Lyrebird Health secures $12 million in funding to accelerate product development and international growth, saving clinicians time with AI-generated clinical documentation.
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Bloomberg Quint
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ONGC Well Blowout In Assam: Uncontrolled Gas Release Continues
- Gas continues to flow uncontrollably for the second day from an ONGC crude well in Assam's Sivasagar district after a blowout incident.
- The incident occurred at Well No RDS 147A of Rudrasagar oil field, with no injuries reported.
- ONGC has initiated a detailed probe to determine the cause of the blowout and is working on controlling the well.
- Emergency services are actively engaged in the area, maintaining safety protocols.
- Reinforcement teams and specialists are on-site to normalize operations with safety as the top priority.
- Efforts are underway to bring the situation back to normal, and a thorough investigation is ongoing.
- Entry to the location is restricted to operational personnel due to the presence of gas, while locals are advised to take precautions.
- The incident recalls a similar disaster in 2020 in the region, emphasizing the need for stringent safety measures.
- ONGC's Crisis Management Team is preparing to control the gas release, with necessary equipment being laid out for the operation.
- The company remains committed to operational safety, environmental protection, and community well-being.
- The ongoing efforts aim to handle the situation effectively and prevent further risks.
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Bloomberg Quint
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Israel-Iran Tensions: Hardeep Puri Says India Has Adequate Energy Supplies
- India's Oil Minister Hardeep Singh Puri stated that India has sufficient energy supplies despite escalating tensions in major energy supply regions.
- Puri holds periodic reviews of energy availability with oil industry leaders to shape India's energy strategy based on availability, affordability, and sustainability.
- Global oil prices surged after Israel's strike on Iran, with Brent crude surpassing $75 per barrel.
- India, a significant oil and gas importer, sources over 85% of its crude oil and about half of its natural gas needs.
- Despite the recent price spike, current oil prices remain lower than last year's levels and well below the $100+ per barrel seen in early 2022 during the Russia-Ukraine conflict.
- Russia and Qatar are India's major suppliers of crude oil and natural gas, respectively, for various domestic uses.
- The tension between Israel and Iran has raised concerns about potential oil spikes, with analysts like JPMorgan foreseeing a potential $120 oil spike while maintaining a $60 base case for 2025-26.
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Bloomberg Quint
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Maharashtra Reports 102 New Covid-19 Cases
- Maharashtra reported 102 new Covid-19 cases, bringing the state's total to 1914 since January 1.
- The cases included 31 from Pune, 27 from Mumbai, and others from various regions in the state.
- 20,468 Covid-19 tests have been conducted in Maharashtra since January 1.
- Four deaths were reported recently, raising the year's death toll to 25, with 24 having comorbidities.
- The fatalities occurred in Mumbai, Satara, Kolhapur, and Ulhasnagar.
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Bloomberg Quint
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Birla Corp Gets Limestone Block In Rajasthan
- Birla Corp emerged as the preferred bidder for the Gourum Khan Ki Dhani (South) limestone block in Rajasthan.
- The block is located in Jaisalmer district and covers an area of 499.6394 hectares.
- The company's bid had the highest final price offer of 20.60% in the e-auction conducted by the state government.
- The limestone block is known for high-quality cement-grade limestone and is part of a mineral-rich belt in western Rajasthan.
- This acquisition will enhance Birla Corp's raw material security and support its long-term expansion plans in the cement sector.
- Birla Corporation, part of the M P Birla Group, already has cement manufacturing units in various states like Madhya Pradesh, Rajasthan, Uttar Pradesh, Maharashtra, and West Bengal.
- The formal grant of the mining lease is contingent on necessary approvals and compliance with statutory requirements.
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Bloomberg Quint
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India, China Tackle Rare Earth Curbs In Meeting Of Top Officials
- China's export curbs on rare earth magnets are causing delays in shipments of auto parts to India, worrying carmakers about disruptions to production.
- Indian officials discussed China's rare earth restrictions with China's Vice Foreign Minister as automakers warn of a looming shortage in India.
- The issue was raised during a meeting between Foreign Secretary Vikram Misri and China's Vice Foreign Minister Sun Weidong in New Delhi.
- Chinese export curbs on rare earth magnets, essential in various products, are affecting auto parts shipments to India, raising concerns for carmakers.
- Indian automakers may face tougher conditions in securing supplies from China compared to counterparts in other countries, with Beijing rejecting some India-bound shipments.
- India and China agreed to hold further talks on critical mineral supplies and broader economic and trade issues.
- Indian carmakers lobby the government to urge China to ease rare earth restrictions and plan to visit Beijing this month to make their case to officials and suppliers.
- The recent diplomatic dialogue between India and China suggests a potential resolution to the rare earth issue, following global trade talks between the US and China which have raised optimism for eased restrictions.
- The visit by China's Vice Foreign Minister follows efforts by both countries to rebuild ties after a border standoff, with pledges from their leaders to stabilize relations and take practical steps to facilitate visas and restart direct flights.
- India had implemented legal measures to discourage Chinese investments and banned mobile applications after border clashes in 2020.
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Bloomberg Quint
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CBDT Flags Widespread Crypto Tax Evasion; Thousands Receive Compliance Notices
- CBDT has flagged widespread tax evasion and laundering of unaccounted income through cryptocurrency transactions by high-risk individuals and entities.
- The crackdown follows data-driven analysis revealing violations in reporting Virtual Digital Asset (VDA) income.
- CBDT is actively investigating cases of failure to disclose crypto income or underreporting it, violating provisions under the Income Tax Act, 1961.
- Income from VDAs is taxed at a flat rate of 30% under Section 115BBH with no deductions except for the cost of acquisition.
- Losses from VDA trading/investment cannot be set off against other income or carried forward.
- Cross-verification of ITRs with TDS data identified thousands of discrepancies, leading to emails sent to individuals for filing updates.
- CBDT's compliance initiative under the NUDGE framework enforces tax compliance and marks the third campaign in six months focused on various financial areas.
- The campaign highlights regulatory scrutiny on virtual assets, emphasizing full tax compliance for investors and traders.
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Massivelyop
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Star Citizen discusses the moving target of vehicle balancing, unveils a new Esperia Prowler variant
- Star Citizen developers discussed vehicle balancing during a Q&A session, highlighting the constant evolution in balancing due to new additions and testing.
- The complexity of balancing is increased by having three flight models for each ship and the continuous addition of new features.
- Developers mentioned that balance visions cannot remain consistent due to the game's continuous development and introduction of new elements.
- Balance goals have evolved with the game, with newer flight model parts being tested gradually to ensure development and refinement.
- Vehicles in the game are designed for specific roles, emphasizing that not every ship is meant to excel in all areas.
- Specific details on balance include heavy fighters focused on tankiness over mobility, nerfing of the agility of the Anvil F8, and acknowledgment of ground vehicles needing improvement.
- CIG introduced the Esperia Prowler Utility, a new spaceship variant designed as a stealth cargo hauler with enhanced cargo space and a tractor beam for industrial use, priced at $300.
- Star Citizen remains in alpha since its Kickstarter campaign in 2012, having raised over $800M from crowdfunding and ship sales, making it the highest-crowdfunded video game.
- The game has faced delays, with the single-player component Squadron 42 also experiencing repeated postponements.
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Eu-Startups
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“Like building with LEGO bricks” – German startup RIICO secures €4.3 million to digitalise factories
- German startup RIIICO secures €4.3 million in Seed funding led by Pi Labs to expand its AI platform for digital models in factories.
- RIIICO's platform aims to enhance the resilience and competitiveness of industrial clients by utilizing digital twins to quickly adapt established factories.
- The AI-based software detects machines and infrastructure in factories, generating 3D digital twins for quick scenario simulation and implementation.
- RIIICO's solution makes retrofitting factories more efficient, allowing for faster redesign processes and product launches.
- The startup targets established Western manufacturers facing the challenge of upgrading existing sites during ongoing operations while new competitors build modern greenfield plants.
- The platform was successfully used in the automotive industry to install electric vehicle production lines in factories, setting a new benchmark for quality and efficiency.
- Faisal Butt of Pi Labs sees RIIICO as a potential transformer of factory redesign using AI to create collaborative 3D models from LiDAR scans.
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Economic Times
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ETtech Deals Digest: Indian startups raise $160 million this week, up 75% on-year
- Indian startups raised $160.3 million during June 7 to 13, a 74.7% increase from the same period last year.
- This week's funding marked a 12.4% rise over the previous week's total of $142.7 million.
- Despite the higher funding amount, only 16 transactions were recorded, compared to 34 deals in the same period last year.
- Top deals include Cred raising $72 million, Flexiloans securing $43.8 million, and Vecmocon Technologies raising $18 million.
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Bloomberg Quint
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S&P 500’s Weekly Gains In Jeopardy After Israel Attacks Iran
- The S&P 500 Index was down 0.8% on Friday as traders assessed the impact of Israel's attack on Iran's capital amid escalating tensions over the nuclear program.
- The Nasdaq 100 Index dropped 1.1% with tech stocks like Nvidia, Tesla, Meta Platforms, and Apple falling.
- Energy companies rallied as crude prices surged, while airline and travel stocks declined after the attacks.
- Investors sought safety in assets like gold and US Treasuries, causing volatility to rise in the market.
- The jolt in turbulence disrupted a quiet period for US stocks, leading to concerns about persistent inflation pressures.
- Some money managers believe the turbulence will be temporary as the Fed analyzes the situation.
- Traders looked past positive consumer sentiment data to monitor other market developments.
- US Steel Corp. dropped after reports of potential disruptions in Nippon Steel's takeover plans, while RH shares surged post-profit.
- The article is eligible for web story generation.
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Eu-Startups
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Swedish energy startup Engrate raises €2.5 million for efficient energy integration
- Swedish energy startup Engrate secures €2.5 million in Seed funding led by global VC firm Maniv for international expansion.
- Engrate was founded in 2024 to accelerate the green energy transition with its digital integration platform.
- The funding round includes international and Swedish investors aiming at sustainable energy production.
- Engrate's platform harmonises data sources to simplify integration for energy companies seeking to shift to renewable energy.
- The company already has energy company Flower as a customer and has participated in Norrsken’s Accelerator Programme.
- Engrate aims to reduce integration complexity in the energy sector to allow for growth and innovation.
- The energy sector's digital maturity is considered underdeveloped, and Engrate's platform is seen as a critical solution for digitization.
- Maniv's Partner sees Engrate as pivotal in the digitization of the energy sector and highlights their clear vision.
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Bloomberg Quint
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Maharashtra Partners With Max AeroSpace For Helicopter Manufacturing In Nagpur
- The Maharashtra government has partnered with Max AeroSpace to establish a helicopter manufacturing unit in Nagpur, involving an investment of Rs 8,000 crore and creating 2,000 jobs.
- The project aims to commence production in 2026 and will contribute to Maharashtra's industrial development and India's self-reliance in the defense sector.
- Chief Minister Devendra Fadnavis has pledged full support for the project, which will focus on world-class technology and act as a Center of Excellence for customization, integration, and flight testing of rotary-wing platforms.
- Max AeroSpace selected Maharashtra due to its favorable environment for defense production and the state's commitment to providing necessary facilities.
- The initiative aligns with India's 'Make in India' and 'Atmanirbhar Bharat' programs, fostering growth in the aerospace industry and supporting domestic manufacturing.
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Alleywatch
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Dreamhub Raises $7M for its AI-Native CRM Platform for B2B SaaS That Thinks and Acts Autonomously
- Dreamhub has raised $7M for its AI-native CRM platform designed exclusively for B2B SaaS, offering autonomous actions and thinking capabilities.
- Unlike traditional CRMs, Dreamhub integrates AI and machine learning to automate workflows, improve forecasting accuracy, and enhance data interpretation across sales touchpoints.
- The CEO, Yoni Benshaul, was inspired to create Dreamhub after experiencing challenges with outdated CRMs while serving as Gap Inc.'s Chief Analytics Officer.
- Dreamhub's business model revolves around subscription-based SaaS catering to B2B SaaS companies in a market valued at over $10B.
- The funding process involved investors like Jibe, Dig, LocalGlobe, Adam Blitzer, COO at Datadog, Ran Sarig, CEO of Datorama, and other angels.
- Dreamhub aims to onboard approximately 100 new customers within the next six months.
- The biggest challenge faced during fundraising was standing out in the AI-saturated market and conveying the unique benefits of an AI-native platform.
- Dreamhub's approach focuses on delivering a streamlined GTM solution with lower total cost of ownership and enhanced functionality compared to traditional CRMs.
- The company emphasizes customer-led execution and sharp prioritization for success, particularly in capital-constrained scenarios.
- Dreamhub's goal is to revolutionize CRM experiences for B2B SaaS by providing actionable insights and autonomously updating functionalities.
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Bloomberg Quint
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After LIC, HDFC Life Simplifies Claim Process For Families Of Ahmedabad Plane Crash Victims
- HDFC Life Insurance simplifies the claim submission process for families of Ahmedabad plane crash victims by allowing nominees/legal heirs to provide proof of death for claim initiation.
- Contact details provided by HDFC Life Insurance for assistance with insurance claims include a dedicated claim helpline number, nodal officer number, call center number, WhatsApp number, and email.
- The company also shared the URL for their Branch Locator to help claimants locate the nearest HDFC Life Insurance branch.
- CEO Sameer Yogishwar expressed condolences to the families of the victims and ensured support with a simplified claim process.
- Life Insurance Corporation of India also adopted similar measures for easier life insurance claims submission for the plane crash victims' kin.
- The Air India plane crash in Ahmedabad resulted in 241 fatalities, with only one survivor out of the 242 persons on board.
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