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Startup News
SiliconCanals
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Eindhoven-based RIFT secures €11M to decarbonise industrial heat
- Eindhoven-based RIFT has raised €11m in a Series A round of funding to decarbonise industrial heat. Invest-NL, PGGM, Oost NL, Rubio Impact Ventures, Brabant Development Agency and Energy Transition Fund Rotterdam invested in the round. RIFT's technology uses iron powder combustion to generate high-temperature heat without direct CO2 emissions. The funding will back 2 GWh of durability tests at RIFT's pilot facilities in Arnhem and Helmond and help finalise the company's first commercial contracts. RIFT has developed an iron fuel technology designed for easy implementation without major infrastructure changes.
- RIFT is run by three friends who founded the company in 2021 after collaborating on iron fuel technology in their student team, SOLID of the Eindhoven University of Technology. By burning iron powder in a specially designed boiler system, RIFT generates high-temperature heat of up to 2,000°C while producing no direct CO2 emissions. The combustion process results in rust powder, which can be converted back into usable iron powder using hydrogen, creating a fully circular energy system.
- The iron powder can be safely transported over both short and long distances, similar to the logistics of oil or coal storage and distribution. The process also generates minimal nitrogen emissions, significantly lower than those produced by burning natural gas.
- RIFT's iron fuel technology can help companies reduce their CO2 emissions without major infrastructure adjustments. The company makes sustainable heating solutions for industries such as food and beverage, pulp and paper, ceramics, and special chemicals, which face pressure to reduce fossil fuel dependence but often lack viable alternatives.
- The funding will pave the way for full-scale commercial implementation of RIFT's iron fuel technology. RIFT's recent funding follows its graduation from the Breakthrough Energy Fellows Programme, which provided two years of funding and guidance.
- RIFT's solution offers a breakthrough for energy-intensive sectors that are looking for ways to reduce CO2 emissions. This investment helps achieve Invest-NL's mission to support innovative solutions that accelerate the energy transition.
- RIFT's iron fuel technology addresses challenges faced by other sustainable energy solutions, such as hydrogen and electrification. RIFT is ready to make a tangible impact in the industry and bring the company one step closer to its ambition of reducing global emissions by one gigaton per year by 2050.
- The Dutch ecosystem offers a solid foundation for companies with high impact potential, such as RIFT, to realise their ambitions. It is crucial to optimally utilise the knowledge we possess in the Netherlands, according to Robert-Jan Smits, Chairman of the Board of TU Eindhoven.
- RIFT's recent funding reflects the increasing investor interest in cleantech startups developing innovative solutions to decarbonise the industrial sector.
- RIFT's iron fuel technology is designed for easy implementation without major infrastructure changes and is economically competitive with fossil fuels. The process generates minimal nitrogen emissions, enhancing its sustainable impact.
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ISN
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India's only vertically integrated GaN semiconductor startup AGNIT Semiconductors raises $3.5 million
- India's vertically integrated GaN semiconductor startup AGNIT Semiconductors has raised $3.5 million in seed funding.
- The funding round was led by 3one4 Capital and Zephyr Peacock, marking their first investment in India's semiconductor space.
- AGNIT Semiconductors plans to use the funds to scale its production and expand into new market segments.
- The startup aims to contribute to India's push for innovation and self-reliance by revolutionizing Gallium Nitride (GaN) technology applications.
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VIE Stories
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Blinkit Launches a 10-Minute Return Program for Clothes and Accessories
- Blinkit, owned by Zomato, introduces a 10-minute return program for clothes and accessories.
- The service has been tested in Delhi NCR and is now available in Mumbai, Bangalore, Hyderabad, and Pune.
- The new functionality aims to address online purchasing size and fit concerns.
- Blinkit competes with Swiggy Instamart and Zepto, offering merchandise from well-known brands.
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Yourstory
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Fashion and premium electronics dominate India’s 2024 festive ecommerce sales: Redseer
- Fashion emerged as the standout performer during festive sales, with high demand for ethnic wear, particularly men’s and women’s kurta and kurti sets.
- Unbranded and value segments in women’s apparel, daily-wear jewellery, and kids’ fashion saw significant growth, driven by Tier II+ cities.
- Premium electronics, such as air conditioners, refrigerators, and high-end home electronics, experienced a surge in demand, while the television segment grew slower.
- Beauty, personal care, and home categories also saw strong growth, with quick commerce platforms playing a key role in mobile phone purchases.
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Inc42
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FPIs Reduce Stakes In Paytm Below 1%
- Foreign Portfolio Investors (FPIs) Societe Generale, Tiger Pacific Master Fund, and UBS Principal Capital Asia have reduced their holdings in Paytm below 1% in the September ended quarter.
- The overall FPI ownership in the company dropped to 16.77% in the quarter ending September, from 20.04% in the previous quarter.
- Paytm is focusing on its artificial intelligence projects and has appointed its CTO Manmeet Dhody as "AI Fellow" to drive AI innovation in business.
- Paytm recently sold its entertainment ticketing business to Zomato for INR 2,048 Cr in an all-cash deal.
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Yourstory
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IPO-bound CIEL HR acquires Thomas Assessment, People Metrics to expand talent assessment portfolio
- CIEL HR Group has acquired Thomas Assessment and People Metrics, expanding its talent assessment portfolio.
- The acquisitions strengthen CIEL HR's presence in the Indian talent assessment market and broaden its reach across the SAARC region.
- Thomas Assessment specializes in psychometric tools for behavioral, cognitive, personality, and emotional intelligence assessments.
- CIEL HR Group plans to fully acquire Thomas Assessment over the next 18 months, as part of its strategic growth.
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Medium
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Why Most Fundraising Pitches Fail within the first 5 minutes
- Lack of clarity in the pitch can cause investors to lose interest.
- Entrepreneurs often fail to understand the specific interests of investors, leading to an ineffective pitch.
- A weak opening can create a negative first impression and hinder the success of the pitch.
- Pitches that lack a compelling story and focus too much on numbers and technical jargon lose investor engagement.
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VIE Stories
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57
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[Funding News] Shiprocket Secures $12 Billion E Commerce Opportunity for MSMEs in the Festive Season
- The festive eCommerce market in India is expected to exceed $12 billion in the months of October through December of 2024.
- There has been a significant 23% rise compared to $9.7 billion in 2023.
- Consumer demand in sectors such as fashion, electronics, cosmetics, and personal care is driving the growth.
- Non-metropolitan areas are expected to account for about 60% of online festive orders.
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Eu-Startups
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EU-Startups Podcast | Episode 91: Peter Hirsch, Head of sustainability at 2150
- In this episode, Peter Hirsch, Head of Sustainability at 2150, discusses the firm's mission to invest in sustainable technology companies.
- 2150 integrates impact considerations throughout their business and uses the 2150 Impact Framework to assess sustainability.
- Key takeaways include the need for sustainable innovation in the EU, 2150's self-imposed carbon tax, and their estimated impact on reducing carbon emissions.
- The episode is brought to you by Vanta, a company automating compliance processes.
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Startupreporter
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AAIJI Group Acquires 50 Acres Land In Dholera To Develop High-end Residential Villas
- AAIJI Group, a prominent real estate developer in Dholera, Gujarat, has acquired 50 acres of prime land in Dholera Region.
- The investment marks a significant milestone in the group's commitment to sustainable living and innovative retail spaces.
- The project aims to develop comprehensive land plotting, residential developments, and modern retail spaces.
- Dholera is rapidly developing into a major industrial hub with significant investments in infrastructure and manufacturing.
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Yourstory
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Startup news and updates: Daily roundup (Oct 17, 2024)
- Medical device company Medprime Technologies has secured Pre-Series A funding with participation from Ashish Kacholia, Co-founder of Hungama Digital.
- TapFin has signed a MoU with IIT Bombay to address challenges in EV financing and develop sustainable use cases for electric vehicles.
- Akamai Technologies collaborates with Kyndryl to deliver Micro-Segmentation Implementation Services for enhanced network security.
- TiE Global Summit 2025 will be hosted by TiE Rajasthan in Jaipur, bringing together global investors, entrepreneurs, and TiE members.
- Amazon India launches the #AapkeHittMeJaari digital campaign to raise awareness about cyber frauds and scams during the Great Indian Festival.
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Yourstory
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Warburg Pincus-backed Whatfix slashes net loss by 20% to Rs 262.63 Cr in FY24
- SaaS major Whatfix has reduced its net loss by 20% in FY24.
- The company's net loss decreased to Rs 262.63 crore in FY24 compared to Rs 328.33 crore in FY23.
- Operating revenue rose by 49% to Rs 424.58 crore in FY24.
- Total income grew by 46.5% to reach Rs 445.36 crore in FY24.
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AllTopStartups
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How Can Companies Use Hybrid Cloud?
- Hybrid cloud allows to run applications across multiple environments by combining public clouds and private clouds, tailoring setups based on specific business needs.
- Hybrid cloud is useful in disaster recovery where primary systems and data are kept in private cloud and backups in public cloud environment. In case of a disaster, activities can be smoothly transitioned from public cloud to private cloud.
- Companies can use hybrid cloud environment for developing, testing, and delivering software, with no need to purchase and maintain on-site hardware.
- Cloud Bursting is done by the e-commerce platform using a private cloud during regular operations and offloads excess traffic to a public cloud during peak season traffic, saving cost on having additional private infrastructure.
- Hybrid CDN (Content Delivery Network) networks securely store content management systems and deliver content (like photos, movies, and web pages) fast and effectively to customers.
- Companies can move applications to the cloud using a hybrid cloud environment at a pace that suits their business needs.
- Leading companies like Netflix, Adobe, Coca-Cola, and Toyota are using a hybrid cloud strategy to streamline their processes and support their operations.
- Netflix relies mostly on Amazon Web Services (AWS) for its storage and computing needs and even built a studio using AWS for virtual collaboration.
- Adobe uses a hybrid cloud strategy for content creation and storage, advertising and marketing, and data management and analytics.
- Coca-Cola backs up its critical data in a hybrid cloud environment and uses hybrid cloud for supply chain management.
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Yourstory
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iD Fresh turns profitable, clocks 16% rise in FY24 revenue
- Packaged foods seller iD Fresh turned profitable in FY24, earning a net profit of Rs 4.56 crore against a loss of Rs 32.8 crore in the previous year.
- iD Fresh recorded a 16.3% YoY increase in operating revenue to Rs 557.84 crore in FY24, compared to Rs 479.29 crore in the previous year.
- Total expenses rose 8% YoY to Rs 558.2 crore in FY24, primarily due to an increase in the cost of materials, employee benefits expenses, and other expenses including advertising costs.
- The ready-to-cook batters segment saw a 24% YoY increase in sales to Rs 237 crore, while the sales of the parotta segment increased by 10% YoY to Rs 183 crore.
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AllTopStartups
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Cimphony Simplifies Startup Legal Processes With AI
- Cimphony simplifies startup legal processes with AI.
- Cimphony is an AI-powered legal platform for startups and small businesses.
- It streamlines legal processes and provides fast, affordable legal advice.
- Key features include contract drafting, compliance management, and intellectual property protection.
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