Category: Business & Economy

KARNATAKA: ELECTRIC SCOOTERS: Bengaluru-based EV start-up, River, raises $40 Million in oversubscribed Series B round

The deal was led by Yamaha Motor Co. Ltd. Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round.

River, a Bengaluru-based start-up building multi-utility electric scooters, has announced a $40 million (335 INR Crores) Series B led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

This round takes the cumulative fund raised by the company to $68 Million (565 INR Crores) since its inception in March 2021. With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.

“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this”,said Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.

River started selling its first product Indie, the SUV of scooters in October 2023. Indie was fully designed and developed at the River R&D facility in Bengaluru and manufactured in the River Factory at Hoskote in the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.

“It’s been a pleasure to watch River grow since our first investment in 2023. Indie made a strong debut in the Indian market and stands out from anything that is out there. We also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India”, said Paul Willis, CEO of Al-Futtaim Automotive.

River is the first Indian investment of all its investors – Tel Aviv based Maniv Mobility, San Francisco based Trucks VC, Lowercarbon Capital, Toyota Ventures and Dubai based conglomerate Al-Futtaim Automotive.

“The investment is a significant boost for our plan to build a Billion-dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow,” said Aravind Mani, Co-founder and CEO of River.

“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River,”said Vipin George, Co-founder and Chief Product Officer at River. “I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I’m excited about what the partnership can achieve,” he added.

River started selling its units in October 2023 and close to 200 vehicles have been sold till January 2024. The company which plans to expand its presence to 10 cities including in the next six months and 100 cities in the next two years, has seen a valuation increase of 15-20x in the last 2.5 years.

According to a release from the company the start-up plans to launch one more product by 2026.

source/content: thehindu.com (headline edited)

KARNATAKA: BUSINESS SUCCESS: AGRICULTURE to RESTAURANTS: From Software Coding to Culinary Success: The success story of Mallikarjun Hatti, an Engineer’s Farm-to-Plate idea in a hotel the ‘Siridhanya Hallimane’, Vijayapura

We have come across many instances of highly-paid engineers leaving their jobs in foreign countries and coming back to India to start their own businesses. While not many succeed in their endeavour, some like Mallikarjun Hatti from Vijayapura in Karnataka do.

Mallikarjun used to work as a software engineer in the United States and used to earn Rs 3.5 lakh per month. His yearly income was nearly half a crore Rupees! Yet he chose to return to his motherland to start something of his own. When he came back to India, his neighbours and friends laughed at him and his ideas.

Mallikarjun’s family was also tense because a sudden change in the domain could cause a lack of funds. He joined the US-based software company in 2008 and returned to India in 2013 after resigning from the company. In 2018, he started farming. He grew cereals and millet on his farmland. Later, he decided to start his own business by selling millet and cereals. 

Startup based on a Farm-to-Plate theme

Mallikarjun had many ideas regarding his startup. He selected the Farm-to-Plate theme, in which he decided to sell cereals as food to the people. Initially, people did not give heed to his ideas and startup. After a few days, he initiated another idea to start a hotel based on the millet he grew and serve only cereal and millet-based food items.

The hotel surged in business during the Covid pandemic. The season that impacted many people, turned out to be good fortune for Mallikarjun. He provided the best quality food items, which people appreciated. The health benefits of the millet are many. During the pandemic, there was an urge among people to eat healthy food. 

His hotel, ‘Siridhanya Hallimane’ became very famous in the locality. His efforts finally started to pay out during the pandemic, as the people who did not pay any heed to him initially, started to turn towards a healthy lifestyle when the pandemic hit them hard.

He started the hotel ‘Siridhanya Hallimane’ at Golagumbaz Road in Vijayapura. He prepares the food with the 9 variants of millets he grows on his own farmland. Government officials, travellers and other customers are regular to the hotel. Everyone wants a healthy alternative to the foods they consume every day. 

Mallikarjun does not add any kind of chemical or tasty ingredients to his food and believes in serving the food naturally. Snacks and lunch are prepared in the hotel with arka, Udalu, Navane and other millets. People suffering from BP and diabetes come here and enjoy nutritious food.

Earning 7.5 lakh per month!

Mallikarjun used to earn Rs 3.5 lakh per month while he was in the US. His decision to leave the high-paying job was very challenging in the initial days. Due to his visionary startup ideas, the hotel ‘Siridhanya Hallimane’ is today very popular. People from far and wide travel to Vijayapura to visit his hotel and enjoy the food. 

There are currently 20 workers at the hotel and Mallikarjun earns Rs 7.5 lakh per month, through the business. He has also started a food processing unit and wants to extend his hotel as a franchise to other cities as well.

source/content: newsable.asianetnews.com (headline edited) / Asianet Newsable

NATIONAL: KARNATAKA – INDIA’s FIRST: Mangalore Refinery & Petrochemicals Ltd ( MRPL), becomes India’s First AS 9100: D Certified Refinery

Mangalore Refinery and Petrochemicals Ltd (MRPL) has been certified with AS9100:D standard prepared by International Aerospace Quality Group (IAQG) to assure customer satisfaction in aviation, space and defence organisations, under the scope of “production, storage, testing and distribution of aviation turbine fuel”.

MRPL is India’s first refinery to get this new aerospace standard. The aerospace industry demands the utmost precision, reliability, and safety in its supply chain. As a certified organization, MRPL is now well-positioned to serve as a trusted partner to aerospace companies within India and globally.

The standard ensures the interaction and configuration of various processes, from sourcing raw materials to the final product certification.

The certification process involves a stage audit of the entire life cycle of ATF, involving production criticalities like the addition of qualified additives and catalysts, standardisation of production processes, transfer through a dedicated pipeline network, ensuring fuel devoid of foreign object detection (FOD) in storage tanks, followed by certification and distribution to customers.

MRPL’s newly acquired certification is expected to give it leverage to expand its presence in the aerospace sector.

source/content: daijiworld.com (headline edited)

INTERNATIONAL: REGIONAL: KARNATAKA: Asia Pacific conclave on Engineering Healthcare held in Mysuru, Jan 29-31

A three-day Asia Pacific conclave on Engineering Healthcare was held in Mysuru to discuss the next generation biomaterial having potential applications for cancer therapeutics, precision drug delivery, and bone replacement.

The conference organised by American Chemical Society (ACS) from January 29 to 31 brought together leading researchers from across the globe in the interdisciplinary field of bioengineering.

“The next generation biomaterials such as artificial cells, bones, and biomimetic materials, which have potential applications for cancer therapeutics, precision drug delivery, and bone replacement were showcased at the conclave held in Mysuru,” said a statement here from the organizers.

During the conclave, topics on polymer science, tissue engineering, 3D printing, drug delivery, electronic sensors, organic materials, and immunotherapy were also discussed.

The objective of the conclave, which is the first of its kind in the country, is to bring together the emerging and distinguished group of researchers under the same roof for the exchange of scientific expertise and foster potential collaborations to development of new biomedical products for the benefit of society, the statement said.

Sébastien Lecommandoux from France, who participated in the conclave, delved into the field of biomimetics and presented synthetic strategies for designing materials made from natural resources that can contribute towards advances in nanomedicine, biomaterials and artificial cells for biomedical applications such as detecting and healing diseases.

Bikramjit Basu from Indian Institute of Science, Bengaluru, shared details of India’s National Medical Devices Policy, 2023, and said there was a huge multi-billion-dollar market potential for biomaterials in India. He and his team have developed new biomaterials for bone replacement and dental implants, said the statement.

Siddarth Jhunjhunwala and Kaushik Chatterjee from Indian Institute of Science, Bengaluru, too emphasized that bioengineering had enormous potential for improvement of health care.

The conclave not only highlighted some of the emerging technologies that were likely to find wide clinical use, but also enabled doctoral students and early career researchers to discuss their work with global experts in person, the statement added.

Rajesh Parishwad from ACS said the Society was bringing global programs to India and the region. “Our aim is to promote broader engagement in the area of health care engineering,” he said.

source/content: thehindu.com (headline edited)

KARNATAKA: AI in MEDICINE: Siemens Healthineers opens Precision Medicine Lab at IISc

Siemens Healthineers and IISc inaugurated the Siemens Healthineers-Computational Data Sciences (CDS) Collaborative Laboratory for AI in Precision Medicine at IISc campus in the city.

The laboratory would develop open-source AI-based tools to precisely automate the segmentation of pathological findings in neuroimaging data, with a focus on accurately diagnosing neurological diseases and analysing their clinical impact at a population level, said Peter Schardt, Chief Technology Officer, Siemens Healthineers while inaugurating the lab.

The focus of this collaborative laboratory would be to work closely with neurologists, radiologists and Siemens Healthineers and integrate the developed computational models into their regular clinical workflows, the company said.

Mr. Schardt said, “The collaboration with IISc solidifies our commitment to advancing precision medicine through AI using state-of-the-art, data-driven deep-learning techniques. Leveraging IISc’s academic excellence and our strong core in medical imaging, smart solutions developed through this collaboration will help us ultimately save lives through precise diagnoses and evidence-based treatments”.

Govindan Rangarajan, Director, Indian Institute of Science, said, “This lab marks a crucial step forward in unlocking the potential of AI for precision medicine.”

India was one of the four global innovation hubs for Siemens Healthineers, and the company was committed to being catalysts in interdisciplinary research, stated Dileep Mangsuli, Executive Director, Siemens Healthineers.

“Along with IISc, we aim to reshape the landscape of neuroscientific progress through the capabilities of artificial intelligence, translating laboratory insights into intelligent solutions. We want to empower the broader clinical research community and be changemakers in the fight against world’s most life-threatening diseases,” Mr. Mangsuli added.

source/content: thehindu.com (headline edited)

REGIONAL: KARNATAKA: TRAVEL & TOURISM: Bengaluru to function as Hub of Thomas Cook’s Charter Operations for South India

The travel firm’s maiden air charter service will be between Bengaluru and Bhutanese Capital Thimphu, a three-hour flight, starting in April 2024.

Thomas Cook (India) Limited, an omnichannel travel services company, has forayed into charter services to cater to the growing interest among customers in South India for holiday destinations in South Asian and European countries.

Bengaluru will function as the hub of Thomas Cook’s charter operations for South India and leisure/holidays tourists from across the region would be able to board the charter flights departing from the city, Romil Pant, executive vice-president & Business Head (Holidays), Thomas Cook, told The Hindu on Wednesday.

The travel firm’s maiden air charter service will be between Bengaluru and Bhutanese Capital Thimphu, a three-hour flight, starting in April 2024.

“We will hire a 126-seater airplane from Bhutan Airlines and will operate five charter flights every eight days starting from April 27. This is the first time we are entering into the chartering space and we may extend this service to connect other neighbouring countries, including Nepal and Sri Lanka and also some European destinations,” Mr Pant said.

Commenting on the rationale of starting the charter service from Bengaluru, he said Karnataka and Bengaluru were the company’s biggest markets in the country. For instance, the southern region solely contributed 45% of Thomas Cook’s total business in the country.

Currently, there is no direct flight to Bhutan from the southern region, only Delhi and Kolkata offer direct flights and land travel also takes a lot of time.

“South India is the largest contributor to the holidays business for us, overtaking the West and North India. Bengaluru and Karnatka has emerged as our number 1 source market for the leisure segment. Huge demand is coming from small cities including Mysuru, Udupi, and Hubballi too,” he added.

Commenting on travel trends in Bengaluru, Mr. Pant said the travel firm had witnessed a 60% increase in demand this year compared to 2019, the travel spend also increased by up to 30%, and average holiday duration has increased to seven days from three days compared to 2019 levels. The most favourite destinations for Bengalureans have been Europe, Australia, New Zealand, Japan, Korea, Indonesia, Mauritius, Singapore, Dubai, Vietnam, Azerbaijan, and Georgia while Andamans, Kashmir, North-East, Rajasthan, Kerala, Coorg, Chickmagaluru, Kabini, and Ooty are their favourite domestic getaways.

“We are very bullish on Bengaluru and Karnataka and we are investing deeply in this high potential market and are expanding our footprint here. We expect to see a business uptick of 30% from Karnataka in 2024,” Mr. Pant added.

source/content: thehindu.com (headline edited)

KARNATAKA: CITY PUBLIC TRANSPORT-MAJOR MILESTONE: Bengaluru’s Namma Metro Clocks 100 Crore Foot Falls ever since its inception

Bengaluru’s Namma Metro Achieves Major Milestone with 100 Crore Footfalls.

Bengaluru’s Namma Metro clocked more than 100 crore foot falls from 2012 when it was first launched, said Bengaluru Metro Transport Corporation (BMRCL) in an announcement. This is said to be a major milestone for the key public transport system of the IT Capital.

The first metro line in Bengaluru was launched in the year 2012 and was between Baiyappanahalli and MG Road. The 6.7 kilometers metro on the Purple Line was widely used by the public, with an average daily ridership of 33,152 passengers during the first year.

BMRCL later extended metro lines to most parts of the city in phases. In 2016-17, the Majestic metro station was opened on the Purple line, and it turned out to be one of the busiest metro stations in the city, connecting areas like Mysuru Road, Jayanagar and Baiyappanahalli. The average daily ridership then crossed 1 lakh passengers.

Bengaluru’s Namma Metro has 65 stations with an operational network of 74 kilometres.

In December 2023 alone, Bengaluru’s Namma Metro recorded two crore footfalls. This is said to be the highest monthly ridership for Namma Metro, ever since it was launched, and it also saw a spike in average daily ridership.

Making Purple Line fully operational in October last year by connecting Whitefield to Bengaluru South and Bengaluru Central was a game changer for BMRCL.

Prime Minister Narendra Modi formally dedicated the full operations of Bengaluru metro’s Purple Line to the people of the IT capital by inaugurating two pending stretches, Baiyappanahalli – KR Puram and Kengeri – Challaghatta, on October 20. The Purple Line operations started on October 9 without much fanfare or an inaugural event.

During the launch of Purple Line, BMRCL expected the increase in ridership would be at least between 70,000 and 1 lakh people, but it has only risen to roughly 60,000 passengers per day.

source/content: hindustantimes.com (headline edited)

KARNATAKA: BUSINESS / MANUFACTURING: ARTS, CRAFTS & CULTURE: 111-foot-long Agarbatti unveiled in Mysuru to honour local Craftsmanship

Similar events were organised in Maharashtra and Goa to celebrate diverse artisanal and cultural heritage.

Cycle Pure Agarbathi, an agarbatti manufacturer in Mysuru, unveiled a huge 111-foot-long agarbathi, as a tribute to the rich tradition of local craftsmanship. The event unfolded on January 22 simultaneously across three culturally vibrant places — Mysuru in Karnataka, Thane in Maharashtra, and Sankhali in Goa, marking a commitment to support and celebrate diverse artisanal heritage.

Saraswathi, mother of renowned sculptor Arun Yogiraj, lit the agarbatti in the presence of Mysuru MP Pratap Simmha and MLA T.S. Srivatsa. The Ranga family of Cycle Pure Agarbathi, including Guru, Kiran Ranga, Vishnu Ranga, Anirudh Ranga, and Nikhil Ranga, were present to express support for preserving heritage and traditional art forms. In Maharashtra, Chief Minister Eknath Shinde celebrated the State’s rich craftsmanship while in Goa, Chief Minister Pramod Sawant emphasised the need for preserving and promoting the region’s unique artistic expressions.

The 111-foot-long agarbatti is a testament of modern technology meeting traditional art form. It is a homage to the rich cultural heritage of Mysuru’s artisans. The massive agarbatti was crafted over 23 days by a dedicated team of 18 skilled individuals, using specially handpicked auspicious Dashanga, honey, Konneri Gedde, ghee, sandalwood powder, Guggula, Agaru, Sambrani , Devadaru, Loban and White Mustard (bili sasive) along with charcoal, Jigat and jaggery. The manufacturing process incorporated a unique technology devised by the team of specialists of N. Ranga Rao & Sons.

Known as ‘Akhand Jyothi’, with a unique fragrance called ‘Parampara’ crafted by Ranga Rao and family, the agarbatti invokes tradition and nostalgia.

Ms Saraswathi said the initiative is meaningful for artists in Mysuru ‘where our cultural contributions thrive, making it an invaluable endeavour towards the broader creative landscape’.

NR Group Chairman R. Guru said, “This 111-foot agarbatti serves as a symbol of commitment, spreading happiness through its fragrance to the world of craftsmanship.”

Mysuru MP Pratap Simmha said, “Being part of this special occasion, honouring the talented artisans shaping our artistic landscape, is indeed an honour. These individuals are the custodians of our cultural identity.”

source/content: thehindu.com (headline edited)

KARNATAKA: BUSINESS & ECONOMY: Karnataka yet again Rated one of Best Performer in Country’s Start-up Ranking

The annual exercise by DPIIT assesses performance of States and Union Territories across seven reform areas.

Karnataka has emerged as one of the best performers in the fourth edition of the States’ Start-up Ranking, a yearly capacity building exercise by the Department for Promotion of Industry and Internal Trade (DPIIT). The other best performers include Gujarat, Kerala, and Tamil Nadu.

This is the fourth consecutive year that Karnataka has bagged the top honour. The exercise was launched in 2018. The results were announced by Commerce & Industry Minister Piyush Goyal on National Start-up day on Tuesday.

The exercise assesses the performance of States and Union Territories across seven reform areas divided into 25 action points. The seven reform areas include institutional support, fostering innovation and entrepreneurship, access to market, incubation and mentorship support, funding support, capacity building of enablers and roadmap to sustainable future.

The ‘best performer’ title is awarded to States and Union Territories with model State start-up ecosystems that could be benchmark for other States to follow. While the Bengaluru, the State capital, also adorns the title of ‘India’s start-up capital’, there has been push from the government and other ecosystem players to encourage more start-up clusters in the State under ‘Beyond Bengaluru’. Mysuru, Hubbali, and Mangaluru have seen some of these emerging clusters.

The Karnataka government has also introduced schemes like the ELEVATE programme which offers up to ₹50 lakh for innovative early stage start-ups for no equity in return and the ELEVATE – Unnati programme for start-ups with founders from SC/ST communities. The government also recently introduced preferential market access for start-ups registered in the State.

source/content: thehindu.com (headline edited)

KARNATAKA: ACHIEVERS HONOURED: 5 Eminent Personalities of Udupi & Dakshina Kannada District Awarded at the ‘New Year Awards 2024’

Academy of General Education, Manipal Academy of Higher Education, MEMG, Manipal Media Network Ltd and Dr TMA Pai Foundation, Manipal conducted ‘New Year Awards 2024’ to honour eminent personalities of Udupi and Dakshina Kannada district for their immense contributions to society, art and culture.

The awards were conferred to five achievers who have contributed in their own ways in culture, literature and have even created awareness in this unprecedented situation.

The welcome address was made by Dr H S Ballal – pro chancellor and president, Academy of General Education, MAHE and the felicitation address was given by Lt Gen (Dr) M D Venkatesh – vice chancellor, MAHE.

The winners of this year were Dr M Narendra, an esteemed senior professional and retired chairman and managing director of Indian Overseas Bank; Dr Jaimala Ramachandra, cine artiste and producer; Dr H Manjunatha Hande, professor, HOD and unit head in the department of medicine, Kasturba Medical College, Manipal; Dr Yadkathody Sanjeeva Rai, former dean of Kasturba Medical College, Mangaluru, and a distinguished cosmetic surgeon at Kasturba Medical College, Mangaluru and B K Deva Rao, agriculturist.

Commenting on the occasion, Dr H S Ballal – pro chancellor, MAHE said, “Being the hosts of this wonderful celebration of the contributions and outstanding accomplishments of the five recipients is an honour for us. I congratulate each one of them from the bottom of my heart for their spirit. The educational system in place now looks for fresh perspectives and investigations. The liberal arts and humanities ought to be given more importance. We are thrilled to acknowledge their hard work and accomplishments in their respective fields which has added significant impact towards the betterment of the society.”

Lt Gen (Dr) MD Venkatesh, vice chancellor, MAHE, sharing his excitement said, “We are exuberant to felicitate the outstanding achievements of the New Year awardees, and this is undoubtedly a terrific occasion for us. We value their unparalleled contributions to literature, agriculture, medicine, culture, and mankind. They have gone above and beyond the call of duty to establish an example for others to follow and instil virtues in the community. The most effective way to address societal issues or raise awareness is through these literary and artistic disciplines. Honouring the achievers serves a dual purpose: it not only shows appreciation and recognition for their hard work, but it also serves as a springboard for young people to aim higher.”

Humbled by the award, Dr M Narendra conveyed, “With deep appreciation I extend my sincere gratitude to the community for choosing me. This serves as not just a personal achievement but a celebration of the vital role of banking in shaping our economic landscape. From early on, I have been committed to contribute to the welfare of society through the financial sector by fostering economic growth, and financial inclusion. In a world where economic well-being is integral to the fabric of society, this award reinforces my determination to contribute to building a more inclusive and thriving society through responsible and impactful financial practices. Thank you for acknowledging my efforts and encouraging me to make a lasting positive difference.”

Expressing his happiness after receiving the award, Dr Yadkathody Sanjeeva Rai, said, “I am grateful for this award for recognizing the path I have chosen in medicine and surgery. Receiving this award not only celebrates my individual achievements but underscores the collective effort of all those who have been integral to my professional journey especially during the establishment of Manipal College of Medical Sciences in Pokhara, Nepal. It highlights the significance of collaboration in the global healthcare landscape, and I am inspired to continue fostering partnerships that transcend borders for the betterment of medical education and healthcare. Thank you for this incredible moment.”

Conveying her joy, Dr Jaimala Ramachandra said, “In this moment of reflection and gratitude, I am truly touched by the recognition given to me by the New Year Awards committee. This recognition holds a special place in my heart, acknowledging not just my contributions to the film industry but also my commitment to public service, literature and social wellbeing. Movies are a powerful storytelling form which can showcase the reality of society in an open forum. I see this award that reaffirms the belief in the transformative impact of cinema to connect, inspire and bring about positive change. I am deeply thankful for the encouragement to persist in my endeavours.”

Honoured by the recognition, Dr H Manjunatha Hande,“I extend my heartfelt appreciation for recognizing my journey dedicated to medical education and research. It serves as a powerful acknowledgement of the importance of medicine in shaping a healthier and brighter future for our communities.”

Overcome with joy, B K Deva Rao, agriculturist said, “With sincere gratitude, I am humbled with the recognition given to me through the award. This acknowledgement reflects the tireless efforts of every farmer into cultivating our lands. I thank the community for considering me and celebrating the vital role of agriculture in our community.”

The event was aptly concluded with a heartfelt vote of thanks by Dr Raviraj N S, director, planning & monitoring, acknowledging the enthusiastic participation and support of the entire community.

source/content: daijiworld.com (headline edited)