Category: Leaders, Karnataka State

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)

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)

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)

GLOBAL: AVIATION : MANUFACTURING – MAKE IN INDIA: PM Narendra Modi inaugurates in Bengaluru Largest Aerospace Engineering Facility of Boeing outside the United States

The state-of-the-art Boeing India Engineering and Technology Center (BIETC) is built with an investment of ₹1,600 crore.

Prime Minister Narendra Modi inaugurated the Boeing India Engineering and Technology Center (BIETC) campus in Bengaluru along with the Boeing Sukanya Program, on January 19.

The state-of-the-art BIETC is built with an investment of ₹1,600 crore. It is located in a 43-acre campus, and is the American aerospace major’s largest such investment outside the U.S.

Boeing said that the BIETC will become a cornerstone for partnering with India on next generation products and services for the global aerospace and defence industry.

The Prime Minister also launched the Boeing Sukanya Program that aims to support the entry of more girl children from across India into the country’s growing aviation sector.

The program will provide opportunities for girls and women from across India to learn critical skills in the science, technology, engineering and math (STEM) fields, and train for jobs in the aviation sector.

For young girls, the program will create STEM labs at 150 planned locations to help spark interest in STEM careers. It will also provide scholarships to women who are training to be pilots. Investments will support flight training curriculum, obtaining certifications, funding for simulator trainings, and career development programs.

source/content: thehindu.com (headline edited)

KARNATAKA: I.T: Infosys to acquire ‘InSemi’ the Bengaluru-based Semiconductor & Embedded Systems Design firm for Rs 280 cr

The IT giant expects the acquisition to help it complete its Chip-to-Cloud strategy and sync with its investments in AI/Automation platform.

Tech giant Infosys said it agreed to acquire InSemi, a Bengaluru-based semiconductor and embedded systems design provider for Rs 280 crore.

“With the advent of AI, Smart devices, 5G and beyond, electric vehicles, the demand for next-generation semiconductor design services integrated with our embedded systems creates unique differentiator. InSemi is a strategic investment as we usher a next wave of growth and a leadership position in Engineering R&D,” said Dinesh R, EVP & Co-Delivery Head, Infosys. 

InSemi was founded in 2013 and has over 900 employees, offers end-to-end semiconductor design services with expertise across electronic design, platform design, automation, embedded and software technologies. It serves several leading global corporations across semi-conductor, consumer electronics, automotive, and hi-tech industries. 

The company had revenue of 154 crore in the year ended March last year.

“The acquisition demonstrates our commitment to the semiconductor ecosystem and strengthens expertise in Engineering R&D services,” Infosys said, adding: 

“This collaboration will help accelerate Infosys’ Chip-to-Cloud strategy by bringing niche design skills at scale and will also pair seamlessly with existing investments in AI/Automation platform and industry partnerships. This strategic investment will aim to orchestrate comprehensive end-to-end product development for clients.”

The acquisition process is expected to be completed by the fourth quarter of FY2024, according to Infosys. 

“With Infosys as our catalyst, it creates a synergistic combination that allows us to scale and bring the power of AI & Engineering R&D and next-generation technology to global clients, expanding across industry sectors,” said Shreekanth Sampigethaya & Arup Dash, Co-Founders, InSemi.

source/content: newindianexpress.com (headline edited)

INTERNATIONAL: KARNATAKA: DOCTORS: NRI Forum Karnataka felicitates Indian-origin American Doctors at Manipal, Udupi

 American Doctors who are of Indian origin were felicitated by NRI Forum Karnataka on Saturday January 6 at Rajathaadri, Manipal.

Dr Sampath Shivangi, founding member Association of Physicians of India, Dr Dayanand Nayak, Dr Geetha Nayak, cancer specialist, Dr Anupama Bhat, Dr Ramesh Gowda, Dr Udaya Shivangi, convener, Subramanya Bhat, Dr Rajeshwari, Dr Shantha Moorthi, Dr Sujatha Moorthi, Dr Ramdas were felicitated on the occasion.

Addressing the gathering, Dr Vidyakumari, deputy commissioner of Udupi district, said, “Today we are in the times of globalisation. America once which was very distant is now very near because of globalisation. Non-Resident Indian Forum, Karnataka, has helped Indian-origin doctors in America. It has quickly responded and helped doctors during Ukraine war and other crisis. When I was the zilla panchayat CEO in Tumakuru, when there was need for oxygen cylinders, foreign ambassadors have supplied in more quantity. They have helped a lot during the COVID pandemic.”

Dr Sampath Shivangi, thanking the gathered said, “Earlier, we were called Asian Americans and now we are called Indian Americans. This is one of the achievements we have made. We always want to help our motherland.”

Dr Dayanand Nayak said, “No other Indians have done the work Dr Arathi Krishna, the deputy chairman of the NRI Forum Karnataka has done. We are not only immigrants but also sub-Indians. No doctors from other countries receive respect as Indian doctors get in America. Dr Sampath, Dr Uday and Dr Subramanyam Bhat have contributed a lot.”

The event began with a prayer by Sachin. Dignitaries and all the doctors lighted the lamp.

Dr Arathi Krishna welcomed the gathering. Lakshmamma, working secretary of NRI Forum Karnataka proposed the vote of thanks. M A Gafoor, senior Udupi Congress leader, presided over the event.

Mamatha Devi G S, additional deputy commissioner of Udupi and others were present.

source/content: daijiworld.com (headline edited)

KARNATAKA: Bengaluru Press Club Confers ‘Person Of The Year’ Award To DK Shivakumar (DKS)

Deputy Chief Minister D.K. Shivakumar (DKS) was conferred with ‘Person of the Year’ award by the Press Club of Bengaluru at a programme organised here recently. Also, former Minister Shyamanur Shivashankarappa, Labour Minister Santosh Lad and the CM’s Political Secretary K. Govindaraju were felicitated.

Speaking on the occasion, Chief Minister Siddaramaiah said that the Constitution is our dharma and following ‘Rajakiya Dharma’ is the best honour that we can give to our Constitution.

Pointing out that the Constitution was implemented after a prolonged and purposeful debate, he said as such, it is the responsibility of every political party to honour and follow the Constitution.

Observing that reporting facts should be the ‘Patrika Dharma’ of newspapers, the CM said expressed disappointment that of late the Press is giving undue coverage to non-issues and issues of little importance or significance. He called upon the journalists to caution the Government whenever it goes on the wrong path.

Siddaramaiah also released the Press Club’s 2024 Diary at the event. Former Supreme Court Judge Shivaraj Patil and others were present.

source/content: starofmysore.com (headline edited)

INTERNATIONAL: KARNATAKA: WORLD KANNADA CONFERENCE: 17th World Kannada Cultural Conference to be held in Dammam on Jan 18-19, 2024

Non-resident Kannadigas committee, Saudi Arabia and Hridayavahini Karnataka Mangaluru will be holding 17th two-day long Vishwa Kannada Samskrithi Sammelana at the Safwa auditorium, Dammam on January 18-19, 2024.

There will be poetics session, comedy session, media session and nonresident Kannadigas session during the programme. Bharatanatya, Janapada dances, dance skits, Yakshagana, Dollu dances and Daf arts will be displayed during the event.

An exhibition of goods will be held outside the auditorium on those days. There are more than 40,000 Kannadigas in Saudi Arabia. There will be publicity of the programme so that a large number of Kannadigas may attend the event. Kannadigas in Bahrain, Abu Dhabi, Kuwait, Qatar, Sharjah and Dubai will be invited for the event.

Chief minister Siddaramaiah will be invited to inaugurate the event. Vidhan Sabha speaker U T Khader, minister of the department of Kannada and culture Shivaraj Tangadagi, minister of agriculture Cheluvarayaswamy, minister of health and Dakshina Kannada district in charge minister Dinesh Gundurao, minister of higher education, Madhu Bangarappa, minister of civic administration and Haj, Rahim Khan, deputy chairman of the NRI Forum of Karnataka Dr Arati Krishna, Kannada Development Authority former president Prof S G Siddaramaiah have been invited.

The concluding programme will be held during the evening on January 19. A delegation of more than 100 members from Karnataka and India and office bearers of various Kannada organizations across the country will take part in the conference.

The president of the conference president will be selected during the first week of January 2024. Those who intend to suggest the names can send them to hrudayavahini@rediffmail.com.

Kudroli Ganesh will perform magic show, Gopi will perform Mimicry, Mahadeva Sattigeri will give away a comedy speech, Go Na Swamy, Pushpa Aradhya, Anil Basagi and Shivu will sing songs, Ranga Samskriti Bengaluru will perform comedy skit, Patla Foundation Bahrain and Saudi Arabia unit will perform Yakshagana. There will be Daf display by Byari artistes from Mangaluru, Bharata Natya by Pushkara Performing Arts Bengaluru, Dollu dance by Sagar and Mandya Janapada artistes and variety programmes by artistes from Saudi Arabia. Patla foundation Bahrain and Saudi Arabia unit artists will perform Yakshagana play.

Non-resident Kannadigas welcome committee Saudi Arabia honorary president Zakariya Bajpe, Vishwa Kannada Samskrithi Sammelana committee founder president K P Manjunath Sagar, nonresident Kannadigas welcome committee president Sathish Bajal and Praveen Peter Aranha were present.

source/content: daijiworld.com (headline edited)

NATIONAL / KARNATAKA: BUSINESS / FINANCE : Kannadiga Nikhil Kamath becomes Youngest Billionaire of India at 37

The company which Nikhil Kamath and Nitin Kamath have built has booked a profit of more than Rs 2000 crore.

Kamath is originally from Karnataka. They started Zerodha, a fintech company in 2010. They needed funds to build the company. However, with their talent and hard work they made up for the lack of education.

Nikhil Kamath was topper in the Hurun India Rich List of 2022. His net profit was Rs 17,500 crore at that time. He became a billionaire when he was just 34 in 2021.

Nikhil did not like to go to school when he was young. He dropped out of school as he was not allowed to take 10th grade board exams.

At the age of 17, Nikhil joined a call centre for just Rs 8,000 salary. But he began to deal in shares at the age of 18. This was a major turning point in his life.

In 2010, Nikhil along with his brother Nitin founded Zerodha, a company, which gave support, cost and technical support to businessmen and investors. They also founded a Hedge fund called True Bekan.

The company made a profit of Rs 2094 crore. The company does not have any employees that are qualified from IIT or IIM. It has one crore users.

Now Nitin and Nikhil have a salary package of Rs 100 crore each. Nikil is ranked 40th in the list of richest people of India. According to Forbes, the net value of Kamath brothers is USD 5.5 billion at present.

source/content: daijiworld.com (headline edited)