Tag: Zetwerk

Startup Digest: Elon Musk to meet PM Modi in India, Cornerstone Ventures launches $200 million fund and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Elon Musk to meet PM Modi in India: Report

Tesla chief Elon Musk will visit India this month to meet Prime Minister Narendra Modi and is expected to make an announcement on plans to invest and open a new factory in the country, Reuters reported.

The billionaire will meet Modi in the week of April 22 in New Delhi, and will separately make an announcement about his India plans.

The Tesla CEO will be accompanied by other executives during his visit.

Edtech startup Scaler hands pink slips to 150 employees

Tiger Global-backed edtech startup Scaler has laid off nearly 150 employees in the marketing, sales and other departments, attributing the job cuts to its need for long-term growth and sustainability. The will impact about 10-15% of the total workforce of 1,000 employees, the firm told CNBC-TV18. 

In a statement, Abhimanyu Saxena, Co-Founder, Scaler and InterviewBit said, “It is imperative that we look at how we operate for long-term growth and sustainability. As part of this, we have designed a new way of working to be able to achieve sustainable growth while delivering the best learning experience and outcomes for our learners – something that we’ve always been committed to. As part of this restructuring, we identified some functions/roles, primarily in marketing and sales, in the company that we had to part ways with.”

Saxena added that this was not a performance-driven decision and the firm assures all those affected are provided with the necessary support to ensure a smooth transition.

Cornerstone Ventures to invest $200 million in B2B enterprise tech firms

Venture capital firm Cornerstone Ventures has announced a $200 million fund for emerging B2B enterprise tech opportunities across software platforms and marketplaces.

With its second fund, the VC said it will invest ticket sizes ranging from $5 million to $15 million, in early-growth stage and scaled startups. The Fund-I was launched in mid-2019 with a size of approximately $50 million.

Through this fund, Cornerstone Ventures will invest in diverse sectors, such as financial services and insurance, retail, consumer goods and e-commerce, distribution and supply chain, healthcare products and services.

AI startup Neysa secures $20 million from Matrix, Nexus and others

Neysa, an AI cloud and platform-as-a-service startup, has secured $20 million in seed funding round led by Matrix Partners India, Nexus Venture Partners, and NTTVC.

As per the startup, the funding will help drive the Generative-AI-cloud platform as a service and observability for India and global markets. The firm will also use the fresh capital to expand its infrastructure and accelerate its research and development initiatives.

Neysa will offer a suite of Generative AI platforms and services, helping clients discover, plan, deploy, and manage their Generative AI projects cost effectively and secure their AI landscapes in the cloud and at the edge in a consumption-based model. The firm said its integrated approach and industry vertical solutions will help accelerate Generative AI adoption in enterprises across India and globally. Neysa is planning to release its services in Q3 2024.

Recykal gets ₹110 crore in Pre-Series B funding round

B2B waste management and recycling marketplace Recykal, has raised ₹110 crore in Pre-Series B funding round led by Category II scheme managed by 360 ONE Asset Management.

The investment has also allowed early-stage investors to achieve a multi-bagger exit, the firm said.

According to Recykal’s Founder and CEO, Abhay Deshpande, this investment will enable the firm to drive further innovation in tech, products and solutions.

Zulu Defence Systems raises $750,000 in seed funding

Zulu Defence Systems has raised a $750,000 seed funding round led by Finvolve. The defence-tech startup claims to pioneer in Advanced Air Defence Aerial Systems for rapid deployment, resilient ISR, precision strike and counter measure capabilities in contested environments.

The startup said it has an in-house capacity to indigenously develop the hardware and software and has a minimum of 3 years of advantage over any competitor to build similar technology.

“Our decision to invest in the Zulu Defence System is in sync with our commitment to foster innovation and indigenization of defence tech,” said Apoorva Vora of Finvolve.

The Sleep Company announces second tranche of ESOP buyback for employees

D2C mattress maker The Sleep Company, has rolled out a second tranche of ₹2.4 crore ESOP buyback for employees.

The current buyback will benefit 105 employees, including 50% of women employees. The firm’s first ESOP buyback programme worth ₹83.47 lakhs was launched in 2023.

The Sleep Company claims that its revenue growth increased 2.6x over the last 12 months, reaching ₹130 crore in sales in 2023. Through its omnichannel model, the company has 70+ stores across the country and is targeting 150+ stores by the end of 2024.

Zetwerk earmarks ₹1,000 crore investments to grow its electronics business

Manufacturing unicorn Zetwerk has earmarked ₹1,000-crore investment for expanding its electronic manufacturing capacity across IT hardware, television, mobile phones, hearable and wearable product segment, as per a PTI report. 

The company aims to be the leading ODM (original design manufacturer) and electronics manufacturing services provider in the mobile phones, hearable and wearable space.

Zetwerk plans to expand its capacity from 16 assembly lines in one factory at Noida, in Uttar Pradesh to 60 assembly lines (including surface-mount technology lines and PCB assembly) across six manufacturing facilities.

Pocket FM strengthens its tech leadership team

Audio series platform Pocket FM has announced a slew of key appointments — with on-boarding Umesh Bude as senior vice president of engineering.

Bude will be tasked with delivering the AI-based technologies powering Pocket FM products and their global availability and user experience.

The audio-tech platform has also hired Rohan Gandhi as the VP of Analytics to foster an analytics-driven culture and Rupesh Gopal has joined the firm as the VP of Engineering to lead the overall software development, architecture, and cloud infrastructure functions at Pocket FM.

Bounce Infinity launches a liquid-cooled battery technology for EVs

Homegrown electric scooter manufacturer Bounce Infinity unveiled India’s first portable liquid-cooled battery technology. Developed in partnership with Clean Electric, the technology aims to offer extended range, rapid charging, and improved battery lifespan.

Bounce Infinity’s electric vehicles (EVs) equipped with this new battery technology are available at a starting price of ₹99,210 (ex-showroom) across India.

Bounce also claims to be the first two-wheeler EV original equipment manufacturer (OEM) to launch a liquid-cooled portable battery that enables fast charging using a portable charger.

Apple’s India iPhone output hits $14 billion: Report

Apple has assembled $14 billion worth of iPhones in India in fiscal 2024, Bloomberg News reported. Apple now makes as much as 14% or about 1 in 7 of its marquee devices from India, the report said.

Foxconn assembled nearly 67% while Pegatron made about 17% of the India-made iPhones, the report added. Wistron plant in the southern Indian state of Karnataka, which the Tata Group took over last year, made the remaining.

Reuters reported that Pegatron is in advanced talks to hand over control of its only iPhone manufacturing facility, located near Chennai in the southern state of Tamil Nadu, to the Tata Group.

GLOBAL TECHNOLOGY & STARTUP NEWS

Alibaba’s Jack Ma steps out from the shadows with morale-boosting post

Alibaba co-founder Jack Ma has penned a lengthy memo to employees that expresses support for the internet giant’s restructuring efforts, a rare move from the billionaire after spending the last few years out of the spotlight.

The post, made in an internal company forum, comes one year after Alibaba announced its decision to split into six units – the biggest shake-up in its 25-year history.

In the post, which was roughly a page long, Ma praised the leadership of CEO Eddie Wu and Chairman Joe Tsai and said the split into six divisions had helped streamline decision-making, making Alibaba more agile and customer-focused.

Google unveils Arm-based data center processor, new AI chip

Google has revealed the details of a new version of its data center artificial intelligence chips and announced an Arm-based based central processor.

Google’s tensor processing units (TPUs) are one of the few viable alternatives to the advanced AI chips made by Nvidia, though developers can only access them through Google’s Cloud Platform and not buy them directly.

Google plans to offer the Arm-based central processing unit (CPU) called Axion via Google Cloud. The company said it has superior performance to x86 chips, and general-purpose Arm chips in the cloud.

Russian court rejects Google’s appeal against $50 million fine over Ukraine content

A Russian court said it had rejected an appeal by Google against a 4.6 billion rouble ($49.4 million) fine, imposed for failing to delete what Russia considers to be fake information about the war in Ukraine.

Russia has been at loggerheads with foreign technology companies over content, censorship, data and local representation in a simmering dispute that intensified after Russia invaded Ukraine in February 2022.

“The Moscow City Court left the Tagansky District Court’s decision … unchanged, and the claimant’s appeal without satisfaction,” the Moscow courts’ press service said on Telegram.

Microsoft, NetEase to re-launch Warcraft and other games in China

China’s NetEase and US games peer Microsoft said they will bring popular titles including “World of Warcraft” back to China after a fallout involving the developer that ended an almost 15-year partnership.

The pair said they are working to bring online games from Blizzard Entertainment, a subsidiary of Activision Blizzard which Microsoft bought last year, back to the world’s second-largest economy, starting this summer. NetEase was the publisher of Blizzard games in China from 2008 to 2023.

NetEase and Microsoft also said they have agreed to explore bringing NetEase titles to Microsoft’s Xbox and other gaming platforms.

EU’s new tech laws are working; small browsers gain market share: Report

Independent browser companies in the European Union are seeing a spike in users in the first month after EU legislation forced Alphabet’s Google, Microsoft and Apple to make it easier for users to switch to rivals, according to data provided to Reuters by six companies.

The early results come after the EU’s sweeping Digital Markets Act, which aims to remove unfair competition, took effect on March 7, forcing big tech companies to offer mobile users the ability to select from a list of available web browsers from a “choice screen.”

Under the new EU rules, mobile software makers are required to show a choice screen where users can select a browser, search engine and virtual assistant as they set up their phones.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Charting India’s manufacturing future: Key takeaways from the CNBC-TV18 Zetwerk Smart Manufacturing Summit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

As India’s economic engine roars, the demand for sustainable and efficient manufacturing solutions grows louder. The CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 addressed this critical need, fostering discussions on integrating renewable energy with cutting-edge smart technologies to create a future-proof manufacturing landscape.

Held in February, it coincided with the 10th anniversary of the ‘Make in India’ initiative and aligned with Prime Minister Narendra Modi’s vision of Atmanirbhar Bharat. The summit provided a platform for industry leaders, policymakers, and innovators to explore the critical intersection of smart manufacturing and its impact on India’s industrial landscape.

Over 25 sessions featured insights from more than 50 dignitaries, with over 500 delegates participating in extensive knowledge exchange, strategic discourse, and discussions on achieving a greener future.

A panel discussion titled “Green & Smart: Transforming India with Renewable Energy” brought together a distinguished group to address India’s ambitious renewable energy goals. Sandeep Batra (Group General Manager – Civil, NHPC), Shaji John (Business Head, Ohmium), Sabyasachi Biswas (Sr. VP- Digital Initiative, Vikram Solar), Anurag Garg (CEO, Jakson Solar Modules), and Srinath Ramakkrushnan (Co-Founder & COO, Zetwerk) shared their expertise under the moderation of CNBC-TV18’s Mridu Bhandari.

The conversation centered on achieving the target of 500 GW of renewable energy by 2030, the largest expansion plan for this sector, globally. Panelists discussed the ideal energy mix for India, emphasising the importance of solar power, wind power and green hydrogen while acknowledging the continued role of reliable energy sources like hydropower.

Discussions also covered smart energy management systems, domestic production of energy management software, and government initiatives like the Pradhan Mantri Surya Ghar Yojana for solarising homes.

Another noteworthy panel discussion that took place on Day 1 of the summit focused on “Building Factories of the Future.” Moderated by CNBC-TV18’s Parikshit Luthra, the conversation featured Shashank Srivastava (Senior Executive Officer, Maruti Suzuki India), Bipul Chandra (MD, Ducati India), and Amrit Acharya (CEO & Co-founder, Zetwerk). They explored the evolving landscape of manufacturing and the key aspects companies need to consider as they build factories for the future.

The discussion highlighted AI and technology as pivotal enablers of change, with panelists underscoring AI’s potential to expedite product development cycles. The use of AI in design simulations received significant attention. The transformative potential of automation aside, the panelists also stressed the enduring importance of human expertise, advocating for upskilling the workforce to align with technological advancements.

They provided valuable insights into constructing future-proof factories, emphasising the importance of aligning technology with the overarching value proposition and ensuring scalability and adaptability to meet evolving market demands. Furthermore, the panelists discussed lessons from global manufacturing hubs, advocating for sector-specific growth strategies and regulatory reforms to attract global investments.

The ideas exchanged and strategies formulated at the CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 now wait to be translated into action. As India moves forward, the summit’s legacy will lie in its ability to inspire tangible progress towards a smarter, greener future for manufacturing.

Learn more about the future of manufacturing in India at CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt, industry, academia join forces: CNBC-TV18 Zetwerk Summit paves way for India’s manufacturing success

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Prime Minister Narendra Modi’s vision of an Atmanirbhar Bharat hinges on a robust domestic manufacturing sector. The CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 delved deeper into this vision, bringing together key stakeholders to discuss how India can dominate the mobile and IT hardware manufacturing sector.

The CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 served as a vital platform to explore India’s journey towards becoming a powerhouse in mobile and IT hardware manufacturing. Held in February and coinciding with the 10th anniversary of the ‘Make in India’ initiative, the summit aligned with Prime Minister Narendra Modi’s vision of Atmanirbhar Bharat (self-reliant India). Industry leaders, policymakers, and innovators gathered to discuss the strategies and challenges associated with India’s rise in this crucial sector.

The panel discussion, “India on the Rise: Dominating Mobile & IT Hardware Manufacturing,” featured a distinguished group of industry leaders and government representatives. Moderated by CNBC TV-18’s Ashmit Kumar, the panel included Josh Foulger (Country Head and MD, Bharat FIH), Harendra Saksena (CPO, Ather Energy), Ishtiyaque Ahmed (Senior Adviser, NITI Aayog), Vinod Sharma (MD, Deki Electronics), Sembian V (Chief Supply Chain Officer, Tejas Networks), Sudhir Pillai (MD, Corning India), and Rahul Sharma (Co-Founder, Zetwerk).

The discussion delved into India’s remarkable rise in the mobile and IT hardware manufacturing sector. Panelists highlighted the impact of government initiatives like the PLI scheme, which incentivises domestic production and exports. They emphasised the shift from basic assembly to a full-stack manufacturing ecosystem, where India designs, develops, and produces core components.

Looking ahead, the conversation explored strategies to capitalise on a potential $400 billion domestic electronics consumption market and the importance of integrating into global value chains. The panel also highlighted the importance of a skilled Indian workforce and the need for further investment in R&D and quality control. Synergies with the growing electric vehicle market and the need for a forward-looking policy framework for smart manufacturing adoption were further discussed.

Amid an action packed second day was a distinguished panel convened for a discussion titled “Guardians of the Nation: Strengthening India’s Aerospace & Defence Sectors,” led by moderator CNBC-TV18’s Parikshit Luthra. The esteemed group included Air Chief Marshal RKS Bhaduria (Former Chief of Air Staff), Air Vice Marshal Michael Fernandez (Retd., India Country Head, Lockheed Martin), Rajinder Bhatia (President, SIDM & Chairman, Kalyani Strategic Systems Ltd.), Dr. K Rajalakshmi Menon (DS & Director, Centre for Airborne Systems (CABS), DRDO), Ashish Saraf (VP and Country Director for India, Thales India), and Vishal Chaudhary (Co-Founder, Zetwerk).

The discussion centered on achieving self-reliance in defense production through initiatives like ‘Make in India’ and fostering collaboration with the private sector, particularly for critical areas like fighter jet technologies. Panelists highlighted the importance of the Defence Research & Development Organisation (DRDO) in driving innovation and public-private partnerships to expedite development cycles. They also emphasized the need for strategic foreign collaboration while safeguarding critical intellectual property.

The conversation underscored the importance of prioritising emerging technologies like Artificial Intelligence and Machine Learning, with an optimistic outlook for India’s defense manufacturing future, contingent upon sustained investment, collaboration, and a continued focus on innovation.

The discussions at the CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 offered a clear call to action. Continued investment in R&D, upskilling the workforce, and embracing emerging technologies like AI and ML will be crucial for India to solidify its position as a global leader in manufacturing.

Learn more about the future of manufacturing in India at CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zetwerk bags largest order from Indian Oil to set up over 1,400 fast chargers for electric vehicles

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Manufacturing unicorn Zetwerk on Thursday said it has bagged the largest order from India Oil Corporation to set up over 1,400 fast chargers for electric vehicles across the country. Indian Oil has floated a tender for 6,000 chargers, in which 40 EV suppliers across the country participated.

“Zetwerk has secured an order with Indian Oil Corporation Limited (IOCL) to set up EV fast chargers across India through competitive bidding which was participated by more than 40 leading EV suppliers across the country,” the company said in a statement. Zetwerk said that it has bagged the largest order from the public sector oil marketing company.

“These charging stations will be deployed as per requirement across IOC outlets, providing a seamless charging experience. these stations in major cities, we will enable the widespread adoption of EV mobility and drive the nation towards a sustainable future,” Zetwerk Business Head – Renewables Abhay Adya said.

Also Read: Zetwerk’s co-founder advocates incentivised growth in defence and aerospace sectors in India

Under the contract, Zetwerk will set up 1,400-plus EV chargers with a capacity of 50-60kW and 100-120kW. These will be the DC dual gun CCS2 DC charger that can charge two vehicles simultaneously with a dynamic load-sharing mode, the statement said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indigo’s Rakesh Gangwal invests $20 million in Zetwerk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Aviation carrier IndiGo’s promoter Rakesh Gangwal has invested $20 million in manufacturing marketplace Zetwerk through Wheelhouse Venture Capital. “His strategic guidance will be crucial in building Zetwerk into a generational company,” the Business-to-Business unicorn said in a statement on March 7.

“We are delighted to share that Mr Rakesh Gangwal has invested 20 million USD in Zetwerk through Wheelhouse Venture Capital. Mr Gangwal, with his extensive experience spanning several decades, brings invaluable insights into building businesses and iconic brands. His strategic guidance will be crucial in building Zetwerk into a generational company,” Zetwerk said.

The deal values Zetwerk at $2.8 billion. Greenoaks is the largest investor followed by Peak XV partners and Lightspeed.

Founded in 2018, Zetwerk became a unicorn in 2021 and has secured a total funding of $674 million till 2023. The company’s unique model enables custom manufacturing of over 9 million parts, ensuring timely delivery to assembly lines for 1,800 clients across 20 countries. Notable clients include industry giants like GE, Tata Group, L&T, and ISRO.

Also Read: Zetwerk’s co-founder advocates incentivised growth in defence and aerospace sectors in India

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zetwerk appoints Foxconn arm’s former MD Josh Foulger as president of electronics

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Zetwerk announced on Thursday, February 29, the appointment of Josh Foulger as the president of electronics. Foulger will head the consumer and electronics manufacturing segment and work closely with Zetwerk Co-Founder Rahul Sharma, the company revealed in a release.

In January 2024, Foulger resigned as the country head and managing director of Foxconn’s arm, Bharat FIH, after serving for more than nine years. 

Foulger said he is thrilled to join Zetwerk, which is aiming to be one of the top three electronics manufacturers in India.

Foulger said, “The world of consumer electronics and overall ESDM (electronics systems design and manufacturing) is undergoing a paradigm shift, and India is already playing a pivotal role. The country is building new supply chains in every electronics category to integrate with domestic and global value chains, and Zetwerk is aiming to be among the top three manufacturers in India.”

With nearly three decades of experience in electronics manufacturing operations and supply chain management globally, Foulger was a part of Nokia Corporation for more than 17 years. At Nokia, he held various leadership positions and supervised operations not just in the United States but also globally.

In Asia, he also played a crucial role in launching Nokia’s manufacturing operations in both India and Vietnam. In India, he was also the president of the Nokia Special Economic Zone (SEZ) in Chennai, which is said to be the country’s first mega electronics manufacturing cluster.

Zetwerk Co-Founder Sharma said, “He (Foulger) has immense experience in the IT hardware and consumer electronics space and he has pioneered the mobile phone manufacturing infrastructure in India. His role will bring a lot of new learning that will help us maximise manufacturing for several of our marquee clients at Zetwerk and achieve our stated goal to be among top three manufacturers in the country.”

Zetwerk, a managed marketplace for contract manufacturing, has a valuation of $2.8 billion. The company offers manufacturing solutions across industries such as precision manufacturing, aerospace and defence, renewables, consumer electronics, oil and gas and infrastructure.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zetwerk & CNBC-TV18 present Smart Manufacturing Summit 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

It’s time for India’s corporate leaders, policy makers and innovators to get together and chart out a new course for the future of Manufacturing in the digital era.

The India Growth Story

The Government of India has declared the start of Amrit Kal, or Golden Era of prosperity, leading up to the centenary of Indian independence in 2047. It is envisaged that in this timespan, India will finally join the ranks of developed nations of the world. Achieving this lofty goal will require the country to realize the full potential of the demographic dividend on offer, with a vast population of young, aspirational Indians hungry for opportunities to grow and succeed.

As the third-largest economy in purchasing power parity and the fifth-largest by market exchange rates, India bounced back quickly after facing challenges from the pandemic and conflicts in Europe and was christened as something of a ‘sweet spot’ even as most developed economies struggled. The Reserve Bank of India forecasts a 6.5% GDP growth for the fiscal year ending in 2024 while the projected consumer price index (CPI)-based inflation for the current fiscal year is at 5.4%. Other predictors like S&P Global have made similar predictions, indicating that the economy is on a positive trajectory.

Moreover, with world leaders touting this to be ‘India’s techade’, given its gigantic leaps in digital innovation and adoption, the time is apt for various industry sectors including manufacturing, to transform themselves and aim for excellence by harnessing emerging technologies.

Manufacturing in India

The manufacturing sector, with a 17% share of GDP and employing 27.3 million people, has long been hailed as a source of national development and prosperity. Policy reforms like the goods and services tax, the adoption of digital payments through avenues like Unified Payments Interface as well as the production-linked incentive schemes for 14 key industries have all lead to boosting businesses and streamlining manufacturing and distribution processes.

However, the exponential growth that India needs to fulfil its developmental goals calls for bigger value additions in manufacturing, facilitated by a novel, tech-led and sustainable approach. India has already proven its technological proficiency by leading the creation and adoption of a wide network of digital goods and services. The question is, can those same principles deliver productivity and innovation gains that will elevate Indian manufacturing to global leadership? How can Indian manufacturers truly adopt and leverage the benefits of Industry 4.0 or the fourth industrial revolution?

Smart Manufacturing Blueprint

Manufacturing stands as a cornerstone of India’s economy, poised to play a pivotal role in post-Covid recovery. The pandemic has starkly illuminated the vulnerabilities within economies, emphasizing the crucial role of cutting-edge technologies, process innovations, and evolving demand patterns. It is imperative that we delve deeper into the manufacturing playbook, fostering meaningful discourse to drive strategic innovation for a smarter future.

Smart Manufacturing represents a pivotal milestone in the evolution of modern industry. This comprehensive framework is meticulously designed to guide businesses through the seamless integration of cutting-edge technologies into their manufacturing processes. By implementing Smart Manufacturing, businesses can unlock a new era of productivity, cost-effectiveness, and innovation. It is poised to redefine industry standards, equipping enterprises with the strategic vision and technical know-how needed to thrive in an era of rapid technological advancement.

Smart Manufacturing is not a one-size-fits-all solution, but a dynamic framework that can be tailored to suit the unique needs and operations of each business. It offers a roadmap for companies to transition towards a more connected, data-driven, and agile manufacturing ecosystem. By leveraging real-time data analytics and predictive maintenance models, businesses can make informed decisions, reduce downtime, and ultimately boost their bottom line. With its forward-thinking approach, CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 will empowers enterprises to navigate the complexities of Industry 4.0 and emerge as leaders in the era of smart manufacturing.

CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024: A Zetwerk & CNBC-TV18 collaboration

A critical cog in this wheel of transition towards a smarter manufacturing future includes constructive dialogues between key stakeholders, collaborations between industry, academia and policymaking and unique platforms that offer thought leadership and a roadmap for the way forward. These objectives are at the heart of a unique multimedia initiative launched by CNBC-TV18 and Zetwerk, called the Zetwerk CNBC-TV18 Smart Manufacturing Summit 2024.

The centrepiece of the campaign will be a gala two-day Smart Manufacturing Summit focusing on establishing India as a global manufacturing hub and increasing the contribution of manufacturing in making India a $5 trillion economy. In the wake of the 10-year anniversary of the ‘Make In India’ initiative, the Summit will bring together top policymakers, industry leaders, decision makers, entrepreneurs and domain experts to discuss how businesses in India can navigate the strictures of Industry 4.0 and unlock new avenues of growth. The multidimensional nature of the summit  will be reflected in the wide-ranging topics of panel discussions and diverse programming formats on the agenda, conceptualised to present a holistic view of smart manufacturing.

CXO sessions will bring together industry leaders to address the entire gamut of potential impact and opportunities arising from the adoption of smart manufacturing principles. These include discussions on evolving supply-side dynamics, like ‘Quality Assurance and Compliance in Contract Manufacturing’, to insights on the role of the wider manufacturing ecosystem in defining ‘The Future of B2B Smart Contract Manufacturing: Trends And Opportunities’. Technological enthusiasts will draw value from elite deliberations on ‘AI, IoT, and Data Analytics in Manufacturing: MSMEs Digital Transformation Journey’, while industrial policy mavens can join the conversation on ‘Government Initiatives and Manufacturing Growth in India’.

The Summit will also recognize and celebrate the achievements of iconic and innovative manufacturers that symbolise the spirit of ‘Make in India for India and Make in India for the World, those who played a pivotal role in putting the nation on the world map!

According to Amrit Raj, Head of Marketing, Zetwerk, “The CNBC TV18 and Zetwerk Smart Manufacturing Summit 2024 is a pivotal platform, driving technological innovation and collaboration in the manufacturing sector. This year promises to be even more monumental, reflecting Zetwerk’s remarkable growth and the enduring partnerships we’ve forged. Together, we’re shaping the future of smart manufacturing and driving a positive change in the industry.”

Multimedia Prequel to the CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024

While the CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024 remains the cynosure of the campaign, a host of great multimedia content is set to precede it. In the months prior to the summit, viewers will be treated to dedicated weekly news stories showcasing India’s manufacturing prowess through innovative products and services and the companies and people behind them, highlighting India’s vast reserves of manufacturing ingenuity.

Additionally, CXO round table discussions on television and a podcast series on digital and social media will give viewers a chance to listen to iconic and inspirational leaders of the manufacturing sector, expressing their hopes and expectations from the forthcoming ‘smart’ transition in manufacturing. Additionally, live social media interviews with CXOs will allow the audience to interact directly with them in real time. All these discussions, dialogues and features will be the perfect primer for setting the context of the CNBC-TV18 Zetwerk Smart Manufacturing Summit 2024.

Conclusion

CNBC-TV18 and Zetwerk will leverage their respective strengths to amplify the stakeholder conversations on smart manufacturing. As India’s leading business news channel for over 2 decades, CNBC-TV18 will mobilise its wide network of business leaders and trusted anchors and editors, while Zetwerk will endow the discussions with industrial knowledge, thought leadership and expertise in enabling smart manufacturing.

From the factory floor to the shop floor, the campaign will seek to envision the compounding effects of technological interventions in manufacturing. Viewers will learn how business processes are changing, the resulting impact on various stakeholders, like workforces being reskilled and redeployed, consumers demanding more intuitive products and services, or even regulators devising new standards of operation in a world of digitised manufacturing.

And as India moves forward towards its developmental goals, every future edition of the CNBC-TV18 Zetwerk Smart Manufacturing Summit will track manufacturing growth, the hits and misses and the transformation of India’s manufacturing landscape – signifying how far we’ve come and how much further we must go.

CXO session topics could range between:

For B2B Customers:

Customer-Centric Manufacturing: Meeting Evolving Needs: Discuss how different manufacturing players are adapting to the changing demands of its B2B customers in different industries and regions, and how customization and agility are essential to meet diverse customer requirements.

Quality Assurance and Compliance in Contract Manufacturing: Explore the role of quality assurance, compliance, and regulatory considerations in the contract manufacturing process and how players are ensuring adherence to standards.

Supply Chain Resilience and Global Manufacturing Networks: Discuss the need for resilient supply chains in a post-pandemic world and how global manufacturing networks like Zetwerk’s adapt to ensure supply chain reliability.

For Manufacturing Partners:

Empowering MSMEs: The Role of Manufacturing Network in India: Discuss how the ecosystem is supporting and empowering small manufacturing partners, driving higher utilization and revenue growth, while maintaining quality and standards.

Collaborative Innovation in Manufacturing: The “Make in India” Ecosystem: Examine how the ecosystem is fostering innovation and collaboration among its manufacturing partners to enhance capabilities and competitiveness in the industry.

The Future of B2B Smart Contract Manufacturing: Trends and Opportunities: Discuss the emerging trends in the contract manufacturing industry, including the role of technology, evolving customer demands, and the potential for global expansion.

For Technology Enthusiasts:

The Future of Manufacturing Technology: A Glimpse into Make in India Approach: Explore the cutting-edge technologies and strategies deployed by players to unify the manufacturing ecosystem and ensure efficient, high-quality production.

AI, IoT, and Data Analytics in Manufacturing: MSMEs Digital Transformation Journey: Dive into the specific ways industry is leveraging AI, IoT, and data analytics to optimize operations, improve decision-making, and enhance the overall manufacturing experience.

Customization and Mass Production: Balancing Complexity in Smart Manufacturing: Explore the challenges and opportunities in balancing high-complexity custom manufacturing with mass production and how India’s manufacturing industry is addressing this dynamic.

For Government and Industry Analysts:

India’s Manufacturing Aspirations: Act Local, Dream Global: Analyze Govt.’s role in promoting India’s manufacturing sector, job creation, and export opportunities in alignment with government initiatives, and assess India’s MSME Engine’s impact on the broader industrial landscape.

Government Initiatives and Manufacturing Growth in India: Analyze the impact of government initiatives such as “Make in India” and the production-linked incentive (PLI) scheme on the manufacturing landscape and how manufacturing players are aligning with these programs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sequoia-backed unicorn Zetwerk sees six-fold jump in revenue, loss remains unchanged in FY22

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

B2B manufacturing unicorn Zetwerk registered a six-fold growth in operating revenue at Rs 4,961 crore in FY22.

The bottomline, however, remains the same compared to the previous financial year, with a Rs 42-crore loss due to non-cash employee stock ownership plan (ESOP) expenses, according to the startup’s statement.

If these expenses are excluded, on an operational level, Zetwerk said it recorded its first full year of profitability with a positive EBITDA of Rs 57 crore. 

Zetwerk, which connects companies with manufacturers to turn custom designs into finished products from nail clippers to aircraft engine components, witnessed a six-fold jump in its Gross Merchandise Value at Rs 5,718 crore in the previous fiscal.

As of September 2022, the B2B unicorn has an open order book of Rs 9,750 crore, after securing orders worth Rs 11,200 crore in FY22.

Also read: TVS Motor gets shareholders’ nod for sale of entire stake in Sundaram Holding

“Most of Zetwerk’s growth has come on the back of increased spending from repeat customers who use Zetwerk technology and supply chain to drive faster lead times, improved quality and better visibility into their sourcing requirements,” said the statement.

Venturing into international markets such as North America and reducing reliance on industrial clients by adding consumer businesses to the portfolio were among the two strategic shifts behind Zetwerk’s growth, the company added.

In FY22, revenue from the industrials segment contributed 70 percent to the total revenue with the rest coming from the consumer businesses. Also, international clients accounted for 16 percent of the revenue.

Also read: RBI directs M&M Financial to stop using third party recovery agents right away

“Growth-enhancing measures and policy interventions such as production-linked incentives have started to show positive results by attracting investments in highly complex manufacturing domains such as semiconductors and consumer electronics,” the company said.

Over the next 12 months, Zetwerk anticipates solid domestic demand driven by a revival in private capital into new factories and increase in exports as countries increasingly opt for China+1 strategy for sourcing, especially in precision components, electric vehicles, medical devices and renewables.

In addition, the B2B startup foresees Indian companies looking to localize manufacturing and reduce dependence on imports, especially in Electronics and Aerospace.

The earnings announcement comes at a time when Zetwerk is looking to raise USD 100-120 million in fresh funding at a higher valuation, according to a Mint report. Last December, it raised USD 210 million at a valuation of USD 2.7 billion in a funding round led by Greenoaks Capital. Zetwerk turned unicorn in August, 2021.

Also read: Hero MotoCorp to hike motorcycle, scooter prices by up to Rs 1000 from today

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

2021: The year B2B e-commerce startups cleared the pandemic stress test

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Since 2019, four B2B e-commerce startups — Infra.Market,  Moglix, OfBusiness, and Zetwerk — have cumulatively seen close to $2 billion worth of funds credited to their bank accounts.

With that kind of funding, one can be sure of the consequence — ‘the unicorn status.’ That’s being a startup valued at $1 billion or more.

Here is what’s noteworthy.

Before 2019, all four startups struggled to raise big money as investors offered a range of reactions from confusion to cynicism. The conviction came later!

Together, the four startups were intent on digitally orchestrating India’s disjointed supply chains. They wanted to help MSMEs end-to-end: from procuring raw materials and managing workflows to fulfilling export orders while offering an e-commerce platform, much like Amazon or Flipkart, but for industrial goods. Add to it financing. Eyebrows touched the roof.

Prayank Swaroop of Accel — the common backer of Infra.Market, Moglix, and Zetwerk — sums it up. That’s “trying to upend the supply chain in a centuries-old manufacturing industry.”

Many industry insiders said, “It won’t work!”

Lightspeed’s Vaibhav Agrawal recalls. Before investing in Zetwerk, when the venture capital firm first met the startup’s founders, who at the time were building an ‘OS for Manufacturing’, the response within was, ‘What in the world is that?’

Despite having worked as a VC, following a stint as a Mckinsey consultant, OfBusiness’ co-founder Ashish Mohapatra faced at least 70 rejections before Matrix Partners India, his former employer, opened the purse strings.

The two co-founders of Infra.Market was bootstrapped for three years before Accel offered seed funding in mid-2019.

Then, there was resistance from MSMEs too. “We would walk into a manufacturing customer, who would say I use Flipkart… But, in my professional life, this is how I have done it in a certain concept for 20-30 years,” explained Moglix’s Rahul Garg.

Cut to this year, which has been the best ever, the four startups have raised massive funds in multiple rounds. Each time, pocketing a cheque for $100 million or more.

What changed? Why did the world’s top investors — Tiger Global, Sequoia, SoftBank, Accel, Falcon Edge (now Alpha Wave Global), Lightspeed, Matrix and others — show up to occupy the captable, often sharing seats with each other, at one or more of these four startups?

2019 is a good marker for what came — before and after — which led to the rapid rise of these ‘steel to spanner’ B2B e-commerce startups.

In the preceding years, Indian manufacturers had faced multiple disruptions. Firstly, demonetization, which puts MSMEs on the path to cashless trade. In other words, digital payments. Secondly, GST. The government’s insistence on electronic visibility for filing taxes has brought transparency.

It eased trade too. “Only post-GST have we expanded rapidly. We have been able to scale without having to work with each of the state or central jurisdictions, which were separate,” said Rahul Garg, Founder, Moglix.

The startup works with over 16,000 suppliers and runs hubs in 35 Indian cities to procure and distribute industrial goods ranging from pump sets and toolboxes to welding machines.

In 2018, the first signs of the trade war between the US and China began to surface. Global companies, particularly the American ones, were looking to ease their supply chains out of China.

“Globally, what’s happening is most companies are following a China+1 strategy. They no longer want to rely on a single country for all of their sourcing needs,” said Amrit Acharya, Co-founder, and CEO, Zetwerk.

The manufacturing platform connects more than 10,000 suppliers with over 600 companies to transform custom designs into finished products from nail clippers to aircraft engine components.

Come 2019, the trade war hit a crescendo as the U.S. and China ring-fenced each other with tariffs. The red flag went up. Both companies and startup investors pulled out the global map to pin down alternative manufacturing destinations.

Alongside South-East Asian countries, “India became a very important destination,” Acharya told CNBC-TV18, highlighting the fact that most of Zetwerk’s 100-odd international clients were buying from India for the first time. The startup currently gets over 25 percent of its revenues from over 15 international markets, primarily led by the US.

In 2020, the pandemic turned the world upside down and snapped the conveyor belt of the global supply chain. A terrible time, but it provided the booster shot, with supply-chain managers compelled to take B2B online routes for procurement of industrial and construction products.

“Lots of brands, who wanted to deliver their construction material to retailers or B2B companies, started depending more and more on us, as their traditional distributors had to back out during the pandemic,” said Souvik Sengupta, Founder, Infra.Market. The startup allows customers to place orders for sand, cement, and other construction material — online.

Tiger Global’s Scott Shleifer — a surprisingly early investor in the startup — proudly reiterates the founder’s view, “Infra.Market has become the go-to partner especially during the pandemic…”

“Today, 10 percent of our business is exporting. We export to countries like Singapore, Hong Kong, Dubai, Jordan, Italy, and the U.S.,” said Sengupta, with plans of reaching global shores by setting up a subsidiary abroad.

Following the global tailwinds, another of Tiger Global’s portfolio companies — Moglix — has gone truly global by setting up a base in UAE. Currently, it is linking up with suppliers and manufacturers in 120 countries. Going forward, it plans to use India and South-East Asia as a major sourcing hub.

Besides Moglix and Infra.Market, Tiger Global is also an investor in OfBusiness. The global VC firm recently co-led the $325 million Series G round with Alpha Wave Global and SoftBank, turning OfBusiness into the most-valued startup in the space at a valuation of approximately $5 billion.

OfBusiness, which helps over 700,000 SMEs across 24 states procure raw materials, has expanded to nine different supply chains, including industrial chemicals, food grains and polymer packaging.

That’s in addition to its existing categories like industrial or construction steel. “Because of supply chain disruptions, it was actually easier to dis-intermediate some of the existing intermediaries. For us, the last 1.5 years has been the timing of the opportunity,” said Ruchi Kalra, Co-founder, OfBusiness.

Investors too find this to be an opportune time. Sequoia India’s Shailesh Lakhani — the common investor in Moglix and Zetwerk — told CNBC-TV18, “An area where we are seeing a lot of interesting companies is in manufacturing, which is something we never would have predicted a few years ago. India is getting much better at making many different types of products and services. We are seeing fast growth.”

Moglix’s Rahul Garg sees a 100x growth opportunity. “We cater to the manufacturing and infrastructure sector, which is going from more than $500 billion to be a $1 trillion sector. We are still getting started. After five years of launch, we are still catering to less than 1 percent of the market,” he told CNBC.

In FY21, manufacturing contributed slightly under 18 percent to India’s GDP. A marginal uptick from more than a decade ago in 2000.

To boost this figure and revive manufacturing after the disruption caused by the pandemic, the Indian Government, over the last two years, has announced a string of schemes, alongside the ‘Make In India’ initiative. Most notably, Production Linked Incentives (PLI), with a total outlay of about Rs 2 trillion for 14 priority sectors.

For MSMEs to be able contributors, the credit gap must narrow. A World Bank report says 4 out of 10 of Indian MSMEs, including the manufacturers, lack formal credit. Lack of proper paperwork is the key reason behind banks and other traditional lenders rejecting loan applications.

To solve this, Moglix and OfBusiness are using technology to finance SMEs, who otherwise would find it tough to meet working capital needs.

“We started with a simple vision. We wanted to have frictionless B2B commerce. Now, whatever needs to be built for it, needs to be built for it,” explains Rahul Garg, Founder, Moglix.

So far, Credlix — Moglix’s supply-chain financing arm — has disbursed loans worth $100 million to over 2,500 MSMEs. With an aim to finance exporters, it recently acquired NuPhi, a Singapore-based fintech startup. “We see that from $100 million, we should be $1 billion over the next 9-12 months,” said Garg.

“NPAs is zero right now because these are already built on high-quality commerce transactions,” he explained.  Both Moglix and ofBusiness are using their B2B e-commerce platform and Software As A Service (SaaS) solutions as data engines to assess credit risk before lending.

So far, Oxyzo — OfBusiness’ lending arm — has disbursed cash-flow-based financing worth $280 million to over 4,500 MSMEs. The MSMEs use the funds to buy raw materials on or off the OfBusiness platform. The company expects the assets under management (AUM) to grow 100 percent (YoY). It has been profitable since its inception.

“Why is that possible for such a large book and within a span of 3-4 years despite the fact that we already have a lot of leverage in terms of banks giving us lending so that we can lend ahead?  That’s primarily because of technology, which enables great monitoring through various triggers. That ensures that our credit risk, in terms of NPAs, is as low as 1.2 percent,” said Ruchi Kalra, who heads the vertical for OfBusiness.

For Moglix and OfBusiness, financing is the third leg of the business. The other two being the e-commerce vertical and SaaS offerings. The three verticals feed off each other and enable the startups to provide a full-stack offering to SME users.

These startups built the entire stack because none of it — procurement and financing to distribution — was present in the country on a single platform for the B2B user base. To be noted, they are building and growing their startups with profitability. Not a thing most B2C unicorn peers can boast of.

Zetwerk, the youngest unicorn of the lot, turned profitable at an operational level just before achieving its billion-dollar valuation in August.

“From day one, we have been generating margins from every order,” said Amrit Acharya, Co-founder & CEO, Zetwerk. “So, definitely, the plan is to grow, but in a capital-efficient manner. Being profitable is a feature, not a bug of our business model,” he added.

“What’s happening today is when we go to our customers and explain the business, most of them have heard about us. A few years back, hardly anyone knew us. Today, the incremental cost of acquiring a customer has been the lowest for us.”

Moglix’s Rahul Garg concurs, “The beauty of B2B is, we are a lot more sales driven, than marketing-driven. We don’t lose the same amount of dollars for the revenue we generate.”

Infra.Market’s co-founder Souvik Sengupta believes the lack of initial funding taught valuable lessons. “For the first 3 years of our business, we were bootstrapped. That sort of emphasized our focus on profitability. Once unit economics was in place, then using venture capital to grow or scale the business became much easier.”

The unicorn status is new, but not profitability, he told CNBC-TV18.

OfBusiness, the most-valuable unicorn of the lot, has been profitable for the last four years. Co-Founder Ruchi Kalra points out, “Valuation is an outcome of the value driver. For us the value driver is growth and profitability. If you look at ofBusiness valuation, it’s a straight multiple in terms of growth and the profitability that it has been delivering.”

With an IPO planned in the next 12 months, a profitable B2B startup with profits to show is a tempting prospect for stock market investors, who have been struggling to convince themselves to invest in loss-making internet startups heading to Dalal Street.

B2B e-commerce startups. Unsexy businesses? Maybe, as admitted by one of the founders. Unaspiring? Not at all.

Ruchi Kalra highlighted it with a chuckle. “We have some of these aspirations. Let’s build commerce like Reliance. Let’s build a credit culture and a fintech like Bajaj Finance. You put it all together and say, ‘How do I do the Raj of the B2B marketplace? We often joke like that.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow