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India invites for semiconductor units🏭, Zomato Q3📉, Ola Electric delays S1 Air🛵
India may invite more companies to set up semiconductor units, Zomato’s net loss widens, Ola Electric delays delivery of its cheapest scooter, Funding Deals and more.
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India may invite more companies to set up semiconductor units🏭
The Centre is likely to invite a “second round” of applications for semiconductor chip manufacturing in the country under the $10 billion incentive package.
The government is also in “advanced talks” with four global semiconductor companies to set up fabs, with those having expressed interest including the likes of New York-headquartered GlobalFoundries and a major Korean semiconductor firm.
Five applicants are in the running for government incentives under the $10-billion package announced in December 2021 to incentivize semiconductor manufacturing in the country.
Zomato’s net loss widens to Rs 347 Cr in Q3📉
Zomato’s net loss widened in the December quarter to Rs 347 crore, but the senior management is excited about long-term opportunities. The worst is perhaps over for the food delivery app as it sees signs of online food delivery demand reviving.
The consolidated revenue from operations rose 75% YoY to Rs 1,948 crore during the quarter under review.
According to Zomato CFO Akshant Goyal, there has been an industry-wide slowdown in the food delivery business since late October (post-Diwali) and the trend is seen across the country, but more so in the top eight cities.
Turno, a platform for commercial electric vehicle (EV) distribution and financing, has raised $13.8 million in its Series A round co-led by global venture capital firms B Capital and Quona Capital.
Engineering analytics platform Hatica has raised $3.7 million in seed funding led by Surge, Sequoia Capital India and Southeast Asia’s rapid scale-up program.
Clean-tech startup PadCare Labs has secured Rs 5 crore in a seed funding round led by Social Alpha with strategic investments from Lavni Ventures, 3i partners, Rainmatter, and Spectrum Impact.
Ola Electric delays delivery of its cheapest scooter S1 Air to July🛵
Ola Electric will delay deliveries of its cheapest scooter, S1 Air, by three months to July, as the company is trying to accommodate the new variants it announced on Thursday, causing the delay, Bhavish Aggarwal, the founder of the electric scooter maker, said.
Deliveries of the S1 Air, priced at Rs 84,999, were supposed to begin in March. The size of the battery affects the size and range of the vehicle.
“We had to push out deliveries by three months to accommodate the new choices we have brought to you today,” Aggarwal said.
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