Grinntech Announces Successful Close Of Bridge Funding Round

●     Current investors have fully subscribed an additional round of almost USD 2 Million

●     Company announces several new products and expands customer base.

Grinntech, an investor-backed start-up specialising in Lithium-Ion batteries for EVs and energy storage systems, today announced that it has successfully closed a bridge funding round of approximately USD 2 Million, where all the existing investors have fully subscribed to the offer. Grinntech also announced the launch of the new Finch and Monal series of batteries and the order to develop a larger pack incorporating advanced thermal management and utilising Grinntech’s proprietary battery management system for a US based OEM.

After emerging from their incubator in the Indian Institute of Technology Madras Research Park in September 2020, Grinntech quickly expanded its product lines focussing on a range of Electric Vehicles including 2-wheelers, 3-wheelers, and farm-tractors/LCVs. Their new R&D and manufacturing facilities in Ambattur Chennai now employ seventy engineers and staff.

Puneet Jain, Co-Founder and Director explained, “We are grateful to this sign of confidence from our investors. On the back of the recent announcement from the Government of India, increasing the subsidy for EV 2-wheelers and 3-wheelers by 50 percent, we have already seen increased orders and enquiries. With this bridge funding secured, our plans for growth of our business remains on target.”

Nikhilesh Mishra, Co-Founder and Director adds, “over the past year we have added the new Finch-series for the growing demand for 48V packs for 2-wheelers and the Monal-series for 48V applications for larger 3-wheelers. In addition, we are encouraged by the interest in our 100V Falcon-series, and we are working with a select number of OEMs in the EV farm-tractor and LCV space. We had founded Grinntech on the basis of technical competence and we are confident that this aspect will be appreciated by Indian customers who are increasingly looking for PLI-compliant solutions and suppliers.”

The new manufacturing facilities commenced operations last quarter and has flexible manufacturing cells for the multiple products and will cater to a demand of up to 400 MWh. As Mr. (Bala) Balasubramonium, President, Grinntech explained, “some of our products like the Pintail-series starter batteries have very high-volume potential and for such products, we are also engaged in discussions with a few large Indian groups who are interested in contract manufacturing. While remaining focussed on EV batteries, this approach adds a further revenue stream in addition to those from product sales, engineering development and battery analytics.”

About Grinntech

Grinntech is an investor-backed, growth-phase start-up, specialising in Lithium-Ion batteries for EVs and energy storage systems along with our proprietary BMS and connectivity systems. Our product range has established new standards in safety, intelligent controls, energy-density, power-management, long life, and reliability. Apart from a range of standard products, we also undertake custom battery development for customers in India and abroad.

Grinntech works closely with leading global technology companies and cell suppliers, bringing cutting-edge advances in semiconductor, materials, cell-chemistry, and formats. We employ contemporary techniques in our manufacturing including cell-characterisation and production testing. Our expertise has been recognised by our customers, many of whom are market leaders, and we are working with many of them to power their future EV endeavours.

Unlock 2.0 To Let Vi Users Connect Back To India’s Fastest 4G Network As They Resume Work

* Vi offers Rs. 75 worth of voice and data benefits to its low income group users who are getting back to work after the lockdown

With the commencement of gradual state wise unlocking efforts, India’s migrant working populations have started returning from their home towns to their work locations. During the lockdown period, a segment of prepaid telecom users were unable to recharge due to several reasons.

Vi is inviting all such customers back to India’s fastest 4G network, as they resume work. To reconnect these low income group customers, India’s leading telecom services provider, Vi is giving 50 Vi to Vi calling minutes along with 50MB of data. This complimentary benefit comes with a validity of 15 days, post which customers can recharge with their preferred value recharge packs.

To check for eligibility Vi customers can avail the Unlock 2.0 benefit through any of the following routes:

-         Toll Free IVR 121153 / USSD Code *444*75# from Vi number

-         Follow steps in the SMS received in his/her inbox of Vi Number

-         Visit nearest retailer who will assist with the eligibility check and offer activation.

About Vi:

Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is India’s leading telecom service provider. The Company provides pan India Voice and Data services across 4G, 3G and 2G platform. With the large spectrum portfolio to support the growing demand for data and voice, the company is committed to deliver delightful customer experiences and contribute towards creating a truly ‘Digital India’ by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company is listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India.

The company offers products and services to its customers in India under the TM Brand name “Vi”.

Ookla® - the global leader in broadband testing and web-based network diagnostic applications, has verified Vi, based on analysis of Speedtest Intelligence® data as the fastest 4G network pan-India in Jan to March ’21.

Ashok Soota Promoted SKAN Medical Research Trust Provides A Grant Of Rs 20 Cr To IIT Roorkee

Mr. Ashok Soota promoted SKAN Medical research trust today announced a grant of Rs 20 Cr to IIT Roorkee towards sponsoring a Chair Professorship, three Faculty Fellowships, creation of a lab and funding of joint research projects.

IIT Roorkee (IITR) is engaged in teaching and research in Science, Engineering, Management, Humanities & Social Sciences and Architecture & Planning disciplines. In particular, IITR is engaged in research in the field of Biological Sciences and Bioengineering. As part of its support to medical research in India, SKAN has agreed to provide a grant of Rs. 20 Cr to IITR.

The grant of Rs 20 Cr will be utilized by IITR towards:

·         Funding of an Institute Chair Professorship, two new faculty Fellowships and one Institute Research Fellowship.

·         Establishment of a wet-lab in IITR.

·         Funding of joint medical research projects. The first project under this agreement has already been identified and it is in the area of bipolar disease.

Mr. Ashok Soota, Chairman, SKAN Trust said, “I am delighted to have this opportunity to give back to my alma mater through this grant. There is negligible private funding towards medical research in India and I was pleased to see that IITR is doing excellent work in this area. I see this as a good opportunity for me to contribute and also fulfill these needs of IITR.”

Mr. B.V.R. Mohan Reddy, Chairman BoG, IIT Roorkee said, ”A big thank you Mr. Soota for giving back to your alma mater. Your generous funding will give further momentum to Biological Sciences and Bioengineering research at IITR. I am confident that IITR will make good use of your funding for research in ageing and neurological disorders to make the world a better place to live. You are an exemplar alumni and a role model for present and future generations.”

Prof Ajit K. Chaturvedi, Director, IIT Roorkee said, “Today is a momentous day in the history of IIT Roorkee. With one stroke, our alumnus Shri Ashok Soota has made a beginning in several directions. After a long gap, we are seeing an India based IIT alumnus make such a generous grant to his/her IIT. I am delighted that this time the donor happens to be an alumnus of IIT Roorkee. It marks a new chapter in the alumni engagement of IIT Roorkee. Through this gesture, Mr. Soota has also made a beginning in terms of directing private funding to support medical research in India. We are proud that our Institute has produced an alumnus as accomplished and innovative as Mr. Soota. We applaud his commitment to give back to society”

About SKAN Medical Research Trust

SKAN is a public charitable trust set up for Medical research by the Soota and Karedan families with funds commitment of Rs 200 Crores. SKAN was launched on April 5, 2021. SKAN denotes scientific knowledge for ageing and neurological ailments. Ashok Soota is Chairman/Managing Trustee for SKAN and Davis Karedan is Chief Operating Officer/Trustee.

SKAN is probably India’s first not for profit entity set up by the private sector, exclusively for medical research. For problems related to both ageing and neurological disorders, the philosophy of the research will include searching for kinder, gentler therapies; delaying the onset and slowing down the progression of the disease and providing persons a better quality of life even as they live with the illness.

About IIT Roorkee

Indian Institute of Technology Roorkee is among the foremost institutions of national importance. Since its establishment, the Institute has played a vital role in providing technical manpower and know-how to the country and in pursuing globally recognized research. The Institute ranks amongst the best technical institutions in the world and has also been considered a trend-setter in education and research in the field of science and engineering. The Institute is now heading towards completion of 175 years since its establishment in 1847. It was converted to an IIT in 2001 and was declared as the nation’s seventh Indian Institute of Technology.

QNET Funds Project CoHeal To Provide "Free Medical Care To Covid Patients" In Bangalore

* Hospital started by Bangalore tech firm Globals with support from QNET, Presidency University, and Rotary Manyata 100-bed free Hospital with ICU Facilities  

QNET, Asia’s leading direct selling company, through its CSR arm, RYTHM Foundation has joined hands with a group of young entrepreneurs in Bangalore to convert a non-operational hospital into a free Covid Care Health Centre through Project CoHeal. The funding from QNET has helped transform the disused Rajiv Gandhi Medical Hospital building in R.T Nagar into a 100-bed Covid Care facility that provides free, round-the-clock care to those who need it the most.  

Project CoHeal is the brainchild of the young entrepreneurs behind Bangalore based technology firm Globals Inc who joined hands with the Rotary Club Manyata and Presidency University to launch this as a joint CSR initiative.   

Amruta Desai, the Executive Director of Globals explains how the project came into being.  

“It was very unfortunate and sad to see people around us losing their lives simply due to a lack of oxygen. We reached out through our resources to import oxygen concentrators and put them to use. We realised just by doing this we were helping a lot of people who needed the oxygen” says Desai.  

What began as efforts to import and provide oxygen concentrators for patients, soon evolved into the idea of adding to the healthcare infrastructure within the area. Project CoHeal was born with the aim of creating a more sustainable solution for the future while also addressing the urgent need of the hour – a healthcare facility for the community with skilled manpower. 

The support from QNET’s Indian business facilitated by the company’s CSR arm, the RYTHM Foundation has helped equip the hospital with Oxygen Concentrators, HFNC ICU Ventilators, and also covers the payroll for the doctors and nurses of the hospital for the next 6 months.  

This 24-hour COVID care hospital has zero cash counters, assuring patients that treatment is 100% free. It is also in the process of incorporating a dedicated paediatric wing as well as building intensive care unit (ICU) capabilities. Other facilities in the hospital include a clinic, elevators for stretchers, oxygen flow meters, pharmacy, lobby, X-Ray, washroom, AC, parking zone, and doctor’s lounge. 

“We are so thankful to RYTHM Foundation for this aid because one of the things we wanted to do was convert 15 high dependency units into ICUs. We are currently taking in mild to moderate cases of patients, but if these cases get critical, they may require ICU support and the use of ventilators. Now with this contribution, we have at least a minimum of 4 ICU beds that can be set up immediately.” 

The Project CoHeal facility opened its doors on May 24, 2021, and was set up at record speed in a space of barely 7 days through the joint efforts of the team at Globals, Presidency University, and the Rotary Club of Manyata. QNET stepped in to help in early June to support with scaling the facilities.  

Commenting on the initiative, Rishi Chandiok, Regional Director (South Asia) for QNET said, "Project CoHeal is a great example of organisations coming together to fight COVID. As the name of the project suggests, the objective is to redirect the fears of COVID and its consequences towards a more positive focus on ‘co-healing’ or healing together. Setting up a hospital, especially during this time, is not an easy task. But Project CoHeal is testament that if you have the will and the intention to do something good for the community, you will find the right partners and support to help you reach the goal. We commend the team at Globals for working tirelessly to pull this off in record time and help so many people in need.” 

Project CoHeal has also received the approval and support from the Bruhat Bengaluru Mahanagara Palike (BBMP) which lists Project CoHeal as an option for people to avail of for its medical care services.  

About QNET - QNET is one of Asia's leading e-commerce enabled direct selling companies offering a wide range of health, wellness, and lifestyle products. QNET's business model pivoting upon technology and e-commerce has helped empower millions of entrepreneurs in more than 100 countries worldwide. QNET is headquartered in Hong Kong and has a presence in more than 25 countries around the world through subsidiaries, branch offices, agency partnerships, and franchisees.

Atlas Copco Introduces Special COVID-19 Financial Aid Scheme For Deceased Employees

Atlas Copco - a leader in compressors, vacuum solutions, generators, pumps, power tools and assembly systems, has announced a special financial aid scheme for its employees that will support families of those employees who have passed away due to COVID-19. The scheme is applicable to all Atlas Copco on-roll employees retrospectively from April 1st, 2021. In addition to the benefits, dependent/s of deceased employees will be entitled to have other terminal benefits like insurance benefits in which sum insured is three times of CTC (cost-to-company).

Through this initiative, Atlas Copco aims to provide some financial aid to the grieving families and to ensure safety and wellbeing of their people as it is vital part of their people strategy. Benefits include:

·         Payment of monthly salary (100%) for 24 months

·         One-time payment of INR 10,00,000 as education assistance for children of deceased employee

·         Extension of medical insurance for 60 months for the dependents

Frans Niekerk, Managing Director, Atlas Copco India said “Today, the entire world is facing unprecedented challenges due to the pandemic and for the world around us, empathy is more important than ever. We at Atlas Copco India are also impacted by the situation around, but our effort is to limit the impact as we are committed to ensure safety and wellbeing of our people.”

Kabir Gaikwad, Head Corporate HR said “Being optimistic and compassionate increases wellness and human connect. As a demonstration of collaborative spirit, we have introduced special financial aid scheme to support to the families of employees who lost their life while battling with Covid 19.”

Covid-19 has exposed the whole organization to a new and different reality with increased focus on safety and well-being. To support both managers and employees during these difficult times, Atlas Copco India has also launched toolkits covering support material and learning on topics such as leading from a distance, maintaining emotional well-being as well as building resilience in times of change and uncertainty. All factories and offices have deployed multiple strategies like testing camps at regular intervals, fumigation and sanitization of workplace to combat Covid 19.

Tata Motors Collaborates With Kotak Mahindra Prime To Offer Three Financing Solutions For Its Passenger Vehicle Customers

In an effort to make its safest range of passenger vehicles more accessible in these challenging times, Tata Motors in association with Kotak Mahindra Prime Ltd., one of the leading car finance companies in India, has announced three exciting financing solutions: the Red Carpet, the Prime Vishwas and the Low EMI schemes for urban and rural customer groups (salaried, self-employed, no-income proof), with optional tenor periods, depending on the model. The parameters of these schemes have been simplified to ease the financial burden on customers during the on-going pandemic.

Commenting on the roll out of these finance schemes offers, Mr. Rajan Amba, Vice President, Sales, Marketing & Customer Care, PVBU, Tata Motors said, “We are delighted to be partnering with Kotak Mahindra Prime Ltd. for the rollout of these customised financial solutions for different customer profiles. These are trying times and we are committed to supporting our customers in the best possible manner. With such initiatives we want to make safe personal mobility solutions more affordable and accessible to customers and ensure they have a hassle-free ownership experience.”

According to Mr. Vyomesh Kapasi, Managing Director, Kotak Mahindra Prime Ltd., “Against the backdrop of the pandemic, people are increasingly opting for the safety of a car as a means of personal mobility. We are delighted to partner with Tata Motors to offer easy, customised and attractive car financing solutions to customers.”

Furthermore, Tata Motors recently announced that it has put in place a comprehensive ‘Business Agility Plan' to protect and serve the interests of its customers, dealers, and suppliers for the well-being of its business and supporting ecosystem.

To avail the various finance schemes, customers can reach out to their nearest Tata Motors dealer or through a Kotak Mahindra Prime branch or visit their website https://primeloans.kotak.com/ to register their interest in buying a Tata car.

To know more, visit https://cars.tatamotors.com/. Customers can also enquire, request a test drive, make bookings, and select their preferred financing option via ‘Click to Drive’, Tata Motors’ end-to-end online platform, from the comfort and safety of their homes.

Crowdfunding Initiative By Manipal Academy of Higher Education Students To Procure Oxygen Concentrators

Manipal Academy of Higher Education’s Formula Manipal is one of MAHE’s longest-running, most accomplished, and well-known student projects is partnering with professional non-profit alliance Swasth Foundation, to set an ambitious goal to raise enough funds required to procure approximately 8 High Flow Oxygen Concentrators`. Founded in 2009, Swasth Foundation is a non-profit social enterprise committed to health and joy for all. They focus on improving the well-being of the poor by providing a range of affordable and high-quality primary-preventive health services. They aspire to build a sustainable and accountable health ecosystem that delivers high-quality patient metric care.

Formula Manipal has decided to harness the power of social networks via ImpactGuru, a reliable crowdfunding platform, to collect donations for the financially weak members of our society currently facing medical emergencies. While ImpactGuru supports a diverse range of causes, aiding non-profits, personal and creative projects, we can all agree that in the post-pandemic world, healthcare financing can no longer be an option, it must be a priority. 

As a team of passionate and innovative students, they work together to design, conceptualize, fabricate, test, and race a single-seater, open-wheel Formula Style race car. Starting out as an idea in 2007, Formula Manipal has since come up with 9 extremely intriguing cars till date which have competed nationally and internationally on various platforms including Italy, UK, Austria, Germany, and the Czech Republic.

Having noticed that India has been hit the worst by the pandemic, this team of dedicated students has decided to take a stance against it. Given the lack of supply of healthcare essentials in such desperate times, we at MAHE have realized the difficulty our fellow citizens are facing whilst battling this pandemic. Hence, as the core values of MAHE revolve around helping the nation, our student project Formula Manipal agrees that there is no better time to do it than now when India needs it the most.  

To our surprise, a staggering 50 million Indians have already been pushed into poverty due to healthcare-related costs. Out of the numerous amounts of covid related deaths in our country, a grave number has been due to the shortage of oxygen alone. As time passes, it is becoming increasingly evident that our nation requires every ounce of support possible. Therefore, on behalf of Formula Manipal, we urge all citizens of our country to help and support each other in these trying times. 

If you wish to aid Formula Manipal’s cause, kindly visit their website (www.formulamanipal.in/crowdfunding) to find the relevant links and details to do your part and make a donation. It is our humble request that you consider this initiative to help Formula Manipal make healthcare affordable to save lives today while securing a better future for our nation. Any donation would be greatly appreciated as it could be the answer to someone’s prayer to save a loved one's life.