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Hello,

There’s a party at the bourses.

Mobikwik made a stellar debut on the stock market, with its share price ending over 90% above its issue price, closing at Rs 530 apiece on the BSE. The strong showing came after the digital payment platform’s offering was subscribed 119 times, surpassing the records of Awfis and Unicommerce.

Hypermarket chain Vishal Mega Mart also performed well on day 1 as its shares opened 33% over the issue price and closed 10 percentage points higher. The company’s market capitalisation crossed Rs 50,000 crore.

More records were broken today as Databricks raised the single-largest venture funding haul in 2024. The data analytics and AI firm scooped up $10 billion, surpassing OpenAI’s $6.6-billion raise in October. Post-funding, Databricks’ mcap swelled to $62 billion.

Speaking of valuations, Zomato’s mcap has surpassed automobile major Tata Motors, peaking at 162% year-to-date to Rs 2.83 lakh crore. The surge comes as the food delivery aggregator will replace JSW Steel in the Sensex next week.

The company has more than one reason to celebrate. According to domestic brokerage Nuvama Institutional Equities, Zomato is expected to see inflows of $513 million next week after becoming the first new-age tech stock to be included in the frontline index.

Also, according to Hurun India’s top 200 self-made entrepreneurs list, Zomato CEO Deepinder Goyal has secured the second position, just behind Dalal Street legend Radhakishan Damani. Swiggy’s Sriharsha Majety and Nandan Reddy follow close third after the foodtech company’s stock market debut.

There was only one woman in the top 10 list. Can you guess who?

Hint: She runs a beauty marketplace company.

In today’s newsletter, we will talk about 

• Solarium Green Energy’s IPO plans
• Achieving net zero goals with AI
• Bridging traditional knowledge with tech

Here’s your trivia for today: What was the original name of Chhatrapati Shivaji Maharaj International Airport in Mumbai?

IPO

Solarium Green Energy’s IPO plans

Solar solutions provider Solarium Green Energy on Wednesday said it has received approval from the BSE for its draft red herring prospectus (DRHP), marking the company’s next step on its road to list on Indian public bourses.

Key takeaways:

• The company filed its DRHP in September and intends to issue 55 lakh equity shares, each with a face value of Rs 10.
• According to the DRHP, the company intends to use the proceeds from the IPO for general corporate purposes and to meet its working capital requirements.
• The listing comes amidst a rush of solar companies listing on Indian public bourses this year as government schemes and international expansion have helped boost activity in the sector.

Funding Alert

Startup: Bureau 

Amount: $30M

Round: Series B

Startup: Bizom

Amount: $12M

Round: Series B

Startup: Vyomastra 

Amount: $1.5M

Round: Undisclosed

Startup

Net zero goals with AI

LivNSense Technologies hopes to fight the climate war with AI, IoT, and digital twin technology (a virtual representation of an object or system).

The company uses patented Intelligent Process Systems and assists firms in decarbonisation across process value chains, reducing carbon emissions and improving profitability in cement, asphalts, metals, and petrochemical manufacturing industries.

Environment:

• The company’s platform, GreenOps, is a full-stack decarbonisation solution that leverages AI and ML for predictive analytics, simulating operational changes and providing prescriptive insights to identify inefficiencies.
• Its digital twin technology simulates scenarios for performance optimisation without physical experimentation, offering comprehensive integration across the value chain.
• LivNSense operates mostly in India, APAC, and the UAE and plans to expand its operations into Europe and Japan by 2025, followed by Africa and Latin America by 2026–2027.

Women entrepreneurs

Bridging traditional knowledge with tech

In 2021, Bhavna Choudhury started the initiative ‘The Indegenous’, a research-driven organisation operating like a think tank.

The founder describes The Indegenous as a bridge between traditional knowledge and modern technology. The team leverages big data, drones, and satellite imagery to map forest cover, biodiversity loss, and other environmental changes. 

For the people:

• Beyond research, The Indegenous fosters deep relationships with communities, often connecting through eco-tourism. Choudhury collaborates with initiatives like ChaloHoppo, which curates immersive experiences in Northeast India.
• “People relate to what we’re doing and offer their time and skills. We’ve achieved so much without money, but we’re at a point where we need sustainable funding to grow,” Choudhury shares.
• Choudhury openly critiques the Assam government for weak environmental planning and reclassification of land to fuel infrastructure growth. Her frustrations extend to India’s climate policies.

News & updates

• Auto merger: Honda and Nissan have reportedly held exploratory talks about a potential merger to help them compete against EV makers, particularly in China. In March, the two Japanese car makers agreed to explore a strategic partnership for EVs.
• Nuclear fusion: Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, plans what it calls the world’s first grid-scale fusion power plant in Virginia, US, to generate power by the early 2030s.
• Dark comets: Astronomers have spotted seven new examples of a cosmic phenomenon known as dark comets that could help scientists determine whether the celestial bodies helped deliver vital elements like water to Earth early in the planet’s history. These celestial objects resemble asteroids but zip through space like comets, albeit without the “tail” comets are known for.

What was the original name of Chhatrapati Shivaji Maharaj International Airport in Mumbai?

Answer: Sahar Airport.

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