Agnikul Cosmos receives patent for 3D-printed rocket engine
Chennai-based rocket builder and launcher Agnikul Cosmos has announced that the Government of India has awarded it a patent for its unique 3D-printed rocket engine called Agnilet. Tested successfully in 2021, the Agnilet is a single piece of machinery, rather than a series of components as is the norm for spaceship engines.
“Rocket engines usually have 1000s of parts in them starting from injectors that inject fuel into the engine, to the cooling channels that cool the engine, to the igniter that is necessary to ignite the propellants. Designing Agnilet as a single piece of hardware has not been an easy ride, but our team has proved it to be otherwise. This patent is a testament to the world-class designed-in-India and made-in-India deeptech engineering that the Agnikul team is able to do,” says Co-founder and CEO Srinath Ravichandran.
Fintech investment remains “robust”: KPMG report
A new report by big four consulting firm KPMG says that the global fintech market saw $107.8 billion in investments in 2,980 deals in the first half of 2022, with $52.6 billion coming from venture capitalists. The latter’s investment dropped from $66.5 billion in H1 2021, but remains “robust” considering market conditions.
While the Americas saw the largest amount of investment with $27.2 billion, Europe, Middle East and Africa region (EMEA) set a six-month high for funding with $16.6 billion. In the Asia-Pacific region, which includes India, companies have hit an annual record of $41.8 billion in 607 deals in just the first 6 months of the year.
Payments firms receive the bulk of the investments totaling $43.6 billion, while crypto firms took a hit compared to H1 2021, only receiving $14.2 billion in the first half of 2022 due to declining market conditions. The report predicts that B2B solutions aimed at improvement of infrastructure or on the optimisation of operational activities could dominate the market.
Health-tech firm Orange Health and meat retail brand Nandu’s announce employee ESOP benefits
Health-tech startup Orange Health, which has been in the news recently following its strong brand campaigns around at-home testing with same-day results, has announced a $1 million ESOP buyback opportunity for their employees.
In a press release, founders Dhruv Gupta and Tarun Bhambra said that the buyback was a “token of gratitude” for earliest team members who are eligible for taking a chance on the company during the early days. Orange Health raised $25 million in a Series B round earlier this year.
Similarly, the online meat retail brand Nandu’s has decided to launch its first tranche of ESOPs for its employees, diluting 5% of its ownership pool. Nandu’s was first founded in 1963 as a business of organised poultry and livestock farming.
Edited by Affirunisa Kankudti
