BRICS STARTUP INNOVATION FUND

Qcomm’s Diwali boost; Energy startups attract funds

Happy Wednesday! Quick commerce powered a strong festive season for D2C brands. This and more in today’s ETtech Morning Dispatch.

Energy infra startups see bigger cheques as investors bet on sovereign play

Bengaluru-based Enerzolve, which makes smart meters, power conversion systems and energy storage systems, is in talks to raise $20 million from existing investors Jungle Ventures and Kae Capital as well as Schneider Electric, people aware of the matter told ET. That’s nearly four times the $5 million it raised in a January round.

Bigger cheques, fewer winners in India’s AI boom

Indian AI startups raised $1.6 billion in funding during the first nine months of 2026. While AI infrastructure attracted significant investments, application startups faced declining funding and challenges in securing customers. Large transactions constituted most of the total funding, highlighting a disparity in investment distribution.

AI training startup Mercor valued at $20 billion in latest funding round

Mercor said on Tuesday it had raised $750 million in a funding round that valued the AI training startup at $20 billion. The Series D round drew participation from Benchmark, Felicis, Fundomo, Nvidia and funds managed by affiliates of Apollo, among others.

Israeli AI security startup Bay raises $50 million

Bay says it addresses a primary barrier to AI adoption by "allowing autonomous agents to perform business-critical work safely while enterprises retain control and accountability at scale".

AI innovation in sports: Technology driving the next phase of sports development

Artificial intelligence is creating new opportunities across the sports ecosystem, from performance analysis and sports administration to technology development and wider participation. The ET AI Awards 2027 recognises organisations, technology providers and initiatives advancing the application of AI in sports through its AI Innovation in Sports category.

EPFO total contributions expected to rise by 25% in 2027-28 due to wage ceiling increase

EPFO is forecasting a major increase in its total contributions for the financial year 2027-28. The wage ceiling has been raised to ₹25,000 from ₹15,000, effective September 17. Total contributions for the current year are estimated to exceed previous budgeted amounts significantly. Additionally, the board will consider investing up to 3% in alternative investment funds.

ETtech Deals Digest: Eloelo leads as weekly funding rises to $142 million, down 35% on-year

Eloelo led deal activity with $80 million, followed by Peppermint Robotics at $10.6 million, altM at $10.3 million, Two Point O Capital at $10 million, and PowerUp Money at $10 million. Crane Venture Partners was among the most active investors, backing Peppermint Robotics and Armatrix. Omnivore invested in altM and Two Point O Capital, while Flourish Ventures backed PowerUp Money.

Intel's former CEO Pat Gelsinger says this Georgia Tech memory chip could be the industry's biggest breakthrough in 30 years; what is it and how could it transform AI industry?

Nagare Labs was founded by Georgia Institute of Technology professors and researchers Suman Datta and Shimeng Yu. They spent years working on next-generation memory technologies. Their work involves oxide semiconductors. The company is based on research conducted at Georgia Tech and is seeking to turn its laboratory developments into a commercially viable memory product.

West Bengal's new investment policy wins industry praise for jobs, innovation and ease of doing business

Mehul Mohanka, Chairman, CII Eastern Region said, "The policy is a progressive and forward-looking framework that reinforces the State’s commitment to industrial growth and advanced manufacturing and sends a strong signal to investors.”

Scripbox shareholders approve conversion into public company ahead of IPO

At an extraordinary general meeting on October 19, shareholders approved the change of the Accel-backed startup's name from Scripbox Wealth Managers Private Limited to Scripbox Wealth Managers Limited, along with amendments to its constitutional documents, according to regulatory filings reviewed by ET.

Cosmoserve Space raises $6 million, sets up India's first space debris removal facility in Hyderabad

The facility comprises an orbital rendezvous and capture lab, a space robotics innovation lab, an ISO Class 8 satellite integration clean room and a mission simulation and control centre. It will enable the company to design, build and test robotic capture systems and develop capabilities for satellite servicing, including in-orbit repairs and refuelling.

Government prepares draft sustainable aviation fuels policy; moots mandatory blending in ATF from 2027

The civil aviation ministry has circulated the draft National Policy on Sustainable Aviation Fuels which mandates use of only indigenously manufactured SAF to be blended with Aviation Turbine Fuel (ATF).

Sebi sets up working group to review Innovators Growth Platform framework

SEBI has formed a working group to review Innovators Growth Platform regulations and improve capital access for startups. The panel will examine listing eligibility, fundraising, investor participation, disclosures and migration to mainboards while safeguarding investor interests.

Unilever announces €35 million investment for R&D expansion in India’s Mumbai and Bengaluru hubs

Unilever announced a plan to invest an additional €35 million in its Indian research and development operations. The investment aims to enhance product innovation and biotechnology capabilities at its Mumbai and Bengaluru centers. Unilever has already invested €20 million over the past five years towards developing various research facilities in India.

AI sales startup Nooks secures $500 million in funding for expansion

Unlike traditional investors that buy a stake in a company, General Catalyst's commitment involves taking a share of the returns its capital helps generate, Nooks CEO Dan Lee said. He declined to give details on the terms of the deal.

L&T Finance Pitch Point 2.0: Where an AI startup’s big idea meets enterprise scale

Pitch Point, L&T Finance’s contest for AI startups, is back for a second edition. Last year’s winners, Arrowhead AI and SpoofSense, talk about what they got out of it and what they would tell this year’s new applicants.

Chip startup Agrani Labs looks to raise $108 million from Peak XV, Google, Samsung

Peak XV Partners is leading the round and is expected to contribute more than half of the total funding. Google, HCL Tech, Samsung Ventures and Stargazer, an investment firm set up by Groww's founders, are also expected to participate, the people cited above said.

Karnataka, Finland’s Tampere region sign pact to create Creative Corridor for AVGC, immersive tech

The agreement was signed under the Global Innovation Alliance (GIA) initiative of the Department of Electronics, IT and Biotechnology through the Karnataka Innovation and Technology Society (KITS). The proposed corridor will seek to strengthen cross-border partnerships, innovation and business opportunities between the two ecosystems.

India needs indigenous technologies to ensure energy security: Union Minister G Kishan Reddy

At the NIT Raipur convocation, Union Minister G Kishan Reddy emphasized India's need for innovations in energy, mining, and healthcare. He noted significant growth in higher education infrastructure and international rankings over the past decade. Reddy mentioned government initiatives aimed at supporting research and development in technology sectors. He encouraged graduates to tackle real-world challenges in their fields over the next three years.

How Emergent's Valuation Jumped 5X to $1.5 Billion in Six Months | Mukund Jha

Tax-wise, $-foolish: Saving Dalal Street could come at a cost to Startup Street

India's financial landscape is experiencing pressure with foreign portfolio investors becoming net sellers in the market. There are discussions about implementing tax cuts to stabilize the situation, which could disadvantage domestic investors. A focus on only listed shares may divert investments from private markets and harm the startup ecosystem. Expert suggestions advocate for a universal tax reduction applicable to both listed and unlisted shares.

Uttar Pradesh to launch state Quantum Mission, steps up push for AI and robotics

The state of Uttar Pradesh is gearing up to launch a transformative Quantum Mission, poised to bolster its technology framework. By focusing on quantum technology within a broader digital transformation agenda, the initiative aims to ignite innovation. At the ETGovernment AI Vision Conclave, leading industry figures explored the adoption of AI, investment avenues, and workforce readiness.