Latest news with #IITMadrasIncubationCell
Time of India
a day ago
- Business
- Time of India
Light bulb that got switched on by ‘reality check'
Mahesh Ramamurthy fondly remembers his light bulb moment. An automotive industry veteran for 26 years, he was responsible for sales, marketing, and technology in his previous role at an automotive company. "While demonstrating a physical product virtually in digital 3D, a prospective client asked me to stop and then proceeded to ask more questions about how the 3D presentation was created rather than the product itself," he remembers. That incident inspired him to build a platform where "a customer can create such an experience themselves," he says. That's how SatoriXR, an extended reality startup, was born. Extended reality or XR is an umbrella term encompassing technologies like augmented, mixed, and virtual reality. "SatoriXR was incubated at the IIT Madras Incubation Cell in May 2022," says founder-CEO Ramamurthy. "The inspiration came from the early 3D movies we watched in our childhood." Named after a Zen Buddhist concept, a Satori moment is a moment of sudden clarity, when an idea becomes lucid. "We take the customer from confusion to clarity to conviction — to buy or be trained," says Ramamurthy. Part of SatoriXR's initial funding came from the IIT-M Incubation Cell in the form of "a grant and soft debt," he says, remembering the initial days. "We received a technology grant through Forge, the company was self-sufficient, but to reach international markets, we raised a pre-seed round from private investors," he adds. SatoriXR raised a pre-seed round of $300,000 from international investors in March 2025, and "the funding is being used for product development and to execute our international 'go to market' strategy," adds Ramamurthy. The company is in the middle of its next round of fundraising. "We are actively raising our next round, and an IPO could be in the cards in the future," he adds. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai SatoriXR is proudly local. "Our technology platform is built in India — for the world," says Ramamurthy, adding that the company already has a robust client list. "We already work with the who's who — top OEMs such as Daimler Trucks and Mercedes Benz use our platform and products – and we are expanding to international markets over the next few years and are gaining excellent traction," explains Ramamurthy. The company also has a global presence and is active in the US, EU, and India. "We are executing a GTM (go-to-market) strategy for international markets and are gaining excellent traction, and our target is to serve the likes of the Fortune 500 companies since we already have a few such customers," says Ramamurthy. Like that first presentation where client excitement led to a new startup, SatoriXR is still running on word-of-mouth recommendations. "We have achieved excellent product-market fit and our customers are our biggest marketers," says Ramamurthy. "As our enterprise SAAS platform is being adopted globally, we are on track to be profitable in a year." Currently, the company has a team of around 20 people. The "platform has been built leveraging advanced AI tools," says Ramamurthy. It has AI and augmented reality at its core. "Our research and development team will grow as we explore these areas in depth. As the platform's adoption picks up, we will hire teams to grow our support network and systems," he says.
Time of India
3 days ago
- Business
- Time of India
IIT Madras incubated Zerowatt Energy to invest Rs 116 crore on global expansion
Chennai: Leveraging the just-concluded historic India-UK trade deal, Zerowatt Energy, incubated by the IIT Madras Incubation Cell, is expanding operations into the global market based in the UK, backed by an investment of Rs 116 crore (£10 million). Originally founded in Kerala and nurtured by Kerala Startup Mission (KSUM), Zerowatt has developed IoT and AI-driven technology to reduce energy costs and carbon footprint in industrial facilities. Ansha Naji, founder & CEO of Zerowatt said, "Zerowatt's platform is already transforming hundreds of industrial sites in India, and this new global base will amplify our impact worldwide." Zerowatt currently serves over 100 industrial installations, including Aqua Group, Peekay Steel, Mahindra Aerospace, Manorama Group, Venus Water Heaters, Medreich Pharma, Infoparks Kerala, and many others. Key sectors using Zerowatt's solutions include steel, foundries, automotive, chemicals, food processing, pharmaceuticals, textiles, glass, and appliance manufacturing. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai
Time of India
28-04-2025
- Business
- Time of India
Ather Energy's ₹2,981 crore IPO opens to revive primary market activity
Ather Energy has opened its initial public offering (IPO) for subscription today, April 28, aiming to raise approximately ₹2 ,981 crore. The offer, which will close on April 30, is priced between ₹304 and ₹321 per share. The IPO comprises a fresh issue of 8.18 crore equity shares and an offer for sale (OFS) of 1.1 crore shares. Promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain, along with investors including Tiger Global and IIT Madras Incubation Cell, are among the sellers in the OFS. Proceeds from the public issue will be used for establishing a new electric two-wheeler manufacturing facility in Maharashtra, repaying debt, investing in research and development, marketing, and other corporate purposes. Market conditions and company positioning Ather Energy's IPO marks a resumption of activity in the Indian primary markets after a lull, coinciding with a partial recovery in secondary markets . Ather Energy, backed by Hero MotoCorp , designs and manufactures electric scooters and battery packs, with the Ather 450 and Ather Rizta as its key models. The company holds an 11 per cent market share in India's electric two-wheeler segment, with 68 per cent of its FY24 volumes coming from southern India. The company projects industry-wide electric two-wheeler sales in India to grow at a compounded annual growth rate of 41–44 per cent until FY31. It plans to expand its product range, localise production, develop new battery technologies, and increase software-related revenues to support its growth. Axis Capital, HSBC Securities, JM Financial, and Nomura Financial Advisory are acting as the book-running lead managers for the IPO.
Mint
25-04-2025
- Business
- Mint
Ather Energy IPO: Forget GMP! THIS IIT incubation cell's ₹15 lakh bet in EV startup would become ₹50 crore gain
Ather Energy IPO: The much-awaited initial public offering (IPO) of EV startup Ather Energy is set to hit the Street on April 28, with a price band of ₹ 304 to ₹ 321 per share. But beyond investor interest and grey market premiums (GMP), Ather Energy IPO marks a significant milestone for the Indian startup ecosystem — particularly for IIT Madras' incubation efforts. Back in 2013, when Ather Energy was in its nascent stages, the IIT Madras Incubation Cell (IITM IC) and its sister entity IITM Rural Technology and Business Incubator (RTBI) took a bold bet on the fledgling EV firm. In exchange for providing office space, mentorship, and crucial early-stage support, the incubators were allotted a 5% stake in the startup. As per the Red Herring Prospectus (RHP) of Ather Energy IPO, IITM IC and IITM RTBI jointly held 15,58,170 shares pre-IPO. While the original 5% stake got diluted over several funding rounds, the entities still collectively hold around 0.5% stake in Ather Energy. At the upper end of the IPO price band of ₹ 321 per share, the total value of these 15.58 lakh shares held by IITM IC and IITM RTBI would be estimated at over ₹ 50 crore, translating into a remarkable 32,000% return on investment. IIT Madras Incubation Cell is set to offload 31,050 Ather Energy shares, while IITM Rural Technology and Business Incubator will sell 4,191 shares of the company in the Offer for Sale (OFS) component of the Ather Energy IPO. This early-stage investment is projected to generate returns exceeding ₹ 1.13 crore. Moreover, this IPO is not just Ather Energy's stock market debut, but also the first-ever public listing for a portfolio company of the IITM Incubation Cell. The company's shares are also available in the grey market. According to market observers, Ather Energy IPO GMP (Grey Market Premium) today is ₹ 5. This means company shares are trading at a premium of ₹ 5 much ahead of the Ather Energy IPO opening date, which is declared on April 28, 2025. Ather Energy IPO will open for subscription on Monday, April 28, and will close on Wednesday, April 30. The IPO allotment date is likely to be May 2, and the listing date is expected to be May 6. Ather Energy IPO price band is set at ₹ 304 to ₹ 321 per share. At the upper-end of the price band, the company plans to raise ₹ 2,980.76 crore from the public issue which is a combination of fresh issue of 8.18 crore equity shares aggregating to ₹ 2,626 crore and an OFS component of of 1.11 crore shares worth ₹ 354.76 crore. Axis Capital, HSBC Securities & Capital Markets, JM Financial, Nomura Financial Advisory And Securities (India) are the book running lead managers of the Ather Energy IPO, while Link Intime India is the IPO registrar.
Mint
25-04-2025
- Business
- Mint
Ather Energy IPO: Forget GMP! THIS IIT incubation cell's ₹15 lakh bet in EV startup would become ₹50 crore gain
Ather Energy IPO: The much-awaited initial public offering (IPO) of EV startup Ather Energy is set to hit the Street on April 28, with a price band of ₹ 304 to ₹ 321 per share. But beyond investor interest and grey market premiums (GMP), Ather Energy IPO marks a significant milestone for the Indian startup ecosystem — particularly for IIT Madras' incubation efforts. Back in 2013, when Ather Energy was in its nascent stages, the IIT Madras Incubation Cell (IITM IC) and its sister entity IITM Rural Technology and Business Incubator (RTBI) took a bold bet on the fledgling EV firm. In exchange for providing office space, mentorship, and crucial early-stage support, the incubators were allotted a 5% stake in the startup. As per the Red Herring Prospectus (RHP) of Ather Energy IPO, IITM IC and IITM RTBI jointly held 15,58,170 shares pre-IPO. While the original 5% stake got diluted over several funding rounds, the entities still collectively hold around 0.5% stake in Ather Energy. At the upper end of the IPO price band of ₹ 321 per share, the total value of these 15.58 lakh shares held by IITM IC and IITM RTBI would be estimated at over ₹ 50 crore, translating into a remarkable 32,000% return on investment. IIT Madras Incubation Cell is set to offload 31,050 Ather Energy shares, while IITM Rural Technology and Business Incubator will sell 4,191 shares of the company in the Offer for Sale (OFS) component of the Ather Energy IPO. This early-stage investment is projected to generate returns exceeding ₹ 1.13 crore. Moreover, this IPO is not just Ather Energy's stock market debut, but also the first-ever public listing for a portfolio company of the IITM Incubation Cell. Ather Energy IPO will open for subscription on Monday, April 28, and will close on Wednesday, April 30. The IPO allotment date is likely to be May 2, and the listing date is expected to be May 6. Ather Energy IPO price band is set at ₹ 304 to ₹ 321 per share. At the upper-end of the price band, the company plans to raise ₹ 2,980.76 crore from the public issue which is a combination of fresh issue of 8.18 crore equity shares aggregating to ₹ 2,626 crore and an OFS component of of 1.11 crore shares worth ₹ 354.76 crore. Axis Capital, HSBC Securities & Capital Markets, JM Financial, Nomura Financial Advisory And Securities (India) are the book running lead managers of the Ather Energy IPO, while Link Intime India is the IPO registrar. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. First Published: 25 Apr 2025, 04:12 PM IST
