Latest news with #PuneetGupta
Scroll.in
3 days ago
- Automotive
- Scroll.in
Rivals speed ahead as Tata Motors lags in EV race
This article was originally published in Rest of World, which covers technology's impact outside the West. Until recently, Tata Motors had a dream run in India's electric-vehicle market. The first homegrown automaker to successfully launch an EV in the country, it quickly gained traction with vehicles across diverse price points. By 2023, Tata Motors had cornered most of the Indian market. Then came the speed bumps. Tata Motors' fleet sales plummeted from 26,000 in 2023 to 2,000 in 2024. Its market share eroded from about 70% in early 2024 to 53% this year. Rivals closed in. JSW MG Motor India, a joint venture between India's JSW Group and China's SAIC Motor, more than doubled its market share to 28% in 2025. It sold 3,765 EVs in May, while Tata Motors sold only 586 more, according to data from the Federation of Automobile Dealers Associations. Domestic auto giant Mahindra & Mahindra sold 2,632 EVs and registered a 343% year-on-year growth. Overall volumes continue to be small amid fluctuating demand in the Indian market. While the government aims for a third of all vehicles to be electric by 2030, EVs comprised only 2.5% of the 4.3 million cars sold in the country in 2024. Sales have grown to a modest 4% this year. The EV market is estimated to expand from $8 billion in 2023 to more than $117 billion by 2032. Tata lost its first-mover advantage because of 'innovative ways of selling by [JSW] MG', Puneet Gupta, director for South Asia at automotive intelligence firm S&P Global Mobility, told Rest of World. JSW MG's competitive pricing and battery-as-a-service model – which allows customers to lease or subscribe to EV batteries – gave it an edge in the Indian market. This signals a growing shift. As domestic and international electric carmakers try to win over India's cost-conscious buyers, the battle ahead hinges on value, not just slashed rates. Escalating price wars have triggered fears of a financial crisis in China's EV sector. But in India, the still-nascent segment is following a different trajectory, industry experts told Rest of World. India's increasingly well-traveled consumer prefers affordable EVs that can offer futuristic technology, good performance and reliability. 'It will not be a zero-sum game on pricing,' said Harshvardhan Sharma, a Gurugram-based auto tech and innovation expert at Nomura Research Institute. 'Pricing is one of the factors – the competition is evolving around a value-based differentiation rather than a race to the bottom.' Tata Motors aims to regain market leadership with a well-conceived product portfolio, new launches, and a renewed focus on improving after-sales service, according to its latest earnings report. Representatives from Tata and JSW MG did not respond to Rest of World 's requests for comment. The rate of adoption is still slow, Rajat Mahajan, partner and auto sector leader for South Asia at global consulting firm Deloitte, told Rest of World. 'And so, what is at play is: how can we get more customers aware of EVs, and get used to EVs.' Tata Motors tackled the challenge early on. In 2020, it introduced the Nexon, an electric SUV priced at Rs 14 lakh, which became India's most popular EV. In 2022, its most affordable hatchback, Tiago – which offered a range of 250 kilometers at a starting price of Rs 8.5 lakh – sold 10,000 units in one day. But JSW MG chipped away at Tata Motors' leadership with the Windsor – the country's best-selling EV since its launch in September 2024. With an introductory price of Rs 13.5 lakh – only slightly higher than a premium hatchback – the spacious car is able to compete with the bigger SUVs and sedans in the market. Much of Windsor's success is tied to JSW MG's introduction of the battery-as-a-service model in India, which gave the company a 'significant tactical advantage,' Sharma said. 'It allows the customer to decouple 50% of the acquisition cost of the product.' Such a service doesn't just reduce upfront costs, it also encourages adoption by mitigating customer anxieties about vehicle range and battery health. JSW MG has since extended the battery-as-a-service model to all its EV cars. These include the Comet – the company's smallest EV – relaunched in March at a starting price of Rs 4.99 lakh ($5,800). Tata Motors appears wary of battery-as-a-service for now. Its representatives argue the model is a 'market activation storyline' that gives the illusion of better affordability without significantly lowering the total cost of ownership. Earlier this month, Tata Motors launched its most advanced EV, the at an introductory price of Rs 21.49 lakh. Following JSW MG and Mahindra's lead, it offered a lifetime warranty on the vehicle's battery pack. The car is powered by a battery that is 'designed and manufactured in India', Anand Kulkarni, chief products officer for electric passenger vehicles at Tata Motors, said at the launch. The company may still be able to regain its stronghold. As US protectionism disrupts global supply chains and forces Chinese automakers to turn to other markets, the Tata Group – Tata Motors' parent company and one of India's largest conglomerates – is pursuing a self-reliant ecosystem, dubbed the ' Tata UniEVerse,' by leveraging diversified businesses. Tata Power operates a vast infrastructure with over 5,500 charging points; outsourcing giant Tata Consultancy Services provides advanced research and product design for car technology; Tata Chemicals is engaged in cell development and localized manufacturing; and Tata Motors Finance extends financing solutions for customers and dealers. Most EV companies tend to depend on Chinese batteries – Tata plans to change that. Its subsidiary Agratas is eyeing in-house production at a $1.5 billion plant in the western state of Gujarat, and a $5 billion battery gigafactory in the U.K. 'Nobody understands the EV industry in India today better than Tata,' Gupta said. 'EV is about the ecosystem; it's not only about car manufacturing.' Tata Motors is also expanding overseas with its EVs in emerging economies such as Mauritius and Sri Lanka. It tasted initial success with its 2021 entry into Nepal, a fast-growing EV market, but Chinese brands have since gained ground. In India, the competition is set to intensify as global players trickle in, albeit with uneven moves. As Tesla's long-pending entry takes shape, it has shelved assembly plans and opted to roll out imported cars. VinFast India, a subsidiary of Vietnamese EV maker VinFast, was expected to debut with premium SUVs this month, but its launch plans have been delayed due to lagging production and dealers dropping out. Although Chinese auto giant BYD has been operational in India for several years, the government has rebuffed its attempts to establish a local factory, citing national security concerns. Since BYD's cars are imported, they're more expensive than local competitors, limiting its market share. Domestic EV upstarts, meanwhile, are experimenting with compact models. This January, Vayve Mobility, a Pune-based startup, launched Eva, a two-seater EV that goes into production next year – it is expected to be India's cheapest electric car. The car aims to address urban mobility challenges for nuclear families, and offers a range of 250 kilometres. Prices across models start from Rs 3.25 lakh ($3,700). It has a solar-panel roof for charging, in addition to a standard port. The company plans to scale at a tempered pace and the car is currently sold out for the first year of production, Vilas Deshpande, co-founder and chief operating officer at Vayve Mobility, told Rest of World. EV startups have had limited success in India so far, with four legacy carmakers dominating 80% of the market, according to research firm Bernstein.
Business Standard
3 days ago
- Business
- Business Standard
Puneet Gupta Steps Down as CEO After Clensta's Acquisition
NewsVoir Gurgaon (Haryana) [India], July 9: Puneet Gupta, Founder and CEO of Clensta, announced via a personal LinkedIn post that he is stepping down as CEO following the acquisition of Clensta, a personal care innovator best known for its waterless technology solutions. While final deal terms remain private, Clensta was last valued at $36 million by Amazon, as per sources familiar with the matter. JM Financial is understood to have advised Clensta as its investment banker. This transition marks the end of a decade-long journey that saw Gupta move from aerospace and defense innovation to building one of India's most recognized tech-backed personal care brands. Under his leadership, Clensta grew from a lab-stage idea into a multi-category company with global reach and institutional interest. In his post, Gupta reflected on the lessons of scale, resilience, and timing -- stating that he now enters a phase of "reset and reflection," and hinting at future projects in venture-building and authorship. A Founder's Journey Few Can Match Before Clensta, Puneet spent 8 years building an optoelectronic company serving the Indian armed forces. From night vision to tactical gear, his engineering innovations helped secure global attention--including offers from players like Reliance Defence. But in 2016, Puneet took a bold leap. He moved from battlefield to bathroom, founding Clensta with the idea of solving hygiene for soldiers without access to water. Partnering with IIT Delhi, he launched the now-patented Waterless Bathing Technology, followed by Waterless Shampoo and many others. These innovations quickly found favor in hospitals, disaster relief, and space-constrained environments. A Brand That Connected at Scale As Clensta expanded across D2C marketplaces and multi-category retail, it caught the attention of several global VCs, PE firms, and strategic players -- including Amazon, which had valued the business at $36 million. In 2023, the brand made headlines again when Parineeti Chopra joined Clensta as a partner and brand co-builder. The association went viral across social media and press, signalling a strong consumer resonance with Clensta's mission and story. Often referred to as "the waterless man", Puneet Gupta helped shape Clensta into a category-defining personal care company that blended sustainability, science, and national purpose. Quiet Signals and a Clear Arc The brand also drew attention when a former senior executive from Mamaearth joined Clensta as Co-founder. The executive exited in 2024, citing a difference in long-term alignment with the strategic direction Clensta was heading toward. Puneet's recent announcement now completes that arc. A Moment of Reflection, Not Retreat In a world where founders often glamorize the hustle, Puneet's LinkedIn post stood out for its honesty. Reflecting on his military-honed mindset, he admitted: "I used to believe jab nadi aayegi tab pul banayenge. I was wrong. You don't build the bridge during the flood. You build it before." He also revisited his talent philosophy: "I thought learning, earning, and recognition--what I called LSD: Lakshmi, Saraswati, and Durga--was enough to retain people. But I was wrong. Great companies are built on processes, not passion alone." Without going into detail, Puneet acknowledged that the path wasn't always smooth -- and that building an enduring brand requires facing difficult truths. "The founder must be the last to leave. You take the hit. You hold the line. You leave the light on." What Comes After a $100 Million Journey? Puneet Gupta now enters stealth mode. After cumulatively building a Defence-first B2B and B2C company valued at $100 million, he steps into a phase of deep reset. While the details of his next chapter remain undisclosed, he has hinted at an upcoming book -- a reflection on what it truly means to build scale, where valuation doesn't always translate to personal financial outcomes. It draws from the untold journey behind building $100 million+ companies, and signals a possible return to venture-building -- this time with sharper capital strategy, founder alignment, and market timing at its core. Having raised capital from institutional investors and attracted interest from global VCs and strategic players like Amazon, Puneet brings rare clarity into the complexities of fundraising, founder dilution, and alignment. If he chooses to support early-stage founders in the future, it's likely to save them years of wasted effort -- and offer the kind of strategic insight only hard-won experience can provide. The question he leaves open -- "What does a founder pursue after such a long stint?" -- is one the startup world will be watching closely. An Award-Laden Legacy Puneet and Clensta have received some of the country's highest recognitions: National Entrepreneurship Award (Govt. of India) Entrepreneur of the Year (NewsTV18) TiE Lumis Excellence Award, Business World Young Entrepreneur, Times 40 Under 40 UK Tech Rocketship, ET Rise Startup of the Year, PwC LevelNXT Disruptor Award Recognized by Saudi Aramco, US Embassy, and CII From Founder to Force Whether building for the Army or the Indian consumer, Puneet Gupta's north star has remained clear: solve real problems, with precision and purpose. As he steps down as CEO, Clensta's journey serves as a reminder: in the end, every founder is a salesman -- whether it's defense tech or a bottle of shampoo. It's not about what you sell, but how you build.
Fashion Value Chain
4 days ago
- Business
- Fashion Value Chain
Puneet Gupta Steps Down as CEO After Clensta's Acquisition
Puneet Gupta, Founder and CEO of Clensta, announced via a personal LinkedIn post that he is stepping down as CEO following the acquisition of Clensta, a personal care innovator best known for its waterless technology solutions. While final deal terms remain private, Clensta was last valued at $36 million by Amazon, as per sources familiar with the matter. JM Financial is understood to have advised Clensta as its investment banker. This transition marks the end of a decade-long journey that saw Gupta move from aerospace and defense innovation to building one of India's most recognized tech-backed personal care brands. Under his leadership, Clensta grew from a lab-stage idea into a multi-category company with global reach and institutional interest. In his post, Gupta reflected on the lessons of scale, resilience, and timing – stating that he now enters a phase of 'reset and reflection,' and hinting at future projects in venture-building and authorship. A Founder's Journey Few Can Match Before Clensta, Puneet spent 8 years building an optoelectronic company serving the Indian armed forces. From night vision to tactical gear, his engineering innovations helped secure global attention-including offers from players like Reliance Defence. But in 2016, Puneet took a bold leap. He moved from battlefield to bathroom, founding Clensta with the idea of solving hygiene for soldiers without access to water. Partnering with IIT Delhi, he launched the now-patented Waterless Bathing Technology, followed by Waterless Shampoo and many others. These innovations quickly found favor in hospitals, disaster relief, and space-constrained environments. A Brand That Connected at Scale As Clensta expanded across D2C marketplaces and multi-category retail, it caught the attention of several global VCs, PE firms, and strategic players – including Amazon, which had valued the business at $36 million. In 2023, the brand made headlines again when Parineeti Chopra joined Clensta as a partner and brand co-builder. The association went viral across social media and press, signalling a strong consumer resonance with Clensta's mission and story. Often referred to as 'the waterless man', Puneet Gupta helped shape Clensta into a category-defining personal care company that blended sustainability, science, and national purpose. Quiet Signals and a Clear Arc The brand also drew attention when a former senior executive from Mamaearth joined Clensta as Co-founder. The executive exited in 2024, citing a difference in long-term alignment with the strategic direction Clensta was heading toward. Puneet's recent announcement now completes that arc. A Moment of Reflection, Not Retreat In a world where founders often glamorize the hustle, Puneet's LinkedIn post stood out for its honesty. Reflecting on his military-honed mindset, he admitted: 'I used to believe jab nadi aayegi tab pul banayenge. I was wrong. You don't build the bridge during the flood. You build it before.' He also revisited his talent philosophy: 'I thought learning, earning, and recognition-what I called LSD: Lakshmi, Saraswati, and Durga-was enough to retain people. But I was wrong. Great companies are built on processes, not passion alone.' Without going into detail, Puneet acknowledged that the path wasn't always smooth – and that building an enduring brand requires facing difficult truths. 'The founder must be the last to leave. You take the hit. You hold the line. You leave the light on.' What Comes After a $100 Million Journey Puneet Gupta now enters stealth mode. After cumulatively building a Defence-first B2B and B2C company valued at $100 million, he steps into a phase of deep reset. While the details of his next chapter remain undisclosed, he has hinted at an upcoming book – a reflection on what it truly means to build scale, where valuation doesn't always translate to personal financial outcomes. It draws from the untold journey behind building $100 million+ companies, and signals a possible return to venture-building – this time with sharper capital strategy, founder alignment, and market timing at its core. Having raised capital from institutional investors and attracted interest from global VCs and strategic players like Amazon, Puneet brings rare clarity into the complexities of fundraising, founder dilution, and alignment. If he chooses to support early-stage founders in the future, it's likely to save them years of wasted effort – and offer the kind of strategic insight only hard-won experience can provide. The question he leaves open – 'What does a founder pursue after such a long stint' – is one the startup world will be watching closely. An Award-Laden Legacy Puneet and Clensta have received some of the country's highest recognitions: National Entrepreneurship Award (Govt. of India) Entrepreneur of the Year (NewsTV18) TiE Lumis Excellence Award, Business World Young Entrepreneur, Times 40 Under 40 UK Tech Rocketship, ET Rise Startup of the Year, PwC LevelNXT Disruptor Award Recognized by Saudi Aramco, US Embassy, and CII â From Founder to Force Whether building for the Army or the Indian consumer, Puneet Gupta's north star has remained clear: solve real problems, with precision and purpose. As he steps down as CEO, Clensta's journey serves as a reminder: in the end, every founder is a salesman – whether it's defense tech or a bottle of shampoo. It's not about what you sell, but how you build.
Time of India
01-07-2025
- Business
- Time of India
Cabinet approves employment-linked incentive (ELI) and research development and innovation (RDI) schemes
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The union cabinet, on Tuesday, approved the Rs 99,446 crore employment linked incentive (ELI) scheme to incentive formal job creation in excess of 35 million over two years, with benefits focussed on first-time job creation across the manufacturing sector. The move is aimed at formalisation of the workforce, enhancing employability and social security across all it also gave its go ahead to the Rs 1 lakh crore research development and innovation (RDI) scheme aimed at providing long-term financing or refinancing with long tenors at low or nil interest rates to spur private sector investment in RDI.'With the ELI scheme, the government intends to catalyse job creation in all sectors, particularly in the manufacturing sector, besides incentivizing youth joining the workforce for the first time,' it said in a statement.'An important outcome of the scheme will also be formalization of the country's workforce by extending social security coverage for crores of young men and women,' it ELI scheme, announced in the Union Budget 2024-25 as part of PM's package of five schemes to facilitate employment, skilling and other opportunities for 41 million youth with a total budget outlay of Rs 2 lakh crore, would be applicable to jobs created between August 01, 2025 and July 31, the scheme, while the first-time employees will get one month's wage (up to Rs 15,000), the employers will be given incentives for a period of two years for generating additional employment, with extended benefits for another two years for the manufacturing ministry of labour and employment expects 19.2 million beneficiaries of the scheme to be first timers, entering the workforce while incentives to employers are expected to create additional employment of nearly 26 million scheme will be implemented by the Employees' Provident Fund Organisation 'It's a promising step towards enhancing employment opportunities. This forward-thinking initiative streamlines the previous framework into two impactful schemes aimed at driving job creation and supporting first-time employees,' Puneet Gupta, tax partner, EY Part A of the scheme will focus on first timers, Part B will focus on Part A, first-time employees with a salary of up to Rs 1 lakh and registered with EPFO will get one-month EPF wage, up to Rs 15,000, in two installments. The first installment will be payable after six months of service and the second installment will be payable after 12 months of service and completion of a financial literacy programme by the encourage the habit of saving, a portion of the incentive will be kept in a savings instrument or deposit account for a fixed period and can be withdrawn by the employee at a later Part B, the government will incentivize employers, up to Rs 3000 per month, for two years, for each additional employee with salary up to Rs 1 lakh with sustained employment for at least six months. For the manufacturing sector, incentives will be extended to the third and fourth years as establishments, which are registered with EPFO, will be required to hire at least two additional employees (for employers with less than 50 employees) or five additional employees (for employers with 50 or more employees), on a sustained basis for at least six months to avail benefits under the India estimates that a single employer in the non-manufacturing sector hiring 100 additional employees could receive up to Rs 72 lakh over two years, while a manufacturing sector employer could benefit from an impressive INR 1.44 crore over four years under the scheme.'ELI is a significant step towards boosting employment and formalizing India's workforce. It opens doors for first-time job seekers and empowers employers to expand their workforce and gives a decisive push to India's labour intensive sectors,' Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII) RDI scheme is aimed at encouraging the private sector to scale up research, development, and innovation (RDI) in sunrise domains and in other sectors relevant for economic security, strategic purpose, and self-reliance; finance transformative projects at higher levels of technology readiness levels (TRL), support acquisition of technologies which are critical or of high strategic importance and facilitate setting up of a Deep-Tech Fund of cabinet committee on economic affairs also gave its go ahead to upgradation of a 46.7 km long, two-lane Paramakudi-Ramanathapuram section of national highway in Tamil Nadu into four-lane on Hybrid Annuity Mode (HAM) at a total capital cost of Rs 1,853 crore, including Rs 340.94 crore of land acquisition will decongest the existing corridor, improve safety, and cater to the mobility needs of rapidly growing towns such as Paramakudi, Sathirakudi, Achundanvayal and Ramanathapuram in the southern cabinet also approved the National Sports Policy (NSP) 2025 which will supersede the existing National Sports Policy, 2001, and lay out a roadmap to establish India as a global sporting powerhouse and a strong contender for excellence at international sporting events, including the 2036 Olympic the policy, the government will lay down a robust regulatory framework for sports governance, including a legal framework, develop innovative financing mechanisms and engage private sector participation through PPPs and CSR, leverage emerging technologies, including AI and data analytics, for performance tracking, research, and program implementation and create a national framework with well-defined benchmarks, key performance indicators (KPIs), and time-bound targets.
Time of India
18-06-2025
- Climate
- Time of India
AI's Bali-Delhi flight lands in Varanasi due to bad weather
Varanasi: An Air India flight AI 2146 from Bali to Delhi was diverted due to bad weather and made an emergency landing at Lal Bahadur Shastri International Airport, Varanasi late Tuesday afternoon. After standing on the strip with 187 passengers on board for over two hours, it left for Delhi, said Puneet Gupta, director of the Varanasi airport, on Wednesday, adding that the flight was from Denpasar, Indonesia to Delhi. After receiving clearance from ATC, the diverted flight landed at Varanasi Airport at 4.20 pm. Approximately two hours later, when weather in Delhi improved, the flight was granted permission to take off at 7pm. On Tuesday, before the flight reached Delhi, weather conditions worsened and the aircraft with 187 passengers on board, including three children, was diverted, even as the pilot contacted ATC at Varanasi airport for landing at an alternate airport. The flight departed from the Denpasar International Airport in Bali, Indonesia at 10.30 am (local time) and was to land at the Indira Gandhi International Airport, Delhi, around 2.30 pm. According to flight tracking website FlightRadar24, the Airbus A321 plane landed in Varanasi instead of Delhi. The flight was near the Delhi-UP border when it was diverted to Varanasi, it showed.
