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Earlier this year, India surpassed France to become the sixth largest economy of the world. It is also one of the world’s fastest-growing economies, poised to become the third-largest by 2028. Rapid economic growth is often driven by an increase in energy demand and consequently higher carbon dioxide emissions. In the lead-up to the Paris Agreement on climate change, India committed to cutting its emissions intensity of GDP by 33% to 35% below 2005 levels by 2030, and to achieving 40% of its electricity-generation capacity from non-fossil sources by the same year. Structural reforms are now needed to facilitate India’s decarbonisation, similar to structural reforms that are critical for achieving higher and equitable economic growth. Four structural reforms hold the key. First, India’s electricity pricing policy needs to be significantly overhauled. Second, revamping the market design of India’s electricity sector is a must. Third, banking sector reforms are pivotal for meeting India’s ambitious renewable energy goals. Finally, India’s bond market needs to take off.
Gurugram based sports and fitness company Tabono Sports, which consults and organises marathons, has raised pre-series A round of funding from Inflection Point Ventures (IP Ventures) that values the firm Rs.17 crore. The funds will be utilised to expand business development, marketing and technology teams to operate projects it has planned across India with a focus on Tier II and Tier III cities.
Palo Alto and Bengaluru-based email startup CloudMagic has been acquired by Andy Rubin’s consumer technology startup Essential Products for an undisclosed amount. This acquisition comes nearly four months after CloudMagic announced that it will be pulling the plug on its flagship email app Newton, marking the end of the subscription-based service after five years.
Mumbai-based multi-brand car marketplace, MYNEWCAR (.in), has raised $1 mn (Rs.7.1 cr approx.) in a pre-Series A funding round. The funding has been led by angel investors whose names are not disclosed yet. MYNEWCAR is currently operating in cities like Mumbai, Bengaluru, Pune and Delhi, NCR and aims to deepen and expand its business operations in other cities, including Chennai.
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