Category: Corporate

Surat-based startup DhiWise has rebranded as Rocket AI and positioned itself as a fully AI-first company, raising $15 million in a seed funding round led by Salesforce Ventures and Accel, with participation from Together Fund. The company announced on September 23 that it will use the funds to expand research and development, enhance product capabilities, and establish a global presence with new headquarters in Palo Alto, California.

Founded by Vishal Virani, Rahul Shingala, and Deepak Dhanak, Rocket AI is an app-building platform that allows users to convert plain English prompts into fully functional, production-ready applications. Unlike typical AI tools that generate code snippets or mockups, Rocket provides end-to-end build capabilities, covering the user interface, backend, integrations, and scaling.

In an interview with Moneycontrol, co-founder and CEO Vishal Virani said, “We’ve moved from design-to-code utilities to an AI-driven build system. The goal isn’t snippets; it’s shipping real products reliably.” He added, “Over the last two years, users asked us for outcomes, not just assistance. They wanted us to help them ship full solutions faster and maintain them easily. That’s when we realised speed is the moat. Rocket reduces time-to-value from months to days, while keeping quality and security intact.”

The rebrand reflects a wider trend among SaaS startups in India to pivot toward AI-first models in order to attract investor and customer interest. According to Tracxn, AI-focused SaaS deals have surged in 2025, with firms like Accel, Lightspeed, and Peak XV backing India-founded companies targeting global markets. Startups such as Whatfix, Atlan, and Capillary have similarly sharpened their AI positioning to secure larger investment rounds.

Rocket, which launched four months ago, claims to have 400,000 users across 180 countries and has facilitated the creation of over 500,000 production-ready apps. The company currently employs 60 people across Surat and Palo Alto and plans to double its India-based product and engineering teams over the next year.

Virani told Moneycontrol that Rocket is designed to serve both startups and enterprises. “Our platform is equally useful for a small business in Brazil trying to build an internal tool or a Fortune 100 company looking for scalable AI-native solutions. The common thread is speed, scale, and reliability,” he said.

The seed funding marks a critical step in Rocket’s growth trajectory, as the startup looks to establish itself as a global player in the AI-powered application development space.

Also Read: Alkem launches Pertuza biosimilar to make breast cancer treatment more accessible

Leading Indian IT services companies are signaling a major shift in their operations following the U.S. administration’s announcement of a steep hike in H-1B visa fees to $100,000.

According to a report by the Economic Times (ET), several top Indian firms have told the government they plan to reduce their reliance on H-1B visas and move more work to India for U.S. clients.

The fee increase, announced on September 19, 2025, has raised concerns among Indian IT companies about exposure to uncertainties in U.S. immigration policy that could disrupt long-term business planning. India has historically been the largest beneficiary of the H-1B program, with nearly 71 percent of the visas issued to Indian nationals.

Citing officials, ET reported that firms including Tata Consultancy Services (TCS), Infosys, LTI Mindtree, HCL America, Wipro, Tech Mahindra, and L&T Technology Services are re-evaluating the scale of their on-site presence in the U.S. Data from the U.S. government shows that TCS ranked second among the top 100 H-1B recipients with 5,505 visas, while Infosys received 2,004, and LTI Mindtree 1,044. Together, the top seven Indian firms among the 100 largest H-1B beneficiaries account for 14,565 visas.

An official familiar with the matter told ET that larger U.S. tech firms such as Amazon, Microsoft, Apple, Meta, and Walmart would also face the biggest challenges, as they hold far more H-1B visas. “It’s a bigger problem for big tech companies like Amazon, Microsoft, Apple, Meta, and Walmart to tackle as they have substantially more such visas,” the official said.

The visa fee increase is expected to have an immediate impact on staffing decisions and cost structures. Several Indian IT executives have indicated that while some work can continue in the U.S., a larger share will be handled from Indian delivery centers. This strategic pivot aligns with Prime Minister Narendra Modi’s push for greater self-reliance across sectors, including technology.

The ET report noted that startup AI firms, many of which had considered relocating teams to the U.S. to leverage the global innovation ecosystem, may now prefer to keep operations in India. This could influence the growing AI sector, as companies weigh cost, talent availability, and regulatory risks in making expansion decisions.

Analysts say the move may accelerate India’s position as a global IT hub, with more projects being executed from domestic delivery centers rather than offshore locations. “The visa policy change may encourage firms to invest in India-based talent and technology infrastructure,” said a senior IT analyst.

Despite the fee hike, major Indian IT companies continue to emphasize their commitment to U.S. clients. TCS, Infosys, and Wipro executives are reportedly engaging with clients to ensure project continuity while adjusting staffing plans. At the same time, the companies are seeking ways to manage visa-dependent costs without affecting delivery timelines or contractual obligations.

Market reaction has been mixed. While some IT stocks fell marginally due to concerns over higher costs, investors see potential long-term benefits from increased operational control and reduced dependence on U.S. immigration policies.

The shift away from H-1B dependency comes amid broader global concerns over talent mobility and rising costs in the U.S., especially in sectors such as AI and advanced technology services where specialized talent is critical. Indian IT firms appear to be responding proactively, signaling a structural recalibration in how cross-border services are delivered.

With the H-1B fee hike now in effect, India’s IT industry is set to reassess not only U.S.-bound staffing but also global delivery strategies. ET’s reporting suggests that the move could reshape outsourcing patterns, with a stronger emphasis on India as the backbone of IT service delivery for major American clients.

Also Read: Alkem launches Pertuza biosimilar to make breast cancer treatment more accessible

SAP’s strategic focus on India is intensifying, evidenced by the recent launch of its Sovereign Cloud offering and the inauguration of a sprawling new campus in Bengaluru. This two-pronged approach highlights India’s critical role in SAP’s global growth strategy, particularly in the fields of cloud technology and Artificial Intelligence (AI).

Sovereign Cloud for Secure Data within India

On September 19, SAP unveiled its Sovereign Cloud in India, a significant development designed to meet the stringent data residency and compliance requirements of Indian government agencies and regulated industries like banking and healthcare.

This initiative empowers these organizations to leverage advanced cloud and AI solutions while ensuring their sensitive data remains within India’s borders, according to ANI News. Martin Merz, President of SAP Sovereign Cloud at SAP-SE, confirmed a global investment of 20 billion euros in sovereign cloud infrastructure, with India being a key beneficiary.

The offering aligns fully with India’s National Information Security Policy & Guidelines (NISPG) and the new Digital Personal Data Protection Act, 2023, providing a secure, compliant, and future-ready digital ecosystem.

Bengaluru Innovation Park: A Hub for Global R&D

Further demonstrating its commitment, SAP Labs India inaugurated its second campus in Bengaluru in August 2025. Named the SAP Labs India Innovation Park, this expansive 41-acre facility, built with a €194 million investment, is poised to become a major global hub for SAP’s research and development efforts.

It is designed to accommodate up to 15,000 professionals, underscoring India’s importance in SAP’s talent strategy.

This new campus will focus on cutting-edge areas including product engineering, enterprise AI, and customer support, serving both local and global clients. Notably, it houses India’s second SAP experience center and a Secure Operational Facility purpose-built to meet the exacting security requirements of Indian national security authorities. According to The Indian Express, the campus is located in Devanahalli, near Bengaluru’s international airport.

Investing in Talent and AI Future

SAP sees India as its fastest-growing market among its top 10 globally and is prioritizing talent development and AI innovation within the country. The company plans to hire “over proportionally” in India compared to other global locations, focusing on AI-first skills. IBEF also reports that SAP is directing a large portion of its research and development investments to India. SAP Labs India is responsible for a significant portion of the development of SAP’s AI co-pilot, Joule. The company is also collaborating with academic institutions and training programs like EduBridge to foster AI talent and address the evolving needs of the digital landscape.

These concerted investments in sovereign cloud infrastructure, R&D facilities, and talent underscore SAP’s long-term vision for India as a pivotal innovation engine and a crucial market for its cloud and AI solutions.

Also Read: Government refuses to extend Vedanta’s contract for Cambay basin oil & gas block

In a significant development in the electric mobility sector, JBM Electric Vehicles, a subsidiary of JBM Auto Ltd., has entered into a strategic partnership with Al Habtoor Motors, a leading automobile distributor in the UAE. This collaboration aims to introduce next-generation electric buses to the UAE market, supporting the nation’s ambitious Net Zero by 2050 initiative.

Under the terms of the agreement, Al Habtoor Motors will serve as the exclusive importer and distributor of JBM’s electric buses in the UAE. The partnership is set to enhance the country’s public transportation infrastructure by providing sustainable, low-emission mobility solutions. The electric buses will be deployed across various segments, including urban city transit, school and staff transport, airport tarmac operations, and intercity tourist coaches.

Nishant Arya, Vice Chairman and Managing Director of JBM Auto, emphasized the strategic importance of the UAE market for the company. He stated, “The UAE is a strategic market for JBM Electric Vehicles. We are eager to contribute to the UAE government’s vision of sustainable transport.” This collaboration underscores JBM Electric Vehicles’ commitment to expanding its global footprint and promoting clean energy solutions in the transportation sector.

The partnership aligns with the UAE’s broader environmental goals, aiming to reduce carbon emissions and operating costs while enhancing passenger comfort. The electric buses are equipped with advanced lithium-ion battery systems, smart charging capabilities, and comprehensive safety features designed to meet the UAE’s climate and regulatory standards.

Ahmed Al Habtoor, CEO of Al Habtoor Motors, highlighted the significance of the partnership in advancing the region’s green mobility agenda. He remarked, “This partnership represents a significant milestone in our journey toward green mobility. Together, we aim to be among the top two e-mobility players transforming the clean public mobility landscape in the region.”

The collaboration also leverages JBM Electric Vehicles’ E-verse platform, an integrated EV ecosystem that includes electric buses, charging infrastructure, and leasing services. This holistic approach aims to provide a seamless and efficient electric mobility solution for the UAE’s public transportation network.

The announcement of the partnership has had a positive impact on JBM Auto’s stock performance. Shares of the company rose over 6% on the day following the announcement, reflecting investor confidence in the company’s strategic move into the UAE market.

This partnership marks a significant step in the global transition toward sustainable transportation solutions. By combining JBM Electric Vehicles’ expertise in electric mobility with Al Habtoor Motors’ strong local presence and distribution network, the collaboration is poised to play a pivotal role in shaping the future of public transport in the UAE.

Alkem Laboratories has introduced Pertuza (420 mg/14 mL), an indigenously developed pertuzumab biosimilar, in India for treating HER2-positive breast cancer. The drug is intended to provide a more affordable alternative to the innovator product while maintaining its clinical benefits.

Clinical trials conducted by Alkem’s biosimilars arm, Enzene Biosciences, showed that the biosimilar matched the reference pertuzumab product in efficacy, safety, and immunogenicity. This means that in head-to-head comparisons, Pertuza performed similarly in slowing tumour growth, had comparable side effects, and triggered immune responses similar to the original drug.

Affordability and access are central to Alkem’s strategy. Experts say that even though pertuzumab (sold globally under the brand name Perjeta by Roche) has improved outcomes for many patients, its high cost has put it out of reach for large segments of the Indian population. The launch of Pertuza is seen as a step toward reducing that gap.

Dr Vikas Gupta, Chief Executive Officer of Alkem, expressed that oncology is a priority area for the company. He said that Alkem is committed to combining scientific excellence with wider access. He added that Pertuza aims to bring this critical therapy to thousands of women each year who would otherwise be excluded from treatment because of cost barriers.

Experts believe that the launch of Pertuza could help in several ways. It could ease pressure on patients’ finances, potentially improve the adoption of HER2-targeted therapy across private and public hospitals, and reduce dependence on imports of expensive biologics. Since patent and pricing issues have often delayed entry of biosimilars in India, Pertuza’s approval shows progress in regulatory pathways and domestic manufacturing capabilities.

There is some competition: earlier, Zydus Lifesciences had won conditional approval for a pertuzumab biosimilar called “Sigrima”, but its launch was delayed because of legal challenges from Roche concerning patent protection. That case underscored both the regulatory and intellectual property hurdles that biosimilars face.

In the broader context of cancer care, India has a large and growing burden of breast cancer, and particularly of HER2-positive cases, which are more aggressive and require costly targeted therapy. Making treatments like pertuzumab more affordable could lead to earlier treatment, improved survival rates, and better quality of life for patients who otherwise might skip or delay therapy. Experts believe that innovation in biosimilars is key to scaling up access in oncology in India.

Overall, Pertuza’s launch is being viewed as a positive development — both from a medical standpoint and a policy perspective — in terms of driving down costs, enhancing local R&D and production, and widening access to vital cancer therapies.

KEC International, a leading global EPC (Engineering, Procurement and Construction) company in power transmission and distribution, has won new orders worth ₹3,243 crore.

The contracts include its largest-ever EPC order in the international T&D segment, strengthening its global order book and boosting its presence in high growth regions.

The fresh orders cover the construction of 400 kV transmission lines in the United Arab Emirates (UAE), along with supply of towers, hardware and poles in the Americas. According to the company, the Middle East is playing an increasingly important role in its international business and this deal further cements its strength in that region.

Vimal Kejriwal, Managing Director & CEO of KEC International, said the order wins are particularly special because this is their largest EPC order to date in the international T&D business. He noted that the contracts will play a key role in driving the company’s targeted growth moving ahead. With these orders, the company’s year-to-date order intake has now reached approximately ₹11,700 crore.

KEC International’s recent performance has also shown improvement in Q1 FY26. The firm reported a rise of about 42.3% in its consolidated net profit to ₹124.60 crore, compared to the same quarter last year. Revenue from operations also rose by over 11% year-on-year. The EBITDA (earnings before interest, taxes, depreciation and amortisation) margin expanded as well, helping support investor confidence.

Markets reacted positively to the announcement. Shares of KEC International rose sharply, gaining around 6 to 6.5% in early trading after the order news, reflecting optimism around the company’s prospects.

The new orders are expected to help KEC in multiple ways. They will deepen its international footprint, especially in the Middle East and Americas, and improve its order book strength in the transmission & distribution sector. They may also help buffer against domestic market slowdowns, as international contracts often bring scale and longer execution windows. The company has been focusing on diversifying both geographically and in its business verticals.

While challenges remain in managing supply chain, raw material costs, and timely execution of large projects, KEC’s ability to win such large orders is seen as evidence of its operational strength and competitiveness. The contracts’ size and international nature suggest confidence from clients in KEC’s execution capabilities. Overall, this development marks a strong moment for the company as it navigates a shifting landscape in global infrastructure development.

Also Read: JSW Energy Acquires Tidong Hydro Project for ₹1,728 Crore, Boosting Hydro Portfolio

The Government of India has rejected the request from Vedanta’s unit, Vedanta Cairn Oil & Gas, to extend its Production Sharing Contract (PSC) for the offshore CB-OS/2 block in the Cambay basin, Gujarat. Instead, it has directed the state-owned Oil and Natural Gas Corporation (ONGC), which holds a 50 per cent stake, to take interim control of operations, assets, data, and ongoing management.

The CB-OS/2 block had been operated under Vedanta Cairn with a 40 per cent share, while Invenire Energy holds the remaining 10 per cent. The PSC for the block was originally signed on August 30, 1998, and expired on June 30, 2023. Vedanta and its partners had continued conducting operations while awaiting the government’s decision on the renewal of the contract.

The CB-OS/2 block includes the Lakshmi and Gauri fields. It currently produces around 3,400 barrels of oil per day and about 3.4 lakh standard cubic metres of gas daily. Reserves in the block, according to a 2019 report by DeGolyer & MacNaughton, are estimated at about 13.6 million barrels of oil and oil-equivalent gas.

In its filing, ONGC said the takeover is “purely interim,” intended to maintain continuity of petroleum operations in public interest and to safeguard reserves, until the block is re-awarded. Vedanta has contested some of the government’s positions, including objections raised by the Ministry of Petroleum & Natural Gas regarding its demerger plans, and disputes over how profit petroleum is computed in other blocks, especially Rajasthan.

Although this decision marks a setback for Vedanta, analysts believe the financial impact on the group will be limited. The CB-OS/2 block contributes less than 0.3 per cent to Vedanta’s overall EBITDA. Moreover, other key Vedanta blocks have already been granted extensions: the Rajasthan block RJ-ON-90/1 has been extended to May 14, 2030, and the Ravva field (PKGM-1) has been extended to October 27, 2029.

The refusal to renew the CB-OS/2 PSC and the transfer of interim control to ONGC follows a letter from the Ministry dated September 19 informing partners that the extension application “has not been accepted.” No specific reason was cited in the notification. Vedanta Cairn has denied allegations made by the ministry related to liabilities disclosure.

This development will have implications for Vedanta’s operations in the Cambay basin going forward, as ownership under the government nominee shifts in the short term, while the longer term future of the block remains to be decided.

Also Read: JSW Energy Acquires Tidong Hydro Project for ₹1,728 Crore, Boosting Hydro Portfolio

JSW Energy, through its renewable arm JSW Neo Energy, has entered into a definitive agreement to acquire Tidong Power Generation Private Limited from Norway’s Statkraft IH Holding AS for an enterprise value of ₹1,728 crore. The deal was formalised via regulatory filings in mid-September.

Tidong is developing a 150 megawatt (MW) run-of-river hydropower plant in the Tidong Valley of Kinnaur district, Himachal Pradesh. The acquisition involves a 100 percent share purchase, with JSW Neo Energy taking full equity and making Tidong a subsidiary, which in turn becomes a step-down subsidiary of JSW Energy once the transaction closes.

Under the project’s existing obligations, 75 MW of the capacity is tied up under a 22-year power purchase agreement (PPA) with Uttar Pradesh Power Corporation Limited. The PPA covers power supply during May through October — the peak load months — at a tariff of ₹5.57 per unit. The remaining 75 MW is untied, allowing JSW to sell that portion in the merchant market after commissioning.

The plant is expected to be commissioned in October 2026, subject to regulatory, environmental, state government, and lender approvals. Consent from the Himachal Pradesh government for change in controlling shareholding is among the required clearances.

With this acquisition, JSW Energy strengthens its position in hydropower. The company said its locked-in generation capacity — including operational, under-construction, and acquired assets with PPAs in effect — will rise to 30.5 gigawatts (GW), of which about 1.8 GW will be hydropower. JSW is also expanding its energy storage capacity, currently targeting 40 gigawatt-hours by fiscal year 2030. Renewables are expected to make up around 70 percent of its overall generation portfolio under its strategy.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy, described the Tidong acquisition as a “significant addition” to the company’s hydro portfolio and said the transaction brings additional skilled manpower and operational synergies, particularly given their prior experience in similar projects such as Kutehr and Karcham-Wangtoo.

For Statkraft, the sale is part of its strategy to rationalise its India portfolio. The company expressed confidence that JSW will continue developing and operating the Tidong project with competence and commitment, highlighting its potential contribution to India’s clean energy transition.

Markets reacted positively to the development, with shares of JSW Energy climbing after the announcement. Investors viewed the acquisition as reinforcing the company’s renewable credentials and strengthening its roadmap toward meeting clean energy and storage targets.

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India’s leading e-commerce platforms, Amazon and Flipkart, have kicked off their flagship festive season sales — the Great Indian Festival and Big Billion Days — setting the stage for what could be the largest shopping season in the country’s online retail history.

These sales mark the beginning of the year’s most crucial period, traditionally accounting for nearly a quarter of annual revenues for both platforms.

Members of Flipkart Black and Amazon Prime, the respective subscription programs, were given early access starting September 22. The timing of the sales coincides with the implementation of a new goods and services tax (GST) regime, which reduced rates on big-ticket appliances such as air-conditioners, televisions, and dishwashers from 28 percent to 18 percent. This adjustment is expected to boost affordability and fuel demand in key festive categories.

Flipkart launched the 12th edition of the Big Billion Days with events at its Bengaluru campus. The company expects 250–300 million unique visitors during the sale itself, and over 350 million across the entire festival period. Supported by a workforce of 400,000 across warehouses, fulfilment centres, and delivery networks, Flipkart will serve 19,500 pin codes from 4,500 locations. The platform has also scaled up its operations with more than 100 fulfilment centres and nearly 400 micro-fulfilment hubs in 19 cities, offering express delivery through Flipkart Minutes and seasonal hiring of over 2.2 lakh workers.

Amazon has bolstered its network with 12 new fulfilment centres, six sortation hubs, and 1.5 lakh seasonal work opportunities across 400 cities. The company has also expanded checkout financing options, including Amazon Pay Later, to encourage spending across categories.

According to a report by Datum Intelligence, India’s festive season sales in 2025 are expected to rise by as much as 27 percent to ₹1.2 lakh crore, up from nearly ₹1 lakh crore in 2024 and ₹81,000 crore in 2023. The surge in demand is being driven by pent-up consumer interest from August, the GST rate cuts, and early access for subscription members.

Both Amazon and Flipkart are leveraging live commerce, influencer-led showcases, and short-form video content to engage shoppers, particularly in Tier-2 and Tier-3 cities and among Gen Z consumers. With logistics networks strengthened, festive hiring completed, and GST cuts incentivizing high-value purchases, the stage is set for what analysts expect could be the strongest festive season yet in India’s $1.2 lakh crore e-commerce market.

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