August 2023

3 briefs archived this month.

• Startup

  BPCL to Invest ₹1.5 Trillion in Five-Year Project Aspire Capex Plan

  State-owned energy Maharatna Bharat Petroleum Corporation Limited announced a capital expenditure outlay of ₹1.5 trillion (approximately $18 billion) over the next five years under its strategic initiative, Project Aspire. Unveiled at the company's 70th Annual General Meeting, the plan focuses on strengthening refining capabilities, expanding marketing infrastructure, and accelerating downstream operations. In parallel, BPCL outlined a dedicated net-zero roadmap with an additional capital outlay of ₹1 lakh crore aimed at achieving Scope 1 and Scope 2 net-zero emissions by 2040, encompassing investments in green hydrogen, renewable energy generation, and biofuels.

  Aug 29 · Indianweb2.com

• Startup

  Vedanta Launches Spark 3.0 Offering $5M Opportunities to 100+ Startups

  Mining and natural resources conglomerate Vedanta has launched the third edition of its corporate innovation and accelerator initiative, Vedanta Spark, on August 26, 2023. The global program aims to collaborate with over 100 startups, offering project opportunities valued at up to $5 million. The initiative focuses on sustainable and transformative technologies across clean tech, supply chain, and manufacturing operations. Vedanta has partnered with industry stakeholders including MeitY, Nasscom Center of Excellence, CII, Forge, and Austmine. In its previous two cohorts, the accelerator engaged more than 80 startups across 120 pilot projects worth nearly $3.5 million.

  Aug 26 · Indianweb2.com

• Funding

  Stable Money Raises $5M Seed Round Led by Matrix and Lightspeed

  Bengaluru-based fixed-return investment platform Stable Money has raised $5 million in a seed funding round co-led by Matrix Partners India and Lightspeed. The financing round also saw participation from Titan Capital, Mar Shot Ventures, and several angel investors. Founded by Harish Reddy and Saurabh Jain, the fintech platform aims to democratize fixed-income assets for retail investors. Stable Money plans to deploy the capital towards expanding its senior leadership team, forging strategic financial partnerships, scaling core technology infrastructure, and developing a user-friendly mobile application offering curated fixed deposits and bonds to Indian consumers.

  Aug 8 · indianweb2.com