One quick thing: OpenAI's ChatGPT pilots rupee pricing in India 

In today’s newsletter: 

• Funding frenzy for Indian startups and VCs
• Semiconductor projects coming to Odisha, Punjab, Andhra 
• Pixxel-led team to launch India's first Earth observation constellation 

P.S.: Introducing the Tech3 Podcast, your daily dose of tech and startup insights. Monday to Friday! Check it out on Spotify or Apple Podcasts

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It’s raining cheques in startup land, with a flurry of startups and VCs announcing fresh inflows, more dry powder and more. 

First up was Pronto’s $11 million round. The nearly one-year-old company put together a strong cap table.

• General Catalyst and Glade Brook Capital (both are also investors in Zepto, btw) led the charge on this round at Pronto, founder Anjali Sardana told us
  
  
• The company has also flipped back its base from Delaware in the US to India, one of the earliest moves the industry has seen (to avoid heavy tax outgo later)

It’s almost impossible to talk about dealmaking without AI nowadays. 

• Dashverse, an AI startup building products for mobile-first entertainment content, has raised $13 million
  
  
• The fresh round was led by Peak XV Partners with participation from existing investors Z47 and Stellaris Venture Partners

Moving on from quick services and AI to luxury villa and apartment rental platform Elivaas. 

• The startup raised $10.4 million in a round led by Vertex Ventures and participation from existing backers such as Peak XV Partners’ Surge and 3one4 Capital

It wasn’t just startups, even investors were busy raking in the moolah today. 

• Speciale Invest, a deeptech-focused investor, raised Rs 600 crore in its third fund, exceeding its Rs 500 crore target as the sector gains prominence
  
  
• Mumbai-based early growth investment firm Atomic Capital announced the final close of its Rs 400 crore maiden fund
  
  
• The two funds have now added more dollars to the already existing $10-12 billion in dry powder in the Indian startup ecosystem

India’s chip ambitions just got four new engines!

The Union Cabinet has cleared four more projects under the India Semiconductor Mission, with a total investment of Rs 4,594 crore.

• The four approved projects will be set up in Odisha, Punjab, and Andhra Pradesh and are expected to create over 2,000 skilled jobs

With these approvals, the total number of projects sanctioned under the India Semiconductor Mission has risen to 10, with cumulative investments of around Rs 1.60 lakh crore across six states.

The new projects include two in Odisha and one each in Punjab and Andhra Pradesh.

• In Odisha, SicSem and UK-based Clas-SiC Wafer Fab will build the country’s first commercial Silicon Carbide compound semiconductor fab, with capacity for 60,000 wafers and 96 million packaged units annually. Meanwhile, 3D Glass Solutions will set up an advanced packaging and embedded glass substrate unit

• ASIP Technologies, in partnership with South Korea’s APACT, will open a 96-million-unit semiconductor facility in Andhra Pradesh

• Continental Device (CDIL) will expand its Mohali plant to make high-power discrete devices, adding 158.38 million units of annual capacity

The devices manufactured by these proposed units will have applications in automotive electronics, including EVs and their charging infrastructure, renewable energy systems, power conversion applications, industrial uses, and communication infrastructure. 

• Union Minister for Electronics and IT Ashwini Vaishnaw said the initiatives will focus on compound semiconductors and advanced packaging units, which are key to boosting India’s electronics manufacturing ecosystem

Find out more

India’s space sector just got a shot in the arm.

A consortium led by Bengaluru-based space tech startup Pixxel has won the mandate to build India’s first public-private Earth observation (EO) satellite constellationunder IN-SPACe’s EO-PPP model.

• Others in the consortium include space tech startups Satsure, Dhruva Space, and PierSight

An investment of over Rs 1,200 crore will be made over five years for the launch of 12 EO satellites equipped with panchromatic, multispectral, hyperspectral, and microwave SAR sensors.

• The constellation will serve sectors ranging from agriculture to national security

Other contenders included Astra Microwave Products with Bharat Electronics, Sisir Radar, and Spectragaze Systems, as well as GalaxEye Space with CoreEL. 

Under the public-private partnership model, the government will provide strategic, technical, and policy support, while the consortium will handle manufacturing, launches, ground infrastructure, and data commercialisation. 

• Deployment will take place in phases over four years

IN-SPACe Chairman Pawan Goenka said the initiative “signals the coming of age of India’s private space industry” and will strengthen self-reliance.

• Pixxel CEO Awais Ahmed called it a “major milestone” in India’s space story, adding, “This is India’s moment to lead the world in space-powered solutions”

Dig deeper

On this Raksha Bandhan, siblings traded sweets for escapes — from Chikmagalur’s misty hills to Kasauli’s winding roads and the rugged trails of Hampta Pass, while for Independence Day, Indians are headed to the mountains of Coorg and beaches of Goa. 

• The festive holidays have fueled travel demand by 30% and 45% increase in hotel bookings

Dig deeper

• Elon Musk has threatened to sue Apple, accusing it of rigging App Store AI app rankings to favour OpenAI and making it “impossible” for rivals like his startup xAI to reach the top spot.
  
  
• US President Donald Trump suggested that he would not make a deal with American AI chip giant Nvidia, led by CEO Jensen Huang, to allow for sales of a next-generation advanced GPU in China, but stopped short of ruling it out.

NASA astronaut Don Pettit has captured a near-infrared image of the Ganges-Brahmaputra delta from the International Space Station. 

• The photo shows 100,000 sq km of farmland, rivers, and mangroves in sharp contrast

The technique not only produces striking visuals but also helps scientists track plant health, water patterns, and climate impacts across the world’s largest river delta. Find out more

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