The Tech Panda takes a look at how India has been attracting foreign businesses from business hubs like Ireland, Sweden, and the UK with as a key growth market with the rapid adoption of 5G technology in the region as well as by offering a way to operate with a smaller carbon footprint while expanding in the region.
At the same time, Indian companies are expanding to Malaysia, & the US by attracting investments in the tech startup ecosystem.
India’s defence budget stands at US$75 billion with defence exports projected to reach US$ 5 billion. The government’s focus on self-reliance and the “Make in India” initiative has encouraged private players to enter the defence and space sectors and has led to the rise of great companies, with the potential for future unicorns emerging from these industries. To realize this vision, Indian startups will need to build high-tech products for a world-wide market, at optimal cost and scale.
Huge investments are needed in the Indian transmission infrastructure to facilitate the government’s ambitious climate goals and speed up the energy transition. For example, with a rapidly growing economy, India has a rising need for access to renewable energy to produce electricity.
T-Hub, India’s startup incubator, signed Memorandum of Agreement (MOA) with Beyond4, Malaysia’s accelerator ecosystem witness by the Investment, Trade and Industry Minister of Malaysia, Datuk Seri Tengku Zafrul Abdul Aziz. The memorandum of agreement (MOA) follows the recent state visit of Malaysian Prime Minister HE Dato’ Seri Anwar Ibrahim, who announced a strengthened cooperation between the startup ecosystems of India and Malaysia under the India-Malaysia Startup Alliance.
The partnership will drive growth in key sectors including fintech, healthtech, agritech, sustainability, and smart cities. As part of this agreement, T-Hub will utilize its extensive network and sectoral expertise to assist Malaysian businesses in entering the Indian market, while providing global growth opportunities for Indian startups. Additionally, T-Hub will offer corporate innovation programs that connect Malaysian corporates with Indian startups, enabling the co-creation of innovative solutions and showcasing their expertise.
Furthermore, the India Market Access Program will support Malaysian startups through localization, mentorship, product assessment, and proof-of-concept facilitation. Similarly, the Malaysia Market Access initiative will help Indian startups forge connections with Malaysian investors, partners, and government entities. The collaboration also includes a strong focus on investor support, with T-Hub and Beyond4 providing access to a broad network of angel investors, venture capitalists, and strategic partners. They will offer investment readiness workshops, exclusive pitch sessions, and invitations to demo days and investment sessions for stakeholders from both countries.
Mahankali Srinivas Rao (MSR), CEO, T-Hub said, “Our partnership with Beyond4 marks a transformative moment for startups in both India and Malaysia. By synergizing our ecosystems, we are creating a powerful platform that enables startups to scale globally and innovate at the highest levels. Together, we aim to drive disruptive innovations and set new benchmarks for international collaboration, ultimately shaping the future of global entrepreneurship.”
S T Rubaneswaran (STR) CEO, Beyond4 said, “The partnership between T-Hub and Beyond4 marks a pivotal step toward creating a global innovation ecosystem, driving growth, and fostering collaboration between these two dynamic regions. Our goal of facilitating regional funds underscores the transformative potential of this alliance, as we work together to support and elevate startups across these dynamic markets.”
Also, Beyond4 has partnered with True Vine Capital Pte Ltd, a venture capital fund manager based in Singapore, to raise USD 20 million. This fund will be invested in startups from Beyond4’s accelerator programs and cover markets including India, Malaysia, Singapore, and Hong Kong.
Indusbridge Ventures (IBV), an India based investor specialising in dual-use, defence-technology sectors, tied up with FedTech, a US based deep-tech venture builder, to launch an India to America (I2A) programme called the ‘I2A Launchpad’ for Indian dual-use startups. This is a first of its kind program with extensive mentorship and market access opportunities for Indian startups and technology SMEs.
The collaboration will aim to bridge Indian startups to the dual-use technology ecosystems of the US. It will provide an excellent go-to-market pathway for Indian startups and offer unparalleled opportunities for high growth through direct access to customers and partners in the US Government and commercial markets, engagement with strategic investors and defence primes as well as ongoing support and mentorship to scale in the US – the world’s largest defence market with a $800B+ defence budget.
The (I2A) Launchpad will provide a gateway of opportunities within the Department of Defense (DoD) ecosystem, space agencies, commercial aerospace, and government technology sectors. The first cohort will include 10-15 startups and is set to launch in October 2024.
Future programs under this partnership will address critical technology gaps and will further enable Indo-US collaborations that combine India’s cost innovation and manufacturing strengths with cutting-edge technology and access to global markets. Providing these companies with access to international markets will accelerate their growth, allowing the US government agencies to benefit from India’s ability to build technology at scale, at a fraction of the cost.
As part of this initiative, participants will receive expert mentorship from industry leaders, strategic workshops, and critical networking opportunities. The program focuses on equipping startups with the tools needed to navigate the complexities of the DoD ecosystem, and ensure compliance with U.S. regulations along with developing market entry strategies, refining business models, and building key connections with prominent players in the U.S technology sectors.
Jake Kramer, Managing Partner of FedTech, stated, “This program will prepare innovative technology companies for integration into the US market, while also opening doors to other commercialization opportunities.”
“We are committed to fostering innovation and creating pathways for Indian startups to succeed internationally. This program aligns closely with India’s mission of an “Atmanirbhar Bharat” (self-reliant India) and will empower promising Indian startups to develop products tailored to international markets, scale cross-border revenues and in the process build India-centric, global companies,” added Rahul Devjani, Managing Partner at Indusbridge Ventures.
Druid Software, an Irish private network solutions company, has been setting its sights on India as a key growth market, aligning its expansion strategy with the rapid adoption of 5G technology in the region. As part of its strategic focus, Druid Software is collaborating closely with Enterprise Ireland, the Irish Government’s agency responsible for promoting Irish businesses worldwide. This partnership underscores Druid’s commitment to the Indian market, leveraging Ireland’s robust support system to ensure seamless entry and sustained growth in one of the world’s fastest-growing digital economies.
Amit Raje, SVP, India and South Asia -Enterprise Ireland, said, “India is an increasingly key market for Irish companies, and we are proud to support Druid Software’s expansion here. With over 2 decades of experience, Druid has carved out a niche as a leader in private network solutions both locally and globally, and its innovative approach is perfectly aligned with the Irish Government’s broader ambitions of global expansion. With its sights set firmly on India, Druid is well-positioned to make a significant impact in the rapidly evolving digital landscape. At Enterprise Ireland, we are committed to helping companies like Druid Software scale and grow internationally, and we believe their expertise will play a vital role in meeting the growing demand for advanced solutions in India.”
During his recent visit to India, Tadhg Kenny, President of Global Strategic Accounts at Druid Software, stated, “India’s rapid adoption of 5G technology, driven by Prime Minister Narendra Modi’s push for digital transformation, presents a pivotal opportunity for Druid Software. As India moves towards 100% digitization the demand for high-speed, low-latency private networks is set to surge. Our proven solutions, backed by decades of proven expertise, are ideally suited to meet these evolving needs across diverse sectors.”
Key sectors identified for growth in India include railways, healthcare, ports, defense, BFSI, warehousing, and manufacturing. Druid’s approach centers on building strong local partnerships, such as its collaboration with Tidal Wave, to ensure its technology integrates seamlessly into India’s diverse and dynamic ecosystem.
“Our focus in India is not just about market entry—it’s about making a lasting impact by contributing to the development of the country’s 5G infrastructure. We aim to empower local partners and drive innovation that will shape the future of India’s digital economy.” Kenny added.
EKA Mobility, an innovator in the electric vehicle (EV) sector, tied up with IKEA to supply electric delivery vans as part of IKEA’s initiative to electrify its last-mile delivery fleet in India. This partnership has already seen the successful delivery of 10 electric vans to IKEA, with plans to expand the fleet across multiple regions in India. This collaboration is a pivotal step in IKEA’s global sustainability efforts, aimed at reducing carbon emissions and achieving a fully electrified delivery network. The transition to electric delivery vans is expected to significantly reduce IKEA’s carbon footprint.
Rohit Srivastava, Chief Growth Officer of EKA Mobility, said, “By supplying IKEA with our advanced electric delivery vans, we are not only contributing to a cleaner environment but also showcasing the potential of electric vehicles in transforming the logistics industry.”
Saiba Suri, Country Customer Fulfilment Manager, IKEA India said, “Our approach to sustainable logistics at IKEA India goes beyond adopting EVs—we are focused on building an efficient infrastructure, skill building initiatives and future opportunities for all in the value chain. As we grow in India with an EV first approach, IKEA India is now more prepared to address the challenges related to it and committed to investing in long-term, innovative solutions. We’re truly grateful for partners who share this vision with us. As we enter new markets, our priority is to ensure they are equipped for this change, laying the groundwork for the future of our supply chain.”
IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest listed power sector infrastructure investment trust (InvIT), tied up with British International Investment (BII), UK’s development finance institution and impact investor, the Norwegian Climate Investment Fund, managed by Norfund, and Techno Electric and Engineering Company Limited (Techno) to collaboratively undertake development of IndiGrid’s greenfield Interstate Transmission System (ISTS) projects.
Under this partnership, BII and Norfund (through KNI India AS, Norfund’s joint venture with KLP, Norway’s largest pension company) will invest in IndiGrid’s three ISTS projects won last year and currently under-construction: Ishanagar Power Transmission Limited (IPTL), Dhule Power Transmission Limited (DPTL), and Kallam Transco Limited (KTCO). These projects are expected to support evacuation of renewable energy to ~6 GW in the states of Madhya-Pradesh and Maharashtra. Additionally, Techno will co-develop the IPTL and DPTL projects. Techno will invest minority capital and will also be responsible for the complete execution of the projects on a Lump Sum Turnkey (LSTK) basis. IndiGrid will be acquiring entire stake in these projects once they are operational and revenue generating.
Harsh Shah, Chief Executive Officer, and Whole Time Director of IndiGrid, quoted: “On the back of India’s commitment to energy transition and grid parity across renewable energy technologies including BESS, we are witnessing tremendous investment opportunities in our target areas. This offers a compelling prospect for investors with preference for sustainability.”
Rohit Anand, Head of Infrastructure Equity, Asia at British International Investment, said: “India requires a substantial investment of INR 4.75 trillion in the transmission sector to facilitate integration of renewable energy capacities and meet its decarbonization goals. As a long-term partner and committed climate finance provider to India, we are delighted to bring not just our capital but also our ESG expertise to support the transmission sector which is a vital part of India’s energy transition.”
Techno Electric Chairperson, Padam Prakash Gupta, highlighted: “With our deep execution capabilities, a strong balance sheet, and a shared vision for sustainable growth, we view this collaboration as a long-term strategic partnership that will shape the future of energy transmission in the country.”
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