The Tech Panda takes a look at how India has been attracting foreign businesses from business hubs like US, Kenya, and Tanzania with its massive market in technology and successful public sector-led initiatives that nurture startup ecosystems. At the same time, Indian companies are expanding to Australia, UK, US, Canada, Brazil, and Japan in EV, gaming, MedTech, and space.
Indian EV company to acquire Australian leader Tritium
Exicom Tele-systems Limited (NSE: EXICOM, Indian EV charger manufacturer, announced that its subsidiary Exicom Power Solutions B.V. Netherlands and other step down subsidiaries, have entered into a definitive agreement under which it will acquire business and assets of Tritium group of companies, a distinguished global leader in DC Fast Chargers, headquartered in Australia.
With over 13,000 DC Fast Chargers sold in 47 countries, Tritium is recognised as a leading industry brand globally. Tritium’s chargers are designed for both aesthetic appeal and durability in tough environments. They feature engineering that simplifies installation, ownership, and usage.
The acquisition adds Tritium’s manufacturing facility in Tennessee, USA, as well as a world-class engineering centre in Brisbane, Australia to Exicom’s existing presence in Asia. The acquisition expands Exicom’s global reach. With the complementary product portfolio of Exicom and Tritium, the acquisition provides the opportunity to serve the different use cases across the world and expand EV infrastructure adoption.
According to BloombergNEF’s “Economic Transition Scenario,” which forecasts EV growth based on current techno-economic trends, EVs are slated to reach 45 percent of global passenger-vehicle sales by 2030 and 73 percent by 2040.
Anant Nahata, CEO, Exicom, said, “This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”
Indian gaming company acquires UK based IP based gaming studio
Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA), India’s only publicly listed diversified gaming and sports media company, announced the acquisition of Fusebox Games Limited (“Fusebox”), a well-established IP based gaming studio in the United Kingdom. Nazara will purchase Fusebox for INR 228 Cr (US$27.2 million) in an all-cash transaction.
Fusebox publishes a successful interactive story game ‘Love Island’ and is developing new games based on popular global TV IPs. In CY23, the company reported revenues of INR 87.5 Cr (US$10.4 million) with an EBITDA of INR 11.7 Cr (US$1.4 million). During CY24, Fusebox has demonstrated strong growth with YTD revenues (Jan – July’24) at INR 116.6 Cr (US$13.9 million) with an EBITDA of ~INR 33.3 Cr (EBITDA of US$4.0 million) *
Fusebox games primarily target developed markets including US, UK, Australia and Canada, Switzerland, Sweden, Denmark, Norway, New Zealand among others. The company has 30 employees primary based in the United Kingdom.
Nitish Mittersain, Founder & CEO of Nazara said, “We see a large opportunity in building an IP based global gaming business that benefits from our core base in India where we can support global studios through enhanced user acquisition strategies, data analytics, live operations and new initiatives such as implementing our in-house AI playbook. Many of our existing IP’s are good examples of this strategy and we are happy to join forces with the talented team at Fusebox as we continue to build Nazara into a global gaming company of meaningful scale”
Chennai medical devices company expands to 5 new international markets
Kriya Medical Technologies, a medical devices company headquartered in Chennai, received the MDSAP Certification (Medical Device Single Audit Program) by the regulatory authorities from the United States (FDA), Canada (Health Canada), Brazil (ANVISA), Japan (PMDA), and Australia (TGA), making it the first Indian company to receive this certification for 5 countries.
The MDSAP Certification is a single audit to satisfy the requirements of multiple regulatory authorities, streamlining the regulatory process and enhancing market access.
Anu Moturi, CEO and Founder, Kriya Medical Technologies, said, “Acquiring the MDSAP certification is yet another milestone and a step towards our vision of making good healthcare affordable and accessible to all. It not only reflects our unwavering focus on building highest quality products but also enables us to make our product globally available.”
Indian space delegation visits Australia
The Indian National Space Promotion and Authorization Centre (IN-SPACe) led a delegation of Indian space startups to the 17th Australian Space Forum in Adelaide on 24th and 25th July. During the two-day event, the delegation highlighted India’s growing prowess in space technology and strengthening international collaboration.
The delegation, led by Dr. Vinod Kumar, Director Promotion, IN-SPACe, and Shashank Saxena Deputy Director IN-SPACe, included participants from Indian companies such as Agnikul Cosmos, TakeMe2Space, Dhruva Space, Bellatrix Aerospace, XDLINX Space, mistEO OrbitAid Aerospace and Skyroot Aerospace. During the visit, cutting-edge space projects, products, and services were showcased sparking numerous business-to-business meetings and discussions with Australian counterparts.
Notably, two significant Memorandums of Understanding (MoUs) were signed during the forum. The First MoU between HEX20, an Australian Satellite Platform company and OrbitAid, an Indian company specializing in developing satellite life extension solutions. OrbitAID and HEX 20 will collaborate for in-orbit refuelling technology demonstration.
The second MoU was signed between HEX20 and TakeMe2Space, an Indian Startup building AI-first compute & storage satellite infrastructure. TakeMe2Space and Hex20 will collaborate at the intersection of education, space, and AI. As part of the agreement, HEX20 will use TakeMe2Space AI modules and subsystems in their flatsat. TakeMe2Space will give access to its OrbitLab platform for researchers and students to test and run their models on an actual satellite in real-time.
“The Australian Space Forum provided an invaluable platform for Indian space startups to showcase their capabilities and explore potential collaborations with Australian partners. These MoUs represent a significant step towards strengthening ties between our two nations in the space sector.” said Dr. Vinod Kumar, Director Promotion, IN-SPACe.
US tech solutions expands global horizon with entry into India
Pomeroy Technologies, LLC (“Pomeroy”), a technology solutions and services has forayed into the Indian market with the launch of Pomeroy Technologies India Private Limited (Pomeroy India). The expansion into India is a strategic move designed to enhance service offerings to Pomeroy’s existing and prospective clients, primarily in North America, with a global reach.
Pomeroy is recognized across North America and Europe for its comprehensive portfolio which includes managed services, professional services, technology and lifecycle solutions, and strategic technical staffing.
Commencing operations in July 2024, the new Chennai-based services business officially began operations with over 120 employees, including 70 local talents from Chennai. The remaining team members are strategically positioned across India to ensure seamless business continuity for clients. Pomeroy India is set on a trajectory to expand its workforce to over 400 skilled professionals within the next two years.
Kenya & Tanzania visit Hyderabad to learn from India’s startup ecosystem
A six-member delegation from Kenya and Tanzania, comprising government officials from Kenya National Innovation Agency (KeNIA) and Tanzania’s Ministry of Information, Communication and Information Technology visited Hyderabad from July 24th-25th 2024 to gain insights on successful public sector-led initiatives that nurture startup ecosystems in India. The delegation visited two projects funded by Japan International Cooperation Agency (JICA)– Telangana Startup and Innovation Ecosystem Strengthening Project implemented by Telangana State Innovation Cell (TSIC) and Campus Development Project of India Institute of Technology, Hyderabad (IITH).
During the two-day site visit, the delegation interacted with key stakeholders and explored innovative solutions developed by startups and learned about the role of government in effectively implementing these activities at the ground level. The delegation visited IITH campus and held discussions with the IITH Director Prof. B.S. Murty and the Deans, and representatives from the Suzuki Innovation Center (SIC), the Center of Healthcare Entrepreneurship (CfHE), the Technology Innovation Hub on Autonomous Navigation (TiHAN), the School of Innovation and Entrepreneurship (SCIENT), and the Technology Research Park (TRP).
Also, the delegation visited innovation facilities in Hyderabad such as T-hub, T-works and We-hub that are supported by the Telangana Startup and Innovation Ecosystem Strengthening Project, and learned about how India’s flagship programs led by public organizations support the startup ecosystem. These interactions provided insights into building and sustaining a robust startup environment through public sector initiatives and contributes to triangular cooperation between India and Japan.
SAITO Mitsunori, Chief Representative of JICA India, said, “This cooperation among India, Japan, Kenya, and Tanzania marks a significant milestone in our shared commitment to promoting startups and unlocking the entrepreneurial potential of people in India, Africa, and around the world. The role of startups in driving economic growth and advancing entrepreneurial innovation is crucial. I hope that this visit, conducted in two innovative projects supported by JICA in Hyderabad, provided the participants with a wealth of ideas to encourage entrepreneurship, leadership, and to create a nurturing ecosystem. Our goal is for these initiatives to act as catalysts for innovation and to strengthen the entrepreneurial foundations of their nations’ futures.”
Through this collaborative effort, India and Japan reaffirm their dedication to promote development of startup ecosystems not only in India, but with partners abroad.
