Kerala’s coconut shell products; GPS Renewables secures Rs 635 Cr

Hello,

Global airline companies can expect to see profits decline by as much as 50% as rising jet fuel prices continue to affect the industry, International Air Transport Association said. 

Airlines, which saw greater disruptions from the COVID-19 pandemic and those operating in the Gulf will be the most affected, according to IATA’s outgoing director general Willie Walsh.

Elsewhere, Ireland is going with the BYOP–bring your own power–approach towards data centres. The country has said that tech giants can expand their data centres in the country so long as they arrange for their own power and not rely on the national grid, The Wall Street Journal reported. 

Households in Australia, meanwhile, have reportedly taken the idea of self reliance to heart. The country’s revolution in rooftop solar has surpassed commercial and industrial buildings that have fewer solar power installations, per a report in The Guardian.

Lastly, NASA astronauts heading to the Moon will reportedly be wearing inner-layer garments made by the luxury house Prada. The new product follows the fashion company’s foray into space with the unveiling of a spacesuit in 2024, Reuters reports.

In today’s newsletter, we will talk about 

• Taking Kerala’s coconut shell products to the world
• GPS Renewables secures Rs 635 Cr

Here’s your trivia for today: Which electric vehicle manufacturer, once considered a rival to Tesla, filed for bankruptcy in 2024?

Women entrepreneurs 

Taking Kerala’s coconut shell products to the world

It is a story played across most of Kerala—complete your schooling, move out of the state to cities like Bengaluru or abroad for higher education, and build a career elsewhere. Returning home to start a business is seldom part of the plan.

For Maria Kuriakose, life began on similar lines. However, the journey away from Kerala eventually led her back home, with a business idea hidden in plain sight. 

Key takeaways:

• The founder of Thenga Coco, Kuriakose (31), has built a business that transforms coconut shells, which were once considered waste, into functional and decorative products.
• Operating from Kerala's Palakkad district, it has grown into a successful D2C brand with a presence in both the domestic and European markets.
• The company claims to be India's largest manufacturer and supplier of coconut shell products, with a catalogue of more than 110 SKUs, all made exclusively from coconut shells.

<Funding alert>

Startup: GPS Renewables

Amount: Rs 635 Cr

Round: Series C

Startup: Immuneel Therapeutics

Amount: Rs 100 Cr

Round: Series B

Funding 

GPS Renewables secures Rs 635 Cr

Bengaluru-based GPS Renewables (GPSR), a full-stack renewable oil and gas company, has secured Rs 635 crore in a Series C round of funding from multiple investors.

PixelSky Capital, with participation from Spectrum Impact Family Office and other investors, led the equity funding round of Rs 125 crore. Additionally, the company has tied up Rs 200 crore in equity for its asset holding platform, Arya, from a leading Korean conglomerate, following an earlier Rs 310 crore investment from Sojitz Corporation for its asset platform business.

Key takeaways:

• The fresh capital will be deployed to support GPS Renewables’ next phase of growth, expand its bioenergy infrastructure portfolio, and fund ongoing and upcoming projects through GPSR Arya.
• According to Mainak Chakraborty, Co-founder and CEO of GPS Renewables, the investment reflects growing confidence in the renewable natural gas sector and will enhance the company’s ability to execute a rapidly expanding project pipeline.
• GPS Renewables says it has delivered several projects, including solid waste-based compressed bio gas (CBG) plants in Indore and Barabanki..

News & updates

• Acquisition: Johnson & Johnson said on Monday it will ​acquire biotech Firefly Bio for $1 ‌billion in cash, as it looks to expand its cancer drug pipeline. Firefly's Firelink ​platform uses antibodies to deliver ​a protein-degrading drug directly into cancer ⁠cells, an approach J&J says could ​help attack tumors while sparing more ​healthy tissue than existing treatments.
• AI chips: Google has placed an order with Intel to manufacture over three million tensor processing units in 2028, The Information reported on Monday, ​citing people with direct knowledge of the discussions.

Which electric vehicle manufacturer, once considered a rival to Tesla, filed for bankruptcy in 2024?

Answer: Fisker

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