• Startup Pulse
    mistEO raises ₹18 crore in a seed round led by MGF Kavachh, with Seafund and other investors participating. Astrome Technologies signs an agreement with the Technology Development Board for ₹64.05 crore in support through optionally convertible debt under the RDI Fund. Greenjoules raises ₹150 crore in a Series B round co-led by Amazon Smbhav Venture Fund and Climate Pledge Fund, with Rainmatter and Singularity Strategic Autonomy Fund participating, and secures a separate ₹100 crore loan from the Technology Development Board. London-based fintech startup Seva Money announced a $5 million seed funding round co-led by Blockwall and Revent, with participation from Seedcamp. altM raises $10.3 million in a Series A round led by Rainmatter by Zerodha and Mela Ventures, with Omnivore, Theia Ventures, Aureolis Ventures, Spectrum Impact and strategic angel investors participating. Venomics AI raises $2.7 million in a pre-seed round co-led by Speciale Invest and South Park Commons, with Operators Studio participating. EloElo Group raises $80 million in a Series C round led by Hornbill Capital and NBCUniversal, with MIT Investment Co. and existing investors participating. Peppermint Robotics raises ₹100 crore (approximately $10.5 million) in a Pre-Series B round led by pi Ventures and Crane Venture Partners, with Asiana Fund participating. O-Health raises an undisclosed amount of funding from Sangita Reddy, BugleRock Capital, Perpetual Capital, Ankit Nagori and Varun Dua. Traversal raises $120 million in a Series B round at a $1 billion valuation, led by Kleiner Perkins, Redpoint and Khosla Ventures, with Sequoia Capital, Battery Ventures and Amex Ventures participating. mistEO raises ₹18 crore in a seed round led by MGF Kavachh, with Seafund and other investors participating. Astrome Technologies signs an agreement with the Technology Development Board for ₹64.05 crore in support through optionally convertible debt under the RDI Fund. Greenjoules raises ₹150 crore in a Series B round co-led by Amazon Smbhav Venture Fund and Climate Pledge Fund, with Rainmatter and Singularity Strategic Autonomy Fund participating, and secures a separate ₹100 crore loan from the Technology Development Board. London-based fintech startup Seva Money announced a $5 million seed funding round co-led by Blockwall and Revent, with participation from Seedcamp. altM raises $10.3 million in a Series A round led by Rainmatter by Zerodha and Mela Ventures, with Omnivore, Theia Ventures, Aureolis Ventures, Spectrum Impact and strategic angel investors participating. Venomics AI raises $2.7 million in a pre-seed round co-led by Speciale Invest and South Park Commons, with Operators Studio participating. EloElo Group raises $80 million in a Series C round led by Hornbill Capital and NBCUniversal, with MIT Investment Co. and existing investors participating. Peppermint Robotics raises ₹100 crore (approximately $10.5 million) in a Pre-Series B round led by pi Ventures and Crane Venture Partners, with Asiana Fund participating. O-Health raises an undisclosed amount of funding from Sangita Reddy, BugleRock Capital, Perpetual Capital, Ankit Nagori and Varun Dua. Traversal raises $120 million in a Series B round at a $1 billion valuation, led by Kleiner Perkins, Redpoint and Khosla Ventures, with Sequoia Capital, Battery Ventures and Amex Ventures participating.
  • Advanced Chemistry Cell: Reliance, Exide, JSW Among 22 Bidders for 10 GWh Capacity

    Advanced Chemistry Cell Manufacturing

    New Delhi: India’s push to build a domestic advanced chemistry cell manufacturing ecosystem has attracted 22 bidders for 10 GWh of manufacturing capacity earmarked for grid-scale energy storage.

    The Ministry of Heavy Industries (MHI) has received bids from 22 companies under its global tender, marking a significant step towards expanding the country’s battery manufacturing capabilities and reducing dependence on imports for energy storage technologies.

    The 10 GWh advanced chemistry cell (ACC) manufacturing capacity is specifically allocated for Grid-Scale Stationary Storage (GSSS) applications.

    It forms part of the government’s broader target of establishing 50 GWh of domestic ACC manufacturing capacity under the National Programme on Advanced Chemistry Cell (ACC) Battery Storage.

    The latest tender has attracted participation from several major companies across the energy, power, renewable energy and manufacturing sectors, including Reliance Industries, JSW Neo Energy, Exide Energy Solutions, Amara Raja Advanced Cell Technologies, ACME Solar Holdings and Waaree Energy Storage Solutions.

    22 Companies Submit Bids for Advanced Chemistry Cell Manufacturing

    According to the Ministry of Heavy Industries, the 22 bids were submitted against the 10 GWh capacity offered through a global tender floated on the Central Public Procurement (CPP) Portal.

    The Request for Proposal (RFP) was issued on July 15, 2026, followed by a pre-bid conference on July 29, 2026. The last date for submission of bids was November 10, 2026.

    The technical bids were opened on November 11, 2026, at the Ministry of Heavy Industries in the presence of the participating bidders.

    The selection process is being conducted online through a transparent two-stage Quality and Cost Based Selection (QCBS) mechanism.

    The 22 companies that have submitted bids for the advanced chemistry cell manufacturing capacity are:

    1. ACME Solar Holdings Ltd.
    2. Amara Raja Advanced Cell Technologies Pvt. Ltd.
    3. Avaada Electro Ltd.
    4. Exide Energy Solutions Ltd.
    5. Fujiyama Power Systems Ltd.
    6. GK Energy Ltd.
    7. Godawari New Energy Pvt. Ltd.
    8. JPM Energy Solutions Pvt. Ltd.
    9. JSW Neo Energy Ltd.
    10. Lineage Power Pvt. Ltd.
    11. Mahendra Sponge and Power Ltd.
    12. Megha Engineering and Infrastructures Ltd.
    13. Nsure Reliable Power Solutions Pvt. Ltd.
    14. Reliance Industries Ltd.
    15. Renew Photovoltaics Pvt. Ltd.
    16. Sai Bioenergy Pvt. Ltd.
    17. Shirdi Sai Electricals Ltd.
    18. Sun Drops Energia Ltd.
    19. Utex New Energy Pvt. Ltd.
    20. Vikram Solar Ltd.
    21. Waaree Energy Storage Solutions Pvt. Ltd.
    22. Zetsol Energy Pvt. Ltd.

    The participation of these 22 companies highlights the industry’s interest in India’s advanced chemistry cell manufacturing opportunity, particularly in the grid-scale energy storage segment.

    ₹18,100 Crore PLI Scheme Targets 50 GWh ACC Manufacturing Capacity

    The latest tender is part of the Production Linked Incentive (PLI) Scheme for the National Programme on Advanced Chemistry Cell (ACC) Battery Storage.

    In May 2021, the Union Cabinet approved the scheme with a total budgetary outlay of ₹18,100 crore. The programme aims to establish 50 GWh of advanced chemistry cell manufacturing capacity in India.

    Through the PLI scheme, the government intends to strengthen domestic ACC manufacturing capabilities and encourage large domestic and international companies to establish manufacturing facilities in the country.

    The programme is designed to develop a globally competitive advanced chemistry cell manufacturing ecosystem in India, supporting the expansion of domestic battery production and the development of the country’s battery technology value chain.

    10 GWh Advanced Chemistry Cell Capacity Earmarked for Grid-Scale Storage

    The 10 GWh capacity offered under the latest tender is earmarked for Grid-Scale Stationary Storage (GSSS) applications.

    The allocation comes amid growing energy-storage requirements associated with the expansion of renewable energy capacity. Grid-scale stationary storage systems can support the integration and storage of renewable electricity, making energy storage an important component of the country’s evolving energy infrastructure.

    According to the Ministry of Heavy Industries, the proposed capacity is expected to support India’s rapidly growing energy-storage requirements arising from renewable energy expansion.

    The initiative is also expected to contribute to enhancing energy security and deepening the domestic value chain for advanced chemistry cell technologies.

    India Seeks to Build a Globally Competitive ACC Manufacturing Ecosystem

    The response to the global tender reflects growing industry interest in establishing advanced chemistry cell manufacturing facilities in India.

    By offering manufacturing incentives and allocating capacity through the National Programme on ACC Battery Storage, the government is seeking to attract investments from domestic and international players and strengthen India’s position in battery manufacturing.

    The programme also aligns with the government’s broader ambition of developing a technologically self-reliant, globally competitive and sustainable advanced chemistry cell ecosystem.

    The Ministry of Heavy Industries said the strong participation in the tender reinforces the government’s commitment to building this ecosystem in line with the vision of Viksit Bharat @2047.

    Author

    • Salil Urunkar

      Salil Urunkar is a senior journalist and the editorial mind behind Sahyadri Startups. With years of experience covering Pune’s entrepreneurial rise, he’s passionate about telling the real stories of founders, disruptors, and game-changers.

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