 Morning Dispatch |
AMI’s Nvidia chip bet; Groww’s new growth play
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Happy Wednesday! AMI has ordered 9,000 Nvidia Vera Rubin chips, becoming one of Asia’s first such adopters. This and more in today’s ETtech Morning Dispatch.
Also in the letter:
■ Honasa scraps Fluence deal
■ Cultfit cofounder’s legal tussle
■ Airbound’s fresh fuel
AM Intelligence (AMI), the AI infrastructure arm promoted by Greenko’s founders, has placed an order for 9,000 Nvidia Vera Rubin chips, the company’s most advanced chips.
Driving the news: AMI will be among Asia’s first customers for Rubin. Unveiled in January, the chips can deliver up to 10 times more agent throughput than Blackwell and cost 40-80% more.
The Hyderabad project is the first step towards AMI’s planned 1 gigawatt (GW) compute-as-a-service capacity. The company plans to:
“The fact that we will have Vera Rubin operating by Q1 2027 gives us the visibility, credibility and capability to operate one of the world’s most advanced AI architectures,” AM Group president Mahesh Kolli told us.
Also Read: Nvidia faces growth test as Rubin debut meets AI financing scrutiny
Lalit Keshre, CEO, Groww
Lalit Keshre, cofounder and chief executive of Groww parent Billionbrains Garage Ventures, said technology, wealth management, and artificial intelligence (AI) will be the company's immediate priorities at its first annual general meeting since listing.
On capital expenditure: Groww will continue investing in its technology platform over the next three to four years, with spending focused on technology infrastructure, cloud capacity, cybersecurity and data systems, Keshre said.
The company also plans to use artificial intelligence (AI) to personalise the app, handle account-specific service queries and speed up product development. Engineers are already coding and testing faster, enabling shorter release cycles.
What else? Wealth management is another key focus. Keshre said Groww is increasingly attracting existing investors, affluent customers and active traders, rather than just first-time investors. Rising assets per customer are also driving this focus.
Also Read: Y Combinator pockets another Rs 1,435 crore from Groww stake sale
Varun Alagh and Ghazal Alagh, founders, Honasa Consumer
Mamaearth parent Honasa Consumer has scrapped its plan to acquire a majority stake in Mumbai-based nutraceuticals company Fluence Pharma.
What’s happening? Honasa said in a stock exchange filing that the deal was called off as some of the closing conditions in the share purchase agreement with Fluence Pharma were not met.
The Gurugram-based company had announced on June 23 that it would acquire a 58% stake in Fluence Pharma at an enterprise value of Rs 135 crore.
Tell me more: Had the deal closed, Fluence would have been the ninth brand in Honasa’s portfolio and its fourth acquisition.
"The company remains committed to its nutraceutical strategy and will continue to evaluate the right opportunities, organic and inorganic, to build a strong consumer-focused business in this category," it added.
Rishabh Telang, cofounder, cult.fit
Cultfit cofounder Rishabh Telang moves Karnataka HC to quash FIR: Cultfit cofounder Rishabh Telang has approached the Karnataka High Court to quash an FIR registered by the Bengaluru Police on a complaint filed by his brother-in-law and former business associate Deepak Poduval.
Airbound raises $37 million: Bengaluru-based aerospace startup Airbound has raised $37 million in a funding round led by Greenoaks, as it moves to commercialise its autonomous aircraft and build a large-scale drone delivery network in India.
Indian IT firms reduced H-1B dependency in last five years: Nasscom | Indian technology companies have reduced their dependency on H-1B visas over the past five years, as they spent $1.1 billion in the US to strengthen the local science, technology, engineering and maths (STEM) talent base, Nasscom said.
■ America’s immigration policy is driving away future AI leaders (Rest of World)
■ Beyond China's humanoid robots, a quieter machine revolution is unfolding (BBC)
■ Spirit Airlines Wants to Sell Its Data to Google. Former Flight Attendants Are Freaked Out (Wired)
Also in the letter:
■ Honasa scraps Fluence deal
■ Cultfit cofounder’s legal tussle
■ Airbound’s fresh fuel
AI data centre firm AMI orders 9,000 Nvidia Vera Rubin chips
Driving the news: AMI will be among Asia’s first customers for Rubin. Unveiled in January, the chips can deliver up to 10 times more agent throughput than Blackwell and cost 40-80% more.
The Hyderabad project is the first step towards AMI’s planned 1 gigawatt (GW) compute-as-a-service capacity. The company plans to:
- Deploy 200 megawatts (MW) over the next 18 months.
- Bring servers in India and Malaysia online next year, followed by Finland and the US in 2028.
- Build 5GW of global data centre capacity at a capital expenditure of $8 billion.
“The fact that we will have Vera Rubin operating by Q1 2027 gives us the visibility, credibility and capability to operate one of the world’s most advanced AI architectures,” AM Group president Mahesh Kolli told us.
Also Read: Nvidia faces growth test as Rubin debut meets AI financing scrutiny
Tech, AI, wealth management will be immediate priorities for Groww: CEO Lalit Keshre
Lalit Keshre, cofounder and chief executive of Groww parent Billionbrains Garage Ventures, said technology, wealth management, and artificial intelligence (AI) will be the company's immediate priorities at its first annual general meeting since listing.
On capital expenditure: Groww will continue investing in its technology platform over the next three to four years, with spending focused on technology infrastructure, cloud capacity, cybersecurity and data systems, Keshre said.
The company also plans to use artificial intelligence (AI) to personalise the app, handle account-specific service queries and speed up product development. Engineers are already coding and testing faster, enabling shorter release cycles.
What else? Wealth management is another key focus. Keshre said Groww is increasingly attracting existing investors, affluent customers and active traders, rather than just first-time investors. Rising assets per customer are also driving this focus.
Also Read: Y Combinator pockets another Rs 1,435 crore from Groww stake sale
Honasa Consumer calls off Fluence Pharma acquisition
Mamaearth parent Honasa Consumer has scrapped its plan to acquire a majority stake in Mumbai-based nutraceuticals company Fluence Pharma.
What’s happening? Honasa said in a stock exchange filing that the deal was called off as some of the closing conditions in the share purchase agreement with Fluence Pharma were not met.
The Gurugram-based company had announced on June 23 that it would acquire a 58% stake in Fluence Pharma at an enterprise value of Rs 135 crore.
Tell me more: Had the deal closed, Fluence would have been the ninth brand in Honasa’s portfolio and its fourth acquisition.
"The company remains committed to its nutraceutical strategy and will continue to evaluate the right opportunities, organic and inorganic, to build a strong consumer-focused business in this category," it added.
Other Top Stories By Our Reporters
Cultfit cofounder Rishabh Telang moves Karnataka HC to quash FIR: Cultfit cofounder Rishabh Telang has approached the Karnataka High Court to quash an FIR registered by the Bengaluru Police on a complaint filed by his brother-in-law and former business associate Deepak Poduval.
Airbound raises $37 million: Bengaluru-based aerospace startup Airbound has raised $37 million in a funding round led by Greenoaks, as it moves to commercialise its autonomous aircraft and build a large-scale drone delivery network in India.
Indian IT firms reduced H-1B dependency in last five years: Nasscom | Indian technology companies have reduced their dependency on H-1B visas over the past five years, as they spent $1.1 billion in the US to strengthen the local science, technology, engineering and maths (STEM) talent base, Nasscom said.
Global Picks We Are Reading
■ America’s immigration policy is driving away future AI leaders (Rest of World)
■ Beyond China's humanoid robots, a quieter machine revolution is unfolding (BBC)
■ Spirit Airlines Wants to Sell Its Data to Google. Former Flight Attendants Are Freaked Out (Wired)
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