Speaking to CNBC-TV18, Gaurav Seth, CEO & Co-Founder of PierSight, said the Varuna satellite is equipped with Synthetic Aperture Radar (SAR) technology, which offers unique capabilities for imaging through clouds and during night time conditions.
“Varuna is an in-orbit demonstrator of Synthetic Aperture Radar, or SAR. SAR is a technology which can see through clouds and image at night. So we are using the POEM platform of ISRO to demonstrate indigenously developed subsystems for our SAR, which are the deployable antenna, as well as complete electronics and mechanical and thermal systems,” Seth stated.
This cutting-edge technology is set to benefit a wide range of sectors, including government agencies, fisheries, maritime companies, insurance providers, and even hedge funds. With a complete constellation in place, PierSight envisions global 24/7 coverage of the world’s oceans.
PierSight has an ambitious plan to fully operationalise its satellite constellation by 2028, with the first commercial satellite launch scheduled for next year. Highlighting their approach, Vinit Bansal, CTO & Co-Founder of PierSight, stated, “We plan regular launches year on year until 2028. The Varuna mission will ensure the flight worthiness of critical subsystems, which we aim to standardize across all future satellites to ensure scalability and modularity.”
To align with customer needs, the company has launched an early access program on its website, allowing stakeholders to express interest and guide the placement of future satellites in optimal orbital planes. The initial satellites will primarily support Indian customers, while the company gauges’ global demand.
Seth highlighted that the company plans to deepen its collaboration with ISRO for future launches and explore advanced technologies offered by the Indian space agency.
In a separate development, VoloFin, a fintech company specialising in supply chain finance, has successfully raised $50 million in funding from a leading US-based bank. The company plans to increase this funding limit to $150 million over the next two to three years, aiming to strengthen its presence in global trade finance and further support small and medium-sized enterprises (SMEs) in India.
With this capital infusion, VoloFin intends to enhance access to trade finance for Indian exporters, enabling them to grow their businesses and increase their global reach. The company’s primary focus is on providing financial solutions for exporters selling goods across international borders. By financing their receivables, VoloFin aims to alleviate cash flow challenges and ensure smoother operations for exporters, thereby boosting India’s export potential.
“We are in the business of lending, and as a fintech, we specialize in cross-border trade finance. Our primary focus is on exporters, particularly Indian exporters, who are selling to buyers globally. With this $50 million fundraise, we will continue supporting these exporters by providing access to much-needed financing and further increasing our funding capacity to drive exports from India,” Roshan Shah, the Co-Founder and CEO of VoloFin said.
VoloFin operates with a strong physical presence in three key markets—India, Singapore, and the United States—with India serving as the company’s largest market. “We’re focused on strengthening our presence in these three geographies first before exploring new regions in Asia,” Shah added.
Additionally, Ola Electric has introduced its latest range of scooters, the Gig and S1 Z, designed to cater to both personal and commercial needs. With introductory prices starting at ₹39,999, these models promise to offer a mix of affordability, efficiency, and innovation, aimed at reshaping the two-wheeler landscape in India.
The new scooters are built on an adaptable and scalable platform, making them suitable for a wide range of use cases, from urban to semi-rural and rural areas. According to Kripa Ananthan, Head of Design & Product at Ola Electric, this new platform allows the company to meet the diverse requirements of personal users as well as commercial entities like gig workers and last-mile mobility providers.
“The scooters are durable, reliable, affordable, and efficient. We’re confident that they will address the high demand from gig workers and meet the last-mile mobility needs that are critical in today’s fast-paced world,” said Ananthan.
One of the key features of the new Ola Gig and S1 Z scooters is their removable battery, designed to tackle the issue of “range anxiety” that many electric vehicle users face. With the portable battery, users can easily swap it for a fully charged one, ensuring an extended range for longer commutes.
Ola Electric plans to launch these new scooters between March and May 2025. The company’s vision for the future includes an expanded portfolio, with the launch of motorcycles expected within the next year. The S1 Gen 3 scooters, an upgrade to the current S1 models, will begin rolling out in January, further enhancing the company’s product offering.
Ananthan also highlighted the scalability and modularity of the platform, which is set to drive cost reductions and improve profit margins over time. “Every new generation of products helps us reduce costs and improve margins. We expect to see an 8% to 10% improvement in cost advantages with the upcoming models,” she added.
Moreover, Rupesh Gandupalli, Co-Founder of XDLINX Space Labs shared insights on how the company plans to revolutionise satellite technology. The company has recently raised $7 million in a seed funding round. The round was led by Ashish Kacholia of Lucky Investments, with additional backing from E2MC, Mana Ventures, and a prominent family office.
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