Sygnum Completes USD 58m Strategic Growth Round, Achieves Unicorn Status with 1bn valuation

by with No Comment Banking & FinanceMirabilia Icons

Fulgur Ventures, cornerstone investor in the final close of Sygnum’s Strategic Growth Round, is a venture capital firm focusing on Bitcoin technologies, infrastructure and applications that drive Bitcoin adoption. Fulgur is joined by new and existing strategic and financial investors, as well as Sygnum team members again participating on equal terms. The Co-Founders, board and team members continue to hold Sygnum majority ownership.

Proceeds from the completed Strategic Growth Round will be put to work to drive Sygnum’s 2025 expanded EU/EEA market entry and to launch its regulated presence in Hong Kong. Sygnum also intends to use the funds to broaden its institutional infrastructure, expand its product portfolio with a focus on Bitcoin-technology, and enable opportunities for strategic acquisitions as the market develops. As the industry’s trend towards regulatory compliance gathers pace, additional investments will be made to further strengthen Sygnum’s organisational and operational resilience, compliance teams and state-of-the-art risk management.

A key driver of the oversubscribed Strategic Growth Round was Sygnum’s multi-year core business growth. 2024 revenues for all trading products, including crypto spot, derivatives, FX and traditional securities, surpassed the previous year’s total in Q3 for the second year running. Total annual trades in 2024 increased by more than 1,000% YoY, propelled by PostFinance and the 20+ banks on its B2B platform providing regulated crypto services to more than a third of the Swiss population.

Sygnum’s core business growth was matched by its industry-shaping product launches. In July 2024, Sygnum launched Sygnum Connect, a 24/7 multi-asset settlement network, with members at launch including digital asset exchange AsiaNext and prime broker Hidden Road. A few months earlier, Sygnum also opened up a second new platform, Sygnum Protect, exclusively to its global institutional client base. This platform enables them to continue trading on major crypto exchanges while holding their flexible choice of collateral in secure, bank-grade and bankruptcy-remote custody with Sygnum

Mathias Imbach, Sygnum Co-Founder and Group CEO, comments that: “Sygnum reaching Unicorn status is a strong validation by the market of our business model, strategy and team. While it is an achievement we are very proud of, it won’t alter the values of integrity and humility, and the importance of displaying confidence without attitude at all times, which have acted as our true-north since day one. As Switzerland is currently losing ground to other jurisdictions as a preferred digital asset hub, it is also our obligation to highlight the need for Switzerland to not ignore the importance of continuous innovation in the financial sector and to continue to attract talent and capital to remain relevant in the long-term. In that way, Sygnum’s mission is only at the very beginning.”

Gerald Goh, Co-Founder and CEO APAC, says: “The successful completion of our Strategic Growth Round is proof of Sygnum’s strong and unique position as a leading regulated financial institution in the global digital asset industry. Offering trusted institutional infrastructure and regulated services for digital assets will continue to be the foundation for Sygnum’s future growth strategy.”

Oleg Mikhalsky, Partner of Fulgur Ventures, adds: “Fulgur is a venture capital firm that continues to drive investment into the accelerating convergence of Bitcoin and institutional financial markets. Sygnum’s market-tested infrastructure, digital asset-native team and global ecosystem makes them the ideal partner to co-develop innovative Bitcoin-related financial products and technologies – as well as for future collaborations with other Fulgur portfolio companies. We are proud to be the cornerstone investor for the final close of Sygnum’s Strategic Growth Round, which coincides with a potential inflection point for Bitcoin’s institutional adoption and regulatory clarity.”

In FY 2024, Sygnum achieved operational profitability and continued to grow its 2,000-strong institutional client base domiciled in over 70 countries, serviced through its regulated operations in Switzerland, Singapore and Abu Dhabi. The group is also regulated in the established global financial hubs of Luxembourg and was recently registered in Liechtenstein.

About Sygnum
Sygnum is a global digital asset banking group, founded on Swiss and Singapore heritage. Sygnum empower professional and institutional investors, banks, corporates and DLT foundations to invest in digital assets with complete trust.The team enables this through our institutional-grade security, expert personal service and portfolio of regulated digital asset banking, asset management, tokenization and B2B services.

Tata Motors flags off electric buses for workforce transportation in Pantnagar; reiterates its commitment towards carbon neutrality

by with No Comment Latest UpdatesMirabilia Icons

Tata Motors, India’s largest commercial vehicle manufacturer, today flagged-off a fleet of electric buses dedicated for workforce transportation at its Pantnagar plant in Uttarakhand. These indigenously built, zero-emission buses are equipped with latest features, and powered by advanced battery systems. TML Smart City Mobility Solutions Limited (TSCMSL), a wholly owned subsidiary of Tata Motors, will facilitate this workforce commute with a modern fleet of Tata Ultra 9m electric buses.

Designed to provide a safe, comfortable and convenient commute, this e-bus service will reduce carbon footprint by providing clean and green transport to over 5,000 people and save ~1,100 tonnes of CO2 emissions annually. Electricity generated from a 16MW solar energy plant will charge the e-bus fleet, making the entire operation green from end-to-end.

Announcing the launch, Mr. Vishal Badshah, Vice President and Head – Operations, Tata Motors Commercial Vehicles, said, “The introduction of electric buses for workforce commuting marks a significant step forward towards fulfilling Tata Motors Commercial Vehicles’ aspiration of achieving net-zero greenhouse gas (GHG) emissions by 2045. We are committed to making all our manufacturing facilities green by integrating sustainability across their entire value chain – from sourcing to development and engineering to operations. 

I am delighted to launch this initiative in Pantnagar first as it adds to and acknowledges the successes of the facility’s myriad of sustainability initiatives. This plant is already a certified Zero Waste to Landfill facility and has also received water-positive certification by CII-GBC. The launch of a zero emission, e-fleet service creates another major milestone in the sustainability journey of the plant.”

Powered by a full-electric drivetrain, Tata Ultra EV 9m electric bus is equipped with smart features including regenerative braking system and Intelligent Transport Systems. This deployment builds upon Tata Motors’ remarkable success in India’s electric mass mobility segment, where the company has already deployed over 3,100 electric buses across 10 cities. These buses have cumulatively covered more than 24 crore kilometres with an uptime of over 95%, demonstrating reliability and efficiency of Tata Motors’ electric mass mobility solutions.

 

Wishes pour in for Sh. Ashwini Vaishnaw on his 57th birthday

by Mirabilia IconsToday's Fables

Heartiest Birthday Greetings to Union Minister for Railways, Communications and Electronics & Information Technology Shri Ashwini Vaishnaw. Wish you a Long and Healthy life.

Your exemplary service and dedication inspire us all.

Ashwini Vaishnaw (born 18 July 1970) is an Indian politician, former IAS officer and a businessman.

Vaishnaw is originally a resident of Jeewand Kallan village of Pali district, Rajasthan. Later, his family settled in Jodhpur, Rajasthan.

In 1994, Vaishnaw joined the Indian Administrative Service in the Odisha cadre. He worked extensively in different parts of Odisha including serving as the District Collector of Balasore and Cuttack districts.

He took an educational loan to complete his MBA at the Wharton Business School. He realized that it would barely take him months to payback the educational loan and eventually left civil service in 2010 to join private sector and open an Industry. He gained an MBA degree to get insights on how to run a successful business.

After his MBA, Vaishnaw came back to India and joined GE Transportation as Managing Director.

Subsequently, he joined Siemens as the Vice President – Locomotives & Head Urban Infrastructure Strategy.

In 2012, he set up Three Tee Auto Logistics Private Limited and Vee Gee Auto Components Private Limited, both automotive components manufacturing units in Gujarat.

In June 2024, in the 22nd cabinet reshuffle, he was given the responsibility of Ministry of Railways, Ministry of Electronics and Information Technology and Ministry of Communications.

Tata Motors ‘Automotive Skill Labs’ initiative nurtures over 4000 students annually with future-ready automotive skills

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Reaffirming its commitment to nurturing talent and creating a skilled workforce for the automotive industry, Tata Motors’ in collaboration with Navodaya Vidyalaya Samiti (NVS) has established dedicated ‘Automotive Skill Labs’ at Jawahar Navodaya Vidyalayas (JNVs). To date, 25 labs, fully equipped with essential tools, have been set up across select JNVs in Maharashtra, Karnataka, Gujarat, Jharkhand, West Bengal, Uttar Pradesh, and Uttarakhand. This unique industry-academic joint initiative equips approximately 4000 students annually with practical automotive skills, with 30% of students enrolled being girls.

Aligned with the vocational courses envisioned in the ‘National Education Policy 2020’, Tata Motors’ ‘Automotive Skill Labs’ focuses on providing secondary and senior secondary students. Additionally, students can visit Tata Motors’ plants, interact with service and dealership professionals, and attend lectures by industry experts to gain real-world experience and deepen their knowledge. Furthermore, instructors teaching at these labs are provided with the necessary training at the company’s plant locations. A testament to this immersive learning experience is an E-Rickshaw constructed by the students at the Skill Lab in Pune.

Upon successful completion of the programme, students receive joint certificates from Tata Motors and NVS. Post-schooling, the students can opt for a Diploma in Manufacturing Technology, including a full stipend and on-the-job training at Tata Motors’ manufacturing facilities. Alternatively, those interested in continuing with Tata Motors can pursue a BTech in engineering—a 3.5-year executive education programme in collaboration with select engineering institutes—leading to permanent employment after five years.

Emphasizing the commitment to enriching the lives of youth and bridging the skills gap in the automotive industry, Vinod Kulkarni, CSR Head, Tata Motors, said, “Our Automotive Skill Labs empowers youngsters from the underserved communities with employable skills, relevant for the evolving automotive sector in India. It creates pathways for students in grades 9th – 12th to pursue higher education and secure employment opportunities. Contributing to the ‘Skill India Mission’, this programme instills innovative thinking, entrepreneurial spirit, analytical mindset and critical communication skills amongst the students. 

In 2023, over 1,600 students from this programme participated in the National Automobile Olympiad organised by the Automotive Skill Development Council (ASDC), out of which 17 succeeded in reaching the second stage of the competition.

SJVN_Mirabilia (1)

EMPOWERING INDIA’S FUTURE |THE REMARKABLE JOURNEY OF SJVN LIMITED AND AKHILESHWAR SINGH

by EnergyLatest UpdatesMirabilia Icons

SJVN Limited, a prominent player in India’s power generation industry, has been a beacon of sustainable energy since its inception on May 24, 1988. Established as a joint venture between the Government of India and the Government of Himachal Pradesh, SJVN has evolved into a listed company with a robust shareholder base. Currently, the company’s ownership stands at 59.92% with the Government of India, 26.85% with the Government of Himachal Pradesh, and the remaining 13.23% held by the public. With a paid-up capital of Rs. 3,929.80 Crore and an authorized capital of Rs. 7,000 Crore, SJVN boasts a substantial net worth of Rs. 13,821.97 Crore as of March 31, 2023.

Akhileshwar Singh, the Director of Finance at SJVNL Limited, is a pivotal figure in the company’s journey. With 35 years of experience as a pioneering advocate for solar energy, Singh has played a crucial role in SJVN’s success story.

Diverse Portfolio and Green Initiatives

SJVN Limited is primarily engaged in the business of electricity generation and tariff regulation. The company offers a diverse range of products and services, including electricity generation from hydro, wind, and solar sources, consultancy services, and power transmission. Its operations encompass thermal power, hydro power, wind power, solar power, power transmission, consultancy, and power trading.

Recently, SJVN Green Energy secured a Letter of Awards from the Assam Power Development Corporation (APDCL) for three solar power projects, totaling 320 MW in capacity. These projects are expected to generate a cumulative 628 million units in their first year of operation and approximately 14,591 million units over 25 years. With an estimated construction cost of Rs. 1,900 Crores, the projects are scheduled to be commissioned by March 2025. The commissioning of these projects will contribute significantly to reducing carbon emissions by 7.14 lakh tonnes, aligning with the government’s mission to combat climate change.

A Vision for the Future

SJVN Limited has set ambitious goals for the future, driven by its vision to become a globally admired Indian Power Company known for delivering affordable clean power and sustainable value to all stakeholders. With a mission focused on socio-economic growth and optimizing shareholders’ and stakeholders’ interests, SJVN aims to achieve a remarkable milestone: a 50,000 MW installed capacity by 2040.

Akhileshwar Singh emphasized the company’s commitment to aligning with the Honorable Prime Minister’s vision of generating 500 GW from non-fossil sources by 2030. Under the dynamic leadership of Sh. Nand Lal Sharma, SJVN has re-engineered its business model, setting targets of 5,000 MW by 2023, 25,000 MW by 2030, and the ultimate goal of 50,000 MW by 2040.

Investing in the Future

SJVN’s commitment extends to harnessing energy in Uttar Pradesh, with plans to invest around Rs. 30,000 to 35,000 crore in the next 5-6 years. This strategic investment is poised to make a substantial impact on the energy landscape of the state and further propel SJVN’s mission of providing clean and affordable power to the nation.

The Journey of Akhileshwar Singh

Akhileshwar Singh’s journey to becoming the Director of Finance at SJVN Limited is nothing short of inspiring. Starting his career in 1987 with Hindustan Paper Corporation Limited, he joined SJVN in 1993 as a Senior Finance Officer. His remarkable ascent through the ranks, from Assistant Manager to Head of Internal Audit, culminated in his appointment as Director of Finance in 2020. Singh’s dedication, vision, and expertise have been instrumental in shaping SJVN’s trajectory toward sustainable energy and growth.

A Visionary Leader

When asked about his approach as Director of Finance, Akhileshwar Singh cited his study of the growth stories of two major power sector PSUs – NTPC and NHPC. He analyzed their trajectories, examining how NTPC had grown to generate 70,000 MW of power, while NHPC focused on 7,000 MW. Singh probed into the factors, including technological changes and the complexities of developing hydro projects, that impacted the power sector. 

He also explored the emergence of storage in solar power, cost competitiveness in various forms of power generation, and crafted a strategic roadmap for SJVN to remain at the forefront of the industry.

As India continues its journey towards sustainable energy and reducing carbon emissions, SJVN Limited, under the stewardship of leaders like Akhileshwar Singh, stands ready to play a pivotal role in shaping a cleaner and brighter future for the nation. With its commitment to innovation and sustainable practices, SJVN is a shining example of India’s progress in the realm of clean and renewable energy.

Ramlok_Shelly_Swami-Amardev_Mirabiliabusinessmaga

RAMLOK TEMPLE|PERFECT BLEND OF DIVINITY AND SACRAL ARCHITECTURE

by Mirabilia IconsSpiritualityToday's Fables

India boasts an abundance of destinations that remain unexplored by many, offering a wealth of opportunities for those seeking untouched beauty and culture.

 

Whether you venture east, west, north, or south, you’ll encounter places that have yet to succumb to commercialization.

Allow us to introduce you to one such hidden treasure: Ramlok Temple, located in Sadhupul, a place you simply must include in your travel itinerary for your next vacation.

 

This temple will captivate you with its unspoiled allure and profound cultural significance.

 

India, a diverse nation, has something unique to offer every traveler, be it leisure, spirituality, adventure, or culture. To ensure that tourism provides a valuable and enriching experience for both international and domestic visitors, certain priorities must be  addressed.

Developing unexplored tourist spots, such as Ramlok Temple, requires investments in public transportation and essential infrastructure to enhance tourism. Reliable transport options, well-maintained roads, efficient traffic management systems, and associated maintenance play pivotal roles in boosting the economy of rural areas, contributing significantly to the overall development of a country or state.

India’s forthcoming role as the host of the G20 summit holds tremendous potential. The primary objective of this global forum is to address complex challenges, and the development of rural areas and rural tourist destinations can directly or indirectly contribute to the growth of tourism, eco-tourism, and the economy.

The Divine Himalayan Sage: Swami Amardev

In the words of Vedic literature, “Moksha Mulam Guroh Kripa” or “The root of liberation is the Grace of the Guru.” In our fast-paced world, the spiritual path followed by the ancient sages of India remains of paramount importance.

The journey of humans toward God, through spiritual practices, holds great significance. In India, there are revered sages who, through their dedicated sadhna (spiritual practice) and mantras, have attained profound mental and spiritual powers. Among them is Swami Amardev, the founder of the renowned Ram Lok Temple in Sadhupul, District Solan, Himachal Pradesh.

Swami Amardev is a revered Hindu Monk, Yogi, and Guru who has illuminated the lives of thousands through his teachings. His work has enabled people to overcome distractions and find inner peace. He is affectionately known as Guruji.

Swami Amardev is a divine and spiritual soul, a guiding light, hailing from the Rajgharana family of Rajasthan. His teachings emphasize a moral code of love, forgiveness, charity, contentment, inner peace, and devotion to God and Guru. He is on a path to elevate human life to a divine existence.

Devotees from far and wide visit Ram Lok Temple to seek blessings from Swami Amardev Ji Maharaj. Saints are considered the sagun (manifest) form of God, embodying His qualities and wisdom.

Swami Amardev treats all visitors equally, whether they are politicians, bureaucrats, businessmen, or ordinary individuals. His commendable contribution to the construction of the Ram Mandir in Ayodhya is widely acknowledged. He has conducted live sessions on Aastha Channel and has received numerous accolades, including the Shri Ram Rattan Samaan Award and the Mahatma Gandhi Samaan Award in London. His dedication to Ram Lok Temple has earned appreciation from the President of India and other dignitaries. Notably, Ramlok Temple, constructed from octo-alloy, is a unique marvel in India and is listed in the World Book of Records.

Despite his numerous achievements, Swami Amardev remains humble, leading a yogi’s life in a small hut within the temple premises. He has dedicated his entire life to the devotion of Shri Ram.

Naglok Temple

Another remarkable feature of Ram Lok Temple is the Naglok Temple, a one-of-a-kind architectural marvel in India. This temple is constructed from an astounding 1.25 crore bricks and stands tall at a height of 450 feet. It houses 8 clans, 26 species, as well as Shesha Naag and the Maharani of Nagas (Serpents), making it a truly extraordinary spiritual site to behold.