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Mumbai, June 10 (PTI) Robotics and warehouse company Addverb looks to raise more than USD 100 million (around Rs 952 crore) for investment in new technologies and boosting its market share, a top company official said on Wednesday.

Addverb, whose robots handle sorting, material movement and other tasks at logistics firms, warehouses and electronics companies, is scouting for more capital after expanding in markets including the US, the Netherlands and Australia, Chief Executive Officer Sangeet Kumar said.

The company is investing in new technologies as it eyes growth in areas such as humanoid robots and prepares for a stock market debut in a few years, he said.

The company faces much bigger rivals from countries such as China, Japan, and the US, yet there is room for an Indian contender in the rapidly developing industry, Kumar said.

Addverb has built a growing customer base across industries and is now expanding its footprint globally as it sets its sights on becoming one of the world's leading robotics companies.

"We want to be in the top 10 in the next five years and top 5 in the next 10 years," Kumar said. The company estimates it currently ranks just outside the global top 30 in robotics market share by revenue.

Addverb makes half of its revenue from outside India, employing nearly 1,100 people in more than two dozen countries. PTI IAS MR

New Delhi, Jun 10 (PTI) Nine Indian startups, including Dhruva in the space business and Varaha in the climate arena, have made it to the World Economic Forum's latest list of new technology pioneers.

Releasing the list, the WEF said these 100 early-stage startups from 23 countries are building the infrastructure for the next era of AI and are developing breakthrough technologies with the potential to transform industries and societies.

"What sets this year's cohort apart is its focus on enabling the next era of Artificial Intelligence (AI). While recent advances have centred on models and consumer applications, many of the Tech Pioneers are building the software and physical infrastructure needed to AI at scale," the WEF said.

The cohort also reflected the expanding geographies of frontier innovation.

India has contributed nine companies, many focused on deep-tech and space innovation, while the Republic of Korea records its strongest representation to date across AI, robotics and quantum technologies.

Companies from the Middle East, Latin America and South-East Asia are also strengthening their presence in emerging technology ecosystems.

Among the nine Indian startups, Airbound is operating drone networks to deliver blood and critical medical supplies to rural healthcare systems.

Bellatrix Aerospace is developing and manufacturing propulsion technologies for in-space mobility, while BorderPlus is supporting healthcare professionals to access high-growth international opportunities.

Dhruva is building small satellite platforms to advance India's growing space ecosystem, Ethereal Exploration Guild is developing reusable medium-lift launch vehicles for cost-efficient orbital access, and Fermbox Bio is producing alternative lipids, proteins and green chemicals through fermentation-based biomanufacturing.

OrbitAID is developing technologies for on-orbit satellite servicing, including refuelling, repair and de-orbiting, Sarla Aviation is building electric vertical take-off and landing (eVTOL) aircraft for urban air mobility, while Varaha is leveraging remote sensing and blockchain technologies for agriculture-based climate solutions in developing markets.

The total number of Indian entries to this cohort now stands at 28 and include Agnikul Cosmos, Cropin, Digantara, GalaxEye, Niramai, Pixxel and Sarvam AI.

The 2026 cohort includes one each startup from Australia, Brazil, Canada, Colombia, Denmark, France, Kenya, Mexico, Slovenia and UAE.

The US accounts for the largest number of entries at 43, while 10 are from China, eight from the UK, five from Japan, four from South Korea, three from Singapore, and two each from Germany, Israel, Saudi Arabia and Switzerland.

Launched in 2000, the Technology Pioneers is a leading community for early-stage companies from around the world that are shaping the future through breakthrough technologies and innovations.

These companies are selected for their potential to have a significant impact on business and society and are invited to engage with public and private sector leaders through the WEF's global platform. PTI BJ bj DR

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New Delhi, June 10 (PTI) India does not have surplus capacity in textiles and steel sectors, as per capita consumption of these products in the country remains among the lowest in the world, a senior government official said on Wednesday.

The remarks assume significance as the Office of the United States Trade Representative (USTR) in March launched a probe regarding the acts, policies, and practices of various economies, including India, under Section 301(b) of the Trade Act of 1974, relating to structural excess capacity and production in manufacturing sectors.

Director General of Trade Remedies and Additional Secretary in the commerce ministry Amitabh Kumar said that overcapacity has not come under any of the trade remedial laws in the WTO (World Trade Organization) framework and it is a new narrative.

"We do not think we have overcapacity in the textiles sector. Our per capita consumption of all kinds of textile products is abysmal, particularly in manmade fiber and technical textiles. Ours is a hot, tropical climate; we wear cotton. How do we have overcapacity?

"In steel also, our per capita consumption is so low. We have one of the lowest; we may be the second largest producer of steel, but compared to our population, our economic and growth imperative, it's one of the lowest," he told reporters here.

India is a net importer of manmade fibers, besides cotton.

In its submission, India has rejected the allegations, and has stated that the USTR notice has not provided cogent rationale or prima facie evidence to substantiate its allegation that India has structural excess capacity in its major industries, leading to a trade surplus with the US.

Kumar said that trade remedy measures play an important role in addressing unfair trade practices, strengthening domestic manufacturing and supporting a rules-based international trading system. PTI RR RR MR

New Delhi, Jun 10 (PTI) Gold ETFs witnessed an outflow of Rs 725 crore in May, breaking a 13-month streak of positive inflows, due to government appeals against purchasing the yellow metal and several asset management companies halting fresh inflows into these funds.

This was the first outflow since April 2025, when the Gold ETF saw a withdrawal of Rs 5.82 crore.

Overall, Gold ETFs (Exchange-Traded Funds) have attracted more than Rs 70,000 crore since May 2025.

According to data disclosed by the Association of Mutual Funds in India (Amfi) on Wednesday, Gold ETFs witnessed an outflow of Rs 725 crore in May, against an inflow of Rs 3,040 crore in April. The inflow stood at Rs 2,266 crore in March, Rs 5,255 crore in February and Rs 24,040 crore in January.

After strong inflows in January, momentum tapered in subsequent months, indicating a gradual cooling in incremental allocations.

The reversal appears to have been driven by a combination of profit booking following the earlier rally in gold prices and a shift in investor risk appetite, with some rotation away from safe-haven assets.

"With gold prices touching record highs, the government's request not to purchase gold, and some AMCs stopping inflows into ETFs, investors seem to be taking a more practical view," said Feroze Azeez, Joint CEO, Anand Rathi Wealth.

After a sharp rally, future returns may not look as attractive as they did over the past year. Some investors may also be booking profits and reallocating money towards other opportunities, especially equities that have corrected significantly, he added.

Nehal Meshram, Senior Analyst, Morningstar Investment Research India, said the rising opportunity cost of holding gold, particularly in an environment of relatively attractive yields in fixed income, may have contributed to the pullback. The pattern of flows also suggests that a significant portion of earlier allocations was tactical in nature, making them more sensitive to price movements and short-term macro cues.

Despite the sequential decline, assets under management (AUM) of gold ETFs rose to Rs 1,84,571 crore at the end of May, from Rs 1,78,110 crore in April-end.

Gold ETFs, which track the domestic physical gold price, are passive investment instruments that are based on gold prices and invest in gold bullion. In short, gold ETFs are units representing physical gold, which may be in paper or dematerialised form.

One gold ETF unit is equal to 1 gram of gold and is backed by physical gold of very high purity. They combine the flexibility of stock investments and the simplicity of gold investments. PTI SP HVA

Mumbai, Jun 10 (PTI) Third-party logistics services provider Emiza on Wednesday announced the launch of its new warehouse facility in Farrukhnagar, Haryana, to meet the growing demands of the e-commerce and retail sectors, particularly in the northern states.

Spread across 1,20,000 sq ft, the warehouse has a pallet capacity of 15,000 and includes 23 docks to streamline loading and dispatch operations.

The facility is designed to handle 8,00,000 orders per month, the company said.

The latest addition marks the Mumbai-based company’s sixth warehouse in the Delhi-NCR region and expands the company's total warehousing footprint to over 60,00,000 lakh cubic feet across more than 11 cities in as many states, it said.

The new facility is being developed as a dedicated return-processing centre with built-in capabilities to manage returns for partner brands, Emiza said.

"This facility enables us to respond faster to client demands, integrate advanced systems for seamless supply chain management and set a benchmark for future expansion. It's a strategic investment in creating a logistics ecosystem that combines efficiency with reliability across India," said Ajay Rao, Founder & CEO, Emiza.

Positioned in a key logistics hub, the facility enables optimised last-mile services and improved order fulfilment for businesses in the region, the company said and added that as operations continue to scale, the warehouse is also set to support the local economy by creating more than 500 employment opportunities, further strengthening the region's position as a growing centre for logistics activity.

"The Farrukhnagar facility has been built with a strong focus on operational efficiency and smooth movement of goods. From the layout of the warehouse to the equipment installed, every element is designed to support faster handling, accurate storage and timely dispatch," said Jitendra Kumar, Co-founder, Emiza. PTI IAS SHM