JSW Ventures, an arm of Sajjan Jindal-led JSW Group has led a USD 5-million investment in beauty and personal care products firm Cureskin
JSW Energy has announced signing a power purchase agreement (PPA) with Haryana Power Purchase Centre (HPPC) for the supply of 240-megawatt hydropower.
Mumbai, NFAPost: JSW Ventures, an arm of Sajjan Jindal-led JSW Group said it has led a USD 5-million investment in beauty and personal care products firm Cureskin.
Other investors in the round included Sharrp Ventures, SenseAI and other existing investors, according to an official statement.
The funds raised will be deployed by the start-up for growing its overall customer base, expand into adjacent categories and make further investments in technology, it said.
“The capital will help the company continue scaling its operations, innovate on new products and build a stronger technology solution that will allow the brand to become a category leader,” JSW Ventures partner Sachin Tagra said.
The statement said only the top metro cities have a penetration of dermatologists and there is one such specialist looking after skin issues for one lakh people.
Chemists act as a proxy resulting in major challenges related to damaged skin while creating an environment of distrust, it said, adding that Cureskin is addressing these concerns by offering expert-designed personalised regimens.
It has an app that enables users to take photos and instantly get artificial intelligence-based analysis for acne, dark spots, pigmentation, wrinkles and others for free.
Its cofounder and Chief Executive Officer Guna Kakulapati said the company aspires to build India’s largest technology-led personal care brand.
“There is a large market need for outcome-oriented, specialist care for skin and hair conditions. We believe that our data and technology-based approach to developing superior products and providing personalised advice will solve this problem,” he added.
JSW Energy signs PPA with with Haryana Power Purchase Centre
JSW Energy has announced signing of a power purchase agreement (PPA) with Haryana Power Purchase Centre (HPPC) for the supply of 240-megawatt hydro power.
The agreement is valid for 35 years (with further extension at mutually agreed terms), and signed at a levelised ceiling tariff of Rs 4.50 per kWh (kilowatt-hour), JSW Energy said in statement.
The JSW Group company said, “Its Kutehr project has signed a PPA with HPPC for supply of 240 MW hydropower. The PPA capacity was selected through competitive bidding under expression of interest invited by HPPC on July 3, 2018.”
JSW Energy through its wholly-owned step-down subsidiary JSW Energy Kutehr Ltd (JSWEKL) is currently constructing the 240 MW (3×80 MW) hydro-electric plant located in Kutehr, Chamba district of Himachal Pradesh.
The project construction is progressing well ahead of its schedule, with 65 per cent tunnelling work completed by February 2022 and is expected to be commissioned by September 2024.
Haryana Power Purchase Centre will purchase the power on behalf of Uttar Haryana Bijli Vitran Nigam (UHBVN) and Dakshin Haryana Bijli Vitran Nigam (DHBVN).
With the board approval for corporate re-organisation in place, the renewable energy businesses, including hydro assets, is to be housed under a wholly-owned subsidiary ‘JSW Neo Energy Limited, the company statement said.
JSW Energy Joint MD and CEO Prashant Jain said, “Being the largest private sector operator of hydro power plants in India and having over two decades of experience of safely building and operating power projects, we continue to contribute meaningfully towards India’s hydro power and COP-26 commitments.”
JSW Energy has set a target for 50 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning towards renewable energy.
The company aims to reach 20 gigawatt (GW) capacity by 2030, with the share of renewable energy increasing to 85 per cent of total.
Around 2.5 GW of renewable projects are currently under-construction: 2.2 GW wind and solar projects, tied with SECI and JSW Group, are expected be commissioned in the next 12 months, while the 240 MW Kutehr hydro project is expected to be commissioned in the next 30 months.
With the commissioning of these projects, the company’s total generation capacity will increase to seven GW, with renewable energy contributing to about 55 per cent.