Sona BLW Precision Forgings Ltd (Sona Comstar), a global provider of automotive technology solutions, has signed an agreement to acquire a 54 percent equity stake in NOVELIC, a Serbia-based company founded in 2012 and a provider of mmWave radar sensors, perception solutions and full-stack embedded systems.

The equity stake will be acquired for €40.5 million through a combination of primary and secondary purchases with a staggered payment structure in the ratio of 60:20:20 at closing, 12 months and 24 months, respectively. Sona Comstar states that the transaction values NOVELIC at an enterprise value (EV) of €64.5 million on a pre-money basis and €75 million on a post-money basis, with an implied valuation multiple of 26 times CY22 Estimated PAT. The transaction is expected to close by the end of Q4 FY23 and is subject to customary closing conditions.

Sona Comstar claims that the acquisition is expected to be EPS accretive for it from the first year and offers strong growth opportunities over the medium term. The acquisition of NOVELIC is accretive to Sona Comstar's management bandwidth, given a shared cultural commitment to innovation, technology and profitability, states the automotive technology solutions provider.

In line with its strategic roadmap, Sona Comstar is foraying into the ADAS sensor market. With the acquisition, Sona Comstar states that it has started building its third business vertical of ADAS sensors and software to address the megatrends of increasing vehicle autonomy and automation.

According to Sona Comstar, NOVELIC's mmWave radar technology is the best solution for in-cabin sensing due to its high accuracy, lower cost and privacy protection of occupants' privacy. Through its sophisticated radar design and signal processing algorithm, NOVELIC's in-cabin monitoring solution detects life presence (LPD), child presence (CPD) and seat occupancy (SOD) amongst others. As per Sona Comstar, NOVELIC's in-cabin solution is highly accurate as it works under all light conditions, detects vital signs (heart rate and respiration) and locates objects anywhere in the cabin. NOVELIC's mmWave radar-based solution removes the need for weight sensors and associated wiring harnesses, resulting in significant cost savings for carmakers. Unlike cameras, mmWave radar-based in-cabin sensing protects the privacy of occupants in the car, claims Sona Comstar.

The current NOVELIC team, led by its founders Darko Tasovac, Veljko Mihaljovic and Dr Veselin Brankovic, will continue to lead the operations, ensuring continuity while leveraging Sona Comstar's scale and customer access for business development. According to Sona Comstar, the founders will hold 46 percent equity in NOVELIC after the completion of the transaction. 

Commenting on the acquisition, Vivek Vikram Singh, Managing Director and Group CEO of Sona Comstar, said, “I am excited to welcome NOVELIC to the Sona Comstar family. With this acquisition, we have added market leading, in-cabin radar-sensing technology to our technology offering. Increasing vehicle autonomy and automation is an emerging technology revolution in our industry. As we had done with EVs in 2016, we are taking a meaningful early step in the direction of the electrified autonomous vehicles or e-AV. NOVELIC adds the hardware and software capabilities to design integrated systems for autonomous driving, including AI and ML as well as ASIC experience, to what we already have in mechanical, electric and electronic abilities. It is the beginning of building our third business vertical of sensors and software. In addition to its technology prowess, Novelic is unique in its approach to profitability and sustainable growth. In many ways, NOVELIC is like Sona in how we value money, technology and growth.”

Sharing his thoughts, Mihajlovic, Co-founder and CTO of NOVELIC, said, "NOVELIC was founded with a clear mission to develop end-to-end capabilities in mmWave radar technology and to commercialise it through various product lines. We started as a team of five, and today, we are over 160 people, among which 130 engineers and 10 PhDs developing product platforms at various European locations. We have managed to do it organically by providing value to our customers and generating and growing our revenue and profit year after year. For moving to the next phase of our growth, we are delighted to have a strategic partner in Sona Comstar which shares the same commitment to innovation and technology and will support us in scaling up our business. The moment we first interacted with the Sona Comstar team, we knew this was 'the one' because we had a great alignment of core values."

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Recyclekaro, an e-waste and lithium-ion battery recycling firm, has been cleared for eligibility under the Incentive Scheme for Promotion of Critical Mineral Recycling. The scheme is administered by the Ministry of Mines under the National Critical Minerals Mission.

The company has committed an investment of approximately INR 3 billion to expand its operations. This brownfield expansion aims to increase total processing capacity to 50,000 metric tonnes.

Its targeted waste streams for mineral recovery include spent lithium-ion batteries, electronic circuit e-waste, rare earth magnets and spent catalytic converters.

The project is designed to increase the domestic recovery of lithium and rare earth elements, reducing reliance on mineral imports for the electric mobility and renewable energy sectors.

Recyclekaro plans to invest over INR 5 billion over the next five years into a research and development facility. This centre will focus on technologies for the recovery of rare earth and critical minerals. The objective of the expansion is to align with national resource security and circular economy targets.

Rajesh Gupta, Founder and Managing Director, Recyclekaro, said, “We are proud to have secured eligibility under the Government of India’s Critical Mineral Recycling Incentive Scheme and sincerely commend the Ministry of Mines for instituting a visionary and robust framework under the National Critical Minerals Mission. This marks a decisive step toward strengthening India’s energy security that relies on securing critical minerals domestically. This will support India’s net zero goals. Over the past 15 years, we have built world-class in-house technologies, conducted thousands of pilot-scale experiments, and are now investing over INR 5 billion next 5 years in our newly developed R&D facility. It is going to be amongst the biggest privately owned facilities in India dedicated to rare earth and critical mineral recovery. At Recyclekaro, we remain deeply committed to this national movement and invite researchers, innovators, and technology partners to collaborate in accelerating India’s clean energy and circular economy transition.”

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Kochi-headquartered deep-tech company RoshAi has raised INR 220 million in funding, which was led by IAN Alpha Fund, part of the IAN Group.

The capital is designated for product development, expansion of deployments and scaling operations across international industrial markets.

RoshAi develops autonomy solutions that can be retrofitted to existing heavy vehicles in sectors such as ports, mining and logistics. This approach allows operators to implement driverless operations without the requirement for new fleet investments.

The technology stack comprises three primary components:

Retrofit Hardware: Physical kits to enable autonomous control of conventional vehicles.

In-Vehicle Autonomy System: AI-powered software and sensors for navigation and obstacle detection.

Cloud-Based Fleet Management: A platform for remote monitoring and operational coordination.

The company reports that its systems have completed over 100,000 km of testing with no safety incidents.

The global industrial autonomous vehicle market is projected to reach USD 162.8 billion by 2030, up from USD 47.6 billion in 2024. RoshAi aims to capture this growth by targeting the United States, Australia and Southeast Asia. It currently collaborates with Tier 1 original equipment manufacturers (OEMs) and industrial operators on pilot projects.

Sarika Saxena, Managing Partner, IAN Alpha Fund, said, “RoshAi is solving industrial autonomy through a retrofit-first approach, enabling operators to upgrade existing fleets rather than invest in new infrastructure. With strong early validation, repeat customer engagement, and a scalable autonomy platform, the company is well-positioned to build a globally relevant deep-tech business from India.”

Roshy John, Founder & CEO, RoshAi, added, “Our focus is to make industrial operations safer and more efficient by enabling existing fleets to operate autonomously. This investment allows us to accelerate product development, scale deployments across global markets, and continue building a robust autonomy platform for industrial use cases. We are glad to have IAN’s support as we move into this next phase.”

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Yuma Energy, a battery-as-a-service (BaaS) and infrastructure provider, has partnered with Quantum Energy, an Indian electric two-wheeler manufacturer. The collaboration enables battery swapping compatibility for the Quantum Bziness, an electric scooter designed for commercial and last-mile mobility applications.

The partnership aims to address vehicle downtime by integrating Quantum’s vehicle engineering with Yuma’s energy network. Yuma Energy reports a network uptime of 99.9 percent, allowing users to exchange depleted batteries for charged units.

The collaboration will focus on fleet operators, businesses and independent commercial riders. The aim is to maximise vehicle uptime by removing the requirement for stationary charging.

The collaboration is intended to lower operational costs and environmental impact for commercial EV users. By providing a scalable energy infrastructure, the companies seek to remove barriers to adoption in the high-utilisation transport segment.

Muthu Subramanian, MD & GM, Yuma Energy, said, "Electric mobility must work for the people who depend on their vehicles every day. Our partnership with Quantum Energy ensures that riders using the Quantum Bziness can operate without interruptions. By making battery swapping as fast and simple as refuelling, we are enabling productivity, improving earnings potential, and accelerating India’s transition to sustainable mobility."

Chakravarthi C, Managing Director, Quantum Energy, added, "At Quantum Energy, we design and manufacture vehicles that solve real mobility challenges. Integrating Yuma’s battery swapping solution with the Quantum Bziness enhances convenience and operational efficiency for commercial users, reinforcing our commitment to delivering practical and scalable EV solutions."

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The BMW Group has entered into a cooperation with Croatia’s Rimac Technology to equip the new all‑electric BMW i7 with advanced battery systems. This collaboration focuses on integrating BMW’s in‑house developed Gen6 technology into the flagship electric sedan, aiming to deliver superior range and faster charging capabilities.

At the heart of this project is the Gen6 lithium‑ion cylindrical cell, specifically the 4695 format, which offers a 20 percent higher volumetric energy density than the prismatic cells used in the previous Gen5 system. By combining the Gen6 cell technology with the established Gen5 module design, the high‑voltage battery enables a significantly increased driving range for the BMW i7. Additionally, the new setup boosts charging capacity and cuts charging time, greatly benefiting customers. The world premiere of this model is scheduled for 22 April at Auto China 2026 in Beijing.

Rimac Technology, a Tier 1 supplier within the Rimac Group, produces these high‑voltage batteries using state‑of‑the‑art equipment at its Croatian facility. The batteries are then delivered ready for assembly to the BMW Group Plant Dingolfing, the sole production site for the BMW 7 Series. Known for its in‑house development of battery systems, e‑axles, electronics and software, Rimac offers highly customisable electrification solutions. This long‑term partnership with BMW marks Rimac’s evolution from a niche supercar supplier to a Tier 1 provider for high‑volume vehicle projects.

Dr Thomas Engelhardt, Senior VP Development High-Voltage Storage and Charging, BMW Group, said, "We are quickly rolling out the technologies of the Neue Klasse across our entire model portfolio – including, of course, in our all-electric luxury sedan. The teams of both companies have developed a tailor-made solution for the new BMW i7. The excellent collaboration with Rimac Technology is a good example of European innovative strength."

Mate Rimac, Founder and President, Rimac Group, CEO and CTO Bugatti Rimac, said, “BMW has always been known for pushing engineering to the highest level, which made this collaboration especially exciting for us. Together, we developed a high-voltage battery system that unlocks the full potential of the new cylindrical cells in record time, delivering significant improvements in energy, range and charging performance. We are proud to now see this system being produced at scale at our new Rimac Campus.”

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