Category: Business

May 21 (BNP): Indian equity markets ended largely flat on Thursday as geopolitical tensions in West Asia weighed on investor sentiment, while selective buying in broader markets helped benchmark indices limit losses and avoid a sharper decline.

The benchmark Sensex closed at 75,183.36, down 135.03 points or 0.18 per cent, while the Nifty 50 settled nearly unchanged at 23,654.70, slipping just 4.30 points or 0.02 per cent, reflecting cautious market participation amid global uncertainty.

Market sentiment remained under pressure due to concerns over escalating geopolitical developments in West Asia, prompting selling in sectors such as information technology (IT), fast-moving consumer goods (FMCG), and financial services. Heavyweight stocks including Bajaj Finance, Infosys, Tech Mahindra and Hindustan Unilever emerged among the key laggards during the trading session.

Despite weak benchmark momentum, broader markets showed resilience. Mid-cap stocks traded subdued, while small-cap counters outperformed and ended higher, indicating selective investor confidence in specific segments. Sectorally, the cement pack emerged as the top performer with gains of over 2 per cent, followed by strength in realty and metal stocks. On the other hand, FMCG and IT sectors witnessed notable selling pressure.

The Indian rupee recovered strongly against the U.S. dollar to close at 96.15, registering gains of 0.68 per cent, while the India VIX, a measure of market volatility, eased by around 3.5 per cent, signalling a marginal decline in investor anxiety levels.

Market experts indicated that near-term direction is likely to remain dependent on geopolitical developments, global central bank signals and macroeconomic indicators. Technically, analysts see resistance for Nifty in the 23,700–23,800 range, with the 24,000 mark acting as a key psychological barrier, while immediate support is placed between 23,500 and 23,600.

Overall, markets remained range-bound as investors balanced geopolitical risks with selective domestic strength, keeping benchmark indices largely stable despite external headwinds.

Texas Tech University’s continued commitment to interdisciplinary research and hands-on fabrication has paved the way for another opportunity to perform critical work regarding wide/ultrawide (UWBG) semiconductors.

A team of faculty from the Edward E. Whitacre Jr. College of Engineering received roughly $4.5 million from the Texas Semiconductor Innovation Fund (TSIF) for a project titled “Research and Development of Wide/Ultrawide Bandgap Semiconductor Materials, Devices and Applications.”

TSIF grants are administered by the Texas CHIPS Office, within the Office of the Governor’s Texas Economic Development & Tourism Office. Gov. Greg Abbott signed into law the Texas CHIPS Act in 2023, establishing both the TSIF and the Texas Semiconductor Innovation Consortium, the latter of which the CHIPS office also supports.

Stephen Bayne, vice president of National Security for Texas Tech and executive director of the Critical Infrastructure Security Institute, is the project’s lead principal investigator. Joining him are Department of Electrical & Computer Engineering (ECE) Professors Ayrton Bernussi, Rui He, Ravi Joshi, Donald Lie and Hieu P. Nguyen; ECE Assistant Professor Taewoo Kim; and Global Laboratory for Energy Asset Management & Manufacturing Senior Director Argenis Bilbao.

Over three years, the researchers will seek to increase Texas Tech’s capabilities to develop UWBG semiconductors for high-power/high-frequency electronics and optoelectronics (instruments that detect and control light).

Nguyen said the group is excited and humbled to be a part of Texas Tech’s eminence in this growing field. 

“At the same time, we feel a strong sense of responsibility: to translate discoveries into reliable, manufacturable technologies; to build workforce pipelines by training students and technicians, and to partner with industry and government to ensure our work delivers real-world impact for Texas and the nation,” he added. “This award validates our momentum and accelerates our ability to turn research into jobs, commercial opportunities and long‑term competitiveness in the semiconductor ecosystem.”

This work will also support critical industries such as aerospace and defense by improving the performance and reliability of UWBG materials and high-electron-mobility transistors for harsh environments. 

Other priorities for the award include strengthening communications through work on broadband high-efficiency power amplification and radio frequency and millimeter-wave components; enabling the creation of high-performance nanostructured light emitters and detectors and high-voltage devices; promoting the translation of research into commercial products; and building regional economic impact. 

LONDON/HOUSTON/SINGAPORE, May 21– Oil prices above US$100 per barrel have triggered windfall tax proposals in Brazil, the EU, the US, and Australia. A new Wood Mackenzie report warns that fiscal policy design has a long-term impact on Upstream investment and production.

The cycle is familiar. As oil prices push past US$100 a barrel, politicians demand a windfall tax on energy companies. But, by the time legislation passes, prices have often already peaked.

That cycle is repeating in 2026. In recent weeks, Brazil introduced a temporary export tax. Five EU member states campaigned for reinstatement of the 2022-23 solidarity contribution levy (SCL). US senators relaunched a windfall tax bill targeting the largest oil producers and importers. The Australian senate debated a new gas export tax proposal.

Wood Mackenzie’s May 2026 Fiscal Service report, drawing on its proprietary global database and analyses of upstream fiscal changes across more than 150 jurisdictions since 2002, finds some consistent patterns. Governments with flat tax rate systems are most likely to seek new windfall levies when prices surge. Those with progressive fiscal systems, where the government’s revenue share moves automatically with prices, rarely need to. Oil companies object strongly to fiscal disruption; when it occurs, they question future investment in the affected sector.

“The current debate is following a script we have seen before, and the major uncertainty is how long the price spike will last. In the current situation, that depends on how long supply disruption lasts and if there is any lasting damage,” said Graham Kellas, SVP, Global fiscal research at Wood Mackenzie. “The longer prices stay elevated; the more governments are expected to act. The question is whether they can design something that works for the long term, or are they simply creating another measure that compounds future fiscal uncertainty?”

The pace of legislative action is another problem. Designing and passing a windfall tax mechanism can take several months. Prices may have peaked by then. Many proposals are never implemented. Those that are, often raise far less revenue than governments initially projected.

Key details

• Legal exposure: Brazil’s export tax faces legal challenge, with cases related to its 2023 temporary tax still unresolved. The EU’s 2022-23 SCL is subject to ongoing proceedings with ExxonMobil. Algeria’s 2006 windfall tax went to international arbitration — PSC contractors won after six years.
• Long-term returns: the largest companies measure returns over decades, not months, and target relatively stability over time, with price spikes balanced by price crashes.  An unpredictable fiscal environment disrupts that.
• Long-term windfall tax policy benchmark: the UK’s proposed oil and gas price mechanism (OGPM), due to replace the energy profits levy by 2030, applies only above US$90/bbl for oil or GBP0.9 per therm (US$12/mcf) for gas, and only on revenue above those thresholds. It is predictable and can be built into investment models.

Background

Windfall tax episodes have recurred throughout this century. In 2006-08, new progressive taxes were introduced in Alaska, Algeria, China, Ecuador, Pakistan, and Venezuela. India’s 2022 windfall tax changed its rate every two weeks before being abolished in December 2024. The UK’s energy profits levy, also introduced in 2022, has had its rate, timeframe, and allowances changed multiple times. The longer prices stay elevated; the more governments are expected to act.

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Small and regional brands gain access to premium OTT inventory traditionally reserved for large enterprise advertisers

Mumbai: JioHotstar’s Self-Serve Ads platform is enabling startups, local enterprises, and regional brands across India to independently run targeted advertising campaigns during the IPL and other premium content — an opportunity traditionally limited to enterprise advertisers with large budgets and agency support.

Regional businesses from Maharashtra, Goa, Karnataka, Telangana, Tamil Nadu, West Bengal, Gujarat, Odisha, Kerala, and Delhi-NCR have already used the platform to reach audiences during IPL programming and regional entertainment content. Advertisers leveraging the platform include Oxycool (Goa), Chandukaka Saraf Jewels (Maharashtra & Karnataka), Deepa Silks (Tamil Nadu), Eden Realty (West Bengal), Air Bounce (Gujarat), Baby Memorial Hospital (Kerala), and Jas Honda (Odisha).

Key highlights of the platform:

Campaigns can be launched starting at Rs. 4,000
Access to premium ad formats including pre-roll, mid-roll, and mobile-first integrations across sports, entertainment, movies, and regional content
Granular targeting options, including regional language feeds; city, area, and pincode-level targeting; audience demographics and interests; device targeting; and team-specific IPL match targeting
Performance-led models such as CPC (Cost Per Click) for optimized spends
Regional brands can advertise during matches featuring their home teams, deepening local audience engagement during high-attention moments

The shift reflects the broader democratization of digital advertising in India, with the rise of connected TV consumption, regional language viewership, and digital sports audiences opening up new avenues for smaller businesses to compete alongside national brands for consumer attention.

Select advertiser experiences and regional success stories are currently being explored, offering a closer look at how digital sports advertising is helping small businesses strengthen visibility, customer engagement, and market reach during high-consumption events like the IPL.

 

Ras Al Khaimah, May 21: Global leader in light and sustainable construction, Saint-Gobain inaugurated its new construction chemicals manufacturing unit in Ras Al Khaimah, reinforcing its long-term commitment to the UAE market and expanding its regional product range offer along with production capabilities.

The facility inauguration ceremony was attended by Saint-Gobain senior leadership, including  Eastern Mediterranean and Middle-East CEO Antoine Ghazal and Gulf Countries CEO Emmanuel Jacquot, alongside  Consul General of France in Dubai and the Northern Emirates His Excellency Jean-Christophe Paris, Ras Al Khaimah Economic Zone (RAKEZ) Chief Experience Officer Ian Hunt, and key stakeholders from the construction sector.

Located in RAKEZ’s Al Ghail Industrial Zone and developed across 15,000 m², the facility has been operational since the second quarter of 2025, manufacturing a comprehensive range of mortar solutions, including premixed plasters, tile adhesives and grouts, screeds, and more. With a monthly production capacity more than 10,000 tonnes, the plant serves customers across the UAE, while laying the foundation for further expansion through additional production lines and increased storage capacity.

Emmanuel Jacquot said “As the world-wide leader in light and sustainable construction, we are completing our industrial set-up with our new plant of Construction Chemicals in Ras Al Khaimah. This new facility reflects our trust in the UAE’s long-term vision. Through this investment, we reaffirm our commitment to the UAE, strengthening local manufacturing, enhancing service capabilities, customer intimacy and contributing to the country’s industrial ambition.”

Commenting on why the company chose Ras Al Khaimah, he added, “Our decision to establish operations in Ras Al Khaimah was driven by its strategic location, enabling greater customer proximity and faster, more responsive service to the Northern Emirates construction sites. This complements our existing large-scale manufacturing hubs in Abu Dhabi and Dubai, allowing Saint-Gobain to expand our reach and deliver more efficiently across the UAE. Ras Al Khaimah, and RAKEZ in particular, provided the right environment for this expansion—with strong industrial infrastructure, ease of doing business, and seamless establishment support. This has enabled us to develop a facility that aligns with our production and supply chain requirements while bringing us closer to our customers.”

RAKEZ Group CEO Ramy Jallad said: “Saint-Gobain’s new set-up marks another significant milestone for Ras Al Khaimah’s industrial sector and reflects the steady momentum the emirate continues to see in construction-related industries. Manufacturers today are looking for environments where they can scale efficiently, operate with confidence, and stay closely connected to their markets. At RAKEZ, we continue to strengthen the infrastructure, services, and industrial environment needed to support that growth journey over the long term.”

The facility reflects the company’s continued investment in strengthening its regional manufacturing and supply chain capabilities and expanding its product range offer. With growing demand across the UAE’s construction sector, and notably for hospitality, non-residential buildings and infrastructures, the new plant enhances the company’s ability to serve key markets more efficiently while supporting future expansion plans from its Ras Al Khaimah base.

Solna, Sweden, May 21, 2026. One-carbon Therapeutics AB, a clinical-stage biotechnology company pioneering first-in-class cancer therapies, today announced the appointment of Stefan Larsson, MD, PhD, and Raj Shah, MD, as additional non-executive directors to its Board of Directors, effective April 28th. The appointments further strengthen scientific, operational and transactional expertise to the Board as the Company progresses dose escalation in its ODIN Phase 1/2 study of TH9619 as monotherapy in solid tumors and prepares for its next stage of growth.

The additions follow a period of strong execution for One-carbon Therapeutics, including the dosing of the first subject in the ODIN Phase 1/2 study, the closing of an oversubscribed SEK 153 million (€13.9 million) private placement, and a strategic molecular collaboration with Tempus. Dr Larsson and Dr Shah will contribute to shaping the Company’s clinical development strategy and its trajectory toward institutional financing.

“We are delighted to welcome Stefan and Raj as new members off our Board at this pivotal moment for One-carbon Therapeutics,” said Ana Slipicevic, Chief Executive Officer of One-carbon Therapeutics. “Stefan’s clinical insight and his lifelong focus on outcomes that matter to subjects directly reinforce our disciplined, data-driven development approach. Raj’s experience across healthcare investing, banking and clinical practice will be instrumental as we deliver against our milestones and engage with the next generation of partners and investors. Under the efficient leadership of our Chairman, Antoine Yver, the board brings exactly the perspectives we need as we translate our science into clinical impact.”

About the new Board members

Stefan Larsson, MD, PhD

Dr. Larsson trained at the Karolinska Institute (KI), Harvard Medical School and the MRC Human Genetics Unit in Edinburgh, and is an Associate Professor at KI. He spent 25 years with the Stockholm office of The Boston Consulting Group (BCG), where he founded and first led BCG’s global Payer and Provider sector and its Health Systems sector, and led BCG’s work on value-based health care. He is co-founder and Board Chair of the International Consortium for Health Outcomes Measurement (ICHOM), and a Distinguished Fellow with the World Economic Forum’s Health and Healthcare group. His book The Patient Priority was published by McGraw Hill in November 2022. Dr. Larsson has authored more than 30 peer-reviewed scientific publications and serves as a board member of Industrifonden, Symcel AB and Caneon AB.

Raj Shah, MD

Dr. Shah is Partner and Head of Healthcare at Nordic Capital Advisors, a position he has held since 2015, and brings over 30 years of experience across the healthcare industry. He holds several non-executive positions and serves on the board of several of Nordic Capital’s most significant portfolio investments. His healthcare experience spans both clinical practice, having initially qualified and practised as a cardiac surgeon at Oxford, and extensive transactional experience gained as Co-Head of Goldman Sachs’ healthcare investment banking practice, where he advised private equity and corporate clients.

About One-carbon Therapeutics

One-carbon Therapeutics AB is a clinical-stage precision oncology company pioneering novel cancer therapies built on a deep understanding of cancer biology. Its lead program, TH9619 is a first-in-class, potent small-molecule inhibitor of MTHFD1 and MTHFD2, overexpressed enzymes in cancer cells. This inhibition induces toxic folate trapping, starving tumors of thymidine, a critical DNA building block, leading to DNA damage, thereby causing cancer cell death. By combining strong mechanistic insight with rigorous clinical development, One-carbon Therapeutics aims to advance potent anti-tumor activity while maintaining improved tolerability for patients with solid tumors.

The company is headquartered in Sweden and is committed to translating cutting-edge science into transformative clinical impact for subjects worldwide.

Noida, May 21: There is no shortage of stalled real estate projects and stuck home buyers in the country. If one delves into the root causes, lack of funds will emerge as the most significant hurdle in 90% of these projects. But these projects are financially viable and if funds are made readily available, all such projects would be re-capitalized and could be successfully completed. Consequently, through the combined efforts of both government and private institutions, these stalled projects are now being brought to fruition, finally enabling home buyers who have been stuck in limbo for years to take possession of their homes.

Government Initiatives:

To address this issue, the Central Government established the SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund of Rs. 25,000 Cr. in 2019. According to government statistics, over the past six and half years, this fund has facilitated the completion of more than 61,000 housing units across approximately 150 projects nationwide, thereby unlocking capital worth nearly Rs. 38,000 Cr. In light of this success, the 2026 budget has approved SWAMIH Fund 2.0 with an allocation of Rs. 15,000 Cr., aiming to facilitate the completion of another 100,000 homes.

According to Dinesh Gupta, President of CREDAI Western UP, the lack of funds has historically been the single greatest impediment to the completion of stalled real estate projects. Government initiatives like SWAMIH along with the participation of Alternative Investment Funds (AIFs) have demonstrated a viable path to transforming this crisis into an opportunity. If timely and accessible financing is made available, the majority of stalled projects could not only be completed but also help restore confidence in the sector, thereby bringing relief to millions of home buyers.

In Greater Noida West, stalled due to NCLT proceedings, the KVD Wind Park is currently being completed by ReaRCo (Real Estate Asset Resolution Company Pvt. Ltd.), a process supported by a contribution of Rs. 195.50 Cr. from the SWAMIH Fund. According to MD Gitanjali Khanna, the Wind Park project was first successfully resolved through the NCLT (National Company Law Tribunal) process, after which construction work commenced. With the assistance of the SWAMIH Fund, approximately 400 existing buyers are set to receive their long awaited homes, while the construction of an additional 250 new units will also be made possible in under-construction 5 towers.

Another stalled project, Antriksh Valley, being completed by Diligent Builders Pvt. Ltd., has received Rs. 115 Cr. from the SWAMIH Fund to meet the shortage of funds to deliver the entire project. Lt. Col. Ashwani Nagpal (Retd.), COO, Diligent Builders mentioned that shortage of funds remains the single biggest hurdle for the unfinished project. Currently, out of the two towers comprising 316 units, one has already received its Occupancy Certificate (OC), while the construction of the second tower is being expedited with the assistance of the SWAMIH Fund. Not only this, we have paid all dues to make it a registration ready project for the home buyers.

Beyond these, other housing project marching towards its target with help of SWAMIH Fund includes Capital Group’s Capital Athena, NCR Group’s Monarch and Panchsheel Group’s Panchsheel Greens as one of the early projects in the Gautam Buddh Nagar. More projects include Sikka’s Kaamya Greens, Mangalya’s Novena Greens, Skytech’s Colours Avenue, Future World’s Rhythm County and Future Estate, etc.

Private Funds & Initiatives:

Alongside government initiatives, private institutions are also stepping in to complete stalled projects by investing through Alternative Investment Funds (AIFs). Prior to investing, a thorough assessment is conducted regarding the land, legal status, outstanding dues, remaining payments, and market demand; this process aims to minimize liabilities associated with the project, thereby making it a viable investment opportunity.

Renox Group, for instance, has revived the land bank of a stalled project in Greater Noida West, brought fresh new project, ‘Renox Thrive’. Chairman of the group Shailendra Sharma, explained that to transform the land bank of a completely stalled project into a viable new venture, they first completed acquisition of the parent company and then cleared outstanding dues owed to the development authority, regulatory, banks, and homebuyers (allottees); only after settling these liabilities could the new project, comprising 400 units, be successfully launched. In this context, the easy availability of alternative funding sources holds the potential to rescue numerous other stalled projects.

Himanshu Garg, Director of the RG Group, states: “Through the ‘Reverse Insolvency’ mechanism facilitated by the NCLT, we successfully completed over 1,900 units at ‘RG Luxury Homes’ in Greater Noida West. This endeavor was executed under the supervision of an Interim Resolution Professional (IRP) and was supported by funds secured from a non-banking financial institution (NBFI). The process for the possession and registration of these units is currently underway.”

Many private institutions are infusing funds to stalled real estate projects and pushing them towards completion. In fact, private institutions have saved few projects from heavy debtors and NCLT proceedings too.

New Delhi, May 21: PaySprint, a unified FinTech and banking infrastructure platform, has strengthened its trust and compliance framework with ISO 27001, SOC 2 Type II and PCI-DSS. The milestone reinforces the company’s commitment to building secure, scalable and enterprise-ready digital financial infrastructure for banks, NBFCs, enterprises, startups and digital-first businesses.

The development comes at a time when businesses across banking, payments, verification, escrow, embedded finance and RegTech are increasingly relying on API-led platforms to power critical financial, transactional and identity-led operations. As India’s digital finance ecosystem expands, security, compliance, data protection and operational resilience are becoming key decision-making factors for institutions choosing infrastructure partners.

For PaySprint, the milestone strengthens the company’s compliance-led approach and adds another layer of trust for partners and customers who rely on its platform to manage sensitive financial, transactional and identity-related workflows. It reflects the company’s focus on embedding security, governance and reliability into the core of its technology systems, business processes and operational infrastructure.

A key part of this achievement is PaySprint’s PCI-DSS compliance, which is considered one of the more rigorous security validations for companies operating in payment-led and financial technology environments. The process typically involves a detailed assessment of how an organisation stores, processes and transmits cardholder data, along with a review of its broader security controls, systems and business processes. For a fintech infrastructure company, this adds further credibility to its ability to support partners operating in highly sensitive and regulated payment ecosystems.

Founded in 2020, PaySprint is a unified platform service provider delivering a complete ecosystem of banking, payments, verification, escrow and contract management services. The company powers 5,100+ partners through 200+ API solutions and 7 core product verticals spanning banking, payments, verification, escrow and contract management. Its platform is designed to help businesses move money, establish trust and manage transactions quickly and confidently.

The strengthened compliance framework supports PaySprint’s key platforms, including SprintNXT, SprintVerify, SprintOPN, SprintEXcrow and SprintEX-Code. These platforms enable businesses across business banking, digital verification, payments, escrow solutions, software escrow and contract management, where security, reliability and governance are central to customer confidence.

Speaking on the milestone, S. Anand, Founder & CEO, PaySprint, said, “The future of digital finance will be built on trust. At PaySprint, we have always believed that innovation and compliance must move together. Achieving these globally recognised security and compliance milestones is a validation of the systems, discipline and security-first culture we have built over the years. PCI-DSS in particular reflects the depth of security assessment required for organisations handling payment-linked workflows and sensitive transaction environments. As more businesses depend on financial infrastructure to power critical operations, our focus remains on creating a secure, resilient and compliant ecosystem that our partners can confidently build on.”

PaySprint operates at the convergence of fintech, RegTech and escrowtech, delivering a single platform, a single integration and a complete foundation for businesses to scale from their first transaction to enterprise growth. As businesses increasingly seek infrastructure partners that can simplify complexity while maintaining strong governance standards, compliance-led platforms are becoming central to how digital financial ecosystems are built and trusted.

For companies managing sensitive financial and identity-related information, frameworks such as ISO 27001, SOC 2 Type II and PCI-DSS serve as important trust indicators. PCI-DSS, governed by the Payment Card Industry Security Standards Council framework, is especially relevant for organisations connected to payment data and cardholder security, as it requires businesses to demonstrate strong controls across people, processes and technology. Together, these frameworks demonstrate that information security, data protection, risk management and governance are not treated as peripheral functions, but as essential layers of digital infrastructure.

For PaySprint, this milestone reflects its broader vision of building a responsible financial infrastructure for India’s next phase of digital growth. The company continues to focus on simplifying complex financial workflows while ensuring that security, reliability and compliance remain embedded across every layer of its operations.

With this achievement, PaySprint further strengthens its credibility as a trusted infrastructure partner for institutions and enterprises operating at the intersection of finance, technology, compliance and digital trust. The company will continue to invest in enhancing its security systems, compliance posture and governance frameworks as it expands its ecosystem of solutions for India’s fast-evolving digital economy.

Delhi, May 21 : Meta Fashion, a new-age digital fashion platform which is building the “Zara for the Virtual World”, announced that it has raised approximately $400K in a pre-seed funding round. The round was led by Lumikai, India’s leading interactive media, digital platforms, and games-focused VC fund. The round also saw participation from prominent angel investors including Big Bets (the family office of Anton Gauffin, founder of HUUUGE Games), Akshat Rathee, Founder of Nodwin Gaming, and Pratham Mittal, Founder of Masters’ Union.

Founded in 2022 by Arjun Goel, a 19-year-old entrepreneur who appeared on Shark Tank, Meta Fashion designs and develops digital fashion items for platforms like Roblox, Fortnite, Grand Theft Auto, ZEPETO and others. Arjun is joined by his co-founder, Sanjay Goel, a NIFT Delhi alumnus with two exited startups, one of which was acquired by PayTM. Sanjay brings 20+ years of industry experience in consumer tech, manufacturing, and exports.

Further, the company is building their original IP game called Glam Girls for Roblox. Meta Fashion has also created a consumer D2C line for superfans that has successfully converted virtual best selling items into physical fashion goods. At the core of Meta Fashion’s platform is a proprietary AI-native “fast fashion” engine for digital assets, using AI-powered styling and creation tooling that analyzes live marketplace trends and demand signals to improve discovery, accelerate asset creation, and drive higher conversion across virtual marketplaces. To date, Meta Fashion has sold over 2.5 million virtual fashion units on the Roblox marketplace, generating approximately $300K in gross merchandise value operating at a 92% gross margin. Global brands such as Walmart have also partnered with Meta Fashion to bring real world products into the digital world.

Their dress-up game, GlamGirls, launched in beta on Roblox in late 2025 and has attracted over 100K paying users with zero marketing, with a 75% female user base and 50% of users over the age of 18.

UGC platforms such as Roblox, Fortnite, and ZEPETO are emerging as new ecosystems for entertainment and IP creation, particularly for a Gen Z and Gen Alpha digitally-native demographic that has grown up on multiplayer, creator-led worlds. At current growth rates, this sector is expected to cross $100B by 2036.

Roblox alone has grown to 150 million average daily active users and $6.8 billion in annual bookings in 2025. The platform paid out over $1.5 billion to creators in 2025 (a 70% year-over- year increase). Roblox’s 40 million monthly paying users spend an average of $20 per month. The phygital opportunity is also already proven, with studios like Twin Atlas generating six- figure commerce revenue within weeks of enabling in-game purchases.

As Roblox’s user base ages up (with 65% of age-verified users now 13 or older, including 27% aged 18 and above) and as new monetization surfaces such as real-world commerce and ad- revenue sharing open up, UGC platforms are increasingly becoming home to venture-scale IP businesses.

Arjun Goel, Co-founder and CEO of Meta Fashion, said:

“I’ve been creating on Roblox since I was 15, and I’ve watched it grow from a children’s gaming platform into one of the most powerful consumer ecosystems in the world. With Meta Fashion, we want to build the definitive consumer IP company for these new platforms, one that combines taste, speed, and a digital-to-physical flywheel that no traditional brand can replicate. Lumikai backed our vision from day one, and their depth in this ecosystem makes them the right partner to build this with.”

Aditya Deshpande, Principal at Lumikai, said:

“We first came across Arjun’s work while tinkering on Roblox. His virtual items stood out in the marketplace with a level of taste that was hard to miss. What sets Arjun apart is a rare combination of foresight to pre-empt aesthetic trends on UGC marketplaces and the commercial discipline to convert that signal into a profitable, capital efficient operation. Meta Fashion sits at the intersection of two trends that drive our thesis on the space: the rise of UGC platforms as the next generation of consumer entertainment and the professionalization of creators on these platforms into real, venture-scale businesses. We’re truly thrilled to partner with Arjun.”

PAN India, May 21 : Chief Minister Yogi Adityanath on Wednesday conducted a high-level review of three important subjects linked to the future economy of the state, which include the Uttar Pradesh Data Centre Cluster  Project Ganga, and possible exemption in mandi fee and cess to promote in-house processing of wheat. 

Reviewing the Uttar Pradesh Data Centre Cluster  the Chief Minister said that the project will create the basic infrastructure for Uttar Pradesh’s AI mission. 

He said, “The Data Centre Cluster should not remain limited to the NCR region and other parts of the state should also be connected with it.”

Chief Minister directed that the project can begin from the Bundelkhand Industrial Development Authority (BIDA) area, where large-scale land is available. Dialogue should be established with major tech companies, including the Tata Group, to develop Lucknow as an ‘AI City’.

It was informed during the meeting that the Uttar Pradesh Data Centre Cluster is a long-term strategy to make the state the biggest AI compute power centre of India and the Global South. Its objective is to make Uttar Pradesh a global hub for artificial intelligence, data centres, cloud infrastructure and high-tech digital manufacturing. 

The presentation informs that this is not just a project but a blueprint for the new economic structure of Uttar Pradesh for the next 50 years. Under this, targets have been set to build a 5 trillion dollar economy, generate more than 1.5 lakh direct jobs and develop a 5-gigawatt AI compute corridor by 2040.

It was told during the meeting that by 2040, the world’s new economy will develop around ‘future arenas’ such as AI, cloud, cyber security, semiconductors, electric vehicles, robotics and space technology, whose combined global market could reach 29 to 48 trillion dollars. 

For India, sectors like AI software and services, cloud services, cyber security, semiconductors, aerospace and EVs will become major economic engines of the future.

The meeting highlighted Uttar Pradesh’s 5 major structural strengths which include the geographical location, vast land availability, large youth population, rapidly developing infrastructure and strong leadership. It was stated that Uttar Pradesh’s inland location keeps it safe from sea risks and cyclones, while expressways, airports, logistics networks and power infrastructure are already developing rapidly. 

Due to Indian Institute of Technology Kanpur, National Institute of Technology Prayagraj and more than 50 engineering institutions, the state has a large pool of technical talent.

The meeting described Uttar Pradesh as Asia’s most secure, scalable and connected inland AI territory. It was stated that almost all major fibre networks of the country pass through UP and the state is connected with all sea cable landing points of India. 

Connectivity of less than 5 milliseconds within the state and 5-12 milliseconds connectivity to digital hubs like Mumbai and Chennai is available. For global tech companies, UP is an ideal AI infrastructure hub with lower cost, better scalability and higher network redundancy.

Chief Minister also reviewed ‘Project Ganga’ – Government Assisted Network for Growth and Advancement. He directed that youth selected as digital entrepreneurs should be given quality training. He said a system should also be developed so that companies carrying out survey work can use these youths. 

Chief Minister stressed rapid expansion of the optical fibre network and complete transparency in all works. Proper incentives should be provided to digital entrepreneurs from the beginning.

It was informed in the meeting that Project Ganga is an ambitious initiative to bring high-speed broadband networks to rural Uttar Pradesh. Its objective is not only to provide internet but also to promote telemedicine, digital education, skill development, e-governance, digital employment and rural entrepreneurship. Under the project, more than 10,000 youths are targeted to be developed as Digital Service Providers (DSPs), which is expected to create around 50,000 direct and over 1 lakh indirect jobs.

Under the scheme, a target has been set to connect more than 20 lakh homes with fibre-based high-speed internet networks. Each DSP will be able to connect 200 to 300 homes in their area. Special priority has also been given to women entrepreneurship and a target has been fixed to include around 50 percent women entrepreneurs.

In the meeting, it was informed that only limited services are possible through mobile internet, whereas high-speed broadband is necessary for real digital transformation. Strong digital infrastructure was described as essential for services like AI-based agriculture, drone monitoring, smart villages, virtual labs, telemedicine and cloud computing.

Under Project Ganga, DSPs will not only be internet service providers but will also develop a complete network of digital services in rural areas. They will provide services such as high-speed broadband, IPTV, OTT access, CCTV solutions, public Wi-Fi, cyber security and enterprise connectivity. Under the scheme, each DSP will be provided interest-free loans of up to Rs 5 lakh. The project is currently being prepared as a ‘proof of concept’ in 21 priority districts, after which it will be expanded across the state.

Chief Minister also conducted a detailed review of the strategy to promote in-house processing of wheat. Stressing the need for reforms in the mandi tax and mandi fee system, he said that the state’s mandi should be made modern, clean and attractive. He directed that cleanliness, painting, lighting during festivals, removal of encroachments and better management should be ensured in mandis.

Mentioning the possible impact of El Niño, the Chief Minister said that crops may be affected in the coming years, so the state must prepare from now for food security. The state’s food grain reserves should remain adequate and strong.

During the meeting, it was informed that Uttar Pradesh is the largest wheat-producing state in the country. In 2025-26, wheat production in the state is estimated at 372 lakh metric tonnes, while total availability may reach 407 lakh metric tonnes. Around 2.88 crore farmers in the state are connected with wheat production. Despite this, due to limited processing capacity, a large quantity of wheat goes to other states as raw grain, causing value addition, GST revenue and employment opportunities to move outside the state.

The state has 559 roller flour mills with a total milling capacity of 218.4 lakh metric tonnes, but actual utilization is limited to only 126.45 lakh metric tonnes. Apart from this, more than 40,000 flour mills are also operational. 

The report stated that if wheat processing is promoted within the state, there can be major growth in employment, electricity consumption, GST collection and food industries. 

The committee suggested that registered mills in Uttar Pradesh purchasing wheat for processing within the state should be given exemption in mandi fee and development cess, but this exemption should not apply to trading activities.