Tech5: Ashwini Vaishnaw exhorts India Inc to rise as 'product nation', CoreWeave seeks $32 billion value, and more

Forbes India's daily tech news bulletin with five headlines that caught our attention

By Harichandan Arakali Forbes India Staff

Published: Mar 21, 2025 12:15:21 PM IST

Updated: Mar 21, 2025 12:19:15 PM IST

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Electronics and IT Minister Ashwini Vaishnaw Image: Sonu Mehta/Hindustan Times via Getty Images

Time India transitioned to a ‘product nation’, minister Vaishnaw says

Union Electronics and IT Minister Ashwini Vaishnaw emphasised India's need to transition from a services nation to a product nation, encouraging broader partnerships to develop chip solutions, Economic Times reports.

He highlighted the importance of the RISC-V open-source chip architecture and the potential of India building its own large language model (LLM) for AI. The minister was speaking at an awards ceremony for the winners of the Chips to Startup and Indian web browser development challenge, according to ET.

Abhishek Singh, CEO of the IndiaAI Mission, stressed the necessity of voice-enabled AI for digital inclusion. Minister of State Jitin Prasada called for a focus on research and development, while Singh urged private sector investments in Indian AI models. He advocated for established IT companies to invest in AI research alongside startups.

Accenture flags delays in US govt contracts impacted by DOGE

Accenture, the world’s biggest tech services and consulting company, said the efforts by the US President Donald Trump’s administration to reduce federal spending have led to delays and cancellations of new contracts, Reuters reported on March 20. The company’s shares ended more than 7 percent lower on the New York Stock Exchange.

The newly created Department of Government Efficiency (DOGE), led by billionaire Elon Musk, has been implementing measures to slash spending and reduce the size of the federal workforce, Reuters notes. Accenture’s federal services unit, which accounted for 8 percent of the company’s revenues in 2024, has been facing delays, according to Reuters.

Micron’s data centre revenues triple on AI demand, shares rise

Micron Technology, the largest US maker of computer memory chips, saw its data centre revenue triple in its latest quarter, as demand for AI hardware continued to accelerate, Bloomberg reported earlier today.

The company, which provides what’s known as ‘high bandwidth memory’ that’s become essential for AI infrastructure, also projected better-than-expected revenue for its fiscal third quarter, according to Bloomberg.

Micron gave a strong sales current quarter, bolstered by demand for AI products. “Data centre revenue tripled from a year ago,” Chief Executive Officer Sanjay Mehrotra said in a statement. “We are on track for record revenue and significantly improved profitability in fiscal 2025.”

Hero MotoCorp makes strategic investment in EV maker Euler Motors

Hero MotoCorp has announced a strategic investment of up to Rs 525 crore in Euler Motors to enter the electric three-wheeler segment. The investment includes acquiring a 32.5 percent stake in Euler Motors and potentially purchasing shares from existing shareholders. This move aims to strengthen Hero MotoCorp's presence in the growing EV market, which is expected to account for 35 percent of total sales in the “near future”, according to a company statement.

Pawan Munjal, executive chairman of Hero MotoCorp, highlighted the company's commitment to sustainability and innovation as they diversify into emerging mobility markets. The investment will help Hero MotoCorp explore new business opportunities and maintain its leadership in sustainable mobility.

CoreWeave, backed by Nvidia, seeking $32 market value in IPO

CoreWeave, whose investors include AI chipmaker Nvidia, is seeking a valuation of up to $32 billion in its US IPO, betting on strong AI demand. The company plans to raise up to $2.7 billion by selling 49 million shares priced between $47 and $55 each.

CoreWeave has partnered with AI leaders, including a $11.9 billion deal with OpenAI. Nvidia, holding 5.96 percent of CoreWeave, will see its stake reduce to 5.05 percent post-IPO, Reuters reports. CoreWeave’s IPO is also being seen as a test of investor interest in the AI story. Founded in 2017, CoreWeave transitioned from crypto mining to providing AI-focussed data centres.

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