AMI’s Nvidia chip bet; Groww’s new growth play

Thank you for subscribing to Morning DispatchWe'll soon meet in your inbox.

Morning DispatchAMI's Nvidia chip bet; Groww's new growth play

Thank you for subscribing to Morning DispatchWe'll soon meet in your inbox.

Happy Wednesday! AMI has ordered 9,000 Nvidia Vera Rubin chips, becoming one of Asia’s first such adopters. This and more in today’s ETtech Morning Dispatch.

AI data centre firm AMI orders 9,000 Nvidia Vera Rubin chips

AM Intelligence (AMI), the AI infrastructure arm promoted by Greenko’s founders, has placed an order for 9,000 Nvidia Vera Rubin chips, the company’s most advanced chips.

Driving the news: AMI will be among Asia’s first customers for Rubin. Unveiled in January, the chips can deliver up to 10 times more agent throughput than Blackwell and cost 40-80% more.

The Hyderabad project is the first step towards AMI’s planned 1 gigawatt (GW) compute-as-a-service capacity. The company plans to:

Deploy 200 megawatts (MW) over the next 18 months.Bring servers in India and Malaysia online next year, followed by Finland and the US in 2028.Build 5GW of global data centre capacity at a capital expenditure of $8 billion.Why this matters: Supplies of Rubin are limited as demand from data centres and hyperscalers such as Amazon, Google and Microsoft remains strong for AI model training. This has resulted in multiyear backlogs.

“The fact that we will have Vera Rubin operating by Q1 2027 gives us the visibility, credibility and capability to operate one of the world’s most advanced AI architectures,” AM Group president Mahesh Kolli told us.

Tech, AI, wealth management will be immediate priorities for Groww: CEO Lalit Keshre

Lalit Keshre, cofounder and chief executive of Groww parent Billionbrains Garage Ventures, said technology, wealth management, and artificial intelligence (AI) will be the company's immediate priorities at its first annual general meeting since listing.

On capital expenditure: Groww will continue investing in its technology platform over the next three to four years, with spending focused on technology infrastructure, cloud capacity, cybersecurity and data systems, Keshre said.

The company also plans to use artificial intelligence (AI) to personalise the app, handle account-specific service queries and speed up product development. Engineers are already coding and testing faster, enabling shorter release cycles.

What else? Wealth management is another key focus. Keshre said Groww is increasingly attracting existing investors, affluent customers and active traders, rather than just first-time investors. Rising assets per customer are also driving this focus.

Mamaearth parent Honasa Consumer has scrapped its plan to acquire a majority stake in Mumbai-based nutraceuticals company Fluence Pharma.

The Gurugram-based company had announced on June 23 that it would acquire a 58% stake in Fluence Pharma at an enterprise value of Rs 135 crore.

Tell me more: Had the deal closed, Fluence would have been the ninth brand in Honasa’s portfolio and its fourth acquisition.