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Afternoon LT,

Lets hope you are right. Its a long way to go just to celebrate Diwali - must be another good reason to be in India at this time and in such numbers.

GL Vas

Hi Harleygreen,

Either they have there own technology which has been trialled, tested, piloted and selected for use in India smart meter / Smart city space or they are purchasing someone else's technology that has already been selected as a RF provider ........the link to Vikas Kashyap as a past Cyan Director - just led me to think maybe a connection - but may not necessarily be so ....but he would have had the connections and knowledge.

below is what Comminent offer in the way of solutions - have a look under "our solutions"

https://comminent.com/ouroffering

Hi Tony,

What I would like to know is what /whose RF mesh technology they are using to win orders in India?

They have one million electric meters awarded to them and to be delivered …plus £2 million in funding for smart city infrastructure.

It’s taken CC more than 15 years of pilots, etc in India to be selected as a solution provider .

Are they using their own RF technology, if so where are their pilots etc in India ..why haven’t we heard of them before, is it a competitors technology , if so who? or is it CCs communication technology …..it look to me their main focus and direction is smart City infrastructure…and the one million electric smart meters could be funded via a smart city initiative.

Maybe there is a separate list of solution providers for the smart city infrastructure market and Comminent are listed. I do not know.

If it’s there own technology

X. Founders for the $2 m

Transition VC are the founders of the 2m for smart city infrastructure.

The rollout seems to be in Gujarat.

“ The rollout is currently happening in Gujarat, and within this fiscal year, the company aims to install about 4-5 lakh smart meters in homes, Kumar said. Smart meters are part of ongoing efforts to modernise electricity distribution and improve billing efficiency for discoms.

The company will use these funds to expand its operations and technology development and to support upcoming deployment projects. It also wants to hire personnel for different roles, including sales and technical positions, as well as another layer of management as the rollout gathers pace, Kumar said.

The company claims its communications platform works with multiple hardware manufacturers and utility systems, avoiding the vendor lock‑in that can slow down smart city projects. Beyond electricity metering, Comminent is also in discussions with clients in the water and lighting sectors to try its technology in other urban infrastructure applications…. Transition VC, the sole investor in this round, focuses on clean and sustainable technology ventures. "In a country like India, where the government aims to deploy hundreds of millions of smart meters by 2027, the need for a resilient, future-proof RF mesh technology delivering unmatched reliability while significantly lowering operating expenses costs has never been greater,”

https://economictimes.indiatimes.com/tech/funding/deeptech-startup-comminent-raises-2-million-from-transition-vc/articleshow/123273861.cms?from=mdr

Thanks LT. numbers looking good at approx 7m first quarter.

Fingers crossed this continues. gL vas

Found this so I’ve posted it as it’s intriguing.

Comminent Is an Indian startup. Comminent which recently bagged $2m for smart city infrastructure.

Founded by Amarjeet Kumar and Vikas Kashyap, Comminent develops standards-based RF mesh communication platforms designed for smart meters and utilities. Vikas Kashyup was once a director at CC.

It begs the question how could a relative newly on the block in India smart meter rollout be wining business. It seems that they are in the smart city space in India which to accounts is about to boom, now the infrastructure is in place in approx 90% of 100 city’s in India …so now add on such as water meters, gas and ctv cameras etc can now be added.

As Comminents technology on the face of it looks so close to CCs ..It makes you wonder if they are purchasing CCs technology plus the ex member of staff connection.

Comminent’s fundraising coincides with India reaching an advanced execution phase of its Smart Cities Mission, creating favorable market conditions for infrastructure technology providers.

The company is contracted to deliver over 1 million smart electricity meter endpoints in India and is negotiating additional smart metering projects.

Comminent also plans to expand into smart street lighting and water metering solutions.

The government has achieved 94% completion of its 8,067 smart city projects as of May 2025, with ₹1,51,361 crore already deployed across 100 cities2.

This extensive infrastructure build-out has established foundational systems like Integrated Command and Control Centres in all 100 cities and over 84,000 CCTV cameras, creating the digital backbone that specialized IoT communication solutions can leverage2.

The timing suggests that cities are now moving beyond basic infrastructure to more sophisticated applications like advanced metering and integrated utility management, areas where Comminent’s device-agnostic RF mesh technology can address critical connectivity gaps.

The company said it is projecting revenue of 300 crore rupee (US$36 million) by FY28. Comminent is also exploring international partnerships, including in the US and Japan.

It’s amazing how commitment have managed to secure one million end points in India alone as a start up already!

https://www.outlookbusiness.com/start-up/investors/deeptech-start-up-comminent-raises-2m-from-transition-vc-to-scale-iot-for-indias-smart-meter-roll-out#

https://www.techinasia.com/news/indian-startup-comminent-bags-2m-for-smart-city-infrastructure

nice quote from panmure liberum on 23rd july 25 …reflecting on shipments made in q1 26 at 568k modules which is 45% of modules shipped in full year 25!

“ panmure’s harvey robinson puts it succinctly, “the core cyanconnode business has had a strong start to current year with q1 seeing 568k module shipments (45% of fy25 total)… there is significant pent-up demand.”

panmure also mentioned “ the company is working through the impact on forecasts of digismart and will update the market in due course.”. i do not recall seeing this, so maybe part of october update.

https://www.***************************/cyanconnode-a-stronger-foundation-and-growing-momentum-highlights-panmure-liberum/4121208869

Good Morning LT.

Thanks for pointing out the passage from the trading update. Yes, looks like part of the delayed shipment of 350,000 Omnimesh modules were fullfilled.

Ii wonder if the 350,000 modules are a part the order received on 6th March from Montecarlo for 872,000 Omnimesh modules. It does state in RNS on 4th March 25 that. “ Deliveries are scheduled to commence within the next six weeks. ” ..so could be significantly higher on this order alone if full order has been delivered.

I’m not sure what other shipments, if any were delayed but as you say, good start for April 25.

Many thanks also for your thoughts on unit prices .

GL Vas

Hi Tony.

In a previous RNS in April 25 we were informed that the( expected ) large shipments expected in March 2025 did not materialise and we were reassured that they are still active and expected this Financial year.

Do we know that these have been received ? Would this info normally be RNS or just absorbed as part of day to day business.

I would like to know if they have been received by CC and I’m sure I am not alone!

Maybe they are waiting for the October review we have been promised to cover this, but I would personally like it RNSd asap if possible, so to clear this particular issue up. Gl vas

Hi CB,

CWD look to me a manufacturing company and their Strategic Implications are stated below in quotes…if we add to this the recent creation of Meshmerise Network. It looks like a prospering partnership…

What we don’t know is who owns the other 49% of . It would make sense if it was CC as who else could it be. .? Plus it looks like it will be CC providing the work going forward for Meshmerise Network…as from what they say below and that CC have one of their own sitting as a director on the Meshmerise Network board.

What I am guessing at here is could CC not only win the orders, but also make further revenues on top by giving CWD, via Meshmerise Network the job of manufacturing.

Strategic Implications Of this order

I have no evidence but I’d CC and CWD had notice of many further manufacturing orders likely going forward then this arrangement would suite both party’s , I guess.

I know I’m dreaming but at least dreaming is free. Gl vas

Strategic Implications

“This domestic order is expected to significantly enhance CWD Limited's revenue pipeline. It also demonstrates the company's expanding capabilities in high-volume manufacturing for the rapidly growing IoT and smart infrastructure markets.”…” This order further solidifies CWD Limited's position in the smart metering market and highlights the company's growing partnership with CyanConnode Private Limited.”

CWD Ltd owns 51% of the subsidiary, called Meshmerise Networks , investing ₹51,000 for 5,100 equity shares.

I wonder who owns the balance?

Hi Harleygreen.

CWD have recently created a new subsidiary called Meshmerise Networks ( see my last post). If you look at the directors of Meshmerise Networks ….one is AJOY ARJUN RAJANI who is also director of Greenmeter Goa along with J Cronin et al…..just interesting that a CC employee is a director of a CWD subsidiary, which must be a vehicle for the Goa contract. gL vas

https://www.indiafilings.com/search/meshmerise-networks-private-limited-cin-U26309MH2025PTC457715

One thing that stood out for me was Tim stating there are others ways to market / to sell the product, not just via the DTC channel and “we are actively exploring these as we speak” and over next period we will be putting updates out and “ some of them are quite innovative..so watch this space”

So it does look like to me there will be various new channels to market for the S&C products announced sometime soon.

Plus a new range of products with SPF in them…. So, looking forward if all goes well there are excellent opportunities here to grow income alongside the DTC channel with new sales channels for S&C as well as new range of products again with new sales channels. gL Vas

He then goes on

Apologies if already posted. Just in case….

CWD Limited has received a purchase order worth INR 53.10 crores from CyanConnode Private Limited for supplying cellular NIC cards for smart meters.

Order Details

The order, which is to be executed immediately, strengthens the strategic partnership between CWD Limited and CyanConnode. This collaboration builds upon their previous joint efforts in the Advanced Metering Infrastructure (AMI) services project in Goa.”

It reads like a new order placed! But must be linked to the Goa tender.

https://scanx.trade/stock-market-news/orders-deals/cwd-limited-secures-inr-53-10-crore-order-from-cyanconnode-for-smart-meter-components/14641598

CWD Limited Expands into IoT and Smart Metering with New Subsidiary Meshmerise Networks.

“ CWD Limited has incorporated a new subsidiary, Meshmerise Networks Private Limited, to expand into IoT and smart metering solutions. The subsidiary, incorporated on September 22, 2025, in Maharashtra, has an authorized capital of Rs. 1,00,000, with CWD holding a 51% stake. Meshmerise Networks will focus on IoT solutions, smart metering systems, and digital communication technologies. This strategic move aims to broaden CWD's operations, drive revenue growth, and increase market share in the rapidly growing digital communication technologies sector.

Business Focus

Meshmerise Networks is set to operate in the following areas:

Designing and developing IoT solutions

Smart metering systems

Digital communication technologies

Narrowband RF mesh networks

Advanced cellular communication modules

The subsidiary will focus on providing hardware and software solutions for smart energy, utilities, and infrastructure applications.

Strategic Implications

This incorporation aligns with CWD Limited's growth strategy, aiming to:

Expand business operations on a large scale

Drive revenue growth

Enhance market share in the IoT and smart metering sector“

https://scanx.trade/stock-market-news/corporate-actions/cwd-limited-expands-into-iot-and-smart-metering-with-new-subsidiary-meshmerise-networks/21909025

Incanthera Chairman Tim McCarthy presented at the Proactive One2One Investor Forum on the company’s transition from oncology research to dermatology and its launch of the luxury skincare brand Skin + Cell.

https://m.youtube.com/watch?v=mMnfpaj1ZCE

Hi LT,

This from May 24 pretty much confirms that Apprava are both a competitor and a partner of CC, or at least in this AMI appointment for AVVNL.

Have a look at the six awards ….the third one where the bidder is awarded to Apprava and the Sol RF provider is awarded to CC. Infact CC win business in five of the six lots.

In this award for APDCL , if you look at last page of document it lists all the RF providers awarded ….and to which circles ….only three rf providers mentioned sinhal Udyog , Genus and Cyanconnode.

Sinhal is now rebranded to Kimbal.

https://www.apdcl.org/website/docs/tender_2023_24/RfP%20for%20Smart%20Meters%20Vendor%20Empanelment%20-%208th%20March%202024.pdf

https://www.scribd.com/document/913003684/techsummary-558363

https://www.scribd.com/document/913003684/techsummary-558363

Looks like first published in June 25.

Remember RAJIV KUMAR, once a director of Cyan, then DigiSmart..he is now SVP, Head - AMI Business at Apraava Energy, focusing on smart grid technology and energy .

Investment by British International Investment

“We made a $46 million commitment to Apraava Kutch Saurashtra Smart Meter Private Limited, a subsidiary of Apraava Energy Private Limited, an independent power producer with a track record of developing and commissioning more than 20 projects across electricity generation and transmission sector in India. Our investment will be used to set up electricity smart meters (awarded to the company under the Revamped Distribution Sector Scheme (“RDSS”)) in the state of Gujarat in India.“

https://www.bii.co.uk/en/our-impact/investment/apraava-kutch-saurashtra-smart-meter-private-limited-investment-01/

Apraava have seven India AMI projects on going for approx 7.4 m meters to be installed in Gujarat, assam, and five more. See below.

https://www.apraava.com/projects/ami

INC discussed Today, with a v. positive sentiment.

Starts at 1:40. 30 secs

https://m.youtube.com/watch?si=Jo3lwzq3ohLGzhJU&v=-gcogLuJwk8&feature=youtu.be