Business Wire India

I Squared Capital (“I Squared”), a leading global infrastructure investment manager, today announced the launch of Cube Grid, a new power transmission platform targeting India’s rapidly expanding electricity grid. I Squared expects to deploy up to USD $1 billion of equity capital into Cube Grid to acquire and build a scaled portfolio of high-quality transmission assets across India.

 

Consistent with I Squared’s platform-building approach, Cube Grid has signed definitive agreements for seed assets totaling more than 1,450 circuit kilometers (ckm) of transmission lines. These projects are being developed in partnership with Dineshchandra Group (Dineshchandra R. Agrawal Infracon Private Limited or “DRAIPL”), an established infrastructure developer with over five decades of experience delivering large-scale projects across India, Australia, West Asia, and Africa.

 

 

We anticipate India’s power transmission sector to enter a phase of unprecedented growth, driven by strong policy support and the rapid expansion of renewable energy capacity. The Government of India has outlined an ambitious roadmap to modernize and expand the national grid, requiring an estimated USD $120 billion of capital expenditure over the next five to seven years to integrate new generation capacity and meet rising demand. We believe that this has potential of creating a significant pipeline of transmission projects across the country – compelling opportunities for both greenfield development and the acquisition of operating assets.

 

 

Harsh Agrawal, Senior Partner at I Squared Capital, said: “India is one of the fastest-growing major economies and a highly attractive infrastructure market. I Squared has been an investor in India for over a decade and has seen first-hand the rapid expansion of power generation, particularly renewables. We believe this creates a multi-decade opportunity to acquire and build critical grid assets that enable economic growth, enhance energy security, and accelerate the energy transition. DRAIPL has a proven track record from our work together on Cube Highways, another I Squared portfolio company in India. Extending this relationship to the transmission sector gives Cube Grid a strong execution partner.”

 

 

Hardik Agrawal, Director at Dineshchandra Group, said: “India’s transmission sector is at an inflection point as the country accelerates renewable integration and grid expansion. We are pleased to partner with I Squared and Cube Grid in developing this sector. Having witnessed I Squared’s long-term, platform-oriented approach, we believe this partnership combines financial discipline and operational focus with strong execution capabilities to build high-quality transmission infrastructure and contribute to an Atmanirbhar and Viksit Bharat.”

 

 

Over the past decade, I Squared has committed more than USD $4 billion to Indian infrastructure, owning, building and operating a portfolio of six companies providing essential services to millions of people across the country. The partnership with DRAIPL combines I Squared’s global investment expertise and platform-building experience with DRAIPL’s local execution capabilities and regional market knowledge.

 

 

The transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals and closing conditions.

 

 

About I Squared Capital

 

 

I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing $55 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

 

 

Disclaimers

 

 

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk; loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520821733/en/

 

Business Wire India

Marquee Brands, the premier global brand management company and leading brand accelerator, today announced a definitive agreement for a majority interest in Roberto Cavalli, through a strategic partnership with DAMAC Group, the leading Dubai-based global conglomerate and luxury real estate developer. The transaction is expected to close in the second quarter of 2026, after which DAMAC Group will remain a significant shareholder. Founded in Florence in 1970, Roberto Cavalli the iconic luxury house celebrated for its avant-garde design and distinct Italian craftsmanship joins Marquee Brands’ portfolio of timeless global brands, including Martha Stewart, Laura Ashley, Sur La Table, BCBGMAXAZRIA and Stance. The addition of Roberto Cavalli further strengthens Marquee Brands’ position as a leader in the luxury and lifestyle sectors, bringing total portfolio-wide retail sales to approximately US$5 billion.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520070705/en/

 

 

 

“Roberto Cavalli stands as one of luxury’s defining Italian houses, with a bold creative identity and enduring brand ethos,” said Heath Golden, CEO, Marquee Brands. “We see extraordinary potential to build on that foundation through thoughtful brand stewardship and strategic expansion. In partnership with DAMAC, a leader in luxury real estate, we will continue to elevate the Roberto Cavalli experience worldwide.”

 

Hussain Sajwani, Founder of DAMAC Group, said: “Roberto Cavalli is one of the most distinctive luxury brands in the world. After several years of solidifying the brand’s foundation, we set out to find a strategic partner with the skillset to take the brand to the next level. We are confident Marquee Brands is the right partner to do so. Given our love for the brand and meaningful ongoing shareholdings, we look forward to supporting Marquee Brands’ efforts, by among other things, continuing to expand the Roberto Cavalli lifestyle through branded residences and hospitality projects in premier global destinations, an area that remains fully owned and operated by DAMAC. This collaboration marks an exciting new era for the brand. We look forward to its significant future expansion.”

 

 

Marquee Brands, owned by funds managed by Neuberger, a global investment management firm, continues to scale its global platform by acquiring heritage brands with deep consumer resonance. Roberto Cavalli marks the twenty-second brand in Marquee Brands’ portfolio.

 

 

“Marquee Brands has established a proven, capital‑efficient business model for driving growth through disciplined brand management, strategic partnerships and a long-term investment horizon,” said Zachary Sigel, Managing Director at Neuberger and Co-Founder of Marquee Brands. “The acquisition of Roberto Cavalli reinforces Neuberger’s confidence in the platform and its ability to continue to create value for investors.”

 

 

The partnership between Marquee Brands and DAMAC expands the global reach of the Roberto Cavalli brand, bringing together their complementary strengths and shared commitment to elevating the legendary Italian maison. Marquee Brands will accelerate Roberto Cavalli’s growth by introducing new categories, services and experiential touchpoints across Europe, the United Kingdom, the United States, the Middle East, Asia Pacific and Latin America.

 

 

DAMAC will continue to scale the brand’s presence through Roberto Cavalli-branded residences and hospitality projects across key global markets, reinforcing the brand’s luxury position and desirability. The partnership creates a powerful platform that unites Marquee Brands’ expertise in global brand development with DAMAC’s leadership in luxury real estate and hospitality, unlocking significant new opportunities for the future of Roberto Cavalli.

 

 

As part of the transaction, Marquee Brands announces Milan-based partner The Level Group (TLG) as its core operating partner. TLG will lead the development, manufacturing and distribution of the brand’s women’s and men’s collections, ensuring a unified and elevated product vision across key markets. In addition, TLG will assume responsibility for retail and e‑commerce operations and wholesale distribution in Europe and the United States, strengthening Roberto Cavalli’s direct-to-consumer presence and global retail strategy.

 

 

RBC Capital Markets served as financial advisor and Greenberg Traurig acted as legal advisor to Marquee Brands. BDA Partners served as financial advisor to DAMAC Properties.

 

 

ABOUT ROBERTO CAVALLI

 

 

Founded in 1970, Roberto Cavalli is a leading Italian brand in fashion, accessories and luxury lifestyle. Defined by a glamorous contemporary aesthetic, the brand is the quintessential expression of Italian excellence, craftsmanship and its Mediterranean origins. The Roberto Cavalli portfolio is positioned within the luxury segment and includes the Home, Junior, Eyewear, Perfumes, Watches and Just Cavalli collections. www.robertocavalli.com

 

 

ABOUT MARQUEE BRANDS

 

 

Marquee Brands is the premier accelerator of timeless brands, unlocking value and building global influence. With a focus on driving growth and building sustainable brand equity, we partner with best-in-class manufacturers, operators, retailers, and distributors to scale brands across markets and channels. Marquee Brands’ global portfolio spans three distinct platforms: Home & Culinary, Fashion & Lifestyle, Luxury and Active & Outdoor. The portfolio of brands includes Martha Stewart, Laura Ashley, Sur La Table, Emeril Lagasse, America’s Test Kitchen, BCBGMAXAZRIA, BCBG, Ben Sherman, Bruno Magli, Anti Social Social Club, Totes, Isotoner, Destination Maternity, Motherhood, A Pea in the Pod, Stance, Dakine and Body Glove. For more information visit, www.marqueebrands.com.

 

 

ABOUT NEUBERGER PRIVATE MARKETS

 

 

Neuberger Private Markets is a division of Neuberger and has been an active and successful private markets investor since 1987. Neuberger Private Markets invests across strategies, asset classes, and geographies for a large number of sophisticated and renowned institutions and individuals globally. As of December 31, 2025, Neuberger Private Markets manages over $155 billion of investor commitments across primaries, co-investments, secondaries, private credit, and specialty strategies. Neuberger Private Markets has an experienced and diverse team of over 500 professionals with a global presence in 17 offices globally.

 

 

ABOUT DAMAC GROUP

 

 

DAMAC Group is a global private business conglomerate founded by Hussain Sajwani in 1982. Starting in catering and logistics, it has expanded into diverse industries, including real estate, hospitality, data centers, fashion, and capital markets. DAMAC Properties is the largest private real estate developer in the UAE and the Middle East, and has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom. Since then, DAMAC has delivered more than 50,000 homes with over 55,000 more in diverse planning and development phases, joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as Roberto Cavalli and de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe. The Group also owns hotel assets under brands such as Radisson, Paramount, and Rotana, with an expanding hospitality portfolio. Beyond real estate, DAMAC is a leader in the data center industry through DAMAC Digital and has acquired luxury brands Roberto Cavalli and de GRISOGONO. Through DAMAC Capital, it invests in future-focused industries like tech, finance, and life sciences. Committed to social impact, the Hussain Sajwani – DAMAC Foundation supports education, innovation, and community-driven initiatives. For more information visit, www.damacgroup.com

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520070705/en/

 

Business Wire India

Variational, a protocol for on-chain derivatives trading, has announced a ~$50M Series A raise led by Dragonfly with support from Bain Capital Crypto, Coinbase Ventures, and other strategic investors. The funding coincides with the launch of the protocol’s first Real-World Asset (RWA) markets. This initial rollout allows traders to access perpetuals on select commodities alongside their crypto portfolio, laying the groundwork for Variational to route liquidity directly from traditional markets in the coming months.

 

While the broader crypto industry is attempting to bootstrap RWA liquidity from scratch on isolated Central Limit Order Books (CLOBs), Variational introduces a fundamentally different architecture. Instead of starting new order books from scratch for each new market, Variational aggregates and routes liquidity from both existing traditional and on-chain markets.

 

 

By solving this “cold start” problem, Variational will allow traders to access a massive menu of global assets, from indices and single-name stocks to FX and crypto, all from a single account.

 

 

In January 2025, Variational was released into an invite-only private beta. Since then, the trading platform has processed $200+ billion in trading volume across 50k+ accounts, accumulated over $750 million in open interest, and shared over $7 million in rewards with traders.

 

 

“You can’t rebuild forty years of traditional market depth from scratch on a crypto order book,” said Lucas Schuermann, CEO of Variational. “Traditional finance solved this problem with the brokerage model–we’re bringing that model on-chain, aggregating RWA liquidity from where it already exists rather than waiting for it to migrate.”

 

 

Variational’s initial “Phase 1” RWA release includes gold, silver, copper, and WTI Crude. This initial rollout is intended to stress-test the protocol’s cross-margin engine and on-chain settlement using aggregated crypto-native liquidity. Once the infrastructure is validated, “Phase 2” will begin routing liquidity directly from TradFi sources, aiming to bring over 100+ new markets on-chain this summer.

 

 

“Order books are fine when you have the liquidity to anchor them. But for the massive universe of RWAs, more often it’s a mistake. Everyone else is trying to suck liquidity through a straw, spending millions on incentives just to end up with thin books and volatile pricing,” said Haseeb Qureshi, Managing Partner at Dragonfly. “Variational’s model sidesteps that entirely, mainlining liquidity from traditional markets directly on-chain. It’s what ‘perps on everything’ requires to work at scale.”

 

 

Variational’s roadmap for 2026 includes listing more RWA markets, further deepening RWA liquidity with additional partnerships, and releasing a trading API. Progress can be followed on Variational’s X Account.

 

 

About Variational

 

 

Variational is a peer-to-peer trading protocol for perpetuals and generalized derivatives that has processed $200B+ in trading volume. Variational powers Omni, a zero-fee trading platform that aggregates liquidity from both on-chain and traditional markets.

 

 

Variational is built by a veteran team with decades of experience from firms like Google, Meta, Virtu, IMC, and Jane Street, and backed by leading investors including Dragonfly, Bain Capital Crypto, and Coinbase Ventures.

 

 

For more information, visit https://variational.io.

 

 

About Dragonfly

 

 

Dragonfly is a $4B crypto-focused global investment firm. Since 2017, Dragonfly has been at the forefront of blockchain and crypto innovation with a long-term oriented, technical, and research-driven approach, having been early backers of some of the most influential protocols and companies in the industry.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520402312/en/

 

Business Wire India

TestMu AI (formerly LambdaTest), the world’s first full-stack Agentic AI Quality Engineering platform, today announced two major enhancements to its Real Device Cloud: expanded support for Playwright automation across multiple programming languages and the introduction of Audio Injection and Live Audio Input capabilities for real iOS devices.

 

These updates address a growing need for testing modern applications that are not only cross-platform but also increasingly multimodal, involving voice, audio, and real-time user interactions.

 

 

With the latest release, TestMu AI now supports running Playwright tests on real devices using Java, Python, and C# in addition to existing capabilities. This allows enterprise teams to adopt Playwright within their preferred language ecosystems without being restricted to JavaScript-based workflows.

 

 

As Playwright adoption continues to grow across engineering teams, this enhancement enables seamless integration of real device testing into existing automation pipelines, improving coverage and reliability across mobile environments.

 

 

In addition, TestMu AI has also introduced Audio Injection and Live Audio Input for real android and iOS devices, enabling teams to simulate and validate microphone-based interactions directly during test execution. This capability allows testers to inject pre-recorded audio or stream live input into devices, making it possible to automate testing for use cases such as KYC voice verification, speech-to-text, in-app audio recording, conferencing workflows, and audio-driven user journeys.

 

 

“Applications today are no longer just visual; they are interactive, voice-enabled, and context-driven,” said Mudit Singh, Co-Founder and Head of Growth at TestMu AI. “Testing these experiences requires infrastructure that can replicate real-world conditions. With multi-language Playwright support and audio testing on real iOS devices, we’re enabling teams to validate more realistic user scenarios without relying on manual intervention.”

 

 

Key enhancements include the ability to run Playwright automation on real devices across Java, Python, and C#, allowing teams to integrate testing seamlessly into diverse technology stacks. Tests are executed on actual mobile devices, ensuring accurate validation of real-world scenarios and behavior. The platform also introduces audio injection for iOS devices, enabling the use of pre-recorded inputs for consistent, repeatable test scenarios, alongside live audio streaming for dynamic, real-time validation. Together, these capabilities extend testing coverage to voice-driven experiences such as speech-to-text systems, authentication workflows, virtual assistants, and other audio-based interactions.

 

 

These enhancements further strengthen TestMu AI’s Real Device Cloud by enabling teams to move beyond traditional UI validation and test increasingly complex, real-world user experiences at scale.

 

 

About TestMu AI (Formerly LambdaTest)

 

 

TestMu AI is the world’s first Agentic AI-native Quality Engineering platform, designed to enable organizations to automate and scale testing with intelligence at its core. By combining autonomous capabilities with seamless integration across modern development workflows, TestMu AI empowers teams to deliver faster, more reliable, and secure software in an AI-first world.

 

 

For more information, visit https://www.testmuai.com/

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520627664/en/