Bombardier delivers new Queensland trains as $4.4bn project takes off
Canadian aerospace and transportation giant Bombardier is starting to ship 75 new six-carriage trains that will boost capacity of the southeast Queensland rail corridor by 26%.
Part of a $4.4bn upgrade, the New Generation Rollingstock (NGR) project also involves the construction of a new maintenance depot at Wulkuraka, Ipswich, and 32 years of fleet maintenance.
The arrival of extra rail capacity is a timely one as 70% of Queensland’s predicted population growth is expected to occur along the southeast area being served by the rail route.
Andrew Dudgeon, Managing Director of Bombardier Transportation Australia, said: “These trains are state-of-the-art. Built for Queensland’s commuters, the NGR fleet was locally designed and engineered, and will be maintained by a dedicated team of industry professionals over the next 30 years. The new fleet will provide a safer, more comfortable and better-connected passenger experience.”
- NSW government signals green light for stage 2 of Sydney’s Parramatta Light Rail project
- Brisbane Cross River Rail to be funded by PPP
- Read the December edition of Business Review Australia
The project has already created 2,000 jobs across the industry and supply chain, with 175 employees being stationed at the Wulkuraka facility. This will increase to 200 once maintenance operations begin.
The development is being delivered under a Public Private Partnership awarded to Qtectic, comprising Bombardier Transportation, John Laing, Itochu and Aberdeen Standard Investment.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.