Startup
VC funding’s steady recovery; Tailoring therapy for neurodivergent kids
Hello,
Tis’ the season of IPOs.
Ola Electric’s public issue was fully subscribed on day two, with the total offering subscribed almost 2X at the end of bidding for the day. The retail portion was subscribed almost 3X.
The Rs 6,145-crore IPO—one of the biggest this year—includes a fresh issue of Rs 5,500 crore and an offer-for-sale component of 8.4 crore shares.
But there’s more to come.
Omnichannel retailer FirstCry’s IPO is set to open for subscription today. Through the public offer, the company plans to raise Rs 4,194 crore.
While startups are renewing their confidence in the bourses, the stock market is in the grip of recession fear.
BSE Sensex and Nifty crashed in trade on Monday, both plummeting nearly 3%. Meanwhile, Japan’s Nikkei 225 share index plunged as much as 12%—most since the 1987 Black Monday crash—triggered by the fear of unwinding Yen-based carry trade.
Wall Street too was in the grip of a global stock rout as the Dow, S&P500, and Nasdaq fell more than 2% in early trading. Tech stocks took a major beating, with NVIDIA tumbling roughly 7% as the markets opened.
The bloodbath—no other way to call it—even resulted in thousands of traders facing downtime on some online brokerages, including Charles Schwab and Fidelity.
The cryptosphere wasn’t spared either, with Bitcoin slumping 10% and Ethereum facing its most dramatic fall since 2021.
However, the chaos became an opportunity for some crypto hackers. A blockchain wallet linked to a hacker that pulled off a massive crypto heist two years ago swapped a chunk of its ill-gotten gains for Ether, buying nearly 17,000 tokens!
Now that’s one ‘Den of Thieves’!
In today’s newsletter, we will talk about
- VC funding’s steady recovery
- Tailoring therapy for neurodivergent kids
- Eco-friendly airflow solutions
Here’s your trivia for today: How many times have the Olympics been hosted in Paris?
Funding
VC funding’s steady recovery
Venture Capital (VC) funding into Indian startups crossed the $1-billion mark on a month-on-month basis for three months in a row, auguring well for the ecosystem which seems to be slowly stepping away from the funding winter.
This psychologically important benchmark of $1 billion is important for the Indian startup ecosystem as it will boost the overall fund inflow.
Milestone:
- The total VC funding for July 2024 came in at $1.1 billion, which was a 103% rise compared with the same period a year ago when the amount stood at $529 million, according to data from YourStory Research.
- In terms of stage-wise funding, the early category continues to see the highest traction, garnering $447 million for the month, followed by the growth stage and then the late-stage category.
- In terms of sectors that received the highest funding in July, fintech garnered the highest amount at $145 million, followed by ecommerce at $141, and mobility stood at $120 million.
Funding Alert
Startup:
Amount: $9.8M
Round: Series A
Startup:
Amount: $1.5M
Round: Pre-Series A
Startup:
Amount: Rs 4.5 Cr
Round: Seed
Startup
Tailoring therapy for neurodivergent kids
In a world where neurodiversity is increasingly recognised and understood, the search for effective therapy options, tailored to each child’s unique needs, often leads to a frustrating maze of limited resources and inadequate solutions.
This is where Butterfly Learnings comes in. Founded in 2021 by the husband-wife duo Abhishek Sen and Dr Sonam Kothari, the startup aims to address the deficiencies in children’s mental health and developmental support.
Personalised support:
- Mumbai-based Butterfly Learnings offers a range of therapies tailored to each child’s needs, including Applied Behavioral Analysis, occupational therapy, speech therapy, oral placement therapy, and sensory integration.
- The startup’s proprietary technology stack allows for detailed monitoring and analysis of therapy outcomes, ensuring that each child receives individualised attention and care.
- Sen and Kothari invested around Rs 2 crore to bootstrap the startup. Currently, it has a team of over 300 members, including over 250 therapists.
Women Entrepreneurs
Eco-friendly airflow solutions
About four years ago, when Tanya Goyal and Karan Bansal were living in an apartment in Jaipur with a low ceiling, they were frustrated with the ceiling fan options in the market.
That’s when they decided to come up with a device that would offer a seamless alternative to ceiling fans. What began as a small project to meet their personal needs quickly evolved into an innovative all-in-one climate solution: Karban Envirotech.
Multi-functional:
- To optimise the performance of the product, Karban Envirotech utilises CFD technology, allowing them to refine the airflow dynamics, ensuring maximum efficiency and effectiveness.
- In April this year, the startup secured seed funding from marquee investors including Titan Capital, All In Capital, Rainmatter, and Anupam Mittal.
- Building on the success of Karban Airzone, the company recently introduced Karban Airzone Lite, a smaller version designed for more compact spaces.
News & updates
- AI vs law: Elon Musk has revived his complaint against OpenAI after dropping a previous lawsuit, again alleging that the ChatGPT maker and two of its founders—Sam Altman and Greg Brockman—breached the company’s founding mission to develop AI technology to benefit humanity.
- ‘Thousand Sails’: Chinese state-owned enterprise, the Shanghai Spacecom Satellite Technology, launched the first batch of satellites for a mega-constellation designed to rival Space X’s Starlink’s near-global internet network. The project aims to deploy 15,000 low-Earth orbit satellites.
- NVIDIA rival: Groq, a startup developing chips to run generative AI models faster than conventional processors, has raised $640 million in a new funding round led by Blackrock. It is creating an LPU (language processing unit) inference engine which it claims can run existing generative AI models similar in architecture to OpenAI’s ChatGPT and GPT-4o at 10X the speed.
How many times have the Olympics been hosted in Paris?
Answer: Three (1900, 1924, 2024)
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If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.
Startup
Taming the restless ‘Monkey Mind’: 6 signs and calming tips
Do you ever feel as if your thoughts are racing, jumping from one idea to the next without pause? This restless state of mind, commonly known as the “monkey mind,” can leave you feeling overwhelmed, distracted, and unable to focus. Imagine a monkey swinging from branch to branch—never still, always moving. The monkey mind does something similar, dragging your attention in multiple directions at once. In a world filled with constant notifications, endless tasks, and overstimulation, it’s no wonder our minds are often buzzing with a mix of unfinished thoughts, worries, and ideas.
Recognising and managing a monkey mind can be a game-changer for mental clarity, productivity, and peace. In this article, we’ll dive into six telltale signs of a monkey mind and explore proven strategies to calm it down and regain focus.
6 Telltale signs of a monkey mind
1. Constant overthinking
A classic sign of a monkey mind is constant overthinking. You may find yourself analysing every detail, reliving past conversations, or stressing over hypothetical situations that may never happen. This mental loop can keep you from moving forward or making decisions, trapping you in a cycle of what-ifs.
Try to channel overthinking into action by setting a time limit for worrying or planning, and then move on. Journaling can also help you process your thoughts and release them from your mind. Practicing mindfulness by focusing on what you’re doing right now can redirect your attention away from endless what-ifs.
2. Difficulty focusing on a task
If you find yourself switching tasks frequently, unable to concentrate on one thing for long, it’s a clear sign your mind may be restless. The monkey mind is easily distracted, often drawn to anything that promises novelty or instant gratification.
Implementing techniques like the Pomodoro Method—where you work for 25 minutes and then take a 5-minute break—can improve focus. Create a designated workspace, eliminate distractions, and try using noise-cancelling headphones or listening to concentration-friendly music to help you stay on task.
3. Procrastination and avoidance
A monkey mind often leads to procrastination, especially when faced with big or daunting tasks. The mind can become overwhelmed by the task’s complexity, prompting you to avoid it entirely and instead focus on smaller, less important activities.
Break tasks into smaller, manageable steps to make them feel less overwhelming. Set a specific goal for each work session, even if it’s just to complete a small portion. Reward yourself for each accomplishment, no matter how small, to keep your momentum going.
4. Heightened anxiety or stress
With the mind constantly jumping from one thought to another, stress and anxiety levels can increase. A monkey mind often dwells on worst-case scenarios and hypothetical fears, causing a continuous cycle of worry and tension.
Incorporate regular deep-breathing exercises or meditation into your day. Slow, mindful breathing can help activate the body’s relaxation response, lowering stress levels and bringing a sense of calm. For some, a quick physical reset—such as stretching or walking—can break the anxiety loop and help you feel grounded.
5. Trouble sleeping
If your mind feels like it’s in overdrive at night, it could be because of a monkey mind. Endless thoughts and worries can make it hard to fall asleep or stay asleep, leaving you feeling exhausted the next day.
Establish a calming bedtime routine to signal your mind and body that it’s time to wind down. Avoid screens at least an hour before bed, and consider listening to a guided meditation or calming sounds to lull your mind into relaxation mode. Journaling before bed can also help you clear your mind by putting your thoughts on paper.
6. Feeling constantly distracted
A monkey’s mind craves stimulation and often finds it challenging to stay present. You may find yourself constantly checking your phone, seeking out new content, or even daydreaming when you should be focused on a task at hand.
Practice “mindful breaks” during your day—short intervals where you put down your devices, observe your surroundings and ground yourself in the present. Limiting the number of things you try to multitask can help, too. Start by giving your full attention to one task, and slowly build your focus endurance from there.
Conclusion
Our minds are naturally curious, and having occasional restless thoughts is normal. However, when the monkey mind takes over, it can disrupt our peace, productivity, and well-being. Recognising the signs of a monkey mind and incorporating calming strategies—like mindfulness, structured work sessions, and relaxation techniques—can help you regain control over your mental landscape. The next time you find your mind swinging wildly, try one of these calming techniques to bring yourself back to a state of balance and clarity.
By making mindfulness a habit and addressing the monkey mind head-on, you’ll be able to cultivate a deeper sense of peace, focus, and contentment in your daily life.
Startup
Swiggy IPO gets oversubscribed led by QIB bids
Foodtech giant Swiggy IPO was oversubscribed 1.07 times by Friday afternoon, the third day of its book-building process.
Qualified Institutional buyers (QIBs), which typically invest on the last day to gauge overall market demand, came through for the company’s IPO, with the portion oversubscribed 1.52 times.
According to the BSE, non-institutional investors(NIIS) made bids for 22% of the allocated issue size, while retail investors subscribed to 97% of the portion.
The Sriharsha Majety-led company saw the quota reserved for employees being subscribed 1.38 times.
On the first and second days of the book-building process, Swiggy IPO was subscribed only 35% and 12%, respectively.
Swiggy has secured nearly Rs 5,085 crore (about $605 million) from anchor investors, including the life insurance and mutual fund divisions of HDFC, ICICI, and SBI. The anchor book attracted participation from over 75 major domestic mutual funds, along with international investors such as Astrone Capital, Fidelity, and BlackRock.
The Bengaluru-headquartered company, which competes with publicly listed Zomato and General Catalyst-backed Zepto, has set its IPO price band at Rs 371 – Rs 390 per equity share.
Startup
OpenAI spent $10 million on this domain: Here’s why!
Have you checked out X (formerly Twitter) lately? If you have, you might have come across an intriguing post by Sam Altman featuring a mysterious URL called “Chat.com”, with no caption. Curious? When you click on it, you’re taken straight to OpenAI’s groundbreaking tool, ChatGPT.
OpenAI has made headlines recently with a jaw-dropping move: they reportedly shelled out over $10 million for this domain! At first glance, this looks like a steep price tag in an era where many brands are trimming their budgets to stay lean.
So, what’s the story behind this hefty domain purchase? Let’s take a closer look at this!
Why OpenAI spent millions of dollars on a domain
This strategic move is driven by OpenAI’s mission to establish itself as a dominant force in the realm of AI-powered tools, particularly through its flagship product, ChatGPT.
In the tech world where innovation reigns supreme, securing a domain that perfectly aligns with the branding and functionality of its most popular service is a given. Today, ChatGPT has rapidly become a go-to AI tool used by millions for generating images, answering questions and offering assistance with content creation and even programming.
So, OpenAI’s purchase of chat.com is not just about owning a cool web address—it’s a calculated move to enhance its digital identity and ensure that the ChatGPT experience remains tied to its brand as it expands its offerings.
The bigger picture: OpenAI and HubSpot
In a surprising turn of events, the tech world is buzzing over OpenAI’s recent million-dollar domain acquisition, leaving many to wonder about its intriguing backstory. The domain in question, chat.com, has quite the history—it was initially registered way back in September 1996.
Fast forward to 2023, and it found a new owner in Dharmesh Shah, the co-founder and CTO of the widely popular CRM platform HubSpot, who purchased it for a staggering $15.5 million! But the plot thickens!
Just a few months later, in March, Dharmesh dropped a bombshell: he sold chat.com to an anonymous buyer for an undisclosed sum, which has now been confirmed to be OpenAI. While Sam Altman has remained tight-lipped about the specifics of the acquisition, reports from The Verge suggest that Dharmesh may have pocketed more than $15 million from the sale.
This hefty investment in chat.com is more than just a flashy purchase; it’s part of OpenAI’s strategic vision. Owning a domain that’s not only memorable but also inspires trust is crucial for establishing credibility and attracting customers in this competitive landscape.
Chat.com is now ChatGPT’s new destination
Spending more than $10 million on a domain might seem extravagant, but for OpenAI, this investment is a strategic move aimed at building a more unified, and recognisable brand. With chat.com, the company positions itself at the centre of the rapidly growing AI-powered market. As OpenAI continues to innovate, this domain acquisition will likely prove to be one of the company’s most crucial investments in securing its place at the top of the AI industry.
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