Startup
Weekly VC inflows record a sharp rise; Bringing social change in Assam
Hello,
Tata Electronics is now an Apple supplier.
According to Reuters, the Tata company has bought a majority stake in Taiwanese contract manufacturer Pegatron’s iPhone plant in India.
Tata will hold a 60% stake in the entity and run daily operations under the new joint venture, while Pegatron will hold the rest and provide technical support.
In other news, amid rising competition among quick commerce players in the country, Zepto reported that its cash burn has exceeded over Rs 250 crore per month in September and October 2024.
In May, the company’s monthly cash burn was in the Rs 35-40 crore range, but has increased six times since, as the company ramped up its investments in operations, digital marketing, and hiring, media reports said.
Meanwhile, TikTok’s parent company ByteDance’s valuation has reached about $300 billion after it recently approached investors about a share buyback programme.
Reportedly, ByteDance reached out to investors in recent weeks, offering a price of $180.70 per share—an increase of 12.9% from the per share price of $160 in its last buyback programme in December 2023.
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In today’s newsletter, we will talk about
- Weekly VC inflows record a sharp rise
- Bringing social change in Assam
Here’s your trivia for today: What is the oldest known written language?
Funding
Weekly VC inflows record a sharp rise
Venture capital (VC) funding into Indian startups rose in the second week of November, primarily due to a sprinkling of reasonably sized deals, but the total amount raised was modest. The total VC funding for the week came in at $174 million, cutting across 19 deals, compared to $101 million in the first week of November.
Key takeaways:
- VC funding for the ten months of the year crossed $11.5 billion, higher than the $10.8 billion raised for the entire 2023. This is not a dramatic increase, but certainly a strong improvement and is an encouraging sign towards a better show in 2025.
- The week saw startups like SarvaGram and Wheelocity, which serve markets beyond the metropolitan cities, raising venture capital. This is a good sign, as it shows investors are keen on backing businesses focused on Tier II and III cities.
- November traditionally sees lower activity, and the VC funding amount raised in the first two weeks continues to follow the trend.
Social Impact
Bringing social change in Assam
In the culturally complex and politically nuanced landscape of Assam, Studio Nilima has been in pursuit of justice, cultural exploration, and social reform in correctional homes for the last seven years.
Pioneering the path to transformative justice, Studio Nilima addresses Assam’s socio-political complexities through empathy, legal advocacy, and community-centred programmes, championing reform in the criminal justice system.
Make a change:
- For Abantee Dutta, the Co-founder and Managing Director of the organisation, the core vision of this work has been championing restorative justice—a concept that seeks to address harm by understanding its root causes and involving affected communities in the healing process.
- Studio Nilima’s legal aid and awareness-building programme, Pratidhwani, has been extended to prisons in 10 districts in Assam, reaching out to 1,778 inmates.
- Its art-based programmes are also integral to the holistic approach to justice and community engagement in Assam. These initiatives are designed to explore and express the complex interplay between culture, identity, and justice through various art forms.
News & updates
- COP29: Governments meeting to forge a global settlement on climate finance must get over their differences this week and come to a consensus. Jochen Flasbarth, one of the most influential German ministers at the summit said that if the final days of the summit did not produce a breakthrough, countries would face a much tougher prospect.
- Layoffs: Boeing has delivered layoff notices to over 400 members of its professional aerospace labour union, part of larger job cuts planned by the company as it struggles to recover from financial and regulatory trouble and an eight-week strike by its machinists’ union.
- Crypto: The cryptocurrency industry’s leading super PACs ploughed $131 million into congressional races this election cycle to help elect dozens of pro-crypto lawmakers, while individual billionaires with crypto interests spent millions to help return Donald Trump to the White House. Now, they are determined to change how Washington treats their business.
What you should watch out for
- Bourses: The Indian stock market will remain shut for the Maharashtra Assembly elections on Wednesday, November 20. The election results will be declared on Saturday, November 23.
- IPO: NTPC Green Energy’s Rs 10,000-crore initial share sale will happen on November 19, with a price band of Rs 102-108 per share.
- G20: The 2024 G20 summit will be held in Rio de Janeiro, Brazil, from November 18-19.
- Results: NVIDIA is set to announce its Q3 earnings on November 20, post-market hours.
What is the oldest known written language?
Answer: Sumerian.
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Startup
India’s digital public infrastructure finds many takers globally, says NISG CEO
The Digital Public Infrastructure (DPI) of India is now truly going global, as an increasing number of countries are seeking assistance to implement this technology platform to deliver various citizen services.
“There is a huge opportunity of taking it (DPI) globally,” said Rajiv Bansal, CEO, National Institute for Smart Government (NISG) during a panel discussion on the topic “Digital Public Infrastructure of India going Global” at the Bengaluru Tech Summit (BTS) 2024.
DPI in India has become the driving force for delivering services from both the government and private sector. These include the nationwide Aadhar identity and the unified payment interface (UPI) for financial services.
According to Bansal, NISG is engaged with several countries to come out with pilot projects or provide consultancy services on how they can implement DPI. Sri Lanka is undertaking a nationwide ID project, while other countries like Gambia, Myanmar, Belize and Fiji are keen to implement DPI to deliver several citizen services.
NISG is a not-for-profit organisation set up in 2003 by the Indian government, based on a public-private partnership model. It aims to assist governments in ushering in smart governance, process reforms and digitalisation.
Bansal said the DPI framework has achieved a certain level of maturity where it is based on fundamentals of open source technology, interoperability, subject to regulation and offering services for social welfare.
The greater interest for India’s DPI has largely come from developing countries who are looking at this platform for setting up a national identity setup similar to Aadhar. According to Bansal, developed economies are also interested in DPI but for other kinds of services.
However, Sharad Sharma, Founder – iSPIRT Foundation, was of the belief that the various functionalities from DPI till date in India are early iterations, and there is a vast scope to deliver numerous other services especially in the area of healthcare.
Startup
Deepinder Goyal clarifies Chief of Staff role is salaried, Rs 20 lakh condition a filter
Deepinder Goyal has clarified that Zomato does plan to pay the candidate selected for the Chief of Staff role, and the condition of paying Rs 20 lakh to initiative was merely a filter as the company has no plans to collect the amount.
In a post shared on X, the company’s co-founder and CEO also announced after closing the application deadline for his chief of staff opening.
This comes a day after Goyal put up the job posting on the social media platform. To make the offer not as lucrative, he announced that the role would not have any salary, at least for the first year. Not only this, the selected candidate would have had to contribute a sum of Rs 20 lakh to Zomato’s Feeding India initiative.
Any salary discussion would only happen from the second year, he said in the original post. During the first year, Zomato would also offer Rs 50 lakh to the charity selected by the candidate.
Zomato received more than 18,000 applications and closed the process at 2 pm earlier today.
The foodtech executive had claimed that the opportunity offers 10X more learning than a two-year degree from a top management school.
Goyal, in an earlier post, had highlighted that applicants came from a diverse mix of financial backgrounds, categorising them into those who have all the money, those who have some of the money, those who claim they don’t have the money, and those who genuinely don’t have the money.
It is unclear what the Chief of Staff’s duties will be as the job description is vague. The job would entail “anything and everything to build the future of Zomato (including Blinkit, District, Hyperpure and Feeding India),” the post read.
Startup
Ecommerce platform Tata CLiQ rebrands to Tata CLiQ Fashion
ecommerce platform has introduced a new brand manifesto and packaging, and refreshed both its app and web experience.
has rebranded to Tata CLiQ Fashion. With a complete visual redesign, theThe rebranding is set to reposition the brand from a horizontal marketplace to a specialised vertical platform focused on fashion and lifestyle across categories including footwear, apparel, watches, gadgets, beauty, accessories, and home, the company said in a statement.
The new logo design encompasses a rose pink and cerulean blue colour palette.
“Our new brand identity and positioning reflect our commitment to offering consumers the best of fashion curated for their evolving needs. It is a strategic pivot to drive growth and our leadership in the fashion category. By focusing on fashion and lifestyle, our goal is to elevate fashion as a powerful form of self-expression,” said Gopal Asthana, CEO, Tata CLiQ.
In addition to the currently existing stores and over 6,000 brands, it will also introduce thematic stores that will showcase a selection of styles and essentials from a wide range of brands, the company said.
The brand is also set to roll out a new feature, ‘Fit Assessment’ which will help customers find products suited to them by analysing their past purchases and understanding their size and preferences.
The platform will also introduce virtual try-on and hyperpersonalisation features in the next few months to enhance the shopping experience, and streamline the search process the company said.
It will also launch an e-magazine, ‘e-Stylist’, which will be available on the app and will offer users ready access to trend reports, care and maintenance guides, how-to-style playbooks, and theme-based curated shopping lists to keep them updated on the latest fashion trends.
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