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Budget 2024 expectations from EV sector; Unlock your inner Sherlock with AyeVee

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Hello,

A giant once, BYJU’S is staring at insolvency.

The NCLT has admitted bankruptcy proceedings against the company due to an outstanding debt of Rs 158.9 crore owed to the BCCI for sponsoring the jerseys of the Indian cricket team. 

The edtech firm is in deep waters, fighting multiple legal battles with its investors and lenders. 

New reporting also shows that the company allegedly hasn’t remitted the TDS to the government since July last year. It has also been reportedly locked out of over 100 tuition centres over unpaid rent and electricity dues.

ICYMI: What edtechs seek from the upcoming Budget.

Meanwhile, trouble is brewing for Paytm yet again as its parent One97 Communications Ltd received a warning letter from SEBI for unapproved related party transactions. The market regulator also warned the company to improve its compliance.

The slap on the wrist cost the company in the stock markets, with its shares diving 2.46% on the NSE.

This follows SoftBank exiting the company just days earlier, incurring a loss of $150 million on its investments.

The investment company has been weighing its investments carefully—exited PolicyBazaar earlier this year—as it looks to step up bets on AI infrastructure and industrial robotics.

Lastly, Tamil Nadu Story 2024, YourStory’s flagship event that strives to empower startups and homegrown brands of Tamil Nadu, is just around the corner. 

From former Cognizant CEO Lakshmi Narayanan to space tech startup AgniKul Cosmos’ Srinath Ravichandran, a stellar lineup of speakers will talk about the trends shaping the startup and industrial ecosystem of the state on July 19. 

Check out the agenda here.

In today’s newsletter, we will talk about 

  • Subsidies, lower tax on EV sector’s mind
  • Unlock your inner Sherlock with AyeVee
  • Giftolexia’s way to overcome learning disorders

Here’s your trivia for today: If you suffer from Chirospasm, what do you have?


In-depth

Subsidies, lower tax on EV sector’s mind

Finance Minister Nirmala Sitharaman’s interim, pre-election Budget offered much-awaited support for EV charging infrastructure, especially on the manufacturing side. It also zoomed in on public EV infrastructure to boost the adoption of e-buses.

With the full Budget 2024 now on the anvil under the newly-formed government, industry stakeholders have renewed their expectations for a new phase of the FAME scheme.

Many asks:

  • The EV industry’s biggest expectation from Budget is an advancement on the FAME scheme as the second iteration expired on March 31, 2024.
  • The scheme is expected to have a Budget outlay of around Rs 10,000 crore, the same as FAME II, according to two sources YourStory spoke with. It will continue to offer purchase subsidies on electric two- and three-wheelers.
  • Beyond manufacturing and sales subsidies, EV players also reckon it would help if the government actively boosted usage, especially in commercial sectors.
e-mobility

Funding Alert

Startup: Tekion

Amount: $200M

Round: Equity

Startup: Namma Yatri

Amount: $11M

Round: Pre-Series A

Startup: Icanheal

Amount: Rs 15 Cr

Round: Seed


Startup

Unlock your inner Sherlock with AyeVee

Chennai-based Asiaville has launched AyeVee Interactive and Gamified Experience, an interactive gaming platform that lets users make choices to shape the narrative in different ways. Currently, the platform has two shows—a whodunnit and an escape feature film. 

Features:

  • Working on similar lines as Netflix’s Bandersnatch, the AI-powered platform offers immersive 360-degree AR/VR experiences, all while you watch a short film. 
  • The inspiration for the platform came from a live-streaming session held last year. AyeVee’s team live-streamed a murder mystery to engage with the audience. A scene was enacted, clues were provided, and the audience was asked to solve the mystery.  
  • AyeVee is available on iOS and Android platforms, and the games are streaming in Tamil and Malayalam, with English subtitles. There are plans to add more languages soon. 
AyeVee, Tuhin Menon, Sashi Kumar

Women Entrepreneurs

Giftolexia’s way to overcome learning disorders

After Teena Paul’s son was diagnosed with dysgraphia—a learning disability that concerns impairments in written expression—she came across a gaze pattern-based screening tool from Sweden for learning disabilities.

Paul explains, “One cannot discern a learning disability by looking at a child. This is not an intellectual issue, but a processing difference, and one needs screening to identify this.”

Helping children:

  • In 2017, she started Giftolexia with seed funding from NSRCEL to help children with dyslexia and other learning difficulties with methods and tools for early identification and remediation. 
  • She found a collaborator in Cyclops Medtech—a Bengaluru startup known for its eye-tracking device. The partnership led to an application that captured gaze data, which it initially tried out with children. 
  • With this deeptech tool, the screening age is reduced to eight years from the current average of 12 years, and the screening time to five minutes per child from 30 minutes taken for a pen-and-paper screening. It can screen for specific learning disabilities.
Teena Paul

News & updates

  • Tech M&A: Google owner Alphabet is reportedly in advanced discussions to buy fast-growing cybersecurity startup Wiz for roughly $23 billion. A takeover of Wiz, which makes cybersecurity software for cloud computing, would mark the tech giant’s biggest-ever acquisition.
  • Design change: Elon Musk granted his engineers at Tesla more time to finish the development of a robotaxi prototype, pushing back the model’s heavily anticipated unveiling. While the CEO has unveiled little information, Tesla will own and operate some of the self-driving vehicles, while others will be privately owned but available for rent through Tesla’s network.
  • Protect wildlife: Over 100 companies, including Unilever, L’Occitane, and Iberdrola, have called on governments to enact tougher policies to reach a UN goal of halting nature loss by the end of the decade. In 2022, the world agreed to a landmark deal to protect biodiversity, including a pledge to protect 30% of the world’s natural ecosystems.

If you suffer from Chirospasm, what do you have?

Answer: Writer’s cramp, or a spasm of the hand muscles.


We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]

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





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Space tech startup Agnikul Cosmos’ revenue shoots up 3X in FY24; focus on R&D

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Space tech firm AgniKul Cosmos reported a more than threefold increase in revenue in FY24 but its losses widened due to higher expenses.

The Chennai-based company reported Rs 9.3 crore in revenue for FY24, entirely from non-operating income, a 225.6% year-over-year (YoY) increase, according to its latest financial statements. It did not generate any operational revenue.

The space tech firm specialises in designing, developing, and testing hardware, such as propulsion systems and structures, and software for rapid sub-orbital, orbital, and deep-space launches of lightweight and heavy payloads or satellites.

Agnikul Cosmos, still in the pre-revenue stage, is focused on strengthening its technology infrastructure, expanding ground testing capabilities, and investing heavily in research and development—factors that continue to drive its financial losses.

Its loss widened 112.3% YoY to Rs 43 crore in FY24. It was driven by a 126.4% rise in expenses, totalling Rs 52.3 crore in FY24, as opposed to Rs 23.1 crore reported in FY23. 

The losses ballooned primarily due to higher spending on employee benefits—the firm’s largest expense—which rose to Rs 17.5 crore, a nearly 80% YoY increase. Furthermore, its spending on research development expenses amounted to Rs 12.9 crore in FY24.

Agnikul Cosmos was co-founded in 2017 by Srinath Ravichandran and Moin SPM. It has secured a total equity funding of $67 million, including a Series B round of $26.7 million in 2023.

The Chennai-based firm finds itself in a sweet spot. The spotlight is on India’s affordable space launches, and it is building on this legacy by demonstrating cost-effective launches using 3D-printed rocket engines. Its Agnilet engine, first test-fired in 2021, is the world’s first single-piece 3D-printed semi-cryogenic rocket engine.

After four failed attempts, the space tech startup made history on May 30, 2024, with a triumphant sub-orbital test flight of its launch vehicle, Agnibaan SOrTeD (SubOrbital Technological Demonstrator), powered by seven Agnilet engines. It became only the second private space tech firm to achieve rocket launch success after Skyroot Aerospace’s groundbreaking Vikram S rocket launch in November 2022.

The Indian Space Research Organisation (ISRO) is playing an active role in the growth of startups in the space economy, including Agnikul Cosmos, Skyroot Aerospace, Pixxel, Dhruva Space, and Bellatrix Aerospace.

Last month, the Union Cabinet approved a Rs 1,000-crore venture capital fund for the space tech sector under the aegis of IN-SPACe.





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How to Do Nothing: 10 Life-Changing Lessons from the book

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In a world obsessed with productivity, constant notifications, and an endless race to “get things done,” Jenny Odell’s How to Do Nothing: Resisting the Attention Economy stands as a clarion call for mindfulness and intentional living. The book isn’t about literally doing nothing; instead, it’s about reclaiming your time, attention, and sense of purpose from the forces that commodify them. Odell encourages readers to resist societal pressures to always be productive and instead engage with the world on their own terms.

Whether you’re seeking balance, clarity, or a fresh perspective on life, here are 10 transformative lessons from this groundbreaking book.

10 lessons from Odell’s How to Do Nothing

Reclaiming your attention is revolutionary

Odell argues that in a world driven by the attention economy, your focus has become a commodity. Taking back control of your attention is an act of resistance against a culture designed to distract and exploit.

Start by identifying what drains your attention, like social media or constant multitasking, and create intentional boundaries.

Redefine productivity

The book challenges the notion that your worth is tied to constant productivity. True value comes from meaningful engagement, not perpetual busyness.

Pause and ask: Am I doing this for genuine fulfilment or just to check it off a list?

Rediscover the art of observation

Odell emphasises the importance of noticing the world around you—its sights, sounds, and rhythms. By slowing down, you can reconnect with your surroundings and experience deeper satisfaction.

Try taking a “silent walk” without your phone. Pay attention to the details of your environment, from the rustle of leaves to the shapes of clouds.

Engage in intentional idleness

Doing nothing isn’t laziness—it’s a chance to recharge and reflect. Odell calls for carving out time for idleness to cultivate creativity and well-being.

Schedule “unplugged hours” where you do nothing but relax, think, or simply exist without pressure.

Resist the pressure to always be online

Odell critiques the expectation to be perpetually reachable, reminding us that constant connectivity erodes boundaries and mental peace.

Turn off non-essential notifications and establish clear offline hours. Let people know when you’re unavailable to normalise boundaries.

Build a deeper connection with nature

Nature plays a central role in the book as a source of grounding and inspiration. Spending time outdoors can help you find clarity and perspective.

Dedicate time each week to connect with nature, whether through a hike, gardening, or simply sitting in a park.

Value relationships over algorithms

Odell encourages prioritising face-to-face interactions and meaningful connections over superficial online engagements dictated by algorithms.

Spend more time with people who inspire and uplift you, and less time scrolling through curated feeds.

Practice deliberate rest

Rest is a fundamental part of being human. Odell reminds us that rest isn’t a luxury—it’s a necessity for creativity, health, and joy.

Incorporate restful practices into your day, such as meditating, journaling, or simply taking a nap without guilt.

Find joy in community participation

The book emphasises the power of community and the satisfaction that comes from contributing to something larger than yourself.

Join a local group, volunteer, or participate in community events to foster connections and purpose.

Live life on your terms

Ultimately, Odell’s message is about rejecting societal norms that dictate how you should spend your time and embracing a life that feels authentic to you.

What activities or values truly make you happy, and how can you align your life around them?

Conclusion

How to Do Nothing is more than a book; it’s a manifesto for mindful living in a chaotic world. Odell’s lessons remind us that life’s richness isn’t found in constant achievement but in deliberate moments of presence, connection, and introspection.

By applying these 10 lessons, you can reclaim your attention, redefine success, and create a life that truly aligns with your values. So take a step back, breathe, and ask yourself: What truly matters? The answers may surprise you—and transform your life.





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Stuck in your career? Watch out for these 7 red flags

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Ever felt like your career has hit a plateau despite working tirelessly? You’re not alone. Many professionals experience periods where progress feels stagnant, promotions seem elusive, and opportunities don’t knock as often. Often, the problem lies in subtle, overlooked red flags—behaviours, habits, or circumstances—that hinder growth. These red flags can quietly derail your trajectory, leaving you stuck without realising why.

In this article, we’ll uncover seven hidden red flags that could be silently affecting your professional growth. By recognising these early on, you can take proactive steps to realign your path and reignite your career momentum.

7 Red flags slowing down your career growth


1. Overcommitting without prioritising

Why it’s a red flag

Saying “yes” to everything might make you seem helpful, but it often leads to burnout and dilutes the quality of your work. Employers value results, not just effort.

What to do

Learn to prioritise tasks based on their impact. Use frameworks like the Eisenhower Matrix to decide what’s urgent and important. Politely decline or delegate tasks that don’t align with your core responsibilities.


2. Avoiding feedback or criticism

Why it’s a red flag

Fear of feedback can stunt your learning curve. Constructive criticism is a tool for improvement, but avoiding it can leave gaps in your skills.

What to do

Embrace feedback as an opportunity to grow. Regularly seek input from colleagues or supervisors, and focus on actionable steps to improve.


3. Staying in your comfort zone

Why it’s a red flag

Routines can feel safe, but they can also lead to stagnation. Innovation and growth often require stepping into unfamiliar territory.

What to do

Take on challenges that push your boundaries. Volunteer for projects outside your expertise or learn new skills to keep your growth dynamic.


4. Poor networking habits

Why it’s a red flag

Your network can open doors to opportunities you wouldn’t find otherwise. Failing to build or nurture professional relationships can limit your reach.

What to do

Attend industry events, connect with peers on platforms like LinkedIn, and maintain relationships by regularly engaging with your network.


5. Neglecting soft skills development

Why it’s a red flag

Technical expertise is vital, but emotional intelligence, communication, and teamwork are equally important for leadership roles and career advancement.

What to do

Invest time in developing your soft skills. Consider courses, workshops, or books focused on areas like negotiation, active listening, and conflict resolution.


6. Ignoring industry trends

Why it’s a red flag

Industries evolve rapidly. Ignoring trends or failing to upskill according to market demands can make your expertise obsolete.

What to do

Stay informed through industry news, webinars, or certifications. Adapting to changes keeps you relevant and valuable in your field.


7. Toxic workplace dynamics

Why it’s a red flag

A toxic work environment—marked by poor communication, favouritism, or lack of recognition—can drain your energy and stifle your potential.

What to do

Identify the signs early. If efforts to improve the culture fail, don’t hesitate to explore better opportunities elsewhere. Your mental and professional well-being matter.

Recognising these seven red flags is the first step toward reclaiming your professional growth. Awareness allows you to address these challenges proactively, fostering a career path that aligns with your goals and aspirations.

Take stock of where you stand today—are any of these red flags present in your career? By tackling them head-on, you’ll be better equipped to break free from stagnation and reach new heights of success.





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