🧑‍🏫PhysicsWallah, Utkarsh form JV

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28 FEBRUARY 2023 View in Browser

Hello,   Big news coming from Fabindia.    The Premji Invest-backed apparel retailer has shelved its IPO plans amid tough macroeconomic conditions.    The company had planned to raise $482 million (~Rs 4,000 crore) via a fresh issue of shares worth Rs 500 crore and an offer of sale (OFS) of up to 2.5 lakh shares of existing stockholders.    Air India, in a hurry to expand its international presence, plans to fund its $70 billion order for a record 470 aircraft with internal cash, equity, and through sale-and-leasebacks.   According to Air India CEO Campbell Wilson, the airline sees an untapped opportunity in direct flights to North America, besides increasing its frequency of flights to European destinations, including Frankfurt, Paris, and the United Kingdom.   ICYMI: What would a $10 million violin sound like?    Well, we are about to find out!    Going under the hammer is a Guarneri “del Gesù” violin known as the “Baltic”, made around 1731, and could top the existing $15.8 million record set for a violin at public auction.   In today’s newsletter, we will talk about  PhysicsWallah, Utkarsh form JV Grayscale’s SaaS-focused fund Kunal Shah’s CRED salary  Here’s your trivia for today: National Science Day is celebrated to mark the discovery of what?

Edtech

PhysicsWallah, Utkarsh form JV

Edtech unicorn Physics Wallah (PW) is doubling down on its hybrid strategy. After venturing into the offline space with PW Vidyapeeth last year, the startup has formed a joint venture with Utkarsh Classes to provide academic training and course offerings in various categories.   New chapter: Utkarsh Classes, which has been operating offline classes for over 20 years, will assist PW in strengthening its offline operations and building a hybrid learning model. Under this partnership, Utkarsh Classes will expand the government test preparation category and launch offline centres in 32 cities across India, where PW has established its offline centres. In addition, the duo will launch a new category—‘Utkarsh Private Jobs’—to help train students to prepare for placements in the private sector. Read More

SaaS

Grayscale’s SaaS-focused fund

Singapore-headquartered Grayscale Ventures has secured the first close of its debut fund, raising about half its target size of $20 million. Founded by Siddharth Verma and Nikhil Kapur, the 10-year term fund plans to invest in 15-20 startups in the pre-seed stage.   Playbook: Grayscale Ventures typically invests in startups with some version of a product ready before the product-market-fit stage. It has limited partners from across the globe, including India, the United States, Japan, and other Southeast Asian countries. A majority of the limited partners (LPs) are founders and operators from firms like Zendesk, Hasura, Slack, GlobalWay, Nexus Venture Partners, and STRIVE. Read More

Fintech

Kunal Shah’s CRED salary

CRED Founder and CEO Kunal Shah draws a salary of Rs 15,000 a month, a revelation that has left netizens divided over his “low pay” and raised questions about the fintech unicorn’s financial health. The disclosure came amid the entrepreneur’s candid ‘Ask Me Anything’ session on Instagram.   AMA: Tax saving was brought up as a likely explanation for Shah’s low salary. CRED reported a net loss of Rs 1,279 crore in FY22, despite the platform’s revenue surging from Rs 95 crore in FY21 to Rs 422 crore.  The startup’s marketing and business promotion expenses accounted for more than Rs 975 crore. Read More

News & Updates

AR by Xiaomi: Xiaomi unveiled Xiaomi Wireless AR Glass to build momentum in an arena yet to become mainstream. The concept device is designed to let users gesture via its embedded camera to select and open apps, swipe through pages and exit apps to return to the start page without using a smartphone.  Swiss-ness: The small European nation of Switzerland has avoided rampant inflation. Inflation in Switzerland hit a 29-year high of 3.5% in 2022, well below the double-digit rates of other advanced economies such as the United States (9.1%), the United Kingdom (11.1%), and the Euro Zone (10.6%). Military service: After BTS member Jin enlisted in South Korea’s military in December last year, another member of the world’s biggest boy band, singer and rapper J-Hope, is beginning the enlistment process for mandatory military service—but not before he releases a new solo track.

Here's what else we have for you

The UK government’s special programme that helps you move your scale up to the UK   Yes, you read the headline right! The UK government’s Global Entrepreneur Programme (GEP) helps high-growth overseas companies relocate to the UK. GEP is the Department for Business and Trade’s (DBT) flagship programme that enables ambitious, internationally mobile entrepreneurs and their innovation-rich companies to scale and grow from a UK global headquarter.   So if you are an entrepreneur or founder of an ‘innovative technology business’ based in India and want to relocate your headquarters to the UK, the government there is ready with all the support to help you move your business and it's free! GEP is also a visa endorsement body for the innovator visa and is therefore able to facilitate entry into the UK. Know More

Titans 4.0 | Episode 4 : Automation and the rise of smart factories In association with Plugin Alliance   Honeywell Automation India's Ashish Gaikwad talks to YourStory's Shradha Sharma about how industrial automation has been a driving force behind deep tech adoption around the world, with artificial intelligence and machine learning helping organisations leverage automation tech for better efficiency across industries. From better ROI to improved decision making thanks to accurate data visualization and forecasting, the benefits of adopting these technologies are clear. This and more, on the next episode of Plugin Alliance's leadership series Titans 4.0. Watch Now

Charting the course for inclusive fintech in India: All you need to know about the Bharat Inclusion Summit In association with CIIE.CO   The Bharat Inclusion Summit is a platform designed to reflect upon the lessons and deliberate on the way forward for inclusive fintech in India. Register now and be part of carefully-curated panel discussions, forward-looking fireside chats, intensive product design workshops, and a stellar speaker line-up. Know More

Did you know?

National Science Day is celebrated to mark the discovery of what?   Answer: Raman Effect. The phenomenon is named for physicist Sir Chandrasekhara Venkata Raman, who first published observations of the Raman Effect in 1928.

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