🚕 Taking on Kolkata's pollution with EV cabs

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20 March 2024 View in Browser

Hello,   The Bank of Japan marks the end of an era.    On Tuesday, Japan’s central bank ended eight years of negative interest rates and other remnants of its unorthodox policy, making BOJ the last central bank to exit negative rates.    Following the announcement, Japan's Nikkei was choppy but closed 0.66% higher, buoyed by the weaker yen, while Japanese government bond yields slipped.   Now, all eyes are on the US Federal Reserve’s March policy meeting, ahead of which both Indian and American shares also slacked on the bourses.    The market momentum was also influenced by the latest announcements from Nvidia’s AI conference, where it unveiled its latest AI chip, Blackwell, which it says can do some tasks 30 times faster than its predecessor.   Meanwhile, bitcoin dropped more than $10,000 from its all-time high of $73,679 last week. It ended lower by 6.5% at $62,749.99, according to Coin Metrics.   Moving on. The UN has announced a “red alert” after every climate record was broken in 2023, the warmest year to date, with the global average near-surface temperature reaching 1.45 degrees Celsius above the pre-industrial levels.    In a report, the World Meteorological Organisation said that 2024 could be worse following rising ocean heat and shrinking sea ice.    ICYMI: These countries had the worst air quality in 2023, and there are no surprises here.    In today’s newsletter, we will talk about  EV ride-hailing service in Kolkata AI's use case in sales and marketing How AI and SaaS can put India ahead Here’s your trivia for today: When was the Nobel Prize in Literature first awarded?

Startup EV ride-hailing service in Kolkata Launched in August 2022, Snap-E Cabs is an on-demand, electric ride-hailing platform with a fleet of over 600 Tata Tigors. It aims to become the first unicorn from Kolkata.    The bootstrapped company generates over Rs 2 crore in revenue each month. It plans to close FY24 with an annual recurring revenue (ARR) of Rs 35 crore.   Fleet services: Snap-E Cabs has hired the vehicles on lease with the help of Mufin Green Finance, Mahindra & Mahindra Finance, ICICI Bank, and HDFC Bank. At present, the company completes nearly 2,500 rides per day and clocks an average revenue per car of Rs 70,000 per month.  The startup has also partnered with various MNCs in Kolkata to transport employees, ensuring the cabs are not idle. This strategy has helped the company maximise the revenue generated per car. Read More

Funding Alert   1) Engrail Therapeutics: $157M|Series B 2) Atlan: $27.5M|Undisclosed 3) Sprih: $3M|Seed

SheSparks AI's use case in sales and marketing At the panel discussion on 'Tech your Brand Places' at SheSparks 2024, Deepti Prasad, Co-founder and Marketing, Spyne, and Samriddhi Bhattacharyya, Country Director, Small Business Solutions, Dell Technologies took a deep dive into the dynamism and scope of AI in business and the power that women bring into sales and marketing.   Leveraging AI: “We are closely watching the generative adversarial networks to see what is going to come about while parallelly looking at ethical and sustainable ways to tap into this space,” said Bhattacharyya. Prasad said AI can offer efficient solutions to sales and marketing processes such as leveraging management systems, tracking end-to-end analytics, automating LinkedIn invites etc. Women in sales and marketing are experts at researching, connecting with people and building relationships before harvesting it at the business level, Prasad added. Read More

SaaS How AI and SaaS can put India ahead The convergence of SaaS and AI presents a significant opportunity for India, positioning the country as a frontrunner in the global AI landscape, according to a report by WestBridge Capital and Upekkha.   “India’s booming SaaS industry, valued at a trillion dollars, is set to be completely reshaped by GenAI,” said Prasanna Krishnamoorthy, Managing Partner at Upekkha.   Promise of AI: The report highlighted that within the next decade, Artificial General Intelligence will pave the way for widespread adoption of GenAI, seamlessly integrating it into people’s daily lives. “GenAI is swiftly transforming the UI/UX landscape for businesses. It marks a rapid advancement, with UI serving as a key factor for differentiation in enterprise applications," remarked WestBridge Capital's Rishit Desai. It emphasised that India’s significant opportunity lies not only in developing new GenAI tools at the application level but also in demonstrating how to deliver promised outcomes. Read More

From the CapTable Inside BharatPe’s post-Ashneer Grover redemption arc In December last year, BharatPe released its results for the year ended March 2023 (FY23). The fintech reported a nearly threefold increase in its revenue, raking in over Rs 900 crore during the fiscal year. For a company that had all but been written off just eighteen months prior, it marked a significant turnaround.   To say that little was expected of BharatPe going into FY23 would be an understatement. In early 2022, BharatPe’s ascent was derailed after an audio recording emerged of company co-founder and Managing Director (MD) Ashneer Grover berating an investment banker after failing to secure financing for shares in beauty startup Nykaa’s public listing.   While that scandal forced Grover into a voluntary leave of absence, it paled compared to what followed. Grover and his wife Madhuri, who served as the company’s head of controls, were accused of financial impropriety and effectively pushed out of the company in a messy and public breakup. Having lost its MD and public face, BharatPe was in danger of squandering its momentum. Sources within the company, investors, and others told The CapTable that turning things around after such lows wasn’t easy. The company had to bring in senior leadership, orchestrate a sea change in culture, and usher in an era of transparency as it fought to undo the damage caused by its former MD. Well begun, though, is only half done for BharatPe.   Key Takeaways: Following the ouster of its co-founder and then-MD Ashneer Grover in 2022, BharatPe appeared to be a company in crisis. Two years on, it is still standing, and seemingly healthier than ever. In FY23, its revenues surged nearly 3X to cross Rs 900 crore. It managed this rebound by implementing checks and balances, such as distancing itself from Grover, enhancing compliance, and regaining employee and investor trust. However, growth appears to have stalled, with just 35% revenue growth expected in FY24. Continue Reading

News & Updates Spin off: Unilever will spin off its ice cream unit, home to popular brands such as Magnum and Ben & Jerry's, and cut 7,500 jobs in a new cost-savings programme. The spinoff will begin immediately and is expected to be completed by the end of 2025, London-listed Unilever said. Glitches: The Commercial Bank of Ethiopia is scrambling to recoup large sums of money withdrawn by customers after a "systems glitch". Customers discovered early on Saturday they could take out more cash than they had in their accounts, and more than $40 million was withdrawn or transferred to other banks. Fees: Meta Platforms offered to almost halve its monthly subscription fee for Facebook and Instagram to 5.99 euros from 9.99 euros. The price cut follows mounting criticism from privacy activists and consumer groups about Meta's no-ads subscription service in Europe, which critics say requires users to pay a fee to ensure their privacy.

Here's what else we have for you   Norque aims to transform blockchain, cryptocurrency, metaverse, AI In association with Norque Dive into the future with Norque, a game-changer in blockchain, cryptocurrency, metaverse, and AI synergy. NOQ, a versatile digital token, powers the Norque universe, bridging blockchain, web3, crypto, metaverse, and traditional realms. Norque pioneers secure decentralized and centralized exchanges with AI and ML capabilities, backed by revolutionary insurance coverage. Experience instant cross-border payments and currency conversions, and witness AI and ML solving insurance tasks seamlessly. Join the Norque revolution to shape a secure, interconnected, and innovative digital landscape. Read More Qualcomm Design In India Challenge 2023 unveils innovators transforming maternal health, cancer treatment, and workplace safety In association with Qualcomm Witness the evolution of technology with QDIC's final cohort showcase! Delve into the stories of Savemom, SIAMAF Healthcare, and LivNSense Technologies as they pave the way for transformative solutions in healthcare and safety Join Now

Did you know?   When was the Nobel Prize in Literature first awarded?   Answer: 1901. It was awarded to Sully Prudhomme, a French poet and philosopher.

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