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17 April 2024 View in Browser

Hello,   Social feed is the new TV.   As per an Accenture report, two-thirds of Indians consider user-generated content to be as entertaining as traditional media. Indians also prefer to access all digital services, both media and non-media, on a single app.   In other news, Paytm seems to be in trouble again.   The central government has reportedly deferred the approval of Paytm’s Rs 50 crore investment in its arm Paytm Payment Services due to concerns about China-based Antfin (Netherlands) Holdings’ shareholding in the parent company, One97 Communications.   The fintech giant has denied receiving any communications from the government and asserted in a blogpost that Anfin has no representation on the Board, which only comprises members of Indian origin.   Elsewhere, Zomato has introduced a large order fleet—all-electric—designed to serve orders of a gathering of up to 50 people for group events like parties.   ICYMI: Why offline retailers in India are threatening to remove OnePlus phones from over 4,500 stores.   Oh, and the flame for the 2024 Paris Olympics has been lit at Olympia, Greece.    The historical Greek city hosted the ancient Olympic games which, other than men, could only be attended by unmarried women and a priestess. Read all about it.   In today’s newsletter, we will talk about  HDFC Bank’s startup outreach Inside the Floating House Project Women in Indian Election Here’s your trivia for today: Who was the oldest British monarch to ascend the throne?

Interview HDFC Bank’s startup outreach As per Sunali Rohra, head of government and institutional banking, startups and gig banking at HDFC Bank, profitability, and not just ideas, will be at the centre of startup funding conversations going forward.   "In business, profit has always been fundamental. That is beginning to become key again not just in India, but the world over," she says in an interview with Shradha Sharma.   Startup needs: HDFC Bank extends products, including loans and insurance, to startups through a network of over 8,000 branches.  The bank has also set up a regulatory reporting desk with the RBI, as part of its retail FX trade desk, which helps funded startups easily make regulatory filings for the inward remittances they receive. It offers lending to startups too, under the Credit Guarantee Scheme for Startups, and has introduced an insurance policy product specifically for them. Read More

Funding Alert   1) GPS Renewables: $50M|Debt 2) ProcMart: $30M|Series B 3) ClickPost: $6M|Series A

Social Impact Inside the Floating House ProjectIn September 2023, Bihar native Prashant Kumar constructed a carbon-neutral house on the banks of the Ganges in the Bhojpur district, which floats on water during the monsoons and stands firm on land in the autumn, winter, and summer months.    The Floating House Project is Kumar’s solution to flooding during the monsoons that cause heavy damage to lives, livestock, and assets every year in Bihar.    Preventive measures: Kumar adds his first idea was firmly rooted in prevention—creating an entire infrastructure and way of life that could prevent flooding and was completely climate resilient, or even regenerative. The floating house has three rooms—each roughly 10x12 ft—with a total floating platform of 30x30 ft. It has one kitchen and a dry toilet. Kumar and his team built the prototype house on a budget of Rs 6 lakh. However, the engineer wants to further reduce its cost to Rs 2 lakh. Read More

From the CapTable A year into bankruptcy, Go First’s case threatens to ground India’s aircraft leasing dreams Despite its aircraft gathering dust for nearly a year now, bankrupt domestic carrier Go First received a reprieve last week when the NCLT granted it another 60 days to complete its corporate insolvency resolution process (CIRP). This extension further draws out Go First’s CIRP, which has already gone beyond the 330-day timeframe stipulated by India’s Insolvency and Bankruptcy Code (IBC).   This has put the lessors of the airline’s 54 aircraft—who have been fighting in the courts to regain possession of their aircraft—in a tough spot. The airline reportedly owes its lessors over Rs 2,600 crore.   Crucially, the battle for possession of aircraft between the lessors and the airline is happening at a time when India has been pushing to make GIFT City in Gujarat a hub for aircraft leasing. Go First’s case, experts say, may put the brakes on India’s efforts to tap into an industry that could offer a $100 billion financing opportunity in the coming 20 years.    Key takeaways: Go First will soon complete a year since it filed for bankruptcy, with the airline getting a 60-day extension for the process last week While this offers hope for the airline’s revival, the lessors of its aircraft are a frustrated lot Despite India being a signatory to an international treaty that protects aircraft lessors, they cannot gain access to and possession of the airline’s grounded fleet due to India’s bankruptcy code Experts say this standoff is also hurting India’s efforts to make GIFT City in Gujarat a hub for aircraft leasing Continue Reading

Elections Women in Indian electionNearly a third of the constituencies have no women candidates in Phase 1 and 2 of the upcoming general elections, according to The Quantum Hub—a Delhi-based public policy research and consulting firm.    The second part of a series of factsheets on 'Women in #Elections2024' by The Quantum Hub has also revealed that only 8.3% or 237 candidates among the 2,831 candidates are women in the first two phases of the election.   Key takeaways: In the previous elections held in 2019, around 9% (726) of candidates were women.  Despite the Women’s Reservation Bill that mandates a 33% representation of women in the Lok Sabha and state legislative assemblies, this election has not seen parties fielding more women candidates. The Karur constituency in Tamil Nadu has the highest number of women candidates, 1 representing a national party and 6 independents. Read More

News & updates Above average: China reported faster-than-expected economic growth in the first quarter—along with some numbers that suggest things are set to get tougher for the rest of the year. GDP climbed 5.3% in the period, accelerating slightly from the previous quarter and beating estimates. Criminal justice: The UK government will be criminalising the creation of sexually explicit "deepfakes"—images or videos which are manipulated using AI to look like someone without their consent. People convicted of creating such deepfakes without consent, even if they don't intend to share the images, will face prosecution. Uplifting: The International Monetary Fund inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks. Global economic activity will expand 3.2% this year, up 0.1 percentage point from its January estimate.

Here's what else we have for you   PhonePe has hit a revolutionary milestone with the Indus Appstore! In association with PhonePe   The Indus Appstore launch event in Delhi, saw leaders like Sameer Nigam and Ashwini Vaishnaw share their visions for a digitally empowered India. With a focus on localisation, transparency, and collaboration, Indus Appstore is set to revolutionise how we access digital content, ensuring that every Indian's voice is heard and valued. Watch Now Data FinOps Demystified: Unlocking secrets to your Data & AI ROI In association with NetApp Excellerator   As data cloud vendors enjoy a windfall, organisations are increasingly grappling with the challenges of scaling their data and analytics operations in a cost-effective manner. Know More

Did you know?   Who was the oldest British monarch to ascend the throne?   Answer: King Charles III, at 73 years old.

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