Author: News Desk
After decades of patient nurturing, Reliance Life Sciences (RLS) is poised to become the next big thing from the Reliance stable. The biotechnology firm, fully owned by investment companies of Mukesh Ambani, is making strategic moves to expand its capabilities and enter new segments. With the construction of a new plant underway and plans to address unmet medical needs in rare genetic diseases, RLS is set to emerge as a leading player in the biopharmaceuticals segment. 1. A Grand Vision: RLS is rapidly transforming its Dindori campus into a fully integrated manufacturing facility. With a budget of Rs 4,400 crore,…
In a significant development, Binny Bansal, co-founder of Flipkart, along with early investors Accel and Tiger Global Management, have completely exited the e-commerce giant by selling their stakes to Walmart. The deal, valued at around $35 billion, reflects the tremendous growth of Flipkart and marks one of the largest exits in the Indian startup ecosystem. Let’s delve into the details of this mega deal and the impressive returns generated for the stakeholders. 1. Accel and Tiger Global’s Stakes: Both Accel, India, and the US initially held over 20% in Flipkart when they first invested in 2008. However, over time, their…
India proudly announces the establishment of the world’s second largest 5G network, propelled by the fastest 5G rollout with an impressive 300,000 sites set up within a span of 10 months. Telecom minister Ashwini Vaishnaw revealed this remarkable achievement in a Koo post on Tuesday, highlighting the nation’s rapid progress in the 5G ecosystem. Record-Breaking 5G Rollout Telecom service providers Bharti Airtel and Reliance Jio played a pivotal role in setting up over 3 lakh 5G sites across 714 districts in India. As of July, the number of sites had reached 2.8 lakh, showcasing the nation’s unparalleled dedication to expanding…
After a sluggish performance in June, the Unified Payments Interface (UPI) in India experienced a remarkable resurgence in July, witnessing a 6.6% month-on-month (MoM) growth with 996 Cr transactions. This impressive surge brings UPI tantalisingly close to its ambitious target of achieving 1,000 Cr transactions per month. The data, released by the National Payments Corporation of India (NPCI), indicates substantial growth in both transaction count and value, showcasing the ongoing dominance of UPI in the digital payments landscape. 1. UPI Transactions Reach INR 15.34 Lakh Cr in July 2023: The month of July 2023 saw a remarkable upswing in UPI…
Christopher W. Hodges assumed office as the United States Consul General in Chennai on July 1. With a strong focus on enhancing the bilateral relationship between the US and India, Hodges aims to foster trade, education, and space cooperation between the two nations. His previous experience in various diplomatic roles underscores his dedication to promoting civil society and consular services that connect the people of both countries. 1. Emphasising Growth in US-India Relationship: As the new Consul General, Christopher Hodges expressed his honour in representing the United States in South India during a pivotal period of growth in the US-India…
The India Startup Foundation is all set to host the India Startup Festival (ISF) in Bengaluru, emphasising innovation that addresses grassroots-level challenges. With a focus on fintech, rural innovation, agritech, foodtech, and rural healthcare, the three-day event aims to bring together over 10,000 startups from India, Japan, and the UK, alongside more than 500 investors. 1. Empowering Startups with a Purpose ISF 2023 aims to create a platform that fosters “Innovation at the Bottom of the Pyramid,” encouraging startups to tackle real-world problems and promote inclusive growth. The festival’s focus on fintech, rural innovation, agritech, foodtech, and rural healthcare aligns…
The films “Barbie” and “Oppenheimer” have sent shockwaves through the domestic box office, defying conventional expectations and invigorating the summer movie season. Both movies experienced remarkably small second-week ticket sales drops, indicating potential longevity at the box office. The success of these films has injected much-needed optimism into a summer marketplace grappling with box office challenges. 1. Exceptional Second-Week Performance “Barbie” and “Oppenheimer” witnessed an astounding 43% drop in ticket sales during their second week, significantly bucking the trend of blockbuster features experiencing declines between 50% and 70% after their debut weekends. The smaller drop is seen as a positive…
Chief Minister Shri Pinarayi Vijayan has taken a significant step towards bolstering Kerala’s startup ecosystem by launching the ‘LEAP Coworks’ membership card and unveiling the refurbished headquarters of Kerala Startup Mission (KSUM) in Thejaswini Building, Technopark Phase 1, Thiruvananthapuram. LEAP Coworks – Propelling Innovation and Collaboration in Startups LEAP Coworks, an acronym for Launch, Empower, Accelerate, Prosper, is an innovative initiative aimed at transforming industry incubators across Kerala into co-working spaces. This transformation is geared towards fostering innovation, enhancing collaboration, and providing essential support for a thriving startup ecosystem. KSUM is committed to converting its incubation centres, partner incubation centres,…
The prolonged funding winter has taken a toll on Indian startups, leaving thousands of employees jobless. In the first half of 2023, around 70 startups were forced to downsize, resulting in over 17,000 layoffs. The funding crunch has emerged as the biggest challenge for these companies, as they grapple with reduced investor funding and seek to conserve cash. 1. Funding Crunch Hits Startups Across Various Sectors Startups, heavily reliant on external investments for growth, found themselves downsizing due to a significant decline in investor funding. The scarcity of new investments flowing into the industry has created a funding crunch, with…
The Indian Space Research Organisation (ISRO) achieved a significant milestone as the Chandrayaan-3 spacecraft was successfully injected into the translunar orbit on Tuesday. With only 22 days left, India is inching closer to its next lunar mission, aiming to perform a soft landing on the lunar surface. Translunar Orbit Injection (TLI) Success: The ISRO confirmed the successful insertion of the Chandrayaan-3 spacecraft into the translunar orbit after completing its orbits around the Earth. The spacecraft is now en route to the Moon, and the Lunar-Orbit Insertion (LOI) is scheduled for August 5, 2023. Mission Progress and Objectives: The spacecraft’s journey…