Author: News Desk
Prime Minister Narendra Modi has said that India has achieved a landmark figure of 100 unicorns with a valuation of more than 330 billion dollars. He was speaking as part of his Mann Ki Baat radio programme. He said that India’s startup ecosystem is not limited to bigger cities but entrepreneurs are coming from smaller cities and towns, too. “On the 5th of this month, the number of unicorns in the country reached 100. The total valuation of these unicorns is more than 330 billion dollars, that is, more than 25 lakh crore rupees,” he said adding that it is…
In July 2021, Mark Zuckerberg was the third richest person in the world as per the Bloomberg Billionaire Index. His net worth was $142 billion and Facebook’s shares were around $350 with a market capitalisation of $950 billion. Soon everything fell! Zuckerberg’s wealth declined by over 50% along with a decline in Facebook’s shares. If Zuckerberg’s wealth now stands at nearly $65, Facebook’s market capitalisation is currently under $475 billion. What has caused this sudden plunge? The main reason is the profit decline Meta reported in the December 2021 quarter. And, Meta showed a lower-than-expected earnings forecast for the March…
Since April, the funding scenario has not been favourable for Indian startups. The ongoing Russia-Ukraine war, impending recession fears, and hike in Fed rate interest have caused a funding slowdown in the startup ecosystem. Still, India managed to turn 14 companies into unicorns between January and June 1, 2022, says a report by market intelligence provider Tracxn. Last year, the number stood at 13, in the same time frame. Now, India ranks third in overall unicorns created. The United States and China hold first and second positions respectively. Fractal, a Saas firm, Lead School, an edtech startup, DealShare, an e-commerce…
Mukesh Ambani and Gautam Adani, two rivals in India’s business sector, are at a turning point now. If all eyes were on Ambani before the pandemic, now, the centre of attention is Gautam Adani. The world’s sixth-richest person, Adani has added almost $30 billion to his wealth this year. It is $10 billion more than Ambani’s. Although both want to lead India’s market, looks like investors favour Adani more. It is because he is the bolder of the two. In the last year, Adani spent $17 billion on 32 acquisitions. Although the combined net debt across his listed companies stands…
Gucci and Oura introduce a new luxurious smart ringThe smart ring costs Rs 73,690The ring can monitor temperature, heart rate, sleep activity and moreIt is also rated for 100m depth water resistanceIt is compatible with Google Fit and Apple Health appsBattery life is between 4-7 daysGucci is a popular luxury fashion giantOura is a health electronics manufacturerOne can monitor the health data with a companion appThe companion app is available both on Android and iOS
Spacetech startup Bellatrix Aerospace raised $8 million in a round led by Inflexor Venture and BASF Venture Capital GmbH The company plans to use this funding to expand its commercialization efforts by the end of 2022 with the launch of space taxis Space taxis would be a business-to-business offering It will allow the company to launch multiple micro-satellites into space on behalf of its clients using one Orbital Transfer Vehicle The initial version of the Space Taxi, called the Pushpak, can carry satellites up to 600 kg The company also tested a green propulsion system last month
The Gujarat government has cleared a proposal to allow Tata Motors to take over Ford India’s Sanand plant The government’s clearance is the first step It will make it easier for the two companies to negotiate and finalize a definitive agreement A formal agreement will be signed in the presence of Gujarat Chief Minister Bhupendra Patel Currently, Tata Motors, across three plants has a capacity of 480,000 units per annum When they take over Sanand’s facility of Ford, they will get an additional capacity of 240,000 units per annum
Tesla Inc Chief Executive Elon Musk has asked employees to return to the office or leave the company Musk wrote that “anyone who wishes to do remote work must be in the office for a minimum (and I mean minimum) of 40 hours per week or depart Tesla.” The office must be a main Tesla office, not a remote branch office Musk didn’t directly address whether the email was authentic
Maruti Suzuki India (MSI) wants the government to reconsider the proposal to make six airbags mandatory in passenger vehicles The auto major noted that the regulation would largely impact the cost-sensitive entry-level car segment The prices will further go up leading to further shrinking of the domestic small car industry It will make it even more difficult for two-wheeler users to upgrade to small cars As per the government, the airbags will ensure the safety of passengers across all segments, irrespective of the cost/variant of the vehicle
The iconic Ambassador car by Hindustan Motors is backThe new car will be electric!Hindustan Motors will collaborate with a European EV makerReports say the companies have signed a dealThe collaboration will be on a 51:49 ratioThe controlling stake will be with Hindustan MotorsThe duo will manufacture two-wheelers firstThen, they will slowly advance to four-wheelersThe manufacturing of the electric Ambassador will be from Hindustan Motors’ Chennai plantAmbassador dominated the car market in the 1970sIts popularity fell with the advent of the much-cheaper Maruti 800