27 October 2023

The NewsWala

October 27, 2023

Newswala aaya, taaza khabre laya! Good morning!
 

Today, Your Newswala Delivers:

  • Delhi's startup sprint

  • Ola's electrifying deal

  • Infosys shines in Europe

Chalo chalein!

The reading time is 5 minutes.
 

 

BUSINESS

Delhi begins Startup-Sprint


What happened


The Delhi government is nearing an ambitious startup policy designed to foster the growth of startups in the region.

Their objective? To cultivate and empower at least 15,000 startups by the year 2030. A recent action taken report confirms the department's commitment to this endeavor.


Additionally, they are in the final stages of preparing the Dilli Bazar portal, a revolutionary digital platform.


Why it matters


The Delhi government's commitment to nurturing startups is a significant move that will fuel economic growth in the region.

  • By aspiring to support 15,000 startups by 2030, they aim to unleash innovation, create employment opportunities, and boost the entrepreneurial ecosystem.

  • Secondly, the Dilli Bazar portal is set to redefine the shopping experience for both consumers and businesses. This portal, the first of its kind in India, is set to host an initial cohort of 10,000 vendors, with plans to bring over 100,000 city shops on board within six months of its debut.


It provides an invaluable platform for local vendors to tap into a national and global market, effectively modernizing traditional commerce.


Zoom Out


The Delhi government's vision of promoting startups aligns with India's broader goals of becoming a global startup hub.

Initiatives like the startup policy and Dilli Bazar portal will be pivotal in encouraging innovation and economic development.

Delhi says to Bangalore: “Kyun hila dala na!”

 

BIG MONEY MOVES


 Zen Tech Lands ₹100 Crore Deal


Zen Technologies Limited has clinched a whopping Rs 100 crore contract from the Ministry of Defence.

The deal is for their cutting-edge tank training system, enabling tank units to practice in realistic terrains without live ammunition.


 Groww Surges Past Zerodha


Groww, a leading broking and financial services unicorn, revealed a remarkable turnaround, posting a profit after tax (PAT) of Rs 448 crore.

This profit surge was fueled by a 266% YoY growth in operating revenue to Rs 1,277 crore.

Despite an increase in expenses, the firm's broking business achieved a standalone profit of Rs 73 crore, and its active investor base surpassed rival Zerodha, now boasting 6.63 million users.

 

BUSINESS

Ola Electrifies India with 3,200 Boost


What Happened

Ola Electric, a major player in electric vehicle manufacturing, made headlines on October 26 by closing a substantial funding round of Rs 3,200 crore.

This funding round consisted of a combination of debt and equity from high-profile investors led by Temasek, along with debt from the State Bank of India (SBI).

The primary goal of this capital infusion is to fuel the expansion of Ola's electric vehicle business.

Notably, Ola Electric plans to establish India's first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, as part of its sustainable mobility initiative.

Why it matters


This fundraising effort is a strategic move to secure resources ahead of Ola Electric's anticipated public listing, with plans to raise approximately $300-$400 million in total.

  • Ola Electric's successful funding round signifies a significant step in advancing India's electric vehicle industry.

  • The injection of capital will be pivotal in enhancing their electric vehicle production and, notably, in establishing India's first lithium-ion cell manufacturing facility.


This facility will play a critical role in the domestic production of essential components for electric vehicles, contributing to India's self-reliance in this transformative industry.


Zoom Out


In the bigger picture, the electric vehicle industry in India is experiencing a surge in interest and investments.

With government incentives and growing environmental consciousness, the sector is poised for remarkable growth in the coming years.

Ola Electric's journey confirms the transformation taking place in the Indian
transportation landscape, with a promising future for electric mobility.

 

BIG PICTURE


Adani's Auditor Under NFRA Scrutiny


The National Financial Reporting Authority (NFRA) is making waves by launching an inquiry into one of the member firms of the Adani Group's auditors.

It involves digging into audit records dating back to 2014 for companies under billionaire Gautam Adani's control.

The outcome and potential consequences for both the auditor and Adani Group remain uncertain, making this a development to watch closely.


Onion is back in the game


In a matter of a few days, onion prices shot up by 50%. To counter escalating onion prices during the festive season, the government will boost retail market sales.

Initially planning 3 lakh tonnes of buffer stock for the 2023-24 season, this was increased to 5 lakh tonnes due to rising prices.

Now, the buffer will expand to 7 lakh tonnes to ensure price control, compared to the 2.51 lakh tonnes in 2022-23.

 

BUSINESS

Infosys Powers EV Revolution in Europe


What Happened


Infosys announced a significant five-year partnership with Smart Europe GmbH, an electric vehicle (EV) manufacturer.

As the electric vehicle market gains momentum, Infosys will focus on improving the online EV purchasing experience and implementing advanced Machine Learning (ML) models for sales and after-sales demand predictions.


Infosys will assist Smart Europe GmbH in selling EVs across 15 European countries using a direct sales approach, covering everything from lead generation to sales and after-sales services

Why It Matters


This partnership is significant as it reflects the growing importance of electric vehicles in the personal transportation sector.

Infosys, with its strong track record in technology and digital solutions, will play a pivotal role in enhancing the EV buying experience in Europe.

The initiative aligns with Infosys' focus on innovation-driven customer experiences in the automotive and mobility domains.

In the rapidly evolving electric mobility era, this collaboration holds the potential to be a game-changer for both smart Europe GmbH and Infosys.


Zoom Out


The broader context of this collaboration is the global shift towards electric mobility. As consumers and governments increasingly prioritize eco-friendly transportation, electric vehicles are gaining prominence.

Infosys' partnership with smart Europe GmbH is just one example of how technology and innovation are being harnessed to shape the future of transportation.

 

MIRCH MASALA