NewsWala aaya, taaza khabre laya! Good morning!
 

MARKETS

Markets: The stock market is on a rollercoaster, and it seems the recent state elections were the ultimate appetizer for the grand buffet of the general election. Analysts are betting on the ruling BJP, turning the market into a financial fiesta – investors just gained a whopping ₹6 lakh crore in a single day!

BUSINESS

Rapido Launches cab service to diversify portfolio

What happened

In a strategic move to broaden its service offerings, Rapido, the renowned bike-taxi has officially rolled out Rapido Cabs, a cab booking service.

•  The Swiggy-backed start-up proudly boasts a fleet of approximately 1 lakh cabs on its platform, presenting users with an expanded array of commuting options. 

• The newly introduced cab service is currently accessible in Delhi NCR, Hyderabad, and Bengaluru.

Rapido has set its sights on a nationwide presence, with company co-founder Pavan Guntupalli expressing the ambition to extend its services across India by mid-2024. The company, already commanding a substantial 60% market share in the bike taxi segment, aims to replicate this success with Rapido Cabs, introducing an initial fleet of 1 lakh vehicles nationwide.

Why it matters

The launch of Rapido Cabs is not merely an expansion but a revolution in the commuting landscape.

•  The management while announcing the new service, emphasized the innovative SaaS-based platform, disrupting the conventional commission system for drivers.

•  This move addresses the persistent challenge of commission-sharing with aggregators. Under this pioneering approach, drivers face only a minimal software usage fee, marking a significant industry shift.

• Rapido charges a nominal subscription fee from its drivers, implementing a subscription fee of ₹500 once a driver reaches earnings of ₹10,000 from the Rapido app.

FYI : A SaaS-based platform is like renting software online – users access the software over the internet instead of installing it on their own devices.

Zoom out

Rapido's foray into the cab segment is another example of its dynamic business model and commitment to meeting diverse commuting needs. With a successful track record in bike taxis and autos, Rapido Cabs introduces a new dimension to its services, promising affordability, and convenience.

BIG MONEY MOVES

Kia India Powers Up EV Charging Accessibility

Kia India has rolled out a significant update, introducing 'K-Charge' in its 'MyKia' app, offering users access to over 1,000 EV charging stations nationwide. This move aligns with Kia's commitment to fostering sustainable mobility. The carmaker has collaborated with five Charge Point Operators (CPOs) to make this initiative accessible not only to Kia customers but also to the wider community. 

Air India adjusts its 250-aircraft order with Airbus

Tata Group's Air India, under new ownership since January 2022, has adjusted its earlier 250-aircraft order with Airbus. The revised order includes more A321neo planes—140 A321neo and 70 A320neo. Additionally, the widebody A350 order has been modified to 20 A350-900s and 20 A350-1000s from the original plan. This strategic shift aligns with Air India's ongoing review of its order book based on business needs and opportunities.

BUSINESS

Dr Reddy’s & Coya: Battling ALS with COYA 302

What happened

Dr Reddy's Laboratories Ltd, a leading pharmaceutical player, has teamed up with Coya Therapeutics, Inc for the development and commercialization of COYA 302, an investigational combo therapy targeting Amyotrophic Lateral Sclerosis (ALS). Dr Reddy's subsidiary will make an upfront payment of $7.5 million to Coya as part of the development and license agreement.

Why it matters

This collaboration is a bold step in addressing ALS, a progressive neurodegenerative disease affecting nerve cells. 

• The exclusive license granted to Dr Reddy's covers the commercialization of COYA 302, a specialized co-pack kit, in the United States, Canada, the European Union, and the United Kingdom. 

• With COYA 302, Dr Reddy's aims to broaden its reach and serve over 1.5 billion patients globally by 2030.

COYA 302, emerging from years of translational research collaboration between Coya and Houston Methodist, holds promise in the fight against ALS. The significance lies not just in potential profits but in the potential impact on lives.

Zoom out

Dr Reddy's and Coya aren't just partnering for profits; they're on a mission to tackle ALS head-on. The agreement includes milestone payments of up to $40 million for development and regulatory achievements, showing the commitment to progress. As the biologic product gears up for FDA review in the first half of 2024, the potential for positive outcomes grows. 

BIG PICTURE

🍔  McDonald's unveils ambitious Vision of 100 million loyalty members

McDonald’s unveils ambitious plans to open over 8,800 locations and attract 100 million more members to its loyalty program by 2027. With a focus on long-term growth, the fast-food giant aims to achieve a 4% net new restaurant growth in 2024 and expand its global footprint to 50,000 locations by 2027. To support this, McDonald's anticipates increased capital spending, projecting $2.5 billion in 2024. 

💲  ByteDance offers $5 billion buyback

ByteDance, the parent company of TikTok, plans to allocate up to $5 billion for stock buybacks, offering shareholders $160 per share. This move values the startup at around $268 billion . ByteDance, founded in 2012, has faced challenges amid global scrutiny of TikTok, job cuts in its gaming division, and regulatory pressures in the Chinese internet sector. Despite longstanding rumours of going public, ByteDance continues to navigate obstacles in its path to an IPO.

BUSINESS

Hero MotoCorp revs up EV Industry with Ather Energy partnership

What happened

In a groundbreaking move, Hero MotoCorp, the global two-wheeler giant, has joined forces with electric vehicle (EV) manufacturer Ather Energy to roll out an interoperable fast-charging network across India. This collaboration aims to seamlessly connect EV users, creating a vast network of over 1,900 fast-charging points in 100 cities, as disclosed in a recent exchange filing by Hero MotoCorp.

Why it matters

This partnership marks a significant stride towards creating the largest EV charging ecosystem in India, utilizing the recently approved Light Electric Combined Charging System (LECCS). 

• The interoperability allows users to locate and navigate charging stations through the "My VIDA" and Ather App, facilitating a user-friendly experience.

• Hero MotoCorp's commitment to a "Worry-free EV ecosystem" aligns with VIDA's brand promise, offering EV users a hassle-free and convenient ownership experience. 

The interoperable network, a first-of-its-kind for EV two-wheelers globally, accelerates EV adoption, strengthening the segment and promoting user-friendly ownership.

Zoom out

With this pioneering collaboration, Hero MotoCorp positions itself at the forefront of India's electric mobility revolution. The interoperable fast-charging network not only enhances convenience for EV users but sets the stage for collaborative expansion in public charging infrastructure for two-wheelers. Get ready for a revolutionary ride as Hero MotoCorp charges into the future of sustainable mobility!

MIRCH MASALA

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