Microsoft building global products in India🚀; Byju to buy back 15%💪🏻; India’s EV evolution🛵
Microsoft building global products in India: Nadella, Byju Raveendran to buy back up to 15% of edtech firm, Innovation and adoption will lead India’s EV evolution, Funding Deals and more.
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Microsoft is now building global products in India: Nadella🚀
Microsoft is making “significant investments” in India and, unlike earlier, is building global products in the country, the company's chairman and CEO Satya Nadella said on Wednesday.
“We have the largest development centre outside the US. We have put significant capital investments in building out four large data centres…” Nadella said in an interview.
Praising India's technological progress, Nadella said it's not just startup unicorns but also small businesses, public-sector enterprises and large multinationals that are making use of digital technology in India to create value for their users and customers.
He also lauded India’s digital public goods such as Aadhaar and the United Payments Interface (UPI).
Byju Raveendran looks to buy back up to 15% of edtech firm💪🏻
Edtech giant Byju’s founder is looking to raise his stake in the company to as much as 40%, Bloomberg reported.
Byju Raveendran currently owns about 25% of the edtech startup. He is seeking to raise funds for the stake repurchases — which could amount to as much as 15% of the firm — by using his shares as collateral, the sources said.
Byju’s was valued at $22 billion the last time it raised funds but the buyback may happen at a lower valuation, they added.
Hot Shorts⚡
Bangalore-based non-banking financial company (NBFC) Varthana raised $7 million (approximately Rs 56 crore) from MicroVest.
HR tech platform Darwinbox has raised $5 million in an extension of a Series D round from State Bank of India (SBI).
Innovation and adoption will lead India’s EV evolution🛵
Spurred by steadily rising demand and proactive government incentives, India’s electric vehicle (EV) industry has shown exponential growth in the past two years.
Domestic four-wheeler EV sales in 2022-23 are set to cross the 60-65,000 mark. The global embrace of clean energy has catalyzed this movement.
Customers too, besides being environmentally conscious, are opting for EVs because of their better operating costs, ease of fuelling (with home charging stations and a slowly growing charging network), and attractive range and performance offerings.
To sustain this enthusiasm, auto players have geared up to diversify their EV portfolio, promising new models and superior performance.
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“Instinct is a marvelous thing. It can neither be explained nor ignored.”
- Agatha Christie
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