Ather Energy gets IPO ready🛵
Ather Energy gets IPO ready🛵
Flipkart explored a deal with Swiggy, Prosus writes off investment in Byju's, Admissions drop by 31% in Kota, Funding Deals and more.
Welcome to Tuesday’s edition of Rise & Shine!
“If you can’t yet do great things, do small things in a great way.”
- Napoleon Hill
Today’s quote reminds us of the power and impact of small actions performed with great dedication and excellence.
Tech Updates
Ather Energy converts to a public limited company
Electric scooter maker Ather Energy has converted into a public limited company as part of plans for a public listing in the near future. The firm’s board approved the change at its annual general meeting (AGM) last week, and the firm will change its name to Ather Energy Limited from Ather Energy Private Limited earlier.
Flipkart explored a deal with Swiggy for a pie of quick commerce
Ecommerce major Flipkart explored a potential stake purchase in Swiggy but the early-stage talks didn’t move further. Flipkart held talks for a potential stake buy in Swiggy about eight to 10 months ago as two of India’s largest consumer internet firms sought to ally amid disruption set off by the rise of quick commerce, sources told. As the talks fizzled out due to a valuation mismatch, Swiggy filed a confidential draft application in April to list on the public markets.
Prosus writes off investment in Byju's marking $493 million loss
Dutch-listed technology investment firm Prosus has written off its 9.6% stake in beleaguered edtech firm Byju’s, which was once valued at $22 billion. In its annual report, Prosus, which has, over the years, invested more than $500 million in Byju’s, said that the fund wrote off the fair value of its stake due to a “significant decrease in value for equity investors.” Prosus reported a fair value loss of $493 million on its investment.
Kota-based institutes see admissions drop by 31% in 2024: Allen’s Rajesh Maheshwari
Rajesh Maheshwari, founder director at Allen Career Institute, has acknowledged that admissions to Kota-based educational institutions have declined this year. Maheshwari stated that admissions this year so far are down by nearly 31% compared to the previous year. Maheshwari disclosed that there have been 46,000 admissions in the medical quota, which is down by nearly 33% from the previous year. Similarly, there have been less than 24,000 admissions in the IIT category compared to 33,000 last year.
Funding Deals
Business-to-business (B2B) fashion marketplace Zyod has raised $18 million in equity and debt funding. Venture firm RTP Global led the funding, while the debt capital was raised from Stride Ventures, Trifecta Capital, and Alteria Capital.
Cloudphysician, an online healthcare and technology solutions provider, has raised $10.5 million (about Rs 87.7 crore) in a funding round led by Peak XV Partners.
Credit card bill payment management platform CheQ has secured Rs 18.5 crore (around $2.2 million) in additional proceeds in its extended seed round. Lloyd Dizon and Zenaida Dizon Balajadia invested Rs 4.16 crore each while Sherpalo LLC (a venture by Ram Shriram), Hitesh Gupta, and Amit Lakhotia participated with Rs 8.32 crore, 10 lakhs, and 25 lakhs respectively.
Lxme, a financial platform exclusively for women, has secured $1.2 million in seed funding led by Kalaari Capital through its CXXO initiative, which supports women entrepreneurs-led ventures.
☕ Short Story: The Power of Small Actions
In a bustling city, there lived a young woman named Emily who worked as a barista at a local coffee shop. Though she dreamed of opening her café one day, she felt her current job was far from the grandeur of her aspirations.
However, she decided to give her best in every small task she performed, from brewing coffee to greeting customers with a smile.
Emily’s attention to detail and her genuine care for each customer soon caught the eye of the shop’s regulars.
Word spread about the exceptional service at the little coffee shop, and more people started visiting. Her boss noticed her dedication and began entrusting her with more responsibilities.
One day, a well-known entrepreneur visited the coffee shop. Impressed by Emily’s work ethic and the positive atmosphere she created, he offered to mentor her.
With his guidance and her unwavering commitment, Emily eventually opened her successful café, known for its exceptional service and quality.
Tweet of the day🐥
Emily’s story illustrates that greatness often begins with how we approach the small tasks in our daily lives.
By doing small things in a great way, we pave the path for larger accomplishments.
This mindset of excellence, no matter the scale of the task, can transform our lives and open doors to greater opportunities.
Starting your day with the wisdom from Rise & Shine helps you adopt a positive and proactive approach to life.
Feel free to share it with someone who could use a little inspiration. Let's pass on the good vibes and make someone's day!
Thanks for reading till the end!