Govt to lay strong AI foundation🤖

New D2C firms are opening offline stores, Paytm posts Rs 2267 Cr revenue, Nykaa adds fresh ESOP options, Funding Deals and more.

May 22, 2024

Welcome to the midweek edition of Rise & Shine!

"Love all, trust a few, do wrong to none."
- William Shakespeare

William Shakespeare offers a guiding principle for navigating our relationships and actions.

Shakespeare’s words encourage us to extend love universally, be discerning with our trust, and strive to harm no one.

This triad of values can lead us toward a life of harmony and respect, fostering deeper connections and a more peaceful coexistence.

Tech Updates

Govt saying aye to laying strong AI foundation

The union government plans to build its version of a foundational model for artificial intelligence (AI) with an initial outlay of Rs 2,000 crore for the project. The foundational model will be customised for use by Indian companies, entrepreneurs, academics and researchers.

Offline stores are trending as new set of D2C firms emerge

Direct-to-consumer (D2C) firms are opening offline stores as soon as raising their first round of funding, with omnichannel being an important part of their strategy right from the beginning. Startups like Snitch and Newme in the fast fashion space, Solethreads and Neeman’s in the footwear segment, quick-service restaurant startup Boba Bhai, luggage brand Mokobara and beauty brand Pilgrim have all moved to open offline stores much faster than mature brands such as Mamaearth, Sugar Cosmetics and Boat.

Paytm posts Rs 2,267 Cr revenue in Q4 FY24; remains EBITDA profitable

One97 Communication Private Limited, the parent company of Paytm, on Thursday released its financial results for the fourth quarter of the fiscal year ending March 2024 (Q4 FY24). Despite the termination of PPBL services, the fintech firm managed to arrest any significant decline in its revenue during the Q4 FY24.

Nykaa makes Rs 7.17-crore Esop allotment ahead of Q4 results

FSN E-Commerce Ventures, which runs beauty and fashion retail brand Nykaa, has granted 4.05 lakh shares under its employee stock option plan (Esop). This comes ahead of the Mumbai-based company’s March quarter results, due Wednesday.

Singapore-based angel investment network, ThinKuvate has announced the launch of its first India-focused Fund – ThinKuvate India Fund – I with a total corpus of Rs 100 crore.
Healthtech startup Humors Tech has raised Rs 2 crore in its pre-seed round from Venture Catalysts.

Funding Deals💰

🛖 Short Story: The Village of Harmony

In a quaint village nestled between rolling hills, there lived an elder named Miriam, revered for her wisdom and kindness. She was often sought after for advice on matters of the heart and community.

One day, a young villager, Samuel, approached Miriam with a heavy heart. He was struggling to navigate his relationships, torn between his desire to trust and his fear of being hurt. Miriam shared with him Shakespeare’s wisdom: “Love all, trust a few, do wrong to none.” She explained that loving everyone doesn’t mean trusting everyone blindly, but rather showing kindness and compassion universally while being cautious with whom we place our trust.

Inspired by Miriam’s counsel, Samuel began to practice this balanced approach. He found that by extending love and compassion to all, he built a stronger, more supportive community. By being selective with his trust, he protected his heart and formed deeper, more meaningful bonds. And by striving to not harm, he earned the respect and admiration of those around him.

Samuel’s journey illustrates the profound impact of living by Shakespeare’s sage advice. It shows us that love, discernment, and integrity can transform our relationships and lead us to a life of fulfillment and peace.