Musk's xAI raises $6 billion💸
Myntra gains market share, ShareChat adds fresh ESOPs, Adani Group to enter UPI, digital payment, credit card biz, Funding Deals and more.
Good morning and happy Tuesday!
Today’s wisdom comes from Teddy Roosevelt, reminding us that greatness often starts right where we are, with what we have at hand.
"Do what you can, with what you have, where you are."
- Teddy Roosevelt
Let’s delve into how resourcefulness and presence can make all the difference.
Tech Updates
Elon Musk's xAI raises $6 billion in Series B funding round
Elon Musk's artificial intelligence startup xAI has raised $6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital. Read now: How Elon Musk's xAI and Grok are Set to Revolutionize AI with a Supercomputer Gigafactory
Myntra has gained market share across categories in 12-18 months: CEO
Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa have snapped at its heels, chief executive Nandita Sinha said. International and direct-to-consumer (D2C) brands have driven significant growth for the platform in that time.
ShareChat adds fresh ESOPs worth $123 Mn
Mohalla Tech, the parent entity of the vernacular social media platform ShareChat and short video entertainment app Moj, has added fresh employee stock option (ESOP) options for its employees under its existing ESOP plans. The objective of expanding the ESOP pool is to promote employee ownership as well as to attract, retain, and motivate talents.
Adani Group to enter UPI, digital payment, credit card business to compete Google and Reliance: Report
Adani Group is in discussions to enter the e-commerce and payments space as the conglomerate develops a digital company to rival Google and Reliance Industries, owned by Mukesh Ambani, in the world’s most populous country.
Funding Deals
High Street Essentials (HSE), the parent company of women’s fashion brands Indya and FabAlley, has raised Rs 50 crore ($6 million) in equity and debt round led by Sangita Jindal, Chairperson of JSW Foundation. The round also saw participation from family offices of SRF Group, Krishna Bodanapu of Cyient Technologies, and Timmy Sarna from Pure Home + Living.
Commercial electric vehicle (EV) distribution and financing Turno has raised Rs 46 crore ($5.5 million) from British International Investment, Quona Accion, Stellaris Ventures, and B Capital.
CoverSure, a consumer-focussed Insurtech firm, has raised $4 million in its pre-series A round led by Enam Holdings.
Fintech startup CirclePe has raised close to $1 million in its pre-seed round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and founders and CXOs from OfBusiness, BharatPe, Uni Cards, OYO, and others.
GRAVITY, a hyper-personalized banking platform, has raised $1 million in a pre-series A funding round, led by Kettleborough VC.
GenAI startup Hyperleap AI has launched an enterprise-ready end-to-end Generative AI platform after raising $225K in pre-seed funding.
The funding over two rounds was led by various angel investors, including Anil Kommineni, currently SVP at Zenoti.
🌾 Short Story: A Farmer's Resourcefulness
In a small village, a farmer named Liam faced a drought that threatened his crops.
With limited resources and no immediate help, he felt overwhelmed. But instead of giving up, Liam looked around and saw potential in what he already had.
He collected rainwater in barrels, used old tools to create an efficient irrigation system, and innovated ways to conserve water.
His efforts paid off, and not only did his crops survive, but they thrived, showing the community that ingenuity and determination could overcome even the harshest challenges.
Tweet of the day🐥
As we move through this week, let’s remember that we possess more resources and capabilities than we might realize.
By doing what we can, with what we have, right where we are, we can achieve remarkable things.
Embrace your current circumstances as an opportunity for creativity and resilience.
Here’s to making the most of today and every day!
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!
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