Nykaa launches 10 min delivery💄
RBI keeps repo rate unchanged, PhysicsWallah targets $400-$500Mn IPO in 2025, Ola, Uber, Porter rank lowest, Funding Deals and more.
Good morning and welcome to Tuesday’s edition of Rise & Shine!
“Admitting you're wrong isn't a sign of weakness, it's a sign of strength.”
— Shane Parrish
Today, Shane Parrish’s words offer us an empowering perspective on humility, reminding us that acknowledging our mistakes reflects true strength, not weakness.
In reality, it takes courage and confidence to recognize and own our mistakes. This openness helps us grow and builds trust and respect among those around us.
Tech Updates
Nykaa launches 10-minute delivery pilot in Mumbai
Delivering instant gratification seems to be the need of the hour as beauty retailer Nykaa and direct-to-consumer (D2C) player Licious try out 10-15-minute delivery pilots in select cities. The companies are responding to the growing demand for rapid delivery across multiple product categories. Nykaa has launched a 10-minute delivery pilot in Borivali, Mumbai; this is likely to have a separate brand name as well
Licious is piloting deliveries of ready-to-eat food items in certain locations in Gurugram in about 15 minutes. Myntra is also piloting a 4-hour delivery in four cities, including New Delhi and Bengaluru.
RBI keeps repo rate unchanged at 6.5%
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday, October 9, kept the repo rate unchanged at 6.5 percent for the tenth consecutive meeting, with a majority vote of 5-1. The MPC, however, unanimously decided to change its stance to "neutral" from the earlier "withdrawal of accommodation".
PhysicsWallah shortlists 4 i-banks for around $400 mn-$500 mn IPO in 2025
Edtech unicorn Physics Wallah has reportedly finalised the names of four investment banking firms for its public listing next year. A report by Moneycontrol said that the edtech startup has shortlisted Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as the bankers for its proposed initial public offering (IPO).
Ola, Uber, and Porter score zero in Fairwork India Ratings 2024
Mobility companies Ola, Uber, and logistics firm Porter ranked lowest in working conditions for gig workers, as reported by the Fairwork India Ratings 2024. The report underscores labor standards within India’s platform economy and emphasizes the urgent need to improve conditions for gig workers.
Funding Deals
Electric vehicle (EV) battery leasing startup Urja Mobility has raised INR 100 Cr (about $12 Mn) in its pre-Series A funding round in a mix of debt and equity. The round was led by existing investors Mufin Green Finance Limited and Hindon Mercantile Limited (Mufin Green’s parent).
Spacetech firm XDLINX Space Labs has bagged $7 million in a seed round led by Ashish Kacholia of Lucky Investments, with participation from E2MC, Mana Ventures, and an undisclosed family office.
Agri biotech startup BioPrime Agrisolutions (BioPrime) has raised $6 million in its Series A round led by Edaphon, with equal participation from existing investors Omnivore and Inflexor.
Dezy, formerly Smiles.ai, has secured an additional $6 million from Alphawave, Chiratae Ventures, and Peak XV’s Surge to expand its clinic network, with a key focus on Bengaluru and Hyderabad.
Bengaluru-based startup Figr has raised $2.25 million in a Seed round led by Kalaari Capital, with participation from Antler, Golden Sparrow, and angel investors.
Video content creation platform Frammer AI has announced securing a $2 million (around Rs 16.8 crore) investment from Lumikai, which invests in gaming and interactive media platforms.
Travel-tech startup Holiday Tribe has raised Rs 5.4 crore in its seed round led by Powerhouse Ventures and GSF with participation from notable investors including Dinesh Agarwal and Dinesh Gulati of India Mart, Murugavel Janakiraman of BharatMatrimony.com and actor Gaurav Kapur.
📜 Short Story: The Leader’s Lesson
David, a department head at a large company, prided himself on being knowledgeable and decisive. However, during a recent project, his decision led to a costly mistake.
While his initial instinct was to defend his choice, he recalled Parrish’s words and decided to admit his error openly to his team.
Apologizing for the oversight, David shared what he had learned from the experience and encouraged his team to provide their input.
His willingness to admit fault not only strengthened his team’s respect for him but also set a positive example, creating a culture where learning from mistakes was valued.
Tweet of the day🐥
As you go through your day, remember that strength comes from embracing our successes and missteps. Don’t be afraid to admit you’re wrong—it’s essential to growth and learning.
Rise & Shine is here to remind you that true strength lies in self-honesty and resilience.
Have a courageous and growth-filled Wednesday!
Thanks for reading till the end!