Ola Electric shares jump 20%🛵
Hyperpure introduces rapid delivery, Uber rolls out 'Uber One', IIMA Ventures and Google partners to boost AI startups, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
"One never notices what has been done; one can only see what remains to be done."
— Marie Curie
Today, Marie Curie’s profound words remind us of the constant pursuit of progress and how our focus often shifts to what lies ahead, rather than appreciating what we’ve achieved.
Celebrating small wins motivates us as we tackle what’s still to come.
Tech Updates
Ola Electric shares jump 20% on new scooter launches, Citi's 'Buy' rating
Shares of Ola Electric surged 20% on the BSE today, hitting the upper circuit at Rs 88.16 per share. The rally followed the company's announcement of two new electric scooter ranges—the S1 Z and Gig—starting from Rs 39,000—its most affordable models so far. The stock's rise was further driven by global brokerage firm Citi initiating coverage on Ola Electric with a 'Buy' rating and a target price of Rs 90.
Zomato's B2B vertical Hyperpure introduces rapid delivery service
Food delivery major Zomato’s business-to-business (B2B) grocery supply vertical Hyperpure has introduced a rapid delivery service, with delivery times ranging from 30 minutes to four hours, said the company. This offering adds to Hyperpure’s usual next-day delivery service.
Uber rolls out 'Uber One' loyalty programme in India
Ride-hailing firm Uber has rolled out its loyalty programme 'Uber One' in India, offering monthly and annual plans to its users. The launch of the subscription service comes at a time when the US-based company's India outfit is facing rising competition from younger platforms such as WestBridge Capital-backed Rapido and Google-backed Namma Yatri.
IIMA Ventures and Google partner to boost 22 AI startups
IIMA Ventures (formerly IIMA-CIIE) has announced its partnership with Google for Startups and launched its first cohort of AI Academy India 2024. The program aims to help early-stage startups harness Artificial Intelligence (AI) to address global challenges across sectors like healthcare, climate, agriculture, education, financial inclusion, and infrastructure. Following its launch in Gujarat, AI Academy India 2024 will also be held in six other cities across India in partnership with Kerala Startup Mission, T-Hub & MATH, IHFC-IIT Delhi, NSRCEL IIM Bangalore, SINE IIT Bombay, IIT Madras Incubation Cell, along with Nasscom AI and People+AI.
Funding Deals
Indore-based Candytoy Corporate (CTC), a global manufacturer of plastic promotional toys and confectionery, has raised Rs 110 crore (about $13.22 million) in its Series A round from a group of domestic investors including Abakkus Asset Managers, Girik Capital, Param Capital Research, Sixth Sense Ventures, and Viney Equity Market.
Commercial electric vehicle (EV) leasing and asset management company ALT Mobility has secured $10 million in a Series A funding round led by European venture capital firm Eurazeo. The round also witnessed participation from its existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
Direct-to-customer (D2C) e-commerce solutions provider ShopDeck has raised $8 million in a funding round led by Bessemer Venture Partners. Elevation Capital, Venture Highway (acquired by General Catalyst), and Chiratae Ventures also participated in the round.
Car parking solutions provider ParkMate has raised $1.2 million in a new round led by early growth-stage venture fund Cactus Partners. Existing backers such as Venture Catalysts and the Marwah Group Family Office have also participated in the round.
Members-only platform Ladies Who Lead (LWL) has raised $1 million in a pre-Series A funding round led by Nithin Kamath's investment firm, Rainmatter, along with participation from the Family Office of Jayant Davar.
FSN E-Commerce Ventures Limited, the parent company of beauty and fashion retailer Nykaa, has completed the acquisition of a majority stake in clean beauty and personal care brand Earth Rhythm.
🔍 Short Story: The Relentless Researcher
Leo, a scientist, worked tirelessly on a breakthrough renewable energy project. Each time he achieved a milestone, his focus immediately shifted to the next challenge. While this relentless drive kept his work advancing, he began feeling burnt out and unmotivated.
One day, a colleague reminded him to reflect on all he’d accomplished so far. Leo took a moment to appreciate the impact of his work and felt a renewed sense of purpose. By balancing ambition with gratitude for his progress, Leo found the energy to continue his efforts.
Tweet of the day🐥
As you navigate your day, remember to acknowledge how far you’ve come while focusing on your future goals.
Rise & Shine reminds you that growth is a journey, and celebrating progress fuels the determination to move forward.
Have a reflective and purposeful Thursday!
Thanks for reading till the end!