OpenAI closes $6.5 Bn round💸
UPI sets new record, Swiggy’s valuation to $13.3 Bn, Reliance Group’s solar and hydro-power projects, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
"The secret of change is to focus all your energy, not on fighting the old, but on building the new."
— Socrates
Today, we revisit a powerful piece of wisdom from Socrates that reminds us how to effectively embrace change by focusing on creation rather than resistance.
Rather than clinging to outdated ways or resisting what’s no longer relevant, we can use that energy to construct something better and more aligned with where we want to go.
Tech Updates
OpenAI has closed funding round raising over $6.5 billion, valuing it at $150 billion
OpenAI has raised $6.6 billion from investors at a post-money valuation of $157 billion, the company announced on Wednesday, cementing the ChatGPT maker's status as one of the most valuable private companies in the world. The funding has attracted returning venture capital investors including Thrive Capital and Khosla Ventures, as well as OpenAI's biggest corporate backer Microsoft, and new participation from Nvidia.
UPI sets new record with more than 15 Bn transactions in Sept
Unified Payments Interface (UPI) has achieved a significant milestone by processing over 15 billion transactions in a month for the first time in September. Data published by the National Payments Corporation of India (NPCI) indicates that UPI recorded 15.04 billion transactions valued at Rs 20.64 lakh crore or Rs 20.64 trillion.
Invesco marks up Swiggy’s valuation to $13.3 Bn
US-based asset manager Invesco has increased the value of its stake in Swiggy, assigning an implied valuation of approximately $13.3 billion to the food delivery and quick commerce startup. In August, US investor Baron Capital valued the foodtech company at $14.74 billion as of June 2024, representing a decrease of nearly 2.6% from its previous estimate of $15.1 billion in March.
Reliance Group to build solar and hydro-power projects in Bhutan
Anil Ambani-run Reliance Group said on Wednesday it would jointly develop solar and hydro power projects in Bhutan along with the government's investment arm. The Indian conglomerate, run by the younger brother of Asia's richest man Mukesh Ambani, will form a new subsidiary that is equally owned by Mumbai-listed units Reliance Power and Reliance Infrastructure.
Funding Deals
Troo Good, a millet-based snack brand, has raised Rs 72 crore (approximately $8.6 million) from Oaks Asset Management, with participation from Puro Wellness and V Ocean Investments.
Skincare brand ClayCo Cosmetics has raised $2 million (about Rs 16 crore) in a funding round from Unilever Ventures, the venture and growth capital arm of Unilever.
Drone-tech startup IG Drones has secured $1 million in a seed funding round led by India Accelerator, with participation from other angel investors.
Gen-AI-based smart workflow solutions provider Aikenist has raised a seed round led by Venture Catalysts for an undisclosed amount.
🛎 Short Story: The Reimagined Workspace
After years of working in traditional office spaces, Sofia’s company transitioned to remote work due to global changes. Initially, she struggled to adapt, focusing on what was lost—the team’s in-person camaraderie, routine, and office culture.
Frustrated by the changes, Sofia realized that fighting the old model wasn’t helping.
Instead, she redirected her energy toward finding new ways to build community within her remote team. She set up virtual coffee hours, started collaborative projects online, and created a more flexible work schedule.
Before long, Sofia found that her team was more productive and connected than ever before. The change, once resisted, became an opportunity for growth.
Tweet of the day🐥
As you go through your day, think about the areas in your life where you might be resisting change. Let go of the old, and channel your energy into building something new and exciting.
Rise & Shine is here to remind you that embracing change opens doors to new possibilities.
Have a creative and future-focused Thursday!
Thanks for reading till the end!