X's 90% revenue plunge in India📉
India approves $119 million fund for space startups, BlinkIt introduces EMI option, Ixigo Enters Train Food Delivery, Funding Deals and more.
Good morning and welcome to Friday’s edition of Rise & Shine!
“The greatest enemy of learning is what you think you already know.”
Today’s quote challenges us to approach life with curiosity and humility, reminding us that a closed mind can be the biggest obstacle to growth.
True growth and learning happen when we approach life with curiosity, embracing the possibility that there’s always more to discover and understand.
Tech Updates
Elon Musk’s X India struggles with a 90% decline in revenue in FY24
India is one of the biggest markets for X (formerly Twitter) in terms of users but the company appears to be struggling to monetize after its takeover by Elon Musk. X India’s revenue plunged nearly 90% in the fiscal year ending March 2024 whereas its profit nosedived 94%. According to its standalone financial statements, X India has reported Rs 21.16 crore in revenue in FY24 compared to Rs 207.70 crore in FY23.
India approves $119 million fund for space startups
The Indian government on Thursday approved a 10 billion rupee ($119 million) fund for its burgeoning space sector, with 40 startups expected to benefit as the country strives to win a significant share of the commercial space market by 2033.
BlinkIt brings EMI option for orders over Rs 2,999
Blinkit, the quick commerce platform, has introduced an EMI (Equated Monthly Installments) option for its customers, allowing them to split payments for purchases over Rs 2,999. This option will be available on all orders except those containing gold and silver coins.
Ixigo set to acquire 51% stake in train food delivery firm Zoop
Online travel aggregator Ixigo announced its entry into the train food delivery business by acquiring a majority stake in Zoop, a train food delivery service and an authorised IRCTC e-catering partner.
Funding Deals
Global investment company General Catalyst has raised approximately $8 billion in new capital.
Health and wellness startup Healthify (formerly Healthifyme) has raised $20 million in a funding round led by Silicon Valley-based Khosla Ventures and LeapFrog Investments.
NG Earsafe has raised Rs 1.06 crore in its seed round led by Inflection Point Ventures. The proceeds will be used to enhance brand and category awareness, expand the brand's reach, and drive new product development.
👨🏻🔬 Short Story: The Open-Minded Scientist
Raj, a respected scientist, had been studying his field for decades.
Over time, he became so certain of his findings that he dismissed new research contradicting his theories.
However, after a conversation with a young colleague, Raj realized he had stopped questioning and exploring. Humbled, he revisited his work with fresh eyes, incorporating new perspectives and findings.
His renewed openness led to breakthroughs he hadn’t anticipated, proving that learning never truly stops.
Tweet of the day🐥
As you end your week, reflect on areas where you might be holding onto old assumptions. Embrace the mindset of a lifelong learner, open to new ideas and perspectives.
Rise & Shine reminds you that learning flourishes with curiosity and humility.
Have an open-minded and enlightening Friday!
Thanks for reading till the end!