Moon Landing 🌙, Jio Debuts 📈, Udaan Funding Round 🤝

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today, we're discussing Chandrayaan-3's moon landing, Jio Financial Services' debut, and Udaan's new funding round. 🚀 💸 💰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Chandrayaan-3 Set for Moon Landing; Establishes Two-Way Communication with Chandrayaan-2 Orbiter 🇮🇳 IndiaTech - Chandrayaan-3’s lander module has established two-way communication with Chandrayaan-2 orbiter, enhancing ISRO’s reach to the lander. - The lander is set to soft-land on the Moon’s south pole on August 23; the event will be broadcast live. - Once on the lunar surface, the lander and rover will conduct multiple investigations to enhance understanding of the lunar surface. ONDC Facilitates Sale of 45,000 kg Tomatoes Amid Soaring Prices 🇮🇳 IndiaTech - ONDC initiated tomato sales on July 21 in response to escalating prices, selling an estimated 45,000 kg in the Delhi-NCR region. - Initial daily limit was 2000kg set by the National Cooperative Consumer Federation (NCCF), with stocks lasting only a few hours. - ONDC and NCCF worked together to offer tomatoes at discounted prices, eventually falling to ₹40 per kg from a general market price of ₹250 per kg. Masters of Scale - Reid Hoffman: Dropbox’s Drew Houston (Podcast summary) [NBW Newsletter Ad]( Read how he outmaneuvered the big guys. Startups can succeed against established companies by identifying and utilizing their unique advantages, rather than trying to compete on the same terms. [Get it]( Investigations Highlight Concerns over Ed-Tech Company Skill-Lync’s Alleged Loan Fraud 🇮🇳 IndiaTech - Chennai-based Ed-Tech firm Skill-Lync alleged of lodging loans in students’ names, presenting them as salaried employees. - Former and current students, mostly unemployed, express doubts over information provided to third-party lenders. - Incidents underscore the need for further regulation on Ed-tech companies and loan-based selling practices. India’s foreign trade hits $800 billion in H1 2023 despite global slowdown: GTRI report 📈 India Business - India registered $800.9 billion in foreign trade in H1 2023, thanks to growth in service segments despite global demand slowing. - Exports rose 1.5% to $385.4 billion, but imports dipped by 5.9% to $415.5 billion in the same period. - GTRI suggests that India keep improving product quality and supply chain competitiveness, especially amid EU and US trade regulations. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Jio Financial Services Debuts with Stock Hitting Lower Circuit 🇮🇳 IndiaTech - Jio Financial Services shares made a weak debut on the stock market, with a fall of nearly 5% on NSE and 3.85% on BSE. - The company, a demerged unit of Reliance Industries, reached a morning deal market valuation of Rs 1,59,943.93 crore. - The stock will be in the Trade-for-Trade segment for the first 10 trading days after its listing. Udaan Negotiates New Funding Round, Faces Possible Sharp Valuation Decline 🇮🇳 IndiaTech - B2B e-commerce firm Udaan is discussing a $200-250 million funding round, largely from internal investors. - Valuation is disputed and may drop significantly, possibly from over $3 billion to $1-1.5 billion. - Udaan, with revenues growing but losses exceeding Rs 3,000 crore, recently let go of 500 employees due to efficiency drives. Reserve Bank of India Rejects Cred’s Plan to Increase Stake in Newtap Finance 🇮🇳 IndiaTech - The RBI rejected Cred’s application due to corporate governance and management issues. - Cred currently holds a 23.6% share in Newtap Finance, with founder Kunal Shah holding 76%. - Newtap Technologies, under Shah, had aimed to raise $50-$70 million to enhance credit exposure to Cred’s user base. India plans 300% boost in port capacity by 2047, Shipping Minister announces 📈 India Business - India aims to increase total port capacity from 2,600 MTPA to over 10,000 MTPA by 2047. - The government proposes to establish a bureau of port security to regulate port assets, and also encourage green hydrogen hubs at all central and state-owned ports. - Initiatives like public-private partnership terminals and SagarMala Programme will assist in augmenting port capacity and operational efficiency. Titan Acquires Remaining Stake in CaratLane for Rs 4,621 crore, Now Holds 98.28% 📈 India Business - Titan bought the remaining 27.18% stake in CaratLane from its founder Mithun Sacheti, numbering 91.90 lakh of equity shares. - The deal, totaling Rs 4,621 crore ($619 million) in cash, values CaratLane at Rs 17,000 crore ($2.3 billion). - The acquisition results in Titan holding 98.28% of CaratLane’s share capital and voting rights, pending regulatory approval. Jio Financial Services Set for August 21 Listing 📈 India Business - Jio Financial Services, a demerged entity of Reliance Industries Limited, is set to list on August 21. - After trading under a dummy ticker, it’s estimated market capitalisation stands at Rs 1.66 lakh crore, the second-largest for any NBFC in India. - The company plans to offer diverse financial services, including insurance, digital broking and mutual funds on its platform. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](