Betting Apps Blocked 🔒, Flipkart Founder AI Venture 🤖, JioMotive Device 🚗

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to this edition of the NextBigWhat Daily IndiaTech News! Our top stories today are the Indian government's blocking of betting apps, Flipkart co-founder's new AI venture, and Reliance Jio's new device. 🔒🤖🚗 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Indian IT Ministry blocks 22 betting and gambling apps following money laundering charges 🇮🇳 IndiaTech - The IT Ministry has blocked 22 ‘illegal’ betting and gambling sites, including Mahadev Book and Reddyannaprestopro, following money laundering charges against Mahadev Book’s promoters. - The blocking requests came from the Enforcement Directorate, which has been investigating the case for 1.5 years and estimates the funds involved could be as high as Rs. 6,000 crore. - The press release did not specify whether the apps were blocked under Section 69A of the IT Act, which allows the government to block apps on specific grounds, including national security and public order. Flipkart co-founder Binny Bansal set to launch AI service startup 🇮🇳 IndiaTech - Binny Bansal, co-founder of Flipkart, is preparing to launch an AI-as-a-service startup, aiming to compete with established outsourcing providers like Tata Consultancy Services and Infosys. - The startup will have its main operational hub in Bengaluru and headquarters in Singapore, with plans to expand to the US. - Since leaving Flipkart, Bansal has been investing in startups, including PhonePe and Curefoods, showing his continued interest in the startup ecosystem. How Risk Taking, Innovation & AI Transform Human Experience - Marc Andreessen & Huberman Lab #bigIdeas [NBW Newsletter Ad]( Economist David McWilliams explores the power of unconventional thinking. He argues that poets, artists, and musicians often have a clearer understanding of the world and its future trends than conventional thinkers, such as economists. Save time. Get #BigIdeas from 100+ podcasts! [Read 🚀]( Atomberg’s revenue soars to Rs 645 Cr in FY23, but losses also increase 🇮🇳 IndiaTech - Consumer appliances brand Atomberg saw an 86.4% increase in revenue to Rs 645 crore in FY23, up from Rs 346 crore in FY22. - The company’s expenses also rose, with total expenditure doubling to Rs 787 crore in FY23, leading to a 3.5X surge in losses to Rs 138 crore. - Despite the losses, Atomberg continues to invest in brand building and product design improvements, aiming for a larger market share and better margins. India fast-tracks Tesla investment approval for January 2024 🇮🇳 IndiaTech - Indian government departments are working to provide necessary approvals for Tesla’s investment by January 2024, following a high-level meeting discussing the next phase of EV manufacturing. - Tesla executives are in talks with the Indian government to establish car and battery manufacturing facilities, with the company keen on bringing its supply chain ecosystem to India. - Tesla had initially abandoned its plans for India due to import duty challenges, but the import policy may introduce a new category for lower taxation of clean energy-driven vehicles. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( WeWork India unaffected by WeWork Global’s bankruptcy, maintains operational independence 🇮🇳 IndiaTech - WeWork India has clarified that it operates independently of WeWork Global and is not affected by the latter’s bankruptcy. - Despite WeWork Global’s bankruptcy proceedings, WeWork India retains the legal rights to use the brand name. - WeWork India, which has been profitable since 2021, is backed by real estate developers Embassy Group, holding a majority stake in the company. Mumbai police set to increase cyber crime helpline staff 🇮🇳 IndiaTech - Mumbai police plan to double the staff strength of the ‘1930’ cyber crime helpline within the next 10 days, raising the number from 11 to 22. - The move comes after reports of inadequate staffing led to most callers seeking assistance being unable to access the service. - The police also plan to resolve a technical glitch that has resulted in the helpline receiving calls from outside Mumbai. Peak XV achieves fourth 10x return with Mamaearth’s IPO, post-Sequoia separation 🇮🇳 IndiaTech - Peak XV Partners has achieved its fourth 10x or greater return with the oversubscribed IPO of Mamaearth, marking its 20th IPO in India and Southeast Asia. - The venture fund has also seen significant returns from its investments in Zomato and K12 Techno Services, and recently sold its shares in Go Colors for a 15x-plus return. - With a capital pool of $2.5 billion, Peak XV oversees a larger capital volume than any other venture capital firm focused on India and Southeast Asia, and is now looking to expand its focus on Australia and the U.S. Reliance Jio introduces JioMotive, a device to convert regular cars into smart vehicles 🇮🇳 IndiaTech - Reliance Jio’s JioMotive, priced at Rs 4,999, offers features like location tracking and theft alerts, transforming conventional cars into smart vehicles. - The device provides insights into car performance, including location, engine health, and driving performance, and is especially beneficial for owners of older or base model new vehicles. - JioMotive is a plug-and-play device that requires no expert installation and is equipped with an e-SIM, Geo-Fencing and Time Fence features, and provides access to over 200+ Engine Diagnostic Codes. Dunzo records Rs 1,800 Cr loss and Rs 226 Cr revenue in FY23 amid executive departures and layoffs 🇮🇳 IndiaTech - Quick commerce platform Dunzo’s revenue increased fourfold to Rs 226 crore in FY23, but rising expenses led to a loss of Rs 1,800 crore. - Major costs included runner contact fees, employee benefits, and significant investments in dark stores, advertising, and manpower. - Despite a $240 million funding round led by Reliance in FY22, Dunzo is still seeking fresh funding and may face a valuation drop from $800 million to $200 million. Indian auto retail sales drop 8% YoY in October, but rise 12.5% MoM 📈 India Business - Indian retail vehicle sales fell 8% YoY in October, but increased 12.5% MoM, according to the Federation of Automobile Dealers Associations (FADA). - All automotive categories saw monthly growth, with two-wheelers, three-wheelers, passenger vehicles, tractors, and commercial vehicles growing by 15%, 2%, 7%, 15%, and 10% respectively. - FADA has urged manufacturers to moderate vehicle dispatches and introduce aggressive schemes to help dealers clear inventory before year-end, amidst concerns of high inventory levels and potential financial repercussions of unsold stock. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](