🌻 Inclusive learning for the visually impaired

The most interesting news selected specially for you! 19 June 2024 [View in Browser]( Hello, ixigo has taken to the skies. The travel booking company wasted no time on its first day of trading, opening [49% higher]( than its issue price and hitting the upper 20% circuit by afternoon. ixigo shares were trading at Rs 165.72 by market close. That’s a stellar 78% jump from the issue price! Elsewhere, Paytm’s independent director [Neeraj Arora]( resigned from the board of directors, citing personal commitments. The former WhatsApp chief business officer was appointed as an additional director to One97 Communications’s board right before its IPO in 2021. Meanwhile, Google is bringing its dedicated AI mobile app [Gemini]( to India—over four months after its debut in the US—with support for nine Indian languages alongside English. [ICYMI:]( Move over flashy labels; discreet luxury fashion is the way to go, according to China’s elite. In a historic win, Thailand is set to become the first Southeast Asian nation to legalise [same-sex marriage]( after the kingdom’s Senate voted overwhelmingly in favour of passing the marriage equality Bill on Tuesday. The Bill still requires endorsement from the king before marriage equality can become a reality, but this process is largely considered a formality. A small step for the world, a giant leap for love. In today’s newsletter, we will talk about - Inclusive learning for the visually impaired - Visiting the birthplace of Juneteenth - Bira 91 raises $25 million Here’s your trivia for today: Which US President signed the legislation making Juneteenth a federal holiday marking the emancipation of enslaved black Americans? --------------------------------------------------------------- Women Entrepreneurs Inclusive learning for the visually impaired In 2017, Akshita Sachdeva started Trestle Labs and developed its innovative solution Kibo, which can listen, translate, digitise, and “audiotise’ printed, handwritten and digital content across 60 languages. “A young boy used it and was super excited to read the newspaper for the first time. We also put some chairs in his way and he was able to navigate using the glove,” she recalls. Assistive tech: - After the pilot, Trestle Labs started getting inbound orders from institutions like the Nashik Municipal Corporation and IIM-Ahmedabad—this was the first time in India an assistive tech tool was focused on Indian language support. - In the next six years, the device evolved to its present iteration, which supports 60 global languages and includes 13 Indian languages. - Kibo also featured on Shark Tank India Season 3, where it raised Rs 60 lakh for 6% equity. Sachdeva was also among three Indian women who were awarded the 2024 Cartier Women’s Initiative Fellowship. [Read more]( --------------------------------------------------------------- Funding Alert 1) Aye Finance: Rs 250 Cr|Debt 2) Bira 91: $25M|Series D 3) Shivalik Small Finance Bank: Rs 100 Cr|Equity --------------------------------------------------------------- Travel & Leisure Visiting the birthplace of Juneteenth Juneteenth, observed on June 19 and also called Emancipation Day, is a federal holiday that commemorates the end of slavery in the US. It may be observed across the US, but Galveston, an island city in Texas, is renowned as the birthplace of this “Freedom Day”. Independence day: - Like all holidays, Juneteenth is celebrated with prayers, picnics, and parades. Alongside the revelry, the community also honours the legacy of the holiday and its deep symbolism. - Galveston’s Old Central Cultural Centre hosts a special Juneteenth breakfast every year. Held on the grounds of Ashton Villa, it includes a re-enactment and a ceremonial reading of General Order No. 3, proclaiming freedom for slaves in Texas. - The Galveston and Texas History Centre documents African-American life in Galveston in detail, from slavery and the Jim Crow laws to Juneteenth and the Civil Rights movement. [Read More]( --------------------------------------------------------------- Funding Bira 91 raises $25 million beer manufacturer Bira 91 raised $25 million in Series D financing from existing investor Kirin Holdings Singapore, according to the document filed by the company with the Ministry of Corporate Affairs. The company has agreed to avail the external commercial borrowing in two tranches of $12.5 million. Key takeaways: - Bira 91 has also agreed to provide Kirin Holdings with an option to convert the outstanding borrowings into Series D Compulsorily Convertible Cumulative Preference Shares of the company. - The funding round comes a few months after Bira 91 raised $25 million from Tiger Pacific Capital in March 2024. This brings the total money the Delhi-based company raised to $50 million in the past three months. - B9 Beverages Ltd, the parent company of Bira 91, reported a 14.4% rise in its consolidated total revenue to Rs 848.7 crore during FY22-23 on a year-on-year basis. [Read More]( --------------------------------------------------------------- The CapTable A storm in a coffee cup at Third Wave Coffee On the evening of December 12, 2023, employees at Bengaluru-based specialty coffee chain Third Wave Coffee Roasters panicked when the company announced internally that it was eliminating several positions. The news was a bolt from the blue since the company had raised $35 million in funding just three months prior and was rapidly expanding. While employees across departments such as tech, branding, and marketing were surprised by the layoffs, those in finance were not. Nearly 70% of the company’s stores were losing money every day and there was a push towards turning them profitable, a former employee working in the finance department told The CapTable. Another indication of Third Wave’s struggles was the departure of Shrikant Sharma, the company’s director of finance, who stepped down just two months after the $35 million fundraise. According to an investor closely associated with Third Wave, Sharma was asked to step down due to differences with the company’s founders. “There’s chaos within the firm. The founders have very little say in operations, and it is Sujeet Kumar (co-founder of Udaan and an angel investor) calling all the shots, along with WestBridge Capital. The company has less than a year’s runway left and Sujeet and the management will have to do something major to script a turnaround,” the investor said. Key Takeaways: - Udaan co-founder Sujeet Kumar, with the support of WestBridge Capital, has been calling the shots at coffee retail chain Third Wave Coffee. Other investors have little say in the company’s operations - Kumar first invested a small cheque in Third Wave in 2018. He is now the largest individual shareholder after the three founders, holding a 6% stake - Third Wave had three months of runway left last year when it raised funds in a Creagis-led round. Today, it has less than a year’s runway left thanks to its rapid expansion - Around 70% of the chain’s outlets are losing money and it must re-strategise to script a turnaround [Continue Reading]( --------------------------------------------------------------- News & Updates - [Exodus:]( A record number of millionaires is expected to leave the UK this year, according to Henley Private Wealth Migration Report, with this year’s general election expected to further exacerbate the exodus. The report indicates that Britain will experience a net loss of 9,500 HNIs in 2024—more than double last year’s figure of 4,200. - [Upgrade:]( Snap has unveiled updates to its use of AI in "lenses," the special augmented-reality effects it applies to users' video communications, and upgraded its Lens Studio developer programme. A new "generative AI" tab allows better creation of assets like textures and 3D graphics directly in the tool. - [Gaffe:]( McDonald's is removing AI-powered ordering technology from its drive-through restaurants in the US after customers shared its comical mishaps online. In a TikTok video, a young woman becomes increasingly exasperated as she attempts to convince the AI that she wants a caramel ice cream, only for it to add multiple stacks of butter to her order. Did you know? Which US President signed the legislation making Juneteenth a federal holiday marking the emancipation of enslaved black Americans? Answer: President Joe Biden. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](