💸 Rapido’s money doesn't jiggle jiggle

The most interesting news selected specially for you! 12 September 2024 [View in Browser]( Hello, Moore’s Law is powering India’s semiconductor dream. The observation that the number of components on a chip doubles every two years has been the bedrock of semiconductor advancement. India wants to be central to this growth as [Prime Minister Narendra Modi]( made a pitch to boost investments in domestic manufacturing of semiconductors at SEMICON 2024. “When the chips are down, you can bet on India,” he said. The country is reaping benefits from the rise of AI companies and the China+1 strategy. Recently, L&T declared plans to invest $300 million to create a domestic chip company. Dutch tech giant NXP Semiconductors also announced a $1-billion investment to boost R&D initiatives in the country. Meanwhile, Apple has begun negotiations with Micron, the Tata Group and other chip manufacturers for setting up plants in India. India is also [collaborating]( with the US Department of State to ensure semiconductor supply chain security. And, without semiconductors, the EV dream would remain just that. MG Motor India has come up with an interesting push to get more consumers to own its electric vehicles. It recently launched Windsor EV which comes with a ‘battery-as-a-service’ rental programme that allows car owners to pay for the usage of the battery pack at [Rs 3.5 per km](. Such a programme can blunt the cost of owning an EV as the battery itself costs anywhere from Rs 2.5 lakh to Rs 5 lakh. Clean air, silent engines. What more can one ask for? In today’s newsletter, we will talk about - Rapido’s cash flow plans - Good Capital’s investment philosophy - Non-metros power ecommerce dream Here’s your trivia for today: Where is the highest bungee jumping platform in the world? Mobility Rapido’s cash flow plans Co-founder and CEO Aravind Sanka is optimistic that the ride-hailing company will turn cash flow positive next quarter. In an exclusive interview with YourStory, he said that Rapido has doubled its GMV annually and reduced losses by over 50%. In green: - Earlier this month, the company raised $200 million in a Series E funding round at a post-money valuation of $1.1 billion, marking its entry into the unicorn club. - Sanka added that Rapido will use the capital to increase the number of its operational cities to almost 250-300 in the next year. At present, the company services more than 100 cities in India. - Rapido is also looking to expand into Tier II and III cities in the quick commerce segment with Swiggy and other partners in the future. [Read More]( --------------------------------------------------------------- Funding Alert 1) InMobi: $100M| Debt 2) FlexiLoans : Rs 230 Cr| Series C 3) Zivy: $1.2M| Seed --------------------------------------------------------------- Venture Capital Good Capital’s investment philosophy micro venture capital firm Good Capital believes fewer investments with high conviction in an entrepreneur’s idea is a better strategy rather than sprinkling capital all over the place. Established in 2019, the company makes about seven investments in a year with cheque sizes between $100,000 and $1.2 million. Key takeaways: - Good Capital’s portfolio companies have been acquired by larger players. For example, YouTube acquired ecommerce company Simsim; Ford acquired vehicle connectivity platform Autonomic; and Groq bought generative AI startup Definitive Intelligence. - In its first fund, it raised $25 million in 2019 and its second fund, with a size of $50 million, is expected to close this month. - From the second fund, Good Capital aims to invest $1-1.5 million in each startup. [Know More]( --------------------------------------------------------------- Ecommerce Non-metros power ecommerce dream 60% of shoppers on ecommerce marketplace Meesho intend to increase their online shopping budgets, indicating a growing trend of ecommerce adoption in Tier II cities. Social media has a significant impact on festive shopping, with 40% of shoppers driven by FOMO (fear of missing out) on popular products, according to a report titled E-commerce Festive Forecast 2024. Key takeaways: - The survey, which was rolled out to over 10 lakh Meesho customers and 2.5 lakh sellers, explored the shifting trends among online festive shoppers. - Positive reviews have become a key driver of online purchases on Meesho, with almost 54% of shoppers citing them as the main influence. - The report further revealed a growing impact of influencer content on consumer choices, with around 70% following social media influencers for reviews and hauls of products. [Read More]( --------------------------------------------------------------- Application open for Tech30 you a visionary founder at the helm of a startup poised to redefine industries? Look no further than Tech30, the ultimate platform to showcase your innovation. Tech30 is more than just a recognition; it's a catalyst for the future. We're on a mission to bring together India's brightest tech minds to unravel the next big thing. If you're building groundbreaking solutions that have the potential to reshape our world, Tech30 is your launchpad. Join us as we celebrate the pioneers driving India's tech revolution. [Apply for Tech 30]( --------------------------------------------------------------- From the CapTable Crypto as AI currency: The promise and perils of a decentralised future Naval Ravikant, the philosopher-entrepreneur known for his astute insights into technology and society, recently asserted that "[crypto is the currency of AI]( This has gained traction among a growing school of thought that envisions a future where tokens validate the authenticity of all assets—monetary and non-monetary—on a global scale. On the surface, this idea is simple. It promises a world where blockchain technology, underpinned by cryptocurrencies, serves as a universal ledger, providing an immutable record of transactions and ownership. In a landscape increasingly dominated by artificial intelligence, this model purports to offer a mechanism for ensuring trust, transparency, and security. Yet, as appealing as this vision might be to the crypto evangelists, it raises significant concerns among policymakers and financial regulators. While the idea of using tokens to authenticate every asset through a decentralised ledger is theoretically promising, its practical implementation faces several significant challenges. Key Takeaways: - The idea of using crypto to authenticate assets in an AI-driven world has gained traction, but its real-world application isn’t practical - While blockchain promises transparency and trust through decentralised ledgers, its high energy consumption, slow transaction speeds, and fragmented systems hinder global adoption - Decentralisation creates regulatory nightmares, with no clear authority for enforcement, raising concerns about fraud, compliance, and financial stability in a trustless system. - The unstable nature of cryptocurrencies, driven by speculation and market sentiment, poses a major risk to using them as the backbone of AI economies [Continue Reading]( --------------------------------------------------------------- News & Updates - [AI race:]( Adobe will unveil a new generative AI-powered video creation and editing tool in a limited release later this year. Dubbed Adobe Firefly Video Model, the AI tool will be released in beta and will join the Photoshop maker's existing line of Firefly image-generating applications. - [Job cuts:]( Samsung Electronics is reportedly planning to cut up to 30% of its global workforce across various divisions. The job cuts will primarily impact sales, marketing, and administrative staff in regions such as the Americas, Europe, Asia, and Africa. - [Meme stock:]( GameStop Corp shares took a dive Wednesday after the videogame retailer surprised investors with a quarterly profit, but sales dropped more than 30% to below analyst expectations. However, the meme stock, which was lifted by the return of influential trader Keith Gill, also known as Roaring Kitty, to social media earlier this year, is up 33.8% in 2024. --------------------------------------------------------------- Here's what else we have for you Conversation Crafters Episode 1 | Redefining Customer Engagement: Yes Bank & Route Mobile In association with Route Mobile Introducing Conversation Crafters, the show where industry leaders reveal their secrets to building impactful customer engagement and driving growth. In our debut episode, Nipun Kaushal, CMO, Yes Bank and Tushar Agnihotri, Executive VP, Route Mobile, discuss how AI, GenAI, and RBI regulations are reshaping customer experiences in banking. [Watch Now]( --------------------------------------------------------------- VIVA Money awarded ‘Asia’s Rising Star in Fintech’ In association with VIVA Money VIVA Money is officially ‘Asia’s Rising Star in FinTech’ at the Asian Brand and Leadership Conclave 2024! Learn how this fintech company is changing the game with its rapid growth and mission to expand pan India by 2025. [Read More]( --------------------------------------------------------------- Did you know? Where is the highest bungee jumping platform in the world? Answer: Zhangjiajie Glass Bridge, China. It has a 260-metre-high platform. 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](