Reliance Industries launches low-priced fashion marketplace for Indian shoppers

TechCrunch Newsletter [TechCrunch logo]( [The Daily Crunch logo]( By [Christine Hall]( Friday, May 26, 2023 Today, India’s richest man is investing in low-cost fashion, ChatGPT becomes available in even more countries, and Sam Altman gets chatty. Meanwhile, we want you South American startups! [Apply to Startup Battlefield 200](. There will not be a Monday newsletter due to the Memorial Day holiday in the U.S. Now, let’s dig into your Daily Crunch for Friday. — [Christine]( First up, Reliance Industries, which is Ajio’s retail fashion arm in India, has a new endeavor called Ajio Street, which offers clothing and accessories starting as low as 199 Indian rupees, or $2.40. Here’s where it gets interesting: Mukesh Ambani, known as India’s richest man, runs Reliance. Apparently, “deploying an affordability-led approach to achieve market dominance has been a longstanding strategy” for Reliance.” [Read more](. Also, find out why Reliance is being referred to as [India’s eventual e-commerce kingpin](. Next, Sam Altman has his hands in everything. Yesterday we brought you news that OpenAI’s ChatGPT was [available in 11 countries](. Now that’s jumped to over 30. [Find out where else](. Also, OpenAI is taking the democratic approach to deciding what rules AI systems should follow. [Read more about what that involves](. And finally, Altman himself [shares his optimistic view of our AI future](. Rounding out the top three stories of the day is Info Edge, which decided to write off its entire investment in a manufacturing technology startup in India. [Learn about who that is](. Not ashamed: Instead of trying to mask its Chinese identity, low-code application developer Seafile is taking the symbiotic relationship approach by forming a German joint venture. [Get the scoop](. Data decisions: Meta’s closing out a busy week with some assurances to U.K. antitrust regulators that it will limit how it uses ad data to boost Facebook Marketplace. [Read more on how it plans to do that](. Road trippin’: Ford and Tesla are now BFFs. Elon Musk did a Twitter Spaces with Ford CEO Jim Farley, where Musk referenced that [Tesla might “open source more code” to other automakers](. Meanwhile, the two companies reached an agreement that gives electric-driving Ford owners [access to over 12,000 Superchargers]( across the U.S. and Canada. Now here’s some more mobility moments: [Applied Intuition to buy autonomous trucking SPAC Embark for $71M]( [Following successful mission, Virgin Galactic targeting June for first commercial spaceflight]( [Electric truck maker Nikola at risk of being delisted from Nasdaq]( [ image] Image Credits: Brais Seara / Getty Images [Profitability over growth: 5 investors explain their mantra for South Korean startups]( South Korea saw a unicorn boom in recent years, but it’s still feeling the impacts of a global market correction. “Venture funding in Asia in the first quarter of 2023 declined 33% from Q4 2023 and 57% from Q1 2022,” reports Kate Park, who surveyed five investors to get their predictions for 2023 and find out how they’re advising their portfolio companies: - Han Kim, general partner, Altos Ventures - Tim Chae, managing partner, 500 Global - JP Lee, CEO and managing partner, SoftBank Ventures Asia - Yeemin Chung, managing director, BRV Capital Management - Eunse Lee, founder and managing partner, 541 Ventures Three more from the TC+ team: [Pitch Deck Teardown: Faye’s $10M Series A deck]( [AI might be the least of edtech’s worries]( [Skyflow expands its regional footprint as it adds generative AI support to its data privacy tooling]( [TechCrunch+]( is our membership program that helps founders and startup teams get ahead of the pack.[You can sign up here](. Use code “DC” for a 15% discount on an annual subscription. [Read More]( [Profitability over growth: 5 investors explain their mantra for South Korean startups image] Image Credits: Bryce Durbin / TechCrunch [Harness the potential of generative AI]( Sponsored by [PwC]( [Generative AI is transforming business. Explore the capabilities and learn how PwC can help reinvent your business and lead with trust.]( [Learn More]( Calling all early-stage startups! Apply to join the Startup Battlefield 200 cohort at TechCrunch Disrupt 2023. All finalists get expert training, VC networking, a booth at Disrupt, and the chance to compete for $100,000 in equity-free funds. Applications close May 31. Apply today! 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