🚀 Accel selects startups for Atoms 3.0

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 29 March 2024 [View in Browser]( Hello, It’s D-Day for the now-bankrupt FTX Founder [Sam Bankman-Fried.]( The 32-year-old former billionaire wunderkind on Thursday was sentenced to 25 years in prison after he was found guilty of stealing $8 billion from FTX customers—in what is now known as one of the biggest financial frauds in US history. Elsewhere, Tesla now has a new competitor in China—Xiaomi. In the fiercely competitive electric vehicles market, the Chinese smartphone company announced that it would sell its first car, the standard version of [Xiaomi SU7]( for far less than Tesla’s Model 3. According to Xiaomi CEO Lei Jun, the car will sell for $30,408 in the country—a price he acknowledged would mean the company was selling each car at a loss. In other news, Google.org, Google’s charitable wing, is launching a new programme, Google.org Accelerator: Generative AI, to help fund non-profits developing tech that leverages [Gen AI](. [ICYMI:]( Google, in its latest ads safety report, has acknowledged the impact and challenges of Gen AI in digital advertising. Lastly, you may see your favourite chocolates getting [costlier](. For the first time this week, cocoa prices surpassed $10,000 a tonne as the cocoa powerhouses—Ghana and Ivory Coast—face catastrophic harvests this season. Climate change is now thwarting our sweet cravings. In today’s newsletter, we will talk about - Accel selects eight startups for Atoms 3.0 - India, a global gaming hub - Veranda Learning raises debt capital Here’s your trivia for today: Which city has the most Michelin-starred restaurants? --------------------------------------------------------------- Startups Accel selects 8 startups for Atoms 3.0 capital firm Accel has chosen eight startups as part of the third cohort of its accelerator programme, Atoms. Atoms 3.0 is said to be Accel’s first sector-focused cohort, built to back pre-seed startups operating in the AI and Industry 5.0 domains. Details: - The AI startups are Tune AI, a Gen AI stack for enterprises; Skoob, a Gen AI platform for reading; Meritic, a storytelling co-pilot for financial planning and analysis; and Arivihan, India's first AI-based, fully automated learning platform. - Atoms’ Industry 5.0 startups cohort includes Spintly, an IoT platform for smart buildings, and Asets, a multidisciplinary CAD, simulation, and engineering design platform. - According to the global investor, the 24 Atoms startups from previous cohorts of the programme have raised over $200 million in funding so far. [Read More]( --------------------------------------------------------------- Funding Alert 1) Veranda Learning: Rs 425 Cr|Debt 2) Sindhuja Microcredit: $14.5M|Series C 3) Mobikwik: Rs 50 Cr|Debt --------------------------------------------------------------- TechSparks India, a global gaming hub India being one of the largest markets for gaming, the sector is poised to see more innovation coming in to make experiences more personalised, said Rahul Tewari, CFO of Games24x7, at TechSparks Mumbai 2024, as he discussed the future of India's gaming market and game development ecosystem. Game on: - "We are seeing that 5G technology could enable cloud gaming, and metaverse and Web3 gaming could become a long-term trend. India is positioned well to capture these trends," he said. - Tewari touched on how AI can make gaming more personalised. "...For example, you could create custom collateral on the fly," he explained. - Gaming giants like Games 24x7 are looking to tap into the white spaces by bringing a more data-driven, scientific approach to their growth strategies. [Read More]( --------------------------------------------------------------- Funding Veranda Learning raises debt capital education firm Veranda Learning raised Rs 425 crore in debt funding through non-convertible debentures (NCDs) from BPEA Investment Managers Pvt Ltd (BPEA Credit). The NCD is part of a larger fundraise to be completed in the next three to six months, the education firm said, adding that it will balance the risk profile by raising equity-like instruments in the future. Key takeaways: - Veranda’s entire growth strategy almost completely relies on acquisitions—it has spent over Rs 1,000 crore to buy over a dozen companies, so far. Its acquisitions have increased its revenue to nearly Rs 200 crore in FY23. - The move aims to fuel the company’s growth by financing acquisitions, refinancing existing loans, and bolstering working capital requirements. - The acquisitions, aimed at filling the gaps in the Veranda ecosystem, are expected to be completed by the first half of the financial year 2024-25. [Read More]( --------------------------------------------------------------- News & Updates - [Strong demand:]( Global smartphone shipments are expected to rebound 3% this year as easing inflation aids a demand recovery in emerging markets like India, the Middle East, and Africa, and the integration of Gen AI attracts buyers to premium devices, a report by Counterpoint Research said. - [Incognito:]( X, formerly Twitter, is testing a feature that lets users create or join communities focused on “adult content” or other “not safe for work” material. Users who create a community within the app can specify in the settings that their group “contains adult-sensitive content,” according to reports. - [Foresight:]( Amazon plans to spend almost $150 billion in the coming 15 years on data centres to handle an expected explosion in demand for AI applications and other digital services. With the spending spree, the company looks to maintain its grip on the cloud services market. Here's what else we have for you France-headquartered YKONE acquires 70% stake in Mumbai-based Barcode In association with Barcode Entertainment Leading international influencer marketing agency YKONE has announced the acquisition of 70% of the Indian agency Barcode, a content & influencer marketing agency. With this strategic move and by combining the strengths of both companies, YKONE has positioned itself as a worldwide leader in Influencer Marketing with a turnover of close to $100 million. Hugo Boss, Chopard, Prada, Estée Lauder, Ferragamo, Nespresso are amongst the 100+ iconic brands that work with YKONE to connect with their audience through impactful stories and content on social media. After early and successful influencer marketing campaigns involving some of India's biggest stars, such as Deepika Padukone for Chopard and Priyanka Chopra for Experience Abu Dhabi, YKONE's acquisition of Barcode is a strategic move that aligns with the growing opportunities in the Indian influencer market. [Know More]( --------------------------------------------------------------- How Berrylush sparked a five-fold faster checkout story with Razorpay's Magic Checkout In association with Razorpay Revolutionising the online shopping experience! Berrylush partnered with Razorpay to tackle COD challenges head-on. From combatting fraud to simplifying checkouts, their journey is one of innovation and growth. Find out more. [Know More]( --------------------------------------------------------------- Driving Inclusion: Stories of leadership and diversity at Amazon In association with Amazon Driving inclusion is more than just a buzzword at Amazon - it's a commitment to fostering a workplace where everyone thrives. Women leaders share their insights on diversity and inclusion in a recent panel discussion. From embracing diverse perspectives to ensuring equal opportunities, Amazon is paving the way for an inclusive culture. [Know More]( --------------------------------------------------------------- Hear Canon’s women on how the company is making a difference—in their work and lives. In association with AWS Bharat Innovators Series Inclusivity is more than celebrating International Women’s Day. Inclusivity is more than a metric to fulfil. It is a constant promise of building, nurturing, and growing your company towards one goal—a place to succeed. Here’s how Canon India is making a difference every day, by championing and empowering its women employees through effective mentorship, upskilling programmes, access to better benefits, and a workplace to love. She #CANWithCanon. [Watch Now]( Did you know? Which city has the most Michelin-starred restaurants? Answer: Tokyo, Japan, with 198 restaurants. Twelve restaurants have three Michelin stars. 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](