📉 Wipro’s quarterly profits fall yet again; Scapia’s bad trip

The most interesting news selected specially for you! 14 January 2024 [View in Browser]( Hello, In today's newsletter, we will talk about: - Wipro’s quarterly profits fall yet again - Scapia’s bad trip - The Aravani Art Project's path to inclusiveness - AI transforming video analytics - Nykaa’s industry-defying growth Here’s your trivia for today: Which modern company was born after Thomas Alva Edison’s company Edison Electric merged with another firm in 1892? --------------------------------------------------------------- IT services Wipro’s quarterly profits fall yet again Wipro Ltd, one of the leading Indian IT services companies, saw a 12% decline in net profit on a year-on-year basis for the third quarter of the current fiscal as it continues to face a challenging business environment combined with a churn in its internal top management. Key takeaways: - Wipro is facing challenges in terms of quarterly performance; this is the fifth quarter in a row that its revenues have declined. - Its consolidated revenue for Q3 stood at Rs 22,205 crore, a 5% decline year-on-year (YoY) while net profit stood at Rs 2,694 crore. - The company’s total booking stood at $3.8 billion, 13.5% lower YoY. Even operating margins came in at 16%, a decline from 16.2% a year ago. [Read More]( --------------------------------------------------------------- From the CapTable Travel-focused fintech Scapia in the line of fire; banking partner calls it a 'periodic review' Travel-focused fintech firm Scapia is in the line of fire. After enjoying word-of-mouth popularity, a new round of capital infusion, and glowing referrals from credit card communities over the last 2-3 months, the Binny Bansal-backed startup has faced user outrage this week. Scapia’s key product—a lifetime-free (LTF), co-branded credit card issued in partnership with Federal Bank—is seeing drastic reductions in users’ credit limits, without any prior notification or warning. Credit card analysts reckon that customers who were using Scapia as a backup card and used it infrequently have been the worst hit. Confirming this, a person close to the development told The CapTable, “Regular users haven’t been affected. It is those who were not utilising the credit limits that have been hit. Most of these were inactive users, some with 15-20 cards.” Scapia users weren’t sent prior alerts via in-app notifications or emails/text messages in order “to avoid sudden reckless usage of the card,” added the person quoted above. [Continue Reading]( --------------------------------------------------------------- Art and culture The story of The Aravani Art Project in 2016 by Bengaluru-based Poornima Sukumar, The Aravani Art Project is empowering the transgender community to make themselves seen and heard through visual art. Run by close to 40 trans people, cis women, and cis men, it has worked on research projects, drama walks, digital projects, comics and graphic novels, canvas paintings, workshops and, most recently, mixed media art using waste cloth to create large pieces. Inclusion: - According to a study conducted by the National Human Rights Commission in 2018, 96% of transgenders have to resort to sex work or begging for survival. - The study also highlighted how 92% of transgenders are deprived of their right to participate in any kind of economic activity. The Aravani Art Project aims to change this. - Besides splashing walls across cities, including Mumbai, Delhi, Kolkata, Bengaluru, and Pune, among others, the collective has previously collaborated with brands like Uber, Wingreens World and Walkers & Co. [Read More]( --------------------------------------------------------------- Startup ICYMI: AI transforming video analytics Assert AI offers SaaS solutions infused with AI for comprehensive video analytics across diverse business sectors, enterprises, and corporations. It aims to solve the main issue of bringing on-premise AI (Computer Vision) for businesses on scale. In simpler words, Assert AI makes “millions of cameras inside the industrial set-ups smart”. Key takeaways: - Assert AI can generate immediate real-time alerts for various deviations, including intrusion detection, fire or smoke detection, violations related to personal protective equipment (PPE), theft incidents, and irregularities in material handling. - Besides manufacturing and supply chain processes, its solutions can also be used in retail, healthcare, and traffic management. - Last November, the startup raised $2 million from Prashant Purker, former managing director and chief executive of ICICI Venture and agritech startup Arya.ag. [Read More]( --------------------------------------------------------------- Beauty Nykaa expects industry-defying growth retailer Nykaa revealed that the growth of its beauty and personal care segment was ahead of the industry estimates in the third quarter of FY24, helped by the modest performance in the vertical in terms of gross merchandise value (GMV) and net sales value (NSV). The outlook: - Nykaa expects GMV growth in the segment to stand in the mid-20s range, while NSV is likely to be around 20% in the third quarter on a year-over-year basis. - BPC—Nykaa’s largest business by revenue—reported a 23% YoY growth in GMV to Rs 2,001 crore in the second quarter of FY24 across its ecommerce, physical retail, and consumer brands portfolios. - Nykaa Fashion—the second-largest business by revenue—is likely to see a GMV growth at around 40%, while NSV growth is expected in the low-30s on a YoY basis. [Read More]( --------------------------------------------------------------- News & Updates - [Job cuts:]( Citigroup will cut 20,000 jobs over the next two years, CFO Mark Mason said on Friday after the bank reported a $1.8 billion loss for the fourth quarter. The lender currently has 239,000 employees worldwide. - [Launch:]( A lot is riding on the first launch of the new Vulcan rocket by the United Launch Alliance, a joint venture of Boeing and Lockheed Martin. A successful launch at Cape Canaveral next week would allow ULA to fulfill a deep backlog of missions worth hundreds of millions of dollars and establish a greater competitive footing with Elon Musk's SpaceX. - [No deal:]( Japan's Sony is planning to scrap the merger of its Indian unit with Zee Entertainment, more than two years after the deal was announced, over a disagreement on who will lead the $10 billion entity. Sony plans to file a termination notice before the extended January 20 deadline to close the merger. Did you know? Which modern company was born after Thomas Alva Edison’s company Edison Electric merged with another firm in 1892? Answer: General Electric (GE). Headquartered in Boston, Massachusetts, the company was incorporated in 1892 following a series of mergers between various companies owned and operated by Thomas Alva Edison and the Thomson-Houston Electric Company. We would love to hear from you! 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