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Hello Reader,

We are far from the end of the Elon Musk-Twitter saga.

In a new development, several large US and international banks—led by Morgan Stanley and six others, including Barclays and Bank of America—stand to lose $500 million or more if they proceed with obligations to fund Elon Musk’s $44 billion takeover of Twitter.

The banks committed six months ago to raise $13 billion in debt to finance Musk’s purchase–an agreement that does not hinge on whether they can sell the debt on to investors.

According to Bloomberg calculations, the banks’ losses would collectively amount “to $500 million or more if the debt were to be sold now”.

Meanwhile, gold sees a global migration as western investors dump bullion, while Asian buyers take advantage of a tumbling price to snap up cheap jewellery and bars.

However, in India, it is silver that is seeing big premiums. The differential has soared recently to $1, more than triple the usual level, according to consultancy Metals Focus Ltd.

ICYMI: The world’s oldest dog has died at age 22. RIP, Pebbles!

In today’s newsletter, we will talk about

• SpaceX-like rockets for India
• Livspace expands overseas
• Change of plans for Forus

Here’s your trivia for today: Which ISRO-developed navigation system will soon become mandatory for smartphones sold in India?

Spacetech

SpaceX-like rockets for India

When Ganesh Babu left for lunch on a cool October day last year, he did not know that the chemicals he left behind in his lab could potentially take India closer to its growing space ambitions.

But what are these special materials and what is their link to India’s space ambitions? Ganesh, Founder and CEO of CeraTattva InnoTech Private Limited, had a breakthrough in creating unique “preceramic precursors”—certain highly adaptable materials that can, in turn, produce products that withstand extreme conditions.

We have touchdown:

• CeraTattva is now the first startup/private company in India with the capability to make preceramic precursors that are both non-silicon and non-oxide-based.
• ISRO and DRDO currently have the capability to make silicon-based preceramic precursors to make non-oxide ceramics.
• CeraTattva, which has received a seed amount of Rs 10 lakh from IIT-M, is looking to raise more funds to set up a facility for large-scale manufacturing of its preceramic precursors.

Funding

Livspace expands overseas

Omnichannel home interiors and renovation platform Livspace has allocated $100 million to invest in and incubate brands and content destinations across markets in home decor, renovation, interiors, and ancillary systems.

The unicorn aims to nurture an ecosystem of brands with similar synergies while fuelling expansion across India and international markets, including Singapore, Malaysia, and the Middle East.

Decor thy nest:

• Livspace has deployed a part of the capital to acquire a majority stake in Singapore-based home design company Qanvast, which connects homeowners and home professionals in a visually stimulating environment.
• The investment allows for both companies to transform the home interiors and renovation space while creating exciting new opportunities for design professionals.
• Recently, it launched operations in Malaysia in partnership with Ikea with similar plans in the pipeline for Thailand, Indonesia, and Vietnam.

Healthcare

Change of plans for Forus

Bengaluru-based Forus Health, which took 12 years to become profitable, derives much of its earnings from sales of its proprietary eye screening devices, including among the world’s most advanced tools for detecting retinopathy in premature babies.

The company is now projecting a 500% surge in revenue in five years as it turns its business model on its head, focussing on services and platforms as it plots an aggressive expansion in the US.

Key takeaways:

• Services and platforms, deemed more investor-friendly, currently contribute about 10% to Forus’s business.
• It expects this to scale up to 70% in five years, with key growth coming from the US, a particularly tough terrain for domestic med-tech and biotech startups.
• Forus is also planning its fifth fundraising round to drive this expansion. It has so far secured only about $18 million since it began operations in 2010.

News & updates

• Heated demands: Europe faces tough decisions following its scorching hot summer. Unlike the US, European countries don’t rely on air conditioning to cope with high temperatures. But, demand for ACs spiked as temperatures crossed 100 degrees Fahrenheit in the UK.
• Chaotic finish: Max Verstappen sealed his second Formula 1 world championship amid huge confusion after winning a chaotic, rain-shortened Japanese Grand Prix. There was huge confusion at the chequered flag amid uncertainty over whether full or partial points would be awarded for a race in which only 29 of the 53 scheduled laps were completed.
• Chips ahoy: Taiwanese semiconductor companies attach “great importance” to complying with the law, the island’s government said, signalling they would comply with new US export controls that aim to hobble China’s chip industry.

Here’s what you should watch out for

• Tracxn Technologies IPO to open
• India-EU Business & Sustainability Conclave

Which ISRO-developed navigation system will soon become mandatory for smartphones sold in India?

Answer: Navigation with Indian Constellation or NavIC

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