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Hello,

They say, “Clothes maketh the man,” and it turns out that plates maketh a meal…at least for picky eaters. Researchers at the University of Portsmouth have found that picky eaters don’t like red or blue bowls. Instead, they prefer white.

In other news, SoftBank is planning to sell a 5% stake in PB Fintech, the parent company of PolicyBazaar, via a block deal today, reported CNBC-TV18. The floor price is fixed at Rs 440 per share, a 4.6% discount from the current market price.

Meanwhile, the French baguette gained UNESCO World Heritage status after the country’s culture ministry warned of a “continuous decline” in traditional bakery businesses, with around 400 shutting shop every year. The French government also plans to introduce an artisanal baguette day!

Here are all the culinary traditions that have made it to this coveted list.

In today’s newsletter, we will talk about 

• State of funding: Up by 18% in November
• Accelerator for Web3 startups: Foundership
• 4 listed unicorns lose Rs 2 lakh crore in a year

Here’s your trivia for today: When was the equal sign (=) first used?

Funding

State of funding: Up by 18% in November

While the Indian startup ecosystem is yet to see funding activity similar to H1 2022, November offers some good news. In the month gone by, startups raised $1.4 billion across 133 deals—an 18.1% month-on-month (MoM) increase in deal flow, as per analysis by YourStory Research.

Key highlights:

• The ecosystem seems to be moving away from leverage as November saw a 67.7% MoM decline in debt financing worth $115.8 million.
• The share of early-stage and growth-stage deals saw a respective improvement of 25.6% and 42.8% in November.
• Co-working, SaaS, and heathtech and healthcare services attracted the most funding, while Bengaluru topped all cities in terms of inflow.

Web3

Accelerator for Web3 startups: Foundership

Finding capital in an emerging sector like Web3 isn’t easy, with the ecosystem showing volatility and the funding winter setting in. Enter Foundership, which helps early-stage Indian Web3 startups find mentorship and get discovered by marquee venture capitalists and angel investors.

Incubating startups:

• Foundership’s 0xCamp is a three-week incubation programme offering networking opportunities through masterclasses and guided sessions.
• It selects seven startups for the LaunchCamp programme to develop a workable business model.
• Any Web3 company with a minimum viable product (MVP) and early traction can apply. 

Report

4 listed unicorns lose Rs 2 lakh crore in a year

PolicyBazaar, Paytm, Zomato, and Nykaa saw some of the biggest declines in their value this year, according to the ‘2022 Burgundy Private Hurun India 500’ list—down 68%, 59%, 50%, and 48% respectively—cumulatively losing Rs 2 lakh crore. In total, the 500 companies listed are worth a total of Rs 226 lakh crore.

Most valuable companies:

• The total value of the top 10 companies remained flat at Rs 72 lakh crore ($872 billion), equivalent to 37% of India’s GDP and 31% of the total value of the 2022 list. 
• Reliance Industries took the top spot with a valuation of Rs 17.3 lakh crore—47% higher than the second-most valuable company, TCS.
• The average age of companies featured in the list was 37 years, three years younger than last year.

News & updates

• Dark times: International Monetary Fund managing director Kristalina Georgieva said the chance of global growth falling below 2% next year was increasing due to the continued effects of the war in Ukraine and simultaneous slowdowns in Europe, China, and the US.
• Feedback group: Netflix is planning to expand its group of previewers beyond its current base of 2,000-plus subscribers to include tens of thousands of users around the world early next year. The program, called the Netflix Preview Club, began more than a year ago.
• Priciest cities: New York and Singapore have emerged as the joint-most expensive cities to live in. The cost of living in 172 of the world’s major cities rocketed an average of 8.1% over the past year, driven by factors including the war in Ukraine and supply-chain snarls.

When was the equal sign (=) first used?

Answer: In 1557, Welsh mathematician Robert Recorde used the equals sign in The Whetstone of Witte.

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