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Hello,

“The early bird gets the worm.”

But, what if that’s not always the case? 

In other news, Indian startups continue to see their valuations tank. This time, it’s edtech unicorn Eruditus.

US-based Private Shares Fund slashed the valuation of its stake in Eruditus by 9% to $4.66 million, resulting in the edtech company being valued at $2.9 billion—a decline from the $3.2 billion valuation when it raised $650 million in August 2021.

Elsewhere, JioCinema has now signed a multi-year partnership with NBCUniversal to bring NBCU movies and TV shows to India after bagging the streaming rights for HBO and other Warner Bros. titles.

ICYMI: Explore the ‘eighth wonder of the world’, which became a floating highway.

Called the Overseas Highway, this erstwhile railroad connects mainland Florida, US, to the Caribbean, stretching 113 miles across 44 tropical islands on 42 bridges, crossing several mangrove forests.

In today’s newsletter, we will talk about 

• Atomberg raises $86M in Series C
• Warburg Pincus invests in Vistaar 
• Kitchens for change in Bihar 

Here’s your trivia for today: What is the only number spelt with letters in alphabetical order?

Funding 

Atomberg raises $86M in Series C

Mumbai-based consumer appliances startup Atomberg Technology has raised $86 million in a mix of primary and secondary issuances in its Series C funding round led by Temasek and Steadview Capital. 

Trifecta Capital and existing investors Jungle Ventures and Inflexor Ventures also participated in the round. 

Stepping up:

• Atomberg will use the capital to boost manufacturing capabilities, support new product launches, deepen offline presence across key regions, and consolidate the company’s position in India’s consumer appliance market. 
• The startup also aims to expand on its new offerings, including mixer grinders, the ‘Aris’ fan series, and smart locks. 
• The company last raised $20 million in growth capital in December 2021 led by Jungle Ventures and Inflexor Ventures.

Fintech

Warburg Pincus invests in Vistaar

Global private equity firm Warburg Pincus has acquired a controlling stake in Vistaar Finance, a non-banking financial company (NBFC) that specialises in lending to micro, small, and medium enterprises (MSMEs) in India. 

Additionally, Avijit Saha—an industry veteran with over 30 years of experience in retail, rural, digital banking, and SME credit—will join Vistaar Finance as the CEO. He previously worked at ICICI Bank, where he served as the Head of Rural and Inclusive Banking and President of ICICI Foundation.

Dealing up:

• Besides his role as the CEO, Saha will co-invest in the company in partnership with Warburg Pincus.  
• Vistaar manages an AUM portfolio of about Rs 3,150 crore as of March 2023. Following the transaction, the company claims a net worth of around Rs 1,210 crore and capital adequacy of 37%.
• Founded in 1966, Warburg Pincus has raised 21 private equity and two real estate funds, having invested more than $109 billion in over 1,000 companies in more than 40 countries.

Women empowerment

Kitchens for change in Bihar

Didi Ki Rasoi was started in Bihar’s Vaishali district in 2018 as part of the World Bank-supported Bihar Transformative Development Project (BTDP), also known as JEEViKA. 

The initiative—implemented by Bihar Rural Livelihoods Promotion Society, an autonomous body under the Department of Rural Development, Bihar government—is focused on establishing food service counters in all district and block hospitals in the state. 

Just like home:

• The initiative started with one kitchen (rasoi) and eventually spread to eight districts during its pilot phase.
• It has more than 97 kitchens across the state in district hospitals, primary health centres, SBI offices, the RBI office, mental asylums, and 14 residential schools. These kitchens are based on the Kudumbashree Cafe model from Kerala.
• Kudumbashree Cafe was established in 2011 with the aim of women’s empowerment. They are small-scale restaurants or eateries owned and operated by women belonging to the Kudumbashree network.

News & updates

• Default save: US President Joe Biden and House Speaker Kevin McCarthy signed off on an agreement to temporarily suspend the debt ceiling and cap some federal spending in order to prevent a US debt default. If passed by the Congress, it would suspend the $31.4 trillion debt ceiling until January 1, 2025.
• Gaps to fill: The RBI has found instances of banks trying to conceal the real status of their stressed assets while governance gaps have also been noticed at certain lenders, said governor Shaktikanta Das. He added that supervisors also spotted some instances of sale and buyback of stressed loans between two lenders.
• Skyrocketing: Bitcoin climbed to the highest level in more than two weeks amid a boost to investor sentiment from a deal on raising the US debt limit. The largest digital token added as much as 3.2% on Monday before paring some of the advance to trade at $28,006 as of 8 a.m. in London.

What is the only number spelt with letters in alphabetical order?

Answer: Forty.

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