Hello,
It is a historic day as India joins JP Morgan GBI-EM Global Series of indices, a move that could lead to tens of billions of dollars flowing into the economy.
While it is a moment in the sun for the country’s sovereign bond market, the cement industry is seeing drama unfold in real-time.
Kumar Mangalam Birla-led UltraTech Cement is set to pick up a 23% stake in Chennai-based rival India Cements, in a deal worth Rs 1,885 crore.
The news comes days after Adani Group-owned Ambuja Cements bought Hyderabad-based Penna Cement at an enterprise value of Rs 10,422 crore. UltraTech was a dominant player in the industry until Adani entered the turf in 2022. The latest deal, which has sparked speculations of a potential hostile takeover, will likely help UltraTech fortify its position in south India.
If news cycles seem dominated by mergers and acquisitions, it is because global M&A deals have picked up pace, hitting $1.5 trillion in the first half of 2024. The recovery comes after dealmaking hit a record low in 2023.
It has also been a year of Indian IPOs, and the latest entrant is Bain Capital-backed Emcure Pharmaceuticals, which is set to launch its initial share sale on July 3.
Lastly, cash is king but not for long.
Although cash remains the choice mode of payment in several countries, people are quickly moving to digital platforms. India is set to see the sharpest drop in cash exchange by 2027.
In today’s newsletter, we will talk about
- Tapping into AI-enabled recruitment
- AI transforming women’s health
- Championing change through water recycling
Here’s your trivia for today: Founded in 1906, The Haloid Company is today known by what name?
Startup
Tapping into AI-enabled recruitment
Advancements in AI and other emerging technologies have changed the hiring landscape and many recruiters consider college degrees insufficient to meet industry requirements.
A need for a solid framework for recruitment and upskilling across industries gave rise to B2B upskilling startup TechCurators, which streamlines technical hiring for companies, from candidate evaluation to post-recruitment training.
AI-powered hiring:
- TechCurators, a flagship company of the TC Group of Companies, trains students in a B2B2C model through Learn and Earn and Intern to Hire programmes, helping them earn while studying in school by working remotely.
- The startup’s AI-enabled LXP (Learning Experience Platform and Assessment) engine generates a custom recruitment framework mapping the competencies required for a particular job role, including the domain, skills and subskills of a potential candidate.
- The startup has raised $8.4 million from angel investors and plans to launch proprietary training courses and specialisation courses for more universities.
Funding Alert
Startup:
Amount: Rs 168 Cr
Round: Equity
Startup:
Amount: $1.5M
Round: Seed
Startup:
Amount: Rs 4.8 Cr
Round: Pre-Series A
Women Entrepreneurs
AI transforming women’s health
Divya Balaji Kamerkar identified a critical gap in India’s healthcare landscape: many companies were focused on improving women’s sexual and reproductive healthcare but none were looking at it through the lens of deeptech and AI.
She founded Pinky Promise which leverages advanced AI/ML technology specifically trained on women’s health data to provide rapid, accurate, and judgement-free healthcare.
Next-gen patient care:
- Once on the app, a patient can immediately connect to a gynaecologist in real-time. Simultaneously, the chatbot asks a series of customised questions viewed by the doctor on their app.
- Approximately 70% of Pinky Promise’s customers come from Tier II and smaller parts of India, and upwards of 60% have never been to a gynaecologist before, says Kamerkar.
- Pinky Promise currently has about 80,000+ app downloads and has served more than 10,000 paying customers.
Sustainability
Championing change through water recycling
Prashant Sharma believes water recycling is the need of the hour.
After quitting his job in London, he started a non-profit organisation, ‘Positive Action for Child and Earth Foundation’, in 2021. The Delhi-based NGO primarily recycles greywater in schools, colleges and other organisations.
Call to action:
- Growing up, Sharma had been passionate about water conservation, he says. His time in the UK made him realise that as a developing nation, India should also start adopting active recycling measures.
- Sharma’s NGO recycles greywater via constructed wetlands, which are built using natural filter materials like clay, moringa cake, activated charcoal, wood shavings, grit, graded stones, and sand.
- The nonprofit is currently working in six states including Telangana, Andhra Pradesh, Uttar Pradesh, Odisha, Uttarakhand, and Delhi, and is looking to increase its footprint.
News & updates
- Uber switch: Ridesharing platform Uber will pay $1,000 in credits to certain commuters in the US and Canada who ditch their cars for five weeks in favour of public and other transport services, it said on Thursday. This is its latest effort to drum up business and help reduce emissions.
- Scrapping ISS: NASA has tasked Elon Musk’s SpaceX with building a vehicle powerful enough to pull the International Space Station (ISS) out of orbit. SpaceX will be given $843 million to build the structure before the ISS reaches the end of its operational life in 2030, NASA said in a statement.
- AI for content: Time magazine has signed a multi-year content deal with OpenAI that would give the ChatGPT maker access to its archive of news content, the companies said on Thursday. In response to user queries, the chatbot will cite and link back to the source on Time.com, the companies added in a statement. The financial terms of the deal were not disclosed.
Founded in 1906, The Haloid Company is today known by what name?
Answer: Xerox.
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