Blog

Hello,

A giant in the making.

Adani Ports expects to complete the first of the four phases of the transhipment container port Vizhinjam in Kerala this year. The port—the first of its kind in India—has already been delayed by six years due to protests. The company plans to ramp up its investment in the port to $1.2 billion, Bloomberg reported. 

Meanwhile, HCLTech reported a 20.4% rise in consolidated net profit to Rs 4,257 crore for the June quarter and forecast revenue growth of 3-5% for FY25.

Next up: Is it too early to say RIP to Apple’s Vision Pro? 

Its sales have been sluggish in the US, and Apple is now on the hunt for a “killer app” as it hopes Vision Pro sales pick up in Europe, where it launched on Friday. 

Speaking of Apple, the CCI has found that the company exploited its dominant position in the market for app stores on its iOS operating system, Reuters reported.

Lastly, the curious case of Tesla’s missing mugs.

Tesla’s Gigafactory in Germany has been in the news over its environmental footprint, worker safety issues, unsold inventory, and recent layoffs. Now, the company is reportedly dealing with an unusual matter—mug theft. 

About 65,000 IKEA mugs, to be precise. 

“We’ve bought 65,000 coffee mugs since we started production here. 65.000! Statistically speaking, each of you already has five IKEA coffee cups at home. I’m really tired of approving orders to buy more coffee cups,” Tesla plant manager Andre Thierig said at a staff meeting amid laughter and applause, reported Deutsche Welle.

Priorities.

In today’s newsletter, we will talk about 

• Budget checklist for online gaming startups
• AR tech for event planning
• The finer nutritional needs of families

Here’s your trivia for today: Which is the only country to have its own official scent?

In-depth

Budget checklist for online gaming startups

The online gaming industry in India has seen a rapid expansion mirroring the rise in digital reach across the country, the adoption and rise of the 5G network, and pandemic-induced change in user consumption patterns. According to an EY report, India had about 455 million gamers in 2023. 

The industry is now hoping for a boost from the upcoming Budget to be presented on July 23 as high taxes threaten to stagger growth. 

Level up:

• The government has deployed some measures to encourage game development in India by allowing 100% FDI into the sector and the inclusion of esports as part of multi-sports events. 
• Earlier this month, 70 online gaming and esports companies drafted a recommendation letter to the newly formed government with 10 policies to help the sector. 
• The companies requested the government to tap into GST rationalisation, suggesting video games be moved from the 18% tax bracket to 12%.

<Top Funding Deals of the Week>

Startup: Dezerv

Amount: Rs 265 Cr

Round: Series B

Startup: Arya.ag

Amount: $29M

Round: Pre-Series D

Startup: GOAT Brand Labs

Amount: $21M

Round: Undisclosed 

Startup

AR tech for event planning

The success of an event often hinges on a critical factor: finding the perfect venue. Whether for corporate summits, celebratory occasions, or team events, many event planning firms offer an array of solutions when it comes to finding the right venue for their customers, however, they rarely use technology in venue discovery. 

In 2020, Vishal Puri and Naveen Gupta started Spalba, a B2B full-stack event management software that allows businesses to view digital twins of venues with the help of AR/VR technology.

Playbook:

• Operating as a SaaS-enabled marketplace, Spalba streamlines event planning for enterprises and offers intelligent sales tools to help hotels increase their revenue from banquet and event bookings. 
• The Gurugram-based startup offers features such as Event Mockup Builder, which allows users to visualise and plan events by creating mockups of event layouts, setups, and designs. 
• Spalba remains bootstrapped, clocking Rs 40 crore in FY24. 

Women Entrepreneur

The finer nutritional needs of families

Collagen is the most abundant protein produced naturally in the body. It helps improve skin health, relieve joint pain, and prevent bone loss, among other things. With age, collagen production naturally begins to diminish.  

Identifying the need for these supplements among the Indian population, Priti Gupta started her first entrepreneurial venture, Meneki Global, a nutrition foods company in June 2018. 

Key takeaways:

• Meneki Global has curated close to 42 sports/fitness nutrition products including vegetarian collagen, haemoglobin boosters, super greens and advanced hydration supplements for sports and workouts.
• Having done her specialisation in sports and fitness nutrition from the American Council of Exercise, Gupta says creating dietary and lifestyle changes goes hand-in-hand with taking supplements, which enhance repair and restoration in the body.
• Meneki’s products include advanced sports hydration tablets to maintain electrolyte balance; hydrolysed marine collagen powder; fish oil capsules, soft gels, moringa powder, beetroot powder and super greens.

News & updates

• Inflation: India’s retail inflation rate rose for the first time in five months in June due to a sharp rise in food prices. Annual retail inflation was 5.08% in June, up from 4.75% in May. Food prices rose 9.36% from last year in June compared to an 8.69% rise in May. 
• Theft: US phone giant AT&T will begin notifying millions of consumers about a fresh data breach that allowed cybercriminals to steal the phone records of “nearly all” of its customers. The stolen data contains phone numbers and AT&T records of calls and text messages between May 1, 2022, and October 31, 2022. 
• Intervention: Japan likely stepped into currency markets for a third time this year to prop up the yen soon after US inflation figures came out Thursday. The scale of intervention was probably around $22 billion, based on a comparison of Bank of Japan accounts and money broker forecasts.

Which is the only country to have its own official scent?

Answer: Lithuania. It’s called “Lietuvos Kvapas,” which roughly translates to “The Scent of Lithuania”.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.