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Hello,

Ready or not, robots are here.

In what looks straight out of the movie I, Robot, automation solutions maker Agility Robotics opened RoboFab, the world’s first humanoid robot factory, in a 70,000-square-foot warehouse in Oregon. When ready, the assembly plant will be able to produce 10,000 humanoid robots annually. 

Speaking of robots and AI, the Nobel Prize in Physics has been awarded to two scientists, Geoffrey Hinton and John Hopfield, for their work on machine learning.

Hinton’s pioneering research on neural networks paved the way for current AI systems like ChatGPT. Referred to as the “Godfather of AI”, he resigned from Google in 2023 and has warned about the dangers of machines that could outsmart humans. 

Moving on, Google’s study software is making AI  podcasts, and users can’t get enough. Spoiler alert: it’s fascinating and creepy!

Elsewhere, ads on Instagram and Facebook will soon get peskier, thanks to AI. That’s because Meta is testing new AI video editing capabilities that will allow advertisers to animate an image and expand the borders of a video. 

In today’s newsletter, we will talk about 

• BlackBuck prepares for IPO
• A tribe of twin parents
• Digital entrepreneurship in rural India

Here’s your trivia for today: In which period was the movie Crouching Tiger, Hidden Dragon set?

Logistics

BlackBuck prepares for IPO

Trucking marketplace BlackBuck has received the final observation from SEBI for its IPO. Accel- and Flipkart-backed BlackBuck had filed the draft red herring prospectus with the markets regulator in July. 

It looks to raise Rs 550 crore through a fresh issue of shares, with an offer for sale of 21.6 million shares by existing shareholders. Accel, which invested in the startup through its Accel India IV (Mauritius) fund, will sell up to 4.3 million shares and another 923,282 shares through its Accel Growth Fund V LP fund. 

To the markets:

• Zinka Logistics Solutions Limited, the company behind BlackBuck, plans to use Rs 200 crore towards sales and marketing. 
• It will use about Rs 140 crore as an investment in its NBFC, Blackbuck Finserve, to strengthen its capital base to meet its future financial requirements. It also plans to infuse Rs 75 crore for product development. 
• BlackBuck founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam will sell 2.2 million, 1.1 million, and 1.1 million shares, respectively. 

Startup

A tribe of twin parents

Sleepless nights, frequent feedings, and diaper changes—parenting is tough, and the task gets even more challenging while raising twins. This is where Nagpur-based TwinsTribe enters the scene with products that specifically cater to twins and help parents stay organised.

Founded by cousins Ruchika Agrawal and Nikita Agarwal, TwinsTribe started as a community for twin parents last June and expanded to sell products in February this year.

Twinning in style:

• The startup sells 44 products, including detachable twin strollers that can be used as a twin stroller and two single strollers, twin bassinets that double as playpens, and activity logs that track feeding times, diaper changes, and sleep schedules.
• TwinsTribe initially started as a community, where twin parents could share their experiences and guide others. The TwinsTribe blog features over 25 articles, covering topics like hospital bag essentials, breastfeeding, NICU journeys, and first flights, and attracts around 5,000 readers each month.
• Doubling sales every month, the company has achieved a run rate of Rs 40-50 lakh in six months. The bootstrapped company is not looking to raise any funds in the near future.

TechSparks

Digital entrepreneurship in rural India

Madan Padaki, Founder and CEO of 1BRIDGE, discussed his journey into rural India at TechSparks 2024, highlighting its untapped potential and challenges, and promoting entrepreneurship to galvanise the digital district economy.

Rural-bound:

• While the rise of digital payments in India, particularly UPI, has been widely celebrated, Padaki emphasised the gap in rural financial inclusion. In May 2022 alone, India saw over 14,000 million UPI transactions. However, in rural areas, UPI usage is minimal.
• According to him, only 10% of rural respondents actively use UPI, with many others relying on cash. Instead, the Aadhaar-enabled payment system, lesser-known but widely used in rural regions, recorded 542 million transactions in the same period. 
• He described rural India as a “natural gig economy,” where people have historically juggled multiple roles to sustain themselves. 

News & updates

• Gloomy outlook: PepsiCo lowered its full-year outlook for organic revenue after its second straight quarter of weaker-than-expected sales. The repercussions of the Quaker Foods North America recalls, weakening demand in the US, and business disruptions in some international markets weighed on the company’s performance in the quarter.
• Short position: Hindenburg Research disclosed a short position in Roblox, alleging the gaming platform—popular among young children—inflated metrics, including user numbers. Roblox shares fell 9.2% in early trading after the short seller said the company conflated DAUs with the number of people visiting its platform.
• Poor show: A stock market rally in China has fizzled out as a highly-anticipated announcement on plans to boost the country’s ailing economy disappointed investors. Shares had jumped by over 10% as trading restarted after the Golden Week holiday but fell back after a news conference by the country’s economic planners.

In which period was the movie Crouching Tiger, Hidden Dragon set?

Answer: 19th-century Qing dynasty.

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