Hello,
Softbank may have sold stakes in Delhivery.
In a large trade worth Rs 747 crore—about 1.8 crore shares of the logistics firm, equivalent to 2.51% of equity—changed hands on November 17. The transaction was executed at Rs 403 per share.
According to Moneycontrol, SoftBank was planning to sell a stake worth $150 million, representing around 4% of its holding, through a block deal. However, the buyer and seller of the shares on Friday remain undisclosed.
Meanwhile, ahead of its IPO filing, Ola Electric has undergone corporate restructuring and converted itself to a public company—a mandatory step for a company that wants to list on the stock exchange. Last month, it raised Rs 3,200 crore in equity and debt funding from investors led by Temasek and SBI.
Elsewhere, the NASDAQ-listed Yatra Online Inc’s net loss widened 3.8X year-over-year to Rs 27.28 crore in Q2 FY24. The travel company recorded revenue of Rs 94.75 crore, up 13.9% from Q2 FY23, as per filings with the US Securities and Exchange Commission.
In other news, RBI’s tighter rules for personal loans and credit cards are expected to raise costs for consumers and curtail the growth and profits of banks, Reuters said in a report. However, the State Bank of India expects minimal impact on its capital ratios, Chairman Dinesh Kumar Khara noted.
Lastly, Lollapalooza India is back, and the line-up is one to look forward to!
In today’s newsletter, we will talk about
- Advocating for better mobility using art
- Observing Winterline in Mussoorie
- Dubbing movies with generative AI
Here’s your trivia for today: Which is the only K-pop band to receive a Grammy nomination?
Transportation
Advocating for better mobility using art
Bengaluru-based collective Alli Serona kicked off its advocacy campaign last month seeking bus stops in less accessible areas of the city. The campaign used an art installation to drive home its point—a collapsible, wooden version of a bus stop, envisaged and co-created by women working in the informal sector, including house help, tailors, and flower vendors.
Innovative campaign:
- “This installation was more than a structure; it was a conversation piece, a bridge connecting stories, design, technology, and community,” says Netra Ajjampur, Co-founder of Studio Sorted.
- After the campaign ended, the votes were counted and the proposed bus routes and bus stop locations were submitted to BMTC.
- Earlier this year, Alli Serona conducted an audit across nine communities in the city to assess the accessibility of bus stops for women employed in the informal workforce.
Top Deals of the Week
Startup: Bakingo
Amount: $16M
Round: Growth
Startup: Inito
Amount: $6M
Round: Series A
Startup: General Autonomy
Amount: $3M
Round: Equity
Travel
Observing Winterline in Mussoorie
In Mussoorie, one can witness a special natural phenomenon called Winterline every winter. Winterline refers to the dark false horizon that is formed in certain mountainous regions at the time of sunset.
Rare phenomenon:
- Research suggests that Winterline is a consequence of the warm air that rises up and mingles with dust particles, which then come in contact with cold air to form this phenomenon.
- For the best view of the Winterline in Mussoorie, head to Lal Tibba, the highest point in the hill town at 2,275 metres, where tourists make a beeline to catch the panoramic views.
- Last December, Mussoorie hosted a week-long Winterline Carnival to draw more visitors to experience this rare phenomenon.
Startup
Dubbing movies with generative AI
Content owners and distributors dub content in several languages but often the dubbed content doesn’t offer a cohesive viewing experience. NeuralGarage aims to address this issue with its flagship product VisualDub, which reduces the audio-visual disparity in dubbed content using generative AI.
“Our vision at NeuralGarage is to make communication seamless across all barriers of language visually through the power of AI,” says Mandar Natekar, Co-founder and CEO, NeuralGarage.
Proprietary tech:
- VisualDub runs on proprietary algorithms that map phonemes, the lowest bit of human sound, with visemes, the corresponding lip shapes.
- NeuralGarage offers this technology through API integration, SaaS, and desktop software. It uses Amazon Web Services for client delivery and to ensure security and privacy.
- The startup generates business from verticals such as advertising, influencer marketing, content creation, OTT, and films.
News & updates
- MSMEs: Amazon is targeting merchandise exports worth $20 billion from India by 2025 by adding thousands of small sellers to its ecommerce platform, Bhupen Wakankar, Director – Global Trade, Amazon, said.
- Economy: ECB President Christine Lagarde said Europe is now at a critical juncture, with deglobalisation, demographics, and decarbonisation looming on the horizon. “There are increasing signs that the global economy is fragmenting into competing blocs,” she said at the European Banking Congress.
- Decimated: Investors wiped out some $20 billion off Alibaba Group’s market value on Friday after it scrapped plans to spin off its cloud business. Alibaba Group’s Hong Kong shares closed down 10%, its biggest single-day drop in more than a year.
Which is the only K-pop band to receive a Grammy nomination?
Answer: BTS. The biggest K-pop boy band has received five Grammy nominations over the years and remains the only K-pop group to ever receive a Grammy nod.
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