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Two of the world’s wealthiest men are in a standoff, and the battleground is the future of broadband in the world’s most populous nation.

On one side, Mukesh Ambani’s Reliance is challenging India’s telecom regulator, arguing that satellite broadband spectrum should be auctioned, not allocated. On the other side, Elon Musk’s Starlink favours allocation, a stance embraced by many global players.

Benefits from higher telecom tariffs, however, couldn’t cut it for Reliance, which missed analyst estimates on profit this quarter. 

As for Musk, he may face even more teething troubles in the country as India’s space industry prepares to guard itself from heavyweights such as SpaceX. 

One must keep their eyes on the sky, but feet on the ground. And that is exactly what this year’s  Nobel Economics Prize winners exemplify. 

Simon Johnson, James Robinson, and Daron Acemoglu were commended for their work on “how institutions are formed and affect prosperity”. 

The first step to solving poverty is understanding it fully. 

In today’s newsletter, we will talk about 

• Using AI to power software development
• Purplle closes Rs 1,500 Cr funding round
• Jaya Saha’s Collective Artists Network

Here’s your trivia for today: Who was TIME magazine’s first “Man of the Year”?

Startup

Using AI to power software development

Artificial Intelligence (AI) is driving transformation across sectors. From healthcare and finance to manufacturing and retail, AI is streamlining processes and enhancing efficiency. 

Realising the growing challenges faced by the Indian IT services industry, Sidu Ponnappa, Aakash Dharmadhikari, and Steve Sule started realfast.ai in 2024. 

AI agents:

• The Singapore- and Bengaluru-based startup leverages AI to accelerate execution, potentially doubling revenue and halving delivery times for IT companies. 
• realfast.ai developed AI agents by integrating AI solutions into software development and maintenance processes to enhance the entire lifecycle of enterprise software development. 
• The company focuses on deploying AI agents to support human workers across tasks like requirement gathering, design, development, testing, and deployment.

<Funding Alert>

Startup: Purplle 

Amount: Rs 1,500 Cr

Round: Series F

Startup: Perceptyne 

Amount: $3M

Round: Seed

Startup: Elixia 

Amount: $1M

Round: Pre-Series A

Funding

Purplle closes Rs 1,500 Cr funding round

Purplle has closed its Series F funding round with a total investment of Rs 1,500 crore led by a unit of the Abu Dhabi Investment Authority, along with participation from existing investors including Premji Invest and Blume Ventures. New investors such as Sharrp Ventures also joined the cap table, the company said in a statement.

Capital:

• Earlier in July, Purplle raised Rs 1,000 crore from the Abu Dhabi Investment Authority (ADIA), with participation from other investors.
• The unicorn recorded a 43% year-on-year growth in operational revenue, reaching Rs 680 crore for the fiscal year ended March 2024, compared to Rs 475 crore earned in FY23.
• Founded in 2012, Purplle is backed by investors including a wholly-owned subsidiary of ADIA, Kedaara, Premji Invest, Sequoia Capital India, Goldman Sachs, Verlinvest, Blume Ventures, and Paramark Ventures.

Women entrepreneur

Inside Jaya Saha’s Collective Artists Network

Founded by Jaya Saha, Collective Artists Network has grown from a talent management agency into a media powerhouse, with verticals spanning creator tech, content marketing, production, distribution, and even AI-driven solutions.

For Saha, the constant challenge has been staying ahead of the rapid pace of change in digital and social media, consumer trends, and engagement rules.

Key takeaways:

• Saha’s academic background is a blend of journalism, psychology, and English literature, which allowed her to understand the complexities of human interaction and emotions.
• Before co-founding Collective Artists Network in 2009, Saha worked at Globosport, a sports and entertainment management company.
• With vertical expansions, Collective Artists Network has seen substantial revenue growth. Today, the company is a marketplace that connects talents with opportunities at scale, while new revenue streams come from media partnerships, creator marketing, and intellectual property development.

News & updates

• AI arms race: Adobe has started publicly distributing an AI model that can generate video from text prompts, joining the growing field of companies trying to upend film and television production using generative artificial intelligence.
• Weaker outlook: The Organization of the Petroleum Exporting Countries further trimmed its forecast for oil demand growth, as it prepares to bring some barrels back into the market despite weaker global prices.
• Sudden setback: China’s export growth unexpectedly slowed in September, curbing a trade rebound that has been a bright spot for a weakening economy that policymakers are relying on manufacturing to power.

Who was TIME magazine’s first “Man of the Year”?

Answer: Charles Lindbergh. He was named Man of the Year for making the first solo nonstop flight across the Atlantic Ocean on May 20-21, 1927.

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