Hello,
Doing an about-turn.
Google has withdrawn its plea against the CCI probe into the anti-competitive billing system.
The plea, filed by the Alliance of Digital India Foundation, stated that the CCI had not acted on its objections to Google’s new payment policy. The ADIF contended that Google’s new “User Choice Billing” policy, effective from April 26, charging a service fee of 11% or 26% for third-party processors, is anti-competitive.
In other news, SoftBank is planning to sell another chunk of its Zomato shares through a block deal, worth about $135 million (around Rs 1,125.5 crore), CNBC TV-18 reported. The shares will be sold at a price of Rs 120.50 per share.
Meanwhile, personal care brand Clensta has appointed investment banking firm JM Financial—which has advised new-age firms through their public listing journeys, including Mamaearth parent Honasa Consumer—as its banker to assist with expansion and fundraising initiatives.
ICYMI: Oxford has announced its word of the year, and it’s a cha-rizz-matic one!
Lastly, here’s our take on Zoya Akhtar’s Archies.
In today’s newsletter, we will talk about
- AI in motherhood
- Otipy revenue jumps 56%
- ChrysCapital enters SaaS
Here’s your trivia for today: When were the first Air Jordan sneakers released?
Healthcare
AI in motherhood
Mind and Mom is helping mothers who seek guidance throughout their journey of pregnancy. It provides a baby growth tracker, wellness studio, customised diet plan, access to fertility centres, and more, and has helped over two lakh women till now.
For new moms:
- Padmini Janaki started Mind and Mom in 2021 to help women make well-informed decisions about venturing onto their motherhood journey and supporting them from the start to the end of their pregnancy.
- It has a 30, 60, and 90-day plan, which includes physical activities and lifestyle changes curated by AI. There are sessions on mindfulness, nutrition, and more available on the app.
- The startup also has an AI-powered chatbot Mimo, which can help in tracking the ovulation phase or period cycle and more. This chatbot is available in Tamil and English over WhatsApp.
Agritech
Otipy sees 56% revenue jump
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Otipy’s warehouses
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Crofarm Agriproducts Pvt Ltd, the parent company of Otipy, saw a 56% increase in its revenue to Rs 50.24 crore for the financial year 2022-23 from Rs 32.2 crore in the previous year.
In February, as per media reports, the agritech platform said it aimed to achieve Rs 200 crore in annual recurring revenue (ARR) for the financial year ending March 2023, marking a 3X growth over the previous year.
Key takeaways:
- The ecommerce platform for fresh agri produce incurred a loss of Rs 28.1 crore, 18.45% higher than the losses incurred in the fiscal year 2021-22, Rs 23.72 crore.
- Employee benefit expenses for Otipy almost doubled to Rs 32.01 crore, up from Rs 16.06 crore in the previous year. The company’s total expenses amounted to Rs 86.90 crore.
- In March 2022, Otipy raised $32 million in a Series B round led by Westbridge Capital and existing investors Susquehanna International Group (SIG) and Omidyar Network India—just six months after raising a $10.2 million Series A led by SIG.
M&A
ChrysCapital enters SaaS sector
Private equity firm ChrysCapital has entered the growing SaaS ecosystem by acquiring a 75% stake in B2B SaaS platform ProHance Analytics. Founded in 2009 by Kishore Reddy and Rajesh Sharma, Bengaluru-based ProHance offers workplace analytics and operations management insights to enterprises and SMBs for informed decision-making.
Venturing:
- The Indian SaaS industry is set to reach $26 billion in terms of revenue by 2026, according to a report by venture capital fund Chiratae Ventures and strategy consulting firm Zinnov.
- SaaS platforms like ProHance play a pivotal role in a hybrid workplace, seamlessly connecting and empowering teams to collaborate efficiently regardless of physical location, said Sanjay Jalona, Operating Partner at ChrysCapital Advisors.
- Following the acquisition, the founders and current senior leadership of ProHance will continue to be part of the business, the firms noted in a joint statement.
News & updates
- Coffee rivals: McDonald’s is launching a new kind of restaurant, CosMc’s, a retro-style store with treats and customisable drinks including “s’mores cold brew”, “churro frappes” and “turmeric latte” that could rival chains such as Starbucks.
- Pop culture: “Fortnite” maker Epic Games on Thursday launched a Lego-branded version of the survival mode video game, with additional features set to be introduced next year, the two companies said in a joint statement.
- Cosy colour: The world’s colour authority, Pantone Color Institute, has decided that we need to be comforted. And there’s only one hue that’ll provide a sufficient level of cosiness and warmth–peach fuzz, which is its colour of the year 2024.
When were the first Air Jordan sneakers released?
Answer: 1985.
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