Hello,
Say hello to unrestricted export of high-tech.
The US House of Representatives has introduced legislation to remove high-tech export barriers to India to give a big boost to the unrestricted export of sensitive technologies to the country and bolster bilateral technology cooperation. This “Technology Exports to India Act” aims to facilitate the sale of high-performance computers and related equipment to India and strengthen United States-India technology cooperation.
Meanwhile, the Income Tax department said that tax officials can seek details about ITRs filed by startup investors to ascertain if the amount invested is commensurate with the income shown in their personal ITRs
Replying to a post of Ashneer Grover on X, where he flagged that several startups have received tax notices in the last month asking for information about their shareholders, the I-T department said the Finance Act 2012 mandates that the source of funds from a resident shareholder in a startup has to be explained by an investor.
ICYMI: Can AI help cure loneliness and fall in love with humans?
Lastly, a look at some amazing houseboats across the globe.
There’s a house converted from a metal shipping container, and even an ecological community in Argentina.
In today’s newsletter, we will talk about
- Ather FY22: Revenue jumps, loss widens
- Helping brands neutralise plastic waste
- Why digital safety is crucial for children
Here’s your trivia for today: Sputnik, Earth’s first artificial satellite, stayed operational for how long?
Startup
Ather FY22: Revenue jumps, loss widens
Ather Energy’s loss for the financial year 2021-22 had widened as expenses outpaced revenue growth. Its loss of Rs 344.1 crore for FY22 was higher than the loss of Rs 233.3 crore incurred in the previous fiscal.
Despite facing supply constraints affecting the sector from 2020 to 2022, Ather managed to achieve a significant increase in sales. However, it could only fulfil 50% of the total orders it received during the year.
Positive momentum ahead:
- Cost of materials consumed—expenses associated with raw materials and components used in production—was the biggest cost centre for Ather in FY22.
- Interestingly, the electric vehicle maker has shifted its approach from directly owning its experience centres to adopting a dealership model as a cost-saving measure as well as to help it expand more quickly.
- Earlier this week, Ather announced a Rs 900 crore fundraise via a rights issue from its existing shareholders—Hero MotoCorp and Singapore’s state investor, GIC.
Sustainability
Helping brands neutralise plastic waste
As many as 100 rag pickers are working with Mumbai-based The Disposal Company, founded by Bhagyashree Bhansali in 2020. Its goal is to ensure brands neutralise their plastic waste by recycling an equal amount from the Ghazipur landfill.
Managing waste:
- Recalling the early days of her venture, Bhansali remembers that it took her seven months to secure the company’s very first client–mCaffeine
- TDC recycles an average of 45,000 kgs of plastic every month, working with 65 brands, such as The Souled Store, Bombay Shaving Company, and Blue Tokai, among others.
- The ragpickers are given a minimum of Rs 50 for 1 kg of waste from the recyclers and a variable incentive by TDC.
Celebrity
Why digital safety is crucial for children
Shefali Shah gained critical acclaim with her role as Delhi Crime’s DCP Vartika Chaturvedi, making her part of the only Indian show to win an Emmy in 2020. Apart from acting, Shah plays many other roles: as wife to director Vipul Amrutlal Shah, and mother to their two sons, Aryaman and Maurya.
On her parenting style, the actor starts by saying that she’s not a tiger mom. ”I don’t remember putting pressure on my children. But yes, I have been a helicopter mom,” she adds.
Tech-wary:
- While Shah is aware of the many advantages of technology, she’s extremely aware and vocal about the need for online safety for children in today’s time.
- She recently joined hands with Snapchat, which is strengthening its focus on teen safety with new safeguards designed to protect kids from being contacted by strangers and provide a more age-appropriate viewing experience, among others.
- “It’s crucial that we guide our teens to make thoughtful decisions while navigating the online world,” says Shah.
News & updates
- Healthtech: Surgeons are using Meta’s Quest 2 to simulate procedures, allowing doctors to practise from home. Virtual reality technologies have gained adoption in the area of pain management. Medical schools are starting to insert VR into the curriculum.
- Likely deal: CB Insights is exploring a potential sale for around $800 million, or 10 times its expected $80 million annual revenue in 2023. The New York-based company has been interviewing investment banks to work with on a sales process.
- Free speech: Elon Musk’s X Corp sued California over a state law establishing new transparency rules for social media companies, requiring them to publish their policies for policing disinformation, harassment, hate speech and extremism.
Sputnik, Earth’s first artificial satellite, stayed operational for how long?
Answer: Just 22 days, until its three silver-zinc batteries ran out.
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