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Hello,

Calling all sports tech startups.

Aiming to create a deeper linkage between technology and the sporting industry, IIT-Madras will extend funds up to Rs 5 crore to incubate novel sports tech startups in India.

In other news, Google-backed multilingual learning platform Adda247 registered a revenue of Rs 243.39 crore in the financial year ended March 31, 2024, with a year-on-year growth of 88% from Rs 129.65 crore earned in the previous fiscal year.

The startup saw a 66% reduction in net loss.

Meanwhile, capital markets regulator SEBI has asked social enterprises, which have registered or mobilised funds through Social Stock Exchange (SSE), to submit an ‘annual impact report’ for the financial year 2023-24 to SSE by October-end.

ICYMI: Experts are uncomfortable with the kind of money The Bezos Earth fund has pumped into climate projects. 

Lastly, can one always believe what one sees? Apparently not!

These cool optical illusions show how our brain tricks us into seeing things that aren’t there. 

In today’s newsletter, we will talk about 

• Awfis IPO subscribed 109 times
• Breaking into movies at 71
• Promoting volunteering in education

Here’s your trivia for today: What is the highest navigable body of water in the world?

Corporate

Awfis IPO subscribed 109 times

Awfis Space Solutions’ IPO saw an overwhelming response, with its shares subscribed 108.56 times the issue on the last day of bidding.

The IPO, which had a size of Rs 598.93 crore, received bids of 93.68 crore shares against Awfis’ offer of 0.86 crore shares.

Key takeaways:

• The bids from the NII segment were 130 times its allotment share while for the QIB segment, it was 116 times. The retail segment received bids 55 times the issue size.
• Awfis priced its IPO in the range of Rs 364-383 per share and offered a mix of a fresh issue of equity shares and an offer for sale. Ahead of the IPO, it raised Rs 268.62 crore from anchor investors
• Awfis plans to use the funds raised to expand its managed aggregation model, improve customer services, and expand into new markets, including Tier I and II cities.

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Funding Alert

Startup: Zypp Electric

Amount: $15M

Round: Series C

Startup: High Street Essentials

Amount: Rs 50 Cr

Round: Equity and debt

Startup: CoverSure

Amount: $4M

Round: Pre-Series A

Inspiration

Breaking into movies at 71

At 71, Viji Venkatesh isn’t just breaking into the Malayalam film industry. She is also a cornerstone of the cancer care community in India, bringing nearly 35 years of experience to the field. Fondly known as Ummachi by many, Viji Venkatesh recently made her cinematic debut in Paachuvum Albuthavilakkum.

Caregiver:

• Since 2002, Venkatesh has served at The Max Foundation, leading the administration of the Glivec International Patient Assistance Programme and playing a key role in the management of the local Novartis Oncology Access programme.
• Venkatesh also leads Chai for Cancer, an awareness and fundraising campaign that supports cancer patients in India. Now in its tenth year, the campaign is an effort to host informal tea parties or Chai Addas, to bring together donors and supporters of the cause. 
• Her role in Paachuvum Albuthavilakkum goes beyond the typical portrayal of a mother figure, challenging stereotypes, where an independent elderly woman defies societal norms.

Social impact

Promoting volunteering in education

Team Everest works to help underprivileged children pursue their education and offers them volunteering opportunities. 

“Through our programmes, we have two beneficiaries. One is the actual beneficiary (students) and the other is our volunteer, because they have added volunteering to their mindset,” says Karthee Vidya, who leads the team.

Giving back:

• The organisation has inspired over 20,000 volunteers through various virtual and offline programmes.
• Through the Smile 100 scholarship programme, the organisation helped 100 children in Arni (Tiruvannamalai, Tamil Nadu) pay their school fees. The NGO also conducted various extracurricular activities, and organised summer and winter camps.
• Team Everest also provides volunteering programmes for corporate employees. ‘Speak Out’ helps connect a graduate with a college student to teach communication skills over a phone call. 

News & updates

• Chip fund: China has set up its third planned state-backed investment fund to boost its semiconductor industry, with a registered capital of 344 billion Yuan ($47.5 billion), according to a filing with the government-run companies registry.
• Funding: Elon Musk’s AI startup xAI has raised a Series B funding round of $6 billion with participation from key investors including Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and Prince Alwaleed Bin Talal and Kingdom Holding, according to a blog post. 
• Beckham: Soccer star David Beckham will promote Alibaba’s international ecommerce platform, AliExpress, in its biggest global brand ambassador partnership to date, the business unit announced Monday.

What is the highest navigable body of water in the world?

Answer: Lake Titicaca. It lies 3,800 metres or 12,500 feet above sea level and is the largest lake in South America.

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