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There was never a doubt that the funding winter had almost all sectors within its grasp. But a new report has highlighted the extent to which it affected the agri-foodtech sector. 

In 2023, agri-foodtech startups in India secured $940 million in funding, marking a 60% decrease from the $2.4 billion raised in 2022, revealed the India AgriFoodTech Investment Report 2024. 

The report noted that funding figures for 2023 are close to the $1.3 billion raised in the pre-COVID year of 2019, indicating a return from inflated valuations seen during the pandemic years.

Speaking of funds, IvyCap Ventures announced the closure of its Fund III at Rs 2,100 crore. The fund will make Series A investments in 25 companies, with an average initial cheque size of Rs 30 to 50 crore.

Elsewhere, Instagram is trying to be egalitarian with its ranking systems. 

Now, the social media platform wants to give all creators—with large and small followings—an equal footing in terms of reach with a set of changes that it will implement over the next few months. 

In other news, bitcoin prices fell nearly 2% from $63,300 to under $61,000 during European hours on Tuesday, after data showed poor uptake for Hong Kong’s newly listed exchange-traded funds (ETF) tied to bitcoin and ether.

ICYMI: Inside Abu Dhabi’s inaugural Autonomous Racing League.

Lastly, witness the giant coral graveyard at the Great Barrier Reef—sadly a victim of climate change!

In today’s newsletter, we will talk about 

• BluSmart hits $60M ARR in FY24
• ChrysCapital closes Continuation Fund
• From a tea stall to a free library

Here’s your trivia for today: What does the X in “X-ray” stand for?

EV

BluSmart hits $60M ARR in FY24

EV ride-hailing company BluSmart has crossed an annual run rate of Rs 500 crore ($60 million) in FY24, up from $30 million the previous year. The company earned Rs 390 crore in revenue, up 2.4 times from its FY23 revenue, said co-founder Punit Goyal.

Key takeaways:

• Present in Delhi and Bengaluru, BluSmart has a fleet of 7,300 electric cars, which it hopes to expand to 10,000 by the end of 2024.
• The company has also set up its own EV charging network across Delhi and Bengaluru. It recently opened its charging facility to other fleet operators and external users.
• BluSmart last raised $25 million in debt and equity from ResponsAbility, a Zurich-based climate finance company.

Investment

ChrysCapital closes Continuation Fund

India-focused private equity (PE) firm ChrysCapital announced the final close of its $700 million Continuation Fund, anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures. 

The Continuation Fund also acquired a stake in the National Stock Exchange (NSE) to maintain its position as a long-term shareholder in the Indian stock and derivatives exchange.

Money:

• ChrysCapital, which first invested in NSE in 2016 from ChyrsCapital VI Fund, offered investors the option to exit or roll the value from the older fund as part of the new transaction. 
• Founded in 1998, the PE firm has so far raised more than $5 billion across nine funds.
• The firm typically writes cheques between $25 million and $250 million. It has also announced the first close of its Category-3 open-ended AIF for investment in publicly traded companies.

Inspiration

From a tea stall to a free library

Bhimabai Jondhale (74) started Ajjichya Pustakancha Hotel (Grandmother’s Hotel and Books) in 2015 to get customers at her tea stall to read instead of using their smartphones. Today, the stall offers over 5,000 free books to read in three different languages—Marathi, Hindi, and English.

Reading:

• Jondhale, who hails from Khatwad village in Nashik and was married when she was in class 6, was forced to give up her education.
• She says that she began the initiative with only 50 books. However, the collection grew as people started donating books.
• The eatery also gives free books on special occasions such as Women’s Day and Republic Day to foster a habit of reading among people. 

News & updates

• Resigns: HSBC CEO Noel Quinn is stepping down, marking the surprise departure of a hard-nosed leader who has overseen a raft of asset sales, guided the European lender to record profit and lifted its share price. Chief Financial Officer Georges Elhedery is likely the leading internal candidate for the job. 
• New brand: Walmart is debuting a new grocery brand, Better Goods, as it tries to retain the shoppers it has attracted during a period of high inflation. Executives described the brand as Walmart’s largest foray into the private-label food business in 20 years.
• Recession: The Eurozone has bounced back from its shallow technical recession after a stronger-than-expected performance by its “big four” economies in the first three months of 2024. Europe’s two biggest economies, Germany and France, grew by 0.2%, while Italy and Spain posted growth of 0.3% and 0.7%, respectively.

What does the X in “X-ray” stand for?

Answer: Unknown type of radiation. Wilhelm Roentgen discovered a new form of radiation in 1895 and called it X-radiation because he didn’t know what it was. 

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