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Hello,

Mayhem Monday, trembling Tuesday… calm Wednesday?

Global stock markets remained jittery on Tuesday after the aggressive selloff a day earlier made investors nervous. Japan’s benchmark Nikkei 225 index saw a surprise rebound as it finished around 10% higher, clawing back from historic losses incurred on Monday. 

Wall Street’s main indexes rose as investors looked for bargains. The S&P 500 was rallying by 1.6% in mid-day trading and the Nasdaq composite was 1.7% higher.

Closer home, the BSE Sensex lost 166 points and the Nifty ended below the 24,000 level despite early gains. 

Moving on, while ecommerce SaaS platform Unicommerce’s initial public offering (IPO) was fully subscribed within a few hours of its opening on day one, kidswear brand FirstCry’s parent company Brainbees Solutions was off to a slow start.

Today will be day two for both the SoftBank-backed companies. 

Meanwhile, Ola Electric’s IPO was subscribed 4.26 times on its third and final day of subscription, according to data from BSE. 

ICYMI: Baidu’s robotaxis are causing traffic jams in Wuhan, a city that’s trying to shake off its COVID-19 stigma. 

Lastly, a trip down memory lane: The origin of the World Wide Web. 

Oh, and don’t forget to grab your tickets for the 15th edition of TechSparks Bengaluru, to be held on September 26-28!

In today’s newsletter, we will talk about 

• Can Ola Maps take on Google?
• Made-in-India autonomous tractors
• PB Fintech earns higher profit

Here’s your trivia for today: How much does a Paris Olympics 2024 gold medal weigh?

In-depth

Can Ola Maps take on Google?

Bhavish Aggarwal has been dangling many financial incentives for developers to use Ola Maps—including a year’s free access to Ola’s navigation tech platform and free credits of over Rs 100 crore. 

Now his attention has moved to navigation tech to tackle the distinct challenges on Indian roads—by enhancing navigation in crowded areas, adding regional language support, and using India-specific algorithms. 

Long road ahead:

• “Mapping is a very intensive business. You just can’t create a great mapping service in a very short amount of time unless you put in a huge amount of meticulous effort,” opines Ashutosh Sharma, VP and Research Director at Forrester.
• While targeting the consumer market may not offer quick returns, focusing on a B2B strategy in Tier II and III cities could be a game-changer for Ola, notes Shivani Palepu, Principal Analyst, Gartner.
• In its early days yet, Ola has partnered with ISRO’s IRNSS programme to provide accurate GPS data, said sources familiar with the matter. Astrology platform Astro India AI and e-grocery delivery app KPN Fresh Product have also tapped into its services. 

Funding Alert

Startup: Punch

Amount: $7M

Round: Seed

Startup: EtherealX

Amount: $5M

Round: Seed

Startup: Neuron Energy

Amount: Rs 20 Cr

Round: Series A

Startup

Made-in-India autonomous tractors

With five patents and two white papers to his name, Siddharth Gupta’s passion for robotics and technology led him to address critical issues in farming. He founded VRD Motors which specialises in advanced farming technology and prototyped its product this January.

“I began this venture while in college, focusing on robotics for farming. I noticed two main issues: the lack of resources and data precision for farmers, leading to inefficiencies and potential losses,” he adds.

Next-gen tractors:

• Its flagship product, VRD Tractor, includes tractors that are electric, autonomous, and powered by renewable solar energy and are priced between Rs 5 lakh to Rs 30 lakh.
• “We spent an additional 1.5 years developing the VRD Tractor, ensuring it met the needs and expectations of farmers. Our field trials demonstrated significant efficiencies, validating our approach,” Gupta recalls.
• VRD Motors plans to introduce seven autonomous tractors ranging from 10 HP to 100 HP, equipped with advanced technologies like RTK (Real-Time Kinematic) for precise navigation and LiDAR (Light Detection and Ranging) for obstacle detection.

Earnings

PB Fintech earns higher profit

PB Fintech, the parent company of the insurtech platform PolicyBazaar, has reported a net profit of Rs 59.98 crore for the quarter ended June 30, 2024. In the comparable period last year, it had incurred a loss of Rs 11.9 crore.

Key takeaways:

• PB Fintech earned Rs 1,010.49 crore in revenue from operations in the latest quarter—a 51.8% YoY increase from Rs 665.59 crore earned in Q1 FY24.
• Expenses for Q1 FY25 also increased by 40.6% YoY to Rs 1,081.13 crore due to rise in employee benefit expenses, advertising and promotional costs, and other expenses.
• The company saw a 62% YoY growth in online insurance premiums, driven by a 78% YoY rise in new health and life insurance.

News & updates

• Upbeat results: Uber beat Wall Street estimates for second-quarter revenue and core profit on Tuesday, helped by steady demand for its ride-sharing and food-delivery services. The company’s revenue rose 16% to $10.70 billion in the quarter ended June, while gross bookings increased 19% to $39.95 billion. 
• Google monopoly: A US federal judge ruled that Google violated US antitrust law by maintaining a monopoly in the search and advertising markets. 
• Video maker: ByteDance has expanded its offering of software that can generate videos based on text prompts, joining a growing number of Chinese tech firms entering an emerging market also targeted by ChatGPT creator OpenAI.

How much does a Paris Olympics 2024 gold medal weigh?

Answer: 529 grams

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