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Hello,

The fifth-largest economy just saw its quarterly GDP fall way below anyone’s expectations.

In the third quarter, India’s GDP rose by 5.4% annually—the slowest pace in seven quarters—compared to 6.7% in the previous quarter, hampered by weaker expansions in manufacturing and consumption.

While many private economists have lowered their projections, the RBI maintained its GDP growth forecast for the fiscal year at 7.2%, down from 8.2% in the previous fiscal year.

Now, the question remains: Will the RBI cut rates in its next meeting? 

In other news, PB Fintech Ltd’s subsidiary, Paisabazaar, is under the Income Tax Department’s radar concerning certain vendor payments. Get the details here.

The IT department also sent notices to Volkswagen for allegedly evading $1.4 billion in taxes by “wilfully” paying lesser import tax on components for its Audi, VW, and Skoda cars.

According to Reuters, the German carmaker used to import “almost the entire” car in an unassembled condition, which attracts a 30-35% import tax in India under rules for completely knocked down units, but evaded levies by “mis-declaring and mis-classifying” those imports as “individual parts”, paying just a 5-15% duty.

ICYMI: This Parisian landmark has finally risen from its ashes—five years and a devastating fire later. 

Meet Notre Dame in all its glory!

In today’s newsletter, we will talk about 

• CarDekho’s growth picks up speed
• Delivering authentic tastes of Kashmir
• The art world’s 2024 highlights

Here’s your trivia for today: What digit does not exist in Roman Numerals?

News

CarDekho’s growth picks up speed

CarDekho Group reported net revenue of Rs 2,074 crore in FY24, a 54% increase from Rs 1,347 crore in FY23 (adjusted for discontinued used car sales). The growth was largely attributed to the diversified portfolio of the group, driven by its insurtech arm, InsuranceDekho, and fintech platform, Rupyy.

The group also posted standalone profitability for the first time, with a profit before exceptional items of Rs 37 crore in FY24. This was a significant improvement from a loss of Rs 143 crore in FY23.

Revving up:

• CarDekho secured $80 million in growth capital during the year, maintaining a strong balance sheet with Rs 1,600 crore in cash reserves. These resources supported its investments in technology-driven and sustainable mobility solutions like Revv and fleet management startup Carrum.
• InsuranceDekho recorded Rs 3,000 crore in premiums in FY24, with a network of 150,000 agents operating across over 1,500 cities, covering 98% of India’s pin codes. Meanwhile, Rupyy, the group’s used car financing platform, retained a 15% market share, achieving an annualised run rate of over $2 billion.
• CarDekho’s auto vertical continued to grow, attracting 60 million monthly users, with 90% of traffic generated organically. In May 2024, the group launched TractorsDekho to tap into new market segments.

Top Funding Deals of the Week

Startup: Nazara Technologies

Amount: Rs 855 Cr

Round: Preferential share allotment

Startup: CreditAccess Grameen

Amount: €25M + Rs 170 Cr

Round: Co-financing

Startup: Beta Drugs

Amount: Rs 117 Cr

Round: Equity

Startup

Delivering authentic tastes of Kashmir

While Kashmir, often called the “crown jewel of India”, is known for producing some of the finest agricultural products such as saffron, almonds, and walnuts, this legacy is under threat due to the rise of counterfeit products flooding the market.

This alarming trend inspired Amir Hameed Mir to start AMSAA, a D2C brand, in 2023. The company aims to deliver authentic Kashmiri products such as saffron, almond, and honey, around the world while empowering local farmers.  

Transparency in supply:

• After witnessing the growing crisis of counterfeit Kashmiri saffron—a product that is a symbol of the region’s agricultural heritage, Mir decided to draw on his expertise in legal metrology and began investigating the supply chain of saffron and other Kashmiri products, leading him to launch AMSAA.
• AMSAA initially focused on B2B saffron exports, but a few months later expanded to B2C, offering a product line. Currently, it offers three flagship products—Mongra Saffron, Acacia Honey, and Amma Almonds. It plans to expand its product portfolio with 8-10 more by the end of the year.
• So far, it has served 2,000 customers, with 60% of sales coming from international B2B orders. The startup has registered a repeat rate of 80%. As of October 2023, AMSAA generated Rs 60 lakh in revenue, primarily from export sales to the US and Canada.

Art and Culture

The art world’s 2024 highlights

After a period of slowdown triggered by the COVID-19 pandemic, 2024 turned out to be a good year for the Indian art industry, with a resurgence in interest in works created by both legendary artists and emerging talent. 

Between increased footfall at prominent art fairs like the annual India Art Fair and the Kochi-Muziris Biennale, new exhibition formats and artists experimenting with concepts, several key trends have defined the art world in 2024.

Avante garde:

• In 2024, the art world continued its fascination with immersive and interactive experiences that challenge perceptions and foster deeper connections, says acclaimed visual artist Tejal Patni. These exhibits reflect a broader trend in 2024: art as a shared experience that transcends traditional gallery formats. 
• Moreover, art fairs and events became more frequent not just in urban centres like Mumbai and Delhi but also in smaller towns like Calicut and Chandigarh. New exhibition avenues and artists making a comeback onto the scene have contributed to the footfall.
• In 2024, artists also started working with new mediums, with digital art making its place felt, especially with big fairs like the India Art Fair batting for it alongside traditional art. Another emerging trend was the use of fabric as a medium to represent identity. 

News & updates

• Incentives: India plans to expand EV incentives to automakers building models at existing factories in the country, instead of limiting the benefits to those willing to build new plants. The EV policy, originally designed to bring Tesla to India, will now encourage investment from the likes of Toyota and Hyundai.
• Cables: Facebook parent Meta plans to build a new, major, fibre-optic subsea cable extending around the world—a 40,000+ kilometre project that could total more than $10 billion of investment. Critically, Meta will be the sole owner and user of this subsea cable—a first for the company and thus representing a milestone for its infrastructure efforts.
• Strike: Passengers on Swan Hellenic’s SH Diana luxury cruise line bound for Antarctica have gone on a hunger strike after engine issues meant their experience would be cut short before they reached their final destination in the South Georgian Island capital of Ushuaia in Antarctica.

What digit does not exist in Roman Numerals?

Answer: Zero.

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