“Every move you make and every step you take, there will be an ad—staring at you.”
Ads are hot property. After streaming giant Netflix, ride-hailing business Uber is the latest to enter the ad business. The California-headquartered company will not only sell ad space inside its apps but also in customer emails, during rides, and at storefronts.
In other news, India’s competition regulator CCI has fined Alphabet Inc’s Google Rs 1,337 crore for anti-competitive practices related to Android mobile devices. CCI tweeted that it has fined Google for “abusing dominant position in multiple markets in the Android mobile device ecosystem.”
Meanwhile, Shiv Nadar, Founder and Chairman Emeritus of HCL Technologies, was named ‘India’s most generous’ after he topped the EdelGive Hurun India Philanthropy List. His total donation stands at Rs 1,161 crore—which is more than Rs 3 crore per day!
ICYMI: A mechanical engineer built a plane in his garden.
And he’s also building a hangar for it. DIY enthusiasts, y’all can’t top this!
In today’s newsletter, we will talk about
- Delhivery posts weak Q2 update
- Coinswitch’s Web3 Discovery Fund
- Easing front desk traffic
Here’s your trivia for today: Which was India’s first national park?
Logistics
Delhivery posts weak Q2 update
Delhivery shares fell below the IPO issue price to Rs 473.00 apiece on BSE on Thursday after the logistics solution provider shared its quarterly update. In its Q2 FY23 update, the company said it anticipated moderate growth in shipment volumes through the rest of the financial year.
Flat shipments:
- Delhivery is trading below its issue price of Rs 487 per share. It made its market debut on May 24, 2022. The company had hit a record low of Rs 456.05 on June 20.
- Consumer discretionary spending remained muted due to continuing high levels of inflation, with average user spending and total active shoppers remaining flat or lower during the ongoing festive season, as per industry reports.
- Delhivery said that Express Parcel volumes remained stable in Q2 and picked up towards the end of the quarter, driven by festive season sales, especially in the heavy goods category.
Funding Alert
Startup: Revfin
Amount: $10M
Round: Series A
Startup: Tring
Amount: $5M
Round: Pre-Series A
Startup: Carapace
Amount: $2.5M
Round: Pre-seed
Web3
Inside Coinswitch’s Web3 Discovery Fund
Despite tumbling markets and multi-million hacks shaking the crypto world, Web3 startups in India have continued to attract investment. Betting on this momentum, crypto exchange CoinSwitch launched a Web3 Discovery Fund in August to support more than 100 early-stage startups in the country with the idea of being self-reliant rather than taking cues from companies elsewhere.
Ashish Singhal, Co-founder and CEO, CoinSwitch, tells The Decrypting Story, that he envisions India to be at the forefront of Web3 development.
The way forward:
- Discovery Fund has roped in Buidler’s Tribe, a Web3 startup incubator, to strengthen ecosystem connections.
- Cheque size in the programme starts at $50,000 and could go up to $250,000 for exceptional projects.
- The team is betting on projects that work on Web3 infrastructure, such as wallets and staking, as well as on custody-related startups.
SaaS
Easing front desk traffic
Waiting for one’s turn in a lengthy check-in queue at a hotel front desk is an experience that every traveller wishes to avoid.
Solving this problem is SaaS (Software-as-a-Service) startup Ecobillz, which has developed an artificial intelligence (AI)-powered platform that can provide guests with a contactless experience from arrival, dining, and spa, to right until departure.
Quick check-ins
- The platform gives guests access to registration cards via email or WhatsApp in advance, enabling them to perform check-in through their phones.
- It works with some of the leading hotel chains in India, providing customised solutions based on the necessities of these hotels. It competes with firms such as Billtrust, Vyapar, Grabango, FloBiz, and Zervant.
- Ecobillz plans to offer its solutions to quick-service restaurants, as well as three-star and four-star hotels in the future before exploring other sectors such as insurance and banking.
News & updates
- Out of office: Liz Truss quit as UK prime minister after a brief and chaotic tenure that saw her announce a massive package of tax cuts before unwinding most of it in the face of a market rout. She is set to become the shortest-ruling prime minister in British history.
- Real problems: Amazon filed legal complaints in Italy and Spain as it steps up efforts globally to shut down fake review brokers. The problem has only worsened as more people flocked to its site for shopping during the coronavirus lockdowns.
- New calling: The U.S. arm of Binance, the world’s largest crypto exchange by trading volume, has hired former FBI agent BJ Kang as its first head of investigations. In his new role, Mr. Kang will work closely with law enforcement, regulators and other crypto companies.
What you should watch out for
- Vodafone Idea board to meet to consider fundraising via convertible debentures.
- Fintech startups will showcase their products and solutions to investors during the ‘Big Demo Day’ series of KSUM.
Which was India’s first national park?
Answer: Jim Corbett National Park, established in 1936.
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