Hello Reader,
Domestic indices closed in the green on Monday. The BSE Sensex rose by 491 points to end the day above 58,410, while Nifty50 finished just over 17,311 after gaining 126 points.
In other news, BYJU’S raised $250 million in a fresh funding round from existing investors. Media reports claim that the current round was raised at its last-recorded valuation of $22 billion, though the edtech startup hasn’t confirmed it.
This is after BYJU’S announced it was laying off ~5% of its workforce “to avoid redundancies and duplication of roles” last week. The company said it is prioritising achieving overall profitability by next March.
Meanwhile, Flipkart’s metaverse has gone live. Called the Flipverse, it will help consumers discover and shop for products on a “photorealistic virtual destination”.
And, here’s an incredible timelapse video of the ESA-led Solar Orbiter approaching the Sun.
But fret not as wings of wax, the Solar Orbiter has not.
In today’s newsletter, we will talk about
- Drone startups flying high
- Purplle’s next leg of growth
- Decentralised storage
Here’s your trivia for today: When was the first portable music player launched?
Drones
Drone startups flying high
From clarifying the rules for private contracts with the release of the Drone Rules last year to providing financial support via a PLI scheme, the Centre has ramped up support for drone startups.
However, the biggest push has come from the government’s decision to start issuing multiple tenders worth tens of crores of rupees each for drone services.
Into the future:
- Bengaluru-based drone startup Aereo’s company grew from 50 to 240 employees in the last year and a half.
- Omnipresent Robot Technologies and Garuda Aerospace exclusively told YourStory they are considering going public in the next couple of years.
- In 2020-21, the Indian drone sector reported an industry-wide turnover of Rs 80 crore.
D2C
Purplle’s next leg of growth
Beauty and personal care unicorn Purplle is eyeing a 40% growth in GMV (Gross Merchandise Value) and expects to hit $230 million-$250 million in FY23. It clocked a GMV of $180 million in FY22.
Its next leg of growth will come from scaling up the reach and penetration of its private brands in offline markets, said Founder and CEO Manish Talreja.
Highlights:
- India’s beauty and personal care market is projected to grow at a CAGR (compound annual growth rate) of 12% to reach Rs 1,98,100 crore in 2025.
- About 70% of Purplle’s revenue comes from Tier II and III cities, with its Average Order Value (AOV) typically growing by 2-4% year-on-year.
- At the moment, private brands in Purplle’s portfolio include Good Vibes, Faces Canada, Carmesi, in makeup and skincare.
Blockchain
Decentralised storage
Amazon Web Services (AWS), Google Drive, and Dropbox are popular storage options. However, one can’t store files on these services for free indefinitely.
Enter Lighthouse Storage, a blockchain startup that allows users to store files in a decentralised manner, which allows customers to pay only once and store files forever.
Data on the go:
- Lighthouse Storage enables users to interact with, pay for storage, and get a verifiable record of storage through Ethereum, Polygon, BNB Chain (previously BSC), Fantom, Optimism, and more.
- Earlier this year, it raised undisclosed funding from Long Hash Ventures, Protocol Labs, and NGC Ventures. Balaji Srinivasan is also an angel investor in the startup.
- The startup facilitates permanent storage of files on Filecoin—a system of persistent data storage built on IPFS (InterPlanetary File System), which is a decentralised network to store, request, and transfer data.
News & updates
- It’s a deal: Reliance Jio has chosen Nokia, the Finnish telecom equipment maker, to supply 5G radio access network (RAN) equipment in a multi-year deal. 5G data speeds in India are expected to be about 10 times faster than those of 4G.
- On a break: Members of the South Korean boy band BTS plan to do their mandatory military service starting this year and will only get back together around 2025. The band’s oldest member Kim Seok-jin, known as Jin, will start his enlistment process as soon as the end of October.
- Teen wonder: Indian teenager Donnarumma Gukesh—aged 16 years, four months, and 20 days—has become the youngest player ever to defeat Magnus Carlsen since the Norwegian became world champion almost a decade ago.
What you should watch out for
- Global earnings calls of Netflix, Saudi National Bank, and Goldman Sachs.
- Prime Minister Narendra Modi to address session at the 90th Interpol General Assembly.
- World Menopause Day.
When was the first portable music player launched?
Answer: In 1979, the Walkman TPS-L2 was launched as the first-ever low-cost personal stereo.
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