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First Cheque, an early-stage venture capital firm, has taken a partial exit from direct-to-consumer jewellery brand GIVA Jewellery with a return of 75X, Prateek Agarwal, Investment Lead at the VC firm, told YourStory.

As the G20 Summit drew to a close on Sunday, Prime Minister Narendra Modi made a renewed push for expansion of the UN Security Council and reforms in all global institutions to reflect the world’s “new realities”. 

The G20 members adopted the Delhi Declaration, which called on countries to uphold territorial integrity and international humanitarian law to safeguard peace and stability. Inclusive digital public infrastructure and global governance on artificial intelligence were among the key focal points in the declaration. 

Speaking of digital, the Reserve Bank of India is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing by October.

ICYMI: A mysterious golden “orb” recently found at the bottom of the ocean during a research expedition is “biological in origin”. However, scientists have no idea what it is. 

This particular orb is different from the giant metal ball that washed up on a Japanese beach earlier this year, which was later discovered to be a buoy. 

In today’s newsletter, we will talk about 

• Edtech startups diversify with B2B 
• GIFT City as hub startup headquarters 

Here’s your trivia for today: Which animal sleeps for up to 20 hours a day?

Edtech 

Edtech startups diversify offerings with B2B

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B2B edtech. | Image credit: Winona Laisram

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Edtech players are finding themselves in a tight spot with mounting losses and pending loans in the B2C segment. As a result, they have begun to explore the B2B (business-to-business) landscape with greater intensity than before in search of stability, deeper client relationships, and business potential. 

New model:

• Many edtech companies that initially focused on B2C —including Eruditus, Simplilearn, PhysicsWallah and upGrad—are now increasingly engaging in partnerships with enterprises. 
• PhysicsWallah, a rare profit-making unicorn, is planning a phased $10-million investment in Vidyapeeth School Centre, a school-integrated programme. 
• Last year, Emeritus registered a 70% increase in its enterprise segment and expanded in the markets of Asia Pacific and the Middle East. It is also exploring B2B opportunities in Africa and beyond. 

Startups

GIFT City as India’s startup hub

To ensure startups stay in India, the government body International Financial Services Centres Authority (IFSCA) came out with a set of recommendations, putting the International Financial Services Centre (IFSC) in GIFT City, Gujarat at the centre of its plan.

Can GIFT City become the hub for startup headquarters?

Calling home:

• The average corporate tax rate in India is 25.17% (including surcharge and cess). It is higher than the corporate tax rate in many other countries, including Singapore (17%), the US (21%), and the UK (19%).
• The robustness of Intellectual Property (IP) laws and enforcement mechanisms in overseas jurisdictions like the US and Singapore provide a sense of security to startups.
• GIFT IFSC is an offshore jurisdiction within the country and acts as a gateway for global capital inflows into and out of the country.

News & updates

• Friendly ties: US President Joe Biden secured deals with Vietnam on semiconductors and minerals as the strategic Southeast Asian nation elevated Washington to its highest diplomatic status alongside China and Russia.
• Astronomy: In a tribute to trailblazing British female astronomers, two asteroids have been named after Annie Maunder and Alice Everett, who were among the first women in the world to earn a living in astronomy.
• A rare gem: A lucky youngster got the birthday gift of a lifetime when she discovered a 2.95-carat golden brown diamond. The budding gemologist discovered the diamond while celebrating her seventh birthday at the Crater of Diamonds State Park in Murfreesboro, Arkansas.

What you should watch out for

• Apple ‘Wonderlust’ 2023: On September 12, Tuesday, the technology giant is expected to showcase the new iPhone 15, iPhone 15 Pro, Apple Watch 9, Apple Watch Ultra 2, and possibly USB-C AirPods at its fall event at the Steve Jobs Theater in Cupertino, California. As with previous events, Apple will likely stream the iPhone 15 release on its website and YouTube channel. 
• Key economic data: Also, on September 12, the Ministry of Statistics and Programme Implementation will release the Index of Industrial Production (IIP). The Consumer Price Index (CPI) will also be out on the same day. Retail price inflation in India jumped to 7.44% in July 2023, the highest since April 2022.
• US inflation: On September 13, Wednesday, the US will release the Consumer Price Index (CPI) report for August. CPI  was up in July by 3.2% year-on-year.

Which animal sleeps for up to 20 hours a day?

Answer: Koala. 

Koalas can sleep for up to 20 hours a day, due to their low-energy diet, and the intense amount of energy required to break down toxic leaves.

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