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Hello,

Blinkit goes to Jammu! 

On Sunday, Founder and CEO Albinder Dhindsa announced the expansion of the quick commerce platform on LinkedIn, saying it will go live with three operational stores.

The quick commerce game is only getting fiercer!

ICYMI: The biggest wealth creators in the Indian stock market in 2024.

2024 was also the year of great music! From Espresso, APT., and Big Dawgs, the revival of concerts to historic comebacks—2024 was a magical and enriching year musically—in terms of talent, variety, innovation, and entertainment. 

Presenting the headliners who rocked the music scene of 2024.

This year, we also saw the rise of AI like never before, a hoard of Indian startups debuted in the public market, rushed to comply with RBI’s regulatory policies, and fought allegations of all sorts. 

Before we wrap up, we bring you the Indian startup newsmakers of this year.

Also, if you are looking for ideas for New Year’s resolutions, check out these climate resolutions. 

One good deed for the planet!

In today’s newsletter, we will talk about 

• Electrifying commercial fleet operations
• Vicharak brings hardware revolution

Here’s your trivia for today: What happens in Japan at midnight on New Year’s Eve to welcome the Gregorian New Year?

Startup

Electrifying commercial fleet operations

Commercial electric vehicle fleets often face challenges in selecting the right parts from hundreds of OEMs, maintaining uptime, and securing financing for business operations. Gurugram-based Electrifi Mobility addresses these issues by offering a full-stack solution to facilitate the electrification of commercial fleets. 

Founded in 2023 by Kunal Mundra and Nikhil Aggarwal, the EV asset management and leasing startup provides end-to-end solutions, including asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets. 

Faster adoption:

• The 26-member startup guides fleet operators in selecting the most suitable OEM products for their needs—new or refurbished. Through partnerships with various capital providers, its leasing division aims to develop lease solutions that allow fleet operators to deploy assets more profitably. 
• A sister concern of Grip Invest, Electrifi Mobility has deployed nearly 20,000 vehicles, spanning two-wheelers, three-wheelers, four-wheeler passenger cars, and light commercial vehicles, as well as batteries and chargers.
• It plans to secure funding from multiple sources, including DFIs, banks, NBFCs, and alternative investment platforms, to meet its goal of deploying $1 billion worth of assets in India over the next four years.

Startup

Vicharak brings hardware revolution

Surat resident Akshar Vastarpara’s journey to founding Vicharak, a deeptech hardware company, is a testament to his entrepreneurial spirit and drive for innovation. After initially venturing into software consultancy, he was soon captivated by the intricate world of hardware. 

This led to the founding of Vicharak in 2022, which focuses on edge computing solutions, specifically leveraging field-programmable gate arrays (FPGAs). These devices outperform traditional systems by optimising computational processes, offering efficiency for industries reliant on robotics, autonomous vehicles, and drones.

Key offerings:

• Vicharak’s flagship product, the Axon single-board computer (SBC), aims to compete with global leaders like Raspberry Pi, marking a significant milestone for an Indian company in the deeptech hardware space.
• Vaaman, another innovation, is an advanced edge computing board created by Vicharak. It combines a powerful six-core processor and special FPGA technology to handle tasks quickly and efficiently, making it ideal for AI and ML applications and processing data in real-time.
• Currently, Vicharak is gearing up for international expansion, aiming to position itself as a global brand in hardware technology. The startup has so far raised Rs 2.5 crore at a valuation of Rs 100 crore.

News & updates

• Visa: Donald Trump sided with Elon Musk in a public dispute over the use of the H-1B visa, saying he fully backs the programme for foreign tech workers, opposed by some of his supporters. His remarks followed a series of social media posts from Musk, who vowed to defend the visa programme.
• Payout: China’s ambitious campaign to revive its flagging stock market has made the Yuan an unintended casualty, with record dividend payouts leading to outflows. Interim dividends paid by Hong Kong-listed Chinese firms are set to reach $12.9 billion between January and March, a record level for the first quarter.
• HBO: Charles F. Dolan, who bought a group of small cable TV systems in 1973, merged them into a network he called Cablevision, and amassed a fortune building an innovative communications, entertainment, and sports empire, including HBO and Madison Square Garden and its professional teams, died on Saturday. He was 98.

What you should watch out for

• Indian stock markets will remain open on December 31, 2024 (New Year’s Eve) and January 1, 2025 (New Year’s Day). 
• In January, investor focus will gradually shift to Q3 earnings and the Union Budget. The focus will also be on the Indian Rupee, which hit an all-time low of 85.81 to a dollar intraday on Friday, before finishing 44 paise lower for the week at 85.368 to a dollar. 
• Auto sales figures will come out in the first week of January, and most experts expect a single-digit growth in sales of two-wheeler and passenger vehicle segments.

What happens in Japan at midnight on New Year’s Eve to welcome the Gregorian New Year?

Answer: Buddhist temples ring their bells 108 times at midnight—8 times to ring out the old year and 100 times to usher in the new year. The New Year holiday is known as Shōgatsu.

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