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There is a “serious liquidity crisis” in the EV market.

Unpaid subsidies of nearly Rs 1,200 crore have led to a major squeeze in working capital for OEMs, which has, in turn, led to a substantial drop in the industry volumes, said The Society of Manufacturers of Electric Vehicles (SMEV) in a note on Tuesday. 

Though OEMs passed on subsidies to customers purchasing EVs all through FY23, there has been a major delay in settlements on the government’s end, the industry body claims.

Speaking of EVs, German carmaker Volkswagen aims to launch its first electric vehicle in India next year—the SUV ID.4—to tap the opportunity in the fast-growing electric mobility space. In fact, the company expects 25-30% of its total sales in India to come from EVs by 2030.

ICYMI: Apple launched its first India store on Tuesday, and it was a roaring success. A second store, located in Delhi, is set to open on Thursday.

Meanwhile, India’s fantasy sports market is growing leaps and bounds. A report by the Federation of Indian Fantasy Sports revealed that the sector, worth Rs 6,800 crore in FY22, is projected to touch Rs 25,240 crore by FY27. 

That’s not all. The growing interest in fantasy sports is expected to generate over 12,800 high-skill jobs across the economy, and indirectly employ 10,500 professionals by FY27. 

Oh, and here’s a detailed look at the ancient seven wonders of the world.

In today’s newsletter, we will talk about 

• Flipkart B2B arm’s playbook
• Self-sustenance in Sri Lanka
• Inside the World of Play 

Here’s your trivia for today: Aryabhata, India’s first unmanned Earth satellite, was launched on April 19, 1975. How long was it operational for?

B2B

Flipkart B2B arm’s playbook

Three years since its inception, Flipkart Wholesale, the B2B vertical of the ecommerce player, is betting big on distribution deals with challenger and new-age brands to grow its business in a competitive space. 

Part of Flipkart India Private Limited, the wholesale vertical is reliant on growing the repeat orders from its kirana store customers for sustainable growth, Koteshwar LN, Business Head at Flipkart Wholesale, tells YourStory.

Growth strategy:

• Since 2020, Flipkart Wholesale has taken an omnichannel approach with in-store, ecommerce, and reseller-led assisted format. It claims to serve 1.2 million kiranas and MSMEs.
• Flipkart Wholesale runs 28 stores and fulfilment centres across 24 cities, with no plans for offline expansion. 
• When it comes to competition, Flipkart Wholesale plans to differentiate itself by focusing on sustainable growth, staying away from investing in sourcing and growing private labels, and free logistics.

Inspiration

Self-sustenance in Sri Lanka

Instead of giving food to children through an economic crisis that will take years to rectify itself, human rights advocate Poongkothai Chandrahasan and Chennai-based nutritionist Divya Sathyaraj are helming ‘Green School Green Revolution’. Under this, they have created organic gardens inside six Sri Lankan government schools, growing nutrient-rich fruits and vegetables.

Nutrition first: 

• In preschools, mothers of children tend to the gardens and contribute to the school kitchen. They cultivate meal staples such as tomatoes, okra, beans, and greens, including spinach. 
• The Sri Lanka Northern Provincial Council’s agriculture and education departments are supporting Chandrahasan and Sathyaraj to set up vegetable gardens in 15 schools comprising close to 10,000 children.
• In the coming months, the duo are arranging a host of fundraising initiatives, including an exhibition of green products made by vulnerable Tamil women in Sri Lanka and concerts in Chennai, among others.

MSME

Inside the World of Play 

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Smartwatches have come a long way. From the 1980s, when Seiko TV Watch hit the market with its LCD television screen, to Apple Watch bringing wristwatches back into vogue, the industry has evolved in leaps and bounds. Joining the bandwagon in 2019 was World of Play. It produces wearables tailored to the needs of Indian consumers. 

Wearables for all:

• The Gurugram-based brand offers 30 products in wearable devices and TWS (true wireless stereo) categories. 
• Its Playfit series consists of smartwatches and fitness bands, whereas the Playgo range covers audio equipment like wireless neckbands, earbuds, and wireless speakers. 
• The wearable devices range from Rs 1,800 to Rs 5,000 on its website, while the audio devices start from Rs 1,299. It clocked a revenue of around Rs 100 crore in FY23.

News & updates

• Legal issues: Coinbase is preparing for a years-long court battle with the US Securities and Exchange Commission, said CEO Brian Armstrong after the regulator warned the cryptocurrency exchange of potential violations of securities law.
• United stand: Messaging services are opposed to Britain’s plan to force tech companies to break end-to-end encryption in private messages. In an open letter, the companies say the law could give an “unelected official the power to weaken the privacy of billions of people around the world”.
• Different tune: Universal Music Group, which represents artists such as Sting, The Weeknd, Nicki Minaj, and Ariana Grande, has sent urgent letters to streaming platforms, including Spotify and Apple Music, asking them to block AI platforms from training on the melodies and lyrics of copywritten songs.

Aryabhata, India’s first unmanned Earth satellite, was launched on April 19, 1975. How long was it operational for?

Answer: Five days. A power failure halted experiments after four days, and all signals from the spacecraft were lost after the fifth day.

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