Hello,
Social feed is the new TV.
As per an Accenture report, two-thirds of Indians consider user-generated content to be as entertaining as traditional media. Indians also prefer to access all digital services, both media and non-media, on a single app.
In other news, Paytm seems to be in trouble again.
The central government has reportedly deferred the approval of Paytm’s Rs 50 crore investment in its arm Paytm Payment Services due to concerns about China-based Antfin (Netherlands) Holdings’ shareholding in the parent company, One97 Communications.
The fintech giant has denied receiving any communications from the government and asserted in a blogpost that Anfin has no representation on the Board, which only comprises members of Indian origin.
Elsewhere, Zomato has introduced a large order fleet—all-electric—designed to serve orders of a gathering of up to 50 people for group events like parties.
ICYMI: Why offline retailers in India are threatening to remove OnePlus phones from over 4,500 stores.
Oh, and the flame for the 2024 Paris Olympics has been lit at Olympia, Greece.
The historical Greek city hosted the ancient Olympic games which, other than men, could only be attended by unmarried women and a priestess. Read all about it.
In today’s newsletter, we will talk about
- HDFC Bank’s startup outreach
- Inside the Floating House Project
- Women in Indian election
Here’s your trivia for today: Who was the oldest British monarch to ascend the throne?
Interview
HDFC Bank’s startup outreach
As per Sunali Rohra, head of government and institutional banking, startups and gig banking at HDFC Bank, profitability, and not just ideas, will be at the centre of startup funding conversations going forward.
“In business, profit has always been fundamental. That is beginning to become key again not just in India, but the world over,” she says in an interview with Shradha Sharma.
Startup needs:
- HDFC Bank extends products, including loans and insurance, to startups through a network of over 8,000 branches.
- The bank has also set up a regulatory reporting desk with the RBI, as part of its retail FX trade desk, which helps funded startups easily make regulatory filings for the inward remittances they receive.
- It offers lending to startups too, under the Credit Guarantee Scheme for Startups, and has introduced an insurance policy product specifically for them.
Funding Alert
Startup: GPS Renewables
Amount: $50M
Round: Debt
Startup: ProcMart
Amount: $30M
Round: Series B
Startup: ClickPost
Amount: $6M
Round: Series A
Social Impact
Inside the Floating House Project
In September 2023, Bihar native Prashant Kumar constructed a carbon-neutral house on the banks of the Ganges in the Bhojpur district, which floats on water during the monsoons and stands firm on land in the autumn, winter, and summer months.
The Floating House Project is Kumar’s solution to flooding during the monsoons that cause heavy damage to lives, livestock, and assets every year in Bihar.
Preventive measures:
- Kumar adds his first idea was firmly rooted in prevention—creating an entire infrastructure and way of life that could prevent flooding and was completely climate resilient, or even regenerative.
- The floating house has three rooms—each roughly 10×12 ft—with a total floating platform of 30×30 ft. It has one kitchen and a dry toilet.
- Kumar and his team built the prototype house on a budget of Rs 6 lakh. However, the engineer wants to further reduce its cost to Rs 2 lakh.
Elections
Women in Indian election
Nearly a third of the constituencies have no women candidates in Phase 1 and 2 of the upcoming general elections, according to The Quantum Hub—a Delhi-based public policy research and consulting firm.
The second part of a series of factsheets on ‘Women in #Elections2024’ by The Quantum Hub has also revealed that only 8.3% or 237 candidates among the 2,831 candidates are women in the first two phases of the election.
Key takeaways:
- In the previous elections held in 2019, around 9% (726) of candidates were women.
- Despite the Women’s Reservation Bill that mandates a 33% representation of women in the Lok Sabha and state legislative assemblies, this election has not seen parties fielding more women candidates.
- The Karur constituency in Tamil Nadu has the highest number of women candidates, 1 representing a national party and 6 independents.
News & updates
- Above average: China reported faster-than-expected economic growth in the first quarter—along with some numbers that suggest things are set to get tougher for the rest of the year. GDP climbed 5.3% in the period, accelerating slightly from the previous quarter and beating estimates.
- Criminal justice: The UK government will be criminalising the creation of sexually explicit “deepfakes”—images or videos which are manipulated using AI to look like someone without their consent. People convicted of creating such deepfakes without consent, even if they don’t intend to share the images, will face prosecution.
- Uplifting: The International Monetary Fund inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks. Global economic activity will expand 3.2% this year, up 0.1 percentage point from its January estimate.
Who was the oldest British monarch to ascend the throne?
Answer: King Charles III, at 73 years old.
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