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Ajay Bangla, previously the CEO of Mastercard, took over as the president of the World Bank. An alum of St Stephen’s College, Delhi, and IIM-A, his first task as chief of the global financial institution is to get more climate finance.

In more good news, the stock markets closed at a high as the US avoided defaulting on its debt. The Sensex climbed 119 points after a two-day hiatus, while the Nifty hit a five-month high this week, reaching 18,534 points.

Also, domestic electric two-wheeler sales crossed the 1-lakh mark for the first time in May. 

The spike in sales, though, was due to a rush sparked by the announcement of a subsidy cut. Now, electric two-wheelers can cost you up to Rs 30,000 more!

In other news, Puneet Chandok stepped down as President of Commercial business, AWS India and South Asia. This comes only a few weeks after AWS announced plans to infuse $12.7 billion to meet India’s cloud infrastructure needs by 2030. 

ICYMI: Here’s a look at venture capital funding in May.

Lastly, check out our weekly Curtain Raiser column for fun things to do in your city this weekend. 

In today’s newsletter, we will talk about 

• Indie musicians breaking barriers
• Meet the world’s smallest chef in Delhi
• Aurum Proptech to acquire Nestaway

Here’s your trivia for today: Where is the world’s largest farm located?

Upbeat

Indie musicians breaking barriers

Technology has changed the game to a great extent for independent or indie musicians, with easy access to resources and tools to make music from the comfort of one’s home. Thanks to the internet, the world is their oyster—as artists can network with people in the business of music and reach an audience both in India and across borders.

But aspiring artists have to contend with the challenges of funding and patronage as they try to make a sustainable career out of music.

Music for soul:

• As an artist in the current times, Ahmedabad-based Chirag Todi relies on Instagram for distribution and discovery and uses the platform to stay updated, find new opportunities, and connect with other musicians.
• According to Spotify, independent music is the fastest-growing category in India on the streaming platform. Indie India–the independent music playlist on Spotify–has grown 200% over the last year, adding 2.5 lakh followers.
• Artists say monetary sustenance is a recurring challenge as it is not always easy to find the right opportunity to perform, especially at larger venues and festivals such as Nh7 Weekender, Ziro Festival of Music, and Echoes of the Earth.

Food and Wine

Meet the world’s smallest chef in Delhi

Over the last decade, the culinary industry in India has stepped up its game to offer best-in-class options of global standards. That’s probably why it was the right time for Le Petit Chef to debut in India’s national capital, New Delhi, in the sprawling Shangri-La Eros hotel, after regaling diners in Mumbai before the pandemic.  

YS Life was invited to be a part of an exclusive curtain raiser of Le Petit Chef, which will open to the public on June 3, 2023.

Immersive dining:

• Le Petit Chef is a fun, immersive dining experience steered by the world’s smallest chef—an animated Frenchman—who is all of 6 cm tall, or let’s say, the size of your thumb.
• Using 3D projection mapping technology created by Belgium-based Skullmapping, the animated chef whips up a gastronomic gala on your table for 90 minutes. 
• Every dish brought to the table by the servers was covered with a lid and revealed in unison. Moreover, the tabletop had props that were in tune with the landscape being showcased! 

Mergers and Acquisitions

Aurum Proptech to acquire Nestaway

Aurum PropTech (formerly known as Majesco Limited) has approved the acquisition of up to 100% stake in NestAway Technologies Private Limited for a consideration of up to Rs 90 crore.

Changes ahead:

• In addition to the Rs 90 crore, Aurum PropTech will inject Rs 30 crore to stabilise the business.
• Last June, Aurum acquired HelloWorld from NestAway. The founders of HelloWorld, Jitendra Jagadev and Ismail Khan, originally part of the founding team at NestAway, will now lead the company post-acquisition.
• NestAway had secured cumulative funding of $110 million at the latest valuation of $220 million in 2019, with investments from Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs, and Yuri Milner.

News & updates

• Cash windfall: Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global cargo as the industry continues to benefit from earlier pandemic gains. Yang Ming Marine Transport Corp. is awarding workers up to 30 months’ salary on their next payday.
• Sharp decline: Binance lost a quarter of its market share in the past three months as a US watchdog pursues it for alleged violation of federal laws—down from 57.5% at its peak in February to 43%, according to research provider CCData.
• New contender: Meta CEO Mark Zuckerberg revealed the company’s next-generation mixed reality headset, the Quest 3, even as it braces for Apple to potentially reshape a nascent market it has dominated so far. Starting at $499, the device will be 40% thinner than the company’s previous headset.

Where is the world’s largest farm located?

Answer: In Heilongjiang Province, China, lies the Mudanjiang City Mega Farm, which spans nearly 23 million acres.

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