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It’s a liftoff!

ISRO has successfully launched its third lunar mission—Chandrayaan 3. Commenting on the launch, Prime Minister Narendra Modi said the spacecraft—on a month-long journey to the moon—will carry the hopes and dreams of our nation.

Speaking of spectacular journeys, Yubi, the digital lending platform and a subsidiary of Vivriti Capital, has raised funds and achieved a valuation of approximately $1.5 billion in a recent secondary transaction.

Also, quick commerce platform Zepto’s upcoming fundraise could give its early investors returns of as high as 6,000% on their initial investments via a secondary exit.

In other news, the compliance burden on listed companies is set to increase from today as SEBI has put in place a stricter timeline for the disclosure of material events or information.

Meanwhile, China’s BYD Auto Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India.

ICYMI: The debate around AI in Hollywood looks like a Black Mirror episode has come to life. 

The star-studded cast of Oppenheimer left the film’s London premiere early on Thursday to join in what is considered the first such large strike in Hollywood in over six decades.

The Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) is concerned about AMPTP’s AI plan, which includes scanning background actors and using their likenesses. The actors say the proposal could potentially lead studios to use artists’ scans “for the rest of eternity”.  

In today’s newsletter, we will talk about 

• Meet the new kid on the block: Seltzer
• Lavie Luxe seeks to woo price-sensitive buyers 
• A multi-purpose device for rescue and relief

Here’s your trivia for today: What chocolate-flavoured coffee drink gets its name from a city in Yemen that was once a centre of the coffee trade?

Wine and Food 

Meet the new kid on the block: Seltzer

Hard seltzer found its popularity around the time when the world was just getting out of the pandemic. As people grew more health conscious, so did their drinking habits. Both drinkers looking to cut out alcohol altogether and those looking for drinks with a lower calorific ratio found a sweet deal in hard seltzer. 

India is seeing a slew of seltzer brands vying for the attention of young drinkers. Despite being a nascent category, the drink has found its appeal and is eyeing the mainstream.

Drink up:

• As a category, hard seltzer is estimated to be an almost $14.5 billion industry globally by 2027, growing at a compounded annual growth rate of 16%, according to Grand View Research. 
• Hard seltzer, globally, is seen as an alternative to beer as it offers the option of various flavours without the bitter aftertaste of beer.  
• With hard seltzer new to India, brands are doing everything they can—from being informative about the product to putting it front and centre at events and getting people to try the drink.

MSME

Lavie Luxe seeks to woo price-sensitive buyers 

If you want to flaunt a bag that’s of premium quality, you may have to splurge on Hermes, Chanel, and Prada. But what if you wanted a homegrown brand with a touch of opulence, without breaking the bank? 

For more than a decade, Lavie has catered to women looking for budget-friendly options. Can Lavie Luxe overcome the challenge of customer perception and emerge as a strong contender in the premium space, competing against international brands and homegrown labels such as Hidesign and Da Milano?

Find out more:

• Mumbai-based Bagzone Lifestyle—which operates in the affordable segment with the Lavie brand—has now set its sights on the premium space with the launch of the Lavie Luxe sub-brand. 
• Priced competitively between Rs 3,000 and Rs 7,000, Lavie Luxe is targeted at women who desire premium handbags without having to empty their wallets. 
• The brand clocked a revenue of Rs 250 crore in FY22-23, while its store count rose 32% from the last fiscal year. In FY23, Lavie clocked a consumer sales value of approximately Rs 500 crore.

Innovation

A multi-purpose device for rescue and relief

In August 2018, when Kerala experienced unusually heavy rainfall that led to death and destruction in the state, Anoop AB witnessed first-hand the horrific effects of a natural disaster. As the president of the state drone operators’ association, he was called on by the government to help press drones into action for rescue and relief.

Following this harrowing incident, Anoop, along with his business partner Akhil P, invented Rescue Ranger, a multi-purpose life-saving device that can rescue people, recover corpses, map underwater terrain and provide relief during floods.

Saving lives:

• The self-taught developers and innovators, with no formal degree to their credit, began researching how they could build a device that would combat every situation in a natural disaster that involves water.
• The duo first designed a U-shaped buoy and attached four motors to it. Operated via remote control, this can be sent into the water and a person could hold on to it and come back to shore, and named it Rescue Ranger.
• A front-view camera, flashlight, and a walkie-talkie of up to 5 km range along with a siren attached to the Rescue Ranger can alert people and also the team on-ground. The underwater camera provides a 360-degree view that can transmit visuals.

News & updates

• Loan relief: The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. 
• Generative AI: China has published new rules for generative AI, becoming one of the first countries in the world to regulate the technology that powers popular services like ChatGPT. The rules are set to take effect on August 15.
• Crypto spring: Cryptocurrencies were testing year highs on Friday as a run of favourable regulatory and investment moves started to shift momentum in markets that had been stuck in a rut for months. Bitcoin traded at its highest price since June 2022 overnight, touching $31,818 on the Bitstamp exchange. It is up more than 90% for the year so far and nearly 30% in a month.

What chocolate-flavoured coffee drink gets its name from a city in Yemen that was once a centre of the coffee trade?

Answer: Mocha. The name comes from the port city of Mocha (or Mokha) in Yemen. 

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