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Hello Reader,

Welcome to another Monday! You are probably starting your laptop to get on with your day. But hey, how cluttered is that desktop? 

In Canada today, it’s National Clean Your Virtual Desk Day. Let this act as a sign from the universe for you to declutter your laptop—no matter where you are. After all, celebrations and observations (even the vague, fake-sounding ones) should transcend borders!

Meanwhile, Prime Minister Narendra Modi announced the rollout of 75 digital banking units (DBUs) in an effort to bolster financial inclusion. These DBUs were first announced earlier this year in Finance Minister Nirmala Sitharaman’s Budget speech.

DBUs will provide digital banking facilities to people, including opening a savings account, checking bank balances, transferring funds, and more.

ICYMI: Even AI is struggling with maths. 

Are we allowed to feel a little bit vindicated?

In today’s newsletter, we will talk about 

• Angels take a leaf out of VC handbook
• An inclusive Web3 community
• Alteria Capital’s first close of Fund III

Here’s your trivia for today: Which flower was once used as a form of currency?

Investors

Angels take a leaf out of VC handbook

Angel investment platforms want to play a larger role, and they are taking the venture capitalist route. In other words, angel investors are setting up VC funds and writing bigger cheques.

This, investors believe, gives them a greater say in the operations of startups and allows them to participate in long-term growth.

Spreading their wings:

• Generally, angel investment platforms invest anywhere between Rs 1 crore and Rs 10 crore; the sweet spot is in the range of Rs 2 crore to Rs 4 crore. 
• Some of the angel investment platforms that have launched VC funds are Indian Angel Network (IAN), Inflection Point Ventures (IPV), and ah! Ventures.
• Through VC funds, investors are also able to participate in deals that are not just within their angel investment network but also outside it.

Web3

coto building an inclusive community

While an exciting place to be, the internet can become extremely hostile, especially for women. Former Zee5 CEO Tarun Katial approached his colleagues Aparna Acharekar and Rajneel Kumar to build a safe space for women online. 

Thus, coto was born. At the outset, it is a Reddit-like forum, a community platform that offers support, resources, opportunities, and interactions for anyone seeking it.

Safety first:

• Members can join various communities such as Unstereotype Us, where users discuss periods, menstrual health, careers, relationships, achievements and moments. 
• Just like any other social media platform, they can also post content, comment, clap, report, discuss, and connect with other users, and are encouraged to share their life stories with others. 
• Central to its philosophy is ensuring a safe space for trans and non-binary people. In this regard, it is working on a referral programme to help onboard new users on the app.

Funding 

Alteria Capital’s first close of Fund III

Alteria Capital announced the first close of its third fund at Rs 1,000 crore. The third venture debt fund—Alteria Capital Fund 3 Scheme A—will provide startups with a range of speciality debt solutions.

In Q2 2022, the VC fund received approvals from the Securities and Exchange Board of India (SEBI) to close its third venture debt fund with a target corpus of Rs 1,000 crore and a greenshoe of Rs 1,000 crore. 

What’s it for:

• The fund will target Indian startups across early and growth stages with cheque sizes up to Rs 150 crore. 
• It will also add a separate scheme within the fund to provide working capital solutions to startups.
• With an AUM of Rs 3,800 crore across three funds, the VC says it manages one of the largest pools of capital for venture debt for Indian startups, at present.

News & updates

• Endurance game: The Indian currency will withstand the recent strengthening of the dollar, Finance Minister Nirmala Sitharaman said, reiterating a central bank forecast that the South Asian economy will grow at 7% in the year to March 2023.
• Losing users: Horizon Worlds, Meta’s flagship metaverse for consumers, is failing to meet internal performance expectations, according to The Wall Street Journal. It aimed to reach 500,000 monthly active users in Horizon Worlds by the end of the year, but the current figure is less than 200,000. 
• Doses of nostalgia: Mariachi bands have long been a staple of Mexican culture, and now their lively songs are finding a new use: reawakening the memories of people suffering from Alzheimer’s disease.

Which flower was once used as a form of currency?

Answer: Tulips. 

In the 1600s, Holland saw one of the first recorded market speculation, which was dubbed the ‘tulip mania’. By 1635, ‘unbroken’ tulip bulbs were being used to purchase even properties!   

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