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In a significant shift at the top order of edtech firm Unacademy, Co-founder Hemesh Singh has stepped down as the CTO and will transition to an advisory role.

Meanwhile, Bajaj Housing Finance has filed preliminary papers with capital markets regulator Sebi to raise Rs 7,000 crore through an initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares of up to Rs 4,000 crore and an offer for sale of equity shares worth Rs 3,000 crore by parent Bajaj Finance, according to the draft red herring prospectus.

Moving on, it is an exciting day (or night) for cricket fans!

India and Pakistan are poised to reignite their historic cricket rivalry as the teams will square off in the 2024 T20 World Cup in New York tonight. The game is scheduled to commence at 10:30 AM local time (8 PM IST).

And, global firms are pumping big money into advertising. Ad slots for the game could sell for as much as 4 million rupees (Rs 40 lakh or $48,000) for 10 seconds, Santosh N, managing partner at D&P Advisory, which provides sports valuation services, told Bloomberg.

Speaking of exciting, have you heard that The CapTable, our premium news website dedicated to delivering in-depth analytical pieces on the Indian startup ecosystem, is offering a steal deal? The CapTable subscriptions are available at Rs 999 Rs 1,999 for a limited period. 

In today’s newsletter, we will talk about 

• Millennials and Gen Z’s love for pets
• Making a mark in the jewellery industry

Here’s your trivia for today: Which popular novelist also wrote under the pseudonym Richard Bachman?

In-depth

Millennials and Gen Z’s love for pets

Millennials and Gen Z are increasingly becoming pet parents and the reasons are many; from pandemic-led loneliness, and the need for companionship and unconditional love, to changing lifestyles.

According to a survey of 500 Indians with pets–conducted by online platform for pet care needs, Supertails–among first-time pet parents, almost 50% were GenZ, followed by millennials (44%), in the last two years (between 2021 and 2023).  

A shift:

• A global survey conducted by USA Today and OnePoll in 2023 says 67% of respondents aged between 18 and 26 chose to get a dog instead of having a child.
• With the realisation that being a parent to children is no longer a milestone, people have begun to understand that they can make a choice, says Akanksha Singh Chandele, a trauma-informed counselling psychologist.
• Tulika Mehta, a marketing professional from Mumbai, believes that there has been a dramatic shift in how people call themselves–from “pet owners” to “pet parents” now. 

Inspiration

Making a mark in the jewellery industry

Vidita Kochar was born in a family of chartered accountants and lawyers in Kolkata. She followed in their footsteps and pursued CA. 

However, instead of joining the family firm, Kochar decided to go down the less-beaten path and become an entrepreneur. While she always knew she wanted to become an entrepreneur, she didn’t expect to get into the jewellery business and be a pioneer in the lab-grown diamonds market. 

Shining:

• Kochar started her first company, Plan my Ad, in 2013 while still in college, with her brother Nipun, with a vision to use data for outdoor advertising. This venture did ad campaigns for brands including Ola, Zomato, Swiggy, Tata Motors and Tata Steel. 
• The brother-sister duo started Jewelbox in 2022. The company opened its first retail store in Kolkata the same year. It is planning to open more stores in Gurugram, Hyderabad, Bengaluru and Ranchi. 
• In its first year of operation, the brand raked in close to Rs 3.2 crore of revenue. But success didn’t happen without resistance in a traditionally male-dominated space.

News & updates

• Money: Saudi Arabia placed over half of an $11.2 billion share sale in Aramco with foreign investors, Reuters reported, citing sources. The country has been seeking to lure international investment to pour tens of billions of dollars into projects to diversify away from its reliance on oil. 
• Social Media: New York state lawmakers on Friday passed legislation to bar social media platforms from exposing “addictive” algorithmic content to users under age 18 without parental consent, becoming the latest of several states moving to limit online risks to children.
• Too early: Spanish race walker Laura García-Caro cut a dismayed figure at the end of the 20-kilometer race at the European Athletics Championships as she narrowly missed out on a bronze medal having celebrated before the finish line.

Which popular novelist also wrote under the pseudonym Richard Bachman?

Answer: Stephen King

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