Blog

Hello,

OpenAI is issuing an ultimatum: us or them. 

The company just closed a mammoth funding round of $6.6 billion at a truly impressive $157 billion valuation, but with some caveats for its investors.

Its first rule? No competitors. 

During the negotiations, OpenAI made clear its expectations of an exclusive funding arrangement, asking backers to steer clear of rivals such as Anthropic and Elon Musk’s xAI.

This hasn’t seemed to put off its investors, with SoftBank CEO Masayoshi Son reiterating his bullish forecasts for AI after the tech investor poured $500 million into OpenAI’s round. 

Son believes this is an age of a “gold rush of intelligence”, where artificial general intelligence, where computers have human-level cognitive abilities, would be achieved in two to three years.

In the human world, however, turmoil continues.

The biggest US dockworker strike in nearly half a century entered its third day, marked by long lines of container ships lined up outside major ports and threatening shortages of everything from produce to auto parts.  

Even olive oil exporters thousands of miles away in Spain are not immune from the ripple effects. Here’s everything that could be impacted till a contract is reached.

Elsewhere, could the humble fruit fly hold the key to understanding the brains of the animal kingdom? Studies say: yes.

In a milestone in neurobiological research, the study sought to decipher how brains are wired and the signals underlying healthy brain functions. 

It also could pave the way for mapping the brains of other species—even humans.

After all, man is the strangest animal, as they say.

In today’s newsletter, we will talk about 

• Navi Finserv’s PAT soars
• Creating decentralised identity solutions
• Beco’s advice to D2C brands

Here’s your trivia for today: Who is the only female actor to play the role of “M” in the James Bond film franchise?

Earnings

Navi Finserv’s PAT soars

Navi Finserv, a part of the Navi Group founded by Sachin Bansal, has reported robust FY24 earnings. 

Its standalone revenue from operations saw a 48.57% increase, reaching Rs 1,906 crore in FY24, compared with Rs 1,283 crore earned in FY23. However, on a consolidated basis, the revenue dropped 6.5% YoY.

Key takeaways:

• Navi Finserv’s net profit nearly quadrupled on a standalone basis to Rs 668.82 crore, marking a 3.8X rise. On a consolidated basis, it registered a profit of Rs 545.07 crore in FY24. 
• In November, Navi Finserv divested its stake from Chaitanya India Fin Credit, earning NFL a profit of Rs 704.06 crore after accounting for related costs.
• Its expenses increased only marginally from a consolidated standpoint, with employee benefit expenses declining 41.9% after Navi Finserv’s exit from CIFCPL.

Funding Alert

Startup: Mstack Chemicals

Amount: $40M

Round: Equity and debt

Startup: str8bat

Amount: $3.5M

Round: Series A

Startup: ZEVO

Amount: $2M

Round: Pre-Series A

Woman Entrepreneur

Creating decentralised identity solutions

Despite the upheaval in her personal and professional life, Kavitha Kanaparthi kept abreast of new technologies and also studied architecture and designed spaces. Her journey culminated in 2021, with the founding of Soulverse.

Soulverse is a next-generation decentralised identity creation infrastructure that aims to make decentralised identities universally accessible.

Digital identities:

• “Soulverse ensures that data doesn’t become siloed pockets of information, that it is accessible to anyone, anywhere across the globe in a very secure and private manner,” she explains.
• Soulverse has partnered with IIT Hyderabad, TDeFi, Quill Audits, and India Blockchain Alliance for research and technical collaboration.
• “For enterprises, it eases compliance and cost of operations based on what products they incorporate, and how they map their transition to blockchain products and services,” she says. 

TechSparks

Beco’s advice to D2C brands

It is important for brands to meet consumers where they are, reach users sustainably, and simplify data points, says Beco founder Aditya Ruia. 

“What always works across D2C and any other business is that it’s always backwards (working backwards from results to process). So, where the consumer is engaging with content and where the consumer is buying is where I need to be,” he noted at TechSparks Bengaluru 2024.

Personal brand:

• Ruia suggests focusing on core metrics under each department. For instance, marketing should deliver mainly on two counts: an increase in awareness and an increase in physical presence. 
• A healthy D2C brand or consumer company should split its topline equally between marketing, cost of goods sold, overheads, and profit. 
• “I think personal brand works only to build credibility for the cause that you’re advocating, for the problem you’re trying to solve,” said Ruia. “I think the stronger the personal brand is, the smaller the startup is in its journey.”

News & updates

• Festive anticipation: Amazon plans to hire 250,000 transportation and warehouse workers this holiday shopping season, the same number as last year as ecommerce spending is expected to outpace overall holiday sales in the final quarter of 2024, the company said.
• Low spirits: Alcohol heavyweight Constellation Brands booked a $2.25 billion goodwill impairment tied to its wine and spirits business, swinging it to a loss for the summer quarter.
• Equity pool: Blackstone Inc plans to raise more than $10 billion in its third Asia private equity fund as the firm ramps up deployment in Japan and India, people familiar with the matter said.

Who is the only female actor to play the role of “M” in the James Bond film franchise?

Answer: Dame Judi Dench.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.