Hello Reader,
Vijay Shekhar Sharma has his shareholders’ approval.
One97 Communications, the parent entity of Paytm, reported that VSS has been reappointed as managing director of the company for five years until December 18, 2027, after 99.67% of its shareholders approved the reappointment resolution.
In other news, the opposite of hustle culture is afoot. Quiet quitting is the new workplace term as employees start to draw boundaries at work and “only do what is required of them”.
Not to be confused with slackers, quiet quitters simply do not take on extra work or are a no-show at happy hours with colleagues. Other terms of interest are Boomerang employees—workers who rejoin the company—and the Great Renegotiation, where employees negotiate for better workplace benefits.
In today’s newsletter, we will talk about
- Inside India’s astrotech growth
- The ups and downs of Symphony
- The Crypto ‘kingmaker’
Here’s your trivia for today: What did Google’s first tweet—a message encoded in binary—mean?
Startup
Inside India’s AstroTech growth
The stars have seemingly changed for astrology in India, with startups blending technology with astrological solutions.
About two-thirds of first-time users of VAMA, an astrology app, have been Gen-Z, which provided early traction for virtual puja and consultations, according to Manu Jain, Co-founder, VAMA.
A bright future:
- According to an EMR report, the Indian religious and spiritual market was worth $44 billion in 2020. It is expected to grow at a CAGR of 10% during 2022–2027.
- Since 2019, the astrotech sector has been able to attract around $5.51 million in 15 funding rounds.
- The most active users are those between 18 and 35 years of age, and Tier II and Tier III cities are equally contributing to traction, industry experts say.
SMB
The ups and downs of Symphony
Over the years, Symphony founder Achal Bakeri (62), has kept his cool despite the many headwinds faced by the air cooler manufacturer—from starting in a nascent market, multiple product failures, bankruptcy to the increase in competition and of course, the COVID-19 pandemic.
However, focussing on a single product coupled with strategic acquisitions and innovations have given a second wind to the Ahmedabad-based company. From almost failing in the domestic market, the iconic Made in India air cooler manufacturer currently has a presence in 60 countries.
Keeping it cool:
- Bakeri launched Symphony in 1988 to bring aesthetics to the world of air coolers.
- The company’s quarterly net profit stood at Rs 29 crore in June 2022 up from Rs 6 crore in June 2021.
- Symphony is the world’s largest manufacturer of air coolers. It has 201 trademarks, 64 registered designs, 15 copyrights and 48 patents.
Web3
The Crypto ‘kingmaker’
<image: https://images.yourstory.com/cs/121/a9efa9c02dd911e9adc52d913c55075e/SinoGlobal-1660886534318.jpeg >
One of the key investors in the crypto space, Matthew Graham, Managing Director of Sino Global Capital (SGC), has also been called the ‘kingmaker’ in the blockchain and Web3 space. He, in fact, has been an early investor in FTX, Polygon, and more recently, EPNS.
Many founders of these companies believe that the vision and drive Matthew brings also help the companies and products grow. In October last year, along with FTX, Sino started a $200 million FTX fund.
Building blocks:
- In September 2022, Sino Global Capital and Buidlers Tribe partnered to foster Web3 innovations in India with SGC India Demo Day to identify innovative and diverse Web3 solutions.
- While SGC offers a funding pool of $2 million, Buidlers Tribe has a grant pool of up to $50,000, subject to investment thesis fit and due diligence.
- As a fintech banker, Matthew represented international technology companies in emerging markets for strategic partnerships and acquisitions.
News & updates
- Reshuffle: Spyware firm NSO Group said on Sunday its Chief Executive Shalev Hulio is stepping down with immediate effect, with Chief Operating Officer Yaron Shohat appointed to oversee a reorganisation of the company before a successor is named.
- Safety first: YouTube has removed a pair of videos from its platform which showed Tesla drivers conducting amateur vehicle safety tests using their own children in place of mannequins in the road or the driveway.
- Little Red: The Hertfordshire zoo in the United Kingdom welcomed a newborn red panda last month. The tiny cub is currently called “Red Panda” while the zoo waits until it’s old enough for a veterinary exam. There are about 2,500 red pandas remaining in the wild.
What did Google’s first tweet—a message encoded in binary—mean?
Answer: “I’m feeling lucky.” It was posted on February 25, 2009.
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