Hello,
Funding in the startup ecosystem has slowed both in terms of value and volume.
Investments by private equity and venture capital funds declined by 44% to $3.7 billion in February as compared with the same period a year ago, according to a report by industry group Indian Venture and Alternate Capital Association and consultancy firm EY.
The venture investing industry poured $6.6 billion into companies in February 2022, while the amount stood at $4.3 billion in January 2023.
As for volume, the number of deals dropped 60% in February to 55 transactions, against 139 in the year-ago period, the report said, adding that there were 75 deals in January 2023.
In other news, Amazon will lay off 9,000 more employees in the coming weeks, CEO Andy Jassy said in a memo to staff on Monday. This is in addition to its previously reported job cuts.
US banking stocks rose on Monday and Europe’s lenders recovered from a sharp early sell-off after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry for the global banking sector.
For the sixth year in a row, Finland is the world’s happiest country, according to World Happiness Report rankings based largely on life evaluations from the Gallup World Poll. India ranks at 125.
And Spring equinox 2023 is here. This is how cultures around the world celebrate the arrival of spring.
In today’s newsletter, we will talk about
- Physics Wallah’s UAE expansion
- Meet spice farmers’ buddy
- Artspaces for rural women
Here’s your trivia for today: NASA has been tracking asteroid 2023 DW, which has a “small chance” of hitting the Earth in the future. When is it expected to strike?
Edtech
Physics Wallah’s UAE expansion
Delhi-based edtech unicorn Physics Wallah has acquired UAE-based startup Knowledge Planet in an undisclosed deal. With this partnership, Physics Wallah is looking to expand across the GCC region in the coming year.
Edtech play:
- This marks the first international acquisition by the Indian edtech unicorn.
- It will also invest an undisclosed sum in the Dubai-based edtech company. Sources said the founders of Knowledge Planet will continue to operate the GCC entity of Physics Wallah.
- Nearly a decade into operations, Knowledge Planet has a wide range of offerings, from test-prep and enrichment courses to training across major competitive examinations such as the JEE and the NEET.
<Funding Alert>
Startup: CHARGE+ZONE
Amount: $54M
Round: Equity and debt
Startup: Sukino Healthcare Solutions
Amount: Rs 50 Cr
Round: Series A
Startup
Meet spice farmers’ buddy
Raj Kancham and Vivek Radhakrishnan always had the urge to do something that would uplift the entire agri ecosystem—from farmers to the end consumers. The duo started Krishikan in 2020, focusing on the spices segment. The Bengaluru-headquartered agritech startup is engaged with the complete value chain, i.e., the farmers, agri input providers, research institutes, and buyers.
Spices and more:
- Krishikan is mainly engaged with two spice crops—chilly and turmeric. It is present across Karnataka, Andhra Pradesh, and Telangana, and has partnered with around 5,500 farmers spanning about 10,500 acres.
- The startup engages with various farmer groups to guide them on quality inputs like seeds, optimal use of fertilisers, and disease management.
- Kancham says farmers on the platform have reduced their input costs by a minimum of 20%, and increased their productivity by 12-35%.
Women Empowerment
Artspaces for rural women
The Red House Art Exchange, an art space built by Mumbai-based journalist and painter Mamta Chitnis Sen, is empowering women farmers in the Konkan region through art. Established in 2020, the centre’s name is derived from the red soil of the Konkan region that symbolises life, love, passion, desire, action, energy, and confidence.
Art therapy:
- During an art exhibition in Lithuania, Ieva Matulionyte, an art curator and Sen’s friend, gave her the idea of starting an art residency in the Konkan region to empower women farmers by giving them access to a form of creative expression.
- The art space, designed by Sen’s husband and photographer, Sanjit Sen, has now extended to 4,000 sq.ft. and features two in-house art galleries.
- Following the first workshop, many women from the neighbouring villages wanted to be a part of the art space. Sen initially started with women from two villages—now increased to more than 10 villages.
News & updates
- Now or never: Scientists have delivered a “final warning” on the climate crisis, as rising greenhouse gas emissions push the world to the brink of irrevocable damage that only swift and drastic action can avert.
- The fallout: Saudi National Bank is nursing major losses in the wake of Credit Suisse’s failure after a deal was reached for UBS to buy the embattled Swiss lender for $3.2 billion. The Riyadh-based bank will see the value of its stake in Credit Suisse, purchased for $1.5 billion in October, drop by $1.2 billion after the UBS deal.
- Robot bees: Researchers in Finland have developed small, fairy-like robots that can fly, which could help to pollinate vital crops across the globe. Created at Tampere University, these tiny “Tinkerbell” robots are made of stimuli-responsive polymers.
NASA has been tracking asteroid 2023 DW, which has a “small chance” of hitting the Earth in the future. When is it expected to strike?
Answer: 2046. More specifically, the asteroid is expected to hit the Earth on Valentine’s Day
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