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Happy New Year!

It’s a new year filled with new possibilities. 

The year 2024 looks promising for the Indian startup ecosystem as Ola Electric and FirstCry queue up for a listing on the public markets.

Electric vehicle startup Ola Electric has already filed its DRHP to raise Rs 5,700 crore, while ecommerce platform FirstCry aims to garner Rs 1,816 crore.

Foodtech startup Swiggy, hospitality chain OYO, financial services company MobiKwik, ecommerce software provider Unicommerce, fintech company PhonePe and e-pharmacy PharmEasy are among other startups that are likely to push through with their IPO plans this year. 

Moving on, it is a big day for the country as the Indian Space Research Organisation (ISRO) is launching its first X-Ray Polarimeter Satellite, a mission that will help scientists unravel the mysteries of pulsars, and black hole X-ray binaries, among other cosmic objects.

ISRO had a fantastic 2023–its Chandrayaan-3 spacecraft became the first mission in the world to land near the south pole of the Moon. Keeping up the momentum, the space agency has an ambitious lineup of launches in the near future, including tests for a crewed spaceflight as well as missions to Mars and Venus. 

Lastly, Generative AI  (GenAI) changed our lives in 2023, possibly forever. In January, 100 million people were using OpenAI’s chatbot ChatGPT monthly, a feat that Facebook took years to achieve. By November, the platform had 100 million weekly active users.

How will OpenAI and the larger Gen AI space shape the way we work is anyone’s guess.

Here’s hoping for the best!

Cheers, Team YourStory

In today’s newsletter, we will talk about 

• Reason for optimism in foodtech 
• Gender equity in startup ecosystem

Here’s your trivia for today: Attended by millions, the New’s Eve Party at Copacabana Beach takes place in which city?

Foodtech

Cautious optimism in foodtech

The year 2023 was eventful for the foodtech industry. Top players in the space Swiggy and Zomato performed well compared to the previous years, with both making profits and showing strong growth figures. 

Swiggy saw its food delivery business turn profitable for the first time in March while Zomato marked its first-ever profit in the April-June quarter, earlier than its previous guidance of Q2 FY24.

Recipe for success:

• To replicate the Zomato and Swiggy roadmap successfully, foodtech firms must focus on one important factor—diversification, according to Ankit Kedia, Founder and Lead Investor at early-stage venture capital firm Capital A.
• Over the last two years, Swiggy introduced several features in pilot mode including Maxx for instant ecommerce needs, Insanely Good for premium picks, and Minis for shopping direct-to-consumer goods.
• Zomato has three additional segments—Hyperpure (business-to-business restaurant supplies), Blinkit (quick grocery delivery), and going out (dining out and live events). 

In-depth

ICYMI: Gender equity in startup ecosystem

Women made up 35% of the startup workforce in 2022, according to the recent Women in India’s Startup Ecosystem Report (WISER) report. This number can reach 50% by 2030, provided the community makes consistent efforts. 

HerStory took a deep dive into understanding how startups—women-led ones in particular—are fostering gender equity in the workplace. 

Leadership: 

• Aakanksha Gulati, Director, ACT For Women says that standalone programmes and DEI (diversity, equity, and inclusion) initiatives are not enough to drive gender equity and that gender equity has to be embedded in the culture of the organisation.
• Priyanka Gill, Co-founder of content-to-commerce company The Good Glamm Group and CEO, Good Media Co, says two-thirds of the company’s founders and a significant part of its leadership team are women.
• According to Gill, specific HR practices, such as unbiased recruitment processes, targeted mentorship programmes, and equal opportunities for professional development are instrumental in promoting gender equity.

News & updates

• Slowdown: China’s manufacturing activity shrank for a third straight month in December and weakened more than expected, clouding the outlook for the country’s economic recovery and raising the case for fresh stimulus measures in the new year.
• New chief: The government on Sunday appointed former Niti Aayog vice chairman and Columbia University professor Arvind Panagariya as the chairman of the Sixteenth Finance Commission, which will recommend the tax revenue sharing formula between the Centre and the States for the five years beginning April 2026. 
• UK visitor visa: Starting January 31, 2024, the United Kingdom has introduced significant changes to its Visitor Visas, allowing additional business activities, according to the updated immigration rules published by the UK government. Under the new guidelines, visitors will be allowed to continue to work for an overseas employer while staying in the UK.

What you should watch out for

• Another milestone: Aditya L1, India’s first solar mission, will reach the Lagrange point 1 (L1) of the Sun-Earth system on January 6 at 4 am, according to ISRO chief S Somanath. This will enable the spacecraft to view the sun without any eclipses.
• Auto sales data: The market will closely watch auto stocks this week as OEMs (original equipment manufacturers) will release auto sales data for December. After the impressive festive season, industry experts expect sales to undergo a sharp correction. 
• IPO watch: Around seven new SME companies will make their stock debut on the exchanges in the first week of January. Two SME issues, Kay Cee Energy & Infra Ltd and Kaushalya Logistics Ltd, which opened last week, will close for bidding on January 2 and 3 respectively.

Attended by millions, the New’s Eve Party at Copacabana Beach takes place in which city?

Answer:  Rio de Janeiro. The annual party attracts around three million people. 

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