Hello,
India’s edtech sector sees a glimmer of hope.
Eruditus is about to secure nearly $150 million in new funding from TPG, which would value the edtech unicorn at nearly $2.3 billion.
The development is another significant deal in the edtech sector, close on the heels of a $150 million funding round Alakh Pandey’s PhysicsWallah is set to close from Lightspeed Venture Partners, with a pre-money valuation of $2.6 billion.
In other news, the government approved the Unified Pension Scheme, assuring guaranteed pensions for central government employees. Those opting for it would be eligible for an assured pension of 50% of the average basic pay drawn over the last 12 months before the superannuation for a minimum qualifying service of 25 years.
Elsewhere in space, NASA astronauts Butch Wilmore and Sunita Williams are stuck on ISS until February 2025.
Their ride back, the Boeing Starliner, will now return empty. The stranded astronauts will wait for SpaceX’s Dragon spacecraft and return as part of the Crew-9 mission next year.
What will the two astronauts do until then?
ICYMI: The Guardian’s guide to the top new reads for this autumn.
A feast of fiction paired with pumpkin iced lattes, we say bring it on!
In today’s newsletter, we will talk about
- The many allegations on Okinawa Autotech
- Building a community for dancers
Here’s your trivia for today: Which is the goat-racing capital of the world?
Electric Vehicle
The many allegations on Okinawa Autotech
Okinawa Autotech is facing worsening troubles as former employees allege unpaid salaries and dealers report faulty vehicle deliveries, highlighting significant financial and operational challenges for the electric two-wheeler company amid ongoing legal battles and regulatory scrutiny.
The EV maker, which was taken to court by the Ministry of Heavy Industries for violating provisions of the FAME India Scheme, has allegedly not paid salaries to its employees since February 2024.
Troubling waters:
- One former employee claimed that they are yet to be paid salary for November last year and two other employees are to be paid salaries for three months this year.
- According to an Okinawa dealership owner, some vehicles came in without a throttle or an accelerator. More times than not, the dealership had to personally source these parts to repair the vehicles, he says.
- Okinawa was founded in 2015 by Jeetender Sharma and Rupali Sharma. It competes with other EV-makers, including newly-listed Ola Electric and IPO-bound Ather Energy.
Women Entrepreneur
Building a community for dancers
Mumbai-based dance studio Team Naach, started by Sonal Devraj and Nicole Concessao, offers a range of dance styles, from Bollywood and semi-classical to belly dance, hip-hop, and more.
“Women of all ages come to dance with us, and many share that they find a sense of belonging and comfort here. For many, Team Naach is more than just dance; it’s a community,” Concessao shares with HerStory.
Dance away:
- Starting their journey from a small dance studio in Mumbai’s Khar suburb, Team Naach today has 5.12 million subscribers on YouTube and 790,000 followers on Instagram.
- Concessao says that the two friends complement each other when it comes to running the business. “We do very different styles of dance forms. So, this diversifies our offerings, and we learn from one another.”
- The duo puts out choreographies of various songs on their social media and teaches them in their online and offline classes. They also do workshops in Delhi, Bengaluru, Kochi, and more cities.
News & updates
- Resigns: Bank of China Vice Chairman and President Liu Jin resigned for personal reasons effective on Sunday, the bank said. The state-owned lender said its board had approved Chairman Ge Haijiao to serve as acting president.
- Vaccines: This week, Africa’s first batch of the mpox vaccines will finally reach the continent, weeks after they have been made available in other parts of the world. The 10,000 shots, donated by the US, will be used to tackle a dangerous new variant of the virus, formerly known as monkeypox.
- Arrest: Pavel Durov, Owner of the Telegram messaging app, was arrested at Le Bourget airport outside Paris shortly after landing on a private jet late on Saturday. He was arrested as part of a preliminary police investigation into allowing possible criminality due to a lack of moderators on Telegram.
What you should watch out for
- On Monday, August 26, global and Indian markets are likely to react to the US Federal Reserve Chair Jerome Powell’s speech last week, where he signalled the first rate cut in the September policy meeting. The US dollar index fell to more than a year low (at 100.68).
- Reliance Industries Ltd will conduct its 47th annual general meeting (AGM) on Thursday, August 29.
- The GDP data for the April-June quarter (Q1) of FY24-25 will be released on Friday, August 30.
Which is the goat-racing capital of the world?
Answer: Tobago. It started around 1925 when Tobagonians decided they needed a working-class alternative to horse racing.
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