Hello Reader,
Dubai is hot property—literally. The city’s prime real-estate prices surged 70.3% over the 12 months through September, reported Bloomberg. And two of those premium properties belong to none other than Mukesh Ambani.
The Chairman of Reliance Industries bought the Palm Jumeirah mansion for ~$163 million. This house is just minutes away from an $80 million mansion he bought for his youngest son in March.
In other news, the E-Gaming Federation (EGF) plans to pursue legal action against a Tamil Nadu government ordinance that prohibits online gaming in the state. CEO Sameer Barde noted that “the Supreme Court and several High Courts have reaffirmed the status of skill-based games as legitimate business activity”.
Meanwhile, Nestle India made its online debut, launching its digital storefront MyNestlé. The platform will be initially operational in Delhi-NCR and then expand to other cities.
Lastly, meet Corporal Oliveira, a part-time internet sensation and a full-time rescue dog turned police mascot in Brazil.
The furry corporal even carries a toy gun on his patrols.
In today’s newsletter, we will talk about
- Tribe Capital remains bullish on India
- Cult.fit eyes IPO in 12-18 months
- India a leading player in Web3: NASSCOM
Here’s your trivia for today: Who was the first tennis player to win the Grand Slam?
Investor
Tribe Capital remains bullish on India
US-headquartered venture capital firm Tribe Capital continues to be bullish on the Indian capital markets story. Over the next two years, it plans on deploying nearly $2 billion across Indian startups, a senior executive told YourStory.
Arjun Sethi, CEO, Co-founder, and Partner at Tribe Capital, said, “You will see us invest large amounts in 5-10 companies over the next two years rather than back a large number of companies.”
Data-backed decisions:
- In India, Tribe Capital has invested in logistics enabler Shiprocket, trucking platform BlackBuck, and financial services platform for SMEs, KhataBook.
- It does not have an India presence or a dedicated fund and invests through special purpose vehicles in Indian startups. While the fund will continue to operate out of the US, Arjun does not rule out the possibility of an India-specific fund.
- Founded in 2018, the firm has three venture capital funds and two funds that invest in crypto and token-based opportunities.
Healthcare
Cult.fit eyes IPO in 12-18 months
Tata and Accel-backed fitness startup Cult.fit is expecting its products business to outdo fitness services in terms of revenue in the next two years, senior executives in the company told YourStory.
The company’s direct-to-consumer (D2C) segment, which offers fitness products like equipment, nutraceuticals, and sportswear, has done “tremendously well” over the last few months, the executives said.
What’s in store:
- Cult.fit’s D2C segment contributes to a third of the company’s revenue. The top offerings in terms of revenue include cardio equipment and athleisure wear, with a 25% market share.
- It is also eyeing an IPO in the next 12-18 months, according to the executives, who said the firm remains committed to its core business—fitness services through group classes, fitness centres, gymnasiums, and sports centres.
- It is working towards achieving profitability in both the fitness services and product segments in the coming months.
Cryptocurrency
India a leading player in Web3: NASSCOM
A survey by NASSCOM on India’s Web3 startup landscape revealed that 90% of digital enterprises are expecting to increase their investments across blockchain, AI/ML, IoT, AR/VR, and Edge.
The survey highlights key Web3 trends, challenges, and investment thesis, and gives an overview of the recent developments in the Indian Web3 ecosystem.
Web3 for India:
- The report says that 11% of the global Web3 talent is from India, and there has been a 138% increase in blockchain and cryptocurrency-related jobs since 2018.
- About 60% of Indian Web3 startups, while registered outside the country, hire tech workforce from India.
- Web3 economic value worth $1.1 trillion would be added to the Indian GDP by the end of 2032, and there will be a 120% increase in the demand for Web3 talent in India in a year or two.
News & updates
- Rebuilding: Hong Kong has launched a $3.8 billion fund alongside a package of measures to attract international businesses back to the city after strict coronavirus controls and a security crackdown crippled its status as a global financial hub.
- A plum target: Netflix is now gunning for the last reel of the pay-TV business: its estimated $153 billion pool of global advertising revenue. The company and some analysts see its new ad-supported model as a way to lift revenue as customers trim spending amid economic gloom.
- Ease of use: Japan plans to further loosen cryptocurrency rules by making it easier to list virtual coins, potentially burnishing the country’s allure for Binance and rival foreign digital-asset exchanges. The relaxed rule could take effect as early as December.
What you should watch out for
- Last day to share public feedback on the draft Telecom Bill 2022.
- 23rd annual general meeting of Developing Countries Vaccine Manufacturers Network (DCVMN).
- World Osteoporosis Day.
Who was the first tennis player to win the Grand Slam?
Answer: American tennis player John Donald Budge, in 1938.
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