Hello,
Tata Electronics is now an Apple supplier.
According to Reuters, the Tata company has bought a majority stake in Taiwanese contract manufacturer Pegatron’s iPhone plant in India.
Tata will hold a 60% stake in the entity and run daily operations under the new joint venture, while Pegatron will hold the rest and provide technical support.
In other news, amid rising competition among quick commerce players in the country, Zepto reported that its cash burn has exceeded over Rs 250 crore per month in September and October 2024.
In May, the company’s monthly cash burn was in the Rs 35-40 crore range, but has increased six times since, as the company ramped up its investments in operations, digital marketing, and hiring, media reports said.
Meanwhile, TikTok’s parent company ByteDance’s valuation has reached about $300 billion after it recently approached investors about a share buyback programme.
Reportedly, ByteDance reached out to investors in recent weeks, offering a price of $180.70 per share—an increase of 12.9% from the per share price of $160 in its last buyback programme in December 2023.
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In today’s newsletter, we will talk about
- Weekly VC inflows record a sharp rise
- Bringing social change in Assam
Here’s your trivia for today: What is the oldest known written language?
Funding
Weekly VC inflows record a sharp rise
Venture capital (VC) funding into Indian startups rose in the second week of November, primarily due to a sprinkling of reasonably sized deals, but the total amount raised was modest. The total VC funding for the week came in at $174 million, cutting across 19 deals, compared to $101 million in the first week of November.
Key takeaways:
- VC funding for the ten months of the year crossed $11.5 billion, higher than the $10.8 billion raised for the entire 2023. This is not a dramatic increase, but certainly a strong improvement and is an encouraging sign towards a better show in 2025.
- The week saw startups like SarvaGram and Wheelocity, which serve markets beyond the metropolitan cities, raising venture capital. This is a good sign, as it shows investors are keen on backing businesses focused on Tier II and III cities.
- November traditionally sees lower activity, and the VC funding amount raised in the first two weeks continues to follow the trend.
Social Impact
Bringing social change in Assam
In the culturally complex and politically nuanced landscape of Assam, Studio Nilima has been in pursuit of justice, cultural exploration, and social reform in correctional homes for the last seven years.
Pioneering the path to transformative justice, Studio Nilima addresses Assam’s socio-political complexities through empathy, legal advocacy, and community-centred programmes, championing reform in the criminal justice system.
Make a change:
- For Abantee Dutta, the Co-founder and Managing Director of the organisation, the core vision of this work has been championing restorative justice—a concept that seeks to address harm by understanding its root causes and involving affected communities in the healing process.
- Studio Nilima’s legal aid and awareness-building programme, Pratidhwani, has been extended to prisons in 10 districts in Assam, reaching out to 1,778 inmates.
- Its art-based programmes are also integral to the holistic approach to justice and community engagement in Assam. These initiatives are designed to explore and express the complex interplay between culture, identity, and justice through various art forms.
News & updates
- COP29: Governments meeting to forge a global settlement on climate finance must get over their differences this week and come to a consensus. Jochen Flasbarth, one of the most influential German ministers at the summit said that if the final days of the summit did not produce a breakthrough, countries would face a much tougher prospect.
- Layoffs: Boeing has delivered layoff notices to over 400 members of its professional aerospace labour union, part of larger job cuts planned by the company as it struggles to recover from financial and regulatory trouble and an eight-week strike by its machinists’ union.
- Crypto: The cryptocurrency industry’s leading super PACs ploughed $131 million into congressional races this election cycle to help elect dozens of pro-crypto lawmakers, while individual billionaires with crypto interests spent millions to help return Donald Trump to the White House. Now, they are determined to change how Washington treats their business.
What you should watch out for
- Bourses: The Indian stock market will remain shut for the Maharashtra Assembly elections on Wednesday, November 20. The election results will be declared on Saturday, November 23.
- IPO: NTPC Green Energy’s Rs 10,000-crore initial share sale will happen on November 19, with a price band of Rs 102-108 per share.
- G20: The 2024 G20 summit will be held in Rio de Janeiro, Brazil, from November 18-19.
- Results: NVIDIA is set to announce its Q3 earnings on November 20, post-market hours.
What is the oldest known written language?
Answer: Sumerian.
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