Hello,
Five days after Sequoia Capital announced it was splitting its business into three entities, the venture capital firm, via its Indian entity Peak XV, will sell up to 10.18% stake in Go Fashion, the parent entity of Go Colors.
In December, it offloaded 3.7% equity for Rs 228 crore and sold over 200,000 shares in the garment manufacturer.
Meanwhile, the UAE, with which India implemented a comprehensive free trade agreement in May last year, was the fourth largest investor in India in FY23. The Middle Eastern country is only behind Singapore, Mauritius, and the US.
In other news, the recent World Wealth Report highlighted a 3.6% decline in the wealth of high-net-worth individuals (HNIs) worldwide to $83 trillion in 2022. The number of global HNIs also declined by 3.3% to 21.7 million, however, India bucked the trend and saw a 10.5% growth in the HNI population from 2021.
Also, a growing economy needs more power.
India’s peak power demand reached an all-time high of 223.23 GW on June 9. The power ministry had estimated that the peak power demand will easily touch 229 GW during this summer but unseasonal rains waned consumption.
ICYMI: At 14, Kairan Quazi became the newest and youngest person hired by SpaceX.
In today’s newsletter, we will talk about
- How women can navigate divorce
- Tapping into hemp to alleviate pain
- Caring for specially-abled children
Here’s your trivia for today: Who was the first Indian physicist to win a Nobel prize?
Women’s rights
How women can navigate divorce
India boasts one of the lowest divorce rates in the world, with less than 1% of marriages falling apart. NFHS-5 survey revealed around 30% of Indian women reported domestic violence. However, many find legal, financial, and societal barriers and biases too overwhelming.
Strength of support:
- As per data available on the National Judicial Data Grid, over 6.2 lakh matrimonial petitions are pending before various courts in India.
- Divorce lawyer Vandana Shah says women take a beating financially when it comes to divorce because often, they are not in charge of them and even give up their careers post-marriage.
- Riddhi Gandhi, a therapist, says mental health practitioners can offer crucial support and guidance to women in coping with divorce and rebuilding their self-esteem.
Small business
Tapping into hemp to alleviate pain
Recognising the increasing market demand for hemp, Daanish Matheen invested Rs 10 lakh from his personal savings to establish Bengaluru-based Cure By Design in 2020. The products are aimed at alleviating anxiety, nerve pain, nerve conditions, muscle pain etc for both humans and pets.
Natural healing:
- At present, Cure By Design offers 94 SKUs. All its products have Ayush Standard Mark and are FSSAI-certified.
- The company has partnered with 44 veterinary hospitals and clinics, as well as 18 general hospitals in Bengaluru, Mumbai, Chennai, Delhi, and Ahmedabad.
- To make medical cannabis products, it relies on feedback from doctors to determine the required THC content. They are manufactured by a third party in Madhya Pradesh.
Social work
Caring for specially-abled children
Anil Joseph, a special educator and Founder of Integrated Institute of Rehabilitation for the Disabled, runs Ashray shelter home in Agra to support children with mental and physical disabilities. The NGO caters to children from unprivileged families and with Down syndrome, autism, and other genetic conditions.
Nurturing environment:
- The NGO provides vocational training, speech therapy, and physiotherapy through a speech therapist and physiotherapist.
- Teachers provide basic education like counting, holding a pencil, drawing figures, and more according to the child’s aptitude for three months.
- It also runs a teacher’s training programme under the Rehabilitation Council of India. The money earned is used to support the NGO.
News & updates
- Trust issues: Twitter has refused to pay its Google Cloud bills as its contract comes up for renewal this month. Before Elon Musk’s takeover, Twitter signed a multi-year contract with Google related to fighting spam and protecting accounts.
- Exit door: Biotech company Illumina announced its board of directors accepted the resignation of CEO Francis deSouza, just weeks after activist investor Carl Icahn failed to oust him from the firm. Charles Dadswell, Illumina’s senior vice president and general counsel, will act as CEO in the interim.
- Premium access: Some of the largest communities on Reddit will lock their doors in protest at the social news site’s decision to try to monetise access to its data. More than 3,000 subreddits have joined the protest and will go “private” on June 12, preventing anyone outside the community from seeing their posts.
What you should watch out for
- Urban Enviro Waste Management will launch an IPO to raise Rs 11.42 crore
- World Day Against Child Labour
Who was the first Indian physicist to win a Nobel prize?
Answer: CV Raman. He won in 1930 for his work on the scattering of light and the discovery of the effect named after him.
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