India Goes Shopping: 26 Jets and 3 Subs ✈️

Friday, July 14th, 2023

Good Morning ☕

Looks like India is getting its French connection stronger, this time not with a film but with 26 Rafale fighter jets and three Scorpene class submarines. Who needs a regular shopping spree when you can splurge on military hardware, right? I wonder if they'll throw in a complimentary baguette with each purchase as a special bonus from France. Vive la collaboration!

Important News of the Day

1. Defence ministry approves purchase of 26 Rafale fighters, 3 Scorpene submarines

India's Defense Ministry has given initial approval to purchase 26 Rafale fighter jets and three Scorpene class submarines from France. The deal will be for the purchase of 26 Dassault Aviation Rafale fighter jets, including four trainers, and for three Scorpene class submarines which will be constructed by Mazagon Dock. India has relied on French fighter jets for four decades now. The purchase was approved ahead of Prime Minister Narendra Modi's arrival in France.

2. Amazon Pay aims to be at the top in payment aggregator space, says Vikas Bansal

Amazon Pay India's whole-time director, Vikas Bansal, has stated that the company aims to be at the top of the payment aggregator space, not just in the top 10. He believes that the market is huge and will at least double or triple from its current size. Bansal also expressed excitement about voice-enabled payments and said that Amazon Pay India is working to make it customer-friendly. The company's goal is to deliver efficient digital experiences and transactions to accelerate growth while ensuring profitability for marketplaces or D2C brands.

3. Dassault Aviation's joint venture likely to dissolve with Anil Ambani: Report

Dassault Aviation's joint venture with Anil Ambani, named Dassault Reliance Aerospace Limited (DRAL), is likely to dissolve due to Ambani's inability to make the investment required to keep the joint venture going. The joint venture was created in 2016 as part of the Rafale deal, with Dassault intending to invest in excess of €100 million in the joint venture as part of its offset obligations. The Rafale deal has been controversial, with several opposition leaders and critics raising questions about the joint venture of Dassault Aviation with Ambani's Reliance group.

4. Gadkari lays foundation stone for three NH projects worth ₹3,000 cr in Andhra Pradesh

Union Minister Nitin Gadkari laid the foundation stones for eight national highway projects worth Rs. 3,000 crore in Rajamahendravaram, Andhra Pradesh. The projects will provide green field road connectivity to Kakinada SEZ, SEZ Port, Fishing Harbour, and Kakinada Anchorage Port, which will smoothen the export of rice, seafood, oil meals, iron-ore, biofuel, and granite through Kakinada Port. The other three projects include 4-laning of Vakalapudi-Uppada-Annavaram and Samarlakota-Achampeta Junction and construction of 2-lane with paved shoulders from Rampachodavaram to Koyyuru, which will provide road connectivity to religious locations such as Samarlakota, Annavaram Bikkavolu, Ryali, and Pithapuram.

5. TCS announces pay hike, effective from April

Tata Consultancy Services (TCS) has announced a 12-15% salary increase for exceptional performers in its latest annual compensation review, along with promotions. The salary increase will be effective from April 1, 2023, despite the slowdown in the IT sector. TCS CEO and MD Rajesh Gopinathan had previously announced a 5-8% salary hike in FY22, with similar increments expected in FY23.

Entrepreneur of the Day👨‍💼

As a result of the pandemic, individuals recognized the need to modify their lifestyles. They began adopting costly dietary regimens and enrolling in classes. In response to this issue, SoupX was conceived as India's first personalized soup-based meal brand. They specialize in crafting nutritious soups tailored to individuals' fitness goals.

The company prepares freshly made soups, free from artificial preservatives, with precise calorie counts. These soups are meticulously curated and planned by their chef and nutritionist. After conducting market tests for five months, the company launched in December 2021 and now offers over 99 varieties of healthy soups. Customers have the flexibility to order on-demand or opt for a subscription. The company's vision is to become India's leading brand for healthy soup-based meals. They recognized the expensive nature of dietary lifestyle changes and the absence of an established healthy soup brand in the market. Thus, their objective is to make healthy eating more affordable.

So, in today’s edition of Enterpeneur of the Day, we have founders of SoupX Priyank Jain and Uttam Kumar. Uttam is 24 years old and Priyanka is 25 years old. Uttam has completed his engineering from IIIT and did a summer exchange in entrepreneurship from ISB Hyderabad. He currently handles technology and operations at SoupX. Priyank has completed MBA from Indian Institute of Foreign Trade. Prior to that, he worked with Deloitte and then in a leading global Bank in the treasury department.

SoupX offers a comprehensive meal replacement plan by combining their soups with a selection of healthy side dishes. The composition of each soup mix is known only to the head chef, who carefully selects from around 14 bases. DIY kits have a shelf life of six months and are exclusively available for B2B supply. In addition to their core soup offerings, SoupX also provides small-sized healthy meals like garlic bread, veggie bowls, and whole wheat sandwiches.

SoupX provides a comprehensive solution for various health goals, whether it's weight loss, muscle gain, diabetes management, or overall well-being. The company offers a diverse range of meal options to cater to different preferences and requirements. With the added benefit of convenience and ease of preparation, you can enjoy nutritious meals from SoupX anytime and anywhere.

During their appearance on Season 2 Episode 2 of Shark Tank India, the founders of SoupX, Uttam Kumar and Priyank Jain, sought ₹75 lakhs in funding in exchange for a 6% equity stake in their company. At that time, the company was valued at ₹12.5 Crore. Over the course of two years, SoupX has experienced substantial growth in its valuation.

Although the initial pitch showed promise, there were some issues with the delivery of the message and accuracy of details shared by one of the founders, leading to frustration from Anupam Mittal, one of the investors.

However, after thorough discussions, SoupX managed to secure a favorable deal. Vineeta Singh invested ₹50 lakhs for an 18% equity stake and provided an additional ₹25 lakhs as a debt with a 12% interest rate.

Breaking News: The Scoop You Can't Miss!

1. HCL Technologies inks deal with ASAP Group for about ₹2,300 crore

HCL Technologies has signed a definitive agreement to acquire 100% equity stake in ASAP Group, a German automotive engineering services company, for $279 million (about Rs 2,300 crore). The acquisition will help HCL Technologies expand its offerings in the e-mobility space. ASAP Group has expertise in autonomous driving, electric powertrain, and connected car technologies. The deal is expected to be completed by the end of September 2023. HCL Technologies is a leading global technology company headquartered in India, with operations in over 50 countries.

2. Utility vehicles may see price hikes but demand to be in top gear

According to a report by Livemint, utility vehicles in India may see price hikes due to rising input costs, but demand is expected to remain strong. The price of new vehicles has been increasing due to multiple factors such as dealers adding "market adjustments" to window stickers, buyers switching from less expensive sedans to pricier SUVs and pickups, and automakers shifting their product mix to high-profit models. However, the report suggests that despite the price hikes, demand for utility vehicles is expected to remain strong in India.

3. Navi Technologies lays off 20% employees

Navi Technologies, a fintech startup backed by Sachin Bansal, has laid off around 200 employees across various departments, according to multiple sources. These job cuts come shortly after Navi announced the public issuance of Non-Convertible Debentures (NCDs) to raise up to Rs 500 Crore for its IPO. Navi has not yet commented on the layoffs.

4. WFI chief denies inappropriate contact, cites Yoga to check breathing: Report

Brij Bhushan Sharan Singh, the president of the Wrestling Federation of India (WFI) and a BJP MP, has denied allegations of inappropriate contact with two female wrestlers. The wrestlers had accused Singh of touching them inappropriately and groping them on two separate occasions, under the guise of checking their breathing pattern. Singh has cited his knowledge of yoga exercises as the reason for his actions. The allegations of sexual harassment and misconduct have been put on record in complaints filed by the wrestlers against Singh.

5. Byju’s brings back former CBO Arjun Mohan to head international business

Arjun Mohan has been rehired by Byju's to head its international business. Mohan was the former Chief Business Officer (CBO) of the company and had left in 2019 to start his own venture. He will now be responsible for expanding Byju's global footprint and driving growth in international markets. Byju's has been expanding rapidly in recent years, with the acquisition of several companies and partnerships with institutions around the world. The company is now valued at over $16 billion and is one of India's most valuable startups.

World News 🌎

• Remote work to wipe out $800 billion from office values: Report

• US President Joe Biden refers to Zelensky as 'Vladimir' during NATO meet

• UN calls on Russia's Putin to extend Black Sea grain agreement: Report

• China's US envoy pays uncommon visit to Pentagon for security talks

• Elon Musk announces new company xAI, set to build ChatGPT alternative

• US annual consumer inflation cools to 3%, lowest since 2021

• Google's ChatGPT rival Bard launches in Europe and Brazil

• Thailand's reformist leader fails to become PM

• NATO: Warm words but a diplomatic reality check for Ukraine