Maybe don't spend billions on EdTech startups?

Good Morning ☕

Well, it seems like Indian startups were playing a game of "Hide and Seek" with funding during the first half of 2023. Funding decided to take a break and hide, leaving the startups searching high and low for it. Hopefully, they'll have better luck in the second half of the year and funding will come out of its hiding spot, shouting, "Found me!"

Indian startups experienced a significant decline in funding during the first half of 2023, with a decrease of 72% compared to the same period in 2022, according to a report by Tracxn.

Important News of the Day

1. Byju’s crisis leads Blume Ventures shift strategy, cut ‘frivolous’ investments

Blume Ventures, one of India's largest venture capital firms, is shifting its investment strategy to become more cautious, cutting back on "frivolous" investments, and alarmed by crises at homegrown startups such as ed-tech leader Byju's. The move comes as Byju's, India's most valuable startup, is cutting 500 to 1,000 more jobs to improve its finances and push towards profitability. Blume Ventures manages $625 million in assets and has a portfolio of over 200 startups.

2. SC directs SpiceJet to pay entire arbitration award of ₹380 cr to Maran

The Supreme Court of India has directed SpiceJet to pay the entire arbitral amount of INR 380 crore to ex-promoter Kalanithi Maran in the 2018 arbitration award case. The court refused to grant any extension to SpiceJet and directed the airline to pay the amount within three months. The case relates to a dispute between Maran and SpiceJet over the transfer of ownership of the airline. The stock price of SpiceJet fell by 3-3.5% following the court's decision.

3. SEBI updates rules to ease the debt securities issuers' disclosure structure

The Securities and Exchange Board of India (SEBI) has amended rules to streamline the disclosure framework for issuers of debt securities. The new rules aim to ensure parity between initial disclosures required to be made in a prospectus for public issuance of debt securities and the disclosures required in the offer document for private placement of debt securities. The rules introduce the General Information Document and Key Information Document to avoid multiple filings of documents. The move is expected to ease the disclosure structure for issuers of debt securities.

4. Karnataka budget: CM says ₹52,000 cr to be spent for 5 poll promises

Karnataka Chief Minister Siddaramaiah presented the state's 2023-2024 budget with an outlay of over Rs 3.27 lakh crore. He announced that approximately Rs 52,000 crore would be spent annually to implement the five key poll promises made by the Congress party. The five guarantees include providing free education to girls from kindergarten to post-graduation, free health care for all, free power supply to farmers, free bus passes to students, and a monthly allowance of Rs 5,000 to unemployed youth. The budget also includes measures to boost the state's economy and infrastructure.

5. SC to hear pleas of Google, CCI on July 14 related to ₹1,338-cr fine on tech giant

The Supreme Court of India will hear pleas from Google and the Competition Commission of India (CCI) on July 14 related to a Rs 1,338 crore ($180 million) fine on the tech giant. The CCI imposed the fine on Google for allegedly abusing its position in the Android ecosystem. The National Company Law Appellate Tribunal upheld the penalty, but parts of its order have been challenged by the CCI in the Supreme Court. Google has also moved the Supreme Court against the NCLT order on the penalty.

6. Domestic market sees strong influx of new investors in June: Report

According to a report, the domestic market in India saw a strong influx of new investors in June. The report suggests that the number of new investors in the market has increased significantly, with many of them being first-time investors. The report also highlights that the trend of investing in equities has continued to grow, with investors showing a preference for large-cap stocks. The report attributes the growth in the market to the country's economic recovery and the government's efforts to boost investor confidence.

Breaking News: The Scoop You Can't Miss!

1. NTPC Group’s total installed capacity touches 73,024 MW

The NTPC Group has achieved an installed capacity of 73,024 MW at the Barh Super Thermal Power Project in Bihar, India. This milestone was reached after the commissioning of Unit-2, a 660 MW capacity, at Stage-I of the Barh Super Thermal Power Project in Bihar. The Barh plant presently supplies 1,526 MW electricity to Bihar, which will now go up to 1,909 MW. With a total investment of around ₹80,000 crore in Bihar, NTPC has an installed power generation capacity of 9,070 MW across six projects in the state, while 660 MW is under construction.

2. Karnataka budget 2023: Insurance coverage of ₹4 lakhs announced for e-commerce delivery employees

Karnataka Chief Minister Siddaramaiah announced a total of INR 4 lakh accident insurance for e-commerce delivery employees, including those working for Swiggy, Zomato, and Dunzo, during the presentation of the state budget for 2023-24. The amount will comprise INR 2 lakh as life insurance and INR 2 lakh as accident insurance, and the entire insurance premium will be borne by the government. The budget also includes INR 52,000 crore to be spent on five key poll promises and the replacement of the National Education Policy with a State Education Policy.

3. Tomato prices reach ₹250 per kg

Tomato prices have reached an all-time high of Rs 250 per kilogram in Uttarakhand's Gangotri Dham, with other parts of the Uttarkashi district selling tomatoes at anywhere between Rs 180 to 200 per kg. The steep rise in prices is due to a shortage of supply caused by heavy rainfall and landslides in the region, which have damaged crops and disrupted transportation. The high prices are causing difficulties for middle-class families, who are struggling to afford basic necessities.

4. PSUs targeting 1 million tonnes green hydrogen production by 2030: Minister Puri

Several public sector undertakings (PSUs) in India are targeting 1 million tonnes of green hydrogen production by 2030, according to India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri. The PSUs have set internal targets for the adoption of green hydrogen, and India aims to have a green hydrogen production capacity of at least 5 million tonnes per annum by 2030. The country has also set up separate manufacturing zones, waived inter-state power transmission charges for 25 years, and provided priority connectivity to electric grids to green hydrogen and ammonia producers to incentivize production. Oman is also targeting 1-1.25 million tonnes of green hydrogen output by 2030.

5. GST fraud: Leading food delivery service among entities under scanner

Leading food delivery service, among other entities, is under scanner for a GST fraud worth Rs 15,000 crore. The scam involved registering thousands of companies under stolen or fake identities and utilizing these firms to generate e-way bills and fake invoices for non-existent goods and services. Evidence and documents collected have been analyzed, and the accused have defrauded the GST department of over Rs 10,000 crore as per estimates. The GST department and other relevant agencies have been alerted about the fraud for further investigation. Offences related to tax evasion, fake ITC, and fake invoices for non-existent goods and services have been on the rise across the country.

World News 🌎

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• ‘Washington wants healthy economic competition’: Janet Yellen on China visit

• US likely to supply Ukraine with deadly Cluster Bombs.

• Rights groups raise concern as Soros' OSF plans to lay off 40% of staff globally

• Sweden charge climate activist Greta Thunberg with disobeying police: Report

• ‘Have always taken serious action against terrorism…’: Justin Trudeau

• Texas abortion law may have led to nearly 10,000 more US births in nine months

Trendy Hashtags of Twitter #️⃣

#TheVaccineWar: Renowned filmmaker Vivek Agnihotri has recently announced his upcoming project, which will serve as a follow-up to his previous film, The Kashmir Files. Titled The Vaccine War, the film will be directed by Agnihotri himself, while his wife Pallavi Joshi takes on the role of producer. Although specific plot details have yet to be revealed, Agnihotri has provided a glimpse into the film through a couple of intriguing posters. He has also confirmed that The Vaccine War is based on a true story and will be released in 11 different languages.

Agnihotri took to Twitter to make the exciting announcement, describing The Vaccine War as an incredible tale of a war that the audience may not be aware India fought. He emphasized the country's triumph through scientific advancements, courage, and the embodiment of great Indian values. The film is scheduled to be released on Independence Day in 2023, and its posters feature a vaccine vial prominently displaying the title. The accompanying tagline reads, "A war you didn't know you fought. And won." Collaborating once again with Agnihotri as the producer is Abhishek Aggarwal, who also recently produced Karthikeya 2 and is currently involved in an upcoming biopic on former president APJ Abdul Kalam.

Speculations surrounding The Vaccine War suggest that the film will revolve around India's significant contributions in the race to develop a Covid-19 vaccine during the challenging times of the pandemic. Agnihotri expressed India's initial vulnerability, as the country lacked resources and felt abandoned by more advanced medical powers, but highlighted the determination and resilience of Indian scientists who managed to create the fastest and safest vaccine. Moreover, reports indicate that Agnihotri plans to shoot the entire film in Lucknow, adding a unique dimension to the storytelling.

Prior to this announcement, Agnihotri had already disclosed his plans to direct the second installment in his anthology series, centered around recent Indian history. Titled The Delhi Files, the film is scheduled for release in 2024. It is rumored that The Delhi Files will delve into the events surrounding the anti-Sikh riots of 1984, a topic that was recently depicted in Netflix's film Jogi, directed by Ali Abbas Zafar and starring Diljit Dosanjh. Meanwhile, Agnihotri's previous work, The Kashmir Files, achieved tremendous success in the Bollywood industry in 2022. Despite receiving polarized reviews and criticism for alleged misrepresentation of facts and propagating communal hatred, the film earned approximately Rs 350 crore at the global box office and became a sensation through positive word-of-mouth.