Blinkit’s rival Zepto raises $665 mn at a $3.6 bn valuation, to go public soon

Mumbai, June 21 2024-

Quick delivery platform and Blinkit’s rival Zepto on Friday said it had raised $665 million at a $3.6 billion valuation in a highly oversubscribed round — just nine months after the company raised $235 million at a $1.4 billion valuation.

Avenir, Lightspeed and Avra (Anu Hariharan’s new fund) joined the company’s cap table as new investors, among others.

Existing investors Glade Brook, Nexus, and StepStone co-led the round with Goodwater and Lachy Groom doubling down as well, the company said in a statement.

“This dynamic of stores turning profitable faster and faster has enabled Zepto to grow rapidly while simultaneously achieving near EBITDA positivity at a company level,” said Aadit Palicha, Zepto’s Co-founder and CEO.

“We plan to continue operating with fiscal discipline as we scale from 350 stores to 700 stores by reinvesting the capital generated from mature stores back into the business,” he added.

If the company is able to achieve this while continuing to delight customers, “I believe we will be ready to go public relatively soon.”

In terms of business performance, Zepto’s gross merchandise value (GMV) has multiplied year-on-year to a base of more than $1 billion, and 75 per cent of the company’s stores are fully EBITDA positive (as of May).

With the new round of funding, “We plan to hire top talent across engineering, product, growth, finance, operations, and category management,” said Kaivalya Vohra, Co-founder and CTO, Zepto.

Founded in 2021 by Stanford University dropouts, Aadit Palicha and Kaivalya Vohra, Zepto became one of India’s fastest-growing internet companies.

Headquartered in Mumbai, Zepto delivers over 10,000 products, ranging across categories in 10 minutes.

“The Zepto team embodies what is possible for the next generation of Indian founders, and Glade Brook could not be more excited to continue our partnership,” said Paul Hudson, CIO of Glade Brook Capital Partners. (Agency)

EV startups from India, EU pitch innovative tech in battery recycling

New Delhi, June 21 2024-

In a bid to enhance the Electric Vehicle (EV) landscape and ecosystems in India and Europe, the India-European Union Trade and Technology Council (TTC) organised an event, featuring 12 high-impact startups in battery recycling technologies for EVs.

An independent committee of experts from each side shortlisted these 12 startups through a rigorous process based on scientific merit, market readiness, and prospects for cooperation.

“The initiative aligns with India and the EU’s commitment to promote a sustainable agenda, foster innovation, and forge stronger economic relations between India and the European Union,” said Office of Principal Scientific Advisor to the government of India in a statement.

The event offered the startups/SMEs an exclusive platform to pitch their innovative technologies.

Start-ups operating across the battery recycling value chain, covering collection to valuable mineral extraction participated in the matchmaking event.

“This matchmaking event brings together the best talents and technologies in the battery recycling space on both sides, giving them an exclusive platform for exchange, networking, and prospective investments,” said Professor Ajay Kumar Sood, Principal Scientific Adviser to the Central government.

“We believe the exchange trip, awarded to three Indian and three EU start-ups, to visit EV battery recycling facilities on either side would be highly beneficial,” he added.

Marc Lemaitre, Director-General for Research and Innovation at the European Commission, emphasised the importance of an innovation-led EU-India partnership.

“This matchmaking event is such a step by bringing together innovative startups from both regions that want to scale up green solutions under the umbrella of the EU-India Trade and Technology Council,” said Lemaitre.

As a next step, three start-ups each from India and EU will be awarded the opportunity to visit the EU and India, respectively for a week-long market immersion experience.

The India-EU TTC was first announced by the European Commission President, Ursula von der Leyen, and Prime Minister Narendra Modi in April 2022,

It is a key forum to deepen the strategic partnership on trade and technology between the two partners. (Agency)

Ahead of Sonakshi’s wedding, father Shatrughan dines with Zaheer Iqbal and family

Mumbai, June 21 2024-

Putting all rumours to rest actor-politician Shatrughan Sinha finally made an appearance with Zaheer Iqbal, who will soon be his son-in-law, at his residence.

On Thursday evening, Shatrughan made his first appearance with Zaheer Iqbal ahead of the wedding, which will take place on June 23.

Zaheer and Shatrughan first smiled and then posed for the shutterbugs stationed outside the building. The veteran star also gave his blessings to his soon-to-be son-in-law. In several clips, the two were seen embracing each other.

At one moment, Shatrughan was heard saying “Khamosh” on request by a camera person.

Sonakshi, who has been dating Zaheer for almost seven years, too was spotted ahead of her wedding. However, she did not stop for a picture. The actress got out of the car and straight went into the building.

Some media reports suggested that Sonakshi’s father was upset with her for not sharing the wedding plans with him. However, Shatrughan rubbished the claims.

Sonakshi and Zaheer will reportedly have a court wedding on June 23, which will be followed by a wedding celebration at Shilpa Shetty’s high-profile restaurant called Bastian in Mumbai. (Agency)

Matthew McConaughey stopped acting for two years, thought about becoming a teacher

Los Angeles, June 21 2024-

Hollywood star Matthew McConaughey shared that “it was scary” quitting Hollywood for two years when romantic comedies were all that was being offered to him early in his career.

The actor was speaking to Glen Powell in an Interview magazine discussion. McConaughey has worked on romantic comedies such as “The Wedding Planner,” “How To Lose A Guy In 10 Days,” “Failure To Launch,” “Fool’s Gold,” and “Ghosts of Girlfriends Past”.

“I’ve usually zigged when I felt like Hollywood wanted me to zag,” McConaughey said, reports variety.com,

“When I had my rom-com years, there was only so much bandwidth I could give to those and those were some solid hits for me. But I wanted to try some other stuff. Of course, I wasn’t getting it, so I had to leave Hollywood for two years.”

“Dude, it was scary. I had long talks with my wife about needing to find a new vocation. I think I’m going to teach high school classes. I think I’m going to study to be a conductor. I think I’m going to go be a wildlife guide.”

He added: “I honestly thought, ‘I stepped out of Hollywood. I got out of my lane,’”

“The lane Hollywood said I should stay in, and Hollywood’s like, “You should have stayed in your lane. … It was scary. The days are long — the sense of insignificance. But I made up my mind that that’s what I needed to do, so I wasn’t going to pull the parachute and quit the mission I was on. But it was scary because I didn’t know if I was ever going to get out of the desert.”

The actor then moved into more dramatic roles in movies such as “Mud,” “Dallas Buyers Club,” “Magic Mike” and “Interstellar.” He won the Oscar for Best Actor for his performance in “Dallas Buyers Club.” (Agency)

PM Modi interacts with Yoga Day participants in J&K’s Srinagar

Srinagar, June 21 2024-

Prime Minister Narendra Modi on Friday interacted with the participants on the 10th International Day of Yoga in J&K’s Srinagar city.

After leading the Yoga event at the Sher-e-Kashmir International Convention Centre (SKICC) here, PM Modi spent over 40 minutes interacting with the participants on the lawns of the SKICC.

Even rain gods obliged as the heavy downpour stopped the moment the PM came out to interact with the participants.

He was loudly cheered as he moved through the lines of the participants. He stopped at many places to exchange greetings with the Yoga practitioners and also kept continuously smiling to reciprocate the warmth of the participants.

PM Modi took selfies with young participants as they waved their hands and greeted the PM to acknowledge his eagerly awaited presence among them.

Despite the rain that lashed Srinagar city in the morning, the Yoga Day celebrations were a resounding success.

In his own words, PM Modi expressed happiness at the participation of 50,000 to 60,000 participants across J&K in Friday’s historic event. (Agency)

Space startups up 200X in just 2 years, India’s share in global space to rise 4X by 2030

New Delhi, June 21 2024-

There has been a massive 200 times increase in the number of space startups in the last two years owing to the major policy decision taken by Prime Minister Narendra Modi to open up the space sector, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, Jitendra Singh, has said.

According to the minister, the move also allowed public-private participation in a big way, adding that the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

Chairing a high-level meeting to review the 100-day action plan of the Department of Space, the minister took stock of the present status, the opportunities and future space missions of India’s space sector.

ISRO Chairman S. Somanath, his team and senior officials were present in the meeting.

“Space startups have increased from 1 in 2022 to nearly 200 in 2024, witnessing an unprecedented rise of 200 times in these years,” said Minister Singh.

In 2023, nearly Rs 1,000 crore was invested in the space sector of India in just about eight months.

Further, the industry caters to nearly 450 MSMEs affirming the PM’s vision of “Sabka Prayas” during the Amrit kaal period.

Giving further insights into the space sector, Dr Jitendra Singh said the share of India in the global space economy by 2030 is going to rise four times in comparison to 2021.

In 2021, the Indian space industry contributed 2 per cent to the global share. This is expected to rise to 8 per cent by 2030 and further to 15 per cent by the year 2047. (Agency)

Indian CEOs prioritise tech investments, including towards AI: report

New Delhi, June 21 2024-

Indian CEOs are prioritising technology investment, including artificial intelligence (AI) but stay guarded amid data security challenges, according to a report.

Around 70 per cent of CEOs are channeling investments into technology, including AI, to catalyse growth and enhance productivity over the next 12 months, which is much higher than their global counterpart at 47 per cent, according to the ‘EY CEO Outlook Pulse Survey’.

However, fortifying data management and cybersecurity (56 per cent) and pursuing cost optimisation across business facets (50 per cent) also stand out as critical strategic imperatives in the near term.

Moreover, the acquisition of technology, new production capabilities, or innovative startups (44 per cent) emerges as the leading strategic driver for mergers and acquisitions (M&A) activities, said the report.

“Commitment to tech investments is not just a response to the present but a strategic leap towards the future. The survey underscores this momentum, revealing that a substantial majority of CEOs are actively aligning their organisations with an AI-centric blueprint for innovation and productivity,” said Mahesh Makhija, EY India Technology Consulting Leader.

Despite a majority of CEOs acknowledging the growing importance of sustainability compared to a year ago, there is a trend of sustainability slipping down the priority list for almost 16 per cent of CEOs, overshadowed by financial constraints and a shift in boardroom focus.

To bolster the sustainability agenda, corporate India advocates for technology incentives, including AI, as well as subsidies and tax breaks for green technology investments, coupled with governmental backing of sustainable infrastructure projects. (Agency)

Joe Biden, Helen Mirren, Edgar Wright and Ron Howard pay tributes to Donald Sutherland

Los Angeles, June 21 2024-

After Canadian star Donald Sutherland passed away aged 88 after a long illness, a string of Hollywood personalities along with US President Joe Biden paid their tributes.

President Biden took to X to honour Sutherland, who he described as “a beloved husband, father, grandfather, and one-of-a-kind actor who inspired and entertained the world for decades.”

Veteran star Helen Mirren, who starred with him in “The Leisure Seeker,” shared a statement, where she said Donald Sutherland was one of the smartest actors she ever worked with.

Mirren added: “He had a wonderful enquiring brain and a great knowledge of a wide variety of subjects. He combined this great intelligence with a deep sensitivity, and with a seriousness about his profession as an actor.”

“This all made him into the legend of film that he became. He was my colleague and became my friend. I will miss his presence in this world.”

In the thriller “Klute,” Sutherland starred as a romantic lead and titular character John Klute across Jane Fonda’s Bree Daniels. Fonda called Sutherland a “brilliant actor and a complex man” in her tribute on Instagram, saying the pair loved working together on the film, reports variety.com.

Filmmaker, actor and 2017’s “Baby Driver” director Edgar Wright posted his tribute to X, praising Sutherland’s legacy in film and TV.

“RIP the great Donald Sutherland, a favourite actor and always fascinating screen presence. He starred in two of my very favourite and most influential films – ‘Don’t Look Now’ and the 1978 ‘Invasion Of The Bodysnatchers,’” Wright tweeted.

“But that is just the tip of the iceberg in terms of his legendary filmography; a funny, laconic, but also intense and dramatic presence in so many memorable movies, starting with his break-through in ‘The Dirty Dozen’, and then on an incredible run in the 70’s, 80’s and beyond with ‘M*A*S*H’, ‘Kelly’s Heroes’, ‘Little Murders’, ‘Klute’, ‘Don’t Look Now’, ‘The Day Of The Locust’, ‘Ordinary People’ and ‘JFK’, among many others,” Wright said

“I even adore his very early appearances in ‘Dr Terror’s House Of Horrors’ and ‘The World Ten Times Over’, as well as his very silly cameo in ‘Kentucky Fried Movie’.

“I know many of you following me will feel the same way about this great screen legend’s passing, so please list your favourite Donald Sutherland films,” Wright added.

“So sorry to see you go Donald, but what a legacy you leave behind.”

Director Ron Howard wrote: “I was blessed to direct him in #Backdraft. One of the most intelligent, interesting & engrossing film actors of all time. Incredible range, creative courage & dedication to serving the story & the audience with supreme excellence.”

Actor Rob Lowe remembered Sutherland and said: “Today we lost one of our greatest actors, Donald Sutherland. It was my honour to work with him many years ago, and I will never forget his charisma and ability.”

“If you want a master class in acting, watch him in “Ordinary People”. My condolences to Kiefer.”

“The Batman” Director Matt Reeves called Sutherland “one of the all-time greats” in his tribute on X.

Sutherland worked over 200 film and TV credits over 60 years starring in films like “Ordinary People” and “Don’t Look Now.” Sutherland landed his first big role in 1967’s “The Dirty Dozen,” which later earned him a spot as surgeon Capt. “Hawkeye” Pierce in “MASH.”

His son Kiefer Sutherland called him “one of the most important actors in the history of film.” (Agency)

T20 World Cup: ‘You have to be a step ahead of him’, SKY lauds ‘best bowler’ Rashid after India’s Super 8 win

Bridgetown (Barbados), June 21 2024-

After a match-winning knock of 53 off 28 against Afghanistan in the T20 World Cup Super 8 match, India batter Suryakumar was full of praises for the Afghan spinner Rashid Khan and described him as the world’s best bowler.

During his 53-run innings, Suryakumar hit 16 runs off the six deliveries he faced from Rashid to help lift his side to a winning total of 181/8 at the Kensington Oval on Thursday night.

Speaking after the match, the world no.1 T20I batter highlighted the necessity of asserting dominance against a player he regards as the world’s best bowler.

“I have told this before as well and I’ll say that again on air when he bowls, it’s very difficult to pick him so I know what shots I want to play when I’m inside. Best bowler in the world. You can’t let him dominate. You have to be a step ahead. But I am happy to be on a better side today,” said Suryakumar.

Batting first, India were 79/3 after 10 overs, having lost Rohit Sharma, Rishabh Pant, and Virat Kohli. But Suryakumar’s partnership with Hardik Pandya got them back on an even keel, leading to a solid first-innings score of 181/8.

In their response, Afghanistan were bowled out for 134, thanks to an exceptional spell from Jasprit Bumrah, who finished with figures of 3-7, as India sealed a 47-run win.

For his match-defining knock, Suryakumar was adjudged Player of the Match, speaking about his performance, the batter said “I think there’s a lot of hard work and practice gone behind this. And as I say again and again, there’s a lot of process and routines involved and when I go inside, when I play the game, I know I’m pretty clear in my mind what I want to do. Really happy with the way things went. And yeah, the first batter to get better of the match, hopefully the first of many.

“I still remember when Hardik came into bat, I told him the same thing. Let’s keep back with the same intent. Let’s not leave too much to the end because in the end, it was definitely going to be a difficult thing to do with the ball getting old, reversing and all. So, I said let’s keep pressing the pedal and see where we get in the end of 16 overs. But yeah, very happy with the way we got 180 on the board,” he added.

When asked about the adjustments needed after playing on challenging pitches in the USA and then moving to the Caribbean, the 33-year-old responded, “I think you just need to know what the game plan is. You practice accordingly when you get a few practice sessions and just know your game and when you go inside give the team fast what the team requires on that given day. Just, just be that way when you look at how the.” (Agency)

Bhakti Rathod thanks PM Modi for looking after India’s physical, mental health through yoga

Mumbai, June 21 2024-

Actress Bhakti Rathod, popular for her work in the TV show ‘Pushpa Impossible’, has thanked Prime Minister Narendra Modi for the initiative for “Yoga Day” at the United Nations in 2014 and getting to celebrate 10 years of it on Friday.

Bhakti told IANS: “Happy World Yoga Day! Thanks to the initiative taken by Prime Minister Shri Narendra Modi ji at the UN in 2014 today we are able to celebrate 10 years of World Yoga Day.

“A leader, who not only looks after the other aspects of progress of his nation but also the physical and mental health of the people of his nation and inspires the whole world to do the same.”

The actress said that she is going to introduce a new tradition in her life this year.

“This International Yoga Day, I will inspire five people in my life to do yoga and follow this tradition for their mental and physical health. I urge you to do the same and inspire more people to follow this most ancient Indian inexpensive and paramount way of leading a healthy lifestyle.”

Proposed in 2014 by the United Nations, the initiative for “Yoga Day” was taken by Prime Minister Modi in his 2014 UN address.

Walking down the memory lane, Bhakti said that her mother introduced her to yoga when she was 15.

“What I experienced in my mind and body still stays with me. Since then it has been my go-to solution for self-balance. I was elated when our honourable Prime Minister Shri Narendra Modiji, re-introduced it to the world and created widespread awareness of the most inexpensive and effective health care system from ancient India.” (Agency)