THREE STATE VENTURES
Investors pour $27.1 billion into AI startups, defying a downturn
Investors poured $27.1 billion into AI startups in the United States from April to June, accounting for nearly half of all U.S. startup funding in that period, according to PitchBook, which tracks startups. In total, U.S. startups raised $56 billion, up 57% from a year earlier and the highest three-month haul in two years.
Priyanka Chopra's previous venture, Restaurant Sona in New York, to shut down
Priyanka Chopra Jonas' Sona restaurant in New York is closing after her withdrawal as co-founder. The closure announcement was made on Sona's Instagram, citing the final service on June 30.
Vi dials lenders for Rs 23,000 cr term loans, seeks Rs 10,000 cr in bank guarantees
Vodafone Idea (Vi) proposes borrowing Rs 23,000 crore in term loans and seeks Rs 10,000 crore in bank guarantees to enhance its telecom infrastructure and compete with Reliance Jio and Airtel.
Bluestone’s new investors; states & semicon hubs
Happy Tuesday! New investors are finalising Bluestone’s pre-IPO funding round. This and more in today’s ETtech Morning Dispatch.
Silicon Valley’s South Park Commons launches Bengaluru outpost in collaboration with Binny Bansal
Silicon Valley-based early-stage venture fund South Park Commons made its India entry with an outpost in Bengaluru. This is its first international location outside of the US. The fund was launched in 2016 as a collective of engineers, founders and researchers by husband-wife duo of Ruchi Sanghvi and Aditya Agarwal.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
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Last rites of Ramoji Rao held in Hyderabad, TDP chief Chandrababu Naidu attends funeral
Industrialist and media mogul Ramoji Rao's last rites were held at Ramoji Film City in Hyderabad with state honors. TDP chief N Chandrababu Naidu and senior IAS officers attended the funeral. The Andhra Pradesh government declared state mourning on June 9 and 10. Top leaders including President Droupadi Murmu and PM-designate Narendra Modi paid tribute to Rao, praising his contributions to media and entertainment.
Used EV sales fail to take off: Why electric resale market lags
Electric vehicles (EVs), including scooters, cars, and commercial vehicles, are surprisingly unpopular in the used vehicle market and often sell for less than similar fossil fuel-powered models, according to EV experts. One major reason is the challenge of precisely determining an EV's remaining battery life. This is crucial because batteries can make up half the cost of a new EV, significantly impacting how much a used one is worth.
T20 World Cup Live in USA: Schedule, time table, how to watch on 'Willow By Cricbuzz'
T20 World Cup is taking place in the US for the first time and viewers can watch the marquee event.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
Narayanan Vaghul, the banking doyen, passes away at 88
Narayanan Vaghul, the banker who built ICICI, passed away at 88. He was the youngest chairman of Bank of India at 44 and quit banking due to bureaucratic interference. Vaghul was awarded Padma Bhushan in 2010 and The Economic Times Lifetime Achievement Award in 2006. He is survived by his wife, daughter, and son.
Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
ONGC, NTPC Green mull joint bid for NIIF-owned Ayana Renewable Power
ONGC is reportedly in discussions with NTPC Green Energy to jointly bid for Ayana Renewable Power, owned by NIIF. Several potential buyers have submitted non-binding offers for Ayana. ONGC previously announced ONGC Green for renewable projects, while NTPC Green plans an IPO. Ayana focuses on solar and wind energy projects.
Piramal Alternatives buys 9.85% stake in Annapurna Finance for Rs 300 cr
Piramal Alternatives, the investment arm of the Piramal Group, has picked a 9.85% stake in Odisha-headquartered micro lender Annapurna Finance through secondary equity deals.
Cryptocurrency Price on May 10: Bitcoin rises over 2% to $62.9k on renewed global rate cut optimism
Other major crypto tokens such as Solana (7%), Toncoin (12.1%), Dogecoin (3.4%), Shiba Inu (2.6%), Avalanche (3.7%), Chainlink (2%), and NEAR Protocol (4.4%) also surged. The volume of all stablecoins is now $58.67 billion, which is 92.17% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
Sony and Apollo Global's plan for Paramount: Break it up
Sony Pictures Entertainment and Apollo Global Management plan to acquire Paramount Global from Shari Redstone, intending to dismantle it. The strategy involves auctioning off CBS, MTV, and Paramount+ while merging Paramount Pictures with Sony's business. Skydance remains interested. Regulatory hurdles and divestitures are anticipated. Potential buyers for Paramount assets include Warner Bros. Discovery and TV station groups.
Agritech firm Poshn raises $4 million in funding led by Prime Ventures Partners, Zephyr Peacock
Agritech firm Poshn will use the capital to build its innovative stack of solutions that address the gaps in the system, and expand to global markets with imports and exports in profitable categories to Southeast Asia and the Middle East.
States & online gaming regulations; banks tap startups to foil frauds
Happy Monday! In the absence of central government’s self-regulatory mechanisms, states are framing laws for online real money gaming. This and more in today's ETtech Morning Dispatch.
Startup ecosystem today is remarkably different compared to 10 years ago: Sanket Atal, Salesforce India
India’s startup ecosystem is fast maturing as people are becoming much more courageous, willing to take risks and establishing right connections, says Sanket Atal.
Arcelormittal Nippon Steel India in talks for $1 bn loan
Arcelormittal Nippon Steel India Ltd., a joint venture between two global steel giants, is in discussions with banks to raise approximately 85 billion rupees ($1 billion), possibly the largest local-currency loan this year. Key lenders like State Bank of India, ICICI Bank Ltd., and Axis Bank Ltd. are expected to participate in the syndicated deal, earmarked for capital expenditure. The loan may extend over five years and be linked to a local interest rate benchmark.
In Kerala, three actors draw swords in Lok Sabha poll battle
Kerala is gearing up for a pivotal moment of democratic expression, with three prominent actors entering the political ring. Suresh Gopi, a star candidate of the BJP, is contesting from the Thrissur constituency on a BJP ticket, while M Mukesh, a sitting Left MLA, is contesting from the Kollam Lok Sabha seat. The saffron party has fielded its leader and actor G Krishnakumar to take on Mukesh in Kollam and UDF candidate N K Premachandran, who represents the Kollam seat currently.
Hunger games: Investors at the table with appetite for food startups
Pizza Wings, Boba Bhai in funding talks as HNIs, angels and other backers show interest
Binny Bansal’s Three State Ventures funds his new startup OppDoor
Three State Ventures is the investment vehicle of Binny Bansal, which is sponsored through his personal capital. The filings reveal the investment was made in stages over the past few months, with the most recent injection occurring in February.
Pavna Sports aims to invest Rs 100 crore in grassroots sports over three years
The company has also unveiled the Women’s Handball League (WHL) in India, which is slated to launch by January 2025. The league is being backed by the Handball Association of India. As the official licensee holders, Pavna Sports Venture also plans to integrate foreign exchange programs as a crucial part of its grassroots development initiatives to provide a holistic development platform for Indian women players.
NAREDCO seeks in budget Rs 50,000 crore more under SWAMIH for stalled housing projects
The government recently informed Parliament that as of November 16, 2023, 342 proposals aggregating to Rs 37,554 crore have been approved under SWAMIH. This will benefit around 2,18,699 homebuyers and unlock projects worth Rs 94,367 crore.
ETtech Deals Digest: Early-stage investments boost startup funding to $62 million this week
The funding plummeted by 73% in the week from Nov 20 to 25, compared to the same period last year, when startups secured $224 million across 39 rounds. However, compared to last week, funding activity saw an uptick of 52%.
Travel fintech Scapia raises $23 million in round led by Elevation Capital, Binny Bansal’s Three State Ventures, others
The new capital will be used to double down on the company’s growth, expand its customer base, onboard more banking partners, and strengthen its product suite, Goteti said.
ETtech Deals Digest: Startup funding plummets 90% in April versus last year
Here are the biggest startup fundraises for April.
MeitY’s new online gaming rules explained and other top stories this week
The Ministry of Electronics & Information Technology (MeitY) will notify at least three self regulatory organisations (SROs), which will decide what game is permissible on the Indian internet, and what is not.
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