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NGLV, Ganganyaan tech to help India’s space tourism take off

Economic TimesEconomic Times · 9m ago
NGLV, Ganganyaan tech to help India’s space tourism take off
Medial

- Indian Space Research Organisation (ISRO) is working on vertical take-off and vertical landing (VTVL) technology for their Next Generation Launch Vehicle (NGLV). - The development of VTVL will be carried out through a small-scale vehicle and will incorporate technology from the upcoming Gaganyaan Mission. - The small-scale rocket will also be used for an Indian Space Tourism project, following the model of international initiatives like Virgin Galactic, Blue Origin, and SpaceX. - NGLV will require advanced navigation systems, deployable landing legs, steerable grid fins, and advanced avionics. - Manufacturing, especially the transportation of large-sized tanks and structures, is a key challenge in cracking the reusable market. - ISRO aims to leverage the Moon as a launching ground for deeper space exploration, similar to the Artemis program.

Exclusive: Trading app Investmint halts services; explores M&A deal

EntrackrEntrackr · 1y ago
Exclusive: Trading app Investmint halts services; explores M&A deal
Medial

Signal-based trading app Investmint has halted its services as the company found it difficult to figure out a reliable business model, sources aware of the development told Entrackr. In October 2022, Investmint raised $2 million in Seed round led by Nexus Venture Partners, with participation from other angel investors. As per sources, the firm had decent traction with substantial money left from the last fundraise but the team couldn’t translate them into monetization. “Investmint has been exploring acquisition opportunities with well capitalized wealth management companies,” said one of the sources requesting anonymity. Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed signals. “If the acquisitions talks won’t materialize, the company may return remaining capital to its backers,” said another source who also requested anonymity. The company’s spokesperson confirmed that the team has discontinued Investmint as a product and is re-evaluating its offerings. “We’re in late-stage talks with a few big players for M&A,” the spokesperson said. A clutch of startups have returned or are in the process of returning investors’ money after their startup failed to find a product market fit (PMF) or sustainable business model. Earlier this year, Nintee, a digital health startup launched by Wingify founder Paras Chopra, announced shutting down its operations. The firm also announced that it will return the majority of funding it raised from the investors. As per an ET report, fashion startups Virgio and Fashinz are planning to return most of the capital they raised from the investors after a failed pivot. Virgio has raised nearly $40 million while Fashinza has scooped up over $150 million in funding to date. While the majority of investors don’t like to exit out from a portfolio company with a slice of their original investment, the trend of returning capital by founders seems to be a progressive one. After all, there is no point in being stuck when things aren’t working out for long.

The good, bad and ugly: Decoding the IT pack’s Q4 show

LivemintLivemint · 1y ago
The good, bad and ugly: Decoding the IT pack’s Q4 show
Medial

India's information technology (IT) sector is facing challenges as growth headwinds in the West and generative artificial intelligence (GenAI) disrupt the industry. However, despite the uncertain macroeconomic conditions, IT companies have reported robust deal wins, particularly in key industry verticals and geographies. Operational metrics, such as reduced subcontracting costs and increased efficiency, have also given a boost to companies' margins. Indian IT firms are embracing AI and investing heavily in it. On the downside, the demand environment remains uncertain due to macroeconomic turbulence in the US and Europe, with the banking and financial services industry experiencing downtrends. Job cuts and automation concerns are also affecting the sector. Despite these challenges, some experts recommend considering long-term investments in large-cap IT stocks.

You.com startup is raising $50 million as it targets AI-assistant market

Economic TimesEconomic Times · 1y ago
You.com startup is raising $50 million as it targets AI-assistant market
Medial

SuSea Inc, the startup behind You.com, is raising $50 million in Series B funding to establish a presence in the AI assistant market. The funding would value the company between $700 million and $900 million. Despite a rise in web traffic, You.com's app downloads have decreased by an estimated 69% compared to last year. CEO Richard Socher described You.com as an AI assistant that focuses on productivity and internet search. The market for AI assistants is competitive, with Google, Microsoft, OpenAI, and Apple offering similar capabilities. You.com charges $15 per month for its premium consumer subscription. The funding is being led by Georgian, with participation from existing investors.

Zepto Cafe hits pause in smaller cities amid supply chain woes and high burn

EntrackrEntrackr · 1m ago
Zepto Cafe hits pause in smaller cities amid supply chain woes and high burn
Medial

Zepto Cafe has temporarily closed in several smaller North Indian cities, including Agra, Chandigarh, Meerut, Mohali, and Amritsar. Around 44 cafes have shut down, affecting over 400 employees, including some from newly opened locations. The closures are happening due to rising costs and supply chain issues. A Moneycontrol report says Zepto was spending Rs 250–300 crore per month late last year. Recently, that spending has dropped to about Rs 95 crore a month, down from Rs 115–120 crore in March and Rs 105–110 crore in January and February. A big factor is Zepto’s push to hire more staff. The Aadit Palicha-led company is reportedly trimming store teams from nine people to seven or eight to lower expenses and streamline operations. In a statement to ET Now, the company confirmed that the impacted outlets have been put on hold to resolve ongoing supply chain challenges. Zepto said it expects to resume operations in these locations by the end of the next quarter. “We remain committed to the cafe business and will invest aggressively going forward,” a spokesperson added. Despite the turbulence, Zepto maintains an optimistic outlook. The company reported crossing 1,00,000 daily orders in February and expects that number to triple within the next 12 months. This development comes as major competitors revisit their rapid food delivery strategies. Zomato recently shut down its 10-15 minute food delivery service, while Swiggy has scaled up Swiggy Bolt to more than 500 cities.

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