India leads G20's focus on startup agenda

Hello,

Hate it or love it but you cannot ignore the hottest kid on the block: ChatGPT.

Politicians are using it for speeches, students for their homework, novelists for their books, and whatnot. And now, it is even at colleges. Turns out, not only can this AI take the world by storm but it can also score an MBA and a law degree at the same time.

Recently, OpenAI's chatbot passed graduate-level exams at the University of Minnesota and the University of Pennsylvania’s Wharton School of Business. However, it’s a little too soon to despair about world domination by AI as it turns out ChatGPT scored only a C+ and also made surprisingly “massive” mistakes. 

Meanwhile, suspended Twitter accounts can now appeal to the company to be evaluated under the social media platform’s new criteria for reinstatement.

In future, the company will only suspend accounts “for severe or ongoing and repeat violations of the platform's policies”, adding that it will take “less severe action” such as limiting the reach of tweets that violate its policies or asking users to remove such tweets before continuing to use the account.

ICYMI: An interesting piece on how wealth looked like in 1,000 BC. 

You know, if you ever wanted to understand how rich people showed off their wealth before social media…

In today’s newsletter, we will talk about 

• India leads G20's focus on startup agenda
• Zoho reports 43% higher profit in FY22
• Native Bombay’s food theatre

Here’s your trivia for today: Which was the first car to be put into series production?

Interview

India leads G20's focus on startup agenda

Today is the final day of the inception meeting of the Startup20 engagement group, which was proposed by India as it took over the G20 presidency. Dr Chintan Vaishnav, Chairperson of Startup20, shared the vision and goals of Startup20 with YourStory Founder and CEO Shradha Sharma.

Solving challenges:

• While the startup agenda was earlier addressed by groups like Business20, the formation of Startup20 will enable driving a charter specifically for startups.
• Startup20 has identified three specific focuses: foundations and alliances, finance and inclusion, and sustainability.
• It will work on creating the architecture of an innovation ecosystem which is inclusive and does not differentiate between entrepreneurs.

Earnings

Zoho reports 43% higher profit in FY22

SaaS unicorn Zoho posted impressive earnings for FY22, recording profits of Rs 2,749 crore—up 43% from the previous fiscal year. Its revenue from operations surged 28.3% to Rs 6,711 crore.

Key figures:

• More than half of the total collections came from the business application software, Zoho One, which grew 62% to Rs 3,533 crore.
• The financial income (mainly from interest on investment and deposits) climbed 34%, taking the overall income to nearly Rs 7,000 crore in FY22.
• The largest cost centre was the employee benefit expenditure accounting for 51.1% of the total expense.

Wine and Food

Native Bombay’s food theatre

Native Bombay has been creating a serious buzz since it opened doors just a month ago for its shout-out to indigenous food and rare ingredients sourced from different states. YS Life checked out why this place gives you a bold return to your roots, in more ways than one. 

Ode to India:

• Bombay Bomb is a chaat-style starter inspired by Mumbai’s street fare. It has mini naan bombs that are smoky and cheesy.
• Kolhapuri Lamb chops are prepared with the local Kolhapuri kharda mirchi and served with julienned khaman kakdi, jaggery, and peanuts.
• Mangalorean-style Lobster Pulimunchi packs a keen hot and sour flavour that rides on imli and a secret Native spice mix.

News & updates

• Sale must go on: Despite the stock crash and increased scrutiny by SEBI and index provider MSCI, Adani Enterprises said its $2.5 billion share sale remains on schedule at the planned issue price even as bankers were considering changes due to a market rout in the group's shares.
• A healthy start: Chinese firms are beating their US and European peers early in the year on equity financing, aided by optimism about the nation’s reopening while the developed world grapples with rising interest rates and recession fears.
• The wrong signal: Federal prosecutors are attempting to bar indicted FTX co-founder Sam Bankman-Fried from using encrypted messaging software, citing efforts that may “constitute witness tampering,” according to a letter filed in Manhattan federal court.

Which was the first car to be put into series production?

Answer: The Benz Patent-Motorwagen, built in 1885 by Carl Benz.

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