Mumbai Angels takes wing
This year, the common Indian could see revised income tax slabs.
The government is considering lowering rates under its voluntary income tax framework for inclusion in the Union Budget for 2023-24, Reuters reported.
While the optional tax scheme—announced in 2020 to make compliance simpler—offers lower headline taxation rates on annual income, experts say it is unattractive to many as it does not allow exemptions on housing rentals and insurance, among other things.
In a historic turn, China saw its population fall last year for the first time in six decades. The country reported a drop of roughly 850,000 people for a population of 1.4 billion in 2022, marking the first decline since the Great Famine in 1961.
Are you yearning for a four-day workweek? Finally, a real-world experiment proved that we should all shift to the said work routine!
The experiment, organised by 4 Day Week Global, reported overwhelmingly positive results: Companies in the programme reported increased revenue and improved employee health and well-being, as well as a positive impact on the environment.
ICYMI: Check out how Filipino artist Nathaniel Alapide has turned Dubai’s white sand beaches into his canvas.
In today’s newsletter, we will talk about
- 360 ONE acquires Mumbai Angels
- Fintech’s dreams for the Budget
- Gogoro, Belrise set up battery swapping infra
Here’s your trivia for today: Which European company made the C-Zero electric car?
Merger and acquisition
Mumbai Angels, among India’s oldest network of wealthy individual investors in early-stage deals, promptly announced the launch of two funds following its acquisition byfor Rs 45.73 crore.
The first is an angel fund of Rs 1,200 crore, which falls well within its domain. The second—a venture capital fund of Rs 500 crore—signals new ambitions that probably prompted the sale to the entity formerly known as IIFL Wealth and Asset Management.
- The deal is expected to open new avenues for both 360 ONE and Mumbai Angels.
- While 360 ONE gains access to startup investments, Mumbai Angels gets to tap into a wider pool of investors, also opening doors for its members to participate in later-stage deals.
- The transaction was formalised in November 2022, with 360 ONE picking up a 91% stake in Mumbai Angels.
In 2022, fintech startups faced multiple challenges—increased regulatory oversight from the Reserve Bank of India, a slowdown in global economic growth, and a funding winter.
Companies hope the Budget 2023 will help them add more muscle to their businesses, with lower tax burdens and better lending arrangements with regulated entities.
A better future:
- Small fintech startups have sought exemption in the Goods and Services Tax until a certain limit of the revenue.
- Ankur Maheshwari, Chief Financial Officer at neobank Freo, hopes the government will consider promoting co-lending models to expand financial inclusion.
- Parry Singh, Founder and CEO of Red Fort Capital, says the government should encourage banks to increase the quantum of funding and liquidity assistance, including loans at low rates for NBFCs.
The poor coverage of charging stations—a key hindrance to electric vehicle adoption—is expected to change, at least in Maharashtra.
Taiwan-based Inc said it will invest $2.5 billion, along with Indian automotive systems manufacturer Belrise Industries, to set up an extensive network of battery swapping stations for electric vehicles in the state.
Beating range anxiety:
- The battery-swapping infrastructure will be deployed this year.
- The deal is expected to lead to an increase in EV adoption, create jobs in the smart and clean energy ecosystem, and encourage more players to set up EV manufacturing and assembly plants in Maharashtra.
- Gogoro has seen huge success in Taiwan in cracking the battery-swapping model for personal e-vehicles.
News & updates
- Electrified: General Motors’ first-ever electric Corvette will be available later this year, starting at more than $104,000, the automaker said. The 2024 Chevrolet Corvette E-Ray hybrid will be the quickest production version ever of the American sports car.
- New models: Apple announced new Macbooks powered by the latest generation of its in-house, custom-designed PC chipsets. The chipsets—the M2 Pro and M2 Max—feature a more powerful CPU and GPU, up to 96GB of unified memory, and what Apple claims is “industry-leading” power efficiency.
- Hydrogen truck: Adani Enterprises Ltd has signed an agreement with Ashok Leyland and Canada's Ballard Power to launch a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics and transportation. Led by Adani, the project will have Ballard supply the fuel cell engine, while Ashok Leyland will provide vehicle and technical support.
Which European company made the C-Zero electric car?
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