Fancode’s next innings

Hello,

Spoiler alert: It’s AI again.

Over the last few months, ChatGPT has reigned the internet, several news cycles, and memes. Now, OpenAI, the company behind this AI engine has a new product: GPT-4. So, why ‘4’? Well, because OpenAI released the first GPT language model in 2018 and when ChatGPT went live in November, it was powered by the third generation.

However, the swanky new AI—allegedly the “most capable and aligned" with human values and intent according to OpenAI’s CEO Sam Altman—is only available to paid subscribers of ChatGPT Plus for now. But if you are a Bing user, you can already access the magical GPT-4 via the new Bing chatbot.

In other news, overseas lawyers and firms can now practise foreign law, as well as appear in international arbitrations in India, according to a notification from The Bar Council of India on Tuesday. 

This is expected to further bolster foreign investments in the country, as “global companies looking to invest in India will derive more comfort if their foreign law firms are on the ground,” Akil Hirani, managing partner at Mumbai-based Majmudar & Partners, told Bloomberg.

Elsewhere, people are now getting married in the metaverse. This Indian couple recently tied the knot at Taco Bell’s Decentraland. Is this the future of weddings and, more importantly, do they deliver the food to the guests’ homes?

Last but not least, NASA released a very rare image captured by the James Webb Space Telescope: a supernova. The star in question is a Wolf-Rayet, described by the space agency as “among the most luminous, most massive, and most briefly detectable stars”.

In today’s newsletter, we will talk about 

• Building a sports streaming platform
• LEAD acquires Pearson’s India K-12 biz
• A Rs 158 crore packaging business

Here’s your trivia for today: Which country is home to the most lakes in the world?

Startup

Building a sports streaming platform

FanCode Co-founders Yannick Colaco and Prasana Krishnan have spent over a decade working in the sports media space. While Colaco is a former national-level basketball player who headed NBA’s India team, Krishnan spent over three years at now-defunct Nimbus Sports and also led Sony’s sports business cluster. 

Together, they now aim to build a sports streaming platform for games that traditionally haven’t seen traction in India. On offer are niche sports tournaments including the PGA Tour (golf), Saudi Cup horse racing tournament, Pakistan Super League, and Bangladesh Premier League, among others. 

On track:

• FanCode initially focused on cricket. In 2022, it hosted about 5,000 live sports events, out of which 4,500 were cricket matches.
• In January this year, the Dream11 subsidiary streamed the Hockey World Cup, ICC Under-19 Women’s T20 World Cup, and EuroLeague basketball tournament.  
• Its packs start from Rs 69 for a tour pass and Rs 199 for a month, which gives users access to all the tournaments. 

<Funding Alert>

Startup: HealthPlix Technologies

Amount: $22M

Round: Series C

Startup: One Impression

Amount: $10M

Round: Series A

Startup: Gynoveda 

Amount: $10M

Round: Series A 

Edtech

LEAD acquires Pearson’s India K-12 biz

Mumbai-based edtech unicorn LEAD has completed the acquisition of London-headquartered learning firm Pearson’s local K-12 learning business in India.  With this, the edtech company has expanded its reach to over 9,000 schools across India and more than five million students.

Top marks:

• LEAD entered into an agreement with Pearson to acquire the latter’s local K-12 learning business in India in January.
• The acquisition will help LEAD reach 60,000 schools across India by 2026.
• Its standalone loss widened over three-fold to Rs 397.1 crore in the financial year 2021-22 from Rs 126.1 crore in 2020-21.

MSME

A Rs 158 crore packaging business

If you’ve picked up a product by Patanjali, Mamaearth, Fabindia, or VLCC, chances are that you have purchased a product made by AG Poly Packs. Founded by Gaurav Daga, the company began its journey in 1997 when glass bottle manufacturers dominated the packaging industry. Daga had to think out of the box to make his products stand out. 

Under the wrap:

• AG Poly Packs was among the first companies to implement a diverse range of packaging for sectors like pharma, beauty, and food.
• In 2012, the firm set up its first manufacturing plant in Ghaziabad, which has reached a capacity of  2,800 tonnes annually to date, after which it set up another plant in 2019 with 2,200 tonnes capacity. 
• The company clocked Rs 158 crore in revenue in the financial year 2022 and is expecting to touch Rs 173 crore in FY23.

News & updates

• Criminal probe: US prosecutors were investigating Signature Bank’s work with crypto clients before regulators seized it this past weekend. Justice Department investigators in Washington and Manhattan were examining whether the bank took sufficient steps to detect potential money laundering by clients.
• Persisting drops: European bank stocks fell sharply on Wednesday on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. Leading the rout is Credit Suisse, which saw a drop of more than 20% in its shares.
• No easy money: Since Bob Iger’s second term as Disney's chief executive started in November, some of America’s most prominent media executives have offered him advice on how to turn the entertainment group around. One of the dominating topics is what to do with Hulu and ESPN.

Which country is home to the most lakes in the world?

Answer: Canada. Studies estimate there are 2 million freshwater lakes across the country with 563 greater than 100 sq km. 

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