iD Fresh in expansion mode; Cracking the code for autonomous vehicles

Hello,

Private equity firm Bain Capital has acquired 90% of Adani Group NBFCs—Adani Capital and Adani Housing. It has also committed $120 million in primary capital to facilitate growth. 

Bain Capital’s confidence in India’s financial services sector is growing. It has already invested in Axis Bank, 360One (formerly IIFL Wealth), Judo Bank, L&T Finance Holdings etc.

Speaking of investor confidence, foreign investors put in Rs 43,800 crore in July so far on stable macroeconomic fundamentals. With this, the FPI inflow in the equity market reached Rs 1.2 lakh crore so far this year.

Meanwhile, Threads app’s honeymoon period seems to be over. While it drew 100 million sign-ups within days of its launch, Threads has seen a 20% decline in active users and a 50% reduction in time spent on the app, according to Sensor Tower data.

ICYMI: ‘Barbenheimer’ phenomenon is ringing the cash registers. 

Barbie smashed expectations with $155 million in earnings to land the biggest debut of the year. Also, Oppenheimer has collected $80.5 million despite being R-rated.

In today’s newsletter, we will talk about 

• iD Fresh in expansion mode
• Cracking the code for autonomous vehicles
• Can lab-grown diamonds shine bright?

Here’s your trivia for today: Who was the first human to perform a spacewalk?

Food

iD Fresh in expansion mode

Bengaluru-based ready-to-cook brand ID Fresh Food is looking at strategic acquisitions in the US as it plans on re-entering the market. It is evaluating target companies, including ready-to-cook brands in the US, with revenue of $5 million to $10 million with product adjacencies.

“We are looking at acquisition targets in the US market which can offer us manufacturing capability, technical know-how, access to market and a team,” PC Musthafa, Founder and CEO of iD Fresh Foods, tells YourStory.

Ready to grow:

• iD Fresh has been transitioning from a family-run entity to a professionally-managed company. It is on the lookout for a country head for the US to oversee its expansion plans.
• The company is also planning on starting operations in Qatar, Kuwait, and Bahrain by the end of July, and aims to enter Southeast Asia soon.
• The Premji Invest-backed firm is looking to target Rs 700 crore in revenue in FY24—up from Rs 420 crore in FY23.

Startup

Cracking the code for autonomous vehicles

Minus Zero, an autonomous mobility startup based out of Bengaluru, is trying to fix issues in autonomous mobility with a nature-inspired approach to artificial intelligence. Its product includes AI-powered software, which sits inside the vehicle on a computer, as well as dashcams and sensors that help the vehicle navigate.

Nature-inspired AI:

• To train AI to become human, one needs to focus on three things: representation, prediction, and adaption, says Gagandeep Reehal, CEO and Co-founder of Minus Zero.
• He adds that once there are more AVs on the road, they will be able to signal each other and share vital information.
• In an event last month, Minus Zero showcased its zPod, an all-terrain, all-weather condition vehicle that can be scaled to Level 5 autonomy i.e. without human intervention.

Gems and jewellery

Can lab-grown diamonds shine bright?

Lab-grown diamonds are touted as a more environmentally-friendly and less expensive alternative to mined diamonds. According to a GJEPC report, export of polished lab grown diamonds from India grew 27.85% to $1.6 billion while polished mined diamond exports have slumped 39% year-on-year to $1.32 billion.

Rise in exports:

• When India imports rough diamonds and cuts and polishes them for exports, only 3% to 5% value is added. In contrast, the value addition rises to 17% to 18% in lab-grown diamonds, as per Smit Patel, Director of Greenlab Diamonds.
• India serves as a processing hub for lab-grown diamonds with availability of raw materials and machinery, leading to price competitiveness.
• The government’s thrust on lab-grown diamonds is expected to accelerate consumer awareness and acceptance and the overall market growth. 

News & updates

• Bye bye birdie: Elon Musk said that he plans to change the logo of Twitter to an “X” from the bird, marking what would be the latest big change since he bought the social media platform for $44 billion last year. This comes after Musk changed the name of Twitter Inc to X Corp earlier this year.
• Financial holding: China's Alibaba Group said it had decided not to participate in affiliate Ant Group's proposed repurchase of shares, but would maintain its 33% shareholding in the company. Earlier this month, Ant Group has announced a surprise share buyback of up to 7.6% of its equity interest
• Electric vehicles: Tesla has started offering consumers 84-month auto loans on its US order pages. While extending loan terms can lower car buyers’ monthly payments, consumers tend to pay more in interest and face greater risk of owing more than their vehicle is worth. 

What you should watch out for

• SEBI, NSE and BSE will allow stocks under Enhanced Surveillance Measures Stage-II to trade on all days.
• Tata Steel, IDBI Bank, and HDFC Asset Management Company among others will release Q1 results.
• The Income Tax department observes Income Tax Day.

Who was the first human to perform a spacewalk?

Answer: Alexei Leonov, in March 1965 for 12 minutes and 9 seconds.

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