ML models for accurate health reports; Navi disburses personal loans of Rs 1,900 Cr

Hello,

Tiger and Binny are out of Flipkart.

Both Tiger Global, one of Flipkart’s biggest investors, as well as co-founder Binny Bansal, have sold all their shares in the company to Walmart. Bansal, who continued to hold a small stake in the ecommerce company after its acquisition in 2018, generated $1-1.5 billion for his shares, reported Moneycontrol. 

On the other hand, The Wall Street Journal reported that Tiger Global sold its shares to Walmart for $1.4 billion. The transaction valued Flipkart at $35 billion, down from about $38 billion when it sold shares to SoftBank and other investors in 2021. Further, early-stage investor Accel is also said to have sold its shares to Walmart and gained a bumper return of 20-25X return amounting to $1.5-2 billion. 

This is yet another step in Walmart increasing its stake in the IPO-bound ecommerce company, which it initially acquired in 2018.

Meanwhile, DealShare’s co-founder Vineet Rao will step down from his position as the CEO of the company while continuing to serve on its board. The exit comes at a time when the Tiger Global-backed social ecommerce platform is pivoting to a hybrid model—online and offline—from an online-only model. 

Lastly, do not miss out on the rare supermoon sightings of this month.

In fact, the first one’s today!

In today’s newsletter, we will talk about 

• LLM models for accurate health reports
• Navi disburses personal loans of Rs 1,900 Cr
• Building a safe space for animals

Here’s your trivia for today: Which is the longest-running film franchise to date?

Startup

LLM models for accurate health reports

In 2022, IIT Varanasi graduate Anuruddh Mishra teamed up with Anand Rao, an entrepreneur and venture capitalist, to start Get Beyond Health. The Bengaluru-based startup aims to provide an accurate health report card for people, especially Indians, with parameters that are more attuned to the characteristics of the population of the country.

Digital diagnosis:

• The startup collected a vast amount of medical and healthcare data from multiple sources to provide a more accurate assessment of an individual.
• The goal was to collect various data points like blood biomarkers and bio age and create a personalised scorecard for individuals. In addition to this, Get Beyond Health realised that to provide this, they need to deploy technology.
• The healthcare startup then started building algorithms, which can provide the score based on the input data. In addition, it also created several large language models (LLM) to process all the data to provide a more accurate picture.

Fintech

Navi disburses personal loans of Rs 1,900 Cr

Sachin Bansal-founded firm Navi Technologies has disbursed over two lakh personal loans amounting to Rs 1,900 crore via its recently-launched co-lending and direct assignment platform—Navi Lending Cloud (NLC). The cloud-native platform, announced in August last year, has onboarded six co-lenders and 13 direct assignment (DA) partners.

Key takeaways:

• Under the partnership, borrowers can avail of personal loans up to Rs 20 lakh with a tenure of up to 72 months on the Navi app.
• Navi originates and processes the loans based on mutually aligned credit parameters and eligibility criteria, while the co-lending partner NBFC funds 80% of the loan generated and Navi Finserv funds the remaining 20%.
• Navi Finserv managed to service over five lakh customers through co-lending and direct assignment since August 2022 on NLC.

Animal Rights

Building a safe space for animals

Over the last four years, Sai Vignesh has created a haven for 300 animals—many of whom are rescued from illegal slaughterhouses and saved after accidents—at Almighty Animal Care Trust located near the Poondi reservoir in Tiruvallur on the outskirts of Chennai. The picturesque eight-acre open sanctuary houses cattle, disabled dogs, goats, pigs, and a pony.

Rescue house:

• It also has a dog house, medical treatment room, large animal ICU, a bovine house, and a 'harmony house' for small animals like pigs and goats.
• Vignesh began documenting the stories of rescued animals housed in his NGO sanctuary on social media in June 2020. In his videos, he highlights each animal’s unique personality as they demand belly rubs, move their heads when excited, and curl up on his lap to sleep.
• Almighty Animal Care Trust is home to 26 disabled animals, including those with spinal cord injuries, and Vignesh and his staff of 15 ensure they get ample medical care, nutritious food, vitamins, and supplements. 

News & updates

• Power problem: Nuclear energy is gaining significant momentum in Ontario, with new plans to expand an existing plant and add three small modular reactors to a site where another is already being built. The news marks a shift for an industry that has been stalled for decades.
• Data dilemmas: A German data watchdog has been investigating Sam Altman's Worldcoin project since late last year due to concerns over its large-scale processing of sensitive biometric data. Worldcoin, which launched last week, requires users to give their iris scans in exchange for a digital ID.
• Trading timeout: The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

What you should watch out for

• PVR INOX, Thyrocare Technologies, and Welspun Enterprises, among others to announce Q1 results.
• Russia to introduce electronic visas for travellers from India and 48 other countries.
• The Full Sturgeon Moon rises tonight—the first of August’s two supermoons.

Which is the longest-running film franchise to date?

Answer: King Kong, which began in 1933. The latest movie in the franchise, Godzilla vs. Kong, released in 2021 while another sequel is slated for release next year.

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