Ola Electric posts losses; Anita Dongre on dressing up Beyoncé

Hello,

Ola Electric is in a slump.

After surpassing Rs 500 crore in revenue in its first two months of FY23, the IPO-bound EV maker recorded an operating loss of $136 million on revenue of $335 million in FY23, reported Reuters. 

Last June, the company had said it was "on track to surpass a $1 billion run-rate by the end of this year" and that "the future forecast looks even stronger".  

In other news, Finance Minister Nirmala Sitharaman said Indian companies can now go for direct listing on foreign exchanges and on the International Financial Services Centre (IFSC) bourse.

This will help domestic companies access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the COVID-19 relief package announced in May 2020.

Meanwhile, we are living in the hottest July to have ever been recorded. According to European Environment Agency (ERA5) climate data, the global mean temperature temporarily exceeded the 1.5° Celsius threshold above the pre-industrial level during the first and third week of the month. 

The daily average global mean surface air temperature on July 6 surpassed the record set in August 2016, making it the hottest day to date, with July 5 and July 7 falling shortly behind. Knock, knock! Who? Global warming. 

Last but not least, check out Time’s list of the 100 best movies of the last century.

How many have you seen so far?

In today’s newsletter, we will talk about 

• Anita Dongre on dressing up Beyoncé
• Finding golfers their perfect fit
• PW to offer 4-year CS, AI programmes

Here’s your trivia for today: Who was the first Indian member of the British Parliament?

Fashion

Anita Dongre on dressing up Beyoncé

Anita Dongre is no stranger to fame. From her luxury pret line, bridal couture, or menswear collection—the fashion designer’s intricate designs showcasing India’s rich textile heritage have taken the world by storm. 

In a candid chat with YS Life, Dongre speaks about her illustrious journey in the world of fashion, her relentless drive toward sustainability, and what makes a new-age bride tick. 

House of Anita Dongre:

• Her eponymous label founded in 1995 comprises AND (western wear), Global Desi (contemporary wear), Grassroot (sustainable luxury), Anita Dongre (bridal wear), and Pinkcity (jewellery line). 
• From the Princess of Wales, Kate Middleton, to global celebs like Priyanka Chopra Jonas, singer-songwriter Beyoncé Knowles, and politician Hillary Clinton, and back home, actresses Alia Bhatt, Kareena Kapoor Khan, and Sonam Kapoor have all been spotted in Dongre’s creations. 
• “My designs have always been inspired by the bride who wants to dance at her own wedding. Over the years, more women have resonated with that feeling, but the brand, in its principle, has not changed over these decades,” Dongre says.

Sports

Finding golfers their perfect fit

Kapil Dev is into golf now. When Callaway Golf India—manufacturer of premium golf clubs, gears, and accessories—recently launched its first Golf Fitting Centre in Bengaluru, the cricket legend was seen throwing some impressive shots at the event. 

Topped shot:

• Besides the new golf equipment, the centre is also making use of technology to cater to players as per their needs. With comprehensive data in hand, the technology suggests the most suitable equipment for each player.
• Golf players and enthusiasts can avail of the fitting launch monitor at the centre, which analyses critical factors like the player’s club speed, ball speed, launch angle, and more. 
• Callaway has also employed AI to design better golf clubs. It has created 15,000 virtual club head iterations, surpassing the typical eight to 10 versions made by their engineers.

Edtech 

PW to offer 4-year CS, AI programmes

Edtech unicorn Physics Wallah (PW) unveiled PW Institute of Innovation (PW IOI), offering a four-year fully residential programme in computer science and AI. PW IOI's campus in Bengaluru will offer the four-year programme, with the inaugural batch comprising 150 learners, set to begin on September 27.

Key takeaways:

• It offers a curriculum covering foundational topics, software engineering, AI applications, and real-world internships. Students will learn programming languages, data science, and cloud computing, and specialise in areas like deep learning and big data analytics.
• The programme would offer an optional degree, similar to a Bachelor (Hons) in Data Science and AI from premium institutes. 
• PW IOI, which comes under the umbrella of PW Skills, aims to empower professionals with employable and effective skills for the rapidly evolving job market.

News & updates

• Crucial deal: India and Britain could sign a free trade agreement (FTA) this year as both countries have reached a consensus on the broad contours of the proposed deal aiming to boost economic growth and jobs, a top trade ministry official said.
• Robots at work: Google announced a new AI model that can train robots to understand tasks like throwing out trash. The Robotics Transformer 2 (RT-2) is a vision-language-action model trained on information and images on the internet that can be translated into actions.
• Drawing back: Sequoia Capital has slashed the size of two of its funds, including a cryptocurrency vehicle raised last year. The firm cut the size of its crypto fund from $585 million to $200 million and halved its ecosystem fund from $900 million to $450 million.

Who was the first Indian member of the British Parliament?

Answer: Dadabhai Naoroji, popularly known as ‘The Grand Old Man of India’. He was elected to the Liberal Party in 1892.

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