Zerodha AMC readies for launch; Dunzo resumes operations

Hello,

All eyes on ISRO as India gets ready to make space history.

The Chandrayaan 3’s much-anticipated landing on the Moon’s south pole is on track for this evening—at around 6:04 pm local time. 

For everyone who wants to watch the live stream of the landing, check out ISRO’s website, YouTube channel, and Facebook page, or catch it on public broadcaster DD National TV from 5:27 pm. 

In other news, LIC has acquired a 6.66% stake in Jio Financial Services Limited (JFSL) following the latter’s demerger from Reliance Industries. JFSL, which had a rocky debut on the stock exchanges on Monday, has emerged as India's second-largest NBFC behind Bajaj Finance.

Meanwhile, ride-hailing app Namma Yatri will now start charging a subscription fee from autorickshaw drivers effective September 1. There are two available plans—either Rs 25 for an unlimited number of trips per day or Rs 3.50 per ride (with no charges after 10 rides).

Elsewhere, CoinDCX has let go of 12% of its total workforce citing tough macroeconomic conditions, especially in the crypto markets, and the impact of TDS on domestic exchanges.

Lastly, here’s how sauropod dinosaurs emerged as the biggest land animals—repeatedly. For perspective, even mammoths were featherweights in comparison.

Spoiler alert: Their small heads could be one of the many reasons.

In today’s newsletter, we will talk about 

• Zerodha AMC readies for launch 
• Dunzo resumes operations
• Fashion with banana bark bags

Here’s your trivia for today: What is the name of India's upcoming crewed space mission?

Fintech

Zerodha AMC readies for launch 

Zerodha Fund House's first new fund offer (NFO) is expected to go live in the next six to eight weeks. The company is in the process of completing all formalities to launch its first set of products, Vishal Jain, CEO of Zerodha Fund House told YourStory.

SEBI-approved:

• Zerodha's asset management company (AMC), under the name Zerodha Fund House, is a digital-first fund house that will operate as a separate entity, sponsored by Zerodha Broking Ltd.
• The AMC will establish an independent platform to house its products and solutions. The offerings will also be accessible through prominent digital and exchange platforms, including Zerodha and smallcase.
• Zerodha's AMC, which will be focused on index funds, is launched in partnership with Amazon-backed wealth management firm smallcase, with equity traded funds (ETFs).

Ecommerce

Dunzo resumes operations

Off-roll pickers at Reliance Retail-backed Dunzo have resumed work at the seven dark stores in Bengaluru after receiving their July salaries, two employees aware of the development told YourStory. 

"All of us (nearly 70) received the payment for July in full on August 19. We are back to work now," said a worker. 

Store opens:

• However, several of these employees are on the lookout for other jobs amid uncertainties in the quick commerce startup, the source said.
• Dunzo has a set of employees on its payroll, while some employees are hired and managed by third-party recruitment service providers. The third-party workers earn a stipend of Rs 15,000-20,000 every month.
• The dark store in Bengaluru's Frazer Town area has been shut down as it is undergoing a transition to a partner store model, the source added.

SMB

Fashion with banana bark bags

FOReT® Sustainable Fashion, a vegan and sustainable fashion brand, is on a mission to change the sustainability in fashion game. Started by Supriya Shirsat Satam in 2019, the brand wants to create products that are not just an alternative to conventional products, but aims to challenge the appeal of fast fashion brands.

Vegan fashion:

• Starting with a few SKUs, the Mumbai-based brand has since expanded its product range to over 200 SKUs. 
• The brand initially started with cork handbags and wallets, and now offers wallets, tote bags, handbags, and jewellery for men, women, and children. 
• The brand is currently collaborating with 300 rural women artisans based in Rajasthan, Maharashtra, and other parts of South India. It is also collaborating with around 50 artisans based in Europe.

News & updates

• Money matters: SoftBank is selling some of its investments in Latin America for the first time, turning a profit on the holdings even though startups in the region have been shut out of the market for IPOs. The Japanese firm’s pace of investment in the region has slowed after it made a huge splash in 2019.
• The ‘X’ factor: Elon Musk is pushing to change how news links appear on X (formerly Twitter), planning to remove the headline and text while retaining just the lead image from the links. This move could potentially undermine the ability of news publishers to draw audience.
• Strategic sale: IBM is selling its weather unit—including The Weather Channel mobile app and websites, Weather.com, Weather Underground, and Storm Radar—to Francisco Partners, a tech-focused private equity firm, for an undisclosed sum. 

What you should watch out for

• Chandrayaan 3 to land on Moon's south pole.
• India Clean Air Summit starts in Bengaluru today.

What is the name of India's upcoming crewed space mission?

Answer: Gaganyaan.

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