Rario NFT asset value nosedive; Decoding India’s EV adoption

Hello,

Better late than never!

After a delay of over a year, BYJU'S is set to release its FY22 results this week. Further, the edtech company’s test-prep unit, Aakash Educational Services Limited (AESL), could reportedly see the return of Aakash Chaudhry, AESL’s co-promoter and co-founder, as chief executive officer (CEO).

In other news, Jio Financials reported its first earnings since being carved out from Reliance Industries. For the quarter ended September 30, its net profit rose to Rs 668.18 crore while the company's revenue rose to Rs 608.04 crore.

Meanwhile, festive sales continue to rake in the moolah for Indian ecommerce players. Flipkart’s The Big Billion Days sale recorded 1.4 billion customer visits during the first eight days of its festive season sale. Meesho’s Mega Blockbuster Sale, on the other hand, witnessed 120 crore customer visits and 1.6 crore new app installs.

Last but not least, TechSparks is flying to another city—Delhi!

With India on the brink of an economic transformation, this is the perfect time to spread our wings to further decode the ins and outs of the great Indian tech-ade and create impact at a scale like never before.

Grab your tickets and join us at TechSparks Delhi on November 29-30!

In today’s newsletter, we will talk about 

• Rario NFT asset value nosedive
• Decoding India’s EV adoption
• Purna Gummies bridging nutrition gap

Here’s your trivia for today: Which country built the world's first nuclear power plant to generate electricity for a power grid?

Blockchain

Rario NFT asset value nosedive

Despite the Cricket World Cup in full swing, one of the largest global NFT projects Rario—which trades cricket collectibles—has failed to find favour. Buyers on the startup’s marketplace find themselves in flux as the value of their holdings don’t see any movement.

Is it emblematic of a larger problem with NFT marketplaces today?

Downhill:

• Globally, the heat that once fuelled the frenzy has largely cooled off. Even blue-chip NFTs like Azuki, whose collections cost upwards of ~$600,000 apiece, now cost less than $10.
• Two holders of Rario cards tell YourStory on the condition of anonymity that trading activity on the platform is largely muted, leaving those who spent upwards of Rs 20,000 on a card unable to exit their holdings as buyers are few and far between.
• According to another trader, only Bronze NFTs are being traded on the platform since it’s easy to earn back proceeds on the sale. Whereas there are little to no incentives to purchase Black tier cards.

Electric Mobility

Decoding India’s EV adoption

At the Bengaluru edition of TechSparks 2023, Kazam’s Akshay Shekhar, Green Tiger Mobility’s Ashish Dokania, and ElectricPe’s Raghav Rohila discussed how early-stage startups are overcoming barriers to EV adoption and paving the way for an electric future.

EV 2024:

• In a panel discussion on ‘Watt next: Startups creating the future of mobility’, three main hindrances to EV adoption emerged—high cost, unavailability of charging infrastructure, and range anxiety.
• Anxiety among consumers that their vehicles will run out of charge before reaching their destination is another deterrent to mass EV adoption.
• Private capital is steadily flowing into India’s EV ecosystem, with startups bagging deals worth $1.2 billion between January and August 2023, according to Tracxn. However, because the sector is capex-intensive, many hardware companies are even unable to raise funds in the early stages.

MSME

Purna Gummies bridging nutrition gap

Gynaecologist Dr Archana Gupta observed that many of her patients needed to take supplements like iron, vitamins, and minerals for extended periods. However, due to the unpalatable taste and odour of these supplements, patients often discontinue their usage, resulting in deficiencies and related health issues.  

Gupta was determined to find a more appealing solution, which led to the founding of Purna Gummies. It manufactures nutraceutical gummies mainly focused on women in their 40s where such deficiencies are prevalent. 

Supplement:

• Purna Gummies serves a vast customer base, with over three lakh monthly customers in India and about two lakh customers in Europe and Africa. 
• The company provides white-labelling services to five Indian and three international brands while selling directly to consumers through online channels. 
• In FY23, the company achieved a revenue of Rs 20 crore. By the end of September in the current fiscal year, the revenue surged to Rs 45 crore, with an ultimate goal of reaching Rs 150 crore by year-end.

News & updates

• Sudden surge: Bitcoin rose suddenly on Monday before giving up nearly all its gains after asset manager BlackRock denied a crypto media report that US regulators had approved its high-profile application for a crypto investment product.
• Musical marvel: Taylor Swift’s Eras Tour concert film tallied between $95 million to $97 million during its opening weekend. It is the highest-opening concert film of all time and the highest-grossing domestic release of a concert film ever.
• Record ruler: Minecraft, the best-selling video game in the world, has broken yet another sales record. During a weekend event, developer Mojang Studios revealed it had now sold more than 300 million copies worldwide.

Which country built the world's first nuclear power plant to generate electricity for a power grid?

Answer: USSR in 1954. It was the Obninsk Nuclear Power Plant, producing around 5 megawatts of electric power.

We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail [email protected]. 

If you don’t already get this newsletter in your inbox, sign up here. For past editions of the YourStory Buzz, you can check our Daily Capsule page here.