Vauld creditors can now withdraw funds; Disrupting audio wearables space

Hello,

Zomato enters logistics.

It has launched Zomato Xtreme, a service available on a separate app to enable quick and affordable package deliveries starting at Rs 35. This puts the Deepinder Goyal-led company in competition with the likes of Dunzo, Shadowfax, and Borzo, also helping it diversify its offerings.

Elsewhere, festive shopping is in full swing with the first four days of festive sales recording GMV of Rs 29,000 crore, 16% higher than last year, reported Redseer, largely driven by consumers' need for premiumisation and the fear of missing out (FOMO). The consultant firm had earlier predicted that this year, the GMV of all festive sales may reach Rs 90,000 crore.

Meanwhile, early-stage investor Rukam Capital gained a 5.36X return in two years with its exit from D2C beauty brand Pilgrim, as part of the company’s $20 million Series B round raised in September, Managing Partner Archana Jahagirdar told YourStory. Additionally, Rukam will now launch a Rs 100 crore tech-focused fund called Rukam Sitara, aimed at investing between Rs 50 lakh and Rs 1 crore in early-stage startups. 

ICYMI: Some of the world’s most extravagant elevators.

Lastly, the world’s biggest gravity hole—located in the Indian Ocean—explained 75 years after its discovery.

In today’s newsletter, we will talk about 

• Vauld’s payback plan for creditors
• Disrupting audio wearables space
• Urooj Ashfaq's comic timing

Here’s your trivia for today: Who are the only three cricketers to have played for both India and Pakistan?

Crypto

Bankrupt Vauld allows creditors to withdraw funds

Cryptocurrency exchange Vauld confirmed to its Indian creditors that they can begin availing their funds on or before October 16. 

"I have been working closely with Kroll (financial advisory company) and team in order to work a way out for each one of you," Nandu Gopal V, the newly-appointed CEO of DeFi Payments Lte—the company which ran Vault, told creditors at a town hall.

Repaying debt:

• A new board took charge of DeFi Payments effective September 27. It consists of Nandu Gopal, Aleksander Kardachi, and Damir Butmir.
• The company began issuing payments into the bank accounts of creditors who have verified their bank details from October 9 and will make payments for those with USDC stablecoin by October 16.
• Its Indian entity Flipvolt confirmed that the Enforcement Directorate (ED) has yet to unfreeze its assets, which were frozen due to a raid last year.

Top Deals of the Week

Startup: Zolve

Amount: $100M

Round: Warehouse debt facility

Startup: InsuranceDekho

Amount: $60M

Round: Series B

Startup: Onsurity

Amount: $24M

Round: Series B

Startup

Hubballi startup disrupting audio wearables space

Navajith Karkera and Jagath Biddappa started Rapture Innovation Labs in 2018 to enhance the overall listening experience in the audio wearables segment. Its Sonic Lamb headphone uses patented Hybrid Driver Technology to enhance sounds using air and body conduction.

“Our proprietary impulse drivers are made and tuned in-house and the headphones are manufactured through a contract manufacturer,” states Co-founder and CEO Karkera.

Audio innovation:

• The headphones were earlier sold through the global crowdfunding site Indiegogo but Rapture has recently started selling directly on its website.
• The company has received orders of 570+ units of Sonic Lamb headphones organically from 50 countries so far, with 60% of the orders from the US.
• Rapture has received Rs 60 lakh as R&D grants from SINE IIT-B, DST, MeitY, and the Karnataka government. It has raised a total funding of Rs 4.25 crore.

Celebrity

Comic Urooj Ashfaq on her journey

In August, comic Urooj Ashfaq won the Best Newcomer award for her show, Oh! No at the Edinburgh Fringe Festival, the first Indian woman to do so.

“I was happy with the nomination as there are around 3,500 showcased at the fringe. Winning is a big act for a newcomer, and it felt great,” she tells YS Life.

Comic scene:

• Ashfaq started performing at open mics along with her friend Sumaira Sheikh in 2016. The duo began getting spots in clubs, writing jobs with AIB, and with Abish Mathew for Son of Abish.
• She says women comics are not spared when they make a mistake and so they go through a bigger and longer learning curve.
• Her primary target audience is people between 18-34 years, who like to consume entertainment.

News & updates

• Finally: Microsoft completed its $69 billion purchase of Activision Blizzard after a nearly two-year fight with global regulators in the biggest-ever acquisition in the video game industry. This gives Microsoft a more formidable position against rivals, vaulting it from fifth to third place globally.
• Growing: Electric vehicle sales in the USA jumped to more than 300,000 for the first time in the third quarter, but Tesla's market share slipped to the lowest on record. Tesla now dominates just half of the market, down from the 62% it held in the first quarter.
• Lift-off: A NASA probe is visiting one of the most unusual objects in the Solar System, an asteroid called 16 Psyche, which telescopic observations suggest is made from up to 60% iron and nickel. Scientists think it may be the remnant core of a planet-like object that had its outer rocky layers stripped off.

Who are the only three cricketers to have played for both India and Pakistan?

Answer: Abdul Hafeez Kardar (also known as the father of Pakistan cricket), Amir Elahi, and Gul Mohammad.

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