Commercial sector leading EV adoption; How to foster inclusion at workplace

Hello,

BYJU'S is in troubled waters.

Once the poster boy of India’s edtech ecosystem, BYJU’S has now shut down all its offices in the country, except its headquarters in Bengaluru, in the latest cost-cutting move. 

The embattled edtech company has asked all its 20,000 employees to work from home as it has given up all the office spaces temporarily to save on monthly rent, reported The CapTable.

In other news, SIDBI has secured approval from South Korea’s Green Climate Fund for its first-ever green climate project, the Avaana Sustainability Fund, to invest $120 million in climate-focused firms. 

Meanwhile, hyperlocal ecommerce startup magicpin has ventured into the logistics aggregation segment with the launch of Velocity—a delivery-as-a-service tech solution—which promises hyperlocal deliveries within 30 minutes, among other features. 

Elsewhere, Bitcoin prices rallied Monday to hit a fresh record high above $72,000 after Britain’s Financial Conduct Authority said it would allow exchanges to list cryptocurrency-linked exchange-traded products for the first time.

ICYMI: Did you know caffeine intoxication can be dangerous? It’s rare but real.

In today’s newsletter, we will talk about 

• Increasing EV adoption in India
• How to foster inclusion at workplace
• Factors hindering women's career growth

Here’s your trivia for today: Which country's flag has an eagle and a snake on it?

TechSparks

Increasing EV adoption in India

Zypp Electric Co-founder and CEO Akash Gupta predicts that by 2028, electric vehicles will make up 50% of the commercial logistics force. 

EV boom:

• Speaking at TechSparks' Mumbai edition, Gupta estimates it will take electric cars for personal mobility about 10 years to see meaningful uptake.
• He believes the commercial sector will continue to lead EV adoption in India, and drive more penetration than the personal mobility sector.
• "Today, people know electric vehicles...they're writing to us because they want to work in a sunrise sector and they want to join the EV bandwagon," Gupta adds.

Funding Alert

Startup: BlackSoil NBFC

Amount: Rs 100 Cr

Round: Equity

Startup: Kimbal Technologies

Amount: $5M

Round: Growth

Startup: Attron Automotive

Amount: Rs 4.75 Cr

Round: Seed

SheSparks

How to foster inclusion at workplace

Despite efforts to promote diversity, women's representation in leadership roles remains low. On a panel at SheSparks 2024, Diversity Simplified's Tina Vinod, Capgemini's Sarika Naik, and HerKey (formerly JobsForHer)'s Neha Bagaria agreed that the true potential of inclusion can only be unlocked when it goes beyond tokenism.

Levelling the playing field:

• Capgemini’s Naik says that unconscious bias is a reality. Offering solutions to mitigate the bias, she says that it all starts from the top.
• "I think for SMEs and startups, anybody who wants to win the war for talent has to be able to access diverse pools of talent. That's where diversity becomes extremely important,” explains Bagaria.
• Vinod elucidated that tokenism can work positively in cases when representation on the Board has the potential to bring about significant changes in the outcomes and decisions the company makes.

Survey

Factors hindering women's career growth

About 70% of women believe that poor work-life balance is the main obstacle that prevents women from advancing in their careers, according to a survey by upskilling platform Hero Vired. 

"There is a need for continued efforts in fostering a supportive environment, addressing biases and providing avenues for professional development," said Akshay Munjal, Founder and CEO of Hero Vired

Diversity and inclusion:

• Feeling out of touch with technological advancements, skill degradation, and difficulties in finding suitable job opportunities are major roadblocks for women to progress in their careers.
• On a positive note, the report found that about 77% of respondents have observed an increase in the representation of women in leadership positions compared to previous years. 
• About 85% of people believe that upskilling can empower women in the modern workplace, and approximately 65% of women are inclined to invest in upskilling and career development.

News & updates

• Public debut: Reddit Inc disclosed details of what will be one of 2024’s biggest IPOs, with the company and some existing shareholders seeking to raise as much as $748 million. Reddit and the holders are planning to sell 22 million shares for $31 to $34 each, the social media platform said in a filing. 
• Stake sell: Rakesh Gangwal, Co-founder of IndiGo, sold a 5.8% stake worth $820.3 million in operator Interglobe Aviation via bulk deals. Morgan Stanley bought 2.1 million shares, according to the stock exchange data. 
• Money, money: Telegram Founder Pavel Durov said the company expects to hit profitability next year with eyes on going public in the future. The chat app, which crossed 900 million users, is making “hundreds of millions of dollars” through ads and subscriptions, Durov told the Financial Times in an interview. 

Which country's flag has an eagle and a snake on it?

Answer: Mexico

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