Will funding winter thaw in 2024?; Dailyhunt acquires Magzter

Hello,

The journey to an IPO.

Content-to-commerce company The Good Glamm Group has downsized its workforce by approximately 15%, or 150 employees, as part of a new organisational framework ahead of its initial public offering (IPO).

The company hopes for a public market listing in October 2025.

Speaking of layoffs, Alphabet-owned Google is reportedly implementing more workforce reductions as the tech firm continues its efforts to lower costs.

In other news, Infosys, India’s second-largest IT services exporter, reported a 30% year-on-year (YoY) rise in net profit to Rs 7969 crore for Q4 of FY24. The company's revenue saw a growth of just 1.3% to touch Rs 37,923 crore.

Meanwhile, foodtech giant Swiggy will integrate Swiggy Mall with its quick commerce offering Instamart to broaden the choice for consumers looking to purchase products other than groceries and staples.

Elsewhere, the government has notified amendments to the foreign direct investment policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments.

Lastly, space agencies globally are trying to get to the Moon and possibly set up missions on the lunar surface. However, astronauts living there can’t take fuel supplies with them.

A new generation of miniature nuclear reactors could solve the lunar fuel problem.

In today’s newsletter, we will talk about 

• Will funding winter thaw in 2024?
• Dailyhunt acquires Magzter
• A centre for ASD support

Here’s your trivia for today: How long is a day on the Moon?

Analysis

Will funding winter thaw in 2024?

The Indian startup ecosystem is going through a harsh funding winter, much like the Ice Age, which has intermittent periods of warmth. Venture capital (VC) investors believe 2024 could be that period of warmth for startups waiting for capital to flow easily.

Yagnesh Sangharajka, Co-founder and CFO, 100X.VC, says, “There is a measured approach of investing now, and it is likely there will be a significant uptick from the October quarter of this year.”

Easing woes:

• In February this year, startups signed a total of 121 deals and raised $890 million. In contrast, March saw 86 deals at $921 million, showing that capital inflow is slowly yet steadily rising.
• The VC community is ensuring more due diligence before investing, and gone are the days when founders could command lofty valuations.
• While the sun shines for early and growth-stage startups, funding woes have not eased for late-stage companies. For instance, in the first quarter of 2024, only Shadowfax and Pocket FM raised over $100 million.

M&A

Dailyhunt acquires Magzter

Bengaluru-based VerSe Innovation, the parent company of news and content aggregator DailyHunt, has acquired Magzter, a New York-headquartered digital newsstand, for an undisclosed value. 

Speaking to YourStory, VerSe Innovation's Co-founder, Umang Bedi, said, “This acquisition helps us in addressing the requirements of the premium audience who want an advertisement-free environment.”

Strategies:

• Founded in 2011, Magzter has more than 8,500 magazines and newspapers on its platform across 60 languages.
• This acquisition brings in 1.1 million paying subscribers for DailyHunt in India and opens a new revenue stream for the company besides advertisement.
• Dailyhunt has over 350 million monthly active users across its app and mobile web platform. Bedi believes 10 million from this base are potential paying subscribers.

Empowerment

A centre for ASD support

During a visit to the Spastic Society of Karnataka in 2013, Amritha Krishnamoorthy met children with autism for the first time. She says the “eye-opening” experience pushed her to start Stepping Stones Centre.

Based in Bengaluru, Stepping Stones Centre supports children with Autism Spectrum Disorder (ASD) in their overall development and eventual integration into the education system.

Helping hands:

• According to a 2021 study by the Indian Journal of Pediatrics, the estimated prevalence of autism in India is around 1 in 68 children. As per WHO, it is estimated that worldwide about 1 in 100 children have autism.
• Stepping Stones follows an Early Intervention Programme and a three-part Inclusive Education Programme.
• Stepping Stones has collaborated with four schools in Bengaluru, where it has set up a resource room consisting of behaviour, speech, and occupational therapists.

News & updates

• Best airport: Singapore’s Changi Airport has lost its pole position as the world’s best airport to Doha’s Hamad International Airport, according to air transport rating firm Skytrax. It is the third time Hamad International Airport clinched the top spot, after winning the title in 2021 and 2022.
• Phishing kits: Law enforcement officials in 19 countries have shut down an online platform that earned at least $1 million by selling phishing kits to cybercriminals, helping them launch attacks on tens of thousands of people worldwide.
• Bird flu: The World Health Organisation has raised concerns about the spread of H5N1 bird flu, which has an “extraordinarily high” mortality rate in humans. An outbreak that began in 2020 has led to the deaths or killing of tens of millions of poultry. 

How long is a day on the Moon?

Answer: 29.5 Earth days

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