India needs a strong leader: S Jaishankar; Paytm CBOs step down

Hello,

The latest additions to Apple’s iPad lineup are here.

The company has added a new 13-inch iPad Air to its offerings, providing a cheaper and lighter alternative to the iPad Pro. It has also added its M2 chip to the device—an upgrade from the M1 chip of its 2022 model.

Speaking of chips, Apple took the wraps off its new processor—the M4—during its event. It comes with a 10-core CPU and a 10-core GPU, and is built using the more efficient 3nm process. 

In other news, there's been more capital flows into funds.

Wealth management firm Client Associates announced the first close of its maiden fund—Client Associates Alternate Fund (CAAF)—at about Rs 300 crore. Meanwhile, InCred Alternative Investments also announced the first close of its inaugural private equity fund, IGPF - I, raising over Rs 330 crore.

Elsewhere, the Indian FMCG industry experienced a 6.5% growth in volume terms at a national level in the January-March period of 2024, with rural consumption surpassing urban for the first time in five quarters, according to consumer intelligence firm NielsenIQ.

ICYMI: The stars at the 2024 Met Gala.

Lastly, what would you see if you fall into a black hole?

A trippy new video produced on a NASA supercomputer lets viewers plunge into the event horizon, a black hole’s point of no return.

In today’s newsletter, we will talk about 

• S Jaishankar on electing a suitable PM
• Paytm CBOs step down
• Shark Tank India asserts copyright 

Here’s your trivia for today: How much storage did the first commercially available USB flash drive provide?

Interview

S Jaishankar on electing a suitable PM

Since 2019, India has had to navigate several international crises, including a pandemic, the War in Ukraine and a flare-up in West Asia. During this period, the Indian economy has also boomed, with startups becoming a key engine for this economic growth and employment generation.

“I believe that the next five years will be tough... We need strong hands and sure instincts to take India through this turbulence,” says S Jaishankar, the Union Minister of External Affairs, in an interview with Shradha Sharma.

Courage and experience:

• “This is an era of chips, AI, EV, and drones, but we need to ‘Make in India’ in all these fields. India needs a leader who will make actionable plans to excel in such upcoming opportunities, something I consider the milestones for Viksit Bharat (developed India)," the Minister explains.
• Under the current government’s regime, S Jaishankar says that every decision is finalised only after reviewing feedback. This, he adds, leads to a better evaluation of proposals and ideas. 
• “Ask the leader about their achievements, their track record of promises made, and benefits delivered. Look at the past track record, the future opportunities, and also the challenges the country may face,” he says. 

Funding Alert

Startup: GreenCell Mobility

Amount: Rs 307 Cr

Round: Green financing

Startup: Lendingkart

Amount: $10M

Round: Non-convertible debentures

Startup: Parseable

Amount: $2.75M

Round: Seed

Fintech

Paytm CBOs step down

Ajay Vikram Singh, Chief Business Officer (CBO) overseeing UPI and User Growth, along with Bipin Kaul, CBO for Offline Payments, are stepping down from their roles at Paytm. 

While Paytm did not confirm the departures, the company said it is going through a restructuring process. Founder and CEO Vijay Shekhar Sharma is going to have a more hands-on approach towards various operations at Paytm.

Restructuring:

• Last week, Bhavesh Gupta, President and Chief Operating Officer of One97 Communications, the parent company of Paytm, also resigned and transitioned to an advisory role.
• Varun Sridhar, formerly associated with Paytm Money, took over as the head of the wealth division as CEO of Paytm Services dedicated to distributing mutual funds and other wealth management products.
• Earlier in April, Surinder Chawla resigned from the post of Managing Director and CEO at Paytm Payments Bank Limited, citing personal reasons and career advancement.

Startup

Shark Tank India asserts copyright

Shark Tank India has sent legal notices to several startups for using clips from their pitches on the show for online ads. 

The incident first came to light after Dorje Teas Founder Sparsh Agarwal, who pitched on the show, put up a post on LinkedIn saying the move from Sony Pictures Networks India, which airs the reality show, was in a bad vein.

Crackdown:

• “Our Meta ad account has been disabled, and it's very much affecting our business,” Yashwant Budhwani, Co-founder and CEO of Hoora Technologies, featured in Season 3, told YourStory.
• Members of the startup community rallied behind Agarwal's position, expressing disapproval of Sony's actions and questioning whether Shark Tank India genuinely intended to support startups or merely wanted to attract attention.
• Under the Indian copyright laws, Sony may have legitimate grounds for seeking recourse. “Sony Pictures Networks India is the producer of the show; they therefore own the entire episode,” notes Swapna Sundar of PVS Giridhar Associates Law Chambers.

News & updates

• AI images: OpenAI is launching a tool that can detect images created by its text-to-image generator DALL-E 3, the Microsoft-backed company said amid rising worries about the influence of AI-generated content in this year's global elections.
• Project ACDC: Apple is developing its own chip to run artificial intelligence software in data centres, the Wall Street Journal reported, citing people familiar with the matter. Internally codenamed Project ACDC (Apple Chips in Data Center), it aims to leverage Apple's chip design expertise for its server infrastructure.
• Investigation: Boeing faces a new investigation after the planemaker told US regulators it might have failed to properly carry out some quality inspections on its 787 Dreamliner planes. The US Federal Aviation Administration said it was “investigating whether Boeing completed the inspections and whether company employees may have falsified aircraft records”.

How much storage did the first commercially available USB flash drive provide?

Answer: 8 MB

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