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Inside Nikhil Kamath’s Young India Philanthropic Pledge

Ahead of reporting its fourth-quarter results today, Nykaa has granted 4.05 lakh stock options worth around Rs 7 crore under its Employee Stock Option Policy (ESOPs) scheme.

Inside Nikhil Kamath’s Young India Philanthropic Pledge

Wednesday May 22, 2024 , 4 min Read

Hello,

Ahead of reporting its fourth-quarter results today, Nykaa has granted 4.05 lakh stock options worth around Rs 7 crore under its Employee Stock Option Policy (ESOPs) scheme. 

Meanwhile, logistics company Shadowfax has also added fresh ESOPs for its employees under its existing ESOP 2016 plan. According to a report in Entrackr, the newly added ESOP options are worth around Rs 61 crore (approximately $7.3 million).

In other news, digital services and solutions provider Coforge Ltd has collaborated with Microsoft to launch its Copilot Innovation Hub, which will focus on developing a pipeline of new industry-specific GenAI solutions.

Speaking of AI, the European Union member states have agreed on the world’s first major law to regulate the technology. 

The AI Act applies a risk-based approach to artificial intelligence, meaning that different applications of the technology are treated differently, depending on the threats they pose to society.

Lastly, Hollywood star Scarlett Johansson is angry after OpenAI launched a chatbot with an "eerily similar" voice to her own. The actress had previously turned down an offer by the company to voice its new chatbot, which reads text aloud to users.

In today’s newsletter, we will talk about 

  • Inside Young India Philanthropic Pledge
  • ThinKuvate launches India-focused fund 

Here’s your trivia for today: What is the easternmost Caribbean country?


Education

Inside Young India Philanthropic Pledge

Nikhil Kamath

Leading businessman and philanthropist Nikhil Kamath, along with Amitabh Shah, Founder of Yuva Unstoppable, has played a pivotal role in driving the Young India Philanthropic Pledge, garnering substantial financial commitments to fuel the Karnataka Model School Pathways Programme (KMSPP). 

The Young India Philanthropic Pledge is a commitment by India’s young change-makers to dedicate a minimum of 25% of their wealth towards global change, starting with India.

Key takeaways:

  • KMSPP aims to transform over 210 schools and co-located anganwadis/preschools across Tumkur, Davangere, Haveri, Yadgir, and Chitradurga by the academic year 2025-26 through the Model Schools Collaborative.
  • The programme has raised significant resources to impact over 45,000 students, 1,100 teachers, and various education and administrative officials across Karnataka.
  • The child-first approach of KMSPP has resulted in increased access to libraries and ICT labs, leading to significant improvements in student performance.


Investors

ThinKuvate launches India-focused fund

ThinKuvate team

Singapore-based angel investment network, ThinKuvate, launched its first India-focused fund—ThinKuvate India Fund I—with a total corpus of Rs 100 crore. Founded by Ghanshyam Ahuja, Ritesh Toshniwal, and Vikas Saxena, ThinKuvate has received approval from the SEBI to launch the Category 1 Alternative Investment Fund in India. 

Funding:

  • It will look to invest in tech startups across sectors with an initial amount of up to Rs 3 crore. ThinKuvate aims to invest in 12 to 15 startups every year through this fund.
  • With an investor base of nearly 200, the fund expects to reach its first close within this quarter.
  • In the first phase, ThinKuvate will roll out the fund in key cities, including Nagpur, Raipur, Bengaluru, and Chennai, to tap into emerging startup hubs in India, along with established centres. 


News & updates

  • Kill switch: ASML Holding NV and Taiwan Semiconductor Manufacturing Co. have ways to disable the world’s most sophisticated chipmaking machines in the event that China invades Taiwan, Bloomberg reported, citing sources.
  • Discount: Chinese tech giants Alibaba and Baidu have slashed prices of large-language models (LLMs) used to power generative artificial intelligence products, as a price war in the cloud computing sector heats up in China.
  • Layoffs: Pixar Animation Studios, the production house behind classic films such as Toy Story and Up, began laying off about 14% of its workforce Tuesday, as it scales back development of original streaming series, Reuters reported.


What is the easternmost Caribbean country?

Answer: Barbados.


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