What the agritech sector expects from the Budget; Inside Chennai’s Chai Kings
Agritech stakeholders hope for solutions to insufficient credit, lack of digital public infrastructure and robust market access systems. How Chai Kings is carving a niche for itself in Chennai. Maya Ganesh inculcates sustainability in students through regenerative agriculture.
Hello,
Controlling the global chip market is a game of high-stakes chess, and the US and China are locked in a tense stalemate again.
Global chip stocks are still recovering from their tumble after reports that the US was considering tighter curbs on exports of advanced semiconductor technology to China.
Indian tech stocks have had a much better day.
Infosys raised its sales forecast for the year in a sign that clients are raising their technology budgets.
On the other hand, WazirX had its very own Ocean’s Eleven moment.
The cryptocurrency exchange fell victim to a major heist after a security breach led to withdrawals of assets worth $234.9 million. Ouch!
ICYMI: Here’s how a spray-on shoe is set to make history at the Paris Olympic marathon.
Meanwhile, NASA and SpaceX offer a sneak peek into retiring the International Space Station from orbit. An end of an era, truly.
Lastly, check out this tarot-inspired art collection by Johnny Depp. Featuring tributes to his ex-partner Vanessa Paradis, the collection is priced at around $4,500 for an individual framed piece.
In today’s newsletter, we will talk about
- What agritech sector expects from Budget?
- Inside Chennai’s Chai Kings
- From corporate to cultivator
Here’s your trivia for today: Where did the “wiki” in Wikipedia come from?
In-depth
What agritech sector expects from Budget?
The Union Budget 2024 holds critical importance in addressing challenges related to agritech in the country. Stakeholders are hoping for solutions to navigate issues related to insufficient credit, lack of digital public infrastructure supporting agriculture, and robust market access systems.
Agritech stakeholders have also voiced a need for government support in helping startups get traction, stay afloat, and tap into public infrastructure for digital penetration.
Key takeaways:
- Founders and investors are also looking at the government to introduce tax breaks, financial assistance, and credits to agritech startups for innovation.
- Arya AG’s Anand Chandra suggests the creation of an Open Network for Digital Commerce-like platform for the agritech logistics sector “to connect and streamline processes”.
- Satyajit Hange, Co-founder of Two Brothers Organic Farms, highlights the importance of “implementing smart warehousing in key agri clusters”, as inadequate refrigeration forces farmers to sell their produce in a specific area.
Funding Alert
Startup:
Amount: $18M
Round: Series A
Startup:
Amount: $5.9M
Round: Series A
Startup: Moneyboxx Finance
Amount: Rs 271 Cr
Round: Equity
Startup
Inside Chennai’s Chai Kings
Carving a niche for themselves in Chennai—which is somehow synonymous with filter coffee—has been both a challenge and an opportunity for Jahabar Sadique and Balaji Sadagopan, the co-founders of Chai Kings, a tea retail chain.
“We found that while Chennai residents enjoy filter coffee, they typically limit themselves to just one cup a day. Interestingly, tea is the preferred beverage throughout the rest of the day,” says Sadique.
Spilling the T:
- Chai Kings’ network has rapidly grown to 56 outlets, with 50 in Chennai alone. Only 6 outlets are outside Chennai—in Hyderabad and Coimbatore. The brand is also present in nine IT parks in Chennai.
- In 2020, the tea retail chain raised $1 million in funding from Chennai Angels, along with Hyderabad Angels and TiE India Angels. However, the pandemic stalled Chai Kings’ growth for two years.
- It plans to raise $2 million to expand to 130 outlets within 18 months, targeting a revenue of Rs 120 crore. Apart from Chennai, it is also eyeing the markets of Coimbatore, Hyderabad, and Bengaluru.
Social Story
From corporate to cultivator
For the last six years, Maya Ganesh has been inculcating a sense of sustainability in students in Tamil Nadu through regenerative agriculture. She left a lucrative corporate career at the age of 38 to work in the environmental sector.
Today, Maya helms a school garden that grows rare, native fruits and vegetables organically and inspires students to become changemakers.
Step forward:
- Inspired by London's allotment system, where residents could grow their food on government-allocated plots, Maya immersed herself in community-driven sustainable initiatives in East London.
- At APL Global School, Maya suggested creating a school garden. The project was designed as an extracurricular course where students could learn about organic farming—what Maya refers to as “regenerative agriculture”.
- “The kids take home some of the harvest, and the mothers are happy. They sell the surplus produce to the school community, allowing the garden to fund its tools and resources,” she notes.
News & updates
- Re-election: The European Parliament voted Thursday in a secret ballot to approve Ursula von der Leyen’s renomination as the president of the European Union executive’s arm, with 401 in favour.
- AI optimism: Taiwan's TSMC, the world's largest contract chipmaker, raised its full-year revenue forecast on Thursday given surging demand for chips used in artificial intelligence, and rejected the idea of a joint venture factory in the United States.
- Smart style: Facebook owner Meta has explored a multibillion-euro investment in eyewear group EssilorLuxottica, as the social media platform intensifies its push to develop smart glasses.
Where did the “wiki” in Wikipedia come from?
Answer: Hawaiian for "fast" or "quick".
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