Meet Apple’s new CFO Kevan Parekh; Abuse in India’s healthcare ecosystem

Hello,

The frenzy at the bourses is palpable.

Resourceful Automobile, a Yamaha dealership with only two showrooms and eight employees, has received a surprising response for its SME IPO. The company was looking to raise Rs 12 crore through the IPO and ended up being subscribed 418 times, receiving applications worth over Rs 4,760 crore.

The reason behind the activity is a little grey.

The National Stock Exchange recently introduced stricter guidelines for SME IPOs in response to growing concerns over the quality of companies raising funds. Only companies with positive cash flow to equity for at least two of the last three FYs will be eligible to list, but this rule will be enforceable next month.

Talking of stocks, Nvidia has arguably become the ‘most important stock’ given the AI boom, with the company’s market cap expanding 9X since the end of 2022. But it looks like, it’s all work and no play at the company.

A Bloomberg report noted that some employees were expected to work seven days a week till as late as 2 am, and some even had to send emails regularly to a centralised email ID, listing the five things they're working on. 

Despite the ‘pressure cooker’ work culture and high earnings, not many are willing to quit amid the stock rally and as employees get stock grants that become available after four years. In FY24, the company reported a turnover rate of 2.4%—much lower than the industry average of 17.7%.

If ‘working to the bone’ was a registered company…

ICYMI: Is it a bird? A plane? Nope, it’s a flying yacht!

Lastly, don’t forget to grab your tickets for the 15th edition of TechSparks Bengaluru, to be held on September 26-28!

In today’s newsletter, we will talk about 

• Meet Apple’s new CFO Kevan Parekh
• Abuse in India’s healthcare ecosystem
• Building a mental health platform

Here’s your trivia for today: What was the original name of the planet Uranus?

Technology 

Meet Apple’s new CFO Kevan Parekh

Apple has a new chief financial officer (CFO). The iPhone maker appointed Kevan Parekh, who will succeed Luca Maestri. Parekh, Apple’s vice president of financial planning and analysis, will take on the role of CFO on January 1, 2025, and join the executive team.

Onboarding:

• Parekh, who has been with Apple for 11 years, currently oversees financial planning and analysis, G&A and benefits finance, investor relations, and market research.
• Before his current role, Parekh led worldwide sales, retail, and marketing finance. He started his tenure by providing financial support for Apple’s product marketing, internet sales and services, and engineering teams.
• He has also held senior leadership positions at Thomson Reuters and General Motors, gaining extensive global experience.

<Funding Alert>

Startup: Convin 

Amount: $6.5M

Round: Series A

Startup: Finarkein Analytics

Amount: $4.7M

Round: Pre-Series A

Startup: just words

Amount: $1.7M

Round: Seed

Healthcare

Abuse in India’s healthcare ecosystem

The rape and murder of a trainee doctor at R.G. Kar Medical College and Hospital in Kolkata has exposed the abuse of power within the medical institutions of India. 

Dr Sylvia Karpagam, a public health doctor and activist, has witnessed just how deep the rot runs in the system. She says incidents of senior doctors using their authority to exploit female students and patients are common. 

Overhaul:

• The intersectionality of abuse is such that marginalised groups of women like junior staff, and those from lower socio-economic backgrounds are more vulnerable, Dr Karpagam says.
• ASHA workers’ precarious employment status, combined with the absence of a supportive system, means that their safety concerns are often ignored. Speaking out could potentially jeopardise their livelihoods.
• Implementing practical measures like CCTV cameras, strict regulations on work hours, and empowering women in the workplace to set boundaries without fear of repercussions are fundamental to improving safety, she says. 

Women entrepreneurs

Building a mental health startup

Srishti Srivastava is the Founder and CEO of mental wellness startup Infiheal. Its flagship product Healo is an AI co-therapist designed to help users navigate mental issues and access advice from experts. Healo also offers a timer for focus, relaxing tracks to soothe anxiety and other self-care activities.

Stay calm:

• An incident during a TV show when she was young eventually pushed Srivastava towards building a mental health startup. 
• The turning point in her career came during the COVID-19 pandemic when she found that a lot of people in her circle were facing some sort of crisis or the other and were taking therapy and mental health support. She felt it was the opportune time to venture into the field.
• Healo has also undergone cultural training to differentiate between Indian and US clients. So far, the web app has recorded over three lakh conversations.

News & updates

• EV embargo: Canada will impose a 100% tariff on imports of China-made electric vehicles after the US and EU made similar announcements. The country also plans to impose a 25% duty on Chinese steel and aluminium. Canada and its Western allies accuse China of subsidising its EV industry, giving its car makers an unfair advantage.
• AI oversight: OpenAI, Adobe, and Microsoft have thrown their support behind a California bill requiring tech companies to label AI-generated content. The legislation requires watermarks in the metadata of AI-generated photos, videos, and audio clips.
• Tough action: South Korean President Yoon Suk Yeol called for digital sex crimes to be thoroughly investigated after media reported that sexually explicit deepfake images and videos of South Korean women were often found in Telegram chatrooms. Most of the accused were teenagers and people in their 20s, the police said.

What was the original name of the planet Uranus?

Answer: The Georgium Sidus, or The Georgian Planet in honour of King George III of England.

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