Swiggy’s countdown to public debut; Spreading smiles in Sonipat

Hello,

It’s a space race.

This time around, it’s commercial space missions that are making the news. Later this month, SpaceX will attempt to launch its next private mission from Florida, and it will be the company’s first attempt at a spacewalk.

Closer home, ISRO's latest satellite launch vehicle 'SSLV' is the first rocket in its category to be ready for commercialisation. Two others–'Vikram' from Skyroot and 'Agnibaan' from Agnikul Cosmos–are expected to vie for market share to place small satellites in orbit.

In another notch on the space exploration belt, the first test flight of India’s crewed mission Gaganyaan is scheduled for December 2024.

Moving on, Adani Group said it has enough capital to cover 30 months of debt payments as it tried to allay concerns over its liquidity status amid the Hindenburg fallout. 

Lastly, ever wondered how much money would be raised if governments across the world taxed the ultra-rich?

The Tax Justice Network campaign group says even a modest tax could raise over $2 trillion. 

In today’s newsletter, we will talk about 

• Swiggy’s countdown to public debut
• Spreading smiles in Sonipat
• Making women’s footwear sustainable

Here’s your trivia for today: Who is the only 3-time recipient of the Nobel Prize?

Foodtech 

Swiggy’s countdown to public debut

SoftBank-backed Swiggy is one step closer to its highly anticipated Rs 10,400 crore ($1.28 billion) IPO.

The food delivery and quick commerce platform, one of India’s most-valued unicorns, will most likely file its draft red herring prospectus with India’s markets regulator by as early as the first week of September, two people aware of the matter told YourStory.

Offering timeline:

• Swiggy is moving to the DRHP phase, which should be filed by the first week of September. Once it’s filed, the company may be looking at a two-month timeline for SEBI clearance, one of the two people told YourStory, requesting anonymity.
• Swiggy is eyeing a valuation of 60% of Zomato’s market cap, given its profitability and revenue, the person added.
• Meanwhile, Swiggy’s quick commerce business Instamart, which competes with Zomato’s Blinkit and Zepto, said it clocked higher orders per minute (OPM) on Monday, beating its previous record high from the day before amid Raksha Bandhan festivities in the country.

Social Impact

Spreading smiles in Sonipat

Nitin Jain’s drive for social welfare was active even when he was in college, pushing him towards ensuring that children in urban slum settlements in his home city of Sonipat in Haryana (NCR) had an adequate education and opportunities.

Today, his NGO Spread Smile Foundation, which started by running evening pathshalas for children, now runs several initiatives to help the underprivileged.

Education for all:

• Spread Smiles Foundation’s flagship initiative Vidyafal began with around 20 children, wherein they were taught English and Hindi alphabets, counting, oral activities, and the basic education necessary for them to enrol in schools in the new academic year.
• Currently, the NGO has four pathshalas where more than 400 students attend these classes.
• Beyond education, it also has other initiatives including special courses in sewing for girls, a charitable dispensary, and its nutrition drive Poshan, which ensures students are provided with food kits and provides nutrition kits to 200 tuberculosis patients every month.

Women Entrepreneurs

Making women’s footwear sustainable

Veena Ashiya’s early experience of watching limitations placed on the women in her community in Odisha, including her mother, and her father encouraging her to dream big, fuelled her determination to become financially independent through entrepreneurship.

After working with Versace in New York, she entered the footwear industry and started Monrow Shoes in 2019 to make sustainable and environment-friendly products.

Made for India:

• While starting out, Ashiya and her six-member team collaborated with orthopaedic specialists, scanned the feet of 3,000 Indian women, and developed shoes that were specifically designed for the unique structure of Indian feet.
• In addition to focusing on comfort, Ashiya decided she would make sustainability a core value of Monrow and work with vegan materials for her shoes to offset the environmental impact of leather production.
• Beyond the pandemic, the company also faced the uphill task of raising capital and navigating the male-dominated venture capital ecosystem. The brand has raised Rs 20 crore so far.

News & updates

• AI battle: AMD on Monday said it plans to acquire server maker ZT Systems for $4.9 billion as the company seeks to expand its portfolio of artificial intelligence chips and hardware and battle Nvidia.
• Leadership change: Estée Lauder Chief Executive Officer Fabrizio Freda plans to retire at the end of June 2025, the company said in a statement. Freda, who has been in the post since 2009, will continue to lead the company until a successor is named, the statement added.
• Gold rush: Gold eased on Monday after powering to an all-time high above the important $2,500 per ounce level in the last session on strong safe-haven demand and expectations of an imminent U.S. rate cut.

Who is the only 3-time recipient of the Nobel Prize?

Answer: International Committee of the Red Cross (ICRC).

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