Founders push back on Piyush Goyal's remarks; Weaving sustainability into textiles

Hello,

US President Donald Trump, while unveiling his sweeping barrage of tariffs earlier this week, described them as “kind”. The response is anything but. 

India’s GDP growth may take a significant hit. According to analysts, the country’s economic growth could slow by 20-40 basis points in the ongoing financial year due to the latest US tariffs, which would prompt deeper interest rate cuts by the RBI. 

IT firms too are bracing for the impact, as clients in the manufacturing, logistics, and retail sectors adjust to the new levies. The country’s gem and diamond industry seems to have also lost its sheen. 

In fact, from iPhones to branded sneakers, here’s everything that might pinch the pocket now because of their exposure to the new tariff rates. 

Amid all this uncertainty, confidence in India’s IPO pipeline still appears to be holding strong. 

At Startup Mahakumbh, Navi Co-founder and CEO Sachin Bansal projected that the company was in a good position to go public this fiscal year. For other fintech firms like Jupiter, market debut plans are still far off. 

It’s all about the small victories.

In today’s newsletter, we will talk about 

• Founders push back on Piyush Goyal's remarks
• Weaving sustainability into textiles
• Floodlighting: Inside the new dating trend

Here’s your trivia for today: What novel did Universal Studios pay Michael Crichton $2 million for before it was even published?

Entrepreneurship

Founders push back on Piyush Goyal’s remarks

Consumer internet startups play a vital role in driving innovation and wealth creation, said startup founders, in response to Union Minister Piyush Goyal’s criticism of the Indian startup ecosystem.

At the second edition of the Startup Mahakumbh event, Goyal urged Indian startups to dream bigger, seek deeptech innovation, and not shy away from competition. The Minister of Commerce and Industry also advised Indian startups to think beyond quick commerce, food delivery, gaming and influencer economy.

At loggerheads:

• Reacting to the Minister, Zepto CEO Aadit Palicha said, “Why doesn't India have its own large-scale foundational AI model? It’s because we still haven't built great internet companies. Most technology-led innovation over the past 2 decades has originated from consumer internet companies.”
• Palicha believes building strong local champions in the internet space—companies capable of generating hundreds of millions of dollars in free cash flow—is crucial to be a part of major technological revolutions.
• Stakeholders in the startup ecosystem have also called for government support in accelerating deeptech innovation. Rajeev Mantri of Navam Capital urged the government to address “specific challenges and frictions” that deeptech entrepreneurship faces and not attack founders and investors.

Top Funding Deals of the Week

Startup: Infinity Fincorp Solutions

Amount: $40M

Round: Extended Series A

Startup: Scapia

Amount: $40M

Round: Series B

Startup: Pratilipi

Amount: $20M

Round: Series E

Social Story

Weaving sustainability into textiles

In a world dominated by fast fashion, two textile scientists are on a mission to create what they call “the cleanest possible textile supply chain,” while taking India’s rich artistic heritage to the world. In 2023, Adhiraj Shinde and Aishwarya Lahariya started Jiwya, a plant-based, ethically handcrafted, luxury fashion brand that combines sustainability with centuries-old textile forms.

Key takeaways:

• In 2023, the duo traversed 19,000 km across 19 Indian states. Their travels yielded relationships with about 150 artisans, now associated with Jiwya. They collectively employ about 33,000 people, including hand embroiderers, hand printers, block makers, and farmers.
• Jiwya’s business model is built on exclusivity—it produces no more than 20-25 pieces of any design. Though it has only been in the market for a few months, it is finding success through curated exhibits across India and partnerships with conscious marketplaces globally.
• For the artisans, the founders automatically provide a 10-15% higher margin, recognising the additional time required to create their art using hand-dyes. The products are priced from Rs 5,500 onwards.

Relationships

Floodlighting: Inside the new dating trend

Swiping right on dating apps may come naturally to Gen Z (also millennials to an extent). However, establishing a genuine connection with a prospect continues to be a utopian dream. In the pursuit of finding the ‘right one', a growing crop of people are trying to test the waters before they become too close to someone. 

How? By oversharing intimate details on the first date. This trend, known as floodlighting, attempts to build intimacy quickly while evaluating someone’s capacity to handle trauma. 

Dating woes:

• The intent is often to accelerate connection and assess if someone would be accepting of all our vulnerable parts, says Preeta Ganguli, an independent counselling psychologist and wellness consultant.
• While floodlighting may seem to lead to a close relationship very soon, it can have some detrimental effects and, ironically, create more distance in relationships.
• Timing is crucial when it comes to vulnerability. Ganguli suggests starting with lighter and smaller pieces of information. “Connect on things that may not be as intense. Notice how you are feeling with this person,” she adds.

News & updates

• Escalation: China’s Finance Ministry said the country will impose a 34% tariff on all goods imported from the US starting on April 10, following duties imposed by the US earlier this week. The Commerce Ministry said it would implement export controls on seven rare earth-related items.
• Long awaited: Meta Platforms plans to release the latest version of its large language model later this month after delaying it at least twice, as the Facebook owner scrambles to lead in the AI race.
• AI tools: Amazon is introducing a new “Recaps” feature for Kindle users to help them recall plot points and character arcs before picking up the latest book in a series. Amazon confirmed to TechCrunch that recaps are AI-generated. Users, however, question how accurate these AI-generated recaps will be.

What novel did Universal Studios pay Michael Crichton $2 million for before it was even published?

Answer: Jurassic Park.

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