Ola Electric is sidestepping the magnets crisis; Reviving the heritage Banarasi brocade

Hello,

Indian startups saw some funding respite in the second week of August. 

VCs poured in $324 million across 27 deals compared with the previous week, where Indian startups raised $214 million—a positive trend for the startup ecosystem, and in contrast to the weekly funding in July, which hovered around the $100 million level. 

The last time a deal value crossed over $100 million was in June, when B2B ecommerce unicorn Udaan raised $114 million.

In other news, current and former employees of OpenAI are looking to sell nearly $6 billion worth of the ChatGPT maker’s shares to investors, including SoftBank Group and Thrive Capital. The potential deal would value the company at $500 billion, up from $300 billion currently. 

As the AI competition intensifies, Meta is now planning to divide its new AI unit, Superintelligence Labs, into four groups. 

According to The Information, these groups would be a new “TBD Lab”; a product team, including the Meta AI assistant; an infrastructure team; and the Fundamental AI Research (FAIR) lab, focused on long-term research.

ICYMI: Tracing India’s culinary evolution since 1947.

Lastly, are you being ‘quiet-fired’? Here’s how you can find out!

In today’s newsletter, we will talk about 

• Reviving the heritage Banarasi brocade
• Ola Electric’s ferrite magnet bid
• Colombo’s newest luxury destination

Here’s your trivia for today: Orange is a natural hybrid of which fruits?

Art and Culture

Reviving the heritage Banarasi brocade

Influenced by Mughal artistry, Banarasi—with its intricate weaving technique and rich texture—has been a part of important life occasions across generations. However, over the years, intricate work has given way to bright artificial silks and zari (thread), tasteless work, and colours that simply follow the trend, instead of honouring the heritage of the weave.

Chandra Jain, textile revivalist and the founder of Kadambari, an NGO that promotes arts and crafts, wants the younger generation to think about India’s textile legacy and help revive the heritage of Banarasi brocade.

Safekeeping:

• Jain’s first mission was to bring back the natural dyes to the weave—a practice forgotten for over a century. Close to 125 years ago, there were no synthetic dyes. “The colours were very different… very close to nature,” she says. 
• After working with five master weavers of Banaras for over two decades, and spreading awareness within the community, Jain is now celebrating the legacy and beauty of Banarasi with her latest exhibition—River Weaves—at the Bangalore International Centre from August 15 to 20. 
• She emphasises the importance of living, adapting and keeping the textile relevant, and making it survive. One has to use the handloom, and make it a part of their life, “for the community to survive, for an art to survive…”

Electric Mobility

Ola Electric’s ferrite magnet bid

Amid the ongoing rare earth magnet crisis and tariff wars, Ola Electric is developing an in-house ferrite magnet run motor to eliminate its reliance on China and other countries for imports. 

“The ferrite motor products come out next quarter, and then, over two to three quarters, all our products will become ferrite motor. So, there will be a changeover period because we have a broad product line,” Founder and CEO Bhavish Aggarwal told the press on the sidelines of Ola Electric’s annual event, Sankalp. 

Key takeaways:

• Ola Electric launched a sports scooter lineup, S1 Pro Sport, which will be delivered from January next year. It also released the latest version of its operating system, AI-powered MoveOS 6, with over 25 features.
• The EV maker will roll out two new variants of the Bharat cell—46100 and 46120. It plans to integrate its maiden Bharat 4680 cells, touted to be India’s first indigenously developed lithium-ion cell, in its vehicles, with deliveries slated from September 22.
• Ola Electric also unveiled the advanced prototype of its much-awaited Diamondhead bike, part of the company’s Moonshot Project. However, the bike’s rollout is expected only in 2027.

Leisure

Colombo’s newest luxury destination

Colombo’s skyline now boasts a striking new landmark—the City of Dreams Sri Lanka. Rising against the backdrop of the Indian Ocean, this $1.2-billion integrated resort is a new benchmark for luxury in South Asia. 

City of Dreams Sri Lanka is more than just a place to stay. It is a destination for every kind of traveller—whether you want a lavish getaway, world-class dining, casino thrills, or simply wish to savour Sri Lanka’s warmth and culture.

News & updates

• Competition: Last month, Samsung introduced two new folding phones, one that can effectively turn into a tablet, and another that resembles an old-school flip phone with modern features. Following this, in Q2, shipments from Samsung surged in the US, with its market share rising from 23% to 31%, according to Canalys. Apple’s market share during the quarter declined to 49% from 56%. 
• IPO: New York-based Gemini Space Station Inc., founded by billionaire twins Cameron and Tyler Winklevoss in 2014, is headed for the public markets. The firm, which plans to list on the Nasdaq Global Select Market under the symbol GEMI, operates as an exchange and custodian that offers products and services, including a US dollar-backed stablecoin and a credit card that offers rewards in crypto.

Orange is a natural hybrid of which fruits?

Answer: Mandarin and Pomello. 

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