Madras HC: Cryptocurrency is now property; ‘Ghar ka khana’ for Indian students abroad
Madras High Court's crypto judgement was welcomed for providing a framework to seek legal recourse in cases of fraud, misuse, or exchange failures. DryM Foods is reinventing ‘ready-to-eat’ food through freeze-drying technology. Wozart is redefining connected living.
Hello,
Say hi to the new members in the $4 trillion club.
Microsoft and OpenAI have reached a deal to allow the ChatGPT maker to restructure itself into a public benefit corporation, valuing OpenAI at $500 billion and propelling Microsoft to a $4 trillion market capitalisation.
The restructuring solves a major fundraising constraint for the company, which signed a deal with Microsoft in 2019, giving the tech giant rights over a lot of OpenAI’s work in exchange for pricey computing resources.
Microsoft will still be keeping its 27% stake in the company, though, now worth a whopping $135 billion!
Apple, too, skipped past that $4 trillion mark on Tuesday on the enduring demand for its latest iPhone models—allaying fears, if momentarily, of the company being left behind in the AI race.
Apple's shares have gained about 13% since the new launches in September, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.
From the world’s biggest companies to nascent startups from beyond India’s Tier II and III cities, companies around the world are utilising AI to redefine how the future of work, public systems, and daily life will look.
This year, the spotlight is even more stark than ever. With the theme “India 2030: Powered by AI”, YourStory’s flagship event TechSparks is back for yet another year of scintillating discussions, bringing together top entrepreneurs, investors, tech innovators, and policy leaders.
Don’t forget to grab your spot!
In today’s newsletter, we will talk about
- Madras HC: Cryptocurrency is now property
- ‘Ghar ka khana’ for Indian students abroad
- The future of smart homes
Here’s your trivia for today: Which insect uses the Milky Way to navigate?
Insights
Madras HC: Cryptocurrency is now property
In a landmark judgment, the Madras High Court on Monday officially classified cryptocurrency as “property” under Indian law. This means, like property, cryptocurrencies can be owned, possessed, and held in trust, extending the same legal protection the law has for other forms of property.
The decision, widely welcomed by India’s crypto community, establishes that a user’s holdings on an exchange cannot be arbitrarily frozen, redistributed, or written off without due legal process.
Key takeaways:
- This shifts the custodial responsibility squarely onto platforms, requiring them to maintain higher standards of governance, transparency, and segregation of client assets, similar to traditional financial institutions, explained Edul Patel, CEO of Indian crypto exchange Mudrex.
- The ruling also sets a precedent for investors to seek recourse in cases of fraud or misuse, as well as exchange failures, as in the case of WazirX.
- The crypto community hailed the ruling as a stepping stone towards bringing about a right regulatory framework to govern the asset class—a long-standing demand from the Indian crypto ecosystem.
Funding Alert
Startup: Optimo Capital
Amount: Rs 150 Cr
Round: Series A
Startup: Smallest.ai
Amount: $8M
Round: Seed
SMB
‘Ghar ka khana’ for Indian students abroad
Founded by mother-daughter duo Mrinalini and Aayushi Jain in 2017, Sonipat-based DryM Foods is redefining ‘ready-to-eat’ food through freeze-drying technology—bringing authentic Indian home-cooked meals to students, travellers, and families across eight countries.
Home-cooked meals:
- The first line of products comprised quintessential Indian gravies—dal tadka, khichdi, dal makhni, rajma, and kadi chawal. As the brand grew, DryM Foods expanded into travel-friendly single-serve packs, family-size combos, toddler meals, and regional specialities.
- With an initial investment of Rs 1 lakh and an infusion of Rs 2 crore in 2023, DryM has grown organically at 20–50% YoY since inception. From generating Rs 10 lakh in the first year of operation, the company’s revenue has grown to Rs 1.5 crore in FY25.
- DryM Foods is in talks with travel and airline catering partners, premium retail chains, and export distributors in the Middle East and Europe. The company is also exploring a partnership with Indian defence and wellness institutions for specialised nutrition packs.
Startup
The future of smart homes
When Hyderabad startup Wozart began its journey in 2016, it had a simple goal: to make homes smarter, simpler, and more connected. Its first breakthrough came with India’s earliest Apple HomeKit-supported smart switches, letting users control lights and appliances with nothing more than a voice command.
Nearly a decade later, the startup has grown into one of India’s leading smart home automation brands. It just marked another milestone, becoming the first Made-in-India startup to launch a Matter-certified Thread device, the Switch Controller Mini.
News & updates
- Jobs: Amazon plans to reduce its corporate workforce by 14,000 jobs as it seeks to reduce bureaucracy, remove layers, and invest more in its AI strategy. This marks the ecommerce giant’s second-largest job cuts since it slashed 22,000 jobs in 2022.
- Invest: PE firms Blackstone and Canada Pension Plan Investment Board are partnering with AI firm Humain to build data centres in Saudi Arabia with an initial investment of about $3 billion. AirTrunk, owned by the PE firms, will work alongside Humain to develop a long-term partnership focused on financing, developing, and operating data centres and AI infrastructure in the country.
- Deal: PayPal has partnered with OpenAI to have its digital wallet embedded into ChatGPT so users can pay for items found through the leading consumer AI tool. The agreement means that starting next year, PayPal users can purchase items through the AI platform, and its merchants can sell on it, with their inventory listed there. Shares of PayPal jumped as much as 14% in premarket trading on the news.
Which insect uses the Milky Way to navigate?
Answer: Dung beetles.
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