India’s deepening dowry crisis; Ola Electric narrows quarterly loss

Hello,

Two leaders, a packet of Parle’s iconic caramel-chocolate toffee and a viral reel.

Parle Industries shares climbed 5% intraday to Rs 5.25 after Prime Minister Narendra Modi gifted a packet of Melody toffee to Italian Prime Minister Giorgia Meloni during his visit to Rome. 

There is a catch. Parle Industries doesn’t make toffee or biscuits. Parle Products, on the other hand, does.  The Mumbai-based FMCG major, behind Parle-G, Monaco, Hide & Seek, Mango Bite, is privately held so there are no shares to buy.

The toffee, however, was out of stock on popular grocery delivery platforms like Blinkit and Instamart.

Moving on, payments infrastructure startup Primer has raised $100 million in a Series C funding round led by Sofina, as the company bets that artificial intelligence will fundamentally reshape how enterprises manage payments and financial operations.

The round also saw participation from Peak XV Partners and existing investors including Accel, Tencent, ICONIQ Capital, Balderton Capital, and Speedinvest.

Lastly, the future of guitar manufacturing rests on Elephant dung, which, reportedly, is disappearing. According to an article in CNN, elephants, which are critical in the growth of ebony trees, are disappearing from the Congo basin due to loss of habitat. Dense, durable and smooth, ebony, with its mirror-like finish has long been used to make guitars.

In today’s newsletter, we will talk about 

• India’s deepening dowry crisis
• Ola Electric narrows quarterly loss

Here’s your trivia for today: Which brand of soda was the second to be produced by The Coca-Cola Company?

Insight

India’s deepening dowry crisis

The recent deaths of two young women, allegedly by suicide, have once again put the spotlight on India’s deepening dowry crisis.

Thirty-three-year-old Twisha Sharma was found dead at her husband’s home in Bhopal on May 12, while Deepika Nagar died after falling from the balcony of her home in Noida on May 17. In both cases, allegations of dowry harassment have intensified public scrutiny around a crisis that continues to claim thousands of lives every year.

Dowry deaths:

• According to data from the Crime in India 2024 report by the National Crime Records Bureau (NCRB), India recorded 5,737 dowry deaths in 2024.
• India has several laws meant to address dowry harassment and protect women. The Dowry Prohibition Act, 1961, makes giving, taking, or demanding dowry a punishable offence, while the Bharatiya Nyaya Sanhita, 2023, includes provisions to deal with dowry-related crimes.
• NCRB data for 2024 shows that Uttar Pradesh recorded the highest number of dowry deaths in the country, with Bihar, Madhya Pradesh, and Rajasthan among the major contributors. Delhi reported 109 cases of dowry deaths in 2024. 

<Funding alert>

Startup: Mythik

Amount: $5M

Round: Undisclosed

Startup: Damroo

Amount: Rs 5 Cr

Round: Undisclosed

Electric vehicle

Ola Electric narrows quarterly loss

Ola Electric Mobility Ltd narrowed its quarterly net loss by nearly half from a year earlier and generated positive operating cash flow for the first time, even as revenue continued to slide.

The company posted a consolidated net loss of Rs 500 crore for the quarter ended March 31, down 42.5% from a loss of Rs. 870 crore in the same period a year earlier.

Key takeaways:

• Ola Electric said the March quarter marked its first in which consolidated cash flow from operations turned positive, reaching Rs 91 crore. 
• The company attributed the milestone to inflows from India's production-linked incentive program, improved gross margins, and stricter management of working capital.
• The company acknowledged ongoing uncertainty about its financial position, saying it continues to evaluate its liquidity and is pursuing additional capital through a proposed qualified institutional placement.

News & updates

• Massive strike: Some 48,000 Samsung Electronics workers are set to walk off the job on Thursday after ​talks on bonus payments broke off without a deal. The strike might impact South Korea's economy and could hit global chip supply.
• AI chip: Alibaba on Wednesday announced a new artificial intelligence chip that it says is 3X more powerful than its predecessor. The launch expands China’s AI chip options as Nvidia struggles to get its products into the country.

Which brand of soda was the second to be produced by The Coca-Cola Company?

Answer: Fanta

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