AssessPrep turns test scores into data schools can use; VC inflow into startups sees marginal rise

Dear Reader,

Billionaire Mukesh Ambani’s Jio Platforms Ltd is gearing up for what could be India’s largest IPO ever.  

Jio Platforms Ltd, the digital services arm of Reliance Industries Ltd, has received Sebi approval for an initial public offering that could raise about $3.8 billion (Rs 37,700 crore). The mega listing would surpass Hyundai Motor India’s $3.3 billion listing in 2024. The proposed IPO by the NSE, at Rs 30,000 crore, would also be smaller. 

Meanwhile, IIT-Madras is on a national mission to build the next generation of innovators and one step closer to the idea of Viksit Bharat @2047. 

Led by IITM Global Research Foundation, in partnership with Ideabaaz, a media-integrated startup platform, Bharat Ascend aims to discover 100 high-potential ideas from Tier II and III cities and emerging innovation ecosystems across India in 365 days. The mission will also create pathways to transform ideas into prototypes, pilots, investable ventures, market-ready products, and globally scalable enterprises. 

In other news, Singapore state investor Temasek, a shareholder in Singapore Airlines, has backed the airline’s investment in Air India, amid growing concern over the stake in the loss-making Indian carrier.

Temasek views the Air India investment from a long-term perspective. “Efforts of this scale take time and are not expected to be linear, particularly in the aviation sector,” it said in a statement. 

Lastly, new research in the UK reports a sharp spike in incidents of AI escaping user control—with AI lying, ignoring instructions, and going after goals in harmful ways.  

In today’s newsletter, we will talk about 

• How AssessPrep turns test scores into data schools can use
• Marginal rise in VC inflow this week

Here’s your trivia for today: What electronics company used the ad slogan ‘Just Slightly Ahead of Our Time’? (Scroll down for the answer)

In-focus

AssessPrep turns test scores into data schools can use

Gurugram-based AssessPrep uses AI to create, grade, and analyse tests, helping schools see where students are struggling, and not just what they scored.

The platform helps schools create, deliver, grade, and analyse tests, primarily for international curricula such as IB, Cambridge IGCSE, and Advanced Placement. It works with more than 800 schools, with an AI-first approach to save teachers time while giving schools more detailed data on student learning.

Key takeaways: 

• Co-founder Karan Gupta traces the idea back to what he noticed through college and in the following years. Governments around the world were increasing spending on education, but student outcomes in reading and mathematics weren’t improving at the same pace. 
• His conclusion? Assessment, rather than teaching, was the weak link. Schools weren’t able to accurately measure what students were and weren’t learning. This observation became the foundation for AssessPrep.
• AssessPrep covers five stages of the assessment cycle: creating a test, delivering it, monitoring students while they take it, grading it, and analysing the results.

Funding

VC inflow into startups sees marginal rise 

Venture capital funding into Indian startups rose marginally in the last week of August, driven by reasonably sized deals in an otherwise tepid funding environment. The total funding for the week was $245 million across 27 deals, compared to the previous week’s fundraise of $187 million.

Key takeaways: 

• In the first three weeks of August, there was at least one deal worth $100 million or so: River Mobility ($120 million), Yulu ($93 million) and Navi ($100 million). But there were no such deals in the last week of the month. 
• This week, the deals were spread across segments such as coffee brands, aerospace, and electric vehicles. 
• The overall funding momentum in Indian startups continues to be lukewarm, and it is unlikely to turn around anytime soon.

News & updates

• Oil deal: US President Donald Trump has announced a US push to take control of a fifth of Venezuela’s vast oil reserves. The announcement follows weeks of negotiations. 
• Escalating tension: OpenAI plans to cut off AI models for Cursor, a coding-tool company owned by Musk’s SpaceX. OpenAI said, in a blog post, that it is not confident that SpaceX would use its technology within its terms of service. Responding to this, Musk wrote on X: “I couldn’t care less.” 

What electronics company used the ad slogan ‘Just Slightly Ahead of Our Time’?

Answer: Panasonic

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