Getting companies to lower carbon footprint; Rebel Foods bags pre-IPO funding

Hello,

An incredible win!

Eighteen-year-old Dommaraju Gukesh has become the youngest world chess champion after beating title-holder Ding Liren of China in the 14th and last game of a thrilling showdown.

Before Gukesh’s feat on Thursday, the legendary Garry Kasparov of Russia was the youngest world chess champion when he won the title at the age of 22, dethroning Anatoly Karpov in 1985.

Elsewhere, in the world of quick commerce, Zomato-owned Blinkit is jumping on the 10-minute food delivery phenomenon with Bistro. The company is piloting the new app in select pin codes of Delhi-NCR.

The development comes a day after Zepto Cafe, one of the first to start the format, announced the company's plans to spin off the Cafe offering in a separate app as soon as next week due to its growing popularity.

India’s quick commerce sector seems to be heating up and former Flipkart executive Ayyappan R's startup FirstClub is cashing in on this trend. 

The omnichannel retailer, which has raised $8 million in seed funding from Accel and RTP Global, aims to build its tech infrastructure and expand its team. FirstClub says it will offer high-quality products within quick commerce delivery timelines of under 30 minutes. 

Lastly, a love story for the record books.

With a combined age of over 202 years, Marjorie Fiterman, 102, and Bernie Littman, 100 have become the oldest couple to marry, according to Guinness World Records.

Incredibly, the two had attended the same college decades prior but never met before fate brought them together nine years ago. 

As they say, love surely does find its way!

In today’s newsletter, we will talk about 

• Helping companies reduce carbon footprint
• Rebel Foods bags pre-IPO funding
• Inside pay-what-you-want therapy

Here’s your trivia for today: When and where did the first international chess tournament take place?

Startup

Helping companies reduce carbon footprint

Fitsol, a SaaS platform founded in 2022, is helping logistics companies measure, manage, and reduce their carbon footprint. It uses AI to monitor and report carbon emissions in real-time, helping companies to work towards sustainability and carbon neutrality.

Clean solutions:

• The 35-member team provides various services, including sustainable logistics solutions, green transportation using lower-emission vehicles, energy-efficient warehousing, and sustainable packaging options. 
• Fitsol follows a three-step approach. The first step is a consistent measurement of the carbon health parameters of the organisation. It then provides a roadmap of actions and offers services to improve overall carbon health.
• In addition to its core offerings, Fitsol is developing a chatbot, designed to provide global ESG data and assist answer consulting-related queries. The tool is still in its beta phase. 

Funding Alert

Startup: Rebel Foods

Amount: $210M

Round: Series G

Startup: SolarSquare

Amount: $40M

Round: Series B

Startup: Snapmint

Amount: $18M

Round: Debt and equity

Funding

Rebel Foods bags pre-IPO funding

Cloud kitchen operator Rebel Foods has raised $210 million in a mix of primary and secondary share sales to expand its footprint and enhance its portfolio of brands. It says the Series G round, led by Temasek and witnessed participation from Evolvence, provided exits to some investors.

Key takeaways:

• Two weeks ago the CCI approved investment in Rebel Foods. The investment was made through Temasek Holdings's arm, Jongsong Investments Pte.
• The cloud kitchen operator, reportedly planning a public listing within the next 12 to 18 months, has significantly reduced its after-tax losses by 40%, bringing them down to Rs 378 crore in FY24.
• It operates over 450 kitchens across 70+ cities in India and expanding into international markets such as the UAE and UK.

Mental health

Inside pay-what-you-want therapy

Mental health therapy doesn’t come cheap, with the average cost per session at around Rs 1,500.

Paras Sharma and Rashi Vidyasagar started the pay-what-you-want mental health (PWYW) platform, The Alternative Story, in 2018 to enable people to prioritise their mental well-being without the stress of excessive costs. 

Access to therapy:

• The PWYW model is based on self-identification. Clients are encouraged to self-identify their circumstances without the need for justification, creating a system that is accessible and inclusive.
• The Alternative Story’s model is capped, with about two-thirds of sessions offered under PWYW for Rs 700 and one-third at regular fees.
• The platform’s trauma-informed care acknowledges how systemic oppression, historical trauma, and generational marginalisation impact mental health.

News & updates

• Adobe: Shares of Adobe fell nearly 10% in premarket trading on Thursday after the Photoshop maker's downbeat full-year revenue forecast led to concerns that returns from AI investments into its software applications might take longer than expected.
• The split: Warner Bros Discovery decided to separate its declining cable TV business from the streaming and studio operations, laying the groundwork for a potential sale or spinoff of its TV business as cord-cutting picks up pace.
• Interest rates: The European Central Bank has cut rates by a quarter percentage point amid signs of weakening growth and concern about the impact of political chaos in France and the possibility of new U.S. import tariffs.

When and where did the first international chess tournament take place?

Answer: London, 1851

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