💊 A clash of retail and e-pharmacies

The most interesting news selected specially for you! 02 July 2024 [View in Browser]( Hello, ’Tis the season of IPOs. FirstCry parent Brainbees Solutions has received SEBI’s nod for its IPO. The company's initial public offering comprises a fresh issue of equity shares up to [Rs 1,816 crore]( and an offer for sale by selling shareholders of up to 5.44 crore shares, the company said in a statement. While the action is heating up in the public markets, the private markets are not too far behind. Beauty and personal care unicorn Purplle has secured [Rs 1,000 crore]( in a funding round led by a subsidiary of the Abu Dhabi Investment Authority, with participation from other investors. Purplle said that it is operationally profitable and expects to grow its online platform while scaling offline stores. In other positive news, [NoBroker]( sees an exponential growth trajectory. NoBroker witnessed a sharp increase in revenue from operations in FY23. The Bengaluru-based company reported Rs 608.8 crore in revenue from operations in FY23—an 86.8% increase from the Rs 325.9 crore earned in FY22, its recent financial statements revealed. The EV sector is growing at a scorching pace too. Ola Electric announced a remarkable 107% year-on-year growth in June 2024 for its EV two-wheeler registrations compared with June 2023. Q1 FY25 also saw significant growth for Ola Electric, with a 57% increase over Q1 FY24, totalling over 1.08 lakh registrations by the end of June 2024. And lastly, we’re one step closer to becoming a multi-planetary species. A team of scientists discovered a plant that could possibly survive and grow in the harsh climate of Mars. The desert moss, which is found in Antarctica and the Mojave desert, might become pivotal to establishing life on the red planet. In today’s newsletter, we will talk about - A clash of retail and e-pharmacies - Fruitful harvesting sans waste - Solar-powered energy solutions Here’s your trivia for today: Which player took the most wickets in T20 World Cup tournaments? --------------------------------------------------------------- Explainer A clash of retail and e-pharmacies June 25, the Madras High Court overturned an earlier November 2018 ruling by a single-judge bench that restricted online pharmacies from delivering medicines to customers. This decision is just the latest chapter of a long legal back and forth between conventional and online pharmacies. But why are brick-and-mortar and online pharmacies at odds with each other? A legal rollercoaster: - The overturned ruling followed a plea from the Chennai-based Tamil Nadu Chemists and Druggists Association that placed an interim injunction restraining online sales of medicines, highlighting concerns about unfair discounts, unlicensed and unregulated drugs, counterfeiting concerns and data privacy risks. - The association also stated that permitting the sale of drugs online defeats the purpose of the Drugs and Cosmetics Act, of 1940 which regulated the manufacture and sale of drugs under prescribed storage conditions by qualified pharmacists. - More people are opting for online pharmacies, owing to greater convenience for those in remote areas or those unable to visit physical stores, transparent tracking systems and easy-to-access prescription records. [Read More]( --------------------------------------------------------------- Funding alert 1) Purplle: Rs 1,000 Cr|Unspecified 2) Comet: $4M|Series A 3) Pepul: $4M|Pre-series A --------------------------------------------------------------- Startup Fruitful harvesting sans waste fruit vendor supply chains in India are fragmented and inefficient due to numerous intermediaries, lack of refrigerated transport, lack of high-quality cold storage facilities, and limited processing capabilities, leading to high post-harvest losses. To tackle these challenges, Delhi-NCR-based Fresh From Farm takes charge of end-to-end solutions for fruit retailers. Started by Rohit Nagdewani in 2021, the B2B2C platform oversees procurement, handling, sorting, and distribution to enable them to focus solely on driving sales. Streamlined agritech solutions: - Fresh From Farm, which has a team of 65 members, sources fruits directly from farms, processes them at a central location in Delhi-NCR, and delivers sorted and graded fruits to fruit vendors. - The startup uses data-driven demand prediction to forecast precise fruit requirements, consolidates demand to streamline logistics, and handles sourcing, grading, and sorting. - Bootstrapped at about Rs 50 lakh, the company caters to about 400-500 vendors daily in Delhi-NCR at present. [Read More]( --------------------------------------------------------------- Women Entrepreneurs Solar-powered energy solutions her Master’s at Purdue University in the US, Radhika Choudary worked on a research project on fuel cells powered by solar energy, which sparked her interest in the field of renewable energy. Years later, a chance meeting with Saurabh Marda and the discovery of a shared passion for clean energy led them to team up to start Freyr Energy. Based in Hyderabad, the startup offers solar solutions to homes and businesses. Igniting change: - Freyr Energy provides rooftop solar systems for residential and commercial buildings, depending on the household or commercial location’s energy consumption needs. The company also provides maintenance facilities as required. - With an installed solar capacity of 60+ MW, Freyr Energy is helping homes and businesses generate more than 9.12 lakh units annually. - The company has also collaborated with banks and non-banking financial companies to offer zero-cost EMI options for customers who may not prefer to take the initial investment or may not have enough funds available to install solar panels. [Read More]( --------------------------------------------------------------- From the CapTable The curious case of Byju’s second rights issue In January, beleaguered edtech Byju’s made a last-ditch effort to stay afloat. With its cash reserves running out, the Bengaluru-based company—once India’s most valuable startup—launched a rights issue to raise $200 million at a 99% discount to its last valuation of $22 billion. While Byju’s claimed the rights issue was fully subscribed, its hopes were dashed when many of its investors—including Prosus, General Atlantic, Peak XV Partners, and Sofina Ventures—refused to participate, stating they would only invest further if the management of Byju’s was changed. Their opposition saw the proceeds of the rights issues locked away in an escrow account while the National Company Law Tribunal, or NCLT, adjudicated the matter. On the evening of June 13 when the Bengaluru bench of the NCLT convened for the latest hearing of the case, things got even murkier. Byju’s was accused of covertly launching a second rights issue even as its first remained in limbo. With Byju’s largest shareholders having lost faith in the leadership of the company’s founder, Byju Raveendran, raising more funds through a second rights issue was never going to be easy. Especially with the first rights issue still sub judice. This time around, investors allege that the company did not comply with the procedures required by the Companies Act. [Continue Reading]( --------------------------------------------------------------- News & Updates - [Split up:]( Boeing agreed to buy back Spirit AeroSystems for $4.7 billion in stock and Airbus moved to take on the supplier's loss-making Europe-focused activities, sending shares in all three companies higher in a rare transatlantic break-up. - [Walkout:]( The National Samsung Electronics Union, the largest union at Samsung Electronics Co, said it will stage a three-day walkout beginning July 8, adding to the challenges for South Korea’s largest company as it seeks to recover from setbacks in its semiconductor business. - [Clean energy:]( Google will partner with BlackRock to develop a 1 gigawatt pipeline of new solar capacity in Taiwan, the US tech giant announced Monday, as it seeks to boost energy capacity and cut carbon emissions amid the artificial intelligence boom. Here's what else we have for you Forging resilient supply chains through data and AI Global supply chain networks are complex and interdependent, with inherent complexity that tests efficiency, resilience, and cost optimization. Explore how data and AI can help companies navigate global disruptions and consumer dynamics to build intelligent supply chains. [Click here]( How Atlassian's Team Anywhere is shaping the future of work Thinking about distribute work? Atlassian's Team Anywhere is a game-changer! This innovative programme lets employees choose their work location, creating a more inclusive and productive work environment. See how it is breaking boundaries and attracting top talent across the globe. [Click here]( --------------------------------------------------------------- Did you know? Which player took the most wickets in T20 World Cup tournaments? Answer: Former Bangladesh captain Shakib Al Hasan - 41 wickets in 31 matches We would love to hear from you! 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