📍 Can Ola Maps take on Google?

The most interesting news selected specially for you! 07 August 2024 [View in Browser]( TOGETHER WITH Hello, Mayhem Monday, trembling Tuesday… calm Wednesday? Global stock markets remained jittery on Tuesday after the aggressive selloff a day earlier made investors nervous. Japan’s benchmark Nikkei 225 index saw a surprise rebound as it finished around 10% higher, clawing back from historic losses incurred on Monday. Wall Street's main indexes rose as investors looked for bargains. The S&P 500 was rallying by 1.6% in [mid-day trading]( and the Nasdaq composite was 1.7% higher. Closer home, the BSE Sensex lost 166 points and the Nifty ended below the 24,000 level despite early gains. Moving on, while ecommerce SaaS platform Unicommerce’s initial public offering (IPO) was [fully subscribed]( within a few hours of its opening on day one, kidswear brand [FirstCry’s]( parent company Brainbees Solutions was off to a slow start. Today will be day two for both the SoftBank-backed companies. Meanwhile, Ola Electric’s IPO was subscribed [4.26 times]( on its third and final day of subscription, according to data from BSE. [ICYMI:]( Baidu’s robotaxis are causing traffic jams in Wuhan, a city that’s trying to shake off its COVID-19 stigma. Lastly, a trip down memory lane: The [origin]( of the World Wide Web. Oh, and don’t forget to [grab your tickets]( for the 15th edition of TechSparks Bengaluru, to be held on September 26-28! In today’s newsletter, we will talk about - Can Ola Maps take on Google? - Made-in-India autonomous tractors - PB Fintech earns higher profit Here’s your trivia for today: How much does a Paris Olympics 2024 gold medal weigh? --------------------------------------------------------------- In-depth Can Ola Maps take on Google? Aggarwal has been dangling many financial incentives for developers to use Ola Maps—including a year’s free access to Ola's navigation tech platform and free credits of over Rs 100 crore. Now his attention has moved to navigation tech to tackle the distinct challenges on Indian roads—by enhancing navigation in crowded areas, adding regional language support, and using India-specific algorithms. Long road ahead: - “Mapping is a very intensive business. You just can’t create a great mapping service in a very short amount of time unless you put in a huge amount of meticulous effort,” opines Ashutosh Sharma, VP and Research Director at Forrester. - While targeting the consumer market may not offer quick returns, focusing on a B2B strategy in Tier II and III cities could be a game-changer for Ola, notes Shivani Palepu, Principal Analyst, Gartner. - In its early days yet, Ola has partnered with ISRO’s IRNSS programme to provide accurate GPS data, said sources familiar with the matter. Astrology platform Astro India AI and e-grocery delivery app KPN Fresh Product have also tapped into its services. [Read More]( --------------------------------------------------------------- Funding alert 1) Punch: $7M|Seed 2) EtherealX: $5M |Seed 3) Neuron Energy: Rs 20 Cr|Series A --------------------------------------------------------------- Together with Dell Technologies Leap from MVP to PMF: Join our exclusive meetup on Aug 9Is your MVP struggling to find its market? It's time to leap to PMF! Join us for an exclusive meetup themed ‘The MVP to PMF Leap: How Startups Can Leverage Tech to Bridge the Gap’ hosted by YourStory Entrepreneur Hub, powered by Dell Technologies. Discover the secrets to closing the gap between your minimum viable product and achieving product-market fit. Date: August 9, 2024 | 6:00 pm onwards Venue: Urban Vault 477, Bengaluru ([[Location Map]( Hear from: - Samriddhi Bhattacharyya, Director, Small Business, Dell Technologies, India - Jayalakshmi Manohar, Co-founder and CPO, Streak AI - Jayaram Mahale, Head of Product, Slang Labs - Somshubhro Pal Choudhury, Co-founder and Partner at Bharat Innovation Fund Event Highlights: - Expert panel discussion on overcoming MVP challenges - Practical strategies for achieving PMF - Networking opportunities with like-minded entrepreneurs - Investor chat for funding insights Learn how to leverage technology, understand your users, and optimise your product for success. Network with fellow entrepreneurs and get your burning questions answered. Don't miss this chance to connect, learn, and grow. [Register Now]( --------------------------------------------------------------- Startup Made-in-India autonomous tractors five patents and two white papers to his name, Siddharth Gupta's passion for robotics and technology led him to address critical issues in farming. He founded VRD Motors which specialises in advanced farming technology and prototyped its product this January. “I began this venture while in college, focusing on robotics for farming. I noticed two main issues: the lack of resources and data precision for farmers, leading to inefficiencies and potential losses,” he adds. Next-gen tractors: - Its flagship product, VRD Tractor, includes tractors that are electric, autonomous, and powered by renewable solar energy and are priced between Rs 5 lakh to Rs 30 lakh. - “We spent an additional 1.5 years developing the VRD Tractor, ensuring it met the needs and expectations of farmers. Our field trials demonstrated significant efficiencies, validating our approach,” Gupta recalls. - VRD Motors plans to introduce seven autonomous tractors ranging from 10 HP to 100 HP, equipped with advanced technologies like RTK (Real-Time Kinematic) for precise navigation and LiDAR (Light Detection and Ranging) for obstacle detection. [Read More]( --------------------------------------------------------------- Earnings PB Fintech earns higher profit Fintech, the parent company of the insurtech platform PolicyBazaar, has reported a net profit of Rs 59.98 crore for the quarter ended June 30, 2024. In the comparable period last year, it had incurred a loss of Rs 11.9 crore. Key takeaways: - PB Fintech earned Rs 1,010.49 crore in revenue from operations in the latest quarter—a 51.8% YoY increase from Rs 665.59 crore earned in Q1 FY24. - Expenses for Q1 FY25 also increased by 40.6% YoY to Rs 1,081.13 crore due to rise in employee benefit expenses, advertising and promotional costs, and other expenses. - The company saw a 62% YoY growth in online insurance premiums, driven by a 78% YoY rise in new health and life insurance. [Read More]( --------------------------------------------------------------- Application open for Tech30 you a visionary founder at the helm of a startup poised to redefine industries? Look no further than Tech30, the ultimate platform to showcase your innovation. Tech30 is more than just a recognition; it's a catalyst for the future. We're on a mission to bring together India's brightest tech minds to unravel the next big thing. If you're building groundbreaking solutions that have the potential to reshape our world, Tech30 is your launchpad. Join us as we celebrate the pioneers driving India's tech revolution. [Apply for Tech 30]( --------------------------------------------------------------- From the CapTable Eight years on, is Netflix really turning a corner in India? After a few quarters of sluggish subscriber growth in 2023, Netflix seems to have turned a corner this year, clocking handsome net subscriber additions in the first six months. In the April-June quarter (Q2 2024), the global streaming major added 8.05 million new paying subscribers, taking its total audience base up to 278 million. Of this, 2.83 million users were added in the Asia-Pacific region (which includes India), making it the largest geography in terms of net additions for the streamer. While Netflix does not divulge country-specific numbers, company co-CEO Ted Sarandos revealed in a post-earnings call that India had emerged as the company’s second-largest market in terms of paid subscriber additions in the June quarter. Additionally, India also generated the third-highest revenue growth in percentage terms for Netflix in Q2 2024, driven by a strong line-up of original shows and licensed theatrical films. Key takeaways: - Netflix India has grown its topline by ~45% between FY21 and FY23, riding on smart pricing and ecosystem partnerships - In the subscription video-on-demand (SVOD) segment, Netflix remains the market leader in India with a 35-40% share, industry execs tell The CapTable - Local language content such as The Kapil Sharma Show and Kota Factory have helped Netflix widen its audience base beyond the premium metro segment - The streaming major is unlikely to raise subscription prices in India any further, and could drive its next phase of user growth through the ad-supported plan (which is pending launch here) [Continue Reading]( --------------------------------------------------------------- News & Updates - [Upbeat results:]( Uber beat Wall Street estimates for second-quarter revenue and core profit on Tuesday, helped by steady demand for its ride-sharing and food-delivery services. The company's revenue rose 16% to $10.70 billion in the quarter ended June, while gross bookings increased 19% to $39.95 billion. - [Google monopoly:]( A US federal judge ruled that Google violated US antitrust law by maintaining a monopoly in the search and advertising markets. - [Video maker:]( ByteDance has expanded its offering of software that can generate videos based on text prompts, joining a growing number of Chinese tech firms entering an emerging market also targeted by ChatGPT creator OpenAI. Did you know? How much does a Paris Olympics 2024 gold medal weigh? Answer: 529 grams We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](