🚕Uber CEO talks India business; Why subsidies alone can't boost rooftop solar adoption

The most interesting news selected specially for you! 25 February 2024 [View in Browser]( Hello, Now, startups and enterprises can enhance their brand engagement by partnering with YourStory and advertising on our YS Buzz and Weekly Wrap newsletters. [Click here]( to know more. In today's newsletter, we will talk about: - Uber CEO on surviving in India - Subsidies alone won’t fix India’s sluggish rooftop solar adoption - BYJU’S $200M rights issue fully subscribed - Paytm’s shares surge 5% again - India to lead global techade: Ashwini Vaishnav Here’s your trivia for today: While The Simpsons is the longest-running cartoon in television history, what cartoon is the second-longest-running? --------------------------------------------------------------- Mobility Uber CEO on surviving in India CEO Dara Khosrowshahi described the Indian market, with its demanding customers, as the company's toughest but felt if it could succeed in the country, it could set the standards for the cab-hailing giant to operate anywhere else in the world. “India is a gateway to the world,” he remarked in a conversation with Infosys Chairman Nandan Nilekani. India focus: - Uber is also very interested in the digital public infrastructure (DPI) in India as it can leverage it towards expanding the ride-hailing giant's business in India. - Khosrowshahi said the strategic intent of Uber has always been to expand on a low-cost base, and the company is looking at an opportunity to expand into the two- and three-wheeler vehicle segments. - Uber has also signed a memorandum of understanding with the government-promoted [Open Network of Digital Commerce (ONDC)]( to expand the range of mobility offerings on the Uber app. [Read More]( --------------------------------------------------------------- From the CapTable Subsidies alone won’t fix India’s sluggish rooftop solar adoption On February 13, Indian Prime Minister Narendra Modi announced the launch of a rooftop solar scheme that aims to power 10 million households across India. The new scheme, PM Surya Ghar: Muft Bijli Yojana, is hardly the government’s first stab at promoting rooftop solar installations in the country. In fact, the government is hoping that it will be third time lucky as it attempts to revitalise a nationwide grid-connected rooftop solar programme that was launched in 2014. The initial aim was to install 20 GW of capacity by 2022, a target that was revised to 40 GW by March 2026. Despite this, India’s cumulative rooftop solar capacity still stands at a paltry 11 GW, with the targeted 2026 deadline now just over two years away.The new scheme throws Rs 75,000 crore at the problem. However, while high upfront costs have been a key deterrent to mass adoption of rooftop solar, industry experts point to two other issues—public awareness of the scheme and the role of distribution companies, or DISCOMs. Key takeaways: - The central government’s new rooftop solar scheme aims to facilitate installation of solar systems across 10 million households. - With Rs 75,000 crore earmarked for it, the scheme offers both a subsidy boost as well as 300 units of free electricity a month to encourage mass adoption of solar. - This will go someway to speeding up India’s sluggish rooftop solar adoption, which has struggled to take off due to high upfront costs. - While increased subsidies will lower the entry barrier, experts say improved financing options and getting DISCOMs on board are crucial for the scheme’s success. [Continue Reading]( --------------------------------------------------------------- Edtech BYJU’S $200M rights issue fully subscribed Nearly a month after launching the $200 million rights issue and a couple of days before an [extraordinary general meeting]( (EGM), BYJU’S Founder and CEO Byju Raveendran has said that the edtech firm’s rights issue is fully subscribed, and the company will appoint a third-party agency to monitor fund usage. Some respite: - The rights issue, at a 99% lower valuation, is a much-needed lifeline for the cash-strapped edtech firm, providing BYJU’S with capital to address pressing liabilities. - The CEO also plans to restructure the board after closing the audit of the financial year 2022-23. - According to media reports, the Karnataka High Court has passed an [interim order]( that any resolution on Friday EGM shall not be given effect to till the next date of hearing. [Read More]( --------------------------------------------------------------- Fintech Paytm’s shares surge 5% again shares of Paytm's parent company One97 Communications surged, hitting the upper circuit of 5% for the third consecutive session on Tuesday. The company's stock rose to Rs 376.45 and Rs 376.25 on the BSE and NSE, respectively. The development comes after reports suggesting that the Enforcement Directorate has not yet found any foreign exchange violations while investigating Paytm Payments Bank Ltd. Some respite: - On Monday, the shares of One97 Communications surged 5% after announcing a collaboration with Axis Bank to continue merchant settlements. - According to a research report by Bernstein, Paytm is expected to experience minimal impact on its overall business, with the prospect of a revival in its wallet and FASTag services through new banking deals. - In the wake of the developments, Finance Minister [Nirmala Sitharaman]( has decided to meet heads of fintech companies next week to persuade them to strictly follow regulatory norms. [Read More]( --------------------------------------------------------------- Interview India to lead global techade: Ashwini Vaishnaw the launch of PhonePe’s Indus Appstore in New Delhi, Union Information Technology Minister Ashwini Vaishnaw sat down with YourStory’s Shradha Sharma to weigh in on the three technology pillars that will drive India towards its ‘Vikasit Bharat@2047’ goal. According to the Minister, India’s march towards a thriving ‘techade’ will hinge upon telecom exports and 6G, indigenous handsets, and semiconductors. Agendas: - The Minister revealed that India is gearing up to export “complex telecom equipment” worth billions of dollars to the US and Europe by 2025. - India is also looking to take the lead in the global 6G rollout over the next five years. The government expects 6G tech to go mainstream by 2029, with India well-positioned to manufacture and export both software and hardware for the new technology. - “Our target is to have 3-4 high-volume semiconductor fabrication plants, and create a niche and a leadership in at least one category,” he added. [Read More]( --------------------------------------------------------------- News & Updates - [AI competition:]( Google has released Gemma 2B and 7B, a pair of open-source AI models that let developers use the research of its flagship Gemini more freely. While Gemini is a big closed AI model that directly competes with OpenAI’s ChatGPT, the lightweight Gemma will likely be suitable for smaller tasks. - [New product:]( Instagram is expanding its marketplace tool to connect brands with creators for paid partnerships or ads in eight new countries. The new markets that will get access to this marketplace include Canada, Australia, New Zealand, the United Kingdom, Japan, India, and Brazil. - [Busting hacks:]( Apple cautioned that putting wet devices in a bag of rice could “allow small particles of rice to damage your iPhone.” The company also recommended against using other well-known hacks, such as using an external heat source to dry the phone or sticking a cotton swab into the connector. Did you know? While The Simpsons is the longest-running cartoon in television history, what cartoon is the second-longest-running? Answer: South Park. First aired in 1997, it has run for 26 seasons yet. We would love to hear from you! 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