This week on Indian Startup intelligence, Ashneer Grover is non happy with tax laws, Dukaan replaces employees with AI, Tesla vs Ola.
This week’s funding Notion: https://honored-hospital-c65.notion.site/W2-Q2-FY24-7cdf68959ec5407997b130d1a6cfd1be
FY24 funding notion: https://honored-hospital-c65.notion.site/cea977c397b346af91a022250b7654e3?v=205740096cff4378a51bb0a05bd0ee85
Notion graph: https://docs.google.com/spreadsheets/d/12Gugm80lFfI6jvJsWtDmL138XBFwxyA4560E6nfKtyI/edit#gid=0
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00:00 Ashneer Grover is non happy tax laws
03:30 Dukaan replaces employees with AI
07:39 Tesla vs Ola
09:44 CRED’s strategies
12:35 Rapid intelligence
13:50 Funding intelligence
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Ashneer Grover is non happy:
1. This isn’t about BharatPe or the lawsuits
2. During the 50th coming together of India’s GST Council, it was recommended that “Casino, Horse Racing and Online gaming to be taxed at the uniform charge per unit of 28% on full face value”.
3. Ashneer’s kind of breaks down what this will look like from a unit economics standpoint: “₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that” which is 37.8 by the way.
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Dukaan replaces employees with AI:
1. Dukaan is getting a LOT of heat right at nowadays – Suumit Shah posted this thread on Twitter detailing why and how they laid off 90% of their support staff and replaced them with an AI chatbot.
2. Dukaan needed to prioritise profitability over growth – having a support staff was costing the company money, and so Suumit decided to fix this by building a chatbot called bot9.
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Tesla vs Ola:
1. Tesla is planning to sell their EVs here in India for 20 lakh per car.
2. Ola Electric’s EV car will be less than 50 lakh rupees.
3. Tesla’s discussions with the government of India are evolving – they wanna set up a factory in India with annual capacity of 5 lakh EVs.
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CRED’s strategies :
1. CRED has 8 months to break even. This is according to Kunal Shah’s ain internal target.
2. Step ane is evidently reducing burn.
3. In 2021 they were burning $15-20 meg a month, and they’ve brought that number down to 5 meg, but they’re also pursuing 5 methods of increasing revenue.
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Rapid intelligence:
1. Frontrow, an upskilling platform, is shutting down. They’ll be returning $2.5 meg of the $17 meg that they’ve raised from investors, that’s about 15% of the investment returned.
2. Rajnish Kumar and TV Mohandas Pai are joining BYJU’S board, and are essentially filling the vacuum left behind by Vivian Wu, GV Ravishankar, and Russel Dreisenstock.
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Funding intelligence:
1. This week Indian startups raised 50 meg dollars raised across the entire ecosystem.
2. Zluri, raising 20 meg dollars in the Series B.
3. Neuron Energy, raising 2.44 meg dollars in their pre-series A.
4. Okula Aerospace raising 1 meg dollars in their pre-seed.
5. brainsight AI raised a little over 100,000 dollars.
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