Tag: #news

  • Apple to Launch Foldable iPhone in 2026 with Touch ID and Quad-Camera Setup

    According to Bloomberg, Apple is preparing a significant overhaul of its iPhone portfolio, with a foldable iPhone anticipated in 2026. Code-named V68, the device is said to include four cameras: two on the back, one within, and one on the front. It will open like a little tablet.

    Quad-Camera Setup & Tablet-Style Design

    It’s interesting to note that, similar to the next iPhone Air, it will not feature a real SIM card slot and will return Touch ID rather than Face ID. Apple is getting ready to release its 2025 iPhone lineup before the foldable arrives. Following the MacBook Air’s design, the next iPhone Air will be lighter and thinner, but it will also contain Apple’s first in-house modem chip, a smaller battery, and only one rear camera.

    Although the Pro versions will have new colour options like orange and improved cameras, the iPhone 17, 17 Pro, and 17 Pro Max are also anticipated, although their designs won’t deviate significantly from the iPhone 16.

    Apple’s Expanding Product Roadmap

    For the foldable iPhone, Apple is also reconsidering screen technologies. By switching to in-cell touch sensors, the business hopes to improve touch response and lessen creases on the unfolded display. Aiming for an autumn 2026 release, suppliers are already getting ready for manufacturing early next year. Apple has a bustling product roadmap that includes more than just iPhones.

    Updates with heart-rate monitoring capabilities are planned for the iPad Pros, Apple Watch, Vision Pro headsets, and AirPods Pro this year. Additionally, the company is investigating additional devices such as a tabletop robot, display-less smart eyewear, and a HomePod with a screen. Apple is also improving its services. Apple TV+ just increased its pricing from $9.99 to $12.99, and AppleCare One, a $20 monthly package that covers three devices, is already available.

    Next year, a paid Health+ service with AI-powered health recommendations is also anticipated. In order to improve Siri, Apple is looking into joint ventures with Google, Anthropic, and OpenAI. In the meantime, it has lost a number of its top AI executives to Meta, demonstrating the intense talent competition. The next foldable device is expected to be a game-changer, laying the groundwork for Apple’s next wave of innovation, even though 2025 may not see any breakthrough iPhones.

    Apple’s India Strategy: INR 1,010 Crore Office Lease in Bengaluru

    According to various media reports, the smartphone giant Apple has rented approximately 2.7 lakh square feet of office space in Bengaluru for ten years, with a total outlay of approximately INR 1,010 crore for the duration, which includes rent, parking, and maintenance.

    The iPhone manufacturer will pay a monthly rent of INR 6.31 crore, or INR 235 per square foot, to occupy the fifth through thirteenth floors of Embassy Zenith on Sankey Road, Vasanth Nagar, in Bengaluru.

    A security deposit of INR 31.57 crore has been made by the corporation, with a 4.5% yearly rent increase. The lease was registered in July and started on April 3, 2025. According to the paperwork, Apple has paid stamp duty of INR 1.5 crore.

    Quick
    Shots

    •Code-named V68, expected autumn 2026.

    •Quad-camera setup: 2 rear, 1 inside,
    1 front.

    •Likely to bring back Touch ID, no
    Face ID.

    •No physical SIM card slot.

  • Stellaris-Backed BeepKart Shuts Operations Amid Funding Winter in India

    The four-year journey that once promised to revolutionise India’s pre-owned two-wheeler business has come to an end with the closure of Bengaluru-based Beepkart.

    According to a statement posted on the startup’s website, BeepKart is still totally dedicated to helping its current clients. We appreciate your participation in the BeepKart adventure. Currently, negotiations are underway for its creators to sell BeepKart’s tech stack and assets.

    According to various news reports, they also want to give investors their money back. Hemir Doshi and Abhishek Saraf, the cofounders of BeepKart, did not reply to Inc42’s enquiries regarding the development. When a response is received, the story will be updated.

    Closure of Chennai Plant & Layoffs

    This follows many media stories stating that BeepKart has closed its Chennai operations and fired all of its employees there. The startup was also progressively closing its Bengaluru offices. At the time, a BeepKart representative had stated that the company was transitioning to an asset-light operating model.

    The spokesman also stated that BeepKart had a “comfortable runway”, had “substantially” increased its profitability, and was negotiating an M&A deal with possible strategic investors. But such conversations never came to pass. Established in 2021, BeepKart has raised more than $18 million from well-known investors, including Innoven Capital, Stellaris Venture Partners, and Chiratae Ventures.

    Why BeepKart Failed Despite Rising Revenues?

    By providing consumers with inspection, refurbishment, financing, and warranties, the firm positioned itself as a full-stack platform for buying and selling old two-wheelers. Nevertheless, the business model suffered from high operational costs and narrow margins.

    After raising money between 2022 and 2024, BeepKart expanded aggressively, opening several outlets in Bengaluru and Chennai; however, this strategy backfired. Numerous stores were positioned close to one another, which reduced each other’s clientele rather than broadening their reach.

    Investor Backing & Aggressive Expansion

    Despite a 165% YoY increase in revenue to INR 100 Cr in FY24, BeepKart’s loss doubled to INR 66 Cr. According to reports, the cost of refurbishment accounted for around 10% of car pricing, making it challenging to maintain profitability in a market where consumers are highly sensitive to price.

    Uncertainty was increased by the startup’s recent run of high-level departures, which included the departures of its CTO and important business leaders. In the meantime, social media was inundated with complaints from its consumers regarding subpar after-sales services and vehicle condition.

    Challenges in India’s Used Two-Wheeler Market

    The demise of BeepKart joins an increasing number of failures in India’s second-hand two-wheeler market, where CredR and Cars24’s Moto have already ceased operations. Scaling has been very challenging due to a number of variables, including low margins, fragmented supply, and investor unwillingness to support operations-heavy models, even though the addressable market is huge.

    Quick
    Shots

    •Bengaluru-based BeepKart, once poised
    to revolutionize India’s pre-owned two-wheeler segment, has shut down after
    four years.

    •Startup posted closure note on its
    website, ensuring support for existing customers.

    •Founders are negotiating sale of tech
    stack & assets; reports suggest investors may get their money back.

    •Shutdown follows closure of Chennai
    plant and layoffs.

  • Swasya Living Announces Expansion to Build Eco-Farmland Communities in Pondicherry, Lonavala, and Kanakapura

    After establishing its flagship regenerative farmland community in Sakleshpur, Swasya Living has announced its plans to expand into three new locations: Pondicherry, Lonavala, and Kanakapura. The Bengaluru-based brand, which promotes eco-conscious living through integrated farmland and second-home projects, is set to roll out up to three parallel developments over the next two to three quarters.

    The expansion reflects the rising demand for sustainable second homes that blend nature, wellness, and food security. Swasya Living’s model goes beyond traditional real estate by offering co-owned or individually owned farmland homes set in ecologically sound environments. The brand follows a stringent sustainability checklist before finalising a site, evaluating soil quality, biodiversity, groundwater availability, and natural tree cover to ensure each project aligns with regenerative principles.

    The Sakleshpur project was sold out in 18 months. Spread across 40 acres, the community integrates eco-friendly construction, solar power, water harvesting, organic farming, forest trails, and even pollinator zones for bees and butterflies. No trees are cut during construction, and homes are built using over 80% eco-conscious materials.

    At Sakleshpur, Swasya Living has cultivated a truly self-sustaining ecosystem. The community grows a wide variety of vegetables, mushrooms, exotic greens, and microgreens, supported by a dedicated three-acre kitchen garden and modern hydroponic systems. Livestock and aquaculture also form an integral part of the model – with six cows already on-site, ten more pledged by residents, and fish farming being introduced.

    In keeping with traditional practices, turmeric and chilli powders are prepared using age-old stone-crushing methods, ensuring authenticity and purity. The farmland also houses around 100 beehives, producing an abundant supply of honey and enriching local biodiversity.

    Swasya Living’s impact extends well beyond the farmland. The community actively supports nearby villages by installing streetlights, fixing school roofs, and providing solar power in a region often affected by days of rain-induced electricity shortages. It also sponsors children’s education, helping uplift local families and strengthen community ties.

    Through these initiatives, the Sakleshpur project demonstrates that eco-living is not just about sustainable homes; it is about building ecosystems where people, nature, and communities grow together in harmony.

    The new projects are expected to follow the same philosophy, with a strong focus on water security, climate resilience, and low-carbon construction. Each site will feature integrated farming zones, eco-homes, and communal spaces designed to promote wellness, nature immersion, and community interaction. Swasya Living also works with agroforestry and biodiversity experts to restore local flora and fauna as part of its land development.

    Swasya Living was founded by Nijish Nair, Ashrith Begur, and Avinash Begur, three visionaries driven by a shared passion for sustainable living and community-centric design. Unlike traditional gated communities, Swasya Living’s developments aim to offer a slow-living lifestyle that combines food self-reliance with climate-conscious housing. Residents have access to organically grown produce, solar energy, rainwater harvesting systems, and natural trails, while participating in a collective that shares responsibilities around land care and sustainability.

    The brands expansion into Pondicherry, Lonavala, and Kanakapura is based on months of research into climate suitability, soil health, and market demand. Each of these regions has shown strong interest from urban professionals, retirees, and young families seeking eco-friendly getaways or long-term second homes outside the city grind.

    The upcoming projects will also include nature-aligned architecture with minimal ecological disruption. Designs will be adapted to the local climate and topography, ensuring that each home remains energy efficient and in harmony with its surroundings. Community features like food forests, bee sanctuaries, permaculture gardens, and natural water bodies are being planned as core elements of every site.

    Industry experts note that the rise of sustainable living models like Swasya Living is a response to increasing urban stress and climate anxiety. With work-from-anywhere flexibility, more homebuyers are looking to invest in spaces that offer better air quality, natural surroundings, and purpose-driven living.

    Swasya Living’s founders say their long-term vision is to create a network of regenerative communities across India, spaces that aren’t just homes, but ecosystems where humans and nature can coexist and flourish. Their unique proposition lies in offering people the opportunity to be co-stewards of the land they live on, with support systems for farming, home maintenance, and eco-conscious design already built in.

    The company has also attracted the attention of investors and sustainability advocates, who see potential in scalable models that balance profitability with environmental stewardship. While pricing details for the new projects have not yet been disclosed, interest from potential buyers is already growing, especially among those who missed the initial Sakleshpur offering.

    With environmental concerns becoming a mainstream priority, Swasya Living’s emphasis on regenerative design, food sovereignty, and conscious community living appears to be striking the right chord. The brand is also exploring long-term education and impact programs within its communities to promote ecological awareness among residents and children alike.

    As Swasya Living prepares to break ground on its new sites, it is positioning itself not just as a real estate developer but as a changemaker in India’s sustainable living movement. The next 12 months will be critical as the company transitions from a successful pilot to a multi-location footprint, navigating challenges around regulation, scalability, and infrastructure, while staying true to its ecological values. With the climate crisis accelerating and consumer behaviour evolving, the demand for mindful living is no longer a niche. Brands like Swasya Living are carving a new pathone where homes grow food, communities protect biodiversity, and real estate contributes to a regenerative future.

  • PayNearby to Launch IPO in FY26, Eyes Growth in Digital Financial Services

    According to reports, Mumbai-based fintech PayNearby intends to do an initial public offering (IPO) within the upcoming fiscal year in order to support its growth. Anand Kumar Bajaj, the CEO and managing director of PayNearby, told Reuters that the company is now choosing a merchant banker for the initial public offering (IPO) and intends to submit a draft red herring prospectus (DRHP) after that.

    Merchant Expansion & Hiring Strategy

    In an interview with the journal, Bajaj stated that the company has spoken with three merchant bankers and is currently choosing which to work with for the initial public offering. The process of filing the draft red herring prospectus will then start.

    Bajaj added that PayNearby currently has 1.2 million shop partners and intends to add roughly 5 lakh more in the next two years. By the end of the current fiscal year, the firm also intends to add 600 staff members.

    PayNearby vs. Other Fintech Giants

    When it comes to financing and payments, Indian fintech behemoths like Paytm, PhonePe, and BharatPe rule the market. PayNearby, on the other hand, takes a different approach by establishing a huge network of local merchants to provide digital services.

    Financial Performance in FY25

    The company anticipates a 10% increase in sales for the current fiscal year. It does this by providing retail stores with financial services that allow them to provide cash withdrawal, remittance, bill payment, and other services to their local communities.

    In the year that ended in March 2025, it claimed a profit of 120 million rupees and gross revenue of roughly 3 billion rupees ($34.9 million). By the end of the current fiscal year, it also hopes to have between 550 and 600 new hires.

    Indian Fintech IPO Boom

    The goal of many fintech majors is to go public. Pine Labs, Groww, and Razorpay are vying for their public offerings, while Kissht, a lending software startup, submitted its DRHP this week for its INR 1,000 Cr IPO.

    PayNearby wants to go public at a time when a lot of tech startups are trying to list on stock exchanges. About 23 firms are in various stages of going public, and many of them have also been approved by SEBI to go public, according to various media reports. But this year, just four startups have reached the public listing stage.

    Quick
    Shots

    •Plans to grow its 1.2M shop partner
    network by adding 500K merchants in two years.

    •To recruit 600 new employees by end
    of current fiscal year.

    •Reported INR 3B revenue ($34.9M) and
    ₹120M profit in FY25; targeting 10% sales growth this year.

    •Cash withdrawal, remittance, bill
    payment, and other digital financial services at retail stores.

    •Joins peers like Pine Labs, Groww,
    Razorpay, Kissht, and others preparing to list.

    •Around 23 Indian startups in IPO
    pipeline, but only 4 listed in 2025 so far.

  • Daily Indian Funding Roundup & Key News – 22 August 2025: Goldiam Raises ₹202Cr, Gaming Giants Suspend Real-Money Games & More

    It’s been a busy day in India’s business and startup ecosystem. From big-ticket funding rounds powering jewellery, EVs, and impact funds, to regulatory shake-ups forcing gaming giants to pause real-money operations, 22nd August 2025 has brought a mix of growth stories and major policy-driven shifts. Here’s a quick look at the key funding updates and business highlights you need to know today.

    Daily Indian Funding Roundup – 22nd August 2025

    Date Company / Entity Amount Round / Type Investors / Participants Sector
    22 Aug 2025 Goldiam International (ORIGEM) ₹202 crore QIP Morgan Stanley Asia (Singapore): ₹26.3 crore; Saint Capital Fund: ~40% of QIP; LC Pharos Multi-Strategy Fund; Nova Global Opportunities Fund; others Jewellery (Lab-grown diamonds)
    22 Aug 2025 Vertelo (Macquarie Asset Management platform) $405 million Platform Green Climate Fund (concessional $200 m); Macquarie Green Energy Transition Solutions Fund; AllianzGI; Australian Ethical EV fleet / Energy transition
    22 Aug 2025 Aavishkaar Capital – Global Supply Chain Support Fund $40 million LP Commitment Japan International Cooperation Agency (JICA); set up in partnership with KfW Impact / Supply Chain

    Goldiam International – INR 202 crore QIP for ORIGEM

    Goldiam International, the Mumbai-based diamond jewellery exporter, raised INR 202 crore through a Qualified Institutional Placement (QIP), advised by Monarch Networth Capital. The placement saw participation from Morgan Stanley Asia (Singapore), Saint Capital Fund (allocated nearly 40% of the issue), LC Pharos Multi-Strategy Fund, Nova Global Opportunities Fund, among others.

    Vertelo (Macquarie Asset Management) – $405 million platform funding

    Macquarie Asset Management closed a $405 million funding round for Vertelo: $200 million in concessional capital from the Green Climate Fund (GCF), and $205 million from institutional investors, notably the Macquarie Green Energy Transition Solutions Fund, Allianz Global Investors, and Australian Ethical.

    Aavishkaar Capital – Global Supply Chain Support Fund – $40 million LP commitment

    The Japan International Cooperation Agency (JICA) committed $40 million to Aavishkaar Capital’s Global Supply Chain Support Fund, established alongside KfW, to support SMEs in Asia and Africa.

    Key Business News Highlights for 22nd August 2025

    OpenAI to Open First Office in New Delhi

    OpenAI has announced plans to establish its first office in India, located in New Delhi, later this year. The company has already registered legally in India and begun hiring for a local team. The move underscores India’s significance as OpenAI’s second-largest market by user base. Additionally, Serbia recently launched its most affordable ChatGPT subscription in India at US$4.60 per month. CEO Sam Altman has said the initiative aims to make AI more accessible and bolster local collaboration.

    Real-Money Gaming Platforms Suspend Operations After New Law

    Following the passage of the Promotion and Regulation of Online Gaming Bill 2025, now awaiting presidential assent, major gaming companies have suspended their real-money offerings. Platforms including Dream11 (Dream Sports), PokerBaazi (Nazara-backed), MPL (Mobile Premier League), Zupee, Gameskraft, WinZO, and others have halted real-money games in compliance with the ban. They are shifting focus to free-to-play and e-sports formats and consulting legal experts on the way ahead.

    Ola Electric Shareholders Approve IPO Fund Reallocation

    Ola Electric received shareholder approval to modify the use of IPO proceeds and extend the deployment timeline. Originally earmarked for setting up cell manufacturing and EV projects, the updated plan allows greater flexibility in allocation amid evolving market and regulatory conditions.


    Daily Indian Funding Roundup and Key News: 21 August 2025
    India’s startup and business ecosystem saw major developments on 21 August 2025, with fresh funding rounds. Here’s your quick roundup of the top funding deals and key business news in India today.


  • OpenAI’s India Expansion: Strategy to Tap the World’s Second-Largest AI Market

    Later this year, OpenAI, the parent company of ChatGPT, plans to create its first corporate office in India. The artificial intelligence company’s official presence in a significant growing market will be established by the New Delhi office. In a statement released on 22 August, OpenAI announced that it has started hiring to grow its local staff.

    Pragya Misra, who joined OpenAI last year and is currently in charge of partnerships and public policy in India, is the only employee of the Microsoft-backed company.

    Sam Altman on India’s AI Potential

     Opening the company’s first office and assembling a local team is a crucial first step in OpenAI’s commitment to lowering the cost of advanced AI nationwide and developing AI for and with India, according to a statement released by OpenAI CEO Sam Altman.

    He went on to say that India has an amazing amount of AI excitement and possibility. With outstanding tech talent, a top-notch developer environment, and robust government support through the IndiaAI Mission, India has everything it needs to become a worldwide leader in AI.

    India Becomes ChatGPT’s Second-Largest Market

    After the US, ChatGPT’s second-largest user base is in India. Targeting the nearly one billion internet users in the most populous country in the world, the business this week introduced a more reasonably priced monthly plan at $4.60. Along with other premium paid subscriptions, it also provides a basic free plan.

    According to OpenAI’s recently disclosed market data on 22 August, the country with the highest number of student users on ChatGPT is India, where the number of weekly active users has doubled in the last 12 months. In the last year alone, ChatGPT’s weekly active user base in India has grown by more than four times.

    With a larger footprint and more employees on the ground, OpenAI could expand collaborations with Indian companies, governments, and developers and create tools and features tailored to the Indian market, which would lower the cost of advanced AI and make it available to everyone in the nation.

    The expansion also highlights OpenAI’s efforts to assist in creating early laws in a fast-evolving field of technology. For multinational tech companies, the most populous country in the world offers enormous opportunities, but it’s also a market that can occasionally be challenging to manage.

    OpenAI’s Roadmap for IndiaAI Mission

    According to reports, the business has also pledged to collaborate with the federal government on the $1.2 billion IndiaAI Mission, which aims to develop both large and small language models for the area. India’s emerging leadership in digital innovation and AI adoption is reflected in OpenAI’s decision to enter the country. India is in a great position to spearhead the next wave of AI-led transformation thanks to significant investments in enterprise-scale solutions, AI expertise, and digital public infrastructure, according to Union Minister Ashwini Vaishnaw.

    Partnerships with Government and Businesses

    “As part of the IndiaAI Mission, we are building the ecosystem for trusted and inclusive AI, and we welcome OpenAI’s partnership in advancing this vision to ensure the benefits of AI reach every citizen,” said the minister. OpenAI’s technologies are already being used by regional companies and organisations around India to address important issues, including AI-powered agricultural services, efficient hiring procedures, and efficient governance tools.

    In the future, this month OpenAI will have its inaugural Education Summit in India. In India, OpenAI will have its inaugural Developer Day later this year, bringing together the dynamic community of developers, entrepreneurs, and businesses influencing AI’s future.

    Quick
    Shots

    •OpenAI to set up its first corporate
    office in New Delhi later this year.

    •Company begins recruiting to expand
    its local India team.

    •Sees India as a hub of tech talent,
    developer ecosystem, and AI opportunities.

    •OpenAI to partner with the government
    on the $1.2B IndiaAI Mission, supporting inclusive AI growth.

  • Dream11, Gameskraft, Zupee, MPL Suspend Real-Money Gaming Services Amid Industry Shake-Up

    Shortly after the Indian government’s online gaming bill was approved by both Houses of Parliament, India’s leading real money gaming (RMG) companies, including Dream11 parent company Dream Sports, Gameskraft, Mobile Premier League (MPL), Zupee, and Nazara-backed PokerBaazi, started to stop holding money-related competitions and games on their platforms.

    The measure forbids online money games, which are those in which players deposit money either directly or indirectly in the hopes of winning.

    All ‘Pay to Play’ competitions on Dream Picks, a newly released fantasy sports app that allows users to create four-player teams and compete in both innings, have been suspended by Dream Sports. Additionally, Dream Play, the company’s casual RMG app, is being discontinued.

    Dream11 Suspends Real Money Fantasy Competitions

    A notification on the app states that Dream11is suspending all “pay to play” fantasy sports competitions on its platform due to the current developments surrounding “The Promotion and Regulation of Online Gaming Bill, 2025”. The Dream11 app allows users to safely access and withdraw their account balance.

    According various media reports, Dream Sports also intends to halt sponsored competitions on its main Dream11 app after the law is notified after the President’s approval. In FY23, the business reported a net profit of INR 188 crore on INR 6,384 crore in operational sales. Dream Sports chose not to respond.

    MPL Shuts Down Money-Based Games

    The Mobile Premier League (MPL), an RMG platform, announced that it has closed all of its money-related gaming options.

    “While new deposits will no longer be accepted, customers will be able to withdraw their balances seamlessly,” stated a spokeswoman. “Regardless of the revenue model, our goal has always been to become the biggest competitive gaming platform globally, and we are still dedicated to giving our Indian users competitive, free-to-play, non-money-based gaming experiences. As we finish the process of shutting down online money games, we will update our community on the following steps,” the representative stated.

    On its iOS and Android apps, MPL provides more than 60 games in categories such as board games, puzzles, daily fantasy sports, quizzes, and casual games.

    Gameskraft Halts RummyCulture Cash Services

    In a stock market announcement on August 22, Nazara Technologies said that Moonshine Technology, the parent company of the online poker platform PokerBaazi, has “ceased offering real money online gaming operations.”

    “Moonshine, an affiliate firm in which Nazara owns a 46.07% share, has stopped providing real money online gambling operations out of extreme caution and in accordance with the government’s mandate. After the bill is passed, the corporation will assess its next steps,” the multifaceted gaming and sports media organisation stated.

    Additionally, Gameskraft, a Bengaluru-based company, is suspending “Add Cash” and “Gameplay services” on its rummy applications, such as RummyCulture. “In compliance with platform policies, the withdrawal services are still accessible. We wish to reassure users that their money is still secure with us. In order to guarantee complete compliance with the changing legislative framework, this is a preventative action,” a business representative stated in a statement.

    Quick
    Shots

    •India passes Online Gaming Bill 2025,
    banning money-based online games.

    •Dream Sports suspends ‘Pay to Play’
    competitions on Dream Picks & shuts down Dream Play RMG app.

    •Mobile Premier League halts all
    money-gaming; users can withdraw balances but no new deposits allowed.

    •Bengaluru-based Gameskraft suspends
    Add Cash & gameplay services on RummyCulture; withdrawals still open.

  • Porsche to Cut Majority of Jobs at Battery Division, Says Union

    In the most recent setback to Europe’s attempts to gain market share in the electric vehicle industry, a union spokeswoman told AFP on 21 August that Porsche’s battery manufacturing company would lay off the majority of its employees. According to IG Metall spokesman Kai Lamparter, the Cellforce Group subsidiary would lay off about 200 of its 286 employees.

    Union Confirms Layoffs Amid Market Struggles

    Official notification has been sent to the authorities, Lamparter added. He went on to say that it is reasonable to believe that notices will be sent out on August 25. A Porsche spokesman declined to comment on claims of layoffs, and Cellforce did not reply to AFP’s request for comment. Typically the most costly component of an electric vehicle, batteries have emerged as a major point of contention for automakers and the larger automotive industry.

    China’s Dominance in EV Batteries

    However, Chinese battery giants like CATL and BYD have made it difficult for European companies to establish themselves, which has raised concerns about the long-term viability of the continent’s auto industry.

    European Battery Industry Under Pressure

    Typically the most costly component of an electric vehicle, batteries have emerged as a major point of contention for automakers and the larger automotive industry. However, Chinese battery giants like CATL and BYD have made it difficult for European companies to establish themselves, which has raised concerns about the long-term viability of the continent’s auto industry.

    Northvolt Bankruptcy & Porsche’s Scrapped Expansion

    The most well-known battery manufacturer in Europe, Northvolt of Sweden, declared bankruptcy in March. US competitor Lyten is currently purchasing the majority of its assets. In April, Porsche announced it will scrap plans to increase battery production at Cellforce, citing lower-than-expected demand for EVs.

     The Stuttgart-based sports car manufacturer itself warned workers in July that its business model “no longer works in its current form” due to intense competition in China, a crucial market, after announcing 1,900 job losses in February.

    Layoffs Across the Tech and Auto Industry in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

    Quick
    Shots

    •Union confirms Porsche’s Cellforce
    Group will lay off ~200 of its 286 employees.

    •IG Metall spokesperson Kai Lamparter
    said notices are expected to go out by August 25.

    •Company declined to comment, while
    Cellforce did not respond to AFP’s request.

    •EU automakers face challenges
    competing with China’s CATL & BYD, raising doubts about Europe’s battery
    sector.

  • Japan International Cooperation Agency (JICA) Announces Investment of $40 Mn in Aavishkaar Capital’s Global Supply Chain Support Fund to Boost Impact Investment Across Asia, Africa

    Japan International Cooperation Agency (JICA), Japan’s governmental agency for official development assistance, announced an investment of $40 million into Aavishkaar Capital’s ‘Global Supply Chain Support Fund’ to support enterprises across Asia and Africa to unlock inclusive and sustainable growth.

    The decision was announced in a speech by Japanese Prime Minister Shigeru Ishiba at the “Economic Partnership in Indian Ocean – Africa Forum.” The forum was convened in conjunction with the TICAD 9 (Tokyo International Conference on African Development), which is being held in Yokohama, Japan, throughout the week. The fund is being managed by Aavishkaar Capital, a leading impact investment group which is headquartered in Mumbai, India. 

    Utilizing JICA’s upcoming contribution to the Fund, Aavishkaar Capital, as a fund manager, provides credits to private corporates operating in Africa, India and other parts of emerging Asia. These investees are involved in a variety of international business supply chains, including those in agriculture, food processing and manufacturing. JICA’s commitment aims to support small and medium-sized enterprises (SMEs) whose businesses have a significant social and environmental impact. 

    By investing in the Global Supply Chain Support Fund, JICA will help the Aavishkaar Capital expand into the emerging markets of Africa and Asia, after India, thereby contributing to the development of the wider Indian Ocean region and the global supply chain. 

    The Global Supply Chain Support Fund (GSC Support Fund) was set up in partnership with KfW, a German state-owned development bank, and is the 8th Fund of Aavishkaar Capital that aims to invest in emerging corporates across the global south, driving them toward global success through bespoke non-dilutive capital solutions. The fund invests in businesses that operate across global supply chains and in sectors that have a significant climate and social impact.  The GSC Support Fund has already made 8 investments across Asia and Africa.

    Speaking at the event, Mikio Hataeda, Senior Vice President, JICA, said, “We are honoured to invest in the Aavishkaar Fund, with which JICA has a long-standing relationship and has achieved significant impact in India. By investing in the fund and entering a new chapter of collaboration with the Aavishkaar Group, we hope to elevate the well-established India-Japan partnership and further strengthen our commitment to impact investment in Africa and Asia.”

    Talking about the investment, Vineet Rai, Founder, Aavishkaar Group and Managing Partner, Aavishkaar Capital who also delivered a short speech at TICAD, said, “We are honoured to welcome JICA’s strategic investment in our Global Supply Chain Support Fund targeting the global south. This collaboration builds upon a decade of our relationship and reflects the long-standing tradition of Indo-Japan economic cooperation. Together, we are committed to advancing shared values of sustainable growth and transformative opportunities for SMEs across the African & Asian continent and look forward to a long and an impactful alliance.”

    Monu Jain, Partner, Aavishkaar Capital, said, “With JICA’s catalytic support, we aim to scale the Global Supply Chain Support Fund’s reach across Asia and Africa, empowering SMEs with growth capital to build resilient-, climate & social Impact aligned – supply chains that can thrive in global markets.”

    The investment by JICA will accelerate Aavishkaar Capital’s vision in supporting ambitious and innovative enterprises to generate livelihoods, create climate impact, and empower communities across emerging markets.

    About JICA

    Established, by a specific law, as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to contribute to the promotion of international development cooperation, as a sole Japanese governmental agency in charge of ODA implementation, the world’s largest bilateral development agency, works as a bridge between Japan and emerging countries, and provides assistance in forms of loan, equity investment, grant and technical cooperation so that the emerging countries can strengthen their capabilities.

    About Aavishkaar Capital

    Aavishkaar Capital is an impact fund manager focused on the Global South. A pioneer in adopting an entrepreneurship-based approach to scaling businesses for impact, Aavishkaar Capital’s strategy has enabled its investee companies to impact over 136 million lives. The firm invests in sectors such as Sustainable Agriculture, Financial Inclusion, and Essential Services across India, Emerging Asia, and Sub-Saharan Africa.

    Aligned with 13 out of the 17 Sustainable Development Goals, Aavishkaar Capital has raised eight funds, delivering commercial returns with approximately USD 550 million in assets under management. It serves as the impact investing arm of the Aavishkaar Group, a broader impact platform with operations in Microfinance, MSME Lending, and ecosystem development across India, Emerging Asia, and Sub-Saharan Africa. Aavishkaar Group, with its mission to bridge the opportunity gap for the emerging 3 billion, currently manages over USD 1.3 billion in impact assets.

  • Kairan Quazi: Meet the 16-Year-Old Bengali Prodigy Who Left Elon Musk’s SpaceX to Join Wall Street

    After making headlines as SpaceX’s youngest engineer, a 16-year-old youngster is now entering the banking industry. After joining SpaceX shortly after graduating with a degree in computer science and engineering at the age of 14, Kairan Quazi has chosen to accept a new position with Citadel Securities in New York City.

    He contributed to production-critical systems that managed how satellites directed their beams to deliver internet access throughout his two years of employment on the Starlink project. His efforts helped to increase Starlink services’ dependability and speed.

    From SpaceX to Wall Street

    Quazi made the decision to depart SpaceX and pursue a career in financial technology in 2025. He will now work as a quantitative developer for Citadel Securities, a worldwide trading company that handles roughly 35% of US retail stock trades.

    After two years at SpaceX, Quazi told Business Insider that he felt prepared to take on new challenges and broaden his skill set in a different high-performance setting. Citadel’s “ambitious culture” and access to a “completely new domain” were what drew him in, he continued. Quazi turned down offers from large tech businesses and AI research laboratories in favour of financing.

    Why He Chose Finance Over Big Tech?

    He gave Business Insider an explanation for his choice, saying that quantum finance offers a unique blend of intricacy and intellectual challenge that AI research also delivers, but at a far faster rate. Instead of months or years, as is the case in many study settings, he will be able to observe quantifiable impact in a matter of days. He will be working on creating technologies at Citadel that facilitate rapid international trade.

    Early Career & Academic Achievements

    Before graduating from college, Quazi started his career early by working as an intern at Intel Labs when he was ten years old. In 2022, he was also employed at Blackbird.AI. His interest in finance was influenced by his mother’s job in mergers and acquisitions.

    Challenges at a Young Age

    Quazi’s age has presented difficulties despite his accomplishments. He attacked LinkedIn’s 2023 decision to ban his account for being underage as “illogical, primitive nonsense,” pointing out the difference between being permitted to work at SpaceX and being denied access to a professional networking site.

    Family & Influences

    Kairan Quazi was raised in a tech- and finance-related family in the San Francisco Bay Area. His father, Mustahid Quazi, is a chemical engineer, and his mother, Jullia Quazi, is employed on Wall Street. Early academic exposure sparked Quazi’s interest in technology, computer science, and mathematics.

    He graduated from Las Positas College with an Associate of Science in Mathematics at the age of eleven. He earned a degree in computer science and engineering at the age of 14, making him the youngest graduate in Santa Clara University’s 170-year history.

    Quick
    Shots

    •Kairan Quazi, a 16-year-old
    Bengali-American, became the youngest engineer at Elon Musk’s SpaceX.

    •Worked on Starlink systems to boost
    satellite internet speed and reliability.

    •He has now joined Citadel Securities
    in New York as a Quantitative Developer.

    •Chose finance over Big Tech & AI
    labs for faster real-world impact and new challenges.