Indian Startup News Ep 162: Battle for India’s EV Four Wheeler Industry

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This week on Indian Startup News, Bhavish Aggarwal vs. Elon Musk, Elon Musk met with India’s prime minister. Again, the end of BYJU'S?

THE MORNING CONTEXT ARTICLE: https://themorningcontext.com/internet/lawsuit-filed-by-byjus-lenders-details-a-string-of-broken-promises

This week's funding Notion: https://honored-hospital-c65.notion.site/W12-Q1-FY24-a09e0aa7c1c2442fa4d4321792e433b5

FY24 funding notion: https://honored-hospital-c65.notion.site/cea977c397b346af91a022250b7654e3?v=205740096cff4378a51bb0a05bd0ee85

Notion graph: https://docs.google.com/spreadsheets/d/12Gugm80lFfI6jvJsWtDmL138XBFwxyA4560E6nfKtyI/edit#gid=0

Caleb's Twitter thread: https://twitter.com/caleb_friesen2/status/1672479786101538816?s=20

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00:00 Bhavish Aggarwal vs. Elon Musk
01:06 BwM course
01:57 Elon Musk met with India’s prime minister. Again
03:34 The end of BYJU'S?
07:42 Funding news
09:43 BwM meetup
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Bhavish Aggarwal vs. Elon Musk

1. Ola Electric has finally begun construction on its Gigafactory in Tamil Nadu!
2. This factory will be able to output 5 gigawatt-hours of annual battery capacity to begin with.
3. It will be further expanded in phases to 100 GWh at full capacity.
4, Tesla is planning to come to India

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BwM course:

1. We have slots available for the second cohort of that course.
2. It’s specifically intended for startup entrepreneurs or future founders.
3. We have instructors with over 10 years of experience each who will be teaching this course.

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Elon Musk met with India’s prime minister. Again:

1. So their first official meeting was in 2015, Modi visited the Tesla factory.
2. Tesla wanted preferential treatment and they didn’t get it.
3. Now, Elon and Modi have met again, and Elon apparently enjoyed the visit!
4. It seems very likely that Tesla will end up ceding to the government of India’s desire for tesla to set up a factory in India.

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The end of BYJU'S?:

1. NBFCs like Avanse Financial Services, Aditya Birla Finance, and Fullerton India, have decided to stop offering those loans.
2. BYJU’S is being forced to issue loans themselves, from their company balance sheet.
3. BYJU’S is laying off more than 1,000 people.
4. BYJU’S lawsuit against their lenders: they’ve begun discussions to reach a resolution. If the court rules in favour of the lenders, Byju’s will have to immediately pay the $40 million in interest payments that they’ve deferred.
5. Byju’s is looking to raise $700 million in equity funding, and they also raised about $250 million in structured instruments from Davidson Kempner.
6. 3 board members resign from the company.

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Funding news:

1. $88 million have been raised across India’s startup ecosystem this week.
2. The leader here isn’t quite a startup, Drools is a pretty well-known pet food company based in Chhattisgarh, they raised 60 million dollars this week.
3. Then there’s Digantara, a Bengaluru-based spacetech startup, very cool, they raised 10 million dollars.
4. Good Flippin Burgers, a Mumbai-based QSR brand, raise 4 million dollars.
5. And then finally we have Grapevine raising 3 million dollars.

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Видео Indian Startup News Ep 162: Battle for India’s EV Four Wheeler Industry канала Backstage with Millionaires