One quick thing: Dunzo co-founder Mukund Jha in talks to raise Rs 80 crore for GenAI startup 

In today’s newsletter: 

• Byju Raveendran in talks to settle with BCCI
• WazirX knocks on Indian govt’s doors for help
• Meet the Korean minting millions in Ola Electric

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Byju Raveendran's fight to save his company has reached a critical point as the courtroom drama unfolds.

The Board of Control for Cricket in India (BCCI) and the beleaguered edtech firm Byju's are in the early stages of talks to resolve a dispute over unpaid dues amounting to Rs 158 crore, the cricket body informed the National Company Law Appellate Tribunal (NCLAT).

• These settlement talks offer Raveendran a glimmer of hope to regain control of his firm and steer it away from insolvency
  
  
• The next hearing on the matter is scheduled for July 31

The BCCI filed a petition against the edtech firm for unpaid dues with the National Company Law Tribunal (NCLT).

• On July 16, Byju’s was admitted to insolvency resolution proceedings, with Raveendran losing control of his firm

In response, Byju appealed the decision to the Karnataka High Court, which subsequently dismissed the plea due to the ongoing proceedings at the NCLAT.

Abhishek Manu Singhvi, Raveendran's lawyer, warned that postponement of plea again will lead to the Committee of Creditors (CoC) taking over without hearing their appeal.

"This is like giving a pound of flesh to Shylock," he said.

Meanwhile, a stay has been requested on the formation of the CoC until the NCLAT reaches a decision on Byju's appeal.

Dig deeper

The crypto world has been abuzz with questions about why regulators have remained silent following the $230-million cyberattack on WazirX. 

• Turns out that the exchange has been in touch with various government bodies

It has even submitted its records to CERT-In (Indian Computer Emergency Response Team) for initial checks.

In an interview with us, WazirX founder and CEO Nischal Shetty said that the company has been in talks with government bodies, global peers and stakeholders:

• To find support, including finding a buyer
  

Shetty said that the firm is in talks with regulators to track the stolen funds and catch those responsible for the attack.

WazirX, which accounts for nearly a third of the country’s trading volumes, faced a security breach on July 18, resulting in the loss of almost 45% of its holdings.

• The exchange is currently finalising a recovery plan to retrieve the funds and reopen the platform

WazirX has also sought support from its former partner, Binance, which continues to control a significant portion of its revenue and WRX tokens, we reported yesterday.

Read the full interview

It is uncommon for a technology executive to have spent 36 years with the same company. It is even rarer for such a person to subsequently join a startup.

Hyun Shik Park, a longtime corporate honcho with South Korean electronics conglomerate LG, took the reins of Ola Electric's ambitious cell manufacturing project last year. 

• He sits at the top of Ola Electric's compensation ladder for FY24, surpassing key figures including the founder-chairman, chief financial officer, and chief technology officer

• Park took home a pay of Rs 8.7 crore in the last fiscal, apart from receiving a stock option grant of 17.3 lakh shares 

Also read: IPO-bound Ola Electric's cost of imports from China jumped to 37% in FY24

After getting a bachelor’s degree of science in chemistry from Pusan National University of South Korea, he started working at LG in Cheongju as a production engineer in 1987.

• Park rose through the ranks to become the head of automotive battery for LG Energy Solution by 2006

• He then spent 6 years in Nanjing, China, managing the electronics conglomerate's battery manufacturing facility, which supplied to customers like Apple and Nokia

Before joining Ola in August 2023, Park also dabbled in management coaching and building up a training programme for local engineers and operators for LG Energy Solution in Poland.

Go deeper

Saat samundar paar (across the seven seas), Indians are shelling out lakhs to watch Indian athletes live in action at the Paris Olympics and to spend special time with them over dinner and more.

• Premium Paris Olympic packages, which include flight tickets, meals, and meet-and-greet sessions with athletes, range from Rs 2.5 lakh to Rs 15 lakh

Among Indian athletes, Neeraj Chopra is particularly in high demand, with people paying for the opportunity to meet him at a restaurant in the Eiffel Tower

• Sports tourism is picking up pace in India, benefiting cricket and other sports like football, tennis with Indians spending big on tournaments like Wimbledon. Find out more.

• Canva is acquiring image generation startup Leonardo.ai, marking its second AI-focused purchase this year.
  
  
• Meta Platforms said it will roll out a new tool called AI Studio that will allow users to create, share and design personalised AI chatbots.
  
  
• Apple said that it chose Google's chips over Nvidia's for its new AI software infrastructure powering upcoming AI tools and features.

This one is for the history books! 

22-year old Manu Bhaker has etched her name in Indian sporting history today by becoming the first sportsperson to win two Olympic medals in a single tournament. 

Following her bronze win in the women's 10m air pistol event earlier this week, Bhaker partnered with Sarabjot Singh to clinch another bronze in the 10m air pistol mixed team event. 

• That's not all. She is also set to participate in the women's 25m pistol event, which is slated to commence on Friday. *Fingers crossed*

Meanwhile, Indian table tennis star Manika Batra also advanced to the Round of 16 today, becoming the first Indian paddler to reach the pre-quarters of an Olympic table tennis competition.

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