One quick thing: Bitcoin effect! Top Indian crypto exchanges see a 207% surge in trading volumes in March 

In today’s newsletter: 

• Byju's peace offering to investors
• Why Indian EVs were blowing up
• TCS kicks off fresher hiring

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Byju's, the edtech giant facing a period of turbulence, seems to be nearing calmer waters.

• In a move aimed at mending fences with disgruntled investors, the company has extended a peace offering

Byju's has invited dissenting shareholders, including Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus, to participate in the recently announced rights issue within the next 72 hours.

• This comes despite these investors' attempts to remove founder Byju Raveendran and block the rights issue

In an email to shareholders, Raveendran emphasised Byju's commitment to all its investors, stating, "We continue to show good faith towards all our shareholders and would like all of you to be part of our turnaround story."

In the email, Raveendran said that Byju's has already received over 50% approval through postal ballot for increasing its share capital, paving the way for the rights issue. 

• Additionally, the company held an Extraordinary General Meeting (EGM) today to discuss the resolutions, which were passed without objections

However, the dissenting investors chose to abstain from the EGM, sending only legal representatives to attend.

The voting process for the resolutions continues until April 6. 

• Investors have until April 1 to subscribe to the rights issue 

The next hearing for the investor-initiated plea in the National Company Law Tribunal (NCLT) is scheduled for April 4, where all case-related issues will be addressed.

Go deeper

Imagine a brand-new electric scooter, gleaming in the sun. Now imagine it bursting into flames moments later. 

• This alarming sight became all too common, a worrying trend plaguing India's recent EV boom. 

But, what was the reason?

Lars Reger, chief technology officer of NXP, a semiconductor company, shed light on the issue. 

• Turns out, Indian EV startups were using chips designed for laptops to power their batteries! 

These chips weren't built to handle the demands of electric vehicles, leading to overheating and, well, fiery scooter meltdowns.

Reger said that using the right chips wouldn't have significantly increased the price of EVs. 

• Indian manufacturers simply made a "beginner's mistake" by opting for cheaper alternatives

Reger also highlighted India’s growing strength in the chip design industry. He points out that Indian chip designers have become central to developing cutting-edge chips.

In fact, a third of NXP’s engineering team, around 3,500-4,000 people, are based in four Indian cities.

• These engineers are designing a thumbnail-sized automotive chip packed with 4 billion transistors 

Read the full interview

Remember those nerve-wracking headlines about tepid hiring and AI replacing jobs? 

• Well, fret no more, aspiring software engineers! 

Tata Consultancy Services (TCS), India's IT giant, has begun recruiting freshers from the 2024 batch. 

• The company announced in January that the hiring process for FY25 had started

Key dates to remember:

• Applications open until: April 10
  
  
• Online tests scheduled for: April 26

• Ninja: Starting salary of Rs 3.36 lakhs per annum
    
• Digital: Starting salary of Rs 7 lakhs per annum
  
  
• Prime: Salary in the range of Rs 9-11.5 lakhs per annum

In a climate of cautious hiring due to economic uncertainty, TCS's move is a positive sign for the tech industry. 

• This comes after Infosys, its closest competitor, indicated a pause in fresher hiring. With attrition rates improving, some companies were also hesitant to hire new talent

Find out more

• Elon Musk's AI startup xAI is set to release an enhanced version of its chatbot Grok, called Grok-1.5, to early testers and existing users on social media platform X in the coming days.
  
  
• Hillary Clinton and US election officials express concern that AI-generated disinformation could pose a threat to the 2024 presidential election.

Craving a legal drama with a twist? Buckle up for Patna Shuklla on Disney+ Hotstar. 

• This edge-of-your-seat thriller throws a housewife and small-time lawyer into the heart of India's education system's dark underbelly

Need a good laugh? Look no further than Tig Notaro's latest stand-up special on Amazon Prime Video. 

• This Emmy-nominated comedian is known for her witty observations on everyday life, and this special promises to tickle your funny bone

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