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• BluSmart raises $24 million from MS Dhoni Family Office, others

In today’s newsletter: 

• Zomato rally propels Goyal to billionaire club
• Namma Yatri's rental ace
• No new chip subsidy scheme this year

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It's been a remarkable year for Zomato's Deepinder Goyal. His company consistently turned a profit, he tied the knot, and now there's another milestone to celebrate.

Deepinder Goyal is the newest billionaire in town, thanks to his 4.24% stake in Zomato.

• Fueled by a record rally in share prices, Goyal's personal wealth surpassed Rs 8,300 crore ($1 billion) on July 15 

• Zomato's share price ended the day 3% up to close at Rs 229.1 apiece on the NSE

• The company's market capitalisation crossed $22 billion

Goyal sure knows how to celebrate. See for yourself

Zomato's decision to raise the platform fee from Rs 5 to Rs 6 is expected to generate an additional Rs 25 lakh daily.

• The success of Blinkit has solidified Zomato's position in the industry

• The company's profitable food delivery operations have played a crucial role in driving the stock price up over 300% since July 2023

While a Re 1 increase in platform fee might seem insignificant to consumers, analysts believe it will have a substantial impact on the company's bottom line.

• Elara Capital said every Re 1 increase in platform fee will lead to a positive impact of Rs 85-90 crore in EBITDA
   
• The platform fee was as low as Rs 2 per order back in April-August of 2023, but has steadily climbed since then
   
• It can go as high as Rs 8-10 per order, as per brokerages

Dive deeper

Cab rentals have been around for several years. But what if passengers could enjoy the same convenience with auto rickshaws?

Namma Yatri, the zero-commission rival to Ola and Uber, is piloting auto and cab rentals with select users, we have learnt.

• The service is currently being tested in Bengaluru and Chennai, with plans to expand the pilot to Delhi in about a fortnight

Namma Yatri's piloting of auto rentals makes it the first ride-hailing service to offer this option in India.

• Ola and Uber currently only offer cab rentals

Also read: Top ride-hailing firms experiment with subscription models to retain drivers and tackle competition

Namma Yatri's move comes as the company aims to intensify its rivalry with Ola and Uber. 

• It is currently in final talks to raise $10-$15 million in its maiden funding round, we reported in April. 

Go deeper

Amid a global race to attract semiconductor manufacturing, India has attracted four such projects over the past one year — thanks to a generous $10 billion (Rs 76,000 crore) subsidy scheme.

• About 78%, or Rs 59,000 crore, of the package has been committed to the projects as yet
  
  
• Subsidy disbursals have started for a plant by US chip major Micron in Gujarat’s Sanand

But, the government is unlikely to launch a follow-on scheme this year to attract more such large chipmaking projects, according to sources.

• The Ministry of Electronics and Information Technology (MeitY) wants to start disbursals for the other approved projects — two by the Tatas and one by CG Power — before drawing up a plan for the second version of the scheme

“The four projects have to be fully grounded. They have to start spending so that we have to give them money. When MeitY goes back to the finance ministry, they will ask 'We gave you the money. What have you done with that?” remarked a source close to developments.

A few more proposals are in the pipeline by the likes of software unicorn Zoho and information technology services major HCL.

• A $8-10 billion plan by Israeli chip company Tower has reportedly been asked to be reframed

• Meanwhile, MeitY is working to create a Rs 30,000-40,000 scheme to encourage local manufacturing of other electronics components

Go deeper

• Zen Technologies, a leading anti-drone technology player, has launched four new products in partnership with subsidiary AI Turing Technologies, which the company said is aimed at the global defense market.
  
  
• British Prime Minister Sir Keir Starmer is expected to introduce a long-awaited AI bill this week, fulfilling Labour party's manifesto promise to set up binding rules for the development of advanced machine-learning models.

Argentina did it again! The Albiceleste are Copa America champs. 

• Lionel Messi's side clinched their 16th title, edging Colombia 1-0 in extra time

• Lautaro Martínez snatched the winning goal in the 112th minute 

This victory not only secures Argentina's status as the Copa's most successful team but also completes a hat-trick of major titles after their 2021 Copa and 2022 World Cup wins. 

Find out more

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