One quick thing: Navi pips Cred as fourth largest UPI app

In today’s newsletter:

• Delhi chokes, founders slam 
• Funding for HealthKart, Oyo 
• Silicon Valley legend bets big on India

Event alert: CNBC TV18 & Moneycontrol will be hosting the most definitive summit on Artificial Intelligence with top global and Indian voices on November 22nd in Bengaluru. Click here to register and get access to CNBC-TV18 & Moneycontrol Global AI Conclave'.

Was this newsletter forwarded to you? You can sign up for Tech3 here

Actor Dev Anand in his 1961 movie ‘Hum Dono’ said in a song, "Har fikr ko dhuen mein udaata chalaa gaya. (Kept on making every worry fly like smoke)" But looking at Delhi today, dhuan hi fikr ho gaya hai (smoke has become the worry).

Founders, chief executive officers of firms based in Delhi took to social media to highlight the pain Delhiites are in due to the worsening air quality. 

• It's not a Delhi problem, it's a national crisis, said Ixigo's founder Aloke Bajpai

• Others are asking the government to make tackling the problem of pollution its priority

One founder pointed out that India loses 21.8 lakh people annually because of pollution pangs. 

• Dilli ki sardi (winters in Delhi) has once again turned out to be unpleasant with air smells like cigarette smoke and burning coal

With air quality deteriorating every year, one founder has termed it as the pollution season. 

He hopes that the worsening air quality in Delhi-NCR acts as a wake-up call for policymakers.

• As many as 30 million people staying in Delhi-NCR face health risks due to poor air quality every year

While India Inc. slammed the government for not taking timely action to tackle air pollution, some founders also shared some tips and tricks to reduce the impact of the bad air. 

• Investing in better air purifiers, not taking runs outside, and wearing masks were some suggestions

Most importantly, to have strong immunity. 

“You put any kind of toxins in your body. If your immunity is good, the body will handle it well and throw it out. But if the immunity is weak, the body will convert it into a disease,” said Sumeet Kapur, the Founder and CEO of health tech platform Wellcure. 

Go deeper

Picture credit: Microsoft Copilot

In today’s deals roundup, two startups are making headlines with major moves!

Health supplement startup HealthKart has raised $153 million (Rs 1,270 crore) in a secondary funding round, at a notable valuation for the Gurugram-based firm.

• The deal, led by ChrysCapital and Motilal Oswal Alternates, saw participation from Neo Group and existing backer A91 Partners
  
  
• The round allowed early investors to sell shares and take a partial or complete exit

The 13-year-old firm saw its valuation peak to around $500 million (Rs 4,150 crore), up 35% since its 2022 fundraise. 

This boost comes as the Gurugram-based startup continues to show impressive financial performance, recently hitting Ebitda profitability for FY24 and surpassing Rs 1,000 crore in revenue. 

• The focus now shifts to international expansion, building on its portfolio, including brands like MuscleBlaze, HKVitals, and Gritzo

The company also announced its first-ever employee ESOP buyback, worth $6.5 million (Rs 55 crore).

Meanwhile, over at Oyo, founder and CEO Ritesh Agarwal is signalling confidence in his company’s future. 

• Agarwal plans to invest $66 million (Rs 550 crore) in Oyo through his affiliate entity, Redsprig Innovation Partners, increasing his personal stake in the company

The investment would value the SoftBank-backed firm at $3.86 billion (Rs 32,000 crore) —up 60% from its last valuation of $2.37 billion (Rs 19,711 crore) but still a far cry from its peak in 2019. 

• Agarwal’s move comes months after Oyo raised $175 million (Rs 1,453 crore), where he put in a sizable $99 million (Rs 822 crore) through his entity, Patient Capital.

Oyo is using this cash infusion to fund its biggest acquisition yet—US-based Motel 6 and Studio 6.

Find out more

Picture credit: Microsoft Copilot

Tim Draper, the visionary venture capitalist, is all eyes on India.

• The man behind early bets on tech giants like Tesla, SpaceX, and Twitter (now X), Draper is now eyeing India as the next global tech powerhouse

In an exclusive interview with us, Draper said that China’s stringent policies are casting a shadow over its tech industry, and he believes India is poised to seize the opportunity.

• He's particularly excited about the current IPO market, which is fuelling innovation and growth

He is currently on a tour of India to shoot the eighth season of his popular startup pitching show, Meet the Drapers.

• He said that he finds the chaotic traffic of Bengaluru, often a source of frustration for many, as a 'work of art'

Draper’s connection with Elon Musk is no secret—he’s been one of Musk’s earliest supporters.

• Draper hails him as "extraordinary, and a gift from the God"

Draper's love for cryptocurrency, especially Bitcoin, is well-known. 

• He's confident that bitcoin, despite its recent all-time high, still has more room for growth 

With investments in over 50 crypto companies, Draper is clearly betting big on the future of digital currencies.

Read the full interview

Information and Broadcasting Minister Ashwini Vaishnaw recently criticised digital platforms for shortchanging traditional media when it comes to compensation for advertisement revenues.

• This isn't the first time the government has raised concerns—earlier, former MoS in the IT Ministry Rajeev Chandrasekhar highlighted that resolving this issue would be a priority for Modi 3.0

Here’s a quick explainer on what’s at stake.

• Nvidia's new Blackwell AI chips, which have already faced delays, have encountered problems with accompanying servers that overheat.
  
  
• Google Docs is introducing a new feature that allows users to create images directly within their documents using Gemini.

India's love affair with smartwatches and earbuds seems to be cooling off. 

According to IDC, the wearable device market saw a sharp decline in Q3 2024, with sales dropping 20.7% year-on-year to 38 million units.

• Smartwatch shipments plummeted 44.8% YoY to 9.3 million units

• The earwear segment fell by 7.5% YoY to 28.5 million units

Find out more

Note: By subscribing to Tech3 you have already made the right choice. Top it up with a premium offering, the Moneycontrol Pro Panorama, a newsletter that gives you a sharp take on macros, markets, business and finance. Sign up for Pro from this link to get this newsletter in your inbox and also a host of content enjoyed by over a million subscribers.