One quick thing: Meta India's director (legal) is among the senior leaders affected by layoffs

In today’s newsletter:

• Ola Electric says ‘Hola!’ to Dalal street
• Indian entrepreneurs wrest control of IAMAI from Big Tech
• Wipro docks Rishad Premji's variable pay 

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It has been a long time since we saw a unicorn, and even longer since we had one go public. But it looks like Ola Electric is about to break the shackles.

The electric mobility company, which counts some of the world's biggest private market investors on its cap table, is eyeing an initial public offering (IPO) in early 2024.

Ola Electric has engaged in discussions with multiple investment banks. In fact, Kotak Mahindra Capital and Goldman Sachs are currently in advanced talks to be selected as its financial advisors.

• Kotak has been working closely with the startup to determine the IPO's structure
  
  
• It will be a mix of primary and secondary offerings, but nothing has been finalised yet as it is still early days

Bhavish Aggarwal, the founder of Ola Electric, has ambitions of a $10 billion market capitalisation, sources tell us. 

• Ola Electric was last officially valued at $5 billion, and according to a recent media report, it raised $300 million recently at a valuation of $6 billion

Considering the current trading performance of Ola Electric's Western peers, it will be interesting to see if the company can achieve its desired market capitalisation.

Ola Electric had a fabulous FY23 as it witnessed a three-fold increase in sales volumes, reaching 730,000 units. Consequently, its market share also experienced growth.

• This remarkable surge in sales provides a favourable backdrop for Ola Electric's IPO considerations

Additionally, Ola Electric aims to get listed before the government discontinues or further reduces subsidies for electric vehicles, considering the upcoming General Elections next year.

Sources indicate that investors will closely monitor two key aspects: the progress of Ola Electric's battery innovation facility and the launch of its new e-motorcycle. 

Find out more

Indian entrepreneurs have secured a major victory in their campaign to have homegrown companies represented in the leadership of the influential industry body, Internet and Mobile Association of India (IAMAI).

The industry body today announced the results of its 24-member governing council elections, appointing Harsh Jain, co-founder and CEO of Dream Sports, as the new chairperson for the next two years.

• Rajesh Magow of MakeMyTrip will take over as the vice chairperson, and Satyan Gajwani of Times Internet will be the treasurer, forming the industry body's 4-member executive council

• Shubho Ray serves as president ex-officio on the council

The new IAMAI governing council will not have any representation from Big Tech companies.

Indian entrepreneurs criticised IAMAI's opposition to a proposed regulation, insinuating that the industry body's stance on the matter reflected the composition of its leadership, which comprised representatives from Big Tech companies.

• Indian entrepreneurs were also particularly upset with Google in relation to its Play Store and billing policies, sources told us

• It is worth noting that the outgoing leadership or executive council of IAMAI includes members from Meta and Google

The newly-appointed members of the governing council will assume their roles during IAMAI's upcoming Annual General Meeting in June.

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It has been rough sailing for the IT industry, and even Wipro Executive Chairman Rishad Premji is not spared.

Premji took a 50% pay cut this year, the majority of which came from the fact that he did not receive any commission or variable pay, according to the company’s regulatory filings.

• Why? Premji is entitled to a commission at the rate of 0.35% on incremental consolidated net profits of Wipro, which were negative in FY23.

This comes at a time when Wipro's growth is slowing and it expects a degrowth in revenue in Q1FY24.

His compensation came in at $951k in FY23, down from the $1.8 million he made last year.

Premji received:

• $861,620 as salary and allowances
  
  
• $74,343 in long-term compensation benefits 
  
  
• $15,390 in other incomes

Chief Executive Officer Thierry Delaporte saw only a marginal reduction in income, taking home $10 million in FY23 as opposed to $10.5 million.

• Last year, he was the second-highest-paid CEO among India's top IT companies

Delaporte's pay staying at the same level comes at a time when there has been a widening disparity between the pay of CEOs and fresh graduates.

Find out more

Rajasthan has become the first state to propose a law to protect the rights of gig workers and make them beneficiaries of various state welfare schemes.

The state government's bill for the welfare of gig workers will help formulate schemes for their benefit, provide them immediate financial assistance in case of accidents and medical emergencies, and offer them health insurance coverage under state government schemes. 

While it is important to note that the coverage it provides should also be extended to other forms of labour, such as construction workers, it is a welcome step that has motivated other states to introduce similar bills with welfare measures for gig workers, write Pradeep Mehta and Yatika Agarwal from policy research and advocacy group CUTS International in an opinion piece for us. 

Read the column

On May 25, 2012, SpaceX's Dragon capsule achieved a historic milestone by becoming the first-ever commercial spacecraft to successfully dock with the International Space Station. (Picture credit: NASA)

• Crypto exchange Binance revealed that it helped US law enforcement seize $4.4 million worth of crypto assets linked to North Korean cybercrime.
  
  
• Terraform Labs co-founder Do Kwon will remain in custody after a higher court in Montenegro overturned a lower court's decision to grant him bail.

The world mourns the loss of one of rock's legendary vocalists and charismatic performers. 

Tina Turner, known for her unforgettable hits like Proud Mary and What's Love Got to Do With It, has passed away at her home near Zurich, Switzerland after a prolonged illness.

Often referred to as the "Queen of rock 'n' roll," Turner won six of her eight Grammy Awards in the 1980s.  Her powerful voice and captivating stage presence left an indelible mark on the music industry.

Here are 16 songs to remember her by.

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