One quick thing: OnePlus devices will not be available in 4,500 stores across 23 retail chains in Andhra Pradesh, Telangana, Tamil Nadu, Karnataka, Maharashtra, and Gujarat from May 1. Here’s why.

In today’s newsletter: 

• Tesla CEO Musk to meet PM Modi in April
• Scaler lays off 150 employees 
• Premji Invest wants a piece of Canva

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Will Tesla electric cars finally make their way onto Indian roads? 

Mercurial tech billionaire Elon Musk is visiting India to meet Prime Minister Narendra Modi in the week of April 22, along with revealing plans to invest and open a factory in the country, according to Reuters.

• In June 2023, Musk had stated plans to visit India in 2024, following an invitation from PM Modi during his state visit to the US 

Earlier this week, the Tesla and SpaceX chief said it was a "natural progression" to provide Tesla electric vehicles (EV) in the world's most populous country.

• Interestingly, Musk's visit to India coincides with the country's Union elections, which are scheduled to kick off on April 19

Tesla, one of the world's largest automakers, has lobbied for several years to cut import taxes in India.

• After refusing to budge for years, the Indian government finally unveiled a new EV policy last month. This policy offers import duty concessions, provided manufacturers fulfill certain conditions

Meanwhile, a race is on between several states, including Tamil Nadu, Gujarat, Maharashtra, and Karnataka. These states have been attempting to woo the electric carmaker with attractive incentives and land offers in order to secure the investment.

• The proposed factory is expected to draw an investment of around $2 billion to $3 billion

Tesla's India foray comes amid slowing EV demand in the US and China alongside intensifying competition from rival car makers. 

• Earlier this month, the company witnessed its first-ever drop in quarterly deliveries since 2020. 

On the other hand, this development is expected to significantly boost India's ambitions of becoming an EV manufacturing hub. 

P.S. It will be interesting to see if Tesla can survive the traffic conditions in India.

The bloodbath in edtech seemed to be sparing upskilling platforms, but that illusion might be shattering.

Tiger Global-backed Scaler, a major player in the upskilling space, has laid off 150 employees – 10% of its total workforce.

The company has a total of 1,500 employees, with 1,000 being full-time and the remaining 500 being consultants, interns, and contractual staffers.

• Marketing and sales teams bore the brunt of the layoffs

Just a year ago, Scaler positioned itself as a layoff-proof company, with strong cash reserves which made it easier to retain talent

• The company even boasted a significant workforce increase, growing from 800 to 2,000 employees in a year’s time

Scaler's co-founder, Abhimanyu Saxena, attributed the layoffs to eliminating redundant roles.

“We have designed a new way of working to be able to achieve sustainable growth while delivering the best learning experience and outcomes for our learners - something that we've always been committed to,” he said without giving more information about the new way. 

Find out more

Canva, the Australian graphic design platform, is attracting big investors.

Premji Invest, a fund led by Wipro founder chairman Azim Premji, is looking to pour $50-$70 million in Canva. 

• This move comes as part of Canva's recent secondary market sale, where the company's valuation soared to $26 billion

There are a few reasons Premji Invest might be interested in Canva:

• With a potential IPO in two years, this investment could provide a good exit in a short time frame
   
• It’s a bet on the booming creator ecosystem, where Canva is taking on behemoths like Adobe and Figma

This investment aligns with Premji Invest's growing interest in US technology ventures, particularly those involved in generative AI.

• Last month, the fund co-led a $53 million investment round in Hippocratic AI, a company building voice-enabled AI assistants for healthcare

Find out more

Is it getting hot in here?

• If you've given up and installed an AC at home, upgraded your fan, or ordered a cooler, you're not alone

E-commerce companies are cashing in on the surging demand for large appliances, cool drinks, and even ice creams 

• In March alone, Flipkart witnessed an extraordinary surge, with demand soaring by more than 50-60% compared to the previous year

Go deeper

• Meta and Microsoft-backed OpenAI are set to release new AI models with reasoning and planning abilities.
  
  
• Google Cloud's CTO Will Grannis believes generative AI will be a game-changer for small businesses in India, eliminating barriers to entering markets and creating inventory.
  
  
• Mumbai-based AI startup Neysa has raised $20 million in seed funding led by Matrix Partners India, Nexus Venture Partners, and NTTVC. 

Sanjay Leela Bhansali, the king of extravagant sets and swirling stories, is finally gracing the video streaming world with Heeramandi: The Diamond Bazaar.

• The trailer is a feast for the eyes which gives a peek into the lives of courtesans in a bygone era

Mark your calendars, because Heeramandi is set to premiere on Netflix on May 1.

Watch the trailer

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