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VC funding made a sharp comeback in the last week of April, comparably…
Indian startups raised $124 million from April 24-28, quite the revival from the $18 million raised in the previous week. The largest deal was closed by logistics services startup Xpressbees, which raised $40 million from Khazanah Nasional Berhad in a secondary transaction.
ICYMI: Inside Dominica’s quest to become the world’s first ‘climate-resilient’ nation.
Elsewhere, pandemic-darling Clubhouse is slashing over 50% of its workforce to ‘reset’ the company. The social audio app, which gained prominence in 2020 as an invite-only iOS platform, started losing steam as the world started opening up post-COVID-19.
“To find its place in the world, the product needs to evolve. This requires a period of change,” wrote co-founders Paul Davison and Rohan Seth said in an internal memo, which was shared on the company’s blog.
Lastly, here’s a bunch of 80-year-old Japanese men playing soccer.
Sometimes, age really is just a number.
In today’s newsletter, we will talk about
- Building an inclusive internet
- Why bet on human translators?
- Finding solace in theatres
Here’s your trivia for today: What came first: the match or the lighter?
Building an inclusive internet
The Digital India Bill seeks to modernise outdated laws, promote digital inclusivity, and ensure a secure online experience for India’s rapidly growing internet user base.
In conversation with YourStory’s Founder-CEO Shradha Sharma, Rajeev Chandrasekhar, Minister of State for Electronics and IT, Skill Development and Entrepreneurship, explains how he will solve them.
- The Bill has provisions for upholding the constitutional rights of the citizens. A special emphasis is placed on Article 14, Article 19, and Article 21.
- The proposed Act envisions a legal framework for internet usage with global standards. A set of checks and balances will also be implemented in artificial intelligence, gaming, and metaverse areas.
- The minister says that while almost 45% of internet users in the country are women, gaps exist because of households predominantly owning one electronic device.
Top Funding Deals of the Week
Round: Series B
Round: Series A
Why bet on human translators?
Even as generative AI tools like ChatGPT have begun to impact the translation industry, Delhi-based Kalakrit is keeping its “100% human-based solutions” front and centre of its translation and voice-over offerings.
Founded in 2021 by Sehaj Kohli, Kalakrit offers translation, transcription, voice-over, dubbing, subtitles, and interpretation services. So far, it has worked on more than 350 projects across 150 languages.
- The B2B startup specialises in marketing localisation, BFSI, sworn translations, and voiceovers in various Indian languages.
- It specialises in 15 linguistic subject domains, including finance, legal, medical, and technology, among others. It says its solutions have 98-99% accuracy.
- Kalakrit generated about Rs 11 lakh in revenue in FY21, Rs 34 lakh in FY22, and Rs 7.5 lakh in the last month. It is projected to generate Rs 1.5 crore in revenue by the end of 2023.
Finding solace in theatres
While he dons many hats—juggling between the creative mediums of theatre, films and OTT like a charm, Akarsh Khurana’s flair for multi-tasking reflects in this conversation as he navigates different subjects with such ease.
In a no-holds-barred chat with YS Life, the celebrated writer-director opens up about his journey in theatre, multiple creative pursuits, and why he believes theatre is here to stay.
Man of mediums:
- Growing up in a house where art was always at the fore, Khurana began taking part in dramatics in school, and by the time he reached college, he began acting and directing plays.
- For Khurana, the turning point in his career came when he entered Thespo-India’s premier international youth theatre movement in 2000.
- His plays Dekh Behen, The Interview, All About Women, and The Verdict deal with contemporary subjects, representing his love for slice-of-life content and all things relatable to the average person.
News & updates
- Public debut: Reliance is planning to list Jio Financial Services as soon as October. The conglomerate is in talks with Indian regulators to secure the necessary approvals for the debut, and is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit.
- Bounced back: Amazon reported a profit of $3.2 billion for the first quarter, up from a loss of $3.8 billion a year ago, and far exceeding analysts’ estimates. The swing to a profit comes as it has ramped up its cost-cutting, including two rounds of layoffs, cancelled products, and nixed physical store expansions.
- Growth plans: Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms even as the sector comes under closer scrutiny. The company already offers crypto-linked cards in some countries in partnership with Binance, Nexo, and Gemini.
What came first: the match or the lighter?
Answer: The lighter, which was invented in 1823. On the other hand, the first match was made in 1826.
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