Hello,
Kuku Technologies Ltd has filed confidential draft papers with Sebi for an IPO. The company, which operates vernacular audio platform Kuku FM and short-video streaming app Kuku TV, is planning to raise between Rs 2,500 and Rs 3,500 crore and is targeting a valuation of up to Rs 15,000 crore ($1.8 billion) through the proposed public issue, PTI reported citing sources.
Meanwhile, Japanese investor SoftBank Group on Wednesday divested a 3.25% stake in eyewear firm Lenskart Solutions for Rs 2,873 crore through an open market transaction.
In other news, SpaceX is gearing up for a mammoth IPO. The company has set a fixed price of $135 per share, according to a filing with the Securities and Exchange Commission on Wednesday. At this share price, the Elon Musk company’s valuation would reach $1.75 trillion, per multiple media reports.
Back on Earth, a new report aims to address the issues pushing the world towards a climate catastrophe. The report by World Inequality Lab has proposed bold policy changes including taxing the billionaires, a reduction in working hours and even dietary changes. Ambitious policy changes, it says, can not only lower global heating but also improve the living standards of billions of people.
Lastly, while some of us are probably tired of seeing career updates and long sermons on LinkedIn, the Five Eyes intelligence alliance is reportedly wary of the social networking site due to an entirely different reason: espionage. The alliance, which comprises Australia, Canada, New Zealand, the United Kingdom, and the United States, has warned that Beijing might be using AI to flood recruitment sites with fake job posts to gather sensitive information.
In today’s newsletter, we will talk about
- Karnataka’s deeptech, quantum computing vision
- FirstClub secures $55M
Here’s your trivia for today: In which continent would you find the “Strait of Magellan”?
Women in Tech
Karnataka’s deep tech, quantum computing bet
When Dr Manjula N looks at Karnataka’s technology ambitions today, she sees them through the lens of someone who has witnessed the state’s transformation firsthand. Having studied in schools across multiple districts before completing her higher education in Bengaluru, the IAS officer has seen Karnataka evolve into one of India’s foremost innovation hubs.
Tech first:
- An officer of the 2002 batch from the Karnataka cadre, Dr Manjula has served across district administration, tourism, and municipal and infrastructure leadership.
- As Secretary to the Government of Karnataka in the Department of Electronics, Information Technology, Biotechnology and Science & Technology, she is helping shape the state’s next chapter—one centred on deep technologies.
- The Local Economy Accelerator Program—LEAP—is focused entirely beyond the Bengaluru area, she says. “With an investment of Rs 1,000 crore over five years, we want to decentralise innovation, nurture emerging tech clusters, and create opportunities across Karnataka.”
Startup: FirstClub
Amount: $55M
Round: SeriesB
Startup: TrueFan
Amount: $10M
Round: Series A
Ecommerce
FirstClub secures $55M
FirstClub, the quick commerce app founded by former Flipkart executive Ayyappan R, has raised $55 million in a Series B round of funding led by Peak XV Partners and Sofina, with participation from existing investors Accel, RTP Global, and Paramark Ventures.
Key takeaways:
- The company said the fresh funding will be used to expand into new cities, strengthen its quality-first grocery ecosystem, introduce new categories such as beauty & personal care, home essentials, and pet care.
- Besides, the capital will also be used for deepening its technology and supply chain capabilities.
- Currently operating in Bengaluru and Hyderabad, the company said it has crossed one million orders within its first year of operations.
News & updates
- Warehouse robot: Amazon on Thursday unveiled an upgraded AI-powered mobile robot for its warehouses that can respond to conversational prompts. The move is part of a €10 billion ($11.6 billion) investment in its European fulfilment network.
- Security breach: Wearable startup Ultrahuman said hackers gained access to customers data after stealing an employee’s credentials via malware. The breach occurred on March 27. According to the company, it promptly identified the issue and revoked access.
In which continent would you find the “Strait of Magellan”?
Answer: South America
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