Federal Reserve Decision
The decision of the Federal Reserve to cut the interest rate by half a percentage point is another long-term plan to ease the credit cost. This rate cut is the first meaningful move since the onset of COVID-19 and is claimed on the grounds of decreasing economic growth rate and persistent inflation worries. To achieve this, the Fed reduces the cost of borrowing because this may increase spending and investment.
Emerging Markets, including India
Emerging Markets such as India stand to gain a lot from the rate cut by the Fed as stated earlier. A low interest rate in the U. S. results in a weak dollar, which in turn makes investments into emerging markets favorable. This is because instead, investors demand higher returns in markets with faster economic growth and higher interest rates than the US. Nevertheless, financial gurus argue that due to the rate cut, capital will flow into emerging markets.
This inflow of funds can go a long way in funding economic development and enhancing liquidity, and financial markets in these regions. In the case of India, this change will lead to an improvement in FPIs and the stock exchange market.
Investment and Expansion Driving Economic Growth
India will benefit in many ways from the Fed rate cut. First of all, the decline in the dollar due to the rate cut leads to increased appeal of Indian assets for overseas investors. This can result in higher FDI and other portfolio investments which is crucial for economic growth and development. The potential of a rate cut can be seen because Indian companies could now borrow at a cheaper price.
This means that a lower rate in the U. S. can translate to a lower borrowing cost across the world hence making it easy for Indian firms to borrow. This can lead to increased corporate investment and expansion and boost the economy. This rate cut can have a positive effect on the Indian stock market index. This would be because, with an increase in FDI, the stock prices are expected to escalate thus enhancing market confidence.
Possible Downsides for the Indian Exporters
A weaker dollar means that other currencies strengthen and may impact the competitiveness of India’s exports. There are possible downsides for the Indian exporters because their products will be costlier for global buyers. This may hamper the situation in financial markets and may lead to high volatility levels.
Volatility often results from fluctuations in capital flows, or short-term movement of capital in and out of an economy, however, the effect can be especially detrimental to countries with relatively young financial markets. These are risks that policymakers in India will need to navigate in a bid to allow them to reap from flows of capital that are associated with foreign investment.
Conclusion
The rate cut by the Fed is good for India and other emerging markets as it means the global liquidity hangover is still with us. The increase of dependency on the international market has been seen as positive by experts as the outlook for India in the coming months is positive for the economy in the country.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Investment Strategy
Tiger Global, an investment firm that has emerged to be ‘aggressive’ in its investments strategically placed in startups and later-stage technology companies is said to be considering participating in OpenAI’s next funding round. This round will seek $6.5 billion, which expanded the company’s valuation to $86 billion from an earlier increase this year. There are expectations that Thrive Capital Company and other big investors including Microsoft, Apple, and Nvidia will lead the funding round.
Rise of OpenAI
OpenAI rose to become one of the leading firms in the artificial intelligence field. OpenAI rose to prominence when it introduced the ChatGPT chatbot in 2022. The product shown here can be modeled as an AI-based intelligent system that can create text and pictures from simple instructions which heavily engaged both the consumers of the product and investors.
OpenAI has also experienced some major steps and changes in the development of its artificial intelligence. This company has developed from a mere research laboratory to a business entity that has received massive investment and cooperation. Microsoft has been a major collaborator, incorporating OpenAI’s solutions into its products and services.
Strategic Importance of AI in the tech landscape
The $150 billion valuation demonstrates the significance of AI in the entire technological matrix. For its part, Tiger Global sees this investment as an opportunity to place a bet on the future of AI and its impact on numerous sectors. The collected capital will also finance the company’s further research and development, focusing on improving the computing capacities and diversifying products of OpenAI.
It demonstrates that promoters of competing offers AI solutions and services, where the investment exists. With key players such as Microsoft, Apple, and Nvidia at the forefront, the battle to control the future of AI is getting more competitive. These companies understand the operation of AI as a tool for quickly advancing technology and defending against competitors.
Challenges and Investment Opportunities
OpenAI also has to address issues of growth in their organization with the overarching issue of sustaining their technological advantage. The moral questions regarding the progress of AI technologies still ignite numerous discussions. To these concerns, OpenAI has responded positively, especially with its focus on the responsible use of artificial intelligence and the release of its documentation.
As the company continues to bag more funding, OpenAI is in a position to advance its research efforts, venture into new projects, and spread its operations across the world. The company’s obsession with safe and beneficial AI is consistent with the idea that AI technologies should work for the best interest of every person in society.
Conclusion
Tiger Global’s investment in OpenAI is significant because it is investing at a $150 billion valuation and the firm is a pioneer in the space. This investment will be significant in determining the future development of AI and the contribution that OpenAI makes to society as it continues to develop new and advanced methods.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Fei-Fei Li’s Contribution
Fei-Fei Li is popular in the world of artificial intelligence (AI) and is one of the pioneers in computer vision. She is a professor at Stanford University, and she has also worked as a manager in AI at Google Cloud. Her work that helped advance technologies in computer vision includes the creation of ImageNet which is a large dataset of images. She has been ranked among the Time Magazine 2023 top 100 Influential People in Artificial Intelligence for her contribution to the field of AI.
Vision of World Labs
World Labs, founded by Li and three other computer vision researchers, Justin Johnson, Christoph Lassner, and Ben Mildenhall, aims to create AI technology to perceive and respond to the 3D world. While other AI generative models can produce and write text and images, World Labs hopes to design“What we are referring to as spatial intelligence” generative models. These models will allow AI to think in the physical context, which is essential for AR/VR and robotics use cases.
Funding Details
The $230 million funding round was co-led by the top-tier venture capital funds Andreessen Horowitz, NEA, and Radical Ventures. Others are AMD Ventures, Intel Capital, and Nvidia’s NVentures. Such a significant commitment demonstrates that the representatives of the IT industry trust Li and believe in the concepts and opportunities of World Labs.
Fei-Fei Li’s New Venture
The latest initiative by Fei-Fei Li is expected to fill an important void that exists in today’s AI systems. Though current models for AI can produce detailed text and image outputs, there is a poor embrace of the 3D world. This can cause inaccuracies, such as drawing objects with the wrong shapes or facets at specific points. World Labs’ spatial intelligence models lie in the same direction as those used to address these challenges by enhancing AI’s awareness of the actual regions.
Potential Applications
World Labs’ possibilities are virtually limitless when it comes to the uses of the company’s technology. As for AR/VR, spatial intelligence can further improve the reality and interactivity of a virtual environment. In robotics, it can enhance the capacity of robots to move and operate in the physical environment. Possibly these advancements can create revolutionary changes in nearly all fields including entertainment and gaming, manufacturing, and even healthcare.
Conclusion
Fei-Fei Li’s dent with World Labs is a defining point in the advancement of artificial intelligence. This is an exciting development in the field of AI as Li and her team aim to move forward in terms of spatial intelligence. A considerable amount of financial support from major investors and a defined development strategy are the key advantages that will allow World Labs to leave a lasting trace in the sphere of IT.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Entrackr mentioned in its report that the firm also earns its income through royalties, support, and subscription services. The company operates in two models including marketplace and its brand lines like Good Vibes and Face Canada. The operating revenue for this financial year increased by 43% and the sale of beauty products accounted for around half of the total revenue from operations. However, the net loss also decreased by 46.09 percent compared to the last fiscal year and stood at Rs 124 crore in FY24. The startup earned Rs 45 crore from interest on investments increasing the total income to Rs 275 crore in the same duration.
Purplle offers an online platform for beauty products and services. The company provides a customized and secure collection of multi-category beauty products globally. The total expenditure of the firm increased by 15.18 percent to Rs 850 crore in FY24. Marketing, and business promotion account for 25 percent of the total expenses. This expense decreased to Rs 209 crore compared to the last fiscal year. Employee benefits grew by 12 percent following the increase in workforce. The material cost, information technology, secondary packaging, transportation, and other expenses pushed the total expenditure to Rs 850 crore in FY24.
The beauty products and accessories startup company focuses on improving its brand presence while offering more innovative solutions, positioning it well in the global market. The startup plans to minimize losses by reducing operating expenses and employee benefits. The employee benefit increased by 12 percent in FY24. The EBITDA margin also improved and stood at -12 percent while the ROCE was reported to be around -9.8 percent in the same duration. Purplle posted cash and bank balances of Rs 109 crore. The company faces competition with other online multi-category products offering platforms such as Nykaa and FAB BAG.
Conclusion :
Purplle is a D2C beauty and cosmetic brand that reported a 43.16 percent increase in operational revenue to Rs 680 crore with a net loss of Rs 124 crore in FY24. This online platform offers various beauty products and accessories including perfumes, shower gels, moisturizers, dryers, and eyeliners. These advertisement and visibility services along with sales of its products are the company’s primary sources of revenue.
The total expenditure of the firm increased by 15.18 percent and crossed Rs 850 crore in the same duration. Marketing, business promotion, and other expenses account for 25 percent of the total expenses. The company offers a variety of solutions and products including face masks, foundation, lipstick cleansers, and moisturizers. Purplle competes with other e-commerce beauty platforms including Nykaa and more.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Vision and Mission of Stylus
Stylus was established with the noble objective of solving the problem of overwhelming tasks experienced by teachers and enhancing the standards of learning using computers. Dominic Bristow, who was once a secondary school teacher, knows firsthand the burden of marking and fulfilling feedback on the assessments of students. This led him to create a stylus, aimed to use artificial intelligence to automate these processes and give teachers more time to teach. LearnCycle, the flagship offering of GreenShoot, is an automated marking solution that integrates human moderation to offer high-quality feedback to students. This method of making saves time used by teachers in marking but does not affect the quality of feedback that is essential for students learning.
Funding Details
The £500,000 seed funding round was provided by Sure Valley Ventures, a leading VC firm known for investing in the AI industry. The capital will allow Stylus to grow its service and reach more educational institutions in Great Britain. The funding will also be used to enhance features of the LearnCycle platform and to address the needs of educators and students in their usual learning processes.
The successful funding round places Stylus in a perfect place to make major advancements in the edtech industry. By having the support of its partner from Sure Valley Ventures, the company is in a better position to diversify its products of the company and spread its wings across other schools in the country. The development of new features that have been anticipated is expected to revolutionize the efficiency and effectiveness of the educational sector.
Image Source: Stylus
Teacher Workload and Cost Savings for Schools
Stylus seeks to lighten the load for teachers by automating the marking process so they can spend their time and energy on other aspects of teaching. Feedback is considered more valuable for students and their learning and development for high quality. The intelligentStylus solution makes it possible to offer timely feedback to students which in one way, shape, or form helps students in improving on their results as well as engagement. Stylus’ technology can prove greatly beneficial to schools by reducing the amount of time teachers spend correcting homework and other tasks. This would cost roughly £17,000 of teacher time per subject, per year group which makes it around £750, 000 for an entire school.
Leverage of advanced AI technology
Stylus’ LearnCycle platform can analyze paper-based assessments, with the use of sophisticated AI technology. Teachers only glance through the contents of the student papers which are scored by AI and revised by freelance tutors. This process creates individual reports for every learner, providing feedback that is specific to the learner, but it does not take a teacher a lot of time to do this since the papers are automatically marked. The platform is especially useful for schools wherein administering online tests is not feasible, which makes Stylus an indispensable resource for sectors that heavily utilize paper-based tests. As much of the marking is done by the AI, Stylus guarantees that teachers will be able to give quality feedback regardless of the work input required.
Conclusion
The £500,000 seed funding is an achievement in the edtech space, especially for Stylus. Stylus benefits from the backing of Sure Valley Ventures and its aim to use superior AI technology to drastically change the marking experience in school. As the company continues to develop and expand its offerings, it will be exciting to see how Stylus shapes the future of education and empowers teachers to focus on what they do best: teaching.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Aim of Certus Core
Certus Core was established by Jake Dyal and Casey Johnson, and the company has decided to focus on the issues of data structures and the creation of generative AI in the context of national security. The Semantic Knowledge Graph software formulated by the company aims at combining and interpreting massive information to improve business decisions.
The U.S. Air Force struggles with managing and leveraging the large quantity of data that is collected throughout organizations. Most conventional data management systems have problems including isolated data sets, poor integration, and high costs in data analysis. Certus Core’s sKG software solves these problems by establishing a single, coherent data architecture that supports integration and analysis.
Usage of Funds
The $1.25 million contract will be used more systematically to enhance and implement Certus Core’s sKG software in the Air Force. This includes improving the functions of the software, procuring additional manpower to work on the project, and intensive tests to meet higher standards of national security projects. The software shall be of immense help in solving the Vendor Threat Mitigation issue, a key issue in Air Force and national security domains.
Data Challenges with AI and Machine Learning
Certus Core’s solution, the sKG software incorporates AI and machine learning to develop a competitive data management system. The software also allows the Air Force to ask prompt-based questions within the data consumer platform while maintaining their current analyses. This integration is a great advantage for the Air Force as it increases the ability to perform analyses in a faster and more efficient way.
Casey Johnson, the VP of Business Development at Certus Core, pointed out the problem of data silos and the need to use machine learning and AI in both private and government organizations. In turn, Certus Core’s sKG software was developed to improve these traditional approaches to deliver clearer and richer insights to enhance organizational decisions and plans.
Innovative Approach and Potential
The successful implementation of the sKG software from Certus Core in the U.S. Air Force may well translate to broader application to other departments in the military or governmental institutions. Data protection and the application of artificial intelligence technologies will be a game-changer for national security organizations with the company’s help.
Certus Core’s accomplishment also underscores the need to encourage small businesses and startups to produce advanced technologies for the nation’s security. The SBIR program through which this contract was awarded, is important in promoting innovation and allowing small businesses to participate in important national security initiatives.
Conclusion
Certus Core’s $1.25 million contract with the U.S. Air Force is a major achievement for a Tampa-based startup. Through the SKG, the company affirms that it will transform how data is managed in the context of the national security domain, solving key problems and improving decision-making. Due to partnering with the SBIR program and AFWERX, Certus Core is prepared for significant contributions toward national security and beyond.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Purandar Highlands’ Achievement
The farmer producer company that has come up with this landmark export is called Purandar Highlands Farmers Producer Company Ltd based in India. Their fig juice, for which they have claimed a provisional patent, has received much recognition. The figs employed in the juice are identified by their sweetness, size, and nutritional values as indicated in the study. It is noteworthy that Purandar’s figs are reputed to be some of the best figs in India. Other produce from the region including Purandar Custard Apple, Ratnadeep Guava, and Green Pea also attract buyers across India.
Even at the SIAL 2023 exhibition and Macfrut Italy, the highest appreciation of the presented fig juice speaks about its high quality and popularity. The export was done through the Agricultural and Processed Food Products Export Development Authority (APEDA).
History and Cultural Significance of Figs
Figs have been used from time immemorial for their taste, nutritive value, and therapeutic benefits. In many cultures, they are considered as signs of fertility, wealth, and richness. The tree itself is also symbolic in that it signifies strength, protection, longevity, power, and particularly resilience in the face of adversity. According to different traditions, figs are symbolized by certain positive characteristics if one comes across a fig in dreams or on the way.
Old Egyptian and Greek people grew them to represent fertility and plenty. As for Romans, they loved the fruits and treated figs like money. Today, figs are still widely used in Mediterranean and Middle Eastern food, thus preserving this history for modern people.
Nutritional Benefits of Figs
Figs are good sources of dietary fiber that help to ease digestion, combat constipation, and soften the stool. They are also considered to be prebiotic, providing food to healthy bacteria in the gut. Animal research also shows that supplementation with fig extract or paste may help enhance the condition of patients with digestive illnesses such as ulcerative colitis. Daily consumption of figs has effects on blood pressure and cholesterol levels and can be of benefit to those who suffer from hypertension.
Figs are loaded with copper that are vital for the production of energy and blood cells and Vitamin B6, which helps in breaking protein and maintaining a healthy brain. Figs contain soluble fiber which aids in controlling blood sugar levels. Eating fresh figs is another effective way of taking your body back to the gym; it even works well as a snack or part of your meals. Figs are sweet fruits that are not only tasty but also help to improve health.
Global Market Entry and Significance
Export partner Scion Agricos Pvt Ltd helped Purandar Highlands in marketing its juice in international markets. The accomplishment demonstrates that the Purandar region can also be placed on the international map while celebrating fig farmers and their ability to innovate and grow sustainably.
The first take-and-serve fig juice prepared in India being sent to Poland is an advancement for the Indian processed agricultural food export sector. This shows India’s increasing market share in the international market and the outlook that even specialty niche agricultural goods can make a difference.
Conclusion
The Indian fig juice with a GI tag reaching Europe is proof that India is a nursery to agriculture and a validation for Purandar Highlands. Every time fig juice crosses the border, it creates new opportunities for farmers across the country and unveils the vastness of Indian agro-produce.
Note: You can reach us at support@scoopearth.com with any further queries.
Linkedin Page : https://www.linkedin.com/company/scoopearth-com/
Microsoft has responded to a legal action brought against it by Delta Air Lines in a battle involving other big players in the technology sector. The airline recently blamed Microsoft and cybersecurity software firm CrowdStrike for a huge technology outage saying that the fiasco cost them $500 million. However, Microsoft is now contesting assertions by Delta.
Image Source: Tech Xplore
Incomplete and Misleading Claims
The Delta CEO Ed Bastian shifted the blame on Microsoft and CrowdStrike, also stressing the financial loss incurred by the company due to the outage. However, Microsoft has risen to the challenge by coming up with quick and aggressive counter-strategies. Microsoft’s attorney Mark Cheffo sent a letter of complaint to Delta’s attorney David Boies, stating that Delta’s public statements were ‘incomplete, false, misleading and damaging’ to Microsoft. Cheffo wondered why other airlines take less time to return to normalcy than Delta.
Key IT Systems and Delta’s Investment in IT
Cheffo further pointed out that companies’ most important IT systems cannot solely depend on Microsoft Windows, suggesting that Delta’s most important systems probably use technologies provided by other companies. It is important to make this distinction to effectively identify the cause of the outage. To this, Delta pointed to its major commitment to providing more reliable service. Since its inception in 2016, the airline has invested billions of dollars in IT capital and IT spending annually. A Delta spokesperson refused to give any more information regarding the current conflict on the matter.
Reason for Tech Outage in Delta
The outage at Delta was caused by a failed software update from the cybersecurity firm CrowdStrike that impacted computer systems that use Microsoft Windows. Delta took longer to rebound compared to its competitors, with the airline canceling more than 5,000 flights in the days following the event of July 19. An additional factor could be the airline’s dependence on legacy IT systems, which might have prolonged the disruption process. Microsoft, however, disagrees with the claims of Delta and argues that other airlines took less time to recover. This continues to be the case as these matters are under investigation.
CrowdStrike’s Role and Silent CEO
Another stakeholder who refuted Delta’s allegations was CrowdStrike, the cybersecurity firm. CrowdStrike and Microsoft insist that Delta turned down their offers to help address the shutdown. Ironically, Satya Nadella, the CEO of Microsoft, contacted Ed Bastian during the crisis through an email, but the latter remained silent. This lack of communication brings another mystery into the chronicle.
CrowdStrike’s Software Update
On July 19, 2024, the American cybersecurity organization CrowdStrike released a wrong update to its Falcon Sensor security program. This update led to more issues on Microsoft Windows computers that use the software. undefined Five million systems shut down and failed to boot back up correctly, an event that has been described as the worst blackout ever in information technology history. It impacted the day-to-day life, communities, businesses, all segments of government, and all sectors of businesses and industries such as airlines, airports, banks, hospitals, and so on. It has been stated that the financial losses of the affected companies are no less than $10 billion. Even though a patch was launched, manual actions were required, resulting in the continuation of outages on many of the services. It illustrates the fine line between IT and dependability in a dependant society.
Conclusion
Aside from the legal battle that has accompanied this story, it highlights the volatile relationship between technology and dependability. Like all other industries, the airline industry relies greatly on the efficiency of IT systems. When those systems fail, problems manifest themselves in operations, customer relations, and, ultimately, profits.
Image Source: Coin Gape
Ethereum EFTs
Even though Grayscale tries to respond to this demand with the mini ETF, the enormous fees of its other products explain those outflows. On the other hand, BlackRock and Bitwise’s Ethereum ETFs had net inflows of $442 million and $265.5 million, respectively.
A Delayed Surge
QCP analysts expect a delay in the influx of Ethereum ETFs on the spot market. They opine that potential bullish drivers like the U.S. Elections and interest rate cuts could benefit the broader market. The options trading interest in Ethereum still sends a positive signal, which is the notion that investors still expect the long-term prospects of Ethereum ETFs, notwithstanding the current pullout.
Risks associated with Ethereum EFTs
There are several advantages to investing in Ethereum ETFs. However, there are also disadvantages that need to be taken into account. Ethereum ETF enables investors to gain exposure to the cryptocurrency market without necessarily investing in Ether. This diversification may reduce risk. ETFs can be traded freely in the stock markets and are thus within the reach of more investors. The spot Ethereum ETFs are regulated, which provides more trust from the investors’ side.
Creation and redemption of ETFs are carried out through authorized participants, commonly known as APs. Should an AP fail, this will affect the performance of the ETF. Ether is not directly owned by investors, which means that investors cannot influence the underlying assets in any way. As with all investment vehicles, ETFs entail management fees that reduce the overall returns of an investment in the long run. Sometimes, their prices may differ slightly from Ether’s spot price because of market imperfections.
Growth Strategy of Ethereum EFTs
Most Ethereum ETFs work based on the model of the future. This approach offers a roundabout way of getting exposure to the price of Ethereum. These ETFs can leverage the price of Ethereum without having to own the asset directly by utilizing futures contracts. This feature is attractive to investors in search of regulatory convenience besides risk diversification by way of a diversified investment instrument.
Another point that can attract interest is the recent approval of Ethereum ETFs by the SEC. Experts believe that the amount of money invested into spot Ethereum ETF for the whole of 2024 could range between $20 billion and $35 billion. Reduced daily emission rate compared to Proof-of-Work and high demand among investors may lead to a multiple increase in Ethereum value as an asset.
Outside of volatility and growth, Ethereum ETFs represent a much larger idea. They are a vision of a world in which digital assets are as natural an addition to a modern investment portfolio as diamonds or rowing machines. As the structure of the crypto market changes, these ETFs will become crucial in determining what kind of investments the market will offer.
Conclusion
$341 million was redeemed from spot Ethereum ETFs while, at the same time, there was a rise in buying options, making it a bit difficult to determine the current market sentiment. While some investors are skeptical of this move, others are looking forward to better future returns. These trends will prove instrumental as the market grapples with volatility and regulatory issues affecting Ethereum.
Tech giant Google partnered with an Indian Electric Vehicle startup to improve the EV charging experience. The company is collaborating with the EV firm to allow google Maps users to locate and find the availability of charging stations in real time. This will enable the EV riders to have a better journey experience by helping them find the status of charging points. The feature will be available in Google Search and Google Maps, it will be expanded to other parts.
ElectricPe provides an online platform with different EV-related services. The application offers affordable, clean, and smart electric mobility. The startup works closely with various charge point operators to help electric vehicle users find nearby charging stations easily. The company has raised around 8.29 million USD to date. The firm was founded by Raghav Rohila and Avinash Sharma in 2021. The application has a QR code that can be scanned for charging vehicles and complete the payment. The EV startup collaborated with Hero Electric to establish charging points in commercial complexes, apartments, and other areas across India. The company has secured a total funding amount of 8.29 million USD across 4 rounds since its inception.
The startup aims to revolutionize the EV charging ecosystem. The startup expanded its EV charging points with availability to different charger types making e-mobility charging more easily accessible. ElectricPe expanded its services in both online and offline EV marketplace through its application, website, and physical stores. The CEO of ElectricPe, Avinash Sharma mentioned that this collaboration is a significant milestone for the Indian EV sector. He mentioned that the mission of ElectricPe perfectly aligns with Google which is to make EV ownership easily accessible.
The Bengaluru startup claims to operate more than 25,000 public chargers across Bengaluru. The company raised around $5 million in its seed funding round led by Blume Ventures, NB Ventures, and Green Frontier Capital. The company reported its annual revenue of around Rs 67 lakh for FY23. The market research shows that by 2030 India will have over 5 million public charging stations. Google recently announced that it will reduce the pricing of the Google Map platform for Indian developers by 70 percent from 1st August. This announcement came after Aggarwal appealed to Indian startups to use local alternatives for Google Maps such as Ola Maps.
Conclusion:
Indian EV startup ElectrucPe partnered with the search engine giant Google. The collaboration aims to help Google Maps users easily locate and find nearby electric vehicle charging stations. ElectricPe provides an online platform with clean, affordable, and smart electric mobility options. The startup also offers an application with a QR code which needs to be scanned for the charging and payment process. This collaboration will change the Indian EV sector by providing a seamless user experience. The public charging stations in India are expected to reach 5 million in size in the next six years. ElectricPe claims to operate over 25,000 public chargers in Bengaluru, making it the largest network in the city.