Hello,
If you thought we were already living in a world filled with AI slop, you aren’t prepared for what’s coming next.
Meta has launched a new AI tool that lets users convert images into video advertisements, complete with music and text. Ecommerce powerhouse Amazon also recently began rolling out a tool that helps sellers create video ads in less than five minutes.
ICYMI: Tech giants’ deeper push into advertising has sparked fears of job cuts in the industry.
Elsewhere, online travel aggregator MakeMyTrip is raising about $3 billion to buy back a portion of China-based Trip.com’s stake in the company, according to an exchange filing with the US SEC.
The move comes amid a growing list of Indian companies buying back shares from their Chinese investors to unlock control over their cap table and avoid any regulatory red flags.
Lastly, it looks like Generation Alpha has found its version of FarmVille, a once-popular online game that lets users grow virtual crops.
The new gardening simulation game, “Grow A Garden”, was reportedly initially created in about three days by a 16-year-old. Late last week, the game smashed the concurrent player record held by “Fortnite,” with 16.5 million players gardening at once.
Perhaps, most of us are all farmers at heart!
In today’s newsletter, we will talk about
- How Bounce plans to bounce back
- Ending extreme poverty in 300 days
- Incentive to recycle old clothes
Here’s your trivia for today: What was the first production car to break the 200 mph top speed limit?
Interview
How Bounce plans to bounce back
In April, electric vehicle maker Bounce Infinity re-entered the EV rental segment—three years after it had put the brakes on this service and shifted gears to EV sales. The company is now determined to cash in on the burgeoning demand for EVs in the commercial segment—this time around with its own scooters.
In an interview with YourStory, Bounce Infinity’s CEO and Co-founder Vivekananda Hallekere shed light on how the company plans to serve the needs of commercial gig workers and raise funds to scale the rental model across cities.
Key takeaways:
- “With our current EVs, we’ve stripped out unnecessary components and optimised for the total cost of ownership. It’s built on a modular skateboard architecture that lets us scale the same vehicle for different speeds and use cases,” says Hallekere.
- Bounce has built strong integrations with delivery platforms like Swiggy, which gives it visibility into logistics metrics. The data allows it to monitor usage, reduce risk, and ensure the scooter is being used productively.
- “Financing is a critical piece of scaling Bounce Daily. We’re looking to deploy 30,000 scooters, which translates to a capital requirement of roughly Rs 150 crore. To make this happen, we’re primarily pursuing debt and leasing options—working with NBFCs and large leasing partners like Tata Capital,” he adds.
Funding Alert
Startup: Dugar Finance & Investments
Amount: $3M
Round: Debt
Startup: Saswat Finance
Amount: $2.6M
Round: Pre-Series A
Startup: Darwix AI
Amount: $1.5M
Round: Equity
Social Impact
Ending extreme poverty in 300 days
Launched by Karan Bajaj who founded the edtech platform WhiteHat Jr, Leap 300 is a structured 300-day programme in Madhya Pradesh and Uttar Pradesh, which is helping vulnerable families earn a steady income, build a sustainable livelihood, and come out of extreme poverty.
Upliftment:
- Leap 300’s app includes a Yojana Shivir, a 7-lesson module where participants learn to create business plans. Those who attend a 4-day in-person training receive a Rs 8,000 grant to start a business or invest in a livelihood venture.
- The 300-day curriculum is divided into three phases: business setup, resilience (problem-solving), and connection to government schemes and financial inclusion.
- According to an efficacy study led by Professor Mridula Goel of BITS Pilani, 91% of beneficiaries of Leap 300 graduate from extreme poverty within 300 days. The average income increases by 150%, and their productive assets grow by 62%.
Startup
Incentive to recycle old clothes
Tooused aims to offer an easy and convenient way to recycle unwanted clothing, accessories, household items, and more, and keep waste out of landfills. In exchange, it offers people Tooused Credits, which can be redeemed for cash or rewards at a wide range of retailers.
The Tooused app is functional across 18,000 pin codes across India. Anyone living in these pin codes can order a pickup of their old clothes, with a pickup fee ranging from Rs 149 to Rs 219.
News & updates
- AI images: Adobe released its first dedicated AI smartphone app that includes AI models from the company and partner firms, in a bid to tap into a growing trend of sharing AI images and videos over social media.
- Funding: Elon Musk’s startup xAI is trying to raise a $4.3 billion equity investment, according to a report from Bloomberg. This equity funding would be in addition to the $5 billion that Musk is allegedly trying to raise in debt funding for the combined entity of X and xAI.
- Mining: Hindustan Zinc, India’s biggest producer of the refined metal, has approved a project worth $1.39 billion to ramp up capacity, the miner said on Tuesday. The company will set up a metals complex with 250 kilo tonnes per annum capacity, at a location in Rajasthan where it already operates a zinc smelter.
What was the first production car to break the 200 mph top speed limit?
Answer: Ferrari F40.
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