Is This the terminate of Indian Online Gambling Startups? – Indian Startup News 165
This week on Indian Startup News, Ashneer Grover is not happy with tax laws, Dukaan replaces employees with AI, Tesla vs Ola.
This week’s funding Notion:
FY24 funding notion:
Notion graph:
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00:00 Ashneer Grover is not happy tax laws
03:30 Dukaan replaces employees with AI
07:39 Tesla vs Ola
09:44 CRED’s strategies
12:35 Rapid news
13:50 Funding news
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Ashneer Grover is not happy:
1. This isn’t about BharatPe or the lawsuits
2. During the 50th meeting of India’s GST Council, it was recommended that “Indian Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value”.
3. Ashneer’s kind of breaks down what this will look like from a unit economics standpoint: “₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that” which is 37.8 by the way.
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Dukaan replaces employees with AI:
1. Dukaan is getting a LOT of heat right now – Suumit Shah posted this thread on Twitter detailing why and how they laid off 90% of their support staff and replaced them with an AI chatbot.
2. Dukaan needed to prioritise profitability over growth – having a support staff was costing the company money, and so Suumit decided to fix this by building a chatbot called bot9.
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Tesla vs Ola:
1. Tesla is planning to sell their EVs here in India for 20 lakh per car.
2. Ola Electric’s EV car will be less than 50 lakh rupees.
3. Tesla’s discussions with the government of India are evolving – they wanna set up a factory in India with annual capacity of 5 lakh EVs.
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CRED’s strategies :
1. CRED has 8 months to break fifty-fifty. This is according to Kunal Shah’s own internal target.
2. Step one is obviously reducing burn.
3. In 2021 they were burning $15-20 million a month, and they’ve brought that number down to 5 million, but they’re also pursuing 5 methods of increasing revenue.
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Rapid news:
1. Frontrow, an upskilling platform, is shutting down. They’ll be returning $2.5 million of the $17 million that they’ve raised from investors, that’s about 15% of the investment returned.
2. Rajnish Kumar and TV Mohandas Pai are joining BYJU’S board, and are essentially filling the vacuum left behind by Vivian Wu, GV Ravishankar, and Russel Dreisenstock.
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Funding news:
1. This week Indian startups raised 50 million dollars raised across the entire ecosystem.
2. Zluri, raising 20 million dollars in the Series B.
3. Neuron Energy, raising 2.44 million dollars in their pre-series A.
4. Okula Aerospace raising 1 million dollars in their pre-seed.
5. brainsight AI raised a little over 100,000 dollars.
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