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Hitting a hattrick of 6’s to dazzle the crowd hasn’t been the only cool thing <keyword id="6354832" type="General" weightage="20" keywordseo="MS-dhoni" source="Orion">MS Dhoni</keyword> has been up to of late. The Indian cricketing legend continues to make waves off the pitch in many ways, one of which involves investing in interesting and impactful <keyword id="20067715" type="General" weightage="20" keywordseo="start-up" source="keywords">start-up</keyword> projects. His latest venture involves an undisclosed investment in <keyword id="20656950" type="General" weightage="20" keywordseo="electric-cycle" source="keywords">electric cycle</keyword> manufacturer <keyword id="20835176" type="General" weightage="20" keywordseo="EMotorad" source="keywords" meta.keywordsubtype="org" meta.entityname="EMotorad" meta.hostid="261" meta.entityid="EMotorad">EMotorad</keyword>. In addition to his financial backing, <keyword id="19896463" type="General" weightage="100" keywordseo="Dhoni" source="keywords">Dhoni</keyword> is set to serve as the <keyword id="21321553" type="General" weightage="20" keywordseo="brand-endorser" source="keywords">brand endorser</keyword> for the company, further solidifying his role in shaping its future direction. Expressing his excitement for this venture, Dhoni commented: “The future is in our hands. We are in an era where innovation plays a huge role in shaping sustainable solutions, and I’m a fan of new-age companies that build these. EMotorad stands at the forefront of shaping the future of mobility, and I am thrilled to be a part of this journey!” <keyword id="20835175" type="General" weightage="20" keywordseo="Kunal-Gupta" source="keywords">Kunal Gupta</keyword>, founder and chief executive of EMotorad, expressed confidence that MS Dhoni's association with the brand will significantly boost awareness and trust in the e-biking sector. He told ET: “There is no one better and more reliable than Dhoni who resonates with what our brand stands for, an avid biker himself.” <div type="twitter" handle="e_motorad" handlename="e_motorad" favoritecount="0" retweetcount="0" id="1776119471704608843"></div> This Pune-based startup now joins a growing list of startups that are part of Dhoni's diverse portfolio, which includes ventures spanning various sectors such as fitness, technology, automotive and digital solutions. As per The Economic Times, notable among his investments are Bengaluru-based fitness startup Tagda Raho, digital lending platform Khatabook, and Gurugram-based used car retailer Cars24. Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar, EMotorad has rapidly gained traction in the Indian e-cycle market, capturing a 65% share. With a focus on cutting-edge technology and strategic partnerships, the company aims to revolutionise transportation by offering high-quality and value-driven solutions. Back in November 2023, EMotorad demonstrated its growth potential by securing substantial funding worth Rs 164 crore in a Series B round led by Panthera Growth Partners. It has raised a total of $20 million in equity thus far. The company boasts a network of more than 350 dealers nationwide, along with over 10 experience centres. Despite its strong foundation in India, its reach spans across eight countries, demonstrating its global presence and influence. Offline dominance aside, EMotorad also leverages online platforms to reach a wider audience, including e-commerce giants like Amazon and Flipkart. In the fiscal year ending March 2024, EMotorad reported sales of Rs 140 crore, a notable increase from Rs 115 crore the previous year. Looking ahead to FY25, the company targets sales of Rs 270 crore, with approximately Rs 130 crore stemming from domestic markets and the remainder anticipated from regions like the US and Europe. With plans underway for a new factory and the development of innovative e-cycle designs, EMotorad is poised for further expansion. By diversifying its product range, expanding its market reach, and now partnering with one of the most beloved sporting figures in the country, the company is fully committed to solidifying its position as a leader in the evolving mobility landscape. (With inputs from The Economic Times)

Dhoni goes electric: Former team India captain invests in affordable e-bike start-up EMotorad

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Yes, there are awards for funny photos of people's pets. And yes, <a target="_blank" href="https://www.businessinsider.com/funny-animal-photos-comedy-pet-photography-awards-winners-2024-6">they are hilarious</a>.In today's big story, we're looking at the startups attempting to do the impossible: <a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6">take on Nvidia</a>.What's on deck:<ul><li>Markets: Meet the <a target="_blank" href="https://www.businessinsider.com/rising-stars-of-equity-research-2024-6">best young equity researchers</a> in the game.</li><li>Tech: Check out the top people leading <a target="_blank" href="https://www.businessinsider.com/microsoft-org-chart-top-people-mustafa-suleyman-ai-2024-6">Microsoft's new AI group</a>.</li><li>Business: How lifestyle creep <a target="_blank" href="https://www.businessinsider.com/millennials-genz-feel-financially-insecure-how-save-money-cost-living-2024-6">can sneak up on high earners</a>.</li></ul>But first, you come at the king, you best not miss.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The impossible fight</h2><div type="image" title="Jensons throne is being usurped" height="900" width="1200" msid="110802344" hostid="261" sizebytes="98486"></div>The house always wins in Las Vegas. But in Silicon Valley, it's Nvidia holding all the chips. Literally.Nvidia's dominant position as <a target="_blank" href="https://www.businessinsider.com/nvidia-ai-3-trillion-club-apple-microsoft-jensen-huang-2024-6">the AI chipmaker is undeniable</a>, but that hasn't stopped some optimistic entrepreneurs from taking a shot at the crown. Business Insider's Alistair Barr has a rundown of the <a target="_blank" href="https://www.businessinsider.com/insane-startups-trying-to-usurp-nvidia-ai-throne-2024-6">AI chip startups looking to challenge Nvidia</a>.For many experts in the space, it's a fool's errand. Put more bluntly, a VC told Alistair that betting against Nvidia is "a very stupid investment." OK, but tell me how you really feel.The pessimism for newcomers in the space isn't unwarranted, as they face plenty of headwinds.The AI chipmaking process requires lots of money — some startups have raised well north of $100 million — and time. That's a tough equation when the competition you're chasing is growing market share and making money hand-over-fist while its CEO is <a target="_blank" href="https://www.businessinsider.com/jensen-huang-signed-womans-chest-tech-conference-nvidia-rockstar-leather-2024-6">treated like a rock star</a>.So why even bother?A tiny fraction of a $3 trillion business — roughly Nvidia's market cap — is still a lot of money. So even if a startup can't go head-to-head with Nvidia, carving out a small portion of its market share isn't too shabby.<div type="image" title="Bill Gates at a court hearing in 1998." height="1000" width="2000" msid="110802428" hostid="261" sizebytes="403058"></div>The biggest threat to Nvidia isn't startups, though.When your stock looks like a vertical line, it gets people's attention. For Nvidia, that reportedly means regulators are taking a closer look.The Justice Department is preparing to investigate Nvidia's dominance and whether it violates antitrust laws, according to a recent report from <a target="_blank" href="https://www.nytimes.com/2024/06/05/technology/nvidia-microsoft-openai-antitrust-doj-ftc.html">The New York Times</a>. That could enable upstarts to gain some ground.As much as Silicon Valley loves to denounce regulation, it has, in a roundabout way, led to some innovation. Take the <a target="_blank" href="https://www.businessinsider.com/bill-gates-microsoft-antitrust-case-history-outcome-2020-7">DOJ's antitrust case against Microsoft in the late '90s</a>, a turning point for tech companies like Google and Apple.You'll be hard-pressed to find tech companies cheering on regulators, but they probably wouldn't mind Nvidia facing some competition. Some have already teamed up to break <a target="_blank" href="https://www.ft.com/content/320f35de-9a6c-4dbf-b42f-9cdaf35e45bb">Nvidia's stranglehold on the market</a>.Even if these AI chip startups eventually fail, they could still do the industry good. A little competition can keep those in front from getting too stagnant…or greedy.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Carly Davenport of Goldman Sachs, Leerink's Faisal Khurshid, and Ashley Helgans of Jefferies." height="900" width="1200" msid="110802426" hostid="261" sizebytes="110412"></div><ol><li>They've got the research to back it up. BI identified 16 analysts ages 35 and under as part of its <a target="_blank" href="https://www.businessinsider.com/rising-stars-of-equity-research-2024-6">annual rising stars of equity research list</a>. The group is known for providing reliable info and context to investors looking to suss out winners and losers in the market.</li><li>Roaring Kitty is coming to you live. The king of meme stocks is scheduled to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-soars-roaring-kitty-schedules-youtube-livestream-gme-2024-6">livestream on his YouTube channel at noon ET today</a>. The announcement sent GameStop's stock soaring more than 40%.</li><li>The real reason for copper's sky-high rally. It's not just supply and demand — the metal's massive bull run is likely due to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/copper-price-outlook-commodity-rally-rate-cuts-supply-demand-imbalance-2024-6">expectations of interest-rate cuts</a>, according to trading firm Trafigura. Prices swung to an all-time high last month, but the firm says copper's low inventory isn't new.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="An AI face on a computer screen sitting in a wasteland" height="1500" width="2000" msid="110802430" hostid="261" sizebytes="242368"></div><ol><li>A new "dark age" could be on the horizon. One legal expert told BI artificial intelligence could <a target="_blank" href="https://www.businessinsider.com/ai-new-dark-age-risks-regulations-2024-5">usher in a period of societal decline</a> if the industry isn't regulated. Don't believe them? Look how the largely unregulated social media turned out.</li><li>Leaked org chart shows who's running Microsoft's new AI organization. We got a look at who's behind <a target="_blank" href="https://www.businessinsider.com/microsoft-org-chart-top-people-mustafa-suleyman-ai-2024-6">Mustafa Suleyman's new AI group</a>. One interesting hire: <a target="_blank" href="https://www.businessinsider.com/microsoft-hired-mustafa-suleyman-ghostwriter-for-new-ai-org-2024-6">Suleyman's ghostwriter</a>.</li><li>Tesla shareholders criticize Musk's latest move. Musk recently admitted that he delayed a shipment of Nvidia chips for Tesla. Now, shareholders are telling BI <a target="_blank" href="https://www.businessinsider.com/tesla-shareholders-criticize-elon-musk-nvidia-chips-pay-package-2024-6">that decision is further proof</a> he doesn't deserve his roughly $46 billion pay package, up for a vote on June 13.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Microsoft CEO Satya Nadella." height="1030" width="1373" msid="110802432" hostid="261" sizebytes="68478"></div><ol><li>Six of Satya Nadella's best tips for running a company. This year marks a decade with Nadella at Microsoft's helm. He has said listening in meetings, being decisive, and having empathy <a target="_blank" href="https://www.businessinsider.com/satya-nadella-microsoft-management-leadership-advice-how-to-run-business-2024-6">can help build a successful company</a>.</li><li>Lifestyle creep can cause HIFIs to spend "every cent they make." HIFIs — high-income, financially insecure people — tend to spend more than they earn, a financial planner says. She shared <a target="_blank" href="https://www.businessinsider.com/millennials-genz-feel-financially-insecure-how-save-money-cost-living-2024-6">small spending changes that can boost HIFIs' future wealth</a>.</li><li>Why teachers are excited about AI. Big Tech is looking to get into education, and while some are worried, <a target="_blank" href="https://www.businessinsider.com/ai-in-the-classroom-has-some-people-worried-teachers-arent-2024-6">many educators are actually optimistic</a>. One major reason: it can help them maximize their time.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/fiona-harvey-stalker-martha-scott-baby-reindeer-sued-netflix-millions-2024-6">The woman who says she's the real-life version of Martha on 'Baby Reindeer' just sued Netflix for $170 million</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/goldman-sachs-released-annual-diversity-report-pay-equity-hbcu-hiring-2024-6">Goldman just released its annual report detailing pay equity, diversity goals, and more. Here are the most notable stats</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/openai-engineer-quit-safety-concerns-right-warn-letter-sam-altman-2024-6">He quit OpenAI, branding it reckless. He hopes outside pressure can now force change</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/google-ai-answers-overviews-fixed-social-media-2024-6">Did Google fix its AI answers? Or did it just stop showing us AI answers?</a></li><li><a target="_blank" href="https://www.businessinsider.com/ecb-lagarde-economy-interest-rates-cuts-inflation-growth-central-banks-2024-6">Europe's central bank cuts interest rates for first time in 5 years</a>.</li><li><a target="_blank" href="https://businessinsider.com/tesla-board-chair-needs-elon-musk-right-now-2024-6/">Tesla can exist without Elon but the company needs him right now, board chair says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hunter-biden-may-lose-trial-politics-appeals-2024-6">Hunter Biden may be doomed to lose his trial. His best bet is appealing a 'vindictive prosecution.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/3-ways-to-prevent-strokes-doctor-cases-rise-young-people-2024-6">More young people are having strokes. A doctor shares 3 ways to help prevent them</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/falling-home-price-cities-locations-where-housing-market-getting-cheaper-2024-6">Home prices are cooling nationwide. These 4 cities are leading the declines</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/oracle-engineer-helps-lead-us-historic-cricket-win-against-pakistan-2024-6">Oracle engineer helps lead US to historic cricket win against Pakistan</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>The monthly employment report comes out today.</li><li>Nvidia distribution date for its 10-for-1 stock split.</li><li>Saudi Aramco is expected to announce the final pricing of its secondary public offering.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jack-sommers">Jack Sommers</a>, deputy editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/annie-smith">Annie Smith</a>, associate producer, in London.

Startups taking on Nvidia face an uphill battle, but the dominant  AI chipmaker faces another real threat

<ul class="summary-list"><li>BlackRock has written off its investment in once-hot Indian tech company Byju.</li><li>The Indian education tech giant is facing legal and financial troubles.</li></ul>In another blow to education tech giant Byju's, investor BlackRock says its stake in the once-hot company is worth nothing.In 2022, the education tech company said it raised $800 million at a $22 billion valuation.BlackRock was the first investor to publicly signal the company's troubles. In a first-quarter summary for some of its funds, the asset manager valued its stake in Byju's at $0, a number that has not been previously reported. In October, BlackRock slashed its valuation of the startup to less than $1 billion, <a target="_blank" href="https://techcrunch.com/2024/01/11/blackrock-cuts-byjus-valuation-by-95-to-1-billion/">TechCrunch reported.</a>BlackRock invested in Byju's parent Think &amp; Learn through <a target="_blank" href="https://www.blackrock.com/us/individual/literature/first-quarter-report/fqr-retail-blackrock-science-and-technology-trust.pdf">various</a> <a target="_blank" href="https://www.blackrock.com/us/individual/literature/investor-education/bcat-commentary.pdf">funds</a>, all of which appear to have written off the investment in recent filings.HSBC, which is not an investor in Byju's, said in a recent research note that Dutch tech investor Prosus' stake in Byju was worth nothing. Prosus owns nearly 10% of the company and invested about $500 million in Byju's."We assign zero value to Byju's stake amid multiple legal cases and funding crunch. Previously, we valued ~10% stake in Byju's by applying 80% discount to the latest publicly disclosed valuation," the HSBC analyst wrote.The Bengaluru-based company is facing significant turmoil.Earlier this week, a group of lenders asked a US court to initiate bankruptcy proceedings against Byju's subsidiaries <a target="_blank" href="https://www.business-standard.com/technology/tech-news/byju-s-now-worth-zero-hsbc-warns-prosus-amid-legal-financial-troubles-124060700146_1.html">over a $1.2 billion loan.</a> The company also <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">cut the salaries</a> of new sales hires by 90% in an attempt to cut costs, local outlet Inc42 <a target="_blank" href="https://inc42.com/buzz/byjus-slashes-salaries-for-new-sales-hires-by-more-than-90/">reported</a> on Thursday.Byju's investors, including Prosus, are <a target="_blank" href="https://www.business-standard.com/companies/news/byju-s-egm-shareholders-vote-to-remove-ceo-raveendran-and-his-family-124022300919_1.html">seeking the removal of its CEO</a>, Byju Raveendran, and his family members from the board. The company's India CEO left in April, and it missed filing its 2023 financial reports.The digital and physical tutoring company was seen as a star in the Indian startup scene and even sponsored the Indian cricket team until 2023. It is backed by the Chan-Zuckerberg Initiative, Sequoia Capital, and Tencent, among others.Byju's first gained popularity during the pandemic for its unique approach to learning. The company faced challenges in 2022 after students began returning to schools and expensive acquisitions affected its bottom line.The company planned to<a target="_blank" href="https://www.bloomberg.com/news/articles/2023-07-26/star-founder-broke-down-in-tears-as-crises-engulfed-byju-s"> go public through a SPAC deal</a> in 2022, which did not ultimately pan out.Byju's and BlackRock did not immediately respond to requests for comment.Correction: This story has been updated to reflect that HSBC wrote about an investor's interest in Byju's. HSBC did not invest in Byju's.

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Indian start-up companies are looking at 'reverse flipping' - not a cricket terminology - with easy access to capital from private equity and venture capitals, changes in rules regarding round tripping, and the growing maturity of India's capital markets, states the Economic Survey 2022-23. The Survey was tabled in the Parliament on Tuesday. According to the Indian government the above measures have not only slowed down 'Flipping' but companies are also exploring 'Reverse Flipping'. Well, 'Flipping' and 'Reverse Flipping' are not cricket shots. The survey said many Indian companies have been getting headquartered overseas, especially in destinations with favourable legal environments and taxation policies. The technical jargon for this may be identified as 'Flipping', which is the process of transferring the entire ownership of an Indian company to an overseas entity, accompanied by a transfer of all intellectual property rights and all data hitherto owned by the Indian company. "It (flipping) effectively transforms an Indian company into a 100 per cent subsidiary of a foreign entity, with the founders and investors retaining the same ownership via the foreign entity, having swapped all shares," the survey notes. Typically, "Flipping" happens at the early stage of the start-ups, driven by commercial, taxation and personal preferences of founders and investors. Some companies decide to "Flip" because the major market of their product is offshore. Sometimes, investor preferences like access to incubators drive the companies to "Flip" as they insist on a particular domicile. Some companies prefer to domicile in countries where they would like to access Capital Market later for better valuations and ticket size. Better protection and enforcement of IP and tax treatment of Licensing revenue from IP, residential status of Founders, and agile corporate structures have been the reasons for "Flipping" in the past. "Many investors/private equity (PE) funds are based in the US and other places. They also exert pressure on the Indian startup entrepreneurs to move out of India and house their IPRs overseas," an entrepreneur had told IANS preferring anonymity. "Technology companies, primarily B2B, software as a service (SaaS) players and deep tech businesses tend to move out to the US and some towards Singapore. The reason they start in India to begin with is the entrepreneurial talent, active investing ecosystem, solid tech employees and most importantly the ability to develop and run pilots at competitive costs," Sarath <keyword id="293733" type="General" weightage="80" keywordseo="naru" source="Orion">Naru</keyword>, <keyword id="191679" type="General" weightage="80" keywordseo="managing-partner" source="Orion">Managing Partner</keyword>, Ventureast, one of the long standing venture capital firms in India had told IANS. According to Naru, the primary reason for them to move out is to be near their market. "Indian market tends to be small for these businesses and not economically viable to continue to invest in technology and be competitive against global players. The US and Southeast Asia offer large ready markets and it makes most economic and strategic sense to be close to the markets," Naru remarked. "Other than the IPR housing reason, investors like the tax regime in certain countries; lower income tax and capital gains taxes. This also attracts the startups to move and later the founders become Non-Resident Indians (NRI)," Kris Gopalakrishnan, Chairman, <keyword id="2602340" type="General" weightage="80" keywordseo="axilor-ventures" source="Orion">Axilor Ventures</keyword> told IANS. "Some of these governments give specific incentives like rent reimbursements, grants based on local employment etc. Further, the access to capital which does not invest in Indian companies. Finally, <keyword id="88599" type="General" weightage="80" keywordseo="sas" source="Orion">SAS</keyword> companies, especially enterprise SAS, move to the US/UK to be closer to the enterprise customers," Gopalakrishnan added. The Economic Survey said to accelerate 'Reverse Flipping', certain measures like the following are possible: i. Simplifying the process for grant of "Inter-Ministerial Board (IMB) certification" for Start-ups ii. Further simplification of taxation of Employee Stock Options (ESOPs) iii. Simplifying multiple layers of tax and uncertainty due to tax litigation iv. Simplifying procedures for capital flows: Many countries, such as US and Singapore, have easier corporate laws, with lesser restrictions on the inflow and outflow of capital and treatment of Hybrid Securities v. Facilitating improved collaboration and partnerships with established private entities to develop best practices and state-of-the-art start-up mentorship platforms vi. Exploring the incubation and funding landscape for start-ups in emerging fields like social innovation and impact investment. The flipping phenomenon mentioned above reflects start-ups venturing out for short-term gains in the dynamic, uncertain geopolitical world. However, the flip can be reversed with the collective action by the government related regulatory bodies and other stakeholders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/in-a-major-clean-up-drive-bmc-sacks-55-staffers-for-corruption-suspends-134-for-graft-crimes/articleshow/97491919.cms">In a major clean-up drive, BMC sacks 55 staffers for corruption, suspends 134 for graft, crimes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/sc-suggest-nirav-modis-bro-in-law-to-give-letter-of-authority-to-cbi-to-access-offshore-bank-accounts/articleshow/97493054.cms">SC suggest Nirav Modi's bro-in-law to give letter of authority to CBI to access offshore bank accounts</a>

Indian start-ups are looking at reverse flipping says Economic Survey

<ul><li>Jump.trade, a <keyword id="12308260" type="General" weightage="50" keywordseo="sports-nft" source="Orion">Sports NFT</keyword> marketplace, organised its first <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword> Cricket League tournament finale for cricket fans. </li><li>Play-to-<keyword id="3972398" type="General" weightage="100" keywordseo="earn" source="Orion">earn</keyword> gamers in India can earn $500 per day, more than the average salary of an Indian. </li><li>Players need at least two NFTs to begin playing a Meta cricket game. </li></ul> It's not just the cricket megastars who can win hearts with their memorable shots. Now, even ordinary gamers in India can ‘Hit and Earn’ through cricket, albeit in matches played in the metaverse, with a chance of winning up to $500 per day. That’s ₹7,000 more than the average salary of an Indian in <a href="http://www.salaryexplorer.com/salary-survey.php?loc=100&amp;loctype=1#:~:text=A%20person%20working%20in%20India%20typically%20earns%20around%2031%2C900%20INR,%2C%20transport%2C%20and%20other%20benefits.">2022</a>. Jump.trade, a Sports NFT marketplace by GuardianLink, organized its first Meta Cricket League (<keyword id="6400346" type="General" weightage="80" keywordseo="mcl" source="Orion">MCL</keyword>) tournament finale in August, which was played in the virtual world. MCL is a ‘Play to Earn’ (P2E) blockchain game, where users can create teams of batsmen and bowlers to participate in real-time player-versus-player matches. Users can also form a team and earn rewards. “To begin playing the MCL game, users need to buy a combination of 1 Batsman NFT and at least 1 Bowler NFT from the platform,” explains Kameshwaran Elangovan, co-founder and chief operating officer at GuardianLink. Jump.trade is currently home to over 1,000 users who play MCL games everyday, earning up to $500 a day. Buy NFTs, play cricket Jump.trade sold 55,000 NFTs within nine minutes of going live, contrary to the subdued market interest for cryptos and NFTs this year. The first MCL grand slam finale, organised by GuardianLink and <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, was played on 7th August. A prize pool of $10,000 was created, to be divided among 500 shortlisted players. The winner was awarded $1,000, while the second and third places won $600 and $400 respectively. Rest of the prize money was distributed to the players according to their positions on the MCL leaderboard. Play-to-earn games in India The play-to-earn games are gaining momentum in India. The Indian online gaming market alone is <a href="https://images.assettype.com/afaqs/2021-06/1ef54dc8-61db-410d-893e-957ce23e0103/Beyond_the_tipping_point__A_primer_on_online_casual_gaming_in_India_low_size.pdf">projected </a>to reach 657 million users by 2025. “India has gained the top spot in terms of the adoption of NFT games and play-to-earn games, with 34% of those surveyed reporting they have played P2E games, and an additional 11% willing to play such games in the near future,” said <keyword id="10022012" type="General" weightage="50" keywordseo="parth-chadha" source="Orion">Parth Chadha</keyword>, CEO and co-founder of <keyword id="326118" type="General" weightage="50" keywordseo="stan" source="Orion">STAN</keyword>, a blockchain esports startup in India. An increasing number of companies are showing interest in blockchain gaming in India. For instance, Tezos India announced a grant of over $10,000 to support blockchain gamers in India. STAN, launched in May, has over 100,000 downloads of the app already. E-commerce giant Flipkart is also exploring the blockchain gaming landscape – it sponsored the MCL Grand Slam Tournaments’ finale, where it also publicised its web 3 platform ‘FireDrops’. “Sponsoring the Meta Cricket League Finale was as much about positioning FireDrops among relevant audiences as about learning about the emerging play-to-earn ecosystem,” said Naren Ravula, VP of product strategy and head of Flipkart Labs. FireDrops, a web 3-based feature powered by <keyword id="12461986" type="General" weightage="50" keywordseo="guardian-link" source="Orion">Guardian Link</keyword>, went live on Flipkart on July 22. Customers can buy NFTs on Flipkart that gives them exclusive access to merchandise online and promotional events offline.

Hit and earn: Indian cricket fans can win as much as $500 a day playing cricket in the metaverse

New Delhi, Mar 11 () Cricketer Ajinkya Rahane has invested in Mahindra group-backed organic products startup MeraKisan to pick up a minority stake.Ajinkya, who is vice-captain of the Indian Test Cricket team, has invested and will own equity in MeraKisan and would also be its brand ambassador, Mahindra group said in a statement.Founded in 2016, MeraKisan Pvt Ltd is an associate of Mahindra Agri Solutions Ltd, a wholly owned subsidiary of Mahindra and Mahindra. It is a prominent leader in the organic food industry closely working with organic farmers, assuring certified, nutritious and healthy organic food. When contacted, Ashok Sharma, MD &amp; CEO- Mahindra Agri Solutions, said Rahane will have a minority stake in the company but did not disclose the amount invested by the cricketer. Sharma said MeraKisan is posting a revenue of Rs 2-3 crore per month and is growing very fast. He said the company currently sells more than 130 products. The start-up is expected to contribute 5-7 per cent of Mahindra Agri Solutions by 2024-25, he said. "MeraKisan is a 2-3 year old company with a focus on organic food. The company works with over 7,000 farmers, helping them with certification, technical support and initial handholding. "The start-up has witnessed robust growth since its inception and we expect it to contribute 5-7 per cent of the total revenue of Mahindra Agri Solutions by FY25," Sharma told . The company is growing at 40 per cent annually and is expected to have a revenue of Rs 1,300 crore in FY20, he added. On Rahane's association, he said, "We are delighted to welcome Ajinkya to the Mahindra family, he is a role model for the new generation and a passionate supporter of the Indian farming community." Rahane said: "I strongly believe that organic food contributes to overall wellness, and this partnership is significant as we share a common goal. Further, I am excited to be part of a journey which delivers sustainable prosperity for our farmers through organic farming methods". MJH SM MJH MRMR

Cricketer Rahane picks up minority stake in organic food startup

Ending all speculations after sending a cryptic tweet, <keyword id="6354756" type="General" weightage="50" keywordseo="bcci" source="Orion">BCCI</keyword> President <keyword id="6359039" type="General" weightage="80" keywordseo="sourav-ganguly" source="Orion">Sourav Ganguly</keyword> on Thursday joined hands with Noida-based <keyword id="1464841" type="General" weightage="50" keywordseo="edtech" source="Orion">edtech</keyword> startup Classplus to promote thousands of educators and content creators. <keyword id="6505" type="General" weightage="100" keywordseo="ganguly" source="Orion">Ganguly</keyword> also took to social media to announce this initiative, upon completing 30 years in Indian cricket. In the 30-second clip, Ganguly is heard saying, "The first step towards achieving your dreams is having the right coach." Classplus has claimed to have digitised over one lakh educators and content creators across more than 3,000 cities serving 30 million students, assisting them in building their online presence and selling their online courses. "With Dada (Ganguly) himself by their side, we hope to help these edupreneurs further grow their reach and take their business to newer heights," said <keyword id="3952423" type="General" weightage="50" keywordseo="mukul-rustagi" source="Orion">Mukul Rustagi</keyword>, CEO and Co-Founder, Classplus. The startup recently bagged $70 million in a Series D funding round, co-led by Alpha Wave Global and Tiger Global and is currently valued at close to $600 million. Classplus helps educators and content creators launch and scale their online coaching business. Since its inception in 2018, the startup has raised approximately $160 million from global investors like Tiger Global, AWI, <keyword id="7560809" type="General" weightage="50" keywordseo="rtp-global" source="Orion">RTP Global</keyword>, Blume Ventures, Sequoia Capital India's Surge, Spiral Ventures, Strive, Times Internet and Abu Dhabi-based Chimera Ventures. On Wednesday, after sparking speculations of a possible political debut with a cryptic tweet, Ganguly sought to dispel the rumours and clarify on his next venture. After a few hours of leaving people guessing, Ganguly himself made it clear late that it is not politics, but an educational app that will be his new venture. However, his Twitter message had enough ingredients to give rise to speculations that he might be ending his cricketing innings and making debut in politics.

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Dhoni goes electric: Former team India captain invests in affordable e-bike start-up EMotorad

Kunal Kambli

Startups taking on Nvidia face an uphill battle, but the dominant AI chipmaker faces another real threat

Dan DeFrancesco

India's once-hot startup Byju's was valued at $22 billion. Now, BlackRock says its investment is worth nothing.

Shubhangi Goel

Indian start-ups are looking at reverse flipping says Economic Survey

IANS

Hit and earn: Indian cricket fans can win as much as $500 a day playing cricket in the metaverse

Eetika Kapoor

Cricketer Rahane picks up minority stake in organic food startup

PTI

BCCI President Sourav Ganguly joins hands with edtech startup 'Classplus'

IANS

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