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<ul><li>Japan’s <keyword id="1084259" type="COMPANY" weightage="20" keywordseo="Mitsui-Group">Mitsui Group</keyword> has invested $14 million in <keyword id="4992782" type="PERSON" weightage="20" keywordseo="SmartE">SmartE</keyword>, an electric vehicle startup based out of Delhi. </li><li>SmartE, the three wheeler electric mobility startup, already has a partnership with the Delhi Metro Rail Corporation.</li><li>The Indian government has been pushing for EV growth in the country and had announced subsidies for EV buyers during the budget. </li></ul>Indian Electric Vehicle startup SmartE has raised $14 million from one of Japan’s largest conglomerates <keyword id="138513" type="COMPANY" weightage="20" keywordseo="Mitsui">Mitsui</keyword> Group. SmartE, the three wheeler electric mobility startup, already has a partnership with the Delhi Metro Rail Corporation. Under the partnership, SmartE offers connectivity to commuters within 5 kms radius of metro stations in the national capital. "Growing urbanization in Delhi-NCR is driving demand for transportation, including first and last mile services, placing a greater burden on the environment. We are proud to partner with SmartE who shares our commitment for sustainable business development and alleviating pain points to improve living standards for communities,” said Shinichiro Omachi, Managing Director of Mitsui &amp; Co India. With the investment, the Japanese conglomerate will also help the startup to grow its fleet to 50,000 electric three-wheelers over the next four years. The company will also help SmartE expand to different cities of India. SmartE also built charging infrastructure in India with a capacity to charge 800 vehicles at the same time. The Indian government has been pushing forward the growth of EVs in India. In the Union Budget 2019, Finance Minister Nirmala Sitharaman announced tax subsidy for people who buy EVs. “To make <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> affordable to consumers, our government will provide additional income tax deduction of ₹1.5 lakh on the interest paid on loans taken to purchase electric vehicles. This amounts to a benefit of around ₹2.5 lakh over the loan period to the taxpayers who take loans to purchase electric vehicles,” said Sitharaman during her Budget speech. The government had also reduced the goods and services tax (GST) on EVs to 5% from the previous 12%.

Japan’s Mitsui invests $14 million in Indian EV startup SmartE

It’s raining investments in the <keyword id="2493659" type="UNKNOWN" weightage="20" keywordseo="Indian-ecommerce">Indian eCommerce</keyword> sector. Soon after Amazon, Flipkart, Snapdeal getting a breather for life (thanks to foreign investments), it’s time for the smaller players to do the deal. 
 As per a news report by The Economic Times, <keyword id="733043" type="COMPANY" weightage="20" keywordseo="Naaptol">Naaptol</keyword> Online Shopping, which owns and operates TV shopping and <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">eCommerce</keyword> platform Naaptol.com, has raised Rs 136 crore from Japanese conglomerate <keyword id="169996" type="COMPANY" weightage="20" keywordseo="Mitsui-Co">Mitsui &amp; Co</keyword>, the latest example of global investors continuing to back Indian online retailers. 
 At its Series C or third round of institutional funding last month, existing backers New Enterprise Associates, Canaan Partners and <keyword id="630197" type="COMPANY" weightage="20" keywordseo="Silicon-Valley-Bank">Silicon Valley Bank</keyword> also participated. 
 
"We are already in 24/7 format across languages, and in this fiscal, we hope to be the largest home shopping network in India," Manu Agarwal, founder and chief executive of Naaptol told the ET. 
 
While Agarwal did not disclose exact stake sold to Mitsui, dilution is believed to be in single-digit percentage points. Investment bank Jefferies India was the financial adviser in the transaction. 
 Mitsui owns a sizeable stake in <keyword id="6355311" type="COUNTRY" weightage="20" keywordseo="Japan">Japan</keyword>ese TV shopping retailer QVC Japan as well as home shopping networks in China and Japan. Naaptol competes with Reliance-owned HomeShop18, the country's largest TV shopping firm, as well as with TVC SkyShop and StarCJ. "Automation of our supply chain is also right on top of our agenda. We will be focusing on doing more creatives across more products," said Agarwal. 
 
Naaptol is targeting commission revenue - which is net revenue, not gross - ofRs 530 crore for fiscal 2016, a 54% increase over its 2014-15 revenue, according to the financial daily. "We're not losing a significant amount of money, and expect to get into profitability by the end of this (financial) year," Agarwal said. The company derives about 85% of revenue from television, and expects it to grow to 90% this fiscal.

Mitsui’s gift to Naaptol? Rs 136 crore in funding

<ul class="summary-list"><li>Morgan Stanley co-led a $48 million Series B fundraising round in blockchain startup <keyword id="11488233" type="UNKNOWN" weightage="60" keywordseo="securitize">Securitize</keyword> Inc.</li><li id="recirc">It was <keyword id="11488231" type="UNKNOWN" weightage="60" keywordseo="morgan-stanley-tactical-value">Morgan Stanley Tactical Value</keyword> Investing's first investment in the blockchain industry.</li><li>The round was also led by Blockchain Capital.</li></ul>Morgan Stanley co-led a Series B fundraising round in Securitize Inc, a startup developing a blockchain platform for investors to buy and sell shares in closely held companies and other assets. The round raised $48 million and was also led by Blockchain Capital. Morgan Stanley Tactical Value Investing, a team within Morgan Stanley Investment Management, invested in Securitize. It was the team's first investment in the blockchain industry. Securitize will now add Pedro Teixeira co-head of Morgan Stanley Tactical Value investing, to its board of directors. "Securitize is well-recognized for pioneering the securitization of digital asset securities on the blockchain, and for its fully-compliant and fully-digital end-to-end to solution that enables private companies to raise capital, and for investors to find a path to liquidity," said Teixeira in a <a href="https://www.prnewswire.com/news-releases/securitize-raises-48-million-in-series-b-capital-to-expand-its-leadership-in-digital-asset-securities-and-in-the-digitization-of-private-capital-markets-301316112.html">press release</a>. "We make long-term investments in businesses and asset classes that are ahead of the curve. Our investment in Securitize is a sign that we believe in the growth and adoption of digital asset securities."Other investors including Ava Labs, IDC Ventures, Migration Capital, NTT Data, Sumitomo Mitsui Trust Bank, Borderless Capital, Global Brain, Mouro Capital, Ripio, Ripple and SPiCE VC took part in the capital raise.

Morgan Stanley co-leads $48 million investment in blockchain platform Securitize

<ul class="summary-list"><li>Warren Buffett's investments in five Japanese companies are emerging as winners in Berkshire Hathaway's portfolio. </li><li>A Bloomberg analysis points out that share prices in Mitsubishi and Mitsui have respectively climbed 100% and 130% since Buffett's initial investments in 2020.</li></ul>Warren Buffett invested in a batch of Japanese companies at a time when other investors shunned them – and his moves have been paying off as the recent commodities boom set them up to rake in record profit and see their share prices soar, according to Bloomberg. Buffett is the third-largest shareholder in <a href="https://www.tradingview.com/symbols/SAPSE-8031/">Mitsui &amp; Co</a>. and a leading investor in Mitsubishi Corp., Itochu Corp., Sumitomo Corp., and Marubeni Corp. The five companies, known collectively as the sogo shosha, or general trading companies, emerged as winners of the 2022 inflation shock, according to a <a href="https://www.bloomberg.com/opinion/articles/2023-01-09/the-warren-buffett-way-to-profit-from-the-energy-crisis?sref=GUP2BhaG">Bloomberg analysis of the holdings</a> published Monday. They invest in worldwide energy and commodity projects, including those focused on oil, coal, copper, and liquefied natural gas, or LNG. Last year's surge in prices for raw materials allowed the companies to squeeze record-high amounts of cash from those projects, and the companies also profited from the trading of natural resources. The group is heading toward a collective record profit of nearly 3.9 trillion yen ($29.49 billion) for the upcoming end of the 2023 fiscal year, the report said. Meanwhile, share prices of Mitsubishi and Mitsui – the two most profitable sogo shosha – have climbed 100% and 130%, respectively, since Buffett's initial investment in 2020.Buffett's investment company, Berkshire Hathaway, made its first disclosure of the investment in the sogo shosha in August 2020, with 5% stakes in each then worth a total of $6 billion, said Bloomberg. Those positions have gained more than 50%, even when accounting for the <a href="https://markets.businessinsider.com/currencies/jpy-usd">yen's depreciation against the dollar</a>. And two months ago, Berkshire disclosed more share purchases, increasing its stake to about 6.5% — or about $12 billion at today's exchange rate.Other investors had previously ditched stakes in the Japanese companies after a long run of stagnant profits and poor market performance, the analysis said. Before 2020, their combined net income stayed at roughly 1.5 trillion yen for more than a decade.

Warren Buffett's energy bets in Japanese companies are turning out to be huge winners, with some up 100% since his initial investment

<ul class="summary-list"><li>Warren Buffett's Berkshire Hathaway has started to explore issuing yen bonds, according reports.</li><li>The conglomerate has established itself over recent years as a top foreign issuer of yen bonds. </li></ul>Warren Buffett's Berkshire Hathaway may issue more bonds in yen, which could suggest further investments in Japanese stocks, according to a <a href="https://asia.nikkei.com/Business/Markets/Warren-Buffett-s-Berkshire-plans-new-yen-bond-offering" target="_blank" rel="noopener">Nikkei Asia</a> report.Berkshire has tapped BofA Japan Securities and Mizuho Securities to underwrite the bonds, and part of the money raised will be used to refinance debt coming due this year, Nikkei said. Buffett's empire is a top foreign issuer of yen bonds and has issued them in each of the last three years. Its most recent offering came in December at a total of 115 billion yen, or about $870 million. Berkshire holds about 1 trillion in yen-denominated debt outstanding, Refinitiv data cited by Nikkei shows.The latest yen bond deal could price as soon as Friday, sources told <a href="https://www.bloomberg.com/news/articles/2023-04-10/berkshire-hathaway-sounds-out-investors-on-yen-bond-pricing?srnd=markets-vp" target="_blank" rel="noopener">Bloomberg</a>. Multiple tranches may go up up for sale, with the 30-year maturity at about 125 basis points, it added.New yen bond issuance could lead to Berkshire further adding to its Japanese stock portfolio. In August 2020, Berkshire disclosed stakes in Mitsubishi and Mitsui &amp; Co., and said it boosted its holdings in those companies in November 2022. The potential new bonds also come as Kazuo Ueda takes over the Bank of Japan. Recent statements of his suggest that monetary easing could remain in place in the short term, though markets are bracing for an eventual shift toward tighter policy.Japan's 10-year bond yields have ticked higher as traders buoy themselves for Ueda's potential monetary policy adjustments.

Warren Buffett's Berkshire Hathaway may issue bonds priced in yen, potentially signaling more Japanese stock buys

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a>Here's what you need to know before <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open.1. <a href="https://markets.businessinsider.com/news/stocks/france-stimulus-plan-worth-100-billion-euros-4-gdp-2020-9-1029559020#">France reveals fresh stimulus worth 100 billion euros — almost 4% of its GDP and bigger than any other European economy.</a> France is pumping in a fresh dose of stimulus worth 100 billion euros ($118 billion) to rescue the economy from the pandemic-induced lockdown earlier in the year, <a href="https://www.reuters.com/article/us-france-economy/france-unleashes-100-billion-euro-stimulus-to-revive-economy-idUSKBN25U0IA" target="_blank" rel="noopener">Reuters reported</a>.<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-scores-570-million-gain-japanese-stocks-2-days-2020-9-1029551264#"></a><a href="https://markets.businessinsider.com/news/stocks/oatly-faces-backlash-blackstone-acquired-stake-2020-9-1029559343">2. Oatly vegan milk faces activist anger after Trump-supporting billionaire Schwarzman's Blackstone acquired a stake. </a>Vegan milk brand Oatly is facing activist pressure after private equity firm Blackstone, headed by Trump-supporting billionaire Stephen Schwarzman, acquired a stake in the company.3. <a href="https://www.businessinsider.com/investing-strategy-how-to-trade-markets-hottest-growth-stocks-bernstein-2020-9">Bernstein breaks down 4 reasons why red-hot growth stocks will keep soaring — and outlines how to build a safe portfolio designed to take advantage.</a> For the last few years, grumbling investors have been saying "there is no alternative" to US stocks. Now "<a href="https://www.investopedia.com/terms/t/tina-there-no-alternative.asp">TINA</a>" might be slimming down to giant growth stocks.4. <a href="https://www.businessinsider.com/tiktoks-us-sale-talks-hit-speed-bump-reports-2020-9">China has successfully kneecapped Trump's TikTok ban as sale talks hit a speed bump.</a> Beijing has successfully thrown a spanner into the acquisition talks between TikTok and various prospective American buyers according to multiple reports from <a href="https://www.reuters.com/article/us-usa-tiktok-bytedance-exclusive/exclusive-aspiring-tiktok-buyers-pursue-four-options-in-effort-to-revive-talks-idUSKBN25T2IG">Reuters</a>, the <a href="https://www.wsj.com/articles/tiktok-deal-talks-are-snarled-over-fate-of-apps-algorithms-11598995674">Wall Street Journal</a>, and <a href="https://www.bloomberg.com/news/articles/2020-09-01/bytedance-chief-reconsiders-tiktok-options-after-new-china-rules?sref=ctSjKj2N">Bloomberg</a>.<a href="https://www.businessinsider.com/investing-advice-portfolio-strategy-changes-post-covid-world-blackrock-2020-8"></a>5. <a href="https://www.businessinsider.com/stock-market-trades-value-sectors-to-buy-for-economic-recovery-2020-9">A $7 billion fund manager breaks down why the perfect storm is brewing for investors' most-loved stocks as the election nears — and shares 4 trades to capitalize on their downfall</a>. Growth stocks have dominated the market since its March lows, as investors have piled into shares of tech companies amid stay-at-home orders and a near economic standstill caused by the COVID-19 outbreak.6. <a href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-investing-strategy-japanese-stocks-turning-point-2020-9">A top strategist explains why Warren Buffett's latest bets could be a 'true turning point' for Japanese stocks. </a>Warren Buffett's Berkshire Hathaway <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-reveals-6-billion-investment-5-japanese-companies-2020-8-1029546397">recently revealed</a> that it owns 5% of all five of Japan's biggest trading houses: <a href="https://markets.businessinsider.com/stocks/itochu-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Itochu</a>, <a href="https://markets.businessinsider.com/stocks/marubeni-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Marubeni</a>, <a href="https://markets.businessinsider.com/stocks/mitsubishi-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Mitsubishi</a>, <a href="https://markets.businessinsider.com/stocks/mitsuico-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Mitsui</a>, and <a href="https://markets.businessinsider.com/stocks/sumitomo-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Sumitomo</a>. The stakes were <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-scores-570-million-gain-japanese-stocks-2-days-2020-9-1029551264#">worth a combined $6.9 billion</a> at the close of trading on Wednesday.<a href="https://www.businessinsider.com/elon-musk-announces-neuralink-will-do-live-tech-demo-2020-8"></a>7. <a href="https://www.businessinsider.com/investing-strategy-for-small-companies-from-mircocap-expert-ian-cassel-2020-9">'You can make 5, 10, 50x your money': Here's an inside look at the 7-part strategy small-stock expert Ian Cassel is using to unearth the market's most overlooked gems.</a> Ian Cassel, the founder of <a href="https://microcapclub.com/">MicroCapClub</a> and co-author of <a href="https://www.amazon.com/Ian-Cassel/e/B01HMG7FMA%3Fref=dbs_a_mng_rwt_scns_share?tag=bisafetynet2-20">Intelligent Fanatics</a>, entered the financial markets during one of the most exuberant periods in history: the technology bubble. <a href="https://www.businessinsider.com/stock-picking-strategy-7-part-model-market-legend-william-oneil-2020-8?r=US&amp;IR=TIR=T"></a>8. Global stocks are mixed. Asian stocks closed down, European stocks are up. US futures are pointing to a lower open. <a href="https://www.businessinsider.com/warren-buffett-airbnb-brian-chesky-get-rich-slow-ipo-filing-2020-8"></a>9. <a href="https://markets.businessinsider.com/earnings-calendar">Earnings coming in.</a> Capgemini and Sofina Q2 20 earnings are coming in. 10. <a href="https://markets.businessinsider.com/economic-calendar">On the economic front. </a>US Nonfarm Productivity and Initial Jobless Claims are due.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table"><div><div class="image on-image">EdenEden co-founders Joe Du Bey and Kyle Wilkinson</div></div></div><ul class="summary-list"><li>Eden, a marketplace for office cleaners and other service providers, said on Tuesday that it closed a $25 million Series B fundraising round.</li><li>The funding was led by Reshape, a tech venture fund that invested in <a href="https://www.businessinsider.com/reddit-valuation-tencent-2019-2">Reddit</a>, <a href="https://www.businessinsider.com/bird-raises-150-million-bloomberg-2018-5">Bird</a>, and <a href="https://www.businessinsider.com/sonder-has-reached-unicorn-status-with-its-newest-fundraising-round-2019-7">Sonder</a>, and also included landlords and developers like RXR Realty, which <a href="https://www.businessinsider.com/fast-food-chains-turn-to-ghost-kitchens-and-mobile-restaurants-2019-9">invested in ghost kitchen startup Kitchen United with GV (formerly Google Ventures) this year</a>, Thor Equities, and Japanese developer Mitsui Fudosan. </li><li>There were multiple returning investors that had helped the company raise $15 million in previous rounds, including <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">Fifth Wall</a>, Bessemer Venture Partners, and <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Comcast Ventures</a>.</li><li>Eden connects customers with office vendors like cleaners, IT help, technicians, and even snack providers.</li><li>One of Eden's closest competitors, Managed by Q, <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">was acquired by WeWork earlier this year</a> for $220 million. WeWork is now looking to sell Managed by Q, <a href="https://www.businessinsider.com/wework-wants-sell-3-businesses-managed-by-q-conductor-meetup-2019-9">according to media reports</a>, as the coworking company cuts non-core businesses after its failed IPO. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more stories.</a></li></ul>Eden, a startup that connects customers with office cleaners and other service providers, said on Tuesday that it has closed a $25 million Series B fundraising round.Eden was originally launched with the help of <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Y Combinator</a> in 2015. The company is now active in 25 markets, including international markets like London, Berlin, Amsterdam, and Rio de Janeiro, and said it hosted more than $50 million in transactions over the last year. The latest funding was led by Reshape, a tech venture fund that has invested in <a href="https://www.businessinsider.com/reddit-valuation-tencent-2019-2">Reddit</a>, <a href="https://www.businessinsider.com/bird-raises-150-million-bloomberg-2018-5">Bird</a>, and <a href="https://www.businessinsider.com/sonder-has-reached-unicorn-status-with-its-newest-fundraising-round-2019-7">Sonder</a>. Eden declined to provide a valuation. The funding also included landlords and developers like RXR Realty, which <a href="https://www.businessinsider.com/fast-food-chains-turn-to-ghost-kitchens-and-mobile-restaurants-2019-9">invested in ghost kitchen startup Kitchen United with GV (formerly Google Ventures) this year</a>, Thor Equities, and large Japanese developer Mitsui Fudosan. There were multiple repeat investors who had helped the company raise $15 million in previous rounds, including Fifth Wall, <a href="https://www.businessinsider.com/proptech-vc-fifth-wall-raised-503-million-in-newest-fund-2019-7">proptech's biggest fund;</a> Bessemer Venture Partners, <a href="https://www.businessinsider.com/bessemer-venture-biggest-missed-investments-2016-7">one of Silicon Valley's oldest funds;</a> and <a href="https://www.businessinsider.com/comcast-ventures-plans-to-boost-its-return-on-its-investments-2019-8">Comcast Ventures</a>.Eden's service is something of a cross between Uber and the two giants of managed services in real estate, JLL and CBRE. Eden operates a marketplace of office vendors, including general and specialized cleaners, IT help, technicians, and even snack providers. The company says it has of hundreds of customers, including <a href="https://www.businessinsider.com/convenes-ceo-explains-flex-space-financials-metrics-2019-9">flexible office space provider Convene</a>. Joe Du Bey, the chief executive and cofounder of Eden, hopes that his company can become the ubiquitous source of workplace services for any industry, even between competitors in the flex-space market. The company was originally founded to provide IT support direct to consumers from W-2 employees. But Du Bey and his cofounders noticed early on that one of Eden's largest client groups was small businesses who needed tech support.Over time, the company focused only on enterprise customers, taking a marketplace approach instead of hiring employees directly, and moving towards a full suite of facilities services. Eden says its marketplace is relatively "closed" and that each vendor is extensively vetted through conversations with local office managers and real estate professionals. Each provider is rated based on the work they do, and Eden will issue a refund to a customer if any of the work is significantly below par. Du Bey said the company attracts vendors by offering free marketing as well as accounting and HR software. Du Bey compares Eden to JLL and CBRE, which offer their own sort of marketplace, but with personal relationships as the backbone instead of tech. Eden plans to use the fresh capital to continue growing to new markets and even potentially work directly with landlords.The company acquired facility-manager social network OrgOrg in 2018, but has so far avoided making any big changes to the website. Du Bey said that some integrations, such as providing Eden's ratings on OrgOrg and providing instant referrals to the service, may be in the cards in the future.One of Eden's closest competitors, Managed by Q, <a href="https://www.businessinsider.com/wework-acquires-managed-by-q-2019-4">was acquired by WeWork earlier this year</a> for $220 million. Managed by Q actually employs cleaners and other office service providers instead of Eden's marketplace approach.According to media reports, WeWork's new co-CEOs are now looking to sell Managed by Q as part of a push to cut noncore businesses after the coworking company's<a href="https://www.businessinsider.com/wework-wants-sell-3-businesses-managed-by-q-conductor-meetup-2019-9#managed-by-q-1"> failed attempt at an IPO</a>. Meanwhile, Business Insider has reported that WeWork is now outsourcing its US and Canada facilities staff to JLL starting in early December, <a href="https://www.businessinsider.com/wework-partners-with-jll-for-facilities-outsourcing-2019-11">per a memo to employees.</a><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/particle-pitchdeck-that-raised-the-iot-company-60-million-2019-11" data-read-more-link="" data-e2e-name="read-more-link">Internet-of-things startup Particle went from a failed Kickstarter to powering smart air conditioners and Jacuzzis. Here's the pitch deck it used to raise $40 million.</a></li><li><a href="https://www.businessinsider.com/softbank-portfolio-company-reonomy-raises-60-million-2019-11" data-read-more-link="" data-e2e-name="read-more-link">SoftBank portfolio company Reonomy raises $60 million in its quest to beat CoStar and become the real estate industry's main source for analytics</a></li><li><a href="https://www.businessinsider.com/google-nest-launches-first-pilot-greystar-multifamily-rental-apartment-denver-2019-10">Google Nest just launched a pilot with the nation's largest apartment manager - showing where it sees the next big opportunity selling smart devices</a><a data-read-more-link="" data-e2e-name="read-more-link"></a></li></ul><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=40-big-tech-predictions-for-2019-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">Here's what candy corn is actually made of</a></h3> <div> </div> </div>

Eden, a startup that matches offices with cleaners and other workers, just raised $25 million from backers including Fifth Wall, RXR Realty, and one of Japan's largest developers

<ul><li>Earlier this week, India’s very first <keyword id="6856318" type="UNKNOWN" weightage="20" keywordseo="Autonomous-Retail">autonomous retail</keyword> store was opened in <keyword id="30469" type="LOCATION" weightage="20" keywordseo="Kochi">Kochi</keyword>. </li><li>The 24x7 convenience store, which is named <keyword id="6856317" type="UNKNOWN" weightage="20" keywordseo="Watasale">Watasale</keyword>, does not have salespeople or cash registers. </li><li>The technologies used in the store - machine learning, computer vision and artificial intelligence- are similar to the ones used in Amazon’s check-out free grocery store in Seattle - <keyword id="3922715" type="PERSON" weightage="20" keywordseo="Amazon-Go">Amazon Go</keyword>. </li></ul> The concept of checkout lines, cashiers and even shoplifting could soon be a distant memory. Earlier this week, India’s very first autonomous retail store was opened in Kochi. The 24x7 convenience store, which is appropriately named <a href="http://www.watasale.com/">Watasale</a>, does not have salespeople or cash registers and allows shoppers to pick up whatever they want and leave. All they need to do is download the Watasale app and scan a <keyword id="1011037" type="PERSON" weightage="20" keywordseo="QR-code">QR code</keyword> in order to get past the store’s turnstiles. While in the store, they can choose from two rows of goods, which include food and beverage items as well as toiletries. A number of sensors automatically take note of the products that are picked up. Once the customers leave the store, they are presented with a bill on their phone which they can pay online. In the future, the company will require customers to have a pre-loaded wallet before entering the store which will automatically get deducted once they leave. The technologies used in the store - machine learning, computer vision and artificial intelligence- are similar to the ones used in Amazon’s check-out free grocery store in Seattle - Amazon Go- which was opened to the public in January 2018. 
 
 
 
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 The AI-driven store is a brainchild of five engineers from Kochi who have been working on the concept since 2015, conducting research and experimenting with different models. Watasale’s CEO and CTO, Subash S, was formerly the founder of Oranz Technology Solutions, a Kochi-based IT security solutions firm. India’s supermarket chains should take note. While the team launched the store without any external funding, it is looking for investments in order to add new outlets in Tier-1 cities like New Delhi and Bengaluru. In fact, following its launch, Watasale has reportedly received an investment offer from Mitsui &amp; Co, a Japanese trading conglomerate. The next phase of the company’s strategy also involves the launch of micro-grocery stores in residential complexes, metro stations and offices.

Lo and behold, India now has a retail store that allows customers to pick up items and leave

<keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> arrived here today on a six-day visit during which he will meet Japanese Prime Minister <keyword id="590894" type="PERSON" weightage="100" keywordseo="Shinzo-Abe">Shinzo Abe</keyword> as well as several key investors to sell the India growth story. During his visit, he will meet <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> CEO <keyword id="357983" type="PERSON" weightage="20" keywordseo="Masayoshi-Son">Masayoshi Son</keyword> to discuss investment opportunities India presents to the Japanese telecom giant. SoftBank has already made a string of tech investments in India and has announced plans for raising it to USD 10 billion over the next decade. Jaitley will also meet Osamu <keyword id="6911" type="CITY" weightage="20" keywordseo="suzuki">Suzuki</keyword>, Chairman of <keyword id="111052" type="CITY" weightage="20" keywordseo="Suzuki-Motor">Suzuki Motor</keyword>, the biggest Japanese investor in automobile sector in India. 

	Meeting with Abe is planned for tomorrow when he will also attend the 22nd International Conference on 'The Future of Asia' organised by Nikkei Inc. 
 

	On May 31, he would participate in 'The Future of Asia' conference and in the afternoon he will deliver keynote address at the roundtable on National Investment &amp; Infrastructure Fund (NIIF). 
 

	The government is looking at attracting investors to the Rs 40,000-crore NIIF, which is an investment vehicle for funding commercially viable greenfield, brown-field and stalled projects. It will have 49 per cent holding in NIIF and the rest will be of private investors. 
 

	In the evening Jaitley will have meetings with Government Pension Investment Fund (GPIF) President Norihiro Takahashi and Japan Overseas Infrastructure Investment Cooperation for Transport and Urban Development (JOIN) .. 
 

	He will also meet CEOs at a meeting organised by the Japan-India Business Cooperation Committee next day and address the Institute For International Economic Studies (IIES) Symposium on Indian economy. 
 

	Besides, meetings with Japan International Cooperation Agency (JICA) President Shinichi Kitaoka and Hitachi Chairamn Hiroaki Nakanishi are also planned. 
 

	Jaitley will leave for Osaka on June 1 evening and the next day deliver a Lecture on 'India: Political, Social and Economic Change' at Osaka University. 
 

	Later in the evening, the minister will participate and address the Make in India Investment Promotion Seminar and meet select Japanese CEOs and CII delegation. 
 

	The CII CEO delegation includes senior industry leaders like Naushad Forbes, President, CII and Co-Chairman, Forbes Marshall Pvt Ltd, Punj Llyod Chairman Atul Punj, Bharat Forge executive director Amit B Kalyani, DCM Chairman and Managing Director Ajay S Shriram and Wipro's Japan head Naohide Takatani. 
 

	On June 3, Jaitley will return to Tokyo for more meetings including with officials of Sumitomo Mitsui Banking Corp and Eastspring Investments.

Arun Jaitley arrives in Japan; to meet PM Shinzo Abe, industry leaders

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Lucid Motors wants to make things very clear: the company isn't like <a href="http://www.businessinsider.com/faraday-future-money-problems-electric-car-nevada-sources-2017-1" target="_blank">struggling electric car startup Faraday Future</a>."Let's distinguish ourselves first from the scenario at Faraday Future," Lucid CTO Peter Rawlinson told Business Insider at Classic Car Club in Manhattan. If you follow the world of electric car startups - the handful of companies all competing to come out with the next big thing in battery-powered automobiles - you'd be forgiven for thinking the two companies are actually very similar. Both are still showing off prototypes that they hope to get into production soon. Both are staffed by former Tesla engineers, and both count a Chinese billionaire among their backers. Actually, it's the same Chinese billionaire.<h2>A shared investor with Faraday</h2>Since the mid-2000s, many startups have entered the space with promises of creating the next Tesla - a luxury, high-performance, electric car.Faraday Future is perhaps the most hyped. After months of build-up, <a href="http://www.businessinsider.com/people-are-unimpressed-with-faraday-future-2016-1" target="_blank">the startup disappointed</a> with its first big unveiling at CES in 2016 by only showing a concept car that would never enter production. This year, its unveiling of a working car was marred by malfunctions on stage, and the business is short on cash, losing executives, and just <a href="http://www.businessinsider.com/faraday-future-news-vallejo-mare-island-las-vegas-plant-2017-3" target="_blank">scrapped plans for a second facility</a> in the San Francisco Bay Area. Faraday, based in Los Angeles, is backed by Chinese billionaire Jia Yueting, the founder of electronics company LeEco. Yueting is also an investor in Lucid Motors - he bought in back in 2014 when the company was still called Atieva. A 2016 <a href="https://www.theguardian.com/technology/2016/apr/20/faraday-futures-owner-rival-electric-car-startup-atieva-jia-yueting" target="_blank">Guardian investigation</a> found that several Atieva employees feared Yueting's involvement in the company, specifically that he would try to merge the company with the now-struggling Faraday Future.That's where Rawlinson wants to clear the air. Faraday's financing troubles - which seem to originate from a cash crunch at LeEco itself - don't apply here, he said."LeEco is a minority investor in our company and was a minority investor as part of our series C funding round," he said. "We received those funds in our bank, we are absolutely independent of any cash crisis."Lucid Motors has also secured funding from venture capital firm Venrock and Mitsui &amp; Co.<h2>Competing with Tesla</h2>Rawlinson was the chief engineer behind Tesla's Model S, and joined Lucid Motors in 2013 when it decided to pivot from developing battery technology to manufacturing its own electric vehicles. Other engineers that helped work on the Model S, like Eric Bach, Tesla's former director of engineering, are now working on Lucid Motors' first vehicle: the Lucid Air.Rawlinson was at the Classic Car Club last Thursday to show off the company's very first Lucid Air prototype: a 1,000-horsepower, luxury electric car with a 315-mile driving range that will cost over $100,000. Production of the Lucid Air is slated to begin in late 2018 at the company's manufacturing facility in Casa Grande, Arizona. Construction of the actual plant is expected to start the second quarter of this year.The silver sedan, with its futuristic LED headlights and spacious interior, was meant to convey a very clear message: the Lucid Air is not 'vaporware.'"We've got a product which is running, which is driving, which is there," Rawlinson said. "We're going to take you for a ride in that. Can any others do that?"<h2>Still mysterious</h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Still, Lucid isn't without its own air of mystery. The company has been operating without a CEO since late 2015. Bernard Tse, a former vice president of Tesla that founded Lucid Motors, left at the end of that year following friction with state-owned Beijing Automotive Industry Holding (BAIC), according to the 2016 <a href="https://www.theguardian.com/technology/2016/apr/20/faraday-futures-owner-rival-electric-car-startup-atieva-jia-yueting" target="_blank">Guardian</a> investigation.BAIC used to be Lucid Motors' largest shareholder with a 25% stake in the company. That stake was sold to another investor in March 2016, Rawlinson said. He declined to comment on the who owns that stake now."We are not a Chinese car company. I want to state this very clearly," he said. "We are absolutely, vehemently a fiercely independent American company."<h2>Competing with Tesla in China</h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Lucid might not be a Chinese car company, but Rawlinson said it's poised to take Tesla on in China, which is expected to see an <a href="http://www.businessinsider.com/r-china-europe-drive-shift-to-electric-cars-as-us-lags-2017-1" target="_blank">uptick in electric car adoption</a> in 2017 as emission standards tighten.Outside of its Chinese investors, the company also has relationships in the country - where its own battery tech and powertrain technology was used in a fleet of electric buses <a href="https://www.bloomberg.com/news/articles/2009-05-28/tesla-alum-takes-on-battery-tech-at-startup-atieva" target="_blank">subsidized by the government</a>.And the company's batteries, which have been refined over 10 years, make the Lucid Air more tolerant to repeated, fast-charging than other electric vehicles, Rawlinson said. That means the cars can better handle being left in chargers overnight.That will be alluring to affluent Chinese clientele looking for a luxury electric car, Rawlinson said."We have a product that is so relevant to the Chinese market," Rawlinson said. "Tesla hasn't been as successful there."Rawlinson is correct that Tesla adoption in China has been tepid. Although it's revenue in China tripled to $1 billion in 2016, Tesla sales in China are less than a quarter of what the company made in the US, according to <a href="https://www.bloomberg.com/news/articles/2017-03-28/tencent-buys-1-8-billion-tesla-stake-ahead-of-musk-s-model-3" target="_blank">Bloomberg</a>.But that could change, after Chinese internet giant <a href="http://www.businessinsider.com/r-chinese-tech-giant-tencent-takes-5-percent-stake-in-tesla-2017-3" target="_blank">Tencent purchased a 5% stake in Tesla</a> for $1.8 billion on Tuesday.The Lucid Air would need to compete with Tesla's Model S P100D, which has a 315-mile range and starts at $134,500.But Rawlinson said he doesn't see the Lucid Air as a "Tesla killer." Instead, it's a luxury car that will compete with high-end automobiles across the board."This is where we go head-to-head unashamedly with Mercedes-Benz, Audi, and BMW," Rawlinson said. "Those are the key competitor cars for this market... [and] that marketplace is worth $100 billion a year." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/tesla-how-self-driving-car-sees-road-2016-11">Tesla reveals how your self-driving car sees the road</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="U0Ym5yNzE6JVehzfvAL7o4lu7-8AEnZv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Startup Lucid Motors insists it is defying the electric car curse and will challenge Tesla in China

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Here is what you need to know.Greece is staring into the abyss. The government's €1.5 billion ($1.67 billion) payment to the IMF is due at midnight. Reports suggest <a href="http://www.businessinsider.com/the-eu-just-made-a-last-ditch-offer-to-greece-2015-6">Greece's government is considering a last-minute proposal from European Commission President Jean Claude Juncker</a>; however, Greek prime minister Alexis Tsipras said the offer was "humiliation." Greece's 2-year yield is higher by 108 basis points at 37.48%.Chinese pension funds are now allowed to invest in stocks. Bloomberg reports, <a href="http://www.businessinsider.com/china-is-allowing-its-massive-pension-fund-to-buy-stocks-to-support-the-shaky-market-2015-6">Beijing has announced plans to allow basic pension funds to invest in stocks</a>. The funds will also be allowed to invest in domestic bonds, stock funds, private equities, stock-index futures and treasury futures. The announcement comes after Chinese equities have crashed more than 20% over the past two weeks.The head of Australia's central bank says it will be a while before we see normal monetary policy. Reserve Bank of Australia governor Glenn Stevens thinks <a href="http://www.afr.com/news/economy/monetary-policy/normal-monetary-policy-is-still-far-away-rbas-glenn-stevens-20150630-gi1m75">it will be many years before global monetary policy returns to normal</a>. "Central banks would counter that they had little choice but to pursue these actions and that, in any event, there are likely to have been some real factors at work in holding down real interest rates," Stevens said. He continued, "Either way, some central banks seem likely to be large players in markets for quite some years."Euro zone inflation slowed. <a href="http://www.cnbc.com/id/102798032">CPI Flash Estimate slowed to up 0.2% month-over-month</a> in June, down from up 0.3% MoM in May. Looking at the June year-over-year comparison, CPI Flash Estimate climbed 0.8%, which was down from up 0.9% in May. The euro is down 0.5% at 1.1180.Apple Music launches. The long-awaited <a href="http://www.businessinsider.com/apple-music-ios-8-4-update-2015-6?r=UK">streaming music site is coming Tuesday</a>, coinciding with the iOS 8.4 update.The iOS update will reportedly be available at 11:00 a.m. ET; however, the time has not been formally announced.SPONSORED BY EY The latest issue of EY's Capital Insights magazine includes an interview with Deutsche Telekom's CFO and a look at M&amp;A in the US. <a href="http://www.capitalinsights.info/">Read it now.</a>GE has found a buyer for its European private equity unit. <a href="http://www.reuters.com/article/2015/06/30/us-general-electric-m-a-idUSKCN0PA14I20150630">General Electric has agreed to sell its European private equity unit to Japan's Sumitomo Mitsui Banking Corp for $2.2 billion</a>. Reuters reports, "GE Capital will retain its $1 billion investment in the European Senior Secured Loan Program and European Loan Program." The deal follows Monday's announcement that GE was selling its US, Mexico, Australia, and New Zealand fleet businesses for $6.9 billion to Canada's Element Financial Group.Sony is raising cash through a stock and bond offering. The electronics giant plans to <a href="http://www.wsj.com/articles/sony-plans-3-6-billion-stock-bond-offering-1435644574">raise $3.6 billion through the sale of stock and convertible bonds</a>. Sony will raise 120 billion yen through the sale of convertible bonds, with the rest of the money coming through the sale of common shares. According to the Wall Street Journal, "The proceeds will be spent to raise production capacity for image sensors used in smartphones, including Apple Inc.'s iPhone and Samsung Electronic Co.'s Galaxy." The company has not issued new shares since 1989.Uber is reportedly losing a ton of money. A Bloomberg <a href="http://www.businessinsider.com/uber-reportedly-operating-at-a-470-million-loss-2015-6">report suggests the company is operating at a loss of almost a half billion dollars</a>. According to the report, it is unclear if the results are for a quarter, fiscal year or another time frame. An Uber spokesperson told Business Insider, "These are substantially old numbers that do not reflect business activities today."Global stock markets are higher. Spain's IBEX (+0.7%) leads the advance in Europe after China's Shanghai Composite (+5.5%) rebounded sharply from Monday's drubbing. S&amp;P 500 futures are up 10.00 points at 2060.00.US economic data flows. Case-Shiller 20-city Index is due out at 9:00 a.m. ET while Chicago PMI crosses the wires at 9:45 a.m. ET and consumer confidence is scheduled for release at 10:00 a.m. ET. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/scientifically-ways-women-attractive-2015-5">6 scientifically proven features men find attractive in women</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tiMGo5cTpwCabxNRPKR9Te43E3zYrTMd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div></hr></hr>

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