Hello,
Get ready for a change in salary structure.
From PAN regulations to salary structure and changes in income tax return (ITR) filing, India will see several changes on the policy front starting today. Among the major changes is the introduction of the Income Tax Act, 2025, which will replace the six-decade old Income Tax Act, 1961.
Salaried employees will likely see a reduction in their take-home salaries as employers will now have to provide 50% of a worker’s salary as part of their basic wages.
Moving on to the world of technology, a new study has found that data centres not only guzzle a lot of water, but are also creating ‘heat islands’ that are impacting the lives of millions of people, CNN reports.
Importantly, the impact of data centres isn’t only limited to their immediate surroundings but also affected areas several kilometres away.
Did you know that at over 4,000, the US has the most data centres in the world. The number is a whopping eight times higher than the next country on the list, Germany, which has 507 data centres.
In today’s newsletter, we will talk about
- Bharat Innovates is taking Indian startups global
- Future Wealth’s $50M VC fund
Here’s your trivia for today: What is Nike’s signature symbol called?
Interview
Bharat Innovates is taking Indian startups global
Bharat Innovates, an initiative led by the Ministry of Education, is expected to take 100–120 of India’s best deeptech startups to France from June 14 to 16, one day before the G7 summit begins. Prime Minister Modi expected to inaugurate the event.
In a panel conversation hosted by YourStory’s Shradha Sharma, Armstrong Pame, Joint Secretary in the Ministry of Education’s Higher Education Department, Anjali Bansal, Founding Partner of Avaana Capital and a core committee member of Bharat Innovates, and Srinath Ravichandran, Co-founder and CEO of Agnikul Cosmos, laid out what this platform is and why it matters now.
Into the future:
- “What Bharat Innovates intends to promote is to showcase what the government has been doing in this startup ecosystem, especially those coming out of higher education institutions,” Pame said.
- More than 1,800 startups have applied of which 1,182 reached the final stages. The selection process is being led by the Principal Scientific Adviser to the government, alongside experts from DST, DBT, and the investment community.
- The final cohort spans 13 sectors: critical minerals, semiconductors, AI and computing, green energy, medtech, space, defence, agriculture, food, biosciences, and more.
Startup: Bachatt
Amount: $12M
Round: Series A
Startup: Gnani.ai
Amount: $10M
Round: Series B
Startup: Dugar Finance
Amount: $5M
Round: Pre-Series A
Venture capital
Future Wealth’s $50M VC fund
Future Wealth Investments, a Singapore-based investment firm has launched its debut venture fund with a target corpus of $50 million and a green shoe option of $10 million.
According to a statement, the fund will primarily focus on pre-seed to Series A investments with initial cheques ranging from $250,000 to $5 million.
Key takeaways:
- Future Wealth Investments will be sector-agnostic but the areas of focus will be artificial intelligence, consumer businesses, supply chain and logistics, and hardware-led innovation.
- The portfolio of startups include petcare brand Heads Up For Tails, fintech platform Mobipay, quick commerce startup Zippee, and satellite communications firm Tantrayut.
- A majority of new fund launches this year is largely to be in the early-stage category, indicating the trust investors have on entrepreneurs at the foundational stage.
News & updates
- Social media: Big tech firms have come under fire in Australia after the government said companies like Google and Meta continue to disobey the country’s landmark ban on social media for under-16. Australia’s country’s online safety office warned many children still had accounts.
- Acquisition: Alternative asset manager Carlyle Group is buying a majority stake in MAI Capital Management . The deal is expected to value the investment advisor at over $2.8 billion.
What is Nike’s signature symbol called?
Answer: Swoosh
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