Good morning. It’s Earlybird here bringing you fresh scoops of business, tech, and startups to go with your morning coffee. Like an affogato on steroids.

In this edition:

• ⛏️ India to buy more mineral assets for clean tech

• ✏️ WeWork’s massive new office space in Delhi

• 📱 Tax-free tech innovation in El Salvador

MARKETS

*Stock data as of market close. Source.

• Markets: Investors are betting on a bullish reversal in the Indian stock market and have their eyes set on three stocks that could offer up to a 19% return in the short term. The market is showing signs of a bullish reversal as the Nifty makes a double bottom formation and sets its sights on an immediate target zone of 17,450-17,500, with support levels at 17,290 and 17,200.

ECONOMY

World Bank lowers India’s growth projection to 6.3%

🏦 We’ve got a not-so-rosy report from the World Bank on India's economic growth forecast.

It’s lowering the forecast. The World Bank has revised India's economic growth forecast for the current fiscal year to 6.3%, down from its earlier projection of 6.6%.

Here’s why

The World Bank cited the following reasons for the change:

• Constrained growth expectations due to slower consumption

• Trying conditions brought about external markets

• Borrowing costs are going up, income growth is slowing down

• Slower growth of government consumption

On the bright side. The bank noted that India's strong fundamentals, including a large and growing middle class, make it well-positioned for long-term growth. ADB seconded this sentiment as it expects faster investment growth within FY 25.

MANUFACTURING

India on the global market for ‘clean tech’ ‘minerals

⛏️ India is eyeing critical mineral assets overseas to meet its growing demand for clean energy technology. Here are the key bits:

• To this end, the Indian government plans to buy stakes in mines and acquire assets overseas to ensure a steady supply of minerals for clean energy tech.

• These include lithium, cobalt, and nickel, which are crucial in the production of batteries for electric vehicles.

• According to studies, 55–90% of the world's critical mineral deposits and processing capabilities are concentrated within 15 select countries abroad.

Why critical minerals matter. The demand for critical minerals has surged as countries around the world shift towards renewable energy. These minerals are key components in batteries, solar panels, wind turbines, and other clean energy technologies.

PRODUCTIVITY

WeWork sets sights on massive new office space in Delhi

✏️ WeWork India, a co-working space provider known for it’s fast Wi-Fi and comfy furniture, has made its way to the bustling city of Delhi. In a strategic move, the company has taken up 54,000 sq ft of prime office space in South Delhi. Here are more deets:

Workspace placement

• The new work cave will be located in Eldeco Centre, the high-end namesake office building of Eldeco, which is a stone throw’s away from Malviya Nagar metro station.

• Presently, WeWork India has 9 facilities spread throughout Noida and Gurgaon.

• The new lease arrangement, therefore, is a tactical effort to increase WeWork India's position in the Delhi NCR region.

When will the desks be ready? The new workplace HQ is expected to open its doors come August of 2023. Not too far from now, so brace your bean bags.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• ✂️ Kirana cuts nearly half its workforce. Info Edge-backed 1K Kirana has gone through a bit of a pickle recently, as the online grocery platform had to let go of 40% of its workforce due to funding issues.

• 🥛 Milk imports soar amid local cattle disease. India's dairy industry is facing a major mo-vement, as milk imports soar due local cattle being hit by lumpy skin disease (yes, that’s it’s real name).

• 🚌 Passenger vehicle sales up 14% in March. India's passenger vehicle segment is revving up, as retail sales increased by 14% in March.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• Byju's, India's edtech superstar, just raised $700M in equity funding and note conversion, which will be used largely to settle their $1.2B term loan from November of last year.

• Zyod, the B2B apparel procurement platform, just bagged seed funding worth $3.5M to add some an extra umph to their operations, scale up hiring, and upgrade their tech stack.

• MoneyBoxx Finance, a non-banking financial company, just raised over Rs. 24 crore in funding to charter new opportunities for growth.

WORLD

Headline Explorer

🐕️ Dogecoin’s price just got swayed by Elon Musk (again). Twitter had recently changed its platform logo on the top left to a Doge photo, causing the value of Dogecoin to soar by over 30%.

🦅 El Salvador punches out taxes on tech innovation. El Salvador is clearing the way for techies by removing all taxes related to tech innovation toward economic growth. The Central American country, which recently made waves by adopting Bitcoin as legal tender, hopes that this move will stimulate its tech industry.

📱 TikTok ban saga continues… down undah. The Australian government has banned the popular social media app on all government devices, citing security concerns. This move comes as other countries, including several in Europe, have also raised concerns over the app's ties to China and potential data breaches.

Interested in advertising on Earlybird India?

Fill out this survey and we’ll get back to you!