Good morning. It's a world where disruption is the norm, innovation is key, and unicorns aren't just mythical creatures. We come bearing the latest trends, top players, and cutting-edge technologies shaping Indian industries today.

In this edition:

• 🚗 More Lambos everywhere

• 🤝 Closing the Aussie trade deal worth $100B

• 💲USDC breaks US dollar peg

MARKETS: WEEK-TO-DATE

*Stock data as of market close. Source.

• Markets: It's a red weekly wrap for the Indian equity market, as Sensex and Nifty both concluded lower. Wiping off last week's gains, both ended on the downtrend for the second consecutive session. The Nifty 50 managed to crawl back from its lows, while the Nifty Bank closed nearly two percent lower. Financial and oil gas stocks led the downfall, while power and FMCG shares closed in the green.

AUTO

Lamborghini is targeting Tier I & II cities for growth

🚗 Italian luxury carmaker, Lamborghini, is eyeing business growth in India and has set its sights on Tier I and II cities in the country. The company, which currently has showrooms in Mumbai, Delhi, and Bengaluru, plans to expand its wheel print to cities like Amritsar, Shillong, Lucknow, Udupi, and Ajmer, among others.

⏲️ Lambo’s track record in India. Lamborghini launched operations in India in 2007. It sold just only 92 units in India last year, which was already a 33% buff from the 69 units sold in 2021.

🗺️ Demand has sprawled since. Lamborghini's decision to target smaller cities is part of a broader strategy to tap into a now larger demand distribution for luxury cars in India — a stark contrast to the big-city-first approach in earlier years.

With the luxury car market in India showing strong growth potential, the company is well-positioned to leverage this trend and capture a larger share of the market.

GLOBAL TRADE

India and Australia set to ink $100B trade deal by year end

🤝 India and Australia are reportedly nearing the completion of a $100B trade pact, which is expected to be signed by the end of this year. The two chummy nations have been in negotiations for several years, but the deal has gained momentum in recent months due to a growing focus on bilateral trade ties.

👀 What's in the Pact? According to reports, the CECA (Comprehensive Economic Cooperation Agreement) would feature discussions on increased market access and outcomes in new sectors such as digital commerce, government procurement, and collaboration.

🧩 Rationale. The deal is expected to create significant opportunities for businesses and investors in both countries, and is likely to bolster economic growth and job creation.

🌍️ Global context. The deal is expected to deepen economic ties, enhance strategic cooperation, and create opportunities for businesses and investors. Moreover, it is likely to serve as a template for similar partnerships between democracies in the region, and promote greater regional integration.

ENERGY

Vena Energy powers up massive solar-wind project in India

☀️ A new energy steam is in the making. Singapore-based renewable energy company, Vena Energy, just achieved financial close on a 176 MW solar-wind hybrid project in Karnataka, India.

🔀 The mix. The Gudadur Hybrid Project, will consist of 48MW of solar and 128MW of wind and is projected to come into full swing in Q4 of 2023.

Vena’s entry into India

• The project is Vena Energy's first green project finance arrangement in India.

• Lead arrangers include HSBC, BNP Paribas, Mizuho Bank, Sumitomo Mitsui Bank Corporation, and Axis Bank (a.k.a. the new Citibank).

🌯 To wrap. Vena Energy's hybrid solar-wind project is a win for clean energy and sustainable development in India. The country's shift towards renewable energy is crucial for its economic and environmental future, and this project demonstrates the potential of hybrid models to achieve that transition.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 🥂Mimosas for Reliance Jio sub. Radisys, a subsidiary of Reliance Jio, is set to acquire Mimosa Networks for $60M. The acquisition is subject to certain regulatory and other usual closing conditions, including US CFIUS clearance and approval by Airspan's senior lender.

• ↗️ M&M is shedding some stake. Mahindra & Mahindra is letting go of some extra weight as the company plans to offload a 4.6% stake in Mahindra CIE via a block deal.

• 💵 PhonePe rocks new milestone in payments. On top of a new payment aggregator license, PhonePe is celebrating a new milestone with an annualized payment value run rate of $1 trillion.

FUNDING DEALS

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

• Inker Robotics, a local robotics and tech education hub, is drawing up big plans for the future after securing $1.2M in funding to enhance its platform.

• Zaggle, the B2B SaaS fintech, has something to smile about after raising Rs. 50 crore in debt funding from Vivriti.

• Fantasy Akhada has come out swinging, raising an impressive $11M in funding led by Florintree Advisors.

• Houseware, a Saas-based startup, is keeping things rolling with a fresh injection of $2.1M in funding from Tanglin Venture.

WORLD

Headline Explorer

💲 SVB fiasco slaps USDC from dollar peg. USDC fell to an all-time low of $0.88 on Saturday when Circle, the American corporation behind the stablecoin, announced that $3.3B of its reserves were stored at Silicon Valley Bank.

📲 Samsung’s newest SmartTag is coming this year. Samsung is ready to put its competitors on the leash with the Q3 launch of its next-gen Galaxy SmartTag, with improved wireless capabilities and other advancements.

🌬️ UK minister plans £11B relief in business tax. In next week's budget proposal, British Finance Minister Jeremy Hunt plans to replace the UK's investment allowance with a temporary measure that will provide firms with a tax relief worth £11B over the next three years.

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