Good morning. [Cue corporate music] Here at Earlybird, we’re committed to bringing you tasteful Indian business & tech topics that are both light and engaging. Like 2-lb dumbbells.

In this edition:

• 💰 Higher wages on the horizon

• 🚌 Olectra and Reliance debut new hydrogen bus

• 💻 BYJU’s scraps early-learner coding platform

MARKETS

*Stock data as of market close. Source.

Markets: The Indian stock market extended its losses for the fifth consecutive session, with the benchmark Sensex falling 139 points amid volatile trading. The decline was driven by a broad-based selloff, as investors continued to worry about rising inflation and the possibility of tighter monetary policy. However, some analysts believe that the current market correction could present buying opportunities for long-term investors.

WORKFORCE

India predicted to see 10.3% salary surge this year

According to a recent report, salaries in India are expected to rise by 10.3% in 2023. This news comes as a breath of fresh air for workers who have been impacted by the economic slowdown caused by the pandemic.

What you need to know

• The increase in salaries is expected to be higher in industries such as healthcare, pharmaceuticals, and e-commerce, among others.

• The pandemic has led to a shift in the way companies operate, with a greater focus on remote work and digitalization. This trend is expected to continue, with many companies looking to hire talent with skills in areas such as data analytics and cybersecurity.

• The report also notes that the cost of living in India has been on the rise, and this is expected to impact the salary hikes. However, the increase in salaries is expected to be higher than the inflation rate.

💸With salaries set to bump up in 2023, workers are expected to seek heftier paychecks while business leaders suit up to review their payroll allocations.

EDUCATION

BYJU’s scraps early-learner coding platform

BYJU's, a leading Indian edtech company, has announced that it will be shutting down its coding platform, WhiteHat Jr.

⏪️ The backstory. WhiteHat Jr was acquired by Byju's in 2020, with the aim of expanding its reach into the lucrative coding education market. However, despite significant investment and marketing efforts, the platform has struggled to achieve the level of success that BYJU's had hoped for.

What happens next

BYJU's has announced that it will be closing down the platform in order to focus on other areas of its business, including its core K-12 education offerings.

While the closure of WhiteHat Jr may come as a disappointment to some users and investors, it is also seen as a strategic decision that reflects BYJU's focus on its core business.

BYJU's has been a major player in the Indian edtech space, and it will be interesting to see how the company continues to evolve and grow in the coming years.

TRANSPORT

Olectra and Reliance power up with new hydrogen bus

🚌 Olectra, a leading Indian electric bus manufacturer, has partnered with Reliance Power to publicly introduce their latest brainchild — an all-new hydrogen fuel cell bus.

The Deets

• The bus was unveiled at the Auto Expo in Delhi and features a fuel cell stack that generates electricity from hydrogen and oxygen to power its electric motor.

• It has a range of 300-350 km on a single hydrogen fill and can be refueled in under 10 minutes.

• The bus is emissions-free, making it an eco-friendly alternative to traditional diesel buses, and has a seating capacity of up to 40 passengers.

👍️ Why It Matters. The partnership between Olectra and Reliance Power marks a significant step forward in India's push towards clean energy and sustainable transportation.

As the country continues to grapple with air pollution and climate change, initiatives like this are crucial in reducing emissions and improving public health.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• ❤️ Bumble looks to capitalize on India's growing market. Its strategy for expanding its dating app in India involves two distinct approaches: expanding into new markets where potential exists, as well as strengthening its presence in established markets. 

• 🎥 JioCinema is set to compete against Facebook and YouTube in the digital advertising space through its free streaming of IPL matches. By providing free streaming of IPL matches, JioCinema aims to attract a large number of subscribers and surpass its previous records

• 📱 Xiaomi to shut its short-video platform Zili In India. Xiaomi’s move to shut Zili comes at a time when Chinese firms operating in India have come under the scrutiny of the Indian government for tax evasion and other reasons

• 🍛 Swiggy, India's leading food delivery platform, has announced a new range of dine-out options to further diversify its offerings and provide more value to its customers.

FUNDING DEALS

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

• Lenskart, an eyewear retailer, is looking to raise $100M in a round led by private equity firm ChrysCapital, potentially valuing the specs dealer at $4 Bn.

• Chronicle, an Indian SaaS company, raises $7.5M in funding from Accel to expand both its team and userbase.

• Kratos Studios, a Web3 gaming startup by former Nazara exec, just loaded up on a Rs 160 crore seed round.
  

WORLD

Headline Explorer

🪧 Antitrust watchtog on Microsoft. Microsoft's recent $68.7 billion acquisition of Activision Blizzard has raised concerns about antitrust violations, given Microsoft's longstanding dominance in the tech industry. Roadblocks cited by U.S. Federal Trade Commission include a possible Xbox monopoly over Activision titles that would leave entertainment groups like Sony and Nintendo deprived of game content.

🥾 Social media giant, Meta, may be cutting jobs again. The company is reportedly preparing for a fresh round of job cuts as it aims to restructure its operations and may impact its VR/AR division, Reality Labs. The news comes amidst growing scrutiny of the company's business practices, particularly in the areas of data privacy and misinformation.

⌚️ Apple Watch can now monitor blood glucose levels - making a splash in healthcare technology with its latest innovation. Apple can now provide users with real-time information and alerts to help manage diabetes. The feature is currently available in the US, but it is expected to roll out to other countries soon.

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