Good morning. Earlybird here with your daily hit of business, tech, and startup news, all in easy-to-read pixels.

In this edition:

• 🍃 Wind for sale

• 0️⃣ Zero commissions at Swiggy

• 🏢 SEBI returns 6 draft papers

MARKETS

*Stock data as of market close. Source.

• Markets: The Indian stock market saw a rocky start to the week as the Sensex fell over 350 points and the Nifty ended below 17,000. The losses were largely attributed to declines in Infosys and Bajaj Finance, leaving investors hoping for stronger performance in the coming days.

ENERGY

Gujarat is auctioning 500 MW of grid wind power

🍃 The Gujarat government has launched a new wind power tender for 500 MW of capacity. The auction, which includes a greenshoe option for an additional 500 MW, is part of the state's efforts to increase its renewable energy capacity and reduce its reliance on fossil fuels. Here's what you need to know:

Bidder’s homework

• The deadline for submitting proposals online is April 11, 2023. On April 17, bids will be opened.

• Bidders must pay a bid processing fee of Rs. 3 lahks ($3,628) plus 18% Goods and Services Tax (GST).

• They must also provide a Rs.10 lahks ($12,092) earnest money deposit.

• At the time of signing the power purchase agreement, the selected bidder must provide an amount equal to Rs. 20 lakhs ($24,184)/MW (PPA).

Next steps. GUVNL may engage into a PPA with winning bidders for a period of 25 years beginning with the project's anticipated commercial operation date or the date of full commissioning, whichever comes first.

FOOD

Swiggy is offering restos zero commissions for their first month

🥪 Food delivery giant Swiggy has announced a new retention program that's sure to curry favor with up-and-coming Indian restaurants. That is, the Bangalore-based company is offering zero commissions to restaurant partners on their pilot month on the platform. Here's the scoop:

• The brand-new perk applies to all new Indian partners joining the platform, like a one-month free trial.

• The benefit will be capped up to Rs 20,000 in commission savings and other incentives.

A free taste. Swiggy's zero-commission offer aims to help new restaurants, cloud kitchens, and food entrepreneurs venture into the world of online meal delivery without having to worry about early commission fees.

A plus for Swiggy. By offering this deal, Swiggy hopes to attract new restaurants to its platform, which will help it to compete more effectively with rival food delivery services.

IPO

SEBI returns 6 draft papers as it tightens IPO approval

🏢 The Securities and Exchange Board of India (SEBI) has returned the initial public offering (IPO) draft papers of six companies, asking for more deets on their disclosures. The move is part of SEBI's efforts to tighten regulations and ensure greater transparency in the IPO process. Here's what you need to know:

The specifics

• SEBI has returned the draft papers of six companies: Go Digit General Insurance Ltd., Fairfax Group, Lava International, Paymate India, Fincare Small Finance Bank India, and BGV India.

• The regulator has asked the companies to provide more information around their financials, business models, and risk factors, in their resubmission of the draft red herring prospectus (DRHP).

👓️ Higher standards. SEBI’s more stringent review of draft papers highlights the regulator's commitment to ensuring greater transparency and protecting the interests of investors. Companies planning to go public in the future will need to ensure they provide sufficient information to meet SEBI's requirements.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 📱 Samsung to spend more on R&D in India plant. Samsung is set to further strengthen its presence in India, announcing plans to invest in smart manufacturing capabilities, as well as research and development in its mobile phone factory in Noida.

• 🔥 JSPL gets greenlight on fireproofing first. Jindal Steel and Power Limited (JSPL) has secured approval to manufacture India's first-ever fire-resistant steel structures, marking a significant breakthrough in the country's steel industry.

• ✈️ India making it rain with $16B toward airport development. India is set to invest $16B in the development of airports across the country, as Indian air travel rebounds from the pandemic.

FUNDING DEALS

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

• Kabira Mobility, an electric vehicle startup, just charged up on a $50M raise from Qatar-based Al-Abdulla Group to boost manufacturing for its KM3000 and KM4000 bike models.

• ChargeZone, an Indian electric vehicle charging startup, has upped its funding game by raising $54M in a Series A1 round led by BlueOrchard. The new finances will fuel the firm’s target output of 286 charging stations.

WORLD

Headline Explorer

🤝 UK and Ukraine strike historic relief deal. The UK has inked a historic trade deal with Ukraine that would open the war-struck nation to UK-led restoration projects, as well as slash off tariffs for inbound Ukrainian products until March of next year.

🔋 The US’s new $2.5M EV fund. The US government has accelerated its push towards electric vehicle (EV) adoption, with the Department of Energy announcing a $2.5M fund to support the development of EV infrastructure within the next 5 years.

💰️ UBS is all set to buy Credit Suisse for $3.2B. UBS Swiss bank UBS has sealed the deal to acquire Credit Suisse for nearly $3.25B in a bid to stabilize the troubled bank and provide some much-needed relief from the turmoil caused by recent uncertainties.

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