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TechSpark
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Silicon Gorge Profiles: LevelTech
- LevelTech provides a real-time player rating system for sports like squash, padel, and badminton, aiming to help players find fair competition and play at the right level.
- The company focuses on solving the problem of players struggling to find competitive games and organizers lacking fair competition tools by offering accurate and accessible ratings for every player.
- LevelTech's uniqueness lies in their specialization in player ratings, with algorithms for various play types and cross-region play, trusted by federations, clubs, and players globally.
- They are proud of becoming the global standard in squash, acquiring over 10,000 paying users, launching successfully in British padel, and securing an Innovate UK Smart Grant.
- Currently raising £350k to fuel growth across various sports, LevelTech aims to accelerate user acquisition, expand into new sports, and establish partnerships before a larger funding round later.
- Support from organizations like Innovate UK and SETsquared, commercial partners, and user feedback have been instrumental in LevelTech's journey.
- To find out more about LevelTech, visit www.leveltech.io or follow them on LinkedIn for updates.
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Bloomberg Quint
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Need To Stay On Course, Tata Sons Chairman Tells Air India Employees
- Tata Sons Chairman N Chandrasekaran addressed Air India employees urging them to stay on course following a recent plane crash in Ahmedabad.
- Chandrasekaran expressed his deep concern over the incident, considering it the most heartbreaking crisis of his career.
- He emphasized the importance of resilience among the employees and reiterated the need to use the incident as motivation to build a safer airline.
- Chandrasekaran advised employees to remain determined and await the results of the investigation into the crash.
- The chairman stated that despite experiencing several crises in his career, this particular incident was exceptionally distressing.
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Eu-Startups
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Swedish app developer Studio555 raises €4 million for app that merges interior design with gaming
- Swedish app developer Studio555 raises €4 million in Seed funding to launch a playable app merging interior design with gaming.
- Funding round co-led by HOF Capital and Failup Ventures, with participation from industry figures like Timo Soininen, Mikko Kodisoja, and Riccardo Zacconi.
- Joel Roos, CEO of Studio555, aims to reimagine interior design as open-ended, playful, and personal.
- Studio555 founded in 2023 by Swedish-Finnish team at the intersection of gaming and design with experienced team members from companies like King, EA, and Rovio.
- The incoming app offers a simplified and immersive environment for users to create, explore, and personalize interior spaces without technical knowledge.
- App set to lower entry barriers to interior design and cater to both interior enthusiasts and casual gamers.
- Playable app for interior design set to launch in 2026, providing a playful experience in interior design.
- Investor Timo Soininen sees Studio555 as a blend of Pinterest in 3D meets TikTok for interiors.
- Riccardo Zacconi, Investor and Co-founder of King, praises the team's creativity, technical competence, and execution focus.
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Bloomberg Quint
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Up To Rs 50,000 Off On Galaxy S24 Ultra, Galaxy S24 On Amazon — Massive Price Cut On Samsung Flagships
- Massive price cut on Samsung flagships - Galaxy S24 Ultra and Galaxy S24 available for up to Rs 50,000 off on Amazon.
- Limited-time deal on Amazon offers discounts on Samsung Galaxy S24 Ultra and Galaxy S24, making them available at lower prices than their original launch cost.
- Samsung Galaxy S24 Ultra in Titanium Black and Titanium can be bought for Rs 84,999, down from Rs 1,34,999, with a Rs 50,000 discount.
- Amazon Pay ICICI Bank credit card users can get up to Rs 4,249 cashback in Amazon Pay Balance, with exchange discounts up to Rs 61,150 and no-cost EMI option.
- The Samsung Galaxy S24 with 8GB RAM and 128GB storage is available for Rs 44,599, a 41% discount from the original price of Rs 74,990.
- Amazon Pay ICICI Bank credit card users for Galaxy S24 can also receive up to Rs 2,229 in Amazon Pay Balance cashback, along with no-cost EMI benefits.
- Both Galaxy S24 Ultra and Galaxy S24 are powerful one-year-old flagships with Snapdragon 8 Gen 3 SoC, high-resolution cameras, and impressive battery capacities.
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Bloomberg Quint
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Realme Narzo 80 Lite Launched In India — Check Full Specs, Price Of Budget Smartphone
- Realme has launched the budget smartphone Narzo 80 Lite 5G in India, featuring a MediaTek Dimensity 6300 processor, up to 6GB RAM, and up to 128GB storage expandable up to 2TB.
- The device runs on Android 15-based Realme UI 6.0 and boasts a 32MP main rear camera, 8MP selfie camera, and AI-powered image tools.
- It sports a 6.67-inch HD+ display with up to 120Hz refresh rate, a massive 6,000mAh battery with 15W wired and 5W reverse wired charging, and has IP64 dust and water resistance.
- Military-grade certification for durability, a sleek 7.94mm profile, and weighs 197 grams. The phone comes in Crystal Purple and Onyx Black colors.
- In India, the Narzo 80 Lite is priced at Rs 10,499 for the 4GB + 128GB variant and Rs 11,499 for the 6GB + 128GB variant with discounts up to Rs 700, available on Amazon starting June 23.
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Bloomberg Quint
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Making All Efforts To See Essential Rare Earth Magnets Come To India: Commerce Secretary
- India is making efforts to ensure essential imports of rare earth magnets can come to the country amid China's export ban on these materials.
- Commerce Secretary Sunil Barthwal mentioned that China's export control on rare earth magnets was a global response and not specifically aimed at India.
- Efforts are being made to address the impact on the auto sector by engaging with industry associations like the Society of Indian Automobile Manufacturers and Automotive Component Manufacturers Association of India.
- The Ministry of External Affairs and Commerce are actively involved in discussions at both diplomatic and commercial levels to facilitate essential imports to India.
- Chinese Vice Foreign Minister Sun Weidong held talks with Indian Foreign Secretary Vikram Misri in New Delhi, where India urged China for greater predictability and transparency in rare earth exports, emphasizing adherence to international trade norms.
- China's tighter export controls on rare earth elements in April caused uncertainty in India's auto and electronics sectors due to their reliance on these materials.
- While China dominates rare earth refining globally, India has reserves but lacks large-scale processing and magnet-making capabilities.
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Eu-Startups
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Belgian early-stage investor biotope raises €5 million to support up to 30 international BioTech startups
- Belgian early-stage investor biotope by VIB has secured €5 million for its Biotope Ventures 2 fund to support up to 30 international early-stage BioTech startups.
- Contributors to the fund include Belgian Bank BNP Paribas Fortis, VC Agri Investment Fund (AIF), and others.
- The funding enables biotope to invest €250k in each startup, allowing founders to focus on their technology.
- biotope, launched in 2022 by VIB, backs BioTech startups driving positive change for planetary health.
- The approach is founder-centric, with a focus on diverse, mission-driven Founders.
- Biotope is setting up Biotope Ventures Fund 2 to continue its impact investing in BioTech.
- Startups receive a cash investment and support to prepare them for future rounds.
- Selected startups go through a basecamp and receive hands-on support to de-risk their biotechnology.
- biotope's first fund invested in 16 European startups and some have already closed their Seed round.
- The portfolio startups have collectively attracted €30 million in follow-on financing.
- biotope emphasizes the importance of investing in dedicated founders who share the vision for solving planetary health challenges.
- 75% of startups supported by biotope have mixed-gender founding teams.
- 58% of startup employees are women, with 48 high-quality FTE jobs created.
- Investors like AIF and Anacura express support for biotope's work in the BioTech ecosystem.
- The funding milestone marks a significant achievement for biotope and its commitment to supporting impactful BioTech ventures.
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Bloomberg Quint
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Nifty 50 Top Gainers, Losers On June 16: HDFC Life, UltraTech To Tata Motors
- The Nifty 50 index ended 0.92% higher at 24,946.50, while the BSE Sensex closed 0.84% up at 81,796 on June 16.
- BEL, SBI Life, UltraTech Cement, HDFC Life, and ONGC were the top gainers, with Bharat Electronics showing the most increase at 2.45%.
- Tata Motors, Dr. Reddy's Laboratories, Adani Ports, and Sun Pharma were the top losers for the day.
- Tata Motors witnessed the biggest decline, closing 3.57% lower, while the benchmark indices closed higher despite the two-session losing streak.
- Nifty gained 1.01% during the day to trade at 24,967.10, and Sensex gained 0.92% to close at 81,865.82.
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Bloomberg Quint
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Stock Market Highlights: Nifty, Sensex Rebound After Two-Session Slump
- The NSE Nifty 50 and BSE Sensex rebounded after a two-session slump, closing higher.
- Nifty IT, Realty, and Oil & Gas sectors on the NSE ended in the green.
- NSE Nifty 50 closed 0.92% higher at 24,946.5, while BSE Sensex closed 0.84% up at 81,796.15.
- Indian markets showed resilience despite global uncertainty from Middle East tensions.
- Israeli military strikes on Iran raised concerns about oil supply disruptions.
- Bharat Electronics Ltd. and SBI Life Insurance Co. were the top gainers, while Tata Motors Ltd. and Dr. Reddy's Laboratories Ltd. were among the biggest laggards.
- HDFC Bank Ltd. and ICICI Bank Ltd. contributed the most to gains in the index, while Tata Motors Ltd. and Sun Pharmaceutical Industries Ltd. dragged it down.
- All 15 sectors on the NSE ended in the green, with Nifty IT, Realty, and Oil & Gas sectors gaining the most.
- BSE MidCap and SmallCap indices gained 0.88% and 0.31% respectively.
- Market breadth on BSE favored sellers, with 2,001 stocks advancing, 2,072 declining, and 168 unchanged.
- The market saw positive movement despite geopolitical tensions.
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Bloomberg Quint
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Rupee Closes Stronger After Trade Deficit Narrows
- The Indian rupee closed 3 paise stronger at 86.06 against the US dollar on Monday following a decrease in India's trade deficit in May.
- The domestic currency opened weaker at 86.18 against the US dollar due to an uptick in oil prices and mild interbank dollar sales.
- RBI intervention limited the gains of the Indian rupee which was under pressure from a strong dollar, weak India CPI, rising oil prices, and FII selling.
- The domestic currency is expected to find support at levels of 85.45-85.32 and resistance at levels of 86.25-86.40.
- The US dollar slightly strengthened against a basket of currencies driven by safe-haven buying amid rising geopolitical tensions in the Middle East.
- Brent crude prices initially surged by 5.5% after weekend attacks but later fell, closing at $73.95 per barrel.
- The recent increase in oil prices follows a period of decline, with Brent crude falling to its lowest level since February 2021.
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Bloomberg Quint
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297
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Early Rains dampen Fuel Demand Growth In June
- Diesel consumption declined by 4.8% to 3.26 million tonnes between June 1 and June 15 due to early rains dampening fuel demand.
- Petrol demand slowed to 2.3% growth at 1.4 million tonnes in the first half of June after a 9% rise in May.
- Diesel, vital for transport and agriculture, experienced a 2% growth in demand in the fiscal year ending March 31, 2025, following negative growth in most months.
- Industry officials attribute the reduced demand to early rains affecting irrigation and vehicular movement.
- The early monsoon onset triggered heavy rains in various states, impacting fuel consumption.
- Diesel demand in June was tepid despite the usual rise in demand for irrigation, air-conditioners, and holiday travel during this period.
- Petrol sales in the first half of June were 7% lower compared to May 1-15, but higher than the same period in June 2023 and during Covid restrictions in June 2021.
- Jet fuel consumption grew 3.1% to 328,900 tonnes in the first half of June with ATF sales also showing an increase.
- LPG consumption continued its growth trend with a 4% increase in June 1-15 driven by Ujjwala connections.
- Despite the growth in April and May due to electioneering last year, diesel and petrol sales are impacted by the dampened demand in June.
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Bloomberg Quint
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369
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RBI Seeks Market View On Borrowing Costs Post Debt Selloff
- The Reserve Bank of India (RBI) has informally contacted bond traders to assess the market's comfort level with short-term borrowing costs after a selloff driven by liquidity concerns.
- Officials at the RBI reached out to traders at banks for feedback on overnight borrowing costs, with the aim of avoiding disruptions to liquidity.
- The central bank's outreach follows a week of volatility in India's bond market, with five-year sovereign bond yields rising by 25 basis points.
- Investors were alarmed by the RBI's unexpected shift from an accommodative to neutral stance on June 6, leading to fears of tighter funding conditions.
- The overnight borrowing rate has been notably lower than the central bank's main policy rate, creating looser financial conditions than intended by the RBI's rate cuts since February.
- The market interpreted the RBI's stance change as a potential indication of liquidity withdrawal to realign overnight rates with the policy rate.
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Bloomberg Quint
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Cordelia Cruises Operator Waterways Leisure Tourism Files DRHP To Raise Rs 727 Crore Through IPO
- Waterways Leisure Tourism, operator of Cordelia Cruises, has filed its DRHP with SEBI for an IPO to raise Rs 727 crore.
- The IPO proceeds will be used for lease payments, corporate purposes, and introducing new cruise vessels.
- Equity shares are planned to be listed on NSE and BSE with Centrum Capital, Intensive Fiscal Services, and Motilal Oswal as lead managers.
- The company currently operates the 'MV Empress' cruise vessel and offers various cabin options at different price points.
- They plan to introduce new cruise vessels 'Norwegian Sky' and 'Norwegian Sun' to expand their operations.
- Waterways Leisure Tourism held approximately 65% market share in value terms in fiscal 2024.
- Their revenue from operations in fiscal 2024 was Rs 442.11 crore, and profit for the nine months ended December 31, 2024, was Rs 139.25 crore.
- The cruise operator sails to domestic destinations and offers international itineraries as well.
- They aim to introduce new cruise itineraries tailored to different traveler segments.
- The IPO also includes a fresh issue to fund deposit payments and advance lease rentals.
- MUFG Intime India Pvt. will be the registrar for the IPO.
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Bloomberg Quint
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423
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Jio Users Face Network Outages, Majority Face Issues With Mobile Data
- Reliance Jio users experienced network outages and mobile data issues, with 57% facing network problems.
- Over 11,318 outage reports were registered on DownDetector, indicating a significant spike in service disruptions.
- The situation is evolving, and the company is likely investigating the root cause of these widespread service interruptions.
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SiliconCanals
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351
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Sweden’s Engrate raises €2.5M to plug Europe’s energy sector into a greener, smarter future
- Stockholm-based Engrate secures €2.5M funding led by Maniv to accelerate digital integrations for energy companies transitioning to renewable sources.
- Founded by Anna Engman and Richard Eklund in 2024, Engrate simplifies grid flexibility solutions through its digital platform.
- The funding will focus on further platform development to simplify digital integrations for energy companies enhancing grid flexibility.
- Participation from Eviny Ventures and Course Corrected, alongside early investors like Norrsken, NP-Hard Ventures, Pia Irell, Maex Ament, and Philip Stehlik.
- Engrate's platform addresses the growing need for digital infrastructure in the European energy sector amid market dynamics changes.
- The energy transition in Europe aims to triple renewable energy capacity by 2030, aligning with EU climate targets.
- Maniv's strategic support brings expertise in backing transportation and energy startups, essential for scaling energy technology solutions.
- Lead investor Nate Jaret sees Engrate as crucial for digitizing the energy sector to adapt to market changes.
- The €2.5M investment represents a milestone for Engrate in developing technology for Europe's critical energy infrastructure challenges.
- Engrate focuses on creating digital connections in the energy sector for smoother integration of renewable sources and grid flexibility.
- Funding will support platform expansion to help more energy companies transition to sustainable operations.
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