Nvidia's Sarvam AI bet; Sidbi eases fund rules for VCs
Next Nvidia bets on Sarvam AI; Sidbi eases fund rules for VCs Want this newsletter delivered to your inbox? Also in the letter Nvidia plugs
Next Nvidia bets on Sarvam AI; Sidbi eases fund rules for VCs Want this newsletter delivered to your inbox? Also in the letter Nvidia plugs into India’s sovereign AI stack, joins Sarvam’s $75 million raise Quote, unquote Background Yes, and Sidbi tweaks fund rules, nudges VCs to draw capital faster What has changed Front-loaded support structure: Under the revised framework, eligible funds can draw up to Rs 75 crore from Sidbi within the initial Rs 300 crore of commitments they mobilise, effectively allowing a higher proportion of government participation in the early close of a fund.
Tapering support: Sidbi’s contribution falls to 20% of the next Rs 200 crore, 15% of the following Rs 250 crore and 10% of the subsequent Rs 250 crore. Higher rewards: Managers retain 20% of profits until net annualised returns reach 25%; Sidbi may allow 25% of additional returns thereafter. Tell me more The move seeks faster investment in AI, semiconductors, deeptech and IP-led innovation, narrowing India’s gap with the US and China. Some funds say access could pressure managers when deeptech opportunities remain limited.
Nykaa reports Rs 80 crore net profit in Q1, revenue up 29% Financials Revenue: Up 29% year-on-year (YoY) to Rs 2,782 crore, compared with Rs 2,155 crore a year earlier. Net profit: Rose to Rs 80 crore, from Rs 24 crore in the year-ago period. Total income: Stood at Rs 2,791.3 crore. Expenses: Up 25% YoY to Rs 2,662 crore, compared with Rs 2,120.5 crore a year earlier, driven by higher costs of traded goods purchased, employee benefits and other expenses.
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