Startups flying low 🔽
People eager to hit cinemas, EV's gain ground and WFH to change employee policies.
Hi 👋, Tanvi here.
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Unilever to invest in climate change 🌍
Unilever will invest €1 Billion in a climate change fund, which aims at reducing greenhouse gas emissions caused due to its products by 2039.
The fund will invest in reforestation projects, water conservation, as well as other carbon offsetting projects over the next 2 decades.
The company will prioritize deals with suppliers who show the carbon footprint of the products supplied. Also, they will use satellite monitoring and other digital technologies to increase transparency in their supply chain.
Other companies like Nestle, and German elevator maker Thyssenkrupp AG, have come out with similar targets recently.
EV’s gaining ground 📈
Electric vehicles are quietly gaining ground. Data reveals that 2019 saw a whopping 60% bump in worldwide charging point availability for EVs.
The number of chargers globally has now touched 862,188 with the largest car market of China taking a 60% share. Out of these, fast chargers account for 31% of the total.
There’s more:
As a part of its economic stimulus plan, Germany announced that it would give $563 Million to provide private charge points across the nation. This rollout comes as a move to convince buyers that there is no risk of them getting stranded anywhere due to a low battery.
Startups running out of funds 😕
Two months into the pandemic, startups and small businesses have now begun running out of funds.
According to a survey by community platform Local Circles, around 38% of the 8,400 businesses surveyed have run out of cash in June, as compared to 27% in April. 4% have already reported that they have shut down operations.
The number of businesses with 3-6 months of cash runway has come down to 16% from 23% one week into the lockdown in April.
The VC investing landscape is weakening too. According to the data sourced from Tracxn, only 75 seed stage deals of a total $47 Million were closed between the beginning of April and June 5 compared to 188 deals worth $154.5 Million between April and June last year.
Over 14% that participated in the survey said that the Atmanirbhar Bharat package had benefited them while 57% said that it had no effect on their business. Calls to the government for bailout have been falling on deaf ears.
While we take these stats with a grain of salt, the picture is clearly grim. Read more...
Movie buffs eager to hit the theater 🎟️
As the lockdown is being lifted and things are going back to normal movie theaters across India are gearing up to open. More eager than theater companies are the movie buffs who cannot wait to go to the cinema ASAP.
A survey was conducted by Book My Show across 235 cities and towns in May and consisted of over 4000 respondents in the age group of 18-65 years. It revealed that 54% of Indians are keen on stepping out for their favourite movies within 15-90 days of reopening. Almost 70% of the responses were from people in Hyderabad, Mumbai, Bengaluru, Chennai, Kochi, Pune and Kolkata.
According to the survey 98% of Indians expect cinemas to abide by strict safety measures and social distancing. Cinema owners have hinted at contactless food supply and discounted tickets and almost 81% people have shown interest in offers on tickets according to the survey.
Tweet of the day -
Wondering what it’s like to travel internationally amidst a pandemic?
We were fascinated by the 24-hour+ trip account Anshuman detailed here. Check it out.
What else are we snackin’ 🍿
🗽 Officials in NYC are considering a second lockdown - after videos of street parties over the weekend emerged in Manhattan, NYC is now considering enforcing a second lockdown if people don’t comply. Earlier last month, NYC had eased lockdowns and allowed for curb delivery from bars and restaurants in order to boost the local economy.
🖥️ Employee policies are set to undergo a drastic change as WFH is here to stay - late to the party as always, corporate India is following startups and global counterparts in finally embracing a sustained work-from-home environment, and is modifying pay, contracts, and working guidelines that guide policies around vacations, perks, benefits etc. to accommodate the new normal. This could be a mixed bag for employees with some give and take.
😐 Reallocation shock could lead to millions of jobs being permanently lost - the economic shocks created by the pandemic will eliminate sectors and create new ones, and with that create jobs, specializations, and new businesses. While it's true the damage is devastating, most of it is outside our control, except for one thing - how to capitalize on the shift and make the most of it? Think.
📱 Germany set to roll out its coronavirus tracing app, to be launched this week - following a couple other European countries that used Bluetooth enabled COVID-19 tracing app, Deutschland is close to launching its own version of the software. The app scans your contacts as well as talks to nearby Bluetooth devices and tracks who a COVID-19 positive patient has come in close contact with.
🚊 Train carriages to be used as hospital wards in Delhi - 500 more train compartments will be used to create 8000 more beds in India as positive cases continue to rise. Railways have always stood tall every time a calamity has struck India, and this time is no different. This arrangement will double Delhi’s COVID-19 bed capacity, which is still under 30% utilized.
Hope you took a thing or two away from today’s edition. 😀
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