Women lead the way in EV sector; govt targets ads by foreign betting sites
India’s electric vehicle (EV) sector is growing rapidly and much of this growth is being driven – if you’ll excuse the pun – by women, according to various recruiting agencies we spoke to. Six of every 10 new hires are women, and companies in the sector pay them 35% more than they would earn elsewhere, they said. Credit: Giphy
Also in this letter:
■ Halt ads of foreign betting sites, govt tells digital platforms
■ iPhone manufacturing: can India pip China any time soon?
■ Tiger Global partner John Curtius leaving firm amid venture woes
Programming note: There will be no edition of ETtech Top 5 on October 5 and ETtech Morning Dispatch on October 6 on account of Dussehra. Best wishes to you and your family!
Women take the driver’s seat in EV industry
Women professionals are emerging as the preferred choice in India’s growing electric vehicle (EV) industry, with both legacy companies and startups seeking better gender balance at workplaces.
By the numbers: For every 10 new hires in the EV sector, six tend to be women skilled in business modelling, design redevelopment, e-mobility and renewable energy management, several recruiting agencies told us. Many of these women are in leadership positions.
The EV sector also offers 35% higher compensation to women than they get in other sectors, the agencies said. Hiring of women professionals in the sector increased by 18% in the last quarter, according to staffing firm Adecco.
Driving the trend: Tata Motors, which dominates the electric vehicle market with a share of over 80%, and British marque MG Motor are among those driving this trend.
Tata Motors has more than 3,000 women operating on the shopfloor across all its plants, working on multiple products ranging from passenger (electric and ICE) cars to heavy commercial vehicles.
It recently commissioned an all-women assembly line at its manufacturing facility in Pune, with more than 1,500 dedicated women professionals.
MG Motor is looking to increase the proportion of women in its workforce to 50% by 2023. Women already account for 37% of its workforce, managing multiple roles and responsibilities across engineering, manufacturing, field, HR, IT, finance and other functions.
Euler Motors raises $60M: Meanwhile, EV startup Euler Motors has raised $60 million in funding led by Singapore’s sovereign wealth fund GIC. Moglix, a business-to-business ecommerce firm for industrial products, Blume Ventures, Athera Venture Partners (formerly Inventus India), QRG Holdings, and ADB Ventures also participated.
Stop ads of foreign betting sites, govt tells digital platforms, TV channels
The ministry of information and broadcasting on Monday asked private television channels, digital news publishers and OTT platforms to refrain from showing ads for offshore betting sites and surrogate advertisements.
Why? In a new advisory, the ministry said such sites pose significant financial and socio-economic risks for consumers, especially young people and children. The advisories issued by the ministry said that since betting and gambling are illegal in most parts of the country, advertisements for these betting platforms as well as their surrogates are also illegal.
On June 13, the ministry issued a similar advisory to newspapers, private TV channels and digital news publishers to refrain from publishing advertisements for online betting platforms.
Surrogates: In the advisory, the ministry said offshore betting platforms are now using news websites as surrogates to advertise on digital media. In such cases, the ministry found that the logos of surrogate news websites were strikingly similar to those of the betting platforms themselves.
The ministry said neither the betting platforms nor the news websites are registered under any legal authority in India.
Big money: According to All India Gaming Federation (AIGF) estimates, platforms such as Dafabet, Betway, Bet365, Parimatch, Fairplay and 1xBet are seeing deposits of between Rs 750 crore and Rs 1,400 crore per month. AIGF has been highlighting the issue since 2018.
“We are grateful to the government for taking such a decisive step against illegal offshore gambling websites, which have been advertising in India in the garb of surrogate news and sports websites,” said Roland Landers, CEO, AIGF.
iPhone manufacturing: can India pip China any time soon?
Apple’s iPhone exports from India crossed $1 billion in the five months since April, Bloomberg reported on Tuesday, reflecting the tech giant’s growing bet on the country amid the government’s push for local manufacturing.
By the numbers: The outbound shipments of India-made iPhones, mainly to Europe and the Middle East, are set to reach $2.5 billion in the 12 months through March 2023, almost double when compared to the year through March 2022, the report said, citing sources.
Yes, but: The report suggests India looks poised for rapid progress in the highly monopolised market of iPhone manufacturing, but can it leapfrog China and become the most-preferred partner of the Cupertino tech giant?
The answer lies in the data.
According to recent estimates from Bloomberg Intelligence, it will take about eight years to move just 10% of Apple’s production capacity out of China, where roughly 98% of the company’s iPhones have been made.
Further, the difference between the number of iPhones manufactured in India and China is still huge. Last year, India manufactured about three million iPhones, whereas China produced a mammoth 230 million.
Tiger Global partner John Curtius leaving firm amid venture woes
John Curtius, a Tiger Global Management partner and head of its software and business-to-business investing practice, is leaving the firm as it struggles with its venture investments.
Crash, boom, bang: Tiger’s private portfolio fell this quarter and it has had to cut valuations every month this year, Bloomberg reported, citing an investor letter. People with knowledge of the firm had speculated for months that Curtius would leave.
Tiger Global’s hedge fund has also struggled, losing about 50% this year, as its tech stocks plunged and it had to mark down private investments.
What he did: Curtius focused on Tiger’s investments in private companies, while also contributing to the public portfolio. He was the lead partner on 111 deals, more than anyone else at the firm including venture chief Scott Shleifer, according to PitchBook.
What’s next? Curtius plans to launch his own firm, Cedar Investment Management, next year which will make venture investments in Series A through Series C companies, according to a person familiar with his thinking.
Tweet of the day
Musk and Zelenskiy face off on Twitter over Ukraine peace plan
Tesla CEO Elon Musk has asked Twitter users to weigh in on a plan to end Russia’s war in Ukraine. His tweets drew immediate condemnation from Ukrainians, including President Volodymyr Zelenskiy, who responded with his own poll.
“Which @elonmusk do you like more?,” Zelenskiy tweeted, offering two responses: one who supports Ukraine, and one who supports Russia.
Proposal: Musk proposed UN-supervised elections in four occupied regions that Moscow last week moved to annex after what it called referendums. The votes were denounced by Kyiv and Western governments as illegal and coercive.
Musk suggested that Crimea, which Moscow seized in 2014, be formally recognised as part of Russia, that water supply to Crimea be assured, and that Ukraine remain neutral. He asked Twitter users to vote ‘yes’ or ‘no’ on the plan.
Today’s ETtech Top 5 newsletter was curated by Zaheer Merchant in Mumbai and Gaurab Dasgupta in New Delhi. Graphics and illustrations by Rahul Awasthi.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.