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By EquityPandit

EquityPandit

EquityPandit
BUSINESSTECHNOLOGY

NFT Sales Records $25 Billion in 2021

Sales of Non-Fungible Tokens (NFTs) reached over $25 billion in 2021 as it exploded in popularity, but there were signs of growth slowing at the end of the year. Prices of some NFTs grew so fast last year that speculators sometimes flipped them for a profit within days.


Some of the world’s top brands like Coca Cola and Gucci also sold NFTs in 2021. NFT sales volume recorded $24.9 billion in 2021, compared to just $94.9 million in the previous year. Transactions that occur ‘off-chain’ like significant NFT art sales at auction houses are often not captured by the data. CryptoSlam, which tracks multiple blockchains, said the total sales in the year was about $18.3 billion. NonFungible.com, another blockchain tracking platform told 2021 sales at $15.7 billion.

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TECHNOLOGY

India Emerges as Fastest-Growing Market for AI Voice Tech Firm ElevenLabs

Dhruva Kulkarni

India has become the fastest-growing market for AI voice technology firm ElevenLabs, with a 50% growth in usage from November to January, driven by the country’s diverse languages and increasing demand for quality voice translation.

Founded just two years ago, ElevenLabs has achieved unicorn status, raising $180 million in its latest funding round and expanding its team from 5 to 150 employees.

The company gained attention for dubbing Prime Minister Narendra Modi’s interview with Lex Fridman and has also worked on AI voice dubbing for world leaders like Volodymyr Zelenskyy and Javier Milei.

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ElevenLabs’ mission is to preserve the essence of original voices while making content more accessible, claiming to have the best voice technology.

The AI voice market is projected to reach $1.82 billion by 2030, with increasing competition from giants like Google and OpenAI.

The company has partnered with major organisations such as Star Cricket and Qube Cinema and launched a speech-to-text tool, Scribe, in 11 Indian languages with superior accuracy.

ElevenLabs remains focused on innovation, continued investment in AI research, and expanding its reach in India.

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TECHNOLOGY

Perplexity CEO: No Financial Issues, No IPO Before 2028

Dhruva Kulkarni

Perplexity CEO Aravind Srinivas dismissed concerns about the company’s financial health, stating it has sufficient funding, growing revenue, and no IPO plans before 2028.

A Reddit post alleged financial struggles at Perplexity, citing cost-cutting measures like Auto mode resetting user-selected models and the removal of high-quality models like o1.

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Srinivas clarified that Auto mode was introduced to simplify AI products by reducing excessive buttons and menus.

He acknowledged that rapid feature rollouts, such as Answer mode, have led to bugs, quality issues, and user confusion. Srinivas apologised for the dip in quality and lack of transparency, promising to improve internal processes.

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BUSINESS

United Spirits Sells Malabar Hill Property for Rs 172 Crore

Dhruva Kulkarni

United Spirits has approved the sale of its Malabar Hill property in Mumbai for Rs 172 crore, including furniture and fittings.

The buyers, Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani have no links to the company’s promoters or group companies and will bear all applicable stamp duty, registration fees, and taxes.

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The agreement does not grant any special rights, such as appointing directors or influencing the capital structure.

The transaction was conducted at arm’s length and does not qualify as a related party transaction. United Spirits disclosed the deal under SEBI’s Listing Regulations, 2015, as per Regulation 30.

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BUSINESS

Govt Approves Rs 62,700 Cr Deal for 156 Light Combat Helicopters from HAL

Dhruva Kulkarni

The government has approved a record Rs 62,700 crore deal to procure 156 Light Combat Helicopters (LCH) from Hindustan Aeronautics Ltd (HAL), strengthening the Indian Army and Indian Air Force (IAF).

These helicopters will be manufactured at HAL’s Bengaluru and Tumkur plants, creating jobs and enhancing India’s aerospace sector.

Under the agreement, 90 helicopters will be delivered to the Army and 66 to the IAF for deployment along the China and Pakistan borders.

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The LCH, known as Prachand, is the world’s only attack helicopter capable of operating at 5,000 meters, making it ideal for high-altitude warfare in Siachen Glacier and Eastern Ladakh. Armed with air-to-ground and air-to-air missiles, it can effectively neutralise enemy air defence systems.

HAL received the tender in June 2024, and the Cabinet Committee on Security (CCS) approval paved the way for the mass production of these advanced helicopters.

Additionally, the CCS has sanctioned a Rs 7,000 crore deal for 307 Advanced Towed Artillery Gun Systems (ATAGS), with orders shared between Bharat Forge and Tata Group, further advancing India’s indigenous defence manufacturing.

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BUSINESS

Haldiram’s Signs Agreement with Singapore’s Temasek

Dhruva Kulkarni

Haldirams has partnered with Singapore-based investment firm Temasek, which will acquire an equity stake to support the brand’s expansion in India and globally.

PwC Investment Banking acted as the exclusive financial advisor, while Khaitan & Co provided legal counsel for the deal. The transaction is subject to regulatory approvals and is expected to close soon.

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A Haldirams spokesperson welcomed Temasek’s investment, emphasising its expertise in the consumer sector.

PwC India Chairperson Sanjeev Krishan called the deal a milestone, highlighting PwC’s long-term advisory role and noting that it is India’s largest private equity consumer deal, reflecting the global rise of domestic businesses.

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