🤑 DeepTech needs deep pockets

Good morning. Katy Perry just became the first pop star to orbit Earth 🌏️ 

Meanwhile, Lance Bass still holds the record for the most space training completed without ever leaving the planet.

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🤑 DeepTech needs deep pockets

• 🏭️ Foxconn eyes North India for expansion

• 🗞️ Bite-sized summaries

  • 🇪🇺 EU suspends tariffs on US

  • 🚗 BluSmart winding down?

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stock markets, including the NSE and BSE, were closed on Monday, April 14, 2025, in observance of Ambedkar Jayanti. Trading will resume on Tuesday, April 15.

🌍️ International

• US stocks closed higher on Monday after a volatile session, buoyed by a rebound in technology shares following President Trump’s surprise tariff exemption. Tech stocks rallied after smartphones, computers, and semiconductors were excluded from new tariffs.

DEEP TECH

🤑 DeepTech needs deep pockets

In a candid post on X, Sanjeev Bikhchandani, founder of Info Edge and co-founder of Ashoka University, made a compelling case for why building deep tech in India can’t be left to startups alone.

He argued that the scale, time, and funding required for true innovation in areas like AI, robotics, and advanced hardware go well beyond the capabilities of individual entrepreneurs or traditional venture capital.

Unlike consumer startups, which can scale within years, deep tech ventures often need 20+ years to move from idea to impact. Bikhchandani noted that VC funds, which typically operate within a 12-year cycle, are structurally mismatched for deep tech. And while startups chase commercial viability, deep tech often lacks clear monetisation paths in the early years.

He emphasized that only large institutions — government, public sector giants like ONGC and NTPC, and corporate behemoths like Reliance, Tata, Infosys, and Adani — have the balance sheets, patience, and strategic foresight to invest in this space. Citing OpenAI’s $58 billion funding journey, Bikhchandani pointed out that transformative innovation has historically been backed by deep-pocketed visionaries, not just VCs.

Implications for India:

• National Imperative: For India to compete globally in AI, semiconductors, and advanced tech, deep tech must become a coordinated national mission, not just a startup trend.

• Policy & Capital Alignment: India needs dedicated long-term funds, possibly government-backed, that can invest in research and innovation without short-term return pressures.

• Corporate Participation: Legacy corporates and IT giants must look beyond incremental growth and start playing an active role in building future technologies.

• Cultural Shift: A mindset change is needed — from chasing quick exits to backing bold, long-horizon moonshots.

As Bikhchandani put it: “It can’t just be the responsibility of the startup world to build deep tech.” If India wants to lead the next tech revolution, it’s time to think bigger, go deeper, and invest longer.

Read more: Economic Times

TARIFFS

🏭️ Foxconn eyes North India for expansion

Global electronics giant Foxconn is in talks to acquire 300 acres along the Yamuna Expressway in Greater Noida, marking its first solo manufacturing unit in north India. This move underscores Foxconn’s ongoing commitment to deepen its footprint in India as it looks to diversify supply chains away from China and adapt to geopolitical uncertainties.

The proposed plant, potentially larger than its upcoming Bengaluru facility, signals Foxconn’s long-term ambitions in India. While product specifics are still under discussion, the site is in proximity to where HCL-Foxconn is awaiting approval for a semiconductor (OSAT) plant — hinting at a possible high-tech manufacturing ecosystem emerging along this corridor.

Why is this important?

1. Traditionally, India’s electronics manufacturing hubs have been in Tamil Nadu, Karnataka, and Telangana. A Foxconn facility in Uttar Pradesh could catalyze the rise of North India as a competitive electronics and hardware cluster.

2. With global firms seeking alternatives to China, India stands out for its scale, cost-effectiveness, and growing technical base. This facility provides Foxconn with capacity resilience amid global trade tensions, especially with the U.S.

3. Foxconn isn't stopping at iPhones. Its India roadmap now includes EVs, ICT hardware, energy tech, and digital health — opening opportunities for cross-sectoral R&D and job creation.

4. The Yamuna Expressway’s access to the Jewar airport, Noida tech corridor, and proximity to NCR talent pools makes it an ideal base for high-value manufacturing.

5. As India positions itself as an export hub, Foxconn’s expanded footprint aligns with national priorities like Make in India, Atmanirbhar Bharat, and PLI schemes.

In essence, Foxconn’s solo project in UP is more than just another plant — it’s a signal of India's maturing tech manufacturing ecosystem and a potential blueprint for next-gen industrial clusters in the country.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇪🇺 EU suspends tariffs on US - The European Union has suspended planned retaliatory tariffs on $21 billion worth of US goods until July 14, 2025, to allow time for negotiations with Washington. This follows a 20% tariff imposed by the US on the EU, which was later paused for 90 days. In response, the EU has temporarily halted countermeasures on US steel, aluminium, and auto imports. EU trade chief Maros Sefcovic is in Washington for talks, aiming to resolve the dispute before the deadline. The EU called the US tariffs "unjustified" and warned they could harm both economies and the broader global market.

🚗 BluSmart winding down? - Electric ride-hailing startup BluSmart is planning to shut down its core cab-hailing business and pivot to becoming a fleet partner for Uber, starting with 700–800 cars. Struggling with high cash burn (₹20 crore/month) and failed fundraising attempts, BluSmart has been hit hard by a broader financial crunch, including issues at its promoter-linked firm, Gensol Engineering. The company has delayed salaries, lost key executives, and ended Dubai operations. BluSmart is now seeking a $15–20 million investment from Uber, but the deal depends on the success of the fleet transition and meeting performance milestones. It has raised $150 million since 2019.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• OpenAI’s ChatGPT surpasses 800 million users; CEO Altman says 10% of world uses it.

• Dr Reddy’s slashing jobs to cut costs by 25%, asks several Rs 1 crore+ earners to resign - company denies such reports.

• Nasdaq up 1%, leads Wall Street higher after tariff break for electronics.

• India's polished diamond exports hit two-decade low, industry group says.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• HIT: The Third Case trailer - Nani goes full beast mode with a saw and a snarl.

• Rory McIlroy claims career Grand Slam with US Masters win.

• F1 update: Piastri dominates for Bahrain win as Russell holds off Norris for second.

• IPL 2025: CSK beat LSG by 5 wickets. Leaderboard here.