🎢 Indoor amusement centres

Good morning. "Hacks” won the award for Best Comedy at the 2024 Emmys.

If this isn’t reason enough to binge the 3 seasons of Hacks, we aren’t sure what is 📺️

- Ruchirr Sharma & Shatakshi Sharmaa

TABLE OF CONTENTS

• 🎢 Indoor amusement centres

• 🔝 India’s new initiatives to boost the startup ecosystem

• 🗞️ Bite-sized summaries

  • 🤖 A step closer to AGI?

  • 🇺🇸 A second assassination attempt

  • 🚚 24/7 quick commerce

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Benchmark indices BSE Sensex and NSE Nifty50 closed Monday's choppy session higher. Sensex rose 97.84 points to 82,988.78, and Nifty50 gained 27.25 points to 25,383.75. NTPC and JSW Steel led gains, while Bajaj Finance and Hindustan Unilever lagged. Nifty Midcap100 reached a record high; the media and metal sectors advanced.

🌍️ International

• U.S. markets showed mixed results as tech stocks weighed down the Nasdaq and S&P 500, while the Dow reached a record high. Apple and Nvidia fell due to weak demand concerns. Traders anticipate a 59% chance of a half-point interest rate cut by the Federal Reserve this week, influencing market dynamics and Treasury yields.

REAL ESTATE

🎢 Indoor amusement centers

Here’s something interesting - Indoor amusement centres (IACs), like bowling alleys, trampoline parks and arcades, are rapidly expanding in India:

• As of September 2024, there are over 500 operational IACs across 83 cities in India.

• These centres collectively occupy approximately 6.6 million square feet of retail space, and is projected to grow to around 11 million square feet by 2028, reflecting a growth of nearly 67%.

• Over 90 malls across India now feature multiple IACs.

• Distribution of Space:

  • 72% of IAC space is located in shopping malls.

  • 19% is found in standalone properties.

  • 6% in high-street locations.

  • 3% in mixed-use projects.

And while the numbers are fun to look at, the trends show a very interesting picture: 

• IACs are becoming key drivers of foot traffic to malls, providing diverse entertainment options that cater to all age groups. They are evolving into social hubs that combine shopping with leisure activities.

• New formats such as eatertainment (combining dining with entertainment), competitive socialising, and edutainment (educational entertainment) are gaining traction alongside traditional gaming arcades and trampoline parks.

• JLL India reported that in the past 20 months alone, IAC operators have leased approximately 1.43 million square feet of space, indicating robust demand for these entertainment venues.

Why is this important? 

• Industry leaders like Pushpa Bector from DLF Retail and Abhishek Trehan from Trehan Iris emphasise the importance of these centers in attracting visitors and providing a multi-faceted shopping experience. 

• With a growing demand for experiential entertainment, developers are now incorporating IACs into the initial design phases of new retail projects.

Overall: The rise of IACs reflects changing consumer preferences, with a growing demand for experiential entertainment. These centres are becoming crucial in driving foot traffic to malls and creating multi-faceted experiences for visitors.

As the retail industry evolves, IACs are increasingly being integrated into initial mall design phases, signalling their importance in the future of retail spaces in India.

Read more: Economic Times

START-UPS

🔝 India’s new initiatives to boost the startup ecosystem

India is riding the entrepreneurial wave in India, and we, for one, love to see it. 

Recently, Union Minister Piyush Goyal announced the establishment of a not-for-profit company under Section 8 of the Companies Act to unify all initiatives and bodies under Startup India. 

This new company, proposed to be industry-led like Invest India, will have an independent board and organisation structure, with the government providing oversight to ensure it stays on track. 

The aim? To support the growing startup ecosystem in India and consolidate various efforts to promote entrepreneurial growth.

Here’s a quick explainer: 

• Currently, Startup India operates under Invest India, the national body for investment promotion. 

• With this new structure, the National Startup Advisory Council will also be integrated into the company. 

• The company is expected to be actively involved with key stakeholders such as the Small Industries Development Bank of India (SIDBI) and aims to offer shares to unicorn startups, creating a system that acknowledges and encourages successful ventures.

Additionally, Goyal launched the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform designed to connect startups, investors, service providers, and government bodies.

BHASKAR’s idea is simple - To act as a central hub for collaboration and growth within the startup ecosystem, offering a space for networking, knowledge exchange, and partnerships. 

DPIIT Secretary Amardeep Singh Bhatia described it as a social media platform for startups, akin to LinkedIn or X (formerly Twitter).

Overall: India, with over 140,000 DPIIT-recognised startups as of August 2024, has cemented its place as one of the world's largest and most dynamic startup ecosystems.

This new company and the BHASKAR platform are expected to further drive innovation, collaboration, and growth within the sector, helping startups connect, compete, and thrive in an increasingly competitive global market.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🤖 A step closer to AGI? - OpenAI has launched o1, also known as the "strawberry project," a model designed for advanced "thinking" and "reasoning." This model is six times more expensive than GPT 4o Mini but excels in complex tasks like software programming, STEM, legal advice, and disease diagnosis. Experts highlight its accuracy, as demonstrated by its 83% success rate in a qualifying exam for the International Mathematics Olympiad, compared to GPT-4o's 13%. With improved precision and reduced hallucination instances, o1 aims to cater to developers and industries needing sophisticated reasoning capabilities, enhancing learning and decision-making processes.

🇺🇸 A second assassination attempt - A second assassination attempt on former President Donald Trump occurred at his Florida golf course, leading to the arrest of suspect Ryan Wesley Routh. This event could strengthen Trump's campaign, rallying his supporters and potentially boosting his poll ratings, as it did after a similar incident in July. The FBI is investigating the incident, which involved shots fired by Secret Service agents. Despite being behind Kamala Harris in ratings, this event may shift public focus to Trump, emphasising his resilience. Trump's supporters and campaign are expected to use this incident to unite and garner voter support.

🚚 24/7 quick commerce - Quick-commerce platforms like Swiggy Instamart and Zomato are expanding their 24x7 delivery services during the festive season to meet growing consumer demand, particularly for late-night orders with a focus on impulse categories like snacks, frozen foods, and soft drinks. The rise in night-time consumer behaviour has prompted this move, with a surge in quick-commerce orders driven by 10-minute delivery convenience. Companies like Zepto are also scaling up operations. The trend is particularly strong in crowded cities, with a notable increase in the workforce working night shifts.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• There is no better place than India to innovate and invest in renewable energy.

• Government drawing up flexi work plan for women.

• Thierry Breton abruptly ends stint as France's EU Commissioner.

• Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike.

• Drugmakers bet billions that targeted radiation could become the next cancer breakthrough.

• Amazon tells employees to return to office five days a week.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Aditi Rao Hydari and Siddharth get married ❤️ 

• ‘Shogun’ makes history with record 18 Emmy wins. Full list of winners here.

• The Indian hockey team reaches the Hero Asian Champions Trophy final with 4-1 victory against South Korea.