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Good morning. In the words of Nike for Rafael Nadal - Greatness. It only takes everything. Thank you Rafa.
Tennis won’t be the same very soon 🎾 😢
- Ruchirr Sharma & Shatakshi Sharmaa
TABLE OF CONTENTS
🔍️ CCI imposes a penalty on Meta
🇺🇸 Trump’s tariffs
🗞️ Bite-sized summaries
🥗 Food quick commerce
👓️ Lenskart funding round
🧑🍳 What else is cookin’?
🍿 Entertainment, Entertainment, Entertainment
MARKETS
🇮🇳 India
indicates per gram rate in Delhi | Data as of market close 19/11/2024
Market rebounded on Tuesday. This recovery reversed a recent downtrend, driven by gains in sectors like IT and auto. Despite ongoing foreign selling, domestic institutional buying supported the market.
🌍️ International
Data as of market close 19/11/202
Market showed mixed results. The surge in tech stocks was led by Nvidia, which gained 4.9% ahead of its earnings report. Walmart also saw a record high after raising its sales forecast. Concerns over escalating Russia-Ukraine tensions influenced market sentiment, with investors remaining cautious.
META
Source: Economic Times
The Competition Commission of India (CCI) has fined Meta ₹213.14 Cr., citing anti-competitive practices related to WhatsApp's 2021 privacy policy update.
The policy, introduced on a "take-it-or-leave-it" basis, mandated users to accept expanded data-sharing terms between WhatsApp and other Meta companies like Facebook and Instagram.
This left users without the option to opt-out, a move the CCI deemed an abuse of Meta's dominant market position.
The investigation, launched in March 2021, focused on two areas: over-the-top (OTT) messaging apps and online display advertising in India.
Concerns included user data being shared for advertising and the policy’s lack of clarity on data collection. The global backlash saw many Indian users migrate to platforms like Signal and Telegram, prompting WhatsApp to delay the update and provide additional clarifications.
Key CCI directives include:
Prohibiting data sharing with Meta’s other platforms for advertising for five years.
Requiring WhatsApp to offer users an opt-out option for data sharing unrelated to core services.
Mandating clearer disclosure on data sharing in its privacy policy.
Overall: Meta plans to appeal, arguing the policy does not affect personal message privacy and was optional for users. The ruling emphasises the need for transparency and user choice in data practices, marking a significant regulatory step in safeguarding consumer rights.
Read more: Economic Times
TARIFFS
Source: Bloomberg
India's Chief Economic Advisor (CEA), V. Anantha Nageswaran, has warned of potential economic hurdles under the Trump administration, including increased U.S. tariffs and a slowdown in global trade.
Speaking at the SBI Banking & Economics Conclave, Nageswaran emphasised that while India's $21B trade surplus with the U.S. offers opportunities, higher tariffs and reduced export demand could hinder growth.
He highlighted that exports might not be a reliable growth driver in the current global economic environment. Sluggish trade with Europe and China and potential U.S. tariff policies necessitate a strategic shift toward domestic growth drivers. However, he noted that some tariff adjustments might help India remain competitive in certain sectors, turning challenges into opportunities.
Nageswaran also underlined the importance of maintaining affordable energy prices during this period. He suggested that a balanced energy policy under President Trump could support India's growth and energy transition, possibly offsetting some of the negative trade impacts.
The CEA linked India's declining air quality to policy decisions prioritising private transportation and focusing heavily on crops like paddy and wheat. He called for diversified agricultural incentives and re-evaluating transportation policies to improve environmental outcomes.
Overall: Nageswaran's address underscores the need for adaptability as India navigates a challenging global trade environment while addressing domestic policy issues for sustainable growth.
Read more: Economic Times
GENERAL OVERVIEW
🗞️ Bite-sized summaries
🥗 Food quick commerce - Bengaluru-based 10-minute food delivery startup Swish has raised $2M in a funding round led by Accel, with participation from angel investors, including Urban Company founders and Swiggy Instamart's ex-head. The funds will help Swish expand operations across Bengaluru and later to other tier-1 cities. Swish manages the entire process from food preparation to delivery within a 1.5-2 km radius, operating cloud kitchens in Bengaluru. By November, it will serve four city areas, with plans to open 150-200 kitchens in 6-8 months. Targeting time-starved professionals, Swish aims to address incremental demand for ultra-fast food delivery in India's growing market.
👓️ Lenskart funding round - Lenskart is eyeing a $6B valuation in its latest secondary share sale, potentially raising $200-300M. Backed by major investors like Fidelity, Temasek, and KKR, the omnichannel eyewear retailer has narrowed losses, nearly achieving profitability in FY24 with 40% revenue growth. Notable for its strong secondary market activity, Lenskart secured $650M in such deals last year, maintaining investor confidence despite a funding drought. With plans to expand operations, including a new $200M manufacturing plant, the company is targeting an IPO in two years. Lenskart operates 2,500 stores and aims to add 400 more this year.
HEADLINES
🧑🍳 What else is cookin’?
What’s happening in India (and around the world 🌍️)
India, China should implement Modi-Xi 'important consensus' to improve ties: Chinese FM Wang tells Jaishankar.
Adani Infra to buy 30% stake in PSP Projects for $81 million.
Ecommerce firms should respect law of land: Piyush Goyal.
China's foreign minister meets Indian counterpart, calls for resumption of direct flights.
CULTURE
🍿 Entertainment, Entertainment, Entertainment
Source: Netflix India
Aryan Khan’s directional debut to hit Netflix in 2025.
Roger Federer pens heartfelt note for Rafael Nadal: 'You made me enjoy the game even more' 😢
NBA Hall of Famer Shaquille O’Neal pays $11M settlement to victims in FTX crypto scandal despite minimal insight in the business.
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