OPINION, P10 WELL BEING ACROSS THE AISLE, P CHIDAMBARAM Your ideal calorie intake depends on several factors like age, gender, body type, activity level and overall health. We tell you how to keep a check Page 9 Under 6% is uninspiring MIND & GAMES HOW MANY CALORIES DO YOU NEED? When eyes in the sky start looking at you New satellites orbitting a world where nothing is off limits Page 11 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX, NO. 26 A NEST FOR KNOWLEDGE KOLKATA SUNDAY, FEBRUARY 25, 2024, 14 Pages, `12 (NE States & Andaman `13) F R O M : A H M E D A B A D , B E N G A L U R U , SHUBHANGI SHAH New Delhi, February 24 Bhutan’s balancing act ■ WORDS WORTH, P4 FE BUREAU Bengaluru, February 24 The power of small In excerpts from Lilliput Land, author Rama Bijapurkar explains how big aspirations of even the economically weak drive India’s consumer story QUAD IS HERE TO STAYAND GROW, SAYS JAISHANKAR The Quad is a statement that others cannot have a “veto” on choices of like-minded nations and the coalition is here to stay, grow and contribute to global prosperity, external affairs minister S Jaishankar said on Saturday. ■ PAGE 14 NIKHIL KAMATH WTF IS KUNAL SHAH CRED CURIOUS talent management and influencer marketing company. The Zerodha, True Beacon, and Gruhas co-founder K O L K A T A , L U C K N O W , DEEPINDER GOYAL SHANTANU DESHPANDE VARUN BREAKING THE BARBERSHOP DUGGIRALA BREAD WITH SHANTANU TAKE APAUSE started his ‘WTF Is’ podcast in March last year, where he invites friends and domain experts to discuss topics rang- BYJU RAVEENDRAN, FOUNDER, BYJU'S A DAY AFTER a group of investors voted to oust him as the CEO of Byju’s,founderByju Raveendran wrote a letter to the employees of the edtech firm,emphasisingthat he continues to remain in office and there are no changes at the company. On Friday, at the company’s extraordinary generalmeeting,investorshadalso voted to oust his family from theboardofByju’s,whichother THE RUMOURS OF MY FIRING HAVE BEEN GREATLY EXAGGERATED AND HIGHLY INACCURATE than Raveendran, includes his wife Divya Gokulnath and his brother Riju Raveendran. “The claims made by a M U M B A I , N E W D E L H I , ing from social media, technology, and gaming to environment and fitness. The guests featured include small group of select minority shareholders that they have unanimously passed the resolution in the EGM is com- pletely wrong. Only 35 of 170 shareholders (representing around 45% of shareholding) voted in favour of the resolution. That in itself shows the very limited support that this irrelevant meeting received,” Raveendran wrote to employees.“Justasyoucan’tchangethe rulesofagamemidwaywithout agreement from all players,we can’t alter how our company is run without following these strict guidelines,”he added. Continued on Page 2 ASHNEER GROVER MAKES REELS ON INSTAGRAM brotherand co-founderNithin Kamath,Biocon founderKiran Mazumdar Shaw, Cult.fit CEO Mukesh Bansal, actors Tara Continued on Page 2 ‘Unreliable’ Google’s Gemini not exempt from law, says govt JATIN GROVER New Delhi, February 24 FOLLOWING FRIDAY'S WARNING bythe Indian government over a biased response by its generative AI tool Gemini, Google on Saturday said Gemini may not be reliable to some prompts related to current events, political topics, or evolving news. However, minister of state for electronics and IT Rajeev Chandrasekhar posted on X that“sorryunreliable”doesnot exempt it from the law. “Our Digital Nagriks are NOT to be experimented on with“unreliable” platforms/algos/model,” Chandrasekharposted,adding, “Safety & Trust is platforms legal obligation”. The government is also expected to issue a show-cause notice to Google over the matter,officials said. Google’s explanation on Saturdaystated:“We’veworked quickly to address this issue. Gemini is built as a creativity and productivity tool and may not always be reliable...” Continued on Page 2 NSE's cash market turnover for FY2024 (up to February 22) hit a new record high of `177 trillion, surpassing the previous all-time high of `165.7 trillion recorded in FY2022. In FY2023, the cash market turnover at NSEstoodat`133.1 trillion, reflecting a 33.1% increase.The average daily turnover has more than doubled to `1.2 trillion in February 2024 compared to the start of the fiscal year, which was `51,726crore inApril 2023. Compiled by Kishor Kadam NSE cash market turnover (` trillion, LHS) 200 160 120 80 40 0 % growth, y-o-y (RHS) 33.1 100 75 54.2 50 25 FY15 FY17 FY19 FY21 0 -25 FY23 FY24* NSE cash market turnover Average daily turnover (` trillion) Apr ‘23 May Jun Jul Aug Sep Oct Nov Dec Jan ’24 Feb (` crore) 8.8 13.2 13.1 15.3 16.8 16.7 13.4 14.8 20.8 24.9 19.2 *up to February 22 51,726 60,066 62,334 72,687 76,568 83,540 67,176 70,615 1,03,980 1,13,235 1,19,977 Source: NSE Shark Tank investors closed 96% of deals offered in Season 2 AYANTI BERA Bengaluru, February 24 'SHARKS' OR INVESTORS on SonyLIV’sbusinessrealityshow SharkTankhaveclosed99deals of the 103 commitments they had made on Season 2, which aired early last year, data from Tracxn showed. This marks a 96% share of deals closed, which is much higher than the 41.5% they had closed in the first season out of 65 commitments,asperPrivateCircledata. Shark Tank investors put in around $13 million in the 99 startups,which includes equity and conventional debt.Among the startups that had received commitments on Season 2, beautyandpersonalcarestartup GharSoaps,gelatobrandAmore PITCH PERFECT Shark Tank investors put in $13 million in 99 startups out of 103 in Season 2 P U N E Sutaria and Bhumi Pednekar, and YouTuber Tanmay Bhatt, among others. “I often host get-togethers and try to bring people from diverse backgrounds together. The quality of conversation is suchthatwefeltitneededtobe shared with a wider audience,” Kamath told FE on why he startedtheWTFIspodcast.“The podcastisthesamesetupIhave everyweekendwithfriends,the onlydifferenceisthatthereisa camera in the room,”he said. NSE's cash market turnover for FY2024 hits a new high 177.1 JEFF BEZOS, Nvidia and other big technology names are investing in a business that’s developing human-like robots, according to people with knowledge of the situation, part of a scramble to find new applications for artificial intelligence. ■ PAGE 14 K O C H I , Defiant Raveendran says EGM a farce; ‘biz as usual’ A tourism hotspot with the world’s highest tourist fee; an ambitious business zone but with riders. For an economy badly needing a thrust, how Bhutan is going ahead with development without compromising on its heritage and values BEZOS, NVIDIA JOIN OPENAI FOR HUMANOID BIZ H Y D E R A B A D , PODCAST GURUS WHAT DO ZERODHA cofounder Nikhil Kamath, Cred founder Kunal Shah and Zomato founder Deepinder Goyal have in common? All entrepreneurs,theyare part of a growing tribe of foundersturned-content creators,carving a slice from the denselypopulated influencer pie. “Nikhil Kamath is clearly the frontrunner here,” said Viraj Sheth, co-founder and CEO ofMonkEntertainment,a ■ SPOTLIGHT, P6-7 NEWS C H E N N A I , READ TO LEAD When founders turned content creators WHAT'S INSIDE IN THE C H A N D I G A R H , 43.3 P U B L I S H E D FINANCIAL EXPRESS ON SUNDAY A Kerala village is stocking books on the roadside for people to read, for free Page 5 In all, 166 startups had pitched, compared to 117 in Season 1 and dessert brand Cakelicious didnotmanagetoclosethedeal, postduediligence. Ghar Soaps, based in Pune, ■ In the first season, sharks had closed 41.5% of deals out of 65 commitments hadbaggedanofferof `60lakh for 4% equity from boAt cofounder Aman Gupta, while Amore had received a commit- ment for `75 lakh for 7.5% of their equity from shaadi.com founder Anupam Mittal, on a condition that Amore needs to achieve sales of `80 lakh a month byMarch 2023. Meanwhile,Cakelicious had received a commitment of `25 lakh for 20% equity from CarDekhoco-founderAmitJain, giving it a valuation of `1.25 crore. However, reasons for the deals falling through could not be ascertained. Besidesthese,DhruvVidyut, whichmakesdevicestoconvert amanualcycletoabattery-powered one, is not considered on the list of deals closed since there was no financial arrangementto the deal. Continued on Page 2 Kolkata