WazirX’s Nischal Shetty on cyberattack; Brands ‘whey’ protein in staple food

Hello,

Ola Electric rival Ather Energy gears up for IPO. 

The electric two-wheeler maker has converted over 1.73 crore outstanding CCPS into 24.04 crore fully paid-up equity shares before its much-anticipated IPO expected to be launched in April.

According to its DRHP, the IPO will be a combination of a fresh issue of equity shares worth Rs 3,100 crore and an offer-for-sale of 2.2 crore equity shares by promoters and investors. 

Meanwhile, Tata Group’s financial services firm Tata Capital is likely to go for an IPO to raise $2 billion (over Rs 17,000 crore) after getting final approval from the NCLT for Tata Motors Finance merger with the company. 

At this size, the company is expected to be valued at around $11 billion. If successful, this would be one of the biggest initial share sales in India’s financial sector. 

Moving on to some lifestyle updates. Introducing the latest social media trend: sleepmaxxing. 

Forget about the simple before-bedtime routine of brushing teeth and changing into comfortable pajamas for a blissful sleep. The new bedtime routine or ‘sleepmaxxing’ involves a layered beauty routine, wearing certain gadgets, and eating specific foods and supplements.

Will you try sleepmaxxing?

In today’s newsletter, we will talk about 

• WazirX’s Nischal Shetty on cyberattack
• Brands ‘whey’ protein in staple foods

Here’s your trivia for today: Which country’s flag has the most colours?

Interview

WazirX’s Nischal Shetty on cyberattack

Cryptocurrency exchange WazirX is preparing to resume its operations. However, its return rests in the hands of its creditors. Between March 19 and 28, about four million WazirX users will be eligible to vote on a third-party platform, Kroll Issuer Services (KIS), for the recovery scheme as the crypto exchange looks to make a comeback after a cyberattack. 

In an interview with YourStory, Nischal Shetty, Founder and CEO of Indian crypto exchange WazirX, discusses how the exchange is preparing to resume operations and voting on the recovery scheme, which will determine the fate of the users who lost their funds.

All the details:

• “One crucial step we just completed was allowing users to review their claims and raise disputes if needed. The next step—scheduled for March 5—lets people request to view others’ claims for legitimate reasons. Once that’s done, we’ll move to the voting phase,” Shetty said.
• This recent attack has sparked conversations about alternatives to centralised custody. Many users are now asking: What’s a safer way to hold assets? That’s where self-custody and a decentralised exchange come into play. We want to give people the option—if they don’t want to store assets on a centralised exchange, they should still have a way to trade securely.
• He added, “We’re bringing in stronger custody providers—ones with better security, licenses, and even insurance… Right now, though, our focus isn’t on user retention—it’s on reopening and making sure people can access their portfolios as soon as possible.”

In-depth

Brands ‘whey’ protein in staple foods

Protein powders and bars have long been a mainstay among the fitness community, especially regular gym-goers who are focused on building up muscle mass. However, in recent years, there has been a growing cognisance within the general public about protein deficiency, even in groups that don’t actively track calories and use protein for post-workout muscle repair and growth.  

This has prompted a slew of products from new-age D2C brands, as well as legacy players to cater to the growing need for protein-infused products outside of the usual bars and powders. 

Key takeaways:

• Now, D2C brands are looking to help Indian consumers bulk up their diets and introduce protein in other forms, including daily breakfast staples like bread, milk, idlis and more. 
• Earlier this year, iD Fresh launched protein-rich idly and dosa batters, a speciality variant from its flagship batter products. Bengaluru-based Protein Chef has also been offering protein mixes for flour, multigrain protein atta, high protein South mixture (a savoury snack) and protein bread. 
• Investor action in the segment has also picked up with the health food boom, with protein and healthy snacking brands seeing a surge in funding. Earlier in February, PeakXV-backed health food brand The Whole Truth raised Rs 133.3 crore in its Series C funding round, with a 3.6x increase in valuation from its last round.

News & updates

• Additions: Wind and waves are set to be included in calculations of the size of countries' economies for the first time, as part of changes approved at the United Nations. The update, which will come into force in 2030, also treats data as an asset in its own right on top of the assets that house it like servers and cables.
• Tariffs: China announced tariffs on over $2.6 billion worth of Canadian agricultural and food products. The levies, scheduled to take effect on March 20, match the 100% and 25% import duties Canada slapped on China-made EVs and steel and aluminium products just over four months ago.

What you should watch out for

• Inflation for February, along with industrial production numbers for January and passenger vehicle sales for February, will be released on March 12.
• Indian stock markets will be shut on March 14 on account of Holi.

Which country’s flag has the most colours?

Answer: Belize. It features red, grey, black, yellow, white, brown, blue, and green colours.

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