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What I wrote in The WSJ
NEW DELHI—Indian online payment and e-commerce firm Paytm is raising $300 million from a group of investors led by Taiwanese chip-design company MediaTek Inc., according to a person familiar with the situation.
The investment values the Noida, India-based company at $5 billion, up from an earlier valuation of about $2.5 billion, the person said. MediaTek’s contribution amounted to $60 million, according to the person.
In a country where users are increasingly coming online via low-cost smartphones, Paytm provides a popular mobile app that can be used to pay for services like rides from Uber Technologies Inc. and utility bill payments.
NEW DELHI—A Ford Motor Co. subsidiary is among the investors contributing $24 million to a vehicle-rental startup in India, the latest development in the race to use technology in new ways to target consumers in the world’s second-most-populous country.
Bangalore-based Zoomcar allows users to rent its vehicles for as little as an hour at a time, a model similar to the U.S.’s Zipcar Inc., which Avis Budget Group acquired for about $500 million in 2013.
Indian wrestler Sakshi Malik won bronze in women’s wrestling at the Olympic Games in Rio on Wednesday, bringing home her country’s first medal of the competition — and she did it in dramatic fashion.
Twenty three-year-old Malik defeated Kyrgyzstan’s Aisuluu Tynybekova in the 58-kilogram freestyle in a thrilling bout, making a comeback in the final seconds to win 8–5. At one point early in the match she trailed 5 points to none.
NEW DELHI—ANI Technologies Pvt.’s ride-hailing service Ola is laying off hundreds of workers at a fellow Indian operator it bought last year, a sign of possible consolidation amid increased competition in the country from Uber Technologies Inc.
Bangalore-based Ola last year acquired Serendipity Infolab Pvt.’s TaxiForSure for $200 million in cash and stock, saying the two companies would continue to operate separately. Ola said at the time that it would retain TaxiForSure’s 1,700 employees.
What I wrote at Newley.com
The Capybaras are Coming. Be Very Afraid. Forewarned is forearmed. How awesome/creepy are these rodents?
5 items that are worth your time this week:
A map from 1913 shows musicians how to become successful: by climbing a mountain toward one’s objectives, and keeping clear of pitfalls like flattery, laziness and “weak morals.” Also: avoid bohemianism.
The story is abuot artist Michael Heizer, who has been building an enormous work, called “City,” in the Nevada desert since 1972. It is not open to the public, but will be viewable in a few years:
After decades of torment—“When’s it gonna be done, Mike?”—the piece is nearly complete. Michael Govan, the director of the Los Angeles County Museum of Art, says that the site, which lacma will help to administer, will admit its first visitors from the general public in 2020. Govan, who has been raising money for “City” for twenty years, sees it as one of our civilization’s greatest achievements. “Mike started the idea that you can go out in this landscape and make work that is sublime,” he says. “There is nothing more powerful, romantic, and American than these gestures that in Mike’s case have taken his whole life.”
Click through for a few fascinating images.
It’s not a new site, but it’s new to me. The concept is simple: experts recommend five of their favorite books that help explain their areas of expertise. It’s that simple.
Check out WSJ columnist Jason Zweig on the best personal finance books, the Center For American Progress’s Van Jones on change in America, academic and author Ian Buruma on books about the east and west; author William Dalrymple on the best books about ancient and modern India, and much, much more. A truly fantastic resource.
An interesting look, in the New York Times, at Dr. Aroup Chatterjee, who has devoted years to exposing the dark side of Mother Teresa’s work.
To be sure, we’re only talking a decade and a half here, but this BBC roundup has some gems.
Have a great week, and let me know what’s new in your world.
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