Good morning, Bengaluru!
🌧️ Today’s weather: High: 30 ℃ | Low: 21 ℃ | Generally cloudy sky with light rain.
🧐 Did you know? Central College, established in 1858, is one of the oldest colleges in India.
🍌 Origin begins
Bengaluru-based fresh-tech startup Origin has officially launched operations, offering over 250 varieties of fruits, vegetables, herbs, and exotic produce, with delivery guaranteed within 12 hours of harvest.
What’s it about? Origin’s Omnichannel Pay integrates offline, online, and quick commerce delivery, capitalising on the rising trend of online grocery shopping. The company plans to raise $10 million in funding over the next three months.
- Origin aims to enhance customer experience with next-day and same-day delivery options in key Bengaluru areas and will soon introduce 20-minute hyperlocal delivery and offline experience stores.
- The platform emphasises quality through direct farmer partnerships and predictive demand technology.
Expansion plans: With around 15,000 farmers already in its network, Origin plans to onboard 10,000 more by December 2024. Additionally, the company will hire 300 employees, increasing its total workforce to 400 across various departments, supporting its target of 2.5 million active users in Bengaluru and nearby Karnataka regions.
🏗️ Prism Johnson dispute continues
Prism Johnson, a construction materials firm, is facing a prolonged labour dispute with no end in sight.
What’s it about? Over 50 days ago, the company abruptly closed its Yelahanka and Electronics City branches, leaving 109 employees without jobs, citing financial losses as the reason for the closure. Adverse market conditions, lack of demand, high production costs, and severe competition led to a loss of ₹14.97 crore from 2021-24.
- The workers, represented by the Karnataka General Labour Union (KGLU), argue that the closure compensation provided was insufficient for their years of service.
- The workers are demanding reinstatement of their jobs or alternative employment.
50 days and counting: The company’s workers have been protesting outside the closed branches for over 50 days now. Negotiations between the company and the union are ongoing, with a meeting scheduled before the Additional Labor Commissioner on September 18.
🚂 Railway updates
Minister MB Patil provided significant updates on the state’s railway projects during a press briefing outlining key developments in both suburban and long-distance railway initiatives.
What’s it about? Two lines of the suburban railway network, covering 75 kilometres, are expected to be completed by December 2026, as part of a collaborative effort between the Government of Karnataka and the central government.
- Patil emphasised the state government’s commitment to accelerating the suburban railway project, which will eventually be integrated with a circular railway plan proposed by the central government.
- The circular railway is intended to further enhance the connectivity within Bengaluru, creating a more comprehensive transport network across the city and surrounding areas.
Other aims: In addition to suburban rail, Patil highlighted the need to strengthen the Hasan-Bengaluru double railway link, which plays a critical role in supporting Karnataka’s industries. By improving this railway line, the government aims to facilitate the movement of goods and materials between industrial hubs and ports, contributing to the growth of businesses across the state.
🏠 Homebuying increases
Soaring rents in Bengaluru have driven a significant shift among millennials and Gen Z toward homeownership, with demand surging 30-45 per cent compared to last year.
What’s it about? The median age of first-time homebuyers in the city has dropped from 42 to 34, as young professionals prefer buying homes over renting due to high rental yields. Many are investing in prime properties, seeing it as a more stable financial decision.
- Rents for two-bedroom apartments in desirable areas have surged to ₹50,000-65,000 per month, while three-bedroom units reach ₹80,000.
- In locations like Bellandur and Indiranagar, apartments priced between ₹1-2 crore are being snapped up by buyers aged 28-40.
Contributing factors: Rising incomes have also fueled this shift. The Karnataka Economic Survey 2023-24 reported a 5.8 per cent increase in per-capita income, with salaries in Bengaluru seeing a significant post-pandemic uptick. This has enabled more young buyers to afford the 20 per cent down payment needed for home purchases.
📊 Today’s Poll
(Only subscribers can participate in the polls)
Do labour unions hamper economic growth?
- Labour unions hamper economic growth.
- Labour unions do not hamper economic growth.
❓ Today’s Question
(Only subscribers can submit their answers)
What’s the longest rail journey you have undertaken?
Reply to this email with your answers.
🗞️ In other news…
- NIMHANS has launched N-SPRITE (Nimhans Suicide Prevention Research Implementation) to tackle suicide conversations’ stigma.
- Alliance Air’s operations will shift to T2 from October 1.
- Admissions to Jain International Residential School are now open.
- NCC Ltd. and RVNL have placed bids for Suburban Rail’s packages C4A and C4B.
- BJP and JDS are set to oppose the Greater Bengaluru Governance Bill.
🛋️ Local Lounge
Yesterday’s Poll:
- I have worked in a co-working space: 63.6% 🏆
- I have not worked in a co-working space: 36.4%
Answers to Yesterday’s Question:
What’s a cause you are passionate about?
Santhosh: “Save animals from abuse; equity for economically backward”
That’s it for today. Have a great day!