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Friday,30-July-2021

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Online music learning platform Muzigal logs 20% growth in remote era

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Online music learning platform Muzigal on Monday said that it is now growing at 20 per cent month-on-month in revenue and new learners and aims to empower music teachers to scale their music classes globally amid the remote learning times.

With more than 10,000 learners from 10 countries, 400 teachers and 120 employees now on board, the company was launched in July last year by Dr Lakshminarayana Yeluri to connect students, instructors, professional musicians and music enthusiasts for online lessons.

Muzigal which raised an undisclosed amount of funds from Kalaari Capital in February this year, said in a statement that it has conducted over 40,000 classes in subjects ranging from Indian classical to western music in over 20 specialisations in vocal and musical instruments categories.

“The total offline music learning market is around $500 million in India, and Muzigal is establishing leadership in the online segment of this market. We always knew that there is an immense potential in online music learning, which was largely unorganised,” said Dr Yeluri.

It launched its operations in August 2020 in the US to help non-resident Indians to learn music virtually with authentic and native language speaking music teachers from India.

The startup aims to empower more than 20,000 music teachers in the next four years and launch its marketplace in the US by September this year for the American citizens too.

“Certain segments like music are still nascent but growing fast. We are privileged to partner with Dr Yeluri and look forward to seeing Muzigal become the leading online learning platform in the segment of music education,” said Vamshi Reddy, Partner at Kalaari Capital.

The students can learn vocal classes like Carnatic and Western music and musical instruments like guitar, piano, sitar, keyboard, and violin, among many others.

Around one lakh students have been counselled, 25,000 students have taken free trial classes to experience the platform and over 10,000 students from 10 different countries have enrolled for classes, the company informed.

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To clear debts, Axis Bank manager loots ICICI branch, kills officer

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In a shocking incident, an Axis Bank Branch Manager allegedly committed an unsuccessful heist on the ICICI Bank and stabbed a deputy branch head there to death, police said here on Friday.

The incident happened late on Thursday around 8.00 p.m., after the close of banking hours at the ICICI Bank’s Virar East Branch.

According to Virar Police Station Senior Police Inspector Suresh Warade, the accused Anil Dubey — the Naigaon Axis Bank Branch Manager, who was a former longtime employee of ICICI Bank, has been arrested.

In the scuffle that ensued between Dubey and the ICICI Bank Deputy Manager Yogita Nishant Choudhary, and her cashier colleague Shraddha Devrukhkar, he allegedly stabbed them both before attempting to flee with the bag full of the looted booty, but was caught outside by the locals.

While Vartak, 36, succumbed to her injuries later, Devrukhkar, 32, is undergoing treatment at a local hospital and further probe is on in the sensational case, said Warade.

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Business

Toyota to raise price of Innova Crysta

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Automobile major Toyota Kirloskar Motor will raise the price of its flagship model, Innova Crysta.

Accordingly, the price will be raised by up to 2 per cent, effective August 1, 2021. The company cited rising input costs as the key factor behind the price hike.

“This increase is necessitated to partially offset the substantial increase in input costs,” the company said in a statement.

“The price increase has been tapered down considering the impact on our valued customers,” it added.

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US economy grows at annualized 6.5% in Q2

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The US economy grew at a lower-than-anticipated annual rate of 6.5 per cent in the second quarter, marking the return to an above pre-pandemic level of overall economic activity, the Commerce Department reported.

However, the 6.5 per cent gain was considerably less than the 8.4 per cent Dow Jones estimate, Xinhua news agency reported.

In the first quarter, real GDP increased by 6.3 per cent, 0.1 percentage point less than previously reported, according to the latest data issued by the Department on Thursday.

The increase in real GDP in the second quarter reflected increases in personal consumption expenditures (PCE), non-residential fixed investment, exports, and state and local government spending that were partly offset by decreases in private inventory investment, residential fixed investment, and federal government spending, the Commerce Department report showed.

Imports, which are a subtraction in the calculation of GDP, increased.

The GDP data was released a day after the Federal Reserve signaled that it was inching closer to tapering its asset purchases amid concerns over surging inflation and the rapid spread of the Covid-19 Delta variant.

In the latest update to its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday projected the US economy would grow by 7.0 per cent this year, up 0.6 percentage point from its April projection.

The upward revision reflects the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics.

In 2022, the US economy is expected to grow by 4.9 per cent, according to the IMF.

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