Business
VC firm Backstage Capital cuts workforce, stops new investments

Venture capital firm Backstage Capital has downsized its staff as it struggles to grow in these challenging times.
The company is now down to three people from the earlier 12, managing partner and founder Arlan Hamilton said during a podcast on Sunday.
The layoff came after Backstage Capital narrowed its investment strategy to only participate in follow-on rounds of existing portfolios, reports TechCrunch.
“It’s not that I feel like there’s any sort of failure on the fund side, on the firm’s side, on Backstage’s side, it’s that this could have been avoided if systems were different, if the system we work within were different,” Hamilton said during the podcast.
She said that “there will be people who take this negatively or will take this as us not being active, and it is anything but”.
The changes have “taken a toll; it’s been a depressing, deflating time.”
However, Hamilton said that she still plans to grow Backstage’s assets under management to over $100 million, according to the report.
Los Angeles-based Backstage Capital has invested in nearly 200 companies led by underrepresented founders.
As VC money disappears amid economic slowdown, tech startups have laid off over 20,000 employees the world over since April, while more than 10,000 employees have lost jobs at the Indian startups led by edtech platforms.
National
On Foundation Day, NCP factions showcasing respective strengths

Mumbai, June 10: NCP founder Sharad Pawar and his nephew, Deputy Chief Minister Ajit Pawar, are set to hold separate ceremonies in Pune on Tuesday to mark the party’s foundation day.
Both factions will show their respective strengths after the split and express their resolve for consolidation.
These rallies are taking place amid the talks of a merger or an alliance ahead of the local and civic body elections in Maharashtra. Incidentally, Sharad Pawar-led NCP and Ajit Pawar-led NCP have scoffed at these rumours; instead, the leaders have said they have charted their respective plans for consolidation.
In his message on the occasion of the foundation day, NCP national president and Deputy Chief Minister Ajit Pawar exhorted the party members to resolve with strong determination to give a new dimension to the all-round development of Maharashtra and India in the coming times, and pledge to march toward a sustainable future.
“Heartfelt congratulations to everyone on the 26th anniversary of the Nationalist Congress Party! In 1999, cherishing the ideological legacy of Shiv-Shahu-Phule-Ambedkar and considering the progressive, transformative social politics of the late Yashwantrao Chavan Saheb as an ideal, we all laid the foundation of the Nationalist Congress Party,” said Ajit Pawar. However, the name of his estranged uncle and the founder of NCP, Sharad Pawar, is missing in his message, which he shared on X.
“Over the past 26 years, we have played both ruling and opposition roles, making significant contributions and bringing new momentum to the politics and governance of Maharashtra as well as the nation. We will continue this journey of people-oriented social and political work unabated. On this anniversary, let us resolve with strong determination to give a new dimension to the all-round development of Maharashtra and India in the coming times, and pledge to march toward a sustainable future! Once again, best wishes to all,” said Ajit Pawar. He left his uncle, Sharad Pawar and joined hands with the BJP-led Mahayuti in July 2023, and also won the party name and clock symbol in the legal battle.
On the other hand, NCP(SP) leader Supriya Sule, who was elected from Baramati constituency in the Lok Sabha elections after defeating Ajit Pawar’s wife Sunetra Pawar, said the party founded by Sharad Pawar has nurtured the lesson taught by the architect of modern Maharashtra, the late Yashwantrao Chavan.
She said that carrying this very ideology, the party consistently reached out to the grassroots populace. The workers of nationalist ideology are always ready to deliver justice to various sections of society, including farmers, labourers, toilers, women, and youth.
In her message, Sule wished the people, workers, leaders, office-bearers, and public representatives who have stood firmly with the party throughout this journey.
“Respected Pawar Saheb planted the sapling of nationalist ideology in the proud land of Maharashtra, which has now grown into a mighty banyan tree. Today marks the completion of 26 years of this event. As we celebrate the anniversary of our Nationalist Congress Party – Sharadchandra Pawar faction, it fills us with heartfelt satisfaction to know that we have strived to amplify the voice of the exploited, deprived, and oppressed people across the country on various platforms, securing justice for them. We have nurtured the lesson taught by the architect of modern Maharashtra, the late Yashwantrao Chavan Saheb, of 80 percent social work and 20 percent politics. Carrying this very ideology, we consistently reach out to the grassroots populace. We, the workers of nationalist ideology, are always ready to deliver justice to various sections of society, including farmers, labourers, toilers, women, and youth,” said Sule in her post on X.
“The steadfast support and blessings of respected Pawar Saheb are with us today, which is a matter of great value to us. The energy of his thoughts will always be a source of strength for us. On this anniversary, heartfelt congratulations to the people, workers, leaders, office-bearers, and public representatives who have stood firmly with us throughout this journey,” stated Sule.
National
Uddhav Thackeray backs Rahul Gandhi’s claims on Maha elections, says ‘masks off’ in Saamana

Uddhav Thackeray
Mumbai, June 10: Shiv Sena (UBT) has targeted the Bharatiya Janata Party (BJP) following Congress leader Rahul Gandhi’s allegation of ‘match-fixing’ in the Maharashtra Assembly elections, stating that a fiery ‘demon has entered the ruling party’.
Thackeray camp claimed that Rahul Gandhi has exposed the corrupt handshake of the BJP and the Election Commission of India. The ‘makeup’ of people like Chief Minister Devendra Fadnavis was spoiled because of this. Before shaking the dust off the faces of others, they should look at their own faces in the mirror. Now the makeup is completely off.
In a scathing editorial in the party’s mouthpiece ‘Saamana’, the Thackeray camp said that Rahul Gandhi is sitting on the constitutional post of the Leader of Opposition in the Lok Sabha. “When Modi-Shah was in power, they did not allow Congress to get the post of Leader of Opposition, but this time the people gave strength to Rahul Gandhi, and he became the Leader of Opposition. Therefore, considering his allegations as mere complaints, the Election Commission should take ‘suo motu’ action, but will Modi-Shah allow it? That is the question.”
“Rahul Gandhi expressed his views on the Maharashtra Assembly elections through democratic means. For this, he wrote articles in many newspapers of the country and gave detailed information about how the Election Commission stole the Maharashtra elections. Maharashtra defeated Modi and company in the Lok Sabha elections. The dream of ‘Ab ki baar char sao par’ was lost because of Maharashtra. Maharashtra’s determination was so strong. After that, the Assembly elections were held within six months. However, in this election, Congress, NCP and Shiv Sena did not get even 50 seats together. How can such a reversal happen in just six months after the Lok Sabha elections? Does anyone understand this? Rahul Gandhi revealed in his article how all this match-fixing took place in the Maharashtra elections with the help of the Election Commission, how all this is harmful to democracy and how the same ‘match-fixing’ pattern will be implemented in the Bihar Assembly elections coming after Maharashtra,” said the editorial.
The Shiv Sena(UBT) said in the editorial that the Modi government did many tricks to control the Maharashtra Assembly elections, including getting whatever panel it wanted in the Election Commission. Rahul Gandhi talked about the scams in the voter list and the increase in voters by 60-70 lakh, and also voting after 5 p.m. He raised this crucial question.
“Rahul Gandhi’s demand is simple. One of his demands is to publish a consolidated digital machine-readable voter list for the Lok Sabha and Assembly elections of all states, including Maharashtra, and the other is to make public all the CCTV footage of polling stations in Maharashtra after 5 p.m. Instead of directly answering Rahul Gandhi’s questions, the Election Commission has appointed BJP leaders as lawyers. Since Rahul Gandhi wrote an article, Maharashtra Chief Minister Fadnavis tried to answer Rahul Gandhi by writing an article. It is a serious matter for a political party to advocate for the Election Commission. Again, Fadnavis took the support of Urdu poetry for this. Since the results of the Maharashtra elections were a robbery, Fadnavis, the main beneficiary of this robbery, became possessed and started speaking in Urdu,” said the Thackeray camp.
“You kept making this mistake, there was dust on your face, and you kept wiping your eyes, Fadnavis said about Rahul Gandhi. Rahul Gandhi’s arrows have penetrated the hearts of Fadnavis and others. The Election Commission murdered the Constitution. To gain power in Maharashtra, Amit Shah split the two regional parties, Shiv Sena and Nationalist Congress, and it was approved without considering the 10th schedule of the Anti-Defection Act. All this is unconstitutional,” claimed the editorial.
“Handing over the original party Shiv Sena to the ‘unknown’ upstart Eknath Shinde with the bow and arrow symbol and in the same way putting the Nationalist Congress Party in the pocket of Ajit Pawar during Sharad Pawar’s lifetime was part of the conspiracy to steal the Assembly elections in Maharashtra. The Election Commission participated in this organised crime. Now, the Election Commission is advising Rahul Gandhi to file a written complaint about his objections. This is a cowardly attempt to clean the mud from its face. The people of the Bharatiya Janata Party are seen cleaning the dirt from the face of the Election Commission. Many complaints and objections have been registered with the Election Commission after the results of the Haryana and Maharashtra Assembly elections. The Election Commission, which is slow to take action on them, is pretending to be lenient about Rahul Gandhi’s allegations, saying, “Rahul should give his allegations in writing. Then we will see,” said the editorial.
National
Making India stronger: PM Modi highlights 11 years of defence reforms, self-reliance

PM MODI
New Delhi, June 10: Prime Minister Narendra Modi on Tuesday took to social media to celebrate the remarkable strides made by India’s defence sector over the past 11 years, underlining the twin focus on modernisation and self-reliance.
In a post on X, the Prime Minister wrote: “The last 11 years have marked significant changes in our defence sector, with a clear focus on both modernisation and becoming self reliant when it comes to defence production. It is gladdening to see how the people of India have come together with the resolve of making India stronger! #11YearsOfRakshaShakti”.
The post was part of a broader national campaign highlighting the transformation of India’s defence capabilities since 2014, coinciding with the beginning of PM Modi’s first term as the Prime Minister.
From being heavily import-dependent to becoming a notable arms exporter, India’s defence journey has seen a fundamental shift.
The Ministry of Defence and senior officials echoed the Prime Minister’s sentiment, praising the nation’s move towards indigenisation and innovation.
A post on X, from the Ministry of Defence, elaborated on this transformation, stating: “Over the past 11 years, under PM @narendramodi’s visionary leadership, India’s defence sector has transformed from import-dependent to a global exporter, powered by #AatmanirbharBharat & #MakeInIndia. Indigenous innovations like #brahmosmissile & advanced submarines have fortified our security and global standing. Defence exports now reach 100+ countries, marking a historic rise in #selfreliance. As we celebrate #11YearsOfRakshaShakti, we salute the strides toward a safer, stronger India.”
Key milestones during this period include the record growth in defence exports, which have surpassed Rs 21,000 crore in recent years, the successful deployment of the BrahMos supersonic cruise missile, the commissioning of indigenous aircraft carriers like INS Vikrant, and the development of homegrown fighter jets like the HAL Tejas.
The celebration of ’11Years of Raksha Shakti’ underscores the government’s emphasis on reducing dependency on foreign suppliers and promoting indigenous defence production under flagship initiatives like Aatmanirbhar Bharat and Make in India.
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