From RDI scheme leg up for agritech to Michele Kang transforming women's sports, our top stories of the week
In this week's newsletter, also read about an investigation into a Silicon Valley house of cards that is Infinite Reality, Abel Avellan challenging Elon Musk and Jeff Bezos, an IP battle over MS Dhoni's Captain Cool moniker, and more
1) The funding boon
Devika Chandrasekharan and Devan Chandrasekharan, co-founders, Fuselage Innovations which uses Unmanned Aerial Vehicles (UAVs) to address critical challenges like post-natural disaster management, especially for farmers. Image: Courtesy Fuselage Innovations
India’s newly launched Research, Development and Innovation (RDI) scheme could become a game-changer for agritech startups. With Rs1 lakh crore earmarked for strengthening private-sector R&D across strategic sectors, founders hope this will address the industry’s biggest pain points—lack of capital, fragmented digital infrastructure, and slow tech adoption. For India to realise its ambitions in agricultural science, experts say what’s needed now is outcome-driven incentives, simpler funding access, and collaborative ecosystems. If implemented correctly, the RDI scheme could foster a golden decade for agritech, where soil data, AI-driven crop insights, and climate resilience converge at scale.
2) House of cards
When a venture-backed startup announces a large investment or fundraising round, there is scant requirement for verification or documentation. Illustration: Nicolas ortega for Forbes
Infinite Reality recently proclaimed itself to be worth a staggering $15.5 billion, despite generating just $75 million in revenue in 2024 —a revenue multiple that is eye-watering even by AI startups’ standards. The Florida-based startup has quietly acquired a string of companies—Napster, Drone Racing League, ReKTGlobal—through all‑stock deals, each reportedly inflating its valuation further. Yet behind the glossy numbers lies a trail of lawsuits, delinquent vendor payments, and SEC scrutiny over unverifiable funding claims and cozy, undisclosed investors. Analysts in the metaverse and Web3 space say they’ve never encountered the company as either a vendor or a partner, raising questions about its real-world footprint. Here's an interesting investigation.
3) The catalyst
“She won’t stop until she’s happy about where women’s sports can go,” says Magic Johnson, who invested in Michele Kang’s NWSL team, the Washington Spirit, “and she’s achieved the goal of taking it there.” Image: Levon Biss for Forbes
Once a healthcare IT entrepreneur with a meticulously plotted career, Michele Kang has emerged as one of the most transformative figures in women's football. Kang was drawn to the potential of women’s sports after attending a Capitol Hill celebration following the US team’s 2019 World Cup win. She took control of the Washington Spirit in 2022 for $35 million—a bold move that sparked a valuation surge to $130 million within two years—and has since acquired Olympique Lyon Féminin and London City Lionesses. Behind her strategy is a clear thesis: Women’s sports—especially football—deserves parity in resources, infrastructure, and valuation. With marquee media deals, brand partnerships, and attendance surging in her franchises, Kang is betting big that women’s sports can go mainstream.
