India sees over 226 pc surge in startup funding at $596 mn this week
The Indian startup ecosystem bounced back this week in terms of raising funds, clocking more than 226 per cent surge with securing around $596 million in total.
The event was originally scheduled in Russia, but due to a series of events, India was awarded the rights to the 44th Chess Olympiad.
India will host the Chess Olympiad for the first time, from July 28 to August 10, in Chennai. The 44th edition of the world’s largest chess tournament will have a virtual participant list, with most of the stars coming from all over the world.
“It’s a great honour for India to host such a big event. This shows the position of the country in the chess world. I’m thankful to everyone involved who supported us to make this happen. This is a historic step and I believe it will take Indian chess to greater heights,” said Bharat Singh Chauhan, Secretary, All India Chess Federation (AICF), who played a crucial role in bringing the Olympiad to India.
The event was originally scheduled in Russia, but due to a series of events, India was awarded the rights to the 44th Chess Olympiad. In the midst of the ongoing Russia-Ukraine conflict, the International Chess Federation (FIDE) began looking for new hosts and inviting new bidders.
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Chauhan discussed the possibilities with FIDE President Arkady Dvorkovich. Within less than a week, the AICF met FIDE’s hosting criteria. They were able to satisfactorily answer all of FIDE’s questions and ensure the required $10 million guarantee. It made India’s bid more competitive.
Chauhan quickly scheduled a meeting with Tamil Nadu Chief Minister Stalin, who immediately approved, assured, and endorsed the government’s support for the event.
A timely move by AICF Secretary Bharat Singh Chauhan
While the FIDE was looking for new hosts, All India Chess Federation Secretary Bharat Singh Chauhan sensed the opportunity. With a good relationship and reputation with the international federation and its officials, Chauhan moved quickly and contacted FIDE President Arkady Dvorkovich. Within 24 hours, Chauhan conducted preliminary inquiries and immediately informed the FIDE President that India was ready to bid in principle. The AICF’s willingness to leave no stone unturned favoured India. “Cannot complain about anything in life now,” Chauhan says after successfully obtaining the official rights to host the tournament.
Tamil Nadu government assistance
Chauhan performed admirably in arranging a quick and crucial meeting with Chief Minister Stalin, who immediately approved, assured, and endorsed the government’s support for the event. A whole-hearted support by Tamil Nadu’s Chief Minister MK Stalin clinched it for Chennai. The city, steeped in chess culture, previously hosted the World Chess Championship between Viswanathan Anand and Magnus Carlsen in 2013. 1200 rooms for the participants were booked in a single day and the Convention Centre of Four Points Sheraton was decided as the playing venue.
A $10 million guarantee is required.
The AICF moved quickly, meeting the FIDE hosting criteria in less than a week. They were able to answer all the queries by FIDE satisfactorily, had all the plans in place and also ensured the $10 million guarantee. This strengthened India’s bid and put them in a better position than most of the other countries.
Anand’s support for India’s bid in chess
According to Chauhan, the five-time world champion Viswanathan Anand endorsed India’s bid, giving AICF a huge boost. FIDE granted India the rights to host the Olympiad, which has been held for the past 95 years, thanks to the federation’s and Secretary Chauhan’s tireless efforts.
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