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Bluestone's unicorn round; Sorin’s Rs 1,350-crore fund
Happy Wednesday! Omnichannel jewellery startup Bluestone is nearing unicorn status with a potential $100-million pre-IPO investment. More on this in today’s ETtech Morning Dispatch.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Startups in queue for insurance licence face stricter norms
Backing of a large local investor, considerable net worth of promoter and founder are among key requirements laid down by the sector regulator.
MyGate rejigs senior leadership, elevates Abhishek Kumar as CEO
MyGate appoints Abhishek Kumar as CEO, Vijay Arisetty as chairman. Shreyans Daga's role expands, and Rohit Jindal becomes chief business officer. Sanjay Swamy praises the team's growth potential.
Zoomcar aims to onboard more cars on supply side via third-party tie-ups
Zoomcar has partnered with Delhi NCR-based used-car marketplace Cars24 on February 7 to aid its hosts in fleet expansion and increase earnings from car sharing.
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IPL: Gujarat Titans onboards 30 sponsors for IPL 2024 as run continues for profitability
Gujarat Titans, owned by CVC Capital Partners, has attracted 30 sponsors for the IPL 2024 season, aiming to enhance profitability and brand value. With 17 existing partners and 13 new ones, they anticipate a 24% increase in sponsorship revenue, targeting Rs 90 crore.
Meesho’s fintech bet; Byju’s valuation crashes 99%
Ecommerce firm Meesho is diversifying revenue streams via two new business lines. Details of this and more in today’s ETtech Morning Dispatch. Multiple people aware of the developments told ET that Meesho wants to restart grocery delivery in a couple of cities, beginning from the next financial year.
Insurtech startup Acko aims to achieve profitability by fiscal year 2027
Acko is eyeing profitability on the back of its general and health insurance segment turning earnings positive, founder and CEO Varun Dua said in an interview with investment bank UBS Global. Recently, Acko floated its life insurance company focussing on the sale of term plans, which is currently in the beta stage.
RBI’s TReDs on growth path; green shoots in IT hiring
RBI's invoice discounting platform (TReDS), meant for easy access to credit for small businesses, has seen increased usage in the past year. This and more in today's ETtech Morning Dispatch.
Eruditus plans India flip; Ayodhya boost for spiritual apps
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.
With Irdai opening doors, insurtech firms look to transform into general insurers
Insurtech firms such as Bengaluru-based Onsurity and Pune-based Loop Health help employers offer group health policies to their employees and run a platform to offer employee wellness services, too. They want to capitalise on the Insurance Regulatory and Development Authority of India (IRDAI) move of opening the heavily regulated sector to new participants.
The rise & rise of new-age stock brokers; and other top tech, startup stories this week
A crop of tech-first stockbrokers is not only leading from the front in adding new customers, they’re also generating strong revenues and profits. These stock-broking platforms, which have diversified beyond stock trading to position themselves as full-fledged financial services firms, have left behind the traditional players in terms of user sign-ups.
December dip in online sales; insurtech firms chart fresh growth paths
After an expected spurt during the festive season, ecommerce sales saw a larger-than-usual dip in December. This and more in today’s ETtech Morning Dispatch.
Insurtech startups check expenses to secure profits
Insurtech startups such as Acko and Digit have switched gears to health insurance which is a more long-term product despite starting with motor insurance, which is mandatory for vehicle owners in India, as their principal product.
PhonePe sells over 9 million insurance policies since Sept 2021
The Walmart-backed company had entered the insurance space in 2020 with a corporate agency licence, before acquiring a full-fledged insurance broking licence. Currently, PhonePe distributes life, health, motor and car insurance with partners such as Acko, among others, and allows users to pay in monthly subscriptions through UPI.
How good is your health insurer? Latest incurred claim ratio of general, health insurance companies in India
If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2022-23.
Startups expect fundraising prospects to improve in coming months: report
Nearly half of the more than 250 startup founders surveyed said they expect the funding freeze to thaw over the coming months, allowing them to extend their runways.
PhonePe is set to launch consumer lending by January 2024
To begin with, the Walmart backed company will work as a distributor for personal loans, as it slowly builds up credit underwriting heft. The fintech is in the final stages of integration with five lenders.
Catamaran Ventures picks up 1.12% stake in garment maker Gokaldas Exports
Gokaldas Exports, one of India’s largest garment manufacturers and exporters, is promoted by Florintree Advisors, a private equity firm run by former Blackstone executive Mathew Cyriac.
Decoding InsuranceDekho’s back-to-back funding rounds amidst a funding winter
Amidst a funding winter, when startups are having to go the extra mile to justify every dollar of their valuation, InsuranceDekho stood out.
Irdai on a transformational journey to take insurance to masses
Under new chairman Debasish Panda, the regulator is engaging with the industry more than ever and looking to get the sector charged up.
Binance hooks Indian crypto traders; Meity gets three SRO proposals for online gaming
Embrace the Monday blues, and the other colours will follow. And now the top news of the day. Binance, the largest cryptocurrency exchange in the world, has found a way to draw Indian traders on to its platform to buy and sell cryptos while enabling them to settle deals in rupees. This and more in today’s ETtech Morning Dispatch.
General insurers face tough choice on pushing growth and sustaining margins
In the fiscal year 2023, the combined ratio - an indicator of profitability, which is calculated by measuring the sum of incurred losses and operating expenses as a percentage of earned premium - rose for almost all general insurers.
Amazon launches home insurance comparison website in Britain
Ageas UK, Co-op, and LV= General Insurance, a unit of German insurer Allianz, will provide third-party services initially, Amazon said on Wednesday, and it hopes to add more insurers "early next year".
Exclusive interview with Snap CEO; Paytm IPO opens Nov 8
In an exclusive interview, Snap Inc CEO Evan Spiegel told us the reasons for Snap’s resurrection, the secrets of its success in India, and what he really thinks of Facebook.
Businesses braced for the catastrophic impact of COVID-19. The blow may have been milder
It was believed that smaller companies cannot absorb the economic impact of COVID-19 and many would simply shut shop. Six months later, it seems the fears may have been exaggerated.
The CEO who waded into uncharted waters and shaped a market
Dahiya's success has showed a contrarian way to build a Unicorn, and that an internet Unicorn can also win a fight against well-funded rivals.
Acko gets final Irda license; to start operations by December
We have received final license within a year of filing the application, said Varun Dua CEO designate Acko General Insurance.
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