EDTECH AND FINTECH
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Fintech sector will dominate future Unicorns at USD 58 billion: Hurun report
The total worth of India's future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. Fintech sector leads with the highest number of companies that can become Unicorns in future.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed them.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
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New-age brands buzz on deal street; Unacademy founders’ voting rights
Happy Friday! New-age brands are attracting capital from VC funds, founders and other types of investors. This and more in today’s ETtech Morning Dispatch.
A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Groww's reverse flip to India; investors bet on gaming studios
Happy Thursday! Fintech startup Groww has completed the process of domiciling itself to India from the US. This and more in today’s ETtech Morning Dispatch.
Groww moves domicile to India from the US
Increasing number of large startups across sectors looking to shift from US, Singapore
Rise of fintech leads to demand for leaders who can manage regulatory and business requirements
Increased regulatory requirements in fintech drive demand for professionals with expertise in blockchain, AI, and cybersecurity. Boards seek leaders capable of navigating complex regulatory landscapes while fostering innovation and ensuring regulatory compliance for sustainable growth.
Mukesh Bansal’s Cultfit gets new CEO; Google unveils Arm-based chip
Cultfit has formally appointed Naresh Krishnaswamy as CEO. Details on this and more in today’s ETtech Top 5.
Not how fast but how long they live
The next wave of startup funding will be driven by investors seeking quick dispersal of AI among economic processes. AI has the potential to disrupt and create value at a pace faster than previous technology cycles.
Imarticus Learning looks to expand into US, Middle East, Singapore
With this move, Imarticus Learning aims to tap into new talent pools, as well as bridge the global demand for specialised education and training, especially in emerging technologies, finance, analytics, and management. It is already present in the UAE.
Indonesian startup Wagely raises $23 million in equity-debt mix
The equity portion of the round is led by Capria Ventures, which has invested in the likes of social networking platform, ShareChat, edtech Masai School and Cuemath in India. Launched in 2020, Wagely’s financial wellness platform allows workers to better manage their money by letting them access their pay after each workday.
Vijay Shekhar Sharma exits Paytm Bank board; FM meets startup, fintech CEOs
Vijay Shekhar Sharma is stepping down as part-time non-executive chairman and board member at Paytm Payments Bank as part of a restructuring. This and more in today’s ETtech Morning Dispatch.
Fintechs and the KYC conundrum; other top tech, startup stories this week
KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
When Byju’s made its presence felt, in absence; and other top stories this week
Upgrad cofounder Ronnie Screwvala huddled up with a group of founders and edtech leaders to discuss the way forward from the perception hit, which the sector has taken as a result of the doings of just one company.
Oyo may pause IPO plans; GSV Ventures' Deborah Quazzo on Byju's and edtech
Oyo's initial IPO attempt hit a snag in January 2023 when the regulator sent its papers back for revisions. Following this, the SoftBank-backed company resubmitted a toned-down version, aiming for a much smaller offering through a confidential filing. Oyo was among several companies asked to adjust their IPO plans.
We aim to democratise foreign education for students in lower income brackets and in smaller towns: GradRight
GradRight claims to have processed loan requests exceeding $2 billion and assisted over 60,000 students in just two years.
What's stopping rivals from lining up to pick up Paytm's talent pool
Competitors and other startups are eyeing talent within Paytm amid its current challenges. However, the company's reputation for offering salaries well above industry norms means that many potential candidates are being priced out of the talent market. Industry insiders and executives from recruitment services and search firms have noted that Paytm's generous compensation packages are difficult for other companies to match.
Paytm crisis deepens; taming of the alpha founder
Paytm’s peers and users have gone back to re-strategise as the fintech firm untangles the regulatory knots. The latest on this and more in today’s ETtech Top 5.
The week that was: Hope and despair on Startup St., and other top tech stories
But if there’s one thing that has come to the fore this week, it's compliance and governance issues at startups. When companies are in the nascent stage they can get lax on setting up internal controls, but once you scale it becomes a different proposition altogether.
Startups talk up funding winter, but loosen their purse strings
During the ongoing funding winter, several internet majors such as Paytm, Policybazaar parent PB Fintech, Flipkart failedd to control expenses in FY23. Horizontal omnichannel retailers such as Nykaa, Mamaearth parent Honasa Consumer and FirstCry also saw both employee expenses and marketing costs rise anywhere between 23% to 55% during FY23.
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.
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.
Unacademy appoints Pratik Dalal CFO of its offline centres business
Dalal was most recently heading business finance at Cred, prior to which he was VP of business finance at Flipkart.
Upgrad-Udacity deal; Angel One snags Kotak Cherry top deck
Happy Monday! Ronnie Screwvala-led Upgrad is closing in on US edtech firm Udacity, with a fresh fundraise likely to seal the deal. Details of this and more in today’s ETtech Morning Dispatch.
Omidyar Network to exit India; Angel funds may soon get to invest more in startups
Impact investment fund Omidyar Network India is exiting the country and will transition out of the local market by 2024. This and more in today’s ETtech Top 5.
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