ELEVATION CAPITAL REPORT
Rise & rise of secondary deals; advantage desi data centres
Happy Friday! Total funding raised by Indian startups fell in the first half of 2024, but late-stage activity showed signs of revival, as per data. Decoding this and more in today’s ETtech Morning Dispatch.
Midcaps stocks for long term investors: 5 stocks from different sectors with right financial & growth matrix and upside potential of up to 49%
Buying quality stocks should be one of the basic principles while investing in markets. But when one is buying mid-cap stocks this principle becomes even more important for multiple reasons. At this point of time, when valuations are high and small corrections can lead to strong negative reactions in stock prices. So, while capital gains is the objective, never lose the perspective of protecting capital from sudden shocks. Now how does one do it? Look at the underlying business which is best understood by going through its annual report and look at a certain basic ratio in order to figure out how much return that underlying business can generate in best and worst case.
Indian banks' gross NPA ratio at multi-year low of 2.8%, net NPA down to 0.6% in FY24: RBI Fin Stability Report
The Reserve Bank of India reported that Indian banks' gross NPA ratio reached a multi-year low of 2.8%, with net NPA at 0.6% by March 2024. The global economy faces risks from geopolitical tensions and high public debt, but India's financial system remains robust, supporting economic growth through sustained credit expansion, the RBI said.
Equity taxation tweaks, PSU disinvestment among 6 factors that could break markets: Kotak Equities
Indian benchmark index Nifty 50 has surged by 1,682 points or 7.6% since the June 4 debacle, driven by non-institutional investors and select institutional investors, as noted by Kotak Institutional Equities. The market's sentiment remains positive despite potential risks, with a focus on upcoming state elections and regulatory oversight.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
Insurtech startup Kenko Health stares at shutdown: What went wrong?
Insurtech startup Kenko Health is facing closure due to a shareholder battle and funding issues. The company, backed by Peak XV Partners and Orios Venture Partners, struggled to raise capital from the Hero Group, leading to a stalemate. With no immediate funding prospects, the $39.7 million-valued firm is on the verge of shutdown, impacting its workforce and operations.
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IPO gold rush for investors; second-hand EV sales sputter
Happy Monday! Investors in new-age startups are set for huge gains as these firms list on the public markets. This and more in today’s ETtech Morning Dispatch.
Astrotalk closes $14 million funding led by Elev8 Venture Partners
Astrotalk monthly handles 30 lakh sessions between its customers and astrologers, mostly marriage-related consultations, followed by inquiries about employment. The funding has come when Astrotalk plans to expand its reach in overseas markets such as the US, the UK, Canada and west Asia. The company is also looking to increase its presence in south India as well.
Ixigo closes pre-IPO secondary sale at Rs 176 crore
New investors Ashoka India Equity Investment Trust, Tata Mutual Fund, Bay Capital, and Steadview Capital, have acquired these shares. During a secondary sale, existing investors sell their stake, so the proceeds do not go to the company. Ixigo is also raising Rs 120 crore in fresh capital through the public issue.
IT CEOs' salary in FY24; Wipro offers 85% variable pay
Happy Wednesday! Top bosses at some of the country’s leading IT firms took home enhanced salary packages last fiscal. More on this on today’s ETtech Morning Dispatch.
Lenskart $200M secondary deal; Baron bumps up Swiggy’s valuation
Singapore's Temasek and US-based Fidelity have invested $200 million in Lenskart through a secondary share sale. This and more in today’s ETtech Top 5.
Pakistan inflation slows to 11.8% in May, lowest in 30 months
The lowest reading comes a week before the central bank meets to review the key rate which has remained at a historic high of 22% for seven straight policy meetings.
Yield curve inversion narrows, 10-year yields hit four-week high
Yields jumped on Tuesday after consumer confidence unexpectedly improved in May and the Treasury Department saw soft demand for auctions of two-year and five-year notes.
Investors taking a shine to Indian climate tech space
Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.
Organised jewellery retailers likely to witness 17-19 pc revenue growth in FY25: Report
The report further stated that the working capital requirements of retailers might increase due to higher inventory levels resulting from the substantial rise in gold prices and new store additions. However, credit profiles should remain stable, it added.
Ixigo receives Sebi clearance for IPO
As per DRHP, offer to include Rs 120 crore of fresh shares and OFS component of 66.67 million shares
Fintech firm BharatPe elevates interim CEO Nalin Negi as chief executive
Nalin Negi appointed CEO of BharatPe, focusing on empowering MSMEs. With experience in SBI Card and GE Capital, Negi aims for growth after Suhail Sameer's exit. Board chairman expresses confidence in Negi's leadership.
Cultfit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal takes on executive chairman role
Naresh Krishnaswamy was previously the head of fitness services at Cultfit. He has been running all key operations at the firm since cofounder and former chief executive Mukesh Bansal moved to Tata Digital as its president.
Pollution levels decreasing consistently in city, says Delhi's Environment Minister on Swiss report
Delhi's pollution levels decreased over the years, yet it remains the 'most polluted' capital city. India ranks third worst globally in air quality. Air pollution causes seven million premature deaths annually, impacting cognitive development in children.
Lending rates to start easing only in second half of FY'25: Report
Bank deposit rates are unlikely to rise further. But the structural shift in the system will keep downward rigidity intact. Hence, banks’ lending rate is expected to remain high in FY’25 with some modest softening towards the end.
Delhi world's most polluted capital city again: Report
India ranks third in air quality with Begusarai and Delhi facing severe pollution issues. Begusarai recorded 118.9 micrograms PM2.5, surpassing Delhi's 92.7 micrograms. Air pollution leads to cognitive problems and premature deaths globally, highlighting a critical health concern.
Scaled startups could drive venture capital investment activity in 2024: report
During 2023, growth and late-stage startups chose to defer fundraising, and investors took their foot off the gas pedal owing to rising interest rates, leading to the number of mega rounds (those over $100 million) falling to only 15, compared to 48 in 2022.
Byju's EGM in focus; Elevation's long Paytm bet
The investors have red-flagged the acquisition of Aakash Educational Services Ltd (AESL) saying Byju's agreed to “onerous” and “prejudicial” loan terms with Davidson Kempner (DK), among other matters.
Quick-commerce firm Zepto elevates Nikhil Mittal to chief technology officer
Mittal joined Zepto as its first employee more than two years ago, and has been associated with the company since then. His elevation comes after the Mumbai-based startup recently raised $31.25 million in a fresh funding round from existing investors such as Goodwater Capital and Nexus Venture Partners.
Bhavish Aggarwal's Krutrim AI plans; Elevation Capital report on startup outlook
Ola founder Bhavish Aggarwal on Friday unveiled the large language model (LLM) Krutrim, which he described as ‘India’s own AI’. This and more in today’s ETtech Top 5.
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.
Rich Indians a big catch for fintechs, says report
A report released by Elevation Capital shows that together the niche market and the mass market will have a revenue pool of more than $170 billion by 2030.
Digital payments firm Razorpay elevates Rahul Kothari as COO
In his new, expanded role, Kothari will work closely with company founder and chief executive Harshil Mathur to develop and implement strategies to improve its overall performance.
Risk investors spot an opening in fintech infrastructure players building banking-as-a-service
Early-stage startups such as credit card management platform 42 Card Solutions; banking service platform Falcon; and credit management platform Knight Fintech have held talks with investors to raise fresh equity capital, said two industry executives, requesting anonymity.
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