INDIA STARTUP OUTLOOK
Indian fintech sector sees 59% drop in funding in H1 2024, remains among top three globally
The fintech sector saw a nearly 60% slump in funding for the first six months of 2024. Startups in the space raised $795 million during this period, as against $1.9 billion in the first half of 2023.
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.
Maharashtra's economic survey 2023-24: Shinde government spurs robust growth and recovery
The economic survey of Maharashtra for 2023-24 revealed a positive economic outlook under the Shinde government compared to the previous Maha Vikas Aghadi administration. The survey showcased growth in GSDP, FDI, and entrepreneurship. Maharashtra's GSDP growth outpaces Gujarat, FDI attraction has surged, and entrepreneurship is thriving with the highest number of startups in India. The survey also highlighted progress in social welfare, agriculture, financial assistance to farmers, infrastructure development, and increased allocation for women's education.
India's AI spending to touch $6 billion by 2027: IDC
Indian AI adoption is projected to boost AI spending to USD 6 billion by 2027, driven by IDC's insights on Generative AI and GenAI-enabled delivery, emphasizing the importance of digital transformation for Indian service providers.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
Oyo’s maiden annual profit; RBI guidelines for fintech SRO
In a significant turnaround, hospitality startup Oyo reported its first annual profitable fiscal on Thursday. This and more in today’s ETtech Top 5.
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We wish to grow in SOBO market which will see resurgence of residential developments: Boman Rustom Irani, Keystone Realtors
Keystone Realtors, led by Boman Rustom Irani, are expanding into SOBO due to city infrastructure growth. FY25 outlook is positive, with FY24 surpassing expectations. Strong OCF, acquisitions, and partnerships contribute to the company's success. The real estate sector in Mumbai is poised for growth, driven by infrastructure development and a surge in redevelopment projects.
Late-stage startup funding up 3x in April
Data from market intelligence platform Tracxn reveals a new trend in Indian startups. While overall funding for startups declined in the first three months of 2024, late-stage funding (for more established companies) saw a dramatic increase, more than tripling in April.
Atlan’s valuation nearly doubles; decoding PB Fintech’s FY24 financials
Data collaboration software startup Atlan has raised $105 million at nearly double the valuation since its last round. Details on this and more in today’s ETtech Top 5.
Should investors be contra buyers in IT? Rajeev Thakkar answers
In each bull market, there will be pockets of exuberance, but there will be some other pockets which will be out of favour and that is where we tend to look for opportunities.
Exclusive: Flipkart-Zepto deal talks drop out of cart
Happy Friday! Ecommerce major Flipkart held talks with Zepto for a potential deal. More on that in today’s ETtech Morning Dispatch.
Regulatory scrutiny may queer the pitch for insurtech; and other top startup & tech stories this week
Multiple people in the know have told me that the insurance regulator is not comfortable with the typical corporate structures of startups, and may not be in favour of granting them an insurance manufacturing licence. The regulator wants these firms to get rid of any holding company structures, onboard investors directly into the applying entity, and have founders bring in sufficient amount of net worth before applying.
Signs of optimism in job market: White-collar mandates up for June quarter
Manufacturing, infrastructure, pharma and healthcare, global capability centres (GCCs), engineering and banking and financial services are among the sectors taking the lead on the hiring front amid large-scale public-private investments, strong digital transformation initiatives, increased consumer demand, and advancements in healthcare technology, the firms said.
Healthtech sector hiring up 9% in 2023 despite startup funding winter
India's healthtech sector saw a 9% increase in hiring in 2023, despite challenges such as reduced investments. Sales and business development roles were the most sought-after, followed by technology and product development positions. Companies are actively recruiting professionals in software development, data analytics, and quality assurance. Top roles in demand include DevOps Engineer, Mobile App Developer, and Data Scientist. Python, .Net, and AI skills are highly valued. The sector anticipates a 15-20% employment growth in 2024, with companies like Access Healthcare and Tata 1mg driving recruitment efforts.
Tide seems to be turning for IT as hiring mandates rise 50% in February
Hiring mandates for IT talent stood at 124,000 in February, which is a nearly 50% jump compared to January and 33% higher than in December, data from staffing firm Xpheno shows.
In 2024, there will be more funding for startups than last year: Sanjeev Bikhchandani
Sanjeev Bikhchandani, Co-Founder of Info Edge, explores the pivotal role of governance in sustainable companies, predicts a positive fintech revival, and envisions India's startup ecosystem driving towards a Rs 5 trillion economy. According to McKinsey, in the last 10 years, roughly 13% to 15% of India's GDP growth has come from the startup ecosystem. Bikhchandani thinks that is a conservative estimate.
Paytm gets nod to become third-party UPI app; Govt cracks down on OTT platforms
Paytm parent One 97 Communications Ltd has secured approval from the National Payments Corporation of India to become a third party UPI app. This and more in today’s ETtech Top 5.
Innovators start-up and scale with SAP
In conversation with Sanket Deodhar of SAP India, on how startups considering listing or going public can achieve taxation and geographical regulatory compliance through SAP’s solutions. Deodhar discusses SAP’s unique strategy of incorporating AI, including Gen AI, into its applications and making this technology accessible to its customers. He also outlines SAP India’s blueprint for advancing Digital India.
Hiring intent for fresh talent up 6% in H12024: Report
Roles such as graphic designer, legal associate, chemical engineer and digital marketing executive are in high demand across industries for freshers, according to TeamLease EdTech’s Career Outlook Report.
Budget booster for EVs; QR frauds spike
The government could set aside Rs 10,000-12,000 crore for the third installment of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme.
About 61% of startup founders in India expect pace of hiring to remain the same or dip this year: InnoVen Capital Survey
Nearly 61% of Indian startup founders expect hiring to remain the same or decrease in 2024, according to InnoVen Capital's 'India Startup Outlook' report. The report also reveals that 24% of founders are open to hiring professional CEOs in the next 2-3 years. Gender diversity continues to be a challenge, with 75% of companies having less than 20% women in leadership roles.
The stars are aligned! Why FIIs will have to allocate more money to India
India always had structural positives of the three Ds: Democracy, Demographics, and De-Regulation of industry. These helped Indian GDP and per-capita income levels grow from USD 500 to over USD 2600, a rise of 450% in USD terms in 30 years. Moreover, in the past few years, these have become even more important and stronger for India versus the rest of the world. Let us see how and why.
Bitcoin Outlook 2024: What are the emerging themes to watch out for?
As the investment universe gets ready to bid adieu, all signs point to the popularity and acceptance of cryptocurrencies getting bigger and better in 2024.
Indian IPO Landscape in 2023: A review and future outlook
In the ever-evolving world of IPOs, the year 2023 has been a tale of two halves. The primary markets experienced a dry and slow first six months, only to witness a significant surge in new stocks going public in the latter part of the year.
What's in and what's out in 2024: Changes coming in workplace, travel, business and economy
In 2024, workplaces shift towards mandatory office presence, ending remote work era. Travel sees a rise in short trips to visa-free countries. Startups face funding challenges, emphasizing profitability. Hybrid cars dominate the auto industry, and premium experiences and personalised fitness gain traction in consumer trends.
We have gone from a slightly more cautious to a more bullish outlook: Ashi Anand
Ashi Anand says: “From the longer-term perspective, we are very positive on discretionary consumption. Just over the slightly shorter term, we are seeing some amount of base effect having caught up. While rural consumers who have been weak for some time are coming back, in urban consumer part, we are seeing certain pockets of weakness.”
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.
For FMCG giants, a big opportunity can also turn into a looming threat
Big FMCG companies are heavily investing in e-commerce to tap into its vast potential. Their strong brands and significant investments in technology will drive their success in this growing market. However, emerging Direct-to-Consumer (D2C) brands pose a constant threat, keeping the giants on edge and vulnerable.
Uber bets big on India’s tech talent, incentivises innovation around sustainability
Manikandan Thangarathnam, Senior Director, Engineering, Uber India, on Uber's transformative journey and insights into its future projects
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