INSURTECH STARTUPS EXPENSES
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.
Food delivery cos bet on existing users; Infosys CEO interview
Happy Tuesday! With user growth stagnating, Zomato and Swiggy are prodding existing customers to order more. This and more in today’s ETtech Morning Dispatch.
Ankush Aggarwal returns to Ola Cabs; declining H-1B visas for IT staff
Happy Tuesday! Ola Cabs founder Bhavish Aggarwal’s brother Ankush is back at the ride-hailing business. More on this 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.
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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.
Inside Flipkart’s restructuring; Ad boost for q-commerce, food-delivery
Happy Monday! Walmart-owned ecommerce behemoth Flipkart is undergoing significant restructuring, including an internal workforce reduction. This and more in today’s ETtech Morning Dispatch.
Navigating the general insurance landscape: A reflective review and forward outlook
The GI industry is entirely focused on achieving the glorious mission of 'Insurance for All' by 2047, set by the insurance regulator.
Mamaearth parent's muted market debut, early investors clock gains; Xpressbees bags $80 million
Honasa Consumer had a rather flat debut on the stock markets today, opening at a 2% premium to its issue price. This and more in today’s ETtech Top 5.
Digital lending at an inflection point, and other top tech, startup stories this week
The digital lending sector in India is experiencing an inflection point after years of challenges. Industry-level NPAs are decreasing, credit demand is increasing, and investors are showing interest in the sector again. Fintechs have dominated the unsecured lending space, with the market share of fintech lenders in the personal loans sector increasing from 13% in 2018 to 47% in 2023.
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.
Shock and awe for online gaming industry; IRDAI’s transformational journey
The bells have begun to toll for India’s online gaming industry. The 28% GST levy looks set to deal the sector a knockout blow, with a few firms already announcing layoffs. Others may seek to stave off closure by either moving into unaffected areas or buying out smaller players. Innovate or perish may well be the new mantra for this once up-and-coming sector. This and more in today’s Morning Dispatch.
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.
Startups vs IAMAI, redux; Mojocare investors mull legal action against founders
Startups are once again at odds with the Internet and Mobile Association of India (IAMAI) over the latter’s stance on the digital competition bill. The latest in this feud and more in today’s ETtech Morning Dispatch.
Now, infertility treatment for employees gets India Inc cover
Recognising the importance of reproductive health and family planning support, a clutch of companies like Accenture, Cognizant, Procter & Gamble, Salesforce and WeWork are making fertility benefits a standard part of comprehensive employee benefits packages to not just attract and retain talent, but also demonstrate their commitment to wellbeing.
Life insurance penetration in India reaches 3.2%, close to global averages: Benori Knowledge
Insurance penetration is expected to increase in the coming years owing to multiple factors that include changing consumer perception and realisation of financial security, the easing of IRDAI regulation regarding product approval and distribution, customization in products, balanced channel mix, and digitization efforts at the company level.
Gig Interrupted: how Indian gig workers struggle amid lack of social security net
Tech aggregators from mobility to food delivery are growing at a scorching pace, thanks to gig workers who may be their feet on the street, but who have miles to go before they come under a social security umbrella. Bharani V, K.R. Balasubramanyam & Dia Rekhi look at what's at stake.
New-age firms adopt pet-friendly policies to better retain talent
Pet insurance, telehealth services, pet adoption leaves, and wellness leaves are some of the initiatives companies have rolled out for employees
Kenko Health raises $12 million led by Sequoia Capital India
Existing investors Beenext, Orios, 9Unicorns and Waveform also participated in the funding round. The company previously raised $1.7 million as part of its pre-Series A round, from Beenext and Orios.
Open to investing in fintech post Paytm's listing, missed out on SaaS deals earlier: SoftBank
SoftBank Vision Fund, an investor in newly listed Policybazaar and Paytm, is expecting a bunch of portfolio firms to tap the buoyant IPO window amid skyrocketing valuations for tech startups.
Pristyn eyes unicorn club; Celebs join the NFT craze
Healthcare startup Pristyn Care is in talks with investors to raise $90-110 million. If the latest funding round goes through, it will book itself a spot in India’s very rapidly growing unicorn club.
Healthtech startup Onsurity gets $16 million from Quona Capital, others
Founded in 2020 by Agarwal and Kulin Shah, Onsurity provides a self-serve platform where organisations can purchase flexible and customised healthcare plans for their employees.
Why legacy insurance brands are logging off from online marketplaces
HDFC Ergo recently delisted its products from online insurance aggregators, including Policybazaar. The development isn't an isolated event but indicative of a wider pushback.
Paytm files for biggest Indian IPO in at least a decade
Paytm parent One97 Communications has filed a draft red-herring prospectus (DRHP) with Sebi to raise Rs 16,600 crore ($2.2 billion) in what will be the biggest Indian initial public offering (IPO) in at least a decade.
Edelweiss General Insurance eyes 80-85 pc of business from health, motor segments: CEO
"We hope to maintain a similar growth rate in the current year also. In the first two months (April to May 2021), we have seen over 60 per cent growth...," Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance, told.
Proposed e-commerce rules explained
In today’s ETtech Top 5 newsletter: A two-minute explainer of India’s proposed e-commerce rules, European Union hands a win and loss to Google, and Unacademy’s Graphy announces Rs 100-crore fund for creators.
Paid in India
In today's ETtech Evening Briefing: Coupang's IPO and listing a shot in the arm for SoftBank; Nazara Technologies to launch India's first gaming IPO, but investor Rakesh Jhunjhunwala isn't selling stake; and Amazon Pay gets Rs 225 crore more.
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