NAVI FINSERV SLOW LANE
US military ships are working to build a pier for Gaza aid. It's going to cost at least USD 320 million
Sabrina Singh, Pentagon spokeswoman, told reporters the cost is a rough estimate for the project and includes the transportation of the equipment and pier sections from the United States to the coast of Gaza, as well as the construction and aid delivery operations.
Quickening pace of quick-commerce; and other top tech, startup stories this week
It’s no surprise, given quick-commerce platforms are betting big on advertising revenues to contribute substantially to their toplines. HSBC Global Research expects Blinkit’s ad revenues to grow fourfold from $60 million in FY24 to $240 million in FY27.
Binny Bansal, CaratLane’s Sacheti back Xeed Ventures; decoding fintech’s AMC biz
Xeed Ventures, an early-stage fund run by Sailesh Tulshan, which was formerly known as 021 Capital, has also roped in Premji Invest as an LP. The investment committee (IC) for Xeed will consist of Tulshan, Bansal and Sacheti. Xeed is aiming to make a final close of Rs 600 crore and has already snagged 70% of the target corpus, according to people in the know.
Naval-gazing our way
The Indian Navy is preparing for various scenarios, with a key focus on obtaining advanced underwater sonar technology from the US to enhance submarine detection. Despite two years of discussions, progress is slow, with the US suggesting India develop its operational framework before acquiring the technology. India's insistence on independent capability stems from past denials and sanctions.
Startups tap new pools of capital; consumer lending apps hit profitability
Capital pools have diversified amid the broader tech slowdown with large global, crossover and hedge funds mostly staying away from cutting new cheques. Domestic firms and family offices such as those run by Zerodha cofounder Nikhil Kamath, Manipal Group chairman Ranjan Pai, and Premji Invest have backed startups including Subko, Quorum Club, Kites Seniorcare and The Sleep Company.
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.
New AI law to protect Indian publishers; Navi eyes $2 billion valuation
News publishers in India have been seeking changes to the information technology rules to ensure fair compensation for the use of their content by generative AI models. The Digital News Publishers Association (DNPA) grouping has sent a letter and made representations to the ministries of electronics and information technology, and information and broadcasting, seeking protection from likely copyright violations by AI models, ET reported in January.
Sachin Bansal’s fintech Navi in talks to raise new funding at $2 billion valuation: sources
The $2-billion valuation Navi is seeking is lower than the previous funding discussions it had with investors. These discussions also come after Navi had filed for an IPO which had been approved by Sebi.
Sachin Bansal’s Navi eyes $2B valuation; Byju’s seeks arbitration in investor battle
Sachin Bansal-promoted Navi Technologies is in the market to secure external funding at a valuation of around $2 billion. Details of this and more in today’s ETtech Top 5.
US Army boats head out on a mission to build a floating pier off Gaza's shore for food deliveries
The U.S. Army dispatched four boats from Virginia to Gaza to aid Palestinians amid Israel-Hamas conflict. Loaded with supplies, the boats will construct a floating dock for aid delivery. Israel's assault on Gaza has led to over 30,000 Palestinian deaths and a humanitarian crisis, with 2.3 million struggling for food. The Army will build a modular causeway system to transfer aid ashore, capable of delivering over 2 million meals daily. President Biden has ruled out deploying U.S. troops to Gaza.
Tata Digital’s consolidation play; Paytm turns compliance-first
Tata Digital also has plans to consolidate its various standalone apps, such as BigBasket, Tata 1mg, and Tata Cliq, under the Tata Neu app to improve consumer engagement and increase utilisation of the super app, whose slow take-off has been a cause of concern for the company.
Sachin Bansal's Navi Finserv to raise Rs 600 crore through NCDs
The company had raised around Rs 950 crore through two tranches of NCDs previously. This tranche will go live on February 26, 2024.
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.
Atal Setu definitely a sight to behold but don't stop midway, say cops; warn of FIR
However, some netizens also said such acts may be the result of curiosity due to the newness of the sea bridge as well as the sights around, like oil refineries and port operations which are otherwise inaccessible to most people, and normal traffic behaviour would return when the novelty wears off. In an appeal on X, the MMRDA said, "Experience the joy of driving on India's longest sea bridge having speed limit of 100 kmph. For your safety, we advise against stopping on the bridge for selfies. Drive responsibly and enjoy the journey."
Home loan, insurance business drag Sachin Bansal’s Navi into slow lane
Sachin Bansal-led Navi Finserv may have to rethink processes and get people on the ground, say experts. The company wanted to scale up its home loan disbursal to Rs 200 crore a month, back in 2022, but that growth has been elusive.
Sachin Bansal’s Navi in slow lane; New Year spike for health, wellness D2C brands
Sachin Bansal’s fintech venture Navi had big ambitions to digitally disrupt the financial services sector, but two of its flagship products have not been able to shore up much traction. This and more in today’s ETtech Morning Dispatch.
FII dollars take slow lane on Dalal Street in Q2; what does Q3 have in store?
FPI purchases saw a sharp slowdown in the September quarter, as they net invested just Rs 21,900 crore or $2.6 billion in the secondary market, after pumping in Rs 1.02 lakh crore ($12 billion) in the preceding quarter, data by StockEdge showed.
ETMarkets Fund Manager Talk: Nimesh Chandan identifies 6 megatrends that can create long-term wealth
"India is currently in a favourable position compared to both developed and emerging nations. However, there is a possibility of FPIs selling their investments in India if there is a global risk-off situation. Despite India’s strong macroeconomic fundamentals, external factors like concerns in the US banking sector, elevated crude oil prices, high inflation, and a sustained “higher for longer” policy rate can have an impact."
INS Vikrant unlikely to be battle-ready before 2020
The country's first indigenous aircraft carrier, INS Vikrant, will not be ready to go to war anytime before 2020 even if it's handed over to the Navy in 2018, as is now scheduled.
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