SWIGGY NBFC
Top startup and tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories that we covered this week. Here’s a recap if you missed them.
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Roadblocks for q-commerce; Mizuho InCred deal
Happy Friday! As quick commerce platforms diversify, they are likely to face operational challenges. More on this in today’s ETtech Morning Dispatch.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Ranjan Pai’s big Aakash stake; Meesho, Pine Labs fair value cut
Manipal group head Ranjan Pai will soon become the largest shareholder in Aakash—one of the few remaining valuable assets of troubled edtech Byju’s. This and more in today’s ETtech Morning Dispatch.
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Looking at a flattish quarter for Indian IT space for Q3: Ajay Bagga
Ajay Bagga expresses caution about the NBFC sector and expects a decline in revenues, margins, and growth trajectory. The truck and vehicle finance sectors are performing well, but the rural demand has not picked up. In the IT sector, there is a slowdown in orders, and companies need to focus on new revenue avenues such as artificial intelligence and cloud growth.
Sanjiv Bhasin is sticking with these 4 banks & NBFCs. Here’s why
Sanjiv Bhasin believes SBI is still the most undervalued stock and recommends staying with it. He also suggests LIC Housing and AB Capital as potential outperformers in the NBFC space. Bhasin mentions DCB Bank as a small cap dark horse with the potential for significant outperformance. He discusses the volatility of IT companies and advises sticking with the best large caps. He suggests considering NBFCs and select midcap PSU banks.
IT firms to face-off for $16 billion of deals; Zomato pauses Blinkit integration
Indian IT firms are expected to put up a tough fight for these contracts, many of which are now serviced by global multinationals. Experts attribute this competition to technology clients turning more cost-conscious in a turbulent macro-economic environment.
Startups’ annus horribilis; and other top tech stories this week
Indian startups are closing 2023 with a cloud of uncertainty looming large over them.
Chill sets in for consumer lending apps; what’s cooking at food delivery platforms?
Consumer lending firms are set for difficult days ahead as a central bank diktat on reining in unsecured loans has choked off much-needed credit lines.
Jio Financial’s Q2 report card; Invesco raises Swiggy's valuation
Jio Financial Services, which was recently spun off from Reliance Industries and listed as a separate entity, made a strong showing in the September quarter.
Swiggy enables Rs 450 crore in disbursals through restaurant financing programme
Under the programme, that helps restaurants access financial products such as term loans and credit lines from lending firms including Indifi, Incred, PayU, IIFL and FT Cash, 8,000 restaurants that have accessed these product, 3,000 availed loans in 2022.
Fintech unicorn Slice to merge with a small finance bank; Karnataka doubles down on gaming GST
Credit card and payments unicorn Slice is all set for its banking foray as it prepares to merge with North East Small Finance Bank (NESFB).
Altitude raise funds from founders, CXOs of Swiggy, Yes Bank, Good Glamm, Robinhood, and Wipro among others
The financial services platform offers alternative investment tools, and funds raised will help accelerate the launch of its flagship product Altitude Prism, a structured fixed income instrument, which the company aims to list on the National Stock Exchange, it said in a statement.
Ex-Swiggy exec Anuj Rathi joins Jupiter as chief product and marketing officer
At Jupiter, Rathi will lead product, design, growth and marketing. He will work closely with Jupiter’s founder and CEO Jitendra Gupta.
Discover and HDFC Bank set sight on doubling Diners Club card base in India
Diners Club is part of HDFC Bank’s offering for its premium customers. Reserve Bank of India data shows that HDFC Bank has issued around 18 million credit cards. About a million are Diners Club, issued by Discover, the bank said.
Here's why Digant Haria is bullish on NBFCs
I think it has been a sector which I have tracked for many-many years, the NBFCs. You were mentioning in your PSU bank presentation just a few minutes ago that they were the darlings of 2022. In fact, PSU private banks both. I think 2023 is turning out to be a year of NBFCs because the banks will see some bit of margins cooling off but that is good news for NBFCs.
Exclusive: Sebi may review compliance for VC, PE funds; Cred‘s rejigging its lending strategy
Capital markets regulator Securities and Exchange Board of India (Sebi) has sought suggestions from venture capital and private equity funds to potentially simplify regulations for the sector.
Chasm grows between Indian startups & internet body IAMAI; IT firms look to boost utilisation levels for better margins
Indian internet firms have given internet body IAMAI a thumbs-down, alleging that it has favoured Big Tech companies on multiple issues. This and more in today’s ETtech Morning Dispatch.
Why PhonePe-ZestMoney deal fell through; top leadership changes at Swiggy Instamart
PhonePe has walked away from buying cash-strapped buy-now-pay-later (BNPL) startup ZestMoney amid due diligence concerns, per multiple people in the know. After breaking the story on Thursday morning, we get you details on what led to the failed transaction.
Cred launches ‘Tap to Pay’- a feature that needs no physical card or wallet to make payments
Company enters the buy-now-pay-later space with Cred Flash.
I check Zomato price only when somebody pings me about it: Deepinder Goyal
“The stocks Uber sold were like 2.5x subscribed, I do not know. I have been getting these whatsapp messages that Uber stock was subscribed 2.5x or some other message said 4x. I have no idea what is the truth but there is so much interest in buying the stock as well.”
Zomato, Swiggy results; RBI's crypto warning
Food delivery firm Zomato has reported a consolidated net loss of Rs 67.2 crore for the December quarter, down from Rs 352.6 crore in the same quarter last year.
The future of revenue-based financing in India: New age financing for ‘traditional’ startups
While technology driven startups get most of the attention of the media and all the funds from venture capitalists, there is a silent revolution taking place leading to an explosion in 'traditional’ startups which equally deserves our attention.
Zomato's IPO playbook
We go deeper into the various factors—from meticulous planning to perfect timing—that made Zomato's journey to the public markets a hit.
View: Welcome half-steps RBI, not quite whatever it takes
The RBI seems to labour under the delusion that banks respond to an offer of funds with the same alacrity shown by the average Malayali male towards a glass of decent whisky placed before him. If the banks did not snap up debentures, commercial paper and other debt securities offered by private companies in the recent past, why would they develop a new taste for private company debt now?
Ola seeks to take NBFC route to drive growth
Move part of efforts to focus on financial services as taxi business slows and is also aimed at roping in separate capital for Ola Money.
VC and PE sectors get a headstart with high profile hires in 2018
From SoftBank appointing its first country head to new investment firms being set up, some of the most prominent names in the investor community sought fresh challenges and investment vehicles.
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