Let’s target 75 unicorns in 2022: Piyush Goyal
Trade and Industry Minister Piyush Goyal said 2021 will be remembered as the year of unicorns or startups valued at $ 1 billion or more. He pointed out that India now has the third highest number of unicorns in the world – 82 in total, more than half of which have been added to the list in the past 12 months.
“Let’s plan to feed 75 more unicorns this year,” Goyal said at the inaugural session of the first-ever Startup India Innovation Week – a week-long event that aims to bring the ecosystem of Indian startups together for experience sharing and ideas. .
In Goyal’s opinion, startups are the main reason for India’s meteoric rise in the Global Innovation Index from 76 in 2014 to 46 in 2021. Among the top 25 in the Global Innovation Index ”, he added. he declares.
He also said that entrepreneurs should also focus on strengthening the Make in India program, innovation in India and mentoring young startups. “Today, four startups are recognized – every hour – in my department, of which 45% belong to cities of level 2 and 3,” he said, adding that 46% of startups have female co- founders.
Speaking about some of the measures taken by the government to facilitate the start-up process in India, Goyal highlighted the impact of reducing patent filing fees, relaxing government procurement standards, fund of funds and the seed fund program. From 2018 to 2021, more than six lakhs of jobs were created by startups, he said.
Discussing the government’s open network initiative for digital commerce, he said it has the potential to be a game-changer and provide huge opportunities for emerging startups. Comparing it to the unified payment interface, which has transformed the fintech ecosystem, he said, “I have no doubts that the open network for digital commerce will play a similar role for our business startups.
Object to inappropriate language used by Ashneer Grover of BharatPe: Kotak Group
Kotak Group confirmed in a statement today that it has recorded its objections to inappropriate language used by BharatPe co-founder and MD Ashneer Grover against one of its employees.
“We received this notice and responded appropriately at the time, including recording our objections to the inappropriate language used by Mr. Grover. Appropriate legal action is pending… We would like to confirm that there has been no violation or violation by the Kotak Group in any way, ”the company said in the statement.
Earlier Wednesday, a tweet from an account named “@BabuBongo” read “how rich founders treat poor bank workers” and included an audio clip. The clip, lasting approximately 4:29 hours, includes an exchange between three people: two male voices and one female voice.
In response, Grover claimed that the viral audio clip purporting to show him verbally assaulting a bank employee for failing to obtain shares in Nykaa’s initial public offering (IPO) is “false” and constitutes an extortion attempt. silver.
Paytm shares collapse to new low after Macquarie slashes target price
Shares of Paytm’s parent company One97 Communications hit a new low on Monday after Macquarie lowered its target price for the stock to Rs 900, from Rs 1,200. The brokerage kept its rating of “under -performance ”on Paytm, increasing its projected losses for the business from 16% to 27% in fiscal year 22-25 due to declining revenues and rising employee and software costs.
Paytm is one of the worst debutants on Dalal Street in 2021. Its IPO was the largest ever in India.
Macquarie also revised his revenue CAGR estimate for Paytm to 23% for fiscal year 21-26E, from 26%, citing a drop in distribution and commerce / Cloud revenue. He lowered the price-to-sell multiple for Paytm to 11.5 times from 13.5 times.
After various business and earnings updates, Macquarie said, his revenue projections, especially on the distribution side, are under threat.
“We are roughly reducing revenue estimates for FY 21-26E by an average of 10% each year due to declining distribution and commerce / cloud revenue partially offset by higher payment revenue. he said, adding that several regulatory and business-specific challenges exist for the company.
The brokerage said the Paytm stock is trading at 17 times its FY23E sales, which is expensive.
Microsoft CEO Satya Nadella invests in Groww and joins as advisor
Groww, backed by Tiger Global, said on Saturday that Microsoft CEO Satya Nadella has joined the company as an investor and advisor.
“Groww gets one of the world’s best CEOs as an investor and advisor. Glad to have @satyanadella join us in our mission to make financial services accessible in India,” tweeted Lalit Keshre, Co-Founder and CEO by Groww. However, he did not disclose the financial details of the investment.
RBI will create a new FinTech department
The Reserve Bank of India (RBI) has set up a fintech department to focus on the rapidly growing financial sector, in accordance with an internal central bank circular.
“With a view to placing more emphasis on the field and facilitating innovation in the fintech sector by adapting to the dynamic evolution of the financial landscape, it was decided to create a fintech department within the Bank ”, indicates the circular.
The department joined the FinTech division of the Payment and Settlement Systems Department, Central Office (DPSS, CO), the new entity entering into force on January 4, 2022.
The ministry will not only promote innovation in the sector, but will also identify associated challenges and opportunities and address them in a timely manner, the circular said.
It will also provide a “framework for further research on the subject that can help the Bank’s policy interventions”.
Flint, a platform that offers passive exposure to crypto, opens its waiting list
Flint, one of India’s first passive cryptocurrency investment platforms, opened its waiting list without any lockdown period. Launched by the Ex-CRED team, Flint Early Access is now available to more than 25,000 customers through the waitlist.
The platform aims to solve the three issues that consumers face when adopting cryptocurrency investing: losses due to price fluctuations, the complex process of investing in challenge protocols. innovative fiction and the lack of a user-friendly mobile application.
“We have found that sophisticated investors are not comfortable with the game in the crypto market. They need passive exposure to crypto that can provide high returns at low risk without market fluctuations. With Flint, they can now enjoy the benefits of the crypto markets, but with the convenience of low risk investments, ”said Akshit Bordia, co-founder of Flint.
Through the diversification of crypto investments, the platform claims to offer returns of up to 13% per year. It converts the user’s deposited funds only into stable cryptocurrencies, free from price fluctuations.
“We are targeting nearly 500 million users worldwide in various customer segments,” said Anshu Agrawal, co-founder of Flint. “We want to acquire high-speed users between the ages of 25-40 in Tier 1 cities, who are already comfortable with mutual fund investing and looking to diversify their wealth into crypto without too much effort. effort.
Betterhalf.ai, supported by Y-Combinator, announces ESOP for its employees
Betterhalf.ai, a new age marriage platform, has announced its stock option plan (ESOP) for its employees.
With the ESOP buyout option, the startup aims to encourage its existing employees while promoting external hiring.
The startup backed by Y Combinator claims to be among the few to offer the buyout of ESOP at the pre-series A stage. In 2021,
Betterhalf.ai has raised $ 3 million in pre-Series A funding from S2 Capital and Quiet Capital with the participation of angel investors such as Kunal Shah, the founder of CRED. Now he’s heading towards his Series A fundraiser, the company said in a statement.
“We haven’t seen any companies make an early stage buyout, but we believe it’s the right thing to do for the employees who are contributing to the rapid growth of a startup like ours,” said said Pawan Gupta, co-founder of Betterhalf. have.
Founded in 2016, Betterhalf.ai is a wedding app that runs on an advanced AI-powered compatibility algorithm. Currently, it facilitates 200,000 connections and records more than 4.4 million messages exchanged each month.