These are uncertain times for Indian startups trying to make it big on the stock markets.
Paytm’s share price fell 10% on Thursday after a share sale by its main shareholder – Softbank. Nykaa is not doing very well either, with shares down 7% to a daily low of Rs 171.05. This week alone, the beauty giant’s losses in the markets stretched to around 20%.
However, this slide is not just limited to India. Interest rate hikes and recession fears spooked the Dow Jones Industrial Average, which fell 266 points. The S&P 500 fell 1.8%, while the Nasdaq-100 fell 1.03%.
Meanwhile, tech giants are looking for leadership talent as they make big decisions. Meta announced the appointment of Sandhya Devanathan as Director and Vice President of Meta India. Even embattled Twitter is looking for a new CEO, as Elon Musk hopes to cut back on his “time on Twitter.”
ICYMI: Did you think that Sanskrit is an extinct language? A Delhi taxi driver will prove him wrong while conversing fluently with a passenger in classical language in this video.
In today’s newsletter, we’ll talk about
- Prateek Kuhad unplugged
- What’s next for India’s fintech sector?
- Hood: yes or no?
Here’s your trivia for today: Which country has the most freshwater resources?
Prateek Kuhad unplugged
In a frank conversation with YS lifesinger-songwriter Prateek Kuhad takes us behind the scenes of his music composition process and his iconic ‘Cold/Mess’ music video.
- For cold/mess, the musician tried out the first version on an acoustic guitar. It was only when he tried to play the song with his band that the drums and electric guitar came on the scene.
- Prateek says he’s very particular about the creative language of any music release or tour. From the music, video, and photos to the album artwork, marketing strategy, and how the show is created, the artist likes to be involved in the entire process.
- Prateek shared the concept of the cold/messy music video and Ukrainian director Dar Gai developed the script into what it is today.
Start: Nirog Street
Amount: $12 million
Round: Series B
Amount: $7 million
Round: Pre-Series A1
What’s next for India’s fintech sector?
Speaking in your history TechSparks Summit 2022, India’s Most Influential Emerging Technology Event, Razorpay’s
Harshil Mathur said that the next wave of fintech would solve more complex problems, especially for businesses.
- Custom solutions are a big white space in the fintech industry, says Harshil, adding innovative solutions that meet the specific needs of users after thoroughly understanding their financial status, profile and history can prove valuable.
- B2B finance, i.e. fintech startups that provide technology solutions to other companies, is another area that could see growth.
- Asked if he thought startups should seek outside capital or push their way to growth, Harshil said “there is no one right way to build a business.”
Hood: yes or no?
Hood, formerly Zorro, is a pseudonymous social media platform that aims to provide users with a safe space to express themselves, without fear of public attack on social media.
Does the app keep its promise?
- The app was launched in 2021 by Jasveer Singh, Abhishek Asthana and Deepak Kumar.
- Hood has been funded by a large group of investors, including Vijay Shekhar Sharma, founder of Paytm; Ashish Hemrajani, Founder, BookMyShow; Ritesh Agarwal, Founder, OYO; and Kunal Shah, Founder, CRED.
- The app looks similar to Reddit, another discussion app where people can post their thoughts, but with an Indian twist.
- Bankruptcy saga: In an interview, the founder of crashed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and criticized regulators. The company filed for bankruptcy last week.
- Efficiency matters: Toyota unveiled the latest Prius, the company’s popular hybrid car, on the eve of the 2022 Los Angeles Auto Show, saying the model is the most fuel-efficient entry in the lineup to date. Its lithium-ion battery offers a 15% increase in production.
- Future of Work – According to the EY Future Workplace Index, 40% of companies surveyed have implemented or started to implement a four-day work week. It also found that 70% of employers were taking a hybrid approach.
What you should keep in mind
- Skyroot Aerospace will launch India’s first privately developed rocket into space.
- The Indo-Japan Business Council (IJBC) will host a three-day festival in Pune, starting today.
- India will host the third No Money for Terror (NMFT) conference in Delhi.
Which country has the most freshwater resources?
Answer: Brazil. It has about 12% of the world’s total renewable freshwater resources, approximately 8,233 cubic km.
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