The second day of India’s most influential emerging tech conference, TechSparks 2022, kicked off with a no-holds-barred conversation with Byju Raveendran on various controversial topics related to the eponymous edtech company he runs.
We had Kalaari Capital founder Vani Kola discuss the potential pitfalls startups can face on the IPO road and the mantra for scaling.
The day also featured fascinating sessions from pioneering entrepreneurs and investors like Snapdeal co-founder Kunal Bahl, Dunzo’s Kabeer Biswas, and BeerBiceps creator Ranveer Allahbadia.
But, as they say, the best is saved for last!
After two energetic days, Day 3 will see chief guest Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, in a fireside chat with Shradha Sharma, Founder and CEO of Your history. This is the second time the Finance Minister will take the stage at TechSparks.
There are also sessions with Karnataka Chief Minister Basavaraj Bommai and Health Minister Dr K Sudhakar who will discuss Karnataka’s achievements and the state’s technology agenda for the coming years.
We also have Sequoia Capital CEO Shailendra Singh delving into the ongoing funding winter while Zomato founder and CEO Deepinder Goyal will share his insights on what it takes to run a successful food delivery business. foods.
ICYMI: The video game company Atari has turned 50 years old and has launched a special anniversary package with more than 90 games. Nostalgia abounds!
In today’s newsletter, we will talk about
- Navigating the funding crisis
- Future prospects of BYJU
- Web3 decoding
Here’s your trivia for today: What is the oldest iPhone still in production?
Navigating the funding crisis
Speaking at TechSparks 2022, YourStory’s flagship startup tech event, Titan Capital founder Kunal Bahl offered advice for entrepreneurs navigating the current funding shortage.
Spot the talent:
- Through Titan Capital, Kunal has invested in startups including Mamaearth, Ola, Razorpay, Urban Company, KhataBook, Shadowfax, Bira91, Uni Cards, and Jupiter. .
- Kunal looks at three main factors before choosing new companies: the quality of the team, the rigidity of the market, and the economics of the unit.
- Having been on both sides of the fence, as a founder and as an investor, Kunal says the only way to get through the impending funding winter is to remain hopeful, acknowledge the fact that a crisis is looming, and channel the passion of the founder towards reaching a solution.
BYJU future plans
Byju Raveendran is unfazed by her company’s losses in the previous fiscal year and is confident that her edtech company will retire in the 2021-22 fiscal year. Edtech firm BYJU’S posted a staggering loss of Rs 4,588 crore in the latest financial year. But Byju expects revenue growth of 3X and losses to be cut in half in fiscal 2021-22.
- Addressing the recent losses, Byju said they were due to decisions made by the company during the pandemic when its banking and non-banking partners stopped supporting financing.
- When asked about the investments by Sumeru Ventures and Oxshott, Byju confirmed that the two companies had not yet invested in BYJU’S, noting that due to macroeconomic conditions, many deals had not been closed.
- Speaking about the layoffs at the edtech startup, Byju said it was as painful for the company as it was for those affected.
At TechSparks 2022, industry leaders Shailesh Lakhani, Ashish Singhal, Priyeshu Garg, Neeraj Khandelwal, and Harsh Rajat shared their perspectives on Web3, decentralization, and current market crises.
What awaits us:
- Shailesh Lakhani said that as Web3 technology is still in its infancy, the industry will, in the future, experiment with various business models and new approaches, citing the example of NFTs and their growth.
- For Priyeshu Garg, co-founder of Router Protocol, decentralization is a set of tools. “Instead of empowering stakeholders, users will have more power.”
- Looking at recent market conditions and centralized exchanges losing millions of dollars due to simple mistakes, panelists suggested implementing proof of reserves, which involves comparing on-chain assets held in reserve to off-chain liabilities.
- Cryptocurrency crisis: FTX will enter bankruptcy proceedings in the United States while its CEO Sam Bankman-Fried has resigned, the embattled cryptocurrency exchange said on Friday, potentially triggering what could be one of the biggest crises in the world. the industry.
- Official badges: Twitter Inc said on Friday that it had reinstated the “official” badge given to some accounts, days after removing it, while several users reported that the new $8 subscription option for the blue check mark had disappeared.
- The slump: Toshiba Corp cut its full-year operating profit outlook after a 75% drop in second-quarter profit — dismal results that add to uncertainty around its prospects for a takeover deal.
Here’s what to keep in mind
What is the oldest iPhone still in production?
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