NRN Advice 🤔, OfBusiness Revenue 📈, Data Protection 🔒

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of the NextBigWhat Daily IndiaTech News! Today's top stories include NRN's advice to youngsters, OfBusiness' revenue growth, and Tech Giants' compliance with data-protection law. 💻 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( ‘(Indian) Youngsters should work 70 hours a week’: NRN 🇮🇳 IndiaTech - Youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades. - India’s work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, we will not be able to compete with those countries that have made tremendous progress.” OfBusiness sees revenue exceed Rs 15,000 Cr in FY23 with profits increasing 2.3 times 🇮🇳 IndiaTech - OfBusiness’s gross merchandise value (GMV) increased 2.14X to Rs 15,342 crore in FY23, with trading and manufacturing being the main segments. - The company’s cost of procurement of material accounted for 91% of total expenditure, which rose 2X to Rs 13,686 crore in FY23. - The lending arm of OfBusiness, Oxyzo, also reported a 2.8X growth in its profit after tax to Rs 197 crore in FY23. Mastering Difficult Conversations: Insights from Expert Negotiator Chris Voss [NBW Newsletter Ad]( From his experiences in high-risk, high-stakes situations, Voss emphasizes the significance of emotional intelligence, active listening, and understanding the other party’s viewpoint in successful negotiations. Save time. Get the #BigIdeas from this conversation [Read 🚀]( Tech giants request extension for compliance with India’s data-protection law 🇮🇳 IndiaTech - The Asia Internet Coalition, representing tech companies like Apple, Google, Meta, and Microsoft, has asked India’s IT Ministry for an extended deadline to comply with a new data protection regulation. - The coalition suggests an 18-month compliance period for a provision requiring data fiduciaries to stop processing and delete user data, and a 12-month window for a new provision requiring data fiduciaries to issue a notice when seeking consent for personal data processing. - The new law, one of the world’s strictest, introduces concepts like consent managers and gives Data Principals the rights to modify, delete, or access their personal information, necessitating significant changes in tech firms’ architecture. UrbanMatrix secures pre-Series A funding for drone technology development 🇮🇳 IndiaTech - Drone tech startup UrbanMatrix Technologies has raised Rs 6 crore in a pre-series A round led by Inflection Point Ventures. - The company plans to use the funds for product development, team expansion, and market penetration. - UrbanMatrix, founded in 2019, specializes in industrial drones and software for various applications including survey, surveillance, agriculture, AI-aided inspection, and defense. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( OneCard’s revenue and expenses surge in FY23 after entering unicorn club 🇮🇳 IndiaTech - Mobile-first credit card startup OneCard saw its revenue surge 6.4X to Rs 541 crore in FY23, following a $100 million funding round led by Temasek. - The company’s total expenses also increased 3.55X to Rs 1,000 crore in FY23, with advertisement and promotion forming 32.4% of the total costs. - Despite the increase in expenses and losses, OneCard has raised $425 million to date and is valued at $1.3 billion, with plans to raise another $100 million. Ola Electric secures $385 million in funding for EV expansion and lithium-ion cell facility 🇮🇳 IndiaTech - Ola Electric has raised $385 million in a mix of equity and debt from Temasek and State Bank of India for expanding its EV business and establishing India’s first lithium-ion cell manufacturing facility. - The facility will start with a capacity of 5 gigawatt hours, eventually scaling up to 100 gigawatt hours. - The company, valued at $5.4 billion post-allotment, has raised over $1 billion across equity and debt to date. Paytm reports 32% YoY revenue growth due to loan expansion 🇮🇳 IndiaTech - Paytm reported a 32% YoY revenue growth, attributing it to increased gross merchandise value, merchant subscription revenues, and loan growth. - The fintech company’s contribution margins rose from 44% to 57%, operating at a contribution profit of Rs.1426 crores. - Paytm’s payments business saw a 19% YoY growth in average monthly transacting users and a 91% increase in merchant subscribers, boosting its net payment margin by 60% YoY. Indian in-app purchases see 71% increase, boosting economic outlook 🇮🇳 IndiaTech - India’s economy experienced a 71% surge in in-app purchases during the first half of 2023, a trend expected to continue during the festive season. - The festive season in India provides a strategic opportunity for marketers, with app installations peaking in October and early planning beginning in September. - Remarketing conversions outperform non-organic installs during the festive season, showing a 24% growth in Android conversions, but a 47% rise in fraud rates necessitates stronger anti-fraud measures. GoMechanic co-founders and officials charged with fraud by Delhi Police’s Economic Offences Wing 🇮🇳 IndiaTech - The Economic Offences Wing of Delhi Police has booked GoMechanic’s co-founders and senior officials for alleged criminal conspiracy, fraud, document forgery, cheating, and account falsification. - The complaint was filed by three venture capitalists who invested over Rs 211 crore in the company between 2017 and 2021, alleging falsification of financial records. - The complainants claim they have confessions and recorded admissions from the accused, and have accused the directors of forging bank records to misrepresent the company’s financial position. Honasa Consumer, parent company of Mamaearth, to launch IPO on October 31 🇮🇳 IndiaTech - Honasa Consumer Ltd, the parent company of Mamaearth, will launch its IPO on October 31, with the public offer closing on November 2. - The company will issue fresh shares worth Rs 365 crore and an offer for sale of 41.25 million shares, with the listing on BSE and NSE scheduled for November 10. - Co-founders Varun and Ghazal Alagh, along with other investors, will sell some of their shares through the IPO, while the largest investor, Peak XV Partners, will not participate in the offer for sale. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](