👨🏽‍💻 Nadir Godrej: We don't need 70-hr work week

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 13 February 2024 [View in Browser]( Hello, There's no respite for Paytm. RBI Governor Shaktikanta Das on Monday [ruled out]( any review of the central bank's action against Paytm Payments Bank, saying the decision was taken after a comprehensive assessment of the functioning of the lender. The development follows RBI’s directive to the company to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags, and other instruments after February 29. In other news, NBFC firm Navi Finserv plans to raise around [Rs 600 crore]( through the issue of non-convertible debentures. The total bond issue includes a green shoe option of up to Rs 300 crore to retain oversubscription, said the company. Elsewhere, around 30 Indian startups have reportedly written a letter to Google, urging it to not delist them from the Play Store or take 'any precipitative steps' till March 19. The Supreme Court earlier refused to restrain Google from delisting their apps if the companies didn’t agree with the tech giant’s billing policy. [ICYMI:]( The 45-day MSME payment rule has caused chaos in the sector. Lastly, is the distinction between the past, present, and the future a mere illusion? Here’s a [video]( explaining the paradox of time. Spoiler alert: To calm the existential crisis caused by the video, we suggest you see these images of a [sleepy polar bear and a happy turtle]( In today’s newsletter, we will talk about - Nadir Godrej against 70-hr work week - Avendus fund's investment thesis - From a homemaker to a gamer Here’s your trivia for today: By what name is the author Samuel Langhorne Clemens better known? --------------------------------------------------------------- Interview Nadir Godrej's case against 70-hr work week Godrej, Managing Director, Godrej Industries and Chairperson of Godrej Agrovet, does not believe in compulsory work-from-office models nor does he advocate 70-hour work weeks. “I don’t think GenZ should work 70 hours a week. Instead, let’s measure work output,” Nadir tells Shradha Sharma, Founder and CEO, YourStory. “People need to work in a focused manner, while pursuing non-work things well.” Walk the talk: - “Work faster but do it without losing your values. Build businesses that create value, that create a network effect, and are socially good,” he adds. - Nadir is an [advocate for climate change](. Godrej Industries has made rapid strides in increasing energy efficiency and incorporating renewable energy. The group’s renewable portfolio is 50% and has lowered energy use by 30%. - As a part of the team at the World Business Council for Sustainable Development, he has a larger responsibility: to encourage businesses across the world to take climate risks seriously. [Read More]( --------------------------------------------------------------- Funding Alert 1) Amber: $21M| Equity 2) AstroTalk: $20M| Series A 3) Yu: Rs 20 Cr| Series A --------------------------------------------------------------- Investor Avendus Future Leaders Fund's investment thesis Future Leaders Fund expects to maintain the deal momentum despite a challenging environment. It looks to continue to do 4-5 deals this year. “The public market is receptive to them (startups) and if they are able to price it right. There is no dearth of capital,” says Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund. Being bullish: - “There is massive questioning around execution and investors are being more discerning,” says Chandra. In addition, there is also a focus on governance standards at these startups. - Avendus Future Leaders Fund raised Rs 375 crore in its first fund and aims to raise Rs 1,500 crore from the second fund. It has so far backed 14 startups. - The fund will focus primarily on four sectors for investment—consumption, financial services, healthcare, and technology. [Read More]( --------------------------------------------------------------- Gaming From a homemaker to a gamer in her 40s Also known as ‘Blackbird’, 44-year-old Reetu Slathia is a woman gamer with over 3.5 lakh followers on the streaming and gaming platform Rooter, and 3.87 lakh subscribers on her YouTube channel. She earns more than Rs 1.2 lakh a year. “I am a homemaker who earns money through gaming and this is a very big thing for me. It gives me so much confidence and I too have the freedom to play whenever I feel like it,” she tells HerStory. Breaking stereotypes: - During the COVID-19 pandemic, Slathia saw her son engrossed in playing BGMI for the first time, and her curiosity about the game was piqued. Her interest quickly became a full-blown passion. - Slathia plays games like BGMI, Clash of Clans, Free Fire, and more. She also runs a YouTube channel where she posts videos of her playing different games. - "My husband and son have been my support system throughout this journey. I believe that with the same level of encouragement, many other women can also achieve their dreams,” she adds. [Read More]( --------------------------------------------------------------- From the CapTable Investors seek anti-dilution clauses, control over founders in the wake of Byju’s fiasco “It finally collapsed,” was the first reaction of many investors when they saw troubled edtech major Byju’s launch a rights issue at a whopping 99% discount to its previous valuation. Everything that has followed, however, has seen any schadenfreude replaced by concern. Not just for Byju’s investors, but for themselves. The $200 million rights issue by Byju’s has put the company’s investors in a bind since many of them have lost hope in the company turning things around under the current leadership of founder-CEO Byju Raveendran. And with the shareholding agreement not allowing them to change the company’s management, they could skip the rights issue altogether. However, the rights issue being held at such a steep discount would see see their positions on the company’s cap table all but wiped out since they have no anti-dilution protection. While this is an immediate problem for the likes of Prosus—which has invested upwards of half a billion dollars in the company and has never cashed out any of its stake—investors realise that a similar fate could befall them down the line. Especially since the bullishness around the Indian startup ecosystem, particularly during the pandemic, led to a lot of FOMO (fear of missing out) investing where safeguards an afterthought. Key takeaways: - In light of the Byju's fiasco, investors are expected to introduce additional clauses and conditions to funding deals. - This could include implementing more stringent anti-dilution clauses and imposing restrictions on founders' controls, signalling a shift in the investor-founder dynamic. - Investors may also opt for a more proactive involvement in their portfolio companies to uphold governance standards effectively. - This hands-on approach could involve increased scrutiny of founder’s equity vesting and veto rights as well. [Continue Reading]( --------------------------------------------------------------- Namaste Doston, TechSparks ki duniya mein aapka phir se swagat hai! TechSparks, YourStory's flagship event, is set for its exciting return to Mumbai at the Grand Hyatt on February 29 and March 1, 2024. It's more than just a conference; it's a hub for the brightest minds in startups and tech. Here, you'll have the chance to engage with India's top investors and business innovators. Whether you're looking to pitch your ideas, seek funding, or form new partnerships, TechSparks is the place to be. This event is an incredible opportunity for networking with a select group of motivated individuals and leaders. It's a platform to share ideas, learn from industry pioneers, and contribute to shaping the future of tech in India. [Get Your Passes Today!]( --------------------------------------------------------------- News & Updates - [Extinction:]( Many migratory species are at risk of disappearing, threatened by human pollution, the spread of invasive species and the climate crisis, according to a new report by the Convention on the Conservation of Migratory Species of Wild Animals. - [Networking:]( Peak XV, the venture capital firm that split from Sequoia Capital last year, is taking its portfolio companies from India, Southeast Asia and Australia on an “immersion” trip to Silicon Valley this week to meet several industry titans, the latest in the venture firm’s broadening offerings and networking flex. - [AI skills:]( Google has pledged 25 million euros ($26.98 million) to help people in Europe learn to use AI. The tech giant said it had opened applications for social enterprises and nonprofits that could help reach those most likely to benefit from training. Did you know? By what name is the author Samuel Langhorne Clemens better known? Answer: Mark Twain. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](