👨‍💼 Freshworks gets new CEO; A bilateral bullet for rising int’l airfares

The most interesting news selected specially for you! 05 May 2024 [View in Browser]( POWERED BY Hello, Now, startups and enterprises can enhance their brand engagement by partnering with YourStory and advertising on our YS Buzz and Weekly Wrap newsletters. [Click here]( to know more. In today's newsletter, we will talk about: - Dennis Woodside is now Freshworks CEO - A bilateral bullet for rising int’l airfares - BluSmart hits $60M ARR in FY24 - From a tea stall to a free library - ChrysCapital closes Continuation Fund Here’s your trivia for today: Which variety of gemstones is formed from natural volcanic glass? --------------------------------------------------------------- SaaS Dennis Woodside is now Freshworks CEO SaaS company Freshworks has said that Girish Mathrubootham will transition to the role of Executive Chairman. Meanwhile, Dennis Woodside, who is currently the President, has been appointed as the new CEO. “Today, I am announcing a new chapter in our company's story and my career. I have decided to step down as CEO of Freshworks and transition into the role of Executive Chairman. This decision was not made lightly and comes with a deep belief in our collective vision and the future of our company,” said Mathrubootham in a statement. Passing the reigns: - [Dennis Woodside]( the newly elevated CEO of Freshworks, has a killer resume. He has led divisions at tech giants like Google and Dropbox and steered Impossible Foods, a plant-based meat company. - The SaaS company also [pared losses]( by 45%, achieving a reduced net loss of $23.3 million for the first quarter ending March 31, 2024, compared to $42.7 million in the first quarter of 2023. - Last year, Freshworks experienced a significant 20% growth in revenue for the quarter ending December 2023 through the integration of Gen AI within its product portfolio. [Read More]( --------------------------------------------------------------- From the CapTable Protect fliers or airlines? India’s dilemma as airfares to Singapore, Gulf soar While India’s international travel segment is still to breach its pre-pandemic high of nearly 64.2 million inbound and outbound passengers set in 2019, this may finally be the year it eclipses that number. In 2023, passengers inbound and outbound to India climbed to 63.9 million. Indians are also taking to new tourist destinations. Countries such as Vietnam, Kenya, and Azerbaijan all saw a 2-4X jump in passenger travel in the final quarter of 2023. To keep pace with the growing demand, India and Vietnam have started talks to increase the quota of seats under their bilateral air service agreement (BASA), according to reports from March. BASAs establish the terms for foreign and domestic carriers flying to and from India, including the passenger capacity allowed. However, while India has been working to sign new air service agreements with countries such as Vietnam, the United Kingdom, and New Zealand to boost air connectivity, it has repeatedly refused calls to re-visit the agreements in place for extremely popular short-haul destinations such as countries in the Middle East and Southeast Asia. And with seat capacities remaining static, prices on these routes are skyrocketing. Key takeaways: - India has repeatedly refused to update bilateral air service agreements for many popular international destinations like Dubai and Singapore. - This has led to nearly exhausted seat capacities on many such short-haul routes, with airfares for these destinations soaring. - If bilaterals are revised, the carriers and the government worry the former will lose ground to major foreign carriers who dominate India’s international air travel market. - To break the deadlock, experts suggest careful, balanced renegotiations of bilateral rights and focusing on increasing capacity from smaller airports. [Continue Reading]( --------------------------------------------------------------- EV BluSmart hits $60M ARR in FY24 EV ride-hailing company BluSmart has crossed an annual run rate of Rs 500 crore ($60 million) in FY24, up from $30 million the previous year. The company earned Rs 390 crore in revenue, up 2.4 times from its FY23 revenue, said co-founder Punit Goyal. Key takeaways: - Present in Delhi and Bengaluru, BluSmart has a fleet of 7,300 electric cars, which it hopes to expand to 10,000 by the end of 2024. - The company has also set up its own EV charging network across Delhi and Bengaluru. It recently opened its charging facility to other fleet operators and external users. - BluSmart last raised $25 million in debt and equity from ResponsAbility, a Zurich-based climate finance company. [Read More]( --------------------------------------------------------------- Inspiration From a tea stall to a free library Jondhale (74) started Ajjichya Pustakancha Hotel (Grandmother’s Hotel and Books) in 2015 to get customers at her tea stall to read instead of using their smartphones. Today, the stall offers over 5,000 free books to read in three different languages—Marathi, Hindi, and English. Reading: - Jondhale, who hails from Khatwad village in Nashik and was married when she was in class 6, was forced to give up her education. - She says that she began the initiative with only 50 books. However, the collection grew as people started donating books. - The eatery also gives free books on special occasions such as Women’s Day and Republic Day to foster a habit of reading among people. [Read More]( --------------------------------------------------------------- Investment ChrysCapital closes Continuation Fund private equity (PE) firm ChrysCapital announced the final close of its $700 million Continuation Fund, anchored by HarbourVest Partners, LGT Capital Partners, and Pantheon Ventures. The Continuation Fund also acquired a stake in the National Stock Exchange (NSE) to maintain its position as a long-term shareholder in the Indian stock and derivatives exchange. Money: - ChrysCapital, which first invested in NSE in 2016 from ChyrsCapital VI Fund, offered investors the option to exit or roll the value from the older fund as part of the new transaction. - Founded in 1998, the PE firm has so far raised more than $5 billion across nine funds. - The firm typically writes cheques between $25 million and $250 million. It has also announced the first close of its Category-3 open-ended AIF for investment in publicly traded companies. [Read More]( --------------------------------------------------------------- News & Updates - [Oil:]( Reliance Industries is foraying into trading a type of US crude oil, WTI, that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights. India is looking to diversify its oil supplies as fresh US sanctions on Moscow threaten to dent Russian oil sales to India. - [New brand:]( Walmart is debuting a new grocery brand, Better Goods, as it tries to retain the shoppers it has attracted during a period of high inflation. Executives described the brand as Walmart’s largest foray into the private-label food business in 20 years. - [Deal:]( Universal Music Group, the record label for top music artists, including Taylor Swift, struck a new licensing agreement with TikTok, ending a spat between the two companies. Earlier this year, it pulled songs from artists signed to UMG after the two sides failed to agree on a new deal over content licensing. Did you know? Which variety of gemstones is formed from natural volcanic glass? Answer: Obsidian. It is the most common form of natural glass and, like many other gemstones, has been used to make jewellery and carvings since the Stone Age. We would love to hear from you! 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