📣 Sameer Nigam talks all things fintech

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 21 February 2024 [View in Browser]( Hello, Walmart’s fourth-quarter earning has an Indian flavour. During the earnings call, CEO Doug McMillon described the [annual sales event]( of its Indian ecommerce subsidiary Flipkart as the “best Big Billion Days ever,” saying that it positively affected its growth in Q4. Walmart’s ecommerce sales from international business grew by 44% and the segment reported net sales of $32.4 billion—an annual growth of 17.6%. Meanwhile, [Truecaller]( reported that India accounted for 75.8% of its total net sales for FY23. The caller identification app's AI assistant in India led to a 19% increase in paying users and a 23% increase in subscription revenue globally in the fourth quarter. Elsewhere, spacetech company Skyroot Aerospace has launched the [Kalpana Fellowship]( designed specifically for women in the space sector. It will enable women engineers to work hands-on with spacetech projects and receive mentorship. In other news, the Indian hotel industry’s revenue is expected to grow 7-9% in FY25, according to credit rating agency ICRA. It estimated that the pan-India occupancy of premium hotels will be at a decadal high of 70-72% by the end of the current fiscal year. Lastly, a woman in Canada was [reunited]( with her wallet she lost eight months ago when she dropped it in the ocean. Talk about the power of manifestation! In today’s newsletter, we will talk about - Sameer Nigam talks all things fintech - Paytm’s shares surge 5% again - Women save on bus rides, spend on family Here’s your trivia for today: Which country do corgi dogs originate from? --------------------------------------------------------------- --------------------------------------------------------------- Interview Sameer Nigam talks all things fintech reverse flip to India in October 2022 was a landmark one as it triggered the mini-trend of startups moving their domiciles back to India. On why he chose Bengaluru when Mumbai is India's financial hub, Founder Sameer Nigam highlights Bengaluru's “structural advantages”. "When you're a 20-something economic migrant working in startups, you want reasonable housing," Nigam shared in a fireside chat with YourStory Founder and CEO Shradha Sharma at the Mumbai Tech Week 2024. Tête-à-tête: - Nigam, whose entrepreneurial career started in India's commercial capital with Mime360, also noted that “Mumbai is culturally richer than Bengaluru, and there are a lot more experiences to be had here.” - He calls the soon-to-be-launched Indus Appstore “India's first branded horizontal app store” that will offer users an alternative to the current $50-billion duopoly of Google Play Store and Apple App Store. - While many have termed RBI's regulatory action against Paytm "disproportionate", Nigam stated, "On the innovation side, RBI lets us lead. On the regulatory side, they have more data than us [fintechs]." [Read More]( --------------------------------------------------------------- Funding Alert 1) Vidyut: $10M| Equity and debt 2) AutoVRse: $2M| Seed --------------------------------------------------------------- Fintech Paytm’s shares surge 5% again shares of Paytm's parent company One97 Communications surged, hitting the upper circuit of 5% for the third consecutive session on Tuesday. The company's share price rose to Rs 376.45 and Rs 376.25 on the BSE and NSE, respectively. The development comes after reports suggesting that the Enforcement Directorate has not yet found any foreign exchange violations while investigating Paytm Payments Bank Ltd. Some respite: - On Monday, the shares of One97 Communications surged 5% after announcing a collaboration with Axis Bank to continue merchant settlements. - According to a research report by Bernstein, Paytm is expected to experience minimal impact on its overall business, with the prospect of a revival in its wallet and FASTag services through new banking deals. - In the wake of the developments, Finance Minister [Nirmala Sitharaman]( has decided to meet heads of fintech companies next week to persuade them to strictly follow regulatory norms. [Read More]( --------------------------------------------------------------- Report Women save on bus rides, spend on family Around two-thirds of women have saved over Rs 400 a month through the Zero-Ticket Bus Travel Scheme, which was introduced in Tamil Nadu in 2021 to provide free bus travel to women, according to a study by Citizen Consumer and Civic Action Group. The study surveyed 3,000 women across six cities in Tamil Nadu. Positive impact: - The study highlighted that 20% of the women were able to save Rs 600-800 a month, and considering that 90% of them earned less than Rs 20,000 per month, the savings are not insignificant. - It also stated that the women mostly spent the money saved on household necessities, food for the family, and education. Only 18 women spent on leisure or personal care. - Close to 55 lakh passengers are said to be using the state bus services in Tamil Nadu every day. Of this, 35 lakh commuters are from Chennai alone. [Read More]( --------------------------------------------------------------- From the CapTable Oyo uncertainty and Paytm pain can’t slow SoftBank’s Indian gravy train Despite being SoftBank’s third largest market, India doesn’t enjoy the attention it deserves on the Japanese venture capital giant’s earning calls. But with two of SoftBank’s biggest Indian bets—Paytm and Oyo—currently offering little cause for celebration, the VC giant’s India portfolio was bound to come under scrutiny. SoftBank, though, can afford to be patient with its problem children. In recent years, it has managed successful exits as several of its other Indian bets have gone public. It has others in its kitty that are expected to IPO in the coming year, as well. Even if Oyo continues to frustrate the investor and SoftBank ends up taking a hit on Paytm, several of its less-vaunted bets have not only started moving towards profitability but also laying the groundwork for future IPOs. This has ensured that SoftBank’s future in the country will not just be safe but decidedly lucrative. In today’s story, we dive deep to calculate the returns SoftBank is set to reap from its Indian portfolio. Key takeaways: - SoftBank is set to lose at least $100 million on its biggest Indian investment, Paytm, after the RBI crackdown on the fintech unicorn. - There's uncertainty of a large exit event from SoftBank's second-largest investment in the country, Oyo. - But SoftBank is poised to net billions of dollars of returns from three of its portfolio companies, which are expected to go public soon. - SoftBank's private portfolio also seems to be shaping up well with many of its largest bets moving towards profitability and prepping to go public in the coming years. [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 - [New king:]( Chipmaker Nvidia dethroned Tesla as Wall Street's most traded stock, adding to its prominence after becoming the third-most valuable US company and showing more evidence of how central AI-related bets have become to investors. - [First step:]( A patient implanted with Neuralink’s brain technology can now control a computer mouse just by thinking, the company’s founder Elon Musk said. Neuralink has developed a brain implant designed to help humans use their neural signals to control external technologies. - [Busting hacks:]( Apple cautioned that putting wet devices in a bag of rice could “allow small particles of rice to damage your iPhone.” The company also recommended against using other well-known hacks, such as using an external heat source to dry the phone or sticking a cotton swab into the connector. Here's what else we have for you Powering Innovation to Scale: Intel Startup Program In association with Intel Startup Program Discover the future of deep tech with the Intel Startup Program, a dynamic accelerator shaping the next wave of innovation right from the heart of Bangalore. This video takes you inside the Intel Campus, where vision meets reality, showcasing the program's impact on revolutionising industries across artificial intelligence, 5G, cybersecurity, and more. Hear firsthand from Intel's leaders and the bright minds behind startups transforming their fields, all united by a mission to solve real-world challenges. With over 75 startups already making strides, see how this program is not just accelerating technological breakthroughs but is also driving meaningful change across the globe. [Watch Now]( --------------------------------------------------------------- Revolutionising Wellness: RESET aims to usher in a new era of proactive health In association with Reset.India Explore the world of holistic wellness with RESET. RESET offers a diverse range of natural pain management and wellness products, including the innovative Ultra Potent Gel,stress-busting Detox Candies, Apple Cider Vinegar Gummies, Ashwagandha + Melatonin Gummies and Vitals Range health supplements, all crafted with time-tested ingredients for effective relief and restoration of health. Discover the transformative power of RESET for your wellness journey today. [Read Now]( Did you know? Which country do corgi dogs originate from? Answer: Wales. 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](