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Yourstory
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Paytm gets green light from NPCI to onboard new UPI users
- Paytm has received approval from NPCI to resume onboarding new UPI users.
- Paytm's new UPI registrations were halted in January and February 2024 by RBI.
- The approval comes with conditions including adherence to NPCI guidelines and data protection measures.
- Paytm had to migrate 13.5 crore UPI users to its new system following RBI's mandate.
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Hitconsultant
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HLTH: OneStep Secures $36M to Establish Gait Analysis as the Sixth Vital Sign
- OneStep, a provider of smartphone-based motion analysis technology, has raised $36M in funding to establish gait analysis as the sixth vital sign.
- OneStep's technology turns smartphones into clinical-grade motion analysis tools, allowing healthcare providers to gain insights into mobility and overall health.
- Gait analysis is crucial for detecting conditions like falls, Parkinson's disease, and Alzheimer's disease, leading to proactive interventions and improved quality of life.
- The funding will enable OneStep to scale operations, develop its technology, and promote the adoption of gait analysis in health monitoring.
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Inc42
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Paytm’s Four-Step Plan To Revive Its Revenue Machine
- Paytm is confident it is on the right track after the slump it endured post Reserve Bank of India (RBI) action on Paytm Payments Bank. Paytm managed to recover momentum in the recent quarter and its founders spoke about how the company is set to achieve sustained profitability. The bulk of the Q2 earnings call was spent on the default loan guarantee (DLG) provision which will boost Paytm's merchant loan business, particularly where the company has adopted a distribution-led revenue model. Paytm is looking to the wealth and insurance market as another potential source of revenue alongside its ads on the Paytm Soundbox.
- Paytm has implemented the DLG model which offers to compensate its bank or NBFC lending partners for any losses due to defaults in the lending partner’s loan portfolio, up to a certain percentage of the total amount disbursed. Paytm's assets under management (AUM) as on September 30, 2024 stood at INR 1,651 Cr and with board approval, up to INR 225 Cr has been provisioned for this arrangement.
- In its bid to monetise its payment customers by cross-selling financial services, Paytm is particularly focused on Paytm Money, which CFO Deora said it expects will ride tailwinds in the online brokerage space, while the company expects its insurance business to grow. Ads run on the Paytm Soundbox PoS device will be another revenue generator. In Q2, soundbox sign ups surpassed January 2024 levels with 1.12 Cr devices activated but will take more time to scale.
- Paytm has been redeeming inactive devices and deploying them to new merchants in a bid to increase its active merchant base and generate higher revenues. Sharma revealed that Paytm has reduced its expenses by 24% to INR 2,245 Cr this quarter from INR 2,937 Cr for the same quarter last year. AI has played a significant role in improving support productivity and cutting staff costs, he added.
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ISN
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Image Credit: ISN
Zomato's profit jumps 389% to Rs 176 crore in Q2FY25, revenue stood at Rs 4,799 crore
- Zomato reported a 388.9% increase in profit for Q2FY25, reaching Rs 176 crore.
- Profits declined by 30% compared to the previous quarter, but overall performance remained strong.
- Revenue from operations grew by 68.5% YoY, amounting to Rs 4,799 crore.
- Zomato plans to raise Rs 8,500 crore through a qualified institutional placement to strengthen its balance sheet.
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Inc42
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MPL Parent M-League’s FY24 Revenue Jumps 22% To $128 Mn
- M-League, the parent company of gaming unicorn Mobile Premier League (MPL), reported a 22% increase in operating revenue to $127.9 million in FY24, compared to $104.6 million in the previous year.
- Total revenue, including other income, also rose 22% YoY to $130 million during the same period.
- M-League's India revenue grew by 35% to approximately $88 million, despite the impact of a 28% GST on online gaming.
- M-League achieved adjusted EBITDA of $0.2 million in FY24, compared to an adjusted EBITDA loss of $44.7 million in FY23, thanks to cost-cutting measures and operational efficiency.
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TechCrunch
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6 days to go: TechCrunch Disrupt 2024 kicks off and ticket prices go up
- TechCrunch Disrupt 2024 is just 6 days away, taking place in San Francisco from October 28-30.
- Ticket prices are set to increase once the event begins, so attendees are urged to secure their passes now to save up to $400.
- The conference will feature over 10,000 industry leaders, 350+ startups showcasing their innovations, 250+ industry experts, and 200+ hands-on sessions.
- In addition to the main event, there will be networking opportunities, a startup competition with a $100,000 prize, and 60+ side events throughout the week.
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ISN
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Image Credit: ISN
Paytm reports Rs 930 crore profit in Q2FY25; revenue falls 34% to Rs 1,660 crore
- Paytm's parent company, One97 Communications, reported revenue of Rs 1,660 crore for Q2FY25, an 11% increase from the previous quarter.
- Paytm achieved a consolidated profit after tax of Rs 930 crore, with a significant portion of this profit attributed to a one-time gain from selling its entertainment ticketing business.
- Paytm's contribution margin increased to 54% in Q2FY25, signaling an improvement in operational efficiency.
- Revenue from payment services reached Rs 981 crore, while financial services revenue surged by 34% to Rs 376 crore in Q2FY25.
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ISN
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Dairy tech startup Stellapps Technologies secures $26 million in series C funding
- Bengaluru-based dairy tech startup Stellapps Technologies has raised $26 million in series C funding.
- The funding was led by existing investors Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, with new investor Miledeep Capital joining in.
- Stellapps aims to expand its mooMark business, which focuses on contract manufacturing and private-label dairy products.
- The startup plans to deliver high-quality dairy products to both domestic and international markets, starting with West Asia.
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Hackernoon
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Image Credit: Hackernoon
Startups of The Year: How To Vote
- Startups of The Year 2024 is HackerNoon’s flagship community-driven event celebrating startups, technology, and the spirit of innovation.
- This year, over 150,000 entities across 4200+ cities, 6 continents, and 100+ industries will participate in a bid to be crowned the best startup of the year!
- Votes are weighted to elevate the voice of contributing writers and authenticated users, with published writers' votes counting as 10, authenticated users' votes counting as 3, and unauthenticated visitors' votes counting as 1 (pending spam reviews).
- Winners of Startups of The Year will receive a free interview on HackerNoon and an Evergreen Tech Company News page.
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TechCrunch
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Footwork, Construct Capital, and Bessemer Venture Partners discuss how to raise capital in 2025 at TechCrunch Disrupt 2024
- Footwork, Construct Capital, and Bessemer Venture Partners discuss how to raise capital in 2025 at TechCrunch Disrupt 2024
- Startups navigating flat, down, or extension rounds must be more strategic in securing their next round of capital
- Traditional metrics like revenue for an IPO or ARR for a Series A are becoming outdated
- Experts share insights on how startups can thrive amid unpredictable fundraising environments
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Economic Times
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Women wear brand Berrylush partners with GoKwik to expand online presence
- Women's wear brand Berrylush has partnered with GoKwik, an e-commerce enablement platform, to expand its online presence and accelerate growth.
- The partnership aims to double Berrylush's order volume and revenue by 2025 and provide a superior shopping experience to customers.
- Berrylush plans to utilize GoKwik's 120 million shopper network to improve the checkout process and reduce returns before delivery.
- Following the launch of GoKwik's solution on their website, Berrylush plans to integrate it into their mobile app and raise funds to scale operations.
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Economic Times
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Image Credit: Economic Times
Zomato reports 389% rise in Q2 consolidated net profit: key takeaways
- Zomato reports 389% rise in Q2 consolidated net profit at Rs 176 crore.
- Revenues for July-September quarter increase by 68% YoY to Rs 4,799 crore.
- Zomato aims to raise funds to strengthen its balance sheet and compete with rivals.
- The company's new app for the going-out business, District, to be live in four weeks.
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Inc42
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Image Credit: Inc42
CCPA Sends Notices To 11 Ecommerce, Quick Commerce Companies
- The Central Consumer Protection Authority (CCPA) has sent notices to 11 ecommerce and quick commerce companies for flouting metrology norms.
- CCPA took cognisance of complaints regarding violations of mandatory declaration rules under the Legal Metrology Act.
- Companies such as Blinkit, Zepto, Meesho, Swiggy Instamart, MyGlamm, and Snapdeal have received the notices.
- CCPA is investigating violations related to missing manufacturing dates, best before or expiry dates, and packaging or labelling norms.
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Medium
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POV: From a Homeless Teenager to a Multi-Millionaire 26 Year Old.
- After being homeless, Harry Sanders got success with SEO agency Studio Hawk using his unique vision for business.
- He was able to transform his life after joining a government program called Getting Down to Business.
- He met his mentor, retired CEO Graham, who taught him everything he knows about business.
- Harry began winning clients with dedicated networking efforts and the unique SEO-focused offerings of his agency.
- He was very proud when he was able to afford his first shared house with the help of his thriving business.
- Studio Hawk eventually grew to around 10 employees, but Harry was still anxious about losing everything.
- He ultimately hired a general manager to help him delegate and focus on his zone of genius, propelling the agency to greater success.
- Harry advises an aggressive focus on delegation and a 5-10 year business journey perspective.
- He also emphasizes finding and focusing on your zone of genius to drive success.
- Overall, Harry's story is a testament to the power of mentorship and dedication in achieving business success.
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ISN
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Image Credit: ISN
Peak XV Partners selects 14 startups under seed stage platform surge 10 cohort
- Peak XV Partners has selected 14 startups for its tenth cohort under the Surge program.
- The selected startups span various sectors, including AI, developer tools, consumer products, fintech, and healthcare.
- Each participating startup will receive up to $3 million in seed funding and comprehensive support from the Surge team.
- Surge has supported over 150 startups across 17 sectors, raising over $2 billion in follow-on funding since its inception.
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