Amid all the hubbub, BYJU’S is looking to raise $1 billion by offering prospective investors preferential treatment in the event of liquidation. According to Bloomberg, this move strives to protect Founder and CEO Byju Raveendran’s authority over the company amid shareholder tensions.
Also, Prosus, BYJU’S largest stakeholder, has pegged the fair value of its 9.6% stake in BYJU’S at $493 million, effectively valuing the company at $5.1 billion.
In other news, quick commerce company Zepto and EV maker Ather Energy have retained their positions as top contenders for the unicorn club, Hurun India said.
It added that there are 51 ‘gazelles’, or startups that are likely to become a unicorn in the next three years, and 96 ‘cheetahs’, or those that could achieve the milestone in the next five years.
Meanwhile, HSBC Asset Management has said the US will enter a downturn in the fourth quarter, followed by a “year of contraction and a European recession in 2024.”
In its midyear outlook, the British banking giant’s asset manager said recession warnings are “flashing red” for many economies, while fiscal and monetary policies are out of sync with stock and bond markets.
ICYMI: Domino’s delivered a pizza, this time by jetpack!
The unconventional delivery at the famous Glastonbury music festival in England smartly coincided with “Rocket Man” singer Elton John’s headlining performance.
We at YourStory are celebrating World MSME Day this week with lots in store! With only two days left, we’ve got 10 reasons why you absolutely cannot miss out on the SMB Connect Fair 2023!
In today’s newsletter, we will talk about
- Swiggy clocks $2.6B in GMV for FY23
- Lendingkart raises Rs 200 Cr debt funding
- 92% of people worldwide aware of crypto
Here’s your trivia for today: Who penned the words, ‘Double, double toil and trouble, fire burn and cauldron bubble’?
Swiggy clocks $2.6B in GMV for FY23
Foodtech giant Swiggy is on the path to profitability. The company had a higher Average Order Value, recording increased revenue from delivery fees and advertising sales for FY23, according to financial results published by its largest investor Prosus. The food delivery platform clocked $2.6 billion in GMV for FY23.
On the menu:
- Among its India portfolio, Prosus holds 32.83% effective interest in Swiggy–the largest in any Indian startup.
- Swiggy’s overall annual revenue stood at $900 million approximately for FY23, with overall losses of $545.5 million for the year.
- Swiggy currently has 2.72 lakh restaurant partners on its platform. Its quick-commerce business Instamart saw a GMV growth of 459% year-on-year.
Lendingkart raises Rs 200 Cr
Fintech startup Lendingkart has raised Rs 200 crore in long-term debt funding from financing platform EvolutionX Debt Capital. The fresh capital will be deployed to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, and gold loans.
- Lendingkart recently acquired Upwards, a digital lending platform, for Rs 100 crore to broaden its offering.
- The MSME-focused lender recorded a profit of Rs 120 crore in FY23, a 44% growth in disbursements compared to the year prior.
- In early November 2022, Singapore-headquartered EvolutionX announced its maiden investment in API Holdings, which owns the PharmEasy brand, followed by its investment into the B2B e-commerce platform, Udaan.
92% of people worldwide aware of crypto
The volatility of the market (48%) and fear of scams (44%) were identified as the top two barriers for potential crypto investors in India, according to a joint report by blockchain software firm ConsenSys and market research firm YouGov.
The report revealed that 92% of over 15,000 people surveyed across 15 countries are aware of cryptocurrencies, while only 8% claimed to be very familiar with Web3.
- About 53% of these Indian respondents said they are familiar with the concept of the Metaverse, slightly more than those familiar with Web3 (41%) and NFTs (42%).
- Among those familiar with the crypto industry in India, more than one-third believed in its potential as the future of money (37%) and digital ownership (31%).
- Several crypto firms and crypto funds, such as FTX, Terra Labs, Celsius, Voyager, and more, collapsed in 2022.
News & updates
- Control: Meta announced new parental control tools across Instagram, Facebook, and Messenger today. It includes a new parental supervision hub in Messenger, a feature that pre-emptively blocks unwanted DMs on Messenger and Instagram, and nudges to remind teens they should take a break.
- Euro inflation: European Central Bank President Christine Lagarde said that inflation is still too high and it’s too early for her organisation to declare victory over consumer price rises. Headline inflation in May came in at 6.1%, down from 7% in April. The ECB’s target is to bring inflation down to 2%.
- New age: South Koreans will become at least a year younger tomorrow as the nation, which traditionally counts newborns as one year old, joins international standards. As of Wednesday, the country will begin using the international standard or calendar age after the National Assembly announced the move last year.
Who penned the words, ‘Double, double toil and trouble, fire burn and cauldron bubble’?
Answer: William Shakespeare. The rhyming couplet is from Shakespeare’s play Macbeth.
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