Google to pause all political ads from January 14

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alphabet Inc’s Google will pause political ads on all of its platforms starting Jan. 14, following last week’s violence at the U.S. Capitol, according to an email seen by Reuters.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SpiceJet offers domestic flights starting at Rs 899 in Befikar Sale

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SpiceJet has launched a special sale offering domestic flight tickets starting at Rs 899. The Befikar Sale, which began on January 13 will continue until January 17 and flyers can book domestic flight tickets for travel between April 1 to September 30.

Passengers will be allowed to change or cancel their flight tickets at no cost if the change is made 21 days in advance. Travellers will be provided a free flight voucher equivalent to the base fare up to Rs 1,000.

“Book Befikar Sale! Book domestic tickets starting at just ₹899 all in. Also, enjoy the freedom to change or cancel tickets with zero fees. What’s more; get a FREE flight voucher equivalent to the base fare of your ticket. Travel period: 1 April-30 September. The sale closes on 17 January. T&C Apply,” SpiceJet tweeted.

Book Befikar Sale! Book domestic tickets starting at just ₹899 all in. Also enjoy the freedom to change or cancel tickets with zero fee. What’s more; get a FREE flight voucher equivalent to the base fare of your ticket. Travel period: 1 Apr- 30 Sep. Sale closes 17 Jan.T&C Apply. pic.twitter.com/QtJP3MZD6t

— SpiceJet (@flyspicejet) January 12, 2021

The sale is applicable on one-way direct domestic flights, but not on group bookings.

The free flight voucher will be issued in the name of the traveller as per the fare booking. The free flight voucher will be valid until February 28 and can be redeemed for making fresh bookings with a minimum transaction value of Rs 5,500 with travel date between April 1 and September 30.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID-19: Irdai tells insurers to have agreement with health providers on treatment rates

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Regulator Irdai on Wednesday advised general and health insurers to have agreements with health providers on rates for treatment of COVID-19 on the lines of other diseases.

In a circular, the regulator said in case of ‘cashless claims’ under a health insurance policy, the claims should be settled as per the tariff decided by the parties in compliance to provisions of the regulation concerned.

However, the insurers should make efforts to have agreement with health providers on rates for treatment of COVID-19 similar to other diseases for which rate agreements are in place, the Insurance Regulatory and Development Authority of India (Irdai) said.

“Also, while entering into such agreements, the reference rate of GI (general insurance) council can be kept in view for guidance alongwith rates fixed by State Governments and Union Territory administration, if any and as relevant,” it said.

It further directed all the insurers to ensure that the ‘reimbursement claims’ under a health insurance policy are settled as per the terms and conditions of the respective policy contract. “Hence, the insurers shall honor all the health insurance claims as per the terms and conditions of the policy contract,” the circular said. Earlier, the regulator had asked the insurers to come out with Corona Kavach and Corona Rakshak, standard COVID-19 specific covers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: Here’re top stories of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There were several developments in the startup space during the day on Wednesday. Here are the top startup updates of the day:

Edtech giant Byju’s to acquire top coaching institute Aakash for $1 billion

Since the outbreak of the COVID-19 pandemic, the edtech sector has received a shot in the arm. Taking digital learning a notch higher, India’s biggest online education firm Byju’s is set to acquire Aakash Educational Services, which owns and operates a chain of 200 offline coaching centres across the country.

According to a Bloomberg report, the deal has locked at $1 billion and is expected to be closed over the next two or three months. It will see the complete exit of Aakash founders — the Chaudhry family — while Blackstone Group, which backs the coaching brand, will swap a portion of its 37.5 percent equity in Aakash for a stake in Byju’s.

An official confirmation from either party is, however, yet to come.

In News: WhatsApp Policy debate

Signal woos users with simple terms of service; says India market response beats expectations

Signal saw a meteoric rise as a direct consequence of privacy debate around its larger rival WhatsApp, but its co-founder Brian Acton said the messaging platform is hoping to capitalise on the opportunities with its ”simple and straightforward” terms of service and privacy policy.

Signal, a non-profit, has seen millions of downloads globally after WhatsApp updated its privacy policy that included a controversial change of linking data of WhatsApp users to Facebook’s other products and services.

Telegram says it added 25 million users in 3 days globally

Messaging service Telegram said it has added 25 million new users over the past 72 hours, days after it surpassed the 500 million monthly active user mark.

The surge in new users took place after Facebook-owned messaging service WhatsApp rolled out a new policy outlining terms through which it could transfer data to its parent company.

Funding of the day

Unacademy Group concludes secondary share transaction with leading Investors

Edtech platform Unacademy has concluded a new secondary transaction round in which Tiger Global, Dragoneer Investment Group, Steadview Capital and General Atlantic have increased their stake in the company. As part of the round, the investors have acquired additional shares worth $50 million, doubling down on their investment and conviction in the Unacademy Group’s growth trajectory and future prospects.

The latest transaction follows a round in November 2020 when Tiger Global and Dragoneer Investment Group invested in the Unacademy Group at a valuation of $2 billion.

InnoVen Capital invests Rs 50 crore debt in Infra.Market

InnoVen Capital has invested Rs 50 crore in leading B2B platform Infra.Market. The company will use the latest fund to execute its growth agenda.

ReadyAssist raises $1 million to service a stranded customer faster than current market solutions

ReadyAssist, a 24×7 roadside assistance start-up has raised a seed funding of $1 million from a group of reputable angel investors in two tranches.

ReadyAssist will use the funds to focus on augmenting its technology strength to help its objective of growth, ability to service a stranded customer faster than the current market solutions and becoming an automobile skills powerhouse.

B2B Pharma marketplace Saveo acquihires retail startup ShuttrStores to strengthen technology and talent

Bengaluru-based B2B e-commerce marketplace for pharmacies Saveo Healthtech Pvt. Ltd has acquihired Gurugram-based retail startup ShuttrStores. Following this acquisition deal, both the ShuttrStores founders, Kshitij Yadav and Kamlesh Meena will join the Saveo Technology team.

The deal will help Saveo strengthen its offering for the pharmacies and go deeper into the pharmacy needs.

Paytm Money launches futures & options trading

Paytm, the country’s homegrown digital financial services platform has an announced that its wholly-owned subsidiary Paytm Money now provides Futures & Options trading (F&O) on its platform, along with its other offerings – stocks, direct mutual funds, ETF, IPO, NPS, and digital gold.

The platform has launched this service at Rs 10 for all F&O trades and the low pricing is without any commitments or packages or contracts, Paytm said in a statement.

Amazon India launches ‘Amazon Academy’ to help students prepare for Competitive Entrance Examinations

Amazon India has launched its new offering ‘Amazon Academy’ to help JEE aspirants in their preparations for engineering entrance exams.

The online module includes specially crafted mock tests by industry experts, over 15,000 handpicked questions with hints and detailed step by step solutions for practice. Also set to hold live All India Mock Tests (AIMT) at scheduled intervals and send personalized performance reports, Amazon Academy aims to enables active learning through live lessons, helping students to strengthen their JEE preparation efforts.

The beta version of Amazon Academy will be available free of cost on the web and the Google Play store.

Zoom seeks to raise $1.5 billion through new stock offering

Zoom Video Communications Inc. is planning to raise $1.5 billion through its stocks in an underwritten public offering, as per a report. However, the company has not provided any further details regarding the offering, saying that it was subject to market and other conditions.

The company, headquartered in San Jose, California, has appointed JPMorgan as the sole underwriter and is also planning to grant them a 30-day option to buy up to an additional $225 million of its shares at the public offering price, before underwriting discounts and commissions.

Zoom can use the raised amount for operating expenses, capital expenditures, acquisitions, or strategic investments in complementary businesses, products, services, or technologies.

Google launches $3 million fund to fight vaccine misinformation

The Google News Initiative has launched a global open fund to fight misinformation about COVID-19 vaccines, worth up to $3 million.

The “COVID-19 Vaccine Counter Misinformation Open Fund” aims to support journalistic efforts to effectively fact-check misinformation about the COVID-19 immunisation process, the initiative belonging to Alphabet’s Google said in a blog post.

Trump says Big Tech is “Divisive”

President Donald Trump blamed Big Tech companies on Tuesday for dividing the country days after Twitter and Facebook banned him on their platforms for encouraging the attack on the U.S. Capitol building as per a Reuters report.

Last week, Twitter, Facebook, Alphabet Inc-owned Google, Apple Inc and Amazon.com Inc took their strongest actions yet against Trump to limit his reach.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Outlook 2021: Challenges and expectations from Fintech Industry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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It won’t be wrong to presume that 2021 is the most awaited year. 2020, owing to the COVID-19 pandemic, has not only upended normal life but also has severely disrupted businesses across the globe.

While the end to the pandemic could be visible now with vaccines being rolled out, its rippling effect on the economy and the severe impact on businesses across all sector alike will be the next big challenge at hand.  2020 has been a mixed bag for the fintech industry with certain sectors witnessing unprecedented growth and others grappling to recover from the aftermath.

I believe people would be cautiously optimistic about the space at large and individual businesses and their models would be judged on its own merit. The outlook for 2021 will be predominantly about COVID-19 after effects and new avenues of innovation and growth.

COVID-19 Impact

While the fintech companies in the payment space witnessed a second spurt of growth after the demonetisation, the lending companies have been severely impacted because of COVID-19.

It is expected that by the fourth quarter (Q4), companies will start witnessing GNPA levels touching 3 to 4 times of pre-pandemic level and there could be some spillover even into the next fiscal year. These high delinquency numbers across the industry might impact investor confidence in the first half but things will gradually improve in the second part of the year. Some of the smaller companies might find it difficult to survive during this period with high NPAs and difficulty in raising capital, but it will also be the year when a couple of clear winners will emerge though not unhurt.

With expected liquidity squeeze in the initial part of the year, collaboration in the co-lending space will be a major theme for the coming year. Wanting to reach pre-COVID-19 levels of volume in Q4 and then subsequent growth, a lot of players will look for large partners in the banking space but their collection efficiencies and performance during these testing times will be the determining factors.

During the pandemic, a lot of companies focussed on product and process innovations to become more customer-centric and build the capability to handle large disruptions. We are going to witness some of the outputs of these efforts with innovative products getting launched and companies exploring physical models to bolster collection management capabilities.

Changing Industry Landscape

The fintech landscape in India has been changing at a lightning speed in the last couple of years and has become one of the world’s largest fintech markets after US, UK and China. Though some of the subsegments have been severely impacted by COVID-19, everyone still remains bullish on the long-term growth prospects of the industry. While the first wave of companies was witnessed in payments and subsequently in lending space, 2021 headlines will be dominated by the new segment – neo banks powered by open banking APIs. We have already witnessed the entry of a few players this year, but many of the new players will be either coming out of beta mode or launching their services across customer segments, in retail starting from Gen Z customers to MSME space.

Many of the existing players will look for horizontal expansion to bring multiple services on a single platform through integrations to increase customer wallet share. Customers looking for financial services can turn to a single platform for various requirements from loans, investments including payments.

There have been several contributing factors driving innovation and growth in the fintech space and the key has been the country’s developed public digital infrastructure, forward-looking and innovation-centric regulator and policy regime. There have been two new additions to the list of enablers, the account aggregator framework and OCEN which have the potential of driving the next set of innovation in digital lending and financial inclusion. In the coming year, these initiatives will witness traction with many LSPs including large incumbents and neo entrants joining the platforms and introducing flow-based lending products designed based on unique customer requirements.

Technology Trends

Fintech companies and the financial industry at large has always been at the forefront of adopting new technologies. Today, ML models are widely used in the fintech space to underwrite loans based on alternative data. While the focus of these models till now had been in use cases related to underwriting and fraud identification, ML models will start finding their place in collection management also.

In 2020, there was an increased focus on reducing costs and driving efficiencies and companies would like to maintain this focus even next year while pursuing growth again. Robotic process automation (RPA) will be widely explored to automate back-office processes and reduce costs.

Blockchain technology is another cutting-edge technology which could be the foundation for next fintech business ideas. The new buzzword in the space is decentralized finance (DeFi) and we should witness some of the innovative business models being tested in the coming year but this will be subject to regulations and government policies.

As per a study conducted post the 2008 crisis, 20 percent companies emerging from recession were called ‘resilients’ who were able to manage a small lead during the downturn by reducing costs and increased revenue through speed and decisive decision making and they were able to extend this lead for the next 10 years. In 2021, we will identify the ‘resilients’ of the Indian fintech landscape emerging from the current crisis which have sound business models with a clear focus on innovation, robust processes and strong customer-centricity. All in all, while 2020 was all about tackling the volatility brought about by the pandemic, 2021 will be the year when the resilience of incumbents will be tested.

Sovan Satyaprakash is Head – Strategic Programs at Aye Finance. The views are personal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wipro’s transition to new model complete; European growth to slow in Q4, says CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Wipro announced a strong Q3 even as it was in the process of making an organisational shift to a new, leaner structure put in place by CEO Thierry Delaporte after he took over at the helm last July.

Starting January 1, 2021, Wipro overhauled its organisational structure.

The seven Strategic Business Units, Service Lines and nine geographies in the earlier model were replaced with four Strategic Market Units (SMUs) and two Global Business Lines (GBLs).

“The new model is in place, the teams are working in the new format. The transition to the new model is over, and the last 13 days have been excellent,” Thierry Delaporte, CEO, Wipro said during an interview with CNBC TV 18 post the company’s Q3 earnings.

Wipro is also set to create new leadership roles at the organisation under the new model, including that of a Chief Technology Officer, a Chief growth officer and a chief revenue officer among others.

Chief human resources officer Saurabh Govil said most of the leadership hiring would happen in the March quarter, with some spillover into the next quarter.

“We are making significant investments. The new leaders would come onboard very soon,” Govil said.

“Most of the senior hiring that is open will be external,” he added.

Wipro delivered better-than-expected numbers in 3QFY21 revenue, with the $ Rev growth at a 36-quarters high at 3.9 percent, constant currency revenue growth at 24-quarter high at 3.4 percent, and Margins at a 22 quarter high at 21.7 percent

However, CFO Jatin Dalal said there will be headwinds and the company will see a lower margin for Q4.

“We have greater offshore mix over the last four quarters. Margins will still remain at an elevated level but lower than Q3,” Dalal said. “Internal efficiencies will be created from the new simpler structure,” he added.

The company has guided for sequential growth of 1.5 percent to 3.5 percent in Q4.

Geography-wise, Europe grew at 8.6 percent QoQ, while the Americas region grew at 2.3 percent QoQ.

However, Delaporte said there could be some impact from the new Covid strain in Europe and that growth would be slower.

“There is an impact from Covid in Europe, but the momentum is good in the IT industry since the crisis has accelerated digital transformation,” he said, though adding that, “Q4 will not have the same percentage of growth as in Q3 but it will be a solid growth as there is a strong pipeline.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Investing in bitcoin? Know these risks involved

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The global bitcoin rush has rubbed off on the Indian investors too, making India the second biggest bitcoin nation in Asia after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada and the United Kingdom.

While the Supreme Court in March 2020 quashed a Reserve Bank of India (RBI) ban on bitcoin related payments, investors should still be cautious before making any investments in it.

According to Nischal Shetty, CEO of WazirX, the most important thing that first-time investors should bear in mind is that any cryptocurrency such as bitcoin is a high risk, high reward investment option.

So, investors should understand these risks before investing in it:

Legality

According to Archit Gupta, founder and CEO, ClearTax, the most significant risk in investing in bitcoin is that they are neither regulated by RBI nor have a statutory body to oversee their operations.

Also read | Bitcoin vs mutual funds: Where should you invest?

“The central bank has issued several warnings for Bitcoin traders of possible losses due to adverse developments. Bitcoin was illegal in India until recently when the Supreme revoked the ban on trading cryptocurrencies. There are several instances of fraud and hacking of bitcoin as the underlying technology of bitcoins is fairly new and it’s important to learn to keep them safe,” Gupta explains.

Volatility

Another significant risk involved in investing in bitcoin is that they carry volatility risks as stock markets do.

They can make an investor rich in a day or destroy everything they ever invested within a fraction of a second.

Safety

Bitcoin is an intangible digital, which is only a speculation and that makes it unsafe, experts say. It’s still unknown what it is exactly backed by.

Also read: How bitcoin investments can be taxed in India?

Platform

There are many platforms that claim of allowing bitcoin investments. However, it’s crucial to trade on legitimate exchanges that follow KYC and AML guidelines. As an investor, it is the responsibility of anyone to do due diligence before investing in any cryptocurrency.

Before investing in a project, Shetty of WazirX recommends users to always read its whitepaper, about the team and their background, project development status, and team activity on social media.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bird Flu: MCD bans sale, storage of poultry or processed chicken

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Municipal Corporation of Delhi on Wednesday banned the sale and storage of poultry or processed chicken meat due to the rise in bird flu cases. After North Delhi Municipal Corporation, East and South corporations have also imposed the ban, according to an official order.

The order issued by the veterinary services department of the NDMC said that owners of restaurants and hotels will face action if egg-based dishes or poultry meat and other products are served to customers. The order has been issued in the public interest and should be diligently complied with, it said.

Testing of samples of crows and ducks had confirmed bird flu cases in the national capital on Monday, prompting the Delhi government to impose a ban on the sale of processed and packaged chicken brought from outside the city.

The Ghazipur poultry market has also closed by authorities. “All meat and poultry shops and meat processing units in areas under the NDMC, are prohibited to sell, store poultry or processed or packaged chicken meat with immediate effect, till further orders,” the North Corporation order said.

Several ducks at Sanjay Lake and a large number of crows across various city parks have been found dead in the last one week. Reports of over 50 bird deaths were received on a helpline of the Delhi government’s animal husbandry unit and 18 samples from different parts of the city were sent for avian flu testing on Tuesday, officials had said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow