Vauld to seek extension on moratorium period
Vauld’s Creditors Committee is assessing three potential solutions for a bailout, while not ruling out an acquisition by Nexo if the bankrupt company’s liabilities can be reduced to an “acceptable level”.
Hello Reader,
Shares dropped on Wednesday after a four-day winning streak. The Nifty50 ended 0.34% lower at 18,082.85 at close and the BSE Sensex fell 0.35% to 60,906.09.
Now, for more important news!
Strap yourselves in as TechSparks is back, and this time, in the flesh and blood!
YourStory's annual flagship startup-tech summit will host the who's who of the Indian startup ecosystem from November 10 to 12.
The Chief Guest this year is none other than Honourable Finance Minister Nirmala Sitharaman. We have planned three days of conversations, debates and insights that give a glimpse into the future of tech in India.
Listen to key stakeholders of the startup ecosystem like Deepinder Goyal of , Bhavish Aggarwal of , Mabel Chacko of OPEN Financial Technologies, and Shailendra Singh of Sequoia Capital, and many others, as they decode the next epoch of India's tech journey.
You can buy tickets for TechSparks 2022 here.
Oh, and this company wants robots to generate their own code!
Planet of the machines, and all that jazz.
In today’s newsletter, we will talk about
- Bankrupt Vauld's creditors explore bailout
- ’ Q3 sees new customers
- Making KYC processing smarter
Here’s your trivia for today: How many spots are there on a full set of 28 dominoes?
Cryptocurrency
Bankrupt Vauld's creditors explore bailout
These are busy days for Singapore-headquartered cryptocurrency exchange as its creditors committee considers plans for restructuring and a bankruptcy option.
As per the minutes of the meetings accessed by YourStory, Vauld is also considering a potential sale to Nexo, giving creditors about 100% of their payouts, as well as extending the moratorium by another three months.
Vauld's woes:
- In July this year, Vauld suspended all withdrawals, trading, and deposits on its platform. Affidavits revealed that the firm owed $402 million to creditors.
- The Enforcement Directorate froze assets worth $46.4 million of the crypto exchange’s locally registered entity, Flipvolt Technologies.
- Vauld’s net deficit as of August 1 was $81 million, largely due to stablecoin-denominated liabilities exceeding similar categorised assets under management by $121 million.
SaaS
Freshworks’ Q3 sees new customers
, the San Mateo-based software company with roots in Chennai, said its revenue grew to $128.8 million in the third quarter of 2022—a 33% increase from the third quarter in 2021. The growth is 37% on a constant currency basis.
The increase in revenue was mainly due to an increase in new customer acquisition in the July-September period. Overall, Freshworks has over 61,000 customers now.
The reasons:
- The only SaaS company from India to list on the NASDAQ added customers, including Plume, Altasciences, Viessmann, and Dynata.
- The number of customers that contribute to over $5,000 in annual recurring revenue (ARR) increased by 19% annually to 16,713.
- The company added 1,700 new customers approximately in the third quarter due to “good momentum in new business led by Freshservice”.
Startup
Making KYC processing smarter
Despite digitisation, many banks still require customers to pay a last-minute visit for verification—and this is not just an issue in India but in the Middle East as well.
This is what the Dubai-based regtech (regulatory technology) platform Verismart strives to solve. It began with a simple idea: make onboarding on different platforms secure and simple with the help of blockchain technology.
Key takeaways:
- launched the initial prototype to digitise the onboarding processes of institutions like banks, telecom insurance companies, semi-regulated companies, and others.
- The company has partnered with leading organisations such as UN Women, GPay, ICICI Bank, Paytm, Airtel, and Haryana government.
- Verismart is currently raising funds for expansion plans in the UAE.
News & updates
- Yet another hike: The market expects the Bank of England to raise interest rates by 75 basis points on Thursday, its largest hike since 1989, but economists believe policymakers will strike a dovish tone looking ahead as the prospect of a recession deepens.
- Colder days ahead: The ongoing crypto winter is “only going to get worse” as the industry recalibrates to a higher interest rate world, according to Kathleen Breitman, co-founder of blockchain platform . She said: “A lot of this was inflated on cheap money, and a lot of this was backed by basically, like, VCs trying to pump.”
- Asia in spotlight: Barclays Plc, which recently made big investments in India and Australia and set up a Taiwan subsidiary in July, is evaluating entering new markets but is currently focused on building up its franchises, its top regional executive said.
How many spots are there on a full set of 28 dominoes?
Answer: 168
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